MGI Funds Plc (An Umbrella Fund with Segregated Liability Between Sub-Funds)

MGI Funds plc (an umbrella fund with segregated liability between Sub-Funds)

Annual Report and Audited Financial Statements For the year ended 30 June 2015 MGI Funds plc Contents

Management and Administration 2

Investment Manager’s Report 3

Report of the Directors 23

Report of the Custodian to the Shareholders of MGI Funds plc 28

Independent Auditor’s Report to the Shareholders of MGI Funds plc 29

Portfolio Statements 31

Balance Sheet 204

Comparative Balance Sheet – as at 30 June 2014 207

Profit and Loss Account 210

Comparative Profit and Loss Account – for the year ended 30 June 2014 213

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 216

Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the year ended 30 June 2014 219

Notes to the Financial Statements 222

Unaudited Information in Respect of Underlying Investments 329

Supplemental Unaudited Information 331

Unaudited Significant Portfolio Movements 346

MGI Funds plc 1 MGI Funds plc Management and Administration

REGISTERED OFFICE MANAGER 70 Sir John Rogerson’s Quay Mercer Global Investments Management Limited Dublin 2 70 Sir John Rogerson’s Quay Ireland Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 SPONSORING LISTING AGENT Investec INVESTMENT MANAGER, PROMOTER AND The Harcourt Building DISTRIBUTOR Harcourt Street Mercer Global Investments Europe Limited Dublin 2 Charlotte House Ireland Charlemont Street Dublin 2 CUSTODIAN Ireland State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay ADMINISTRATOR, REGISTRAR & TRANSFER AGENT Dublin 2 State Street Fund Services (Ireland) Limited Ireland 78 Sir John Rogerson’s Quay Dublin 2 FACILITIES AGENT (in the UK) Ireland Mercer Limited 1 Tower Place West INDEPENDENT AUDITOR Tower Place KPMG London EC3R 5 BU Chartered Accountants UK 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 Sub-Funds named hereafter, no notification for distribution has been made so no units of these Sub-Funds may be publicly distributed to investors within the scope of the German Investment Act: MGI DAM Multi-Manager 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 MGI UK Inflation Linked Bond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund.

*All Directors are non-excecutive Directors **These Directors are independent Directors

MGI Funds plc 2 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015

The Sub-Funds of MGI Funds Fund plc (the “Company”) are managed using a proprietary multi-manager investment strategy. This strategy involves allocating portions of the Sub-Funds to specialist third party managers or sub-advisors (“Sub-Investment Managers”), who are selected by Mercer Global Investments Europe Limited (the “Investment Manager”) based on criteria for producing consistent superior returns and who, in aggregate, are most likely to achieve the overall objectives of the Company.

Over the year to 30 June 2015, equity and bond markets generated strong returns in both the developed and emerging economies.

US data has been reasonable over the year with key economic indicators such as employment and housing figures pointing to ongoing improvement within the economy. This was positive to see given that the US economy contracted over Q1 (this was largely attributed to the harsh winter). Much focus continues to centre on the US Federal Reserve and the timing surrounding interest rate increases, which many market commentators expect to happen in the latter stages of 2015.

In the Eurozone, economic data has generally improved, with the exception of Greece. Bank lending statistics suggest households and businesses have better access to credit, and improving sentiment survey data also suggests further pickup in economic activity. Yields tumbled in January this year after the European Central Bank (ECB) announced its Quantitative Easing (QE) programme, which surpassed expectations. The resulting weaker Euro and low oil prices continue to provide a significant tailwind for countries with substantial exports to non-Eurozone countries like the UK and US.

Emerging markets have performed well over the year to date, but have struggled over Q2 2015. Events in Greece and the potential increase in interest rates by the US Federal Reserve have both weighed heavily on market sentiment. In the latter half of Q2 2015, much attention has been focused on the sell-off of Chinese stocks which has seen indices fall dramatically despite interventions by the Chinese Authorities and the Central Bank (PBOC).

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.

Investment Performance to 30 June 2015 (EUR)

MGI Emerging Markets Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 28.1 16.7 16.6 Dimensional 29.6 11.6 16.6 Mondrian 28.1 11.4 16.6 Vontobel 14.1 19.7 16.6 MGI Emerging Markets Equity Fund 100.0 14.1 16.6

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 underperformed the benchmark by 2.5% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 3 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

MGI Euro Bond Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.6 2.9 2.1 Irish Life Investment Managers 84.4 4.3 4.1 MGI Euro Bond 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 Barclays Capital Euro Aggregate Index.

The MGI Euro Bond Fund outperformed the benchmark by 0.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Euro Cash Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers 100.0 - - Euro Cash 100.0 0.0 0.0

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 performed in line with the composite benchmark over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Eurozone Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Hermes 30.7 21.0 11.5 Lingohr 33.2 14.8 11.5 TT International 36.2 15.2 11.5 MGI Eurozone Equity Fund 100.0 17.6 11.5

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index.

The MGI Eurozone Equity Fund outperformed the benchmark by 6.1% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 4 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

MGI Global Bond Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO 15.4 26.4 25.1 Irish Life Investment Managers 84.6 13.2 11.4 MGI Global Bond Fund 100.0 14.5 14.2

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 0.3% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Global Equity Fund

Manager Performance over the Financial Year Weight(a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 30.2 26.7 24.6 Baillie Gifford 20.1 27.8 24.6 GTP 15.1 23.8 24.6 Hexavest Inc. 25.1 25.7 24.6 MGI Global Equity Fund 100.0 26.0 24.6

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 9.5% 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 1.4% over the last year.

Edinburgh Partners was terminated as Sub-Investment Manager during the period.

MGI Japanese Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan 100.0 31.1 33.8 MGI Japanese Equity Fund 100.0 30.6 33.8

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 3.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 5 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

MGI Pacific Basin (Ex Japan) Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders 100.0 14.4 14.5 MGI Pacific Basin (ex-Japan) Equity Fund 100.0 14.2 14.5

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Pacific (ex-Japan) (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 (ex-Japan) Equity Fund underperformed the benchmark by 0.3% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI UK Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Blackrock (Active) 41.2 21.8 16.0 Blackrock (Passive) 16.6 8.7 8.6 GMO 22.1 12.7 16.0 Lindsell Train 20.1 28.1 16.0 MGI UK Equity Fund 100.0 18.6 16.0

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE All-Share Index.

The MGI UK Equity Fund outperformed the benchmark by 2.6% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI U.S. Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco 64.3 30.1 27.1 Winslow 35.7 37.9 35.2 MGI US Equity Fund 100.0 32.6 31.2

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 outperformed the benchmark by 1.4% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 6 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

MGI Emerging Markets Debt Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock 20.1 7.1 4.0 Investec 39.9 4.1 4.0 Wellington 39.9 3.5 4.0 MGI Emerging Markets Debt Fund 100.0 3.6 4.0

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan GBI-EM Global Diversified Index.

The MGI Emerging Markets Debt Fund underperformed the benchmark by 0.4% over the last year.

Stone Harbor was terminated as Sub-Investment Manager during the period.

Mercer Global Small Cap Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Allianz 29.4 29.5 24.9 Arrowstreet Capital 40.5 29.9 24.9 KBI(a) 5.0 -1.9 -1.7 Pyramis 25.1 26.3 24.9 Mercer Global Small Cap Equity Fund 100.0 28.7 24.9

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. (a) Performance shown since inception. Inception date taken as 25 June 2015 for performance measurement purposes.

The Mercer Global Small Cap Equity Fund outperformed the benchmark by 3.8% over the last year.

KBI was appointed as a Sub-Investment Manager on 6 May 2015.

Mercer Low Volatility Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian 30.2 28.8 30.7 First Eagle 30.2 21.2 24.6 Magellan 19.6 31.7 28.9 Veritas 20.1 24.9 28.9 Mercer Low Volatility Equity Fund 100.0 26.2 28.1

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 underperformed the benchmark by 1.9% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 7 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

Mercer Diversified Growth Fund

Fund Weight (%) Mercer Passive Global Equity 9.0 BlackRock - Developed World Index Sub Fund 13.3 ILIM - Indexed Minimum Volatility Global Equity Fund 5.0 RIC Acadian - Global Managed Volatility Equity Fund 0.8 ILIM - Indexed World Small Cap Equity Fund 10.5 BlackRock - Emerging Markets Index Sub Fund 11.1 iShares J.P.Morgan - Emerging Markets Bond Fund (USD) 11.1 BlackRock - UK Corporate Bond Index Fund 4.5 BlackRock - US Corporate Bond Index Fund 7.9 BlackRock - Euro Corporate Bond Fund 5.7 SSgA SPDR - Thomson Reuters Global Convertible Bond 3.3 iShares - High Yield Corporate Bond 3.6 iShares - High Yield Corporate Bond (USD) 1.3 Blackrock - Developed Real Estate Index Sub-Fund 9.5 ILIM - Completion Portfolio 2.4 Liquidity Reserve 1.2

Figures may not sum to total due to rounding.

Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund 20.2 0.00

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup 1 month Euro Deposit.

The Mercer Diversified Growth Fund outperformed the benchmark by 20.2% over the last year.

Over the year, the Sub-Fund disinvested from the iShares - FTSE EPRA/NAREIT UK Property, iShares - FTSE/EPRA European Property Index, iShares - FTSE EPRA/NAREIT US Property Yield, ETFS - Gold and iShares - Dow Jones UBS Commodity Swap (DE) funds. The Sub-Fund invested in the BlackRock - Developed World Index sub-fund, SSgA SPDR - Thomson Reuters Global Convertible Bond fund, iShares - High Yield Corporate Bond, iShares - High Yield Corporate Bond (USD) and Blackrock - Developed Real Estate Index sub-fund during the period.

MGI Funds plc 8 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

Mercer Global High Yield Bond Fund (hedged EUR)

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) DDJ 9.5 19.3 22.2 Franklin Templeton 45.2 16.1 18.0 Wellington 45.2 16.5 16.5 Mercer Global High Yield Bond (Hedged EUR) Fund (a) 100.0 -0.7 -0.4

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.

The Mercer Global High Yield Bond (Hedged EUR) Fund underperformed the benchmark by 0.3% over the last year.

There were no Sub-Investment Manager changes during the period.

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 0.3 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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 1 underperformed the benchmark by 0.3% over the last year.

There were no Sub Investment 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 0.1 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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 2 underperformed the benchmark by 0.5% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 9 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

Global Buy and Maintain Credit Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AXA 50.0 19.3 18.0 Pramerica 50.0 19.3 18.0 Mercer Global Buy and Maintain Credit Fund(a) 100.0 2.2 1.2

The Mercer Global Buy and Maintain Credit Fund outperformed the benchmark by 1.0% over the last year.

There were no Sub-Investment 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 24.7 24.6 Mercer Passive Global Equity Fund 100.0 24.6 24.6

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (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 Fund performed within acceptable tracking of its benchmark over the last year.

There were no Sub-Investment 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 8.0 7.9

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 (Hedged) Fund performed within acceptable tracking of its benchmark over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 10 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

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 6.5 6.6

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 like-for-like basis this difference is minimal. The fund benchmark is the chain-linked performance of the Barclays 5+ year GDP and the BofAML 5+ year GDP weighted.

The Mercer Euro Over 5 Year Bond Fund underperformed the benchmark by 0.1% over the last year.

There were no Sub-Investment 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 10.6 10.6

Performance shown is in € terms. Figures may not sum to total due to rounding. The fund benchmark is a composite with overall duration of 15-17 years.

The Mercer Euro Nominal Bond Long Duration Fund performed within acceptable tracking of its benchmark over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 11 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (EUR) (continued)

Mercer Diversified Retirement Fund

Fund Weight (%) BlackRock – UK Equity Index Fund 6.5 Mercer Passive Global Equity 15.2 ILIM - MSCI World Minimum Volatility Index 8.5 BlackRock - Gilt Track 10.5 BlackRock - UK Credit Bond Fund 4.0 BlackRock - US Corporate Bond Index Fund 6.0 BlackRock - Euro Credit Bond Index Fund 4.0 iShares J.P.Morgan - Emerging Markets Bond Fund (USD) 5.5 Inflation-Linked Bond 10.1 iShares - High Yield Corporate Bond (USD) 6.4 Blackrock - Developed Real Estate Fund 4.8 iShare - Global Infrastructure 3.7 UK Cash Fund 11.7 ETF Cash Component 0.3 Liquidity Reserve 2.8 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 -3.7 0.0

Performance shown is in € terms. The fund benchmark is the Citigroup 1 month Euro Deposit. Inception date taken as 30 March 2015 for performance measuring purposes.

The Mercer Diversified Retirement Fund underperformed the benchmark by 3.7% over the period since inception to 30 June 2015.

Investment Performance to 30 June 2015 (GBP)

MGI Emerging Markets Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 28.1 3.3 3.1 Dimensional 29.6 -1.3 3.1 Mondrian 28.1 -1.5 3.1 Vontobel 14.1 5.9 3.1 MGI Emerging Markets Equity Fund 100.0 0.9 3.1

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 underperformed the benchmark by 2.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 12 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

MGI Eurozone Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Hermes 30.7 7.1 -1.4 Lingohr 33.2 1.6 -1.4 TT International 36.2 1.9 -1.4 MGI Eurozone Equity Fund 100.0 4.1 -1.4

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index.

The MGI Eurozone Equity Fund outperformed the benchmark by 5.5% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Global Equity Fund

Manager Performance over the Financial Year Weight(a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 30.2 12.1 10.3 Baillie Gifford 20.1 13.1 10.3 GTP 15.1 9.5 10.3 Hexavest Inc. 25.1 11.2 10.3 MGI Global Equity Fund 100.0 11.5 10.3

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 9.5% 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 1.2% over the last year.

Edinburgh Partners was terminated as Sub-Investment Manager during the period.

MGI Japanese Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan 100.0 16.0 18.4 MGI Japanese Equity Fund 100.0 15.6 18.4

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 significantly underperformed the benchmark by 2.8% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 13 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

MGI Pacific Basin (ex-Japan) Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders 100.0 1.2 1.3 MGI Pacific Basin (ex-Japan) Equity Fund 100.0 1.1 1.3

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Pacific (ex-Japan) (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 (ex-Japan) Equity Fund underperformed the benchmark by 0.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI UK Bond Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Insight 100.0 8.0 7.9 MGI UK Bond Fund(a) 100.0 7.8 7.9

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 All-Stocks (ex-Subordinated Financials) Index. (a) Includes performance to termination for Henderson up to 30 October 2014.

The MGI UK Bond Fund underperformed the composite benchmark by 0.1% over the last year.

Henderson was terminated as Sub-Investment Manager on 30th October 2014.

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 0.4 0.4

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 Sub-Investment Manager changes during the period.

MGI Funds plc 14 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

MGI UK Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Blackrock (Active) 41.2 7.8 2.6 Blackrock (Passive) 16.6 -3.9 -3.9 GMO 22.1 -0.3 2.6 Lindsell Train 20.1 13.3 2.6 MGI UK Equity Fund 100.0 4.9 2.6

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE All-Share Index.

The MGI UK Equity Fund outperformed the benchmark by 2.3% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI U.S. Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco 64.3 15.1 12.4 Winslow 35.7 22.0 19.7 MGI US Equity Fund 100.0 17.3 16.1

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 outperformed the benchmark by 1.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI UK Inflation-Linked Bond Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock 100.0 - - MGI UK Inflation-Linked Bond Fund 100.0 15.7 15.8

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE A Over 5 Year Index-Linked Gilt Index.

The MGI UK Inflation-Linked Bond Fund underperformed the benchmark by 0.1% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 15 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

MGI UK Long Gilt Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock 100.0 - - MGI UK Long Gilt Fund 100.0 16.1 16.3

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 underperformed the benchmark by 0.2% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Emerging Markets Debt Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock 20.1 -5.3 -8.0 Investec 39.9 -7.9 -8.0 Wellington 39.9 -8.5 -8.0 MGI Emerging Markets Debt Fund 100.0 -8.4 -8.0

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan GBI-EM Global Diversified Index.

The MGI Emerging Markets Debt Fund underperformed the benchmark by 0.4% over the last year.

Stone Harbor was terminated as Sub-Investment Manager during the period.

MGI Funds plc 16 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

Mercer Global Small Cap Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Allianz 29.4 14.6 10.5 Arrowstreet Capital 40.5 14.9 10.5 KBI(a) 5.0 -2.3 -2.1 Pyramis 25.1 11.7 10.5 Mercer Global Small Cap Equity Fund 100.0 13.9 10.5

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. (a) Performance shown since inception. Inception date taken as 25 June 2015 for performance measurement purposes.

The Mercer Global Small Cap Equity Fund outperformed the benchmark by 3.4% over the last year.

KBI was appointed as Sub-Investment Manager during the period.

Investment Performance to 30 June 2015 (GBP) (continued)

Mercer Low Volatility Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian 30.2 14.0 15.6 First Eagle 30.2 7.2 10.3 Magellan 19.6 16.5 14.0 Veritas 20.1 10.5 14.0 Mercer Low Volatility Equity Fund 100.0 11.6 13.3

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 underperformed the benchmark by 1.7% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 17 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

Mercer Diversified Growth Fund

Figures may not sum to total due to rounding.

Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund 6.4 0.4

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup 1 month Euro Deposit.

The Mercer Diversified Growth Fund outperformed the benchmark by 6.0% over the last year.

MGI Funds plc 18 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

Mercer Global High Yield Bond (Hedged GBP) Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) DDJ 9.5 5.5 8.1 Franklin Templeton 45.2 2.7 4.4 Wellington 45.2 3.1 3.1 Mercer Global High Yield Bond (Hedged GBP) Fund(a) 100.0 -0.6 0.2

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.

The Mercer Global High Yield Bond (Hedged GBP) Fund underperformed the benchmark by 0.8% over the last year.

There were no Sub-Investment Manager changes during the period.

Mercer Global Buy and Maintain Credit Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AXA 50.0 5.6 4.4 Pramerica 50.0 5.6 4.4 Mercer Global Buy and Maintain Credit Fund(a) 100.0 2.8 1.8

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Customised Global Diversified Credit (ex-Subordinated 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 1.0% over the last year.

There were no Sub-Investment 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 10.3 10.3 Mercer Passive Global Equity Fund 100.0 10.2 10.3

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (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 Fund performed within acceptable tracking of its benchmark over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 19 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (GBP) (continued)

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 8.3 8.6

Performance shown is in £ terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World Hedged (NDR) Index.

The Mercer Passive Global Equity (Hedged) Fund performed within acceptable tracking of its benchmark over the last year.

There were no Sub-Investment Manager changes during the period.

Mercer Diversified Retirement Fund

Figures may not sum to total due to rounding.

Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Retirement Fund -5.7 0.1

Performance shown is in € terms. The fund benchmark is the Citigroup 1 month Euro Deposit. (a) Performance shown since inception. Inception date taken as 30 March 2015 for performance measurement purposes.

The Mercer Diversified Retirement Fund underperformed the benchmark by 5.8% over the period since inception to 30 June 2015.

MGI Funds plc 20 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (USD)

MGI DAM Multi-Manager Global Equity Fund

Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders 42.0 0.9 1.4 Arrowstreet 33.0 4.9 1.4 GTP 25.0 2.9 1.4 MGI DAM Multi-Manager Global Equity Fund 100.0 2.7 1.4

Performance shown is in USD terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index.

The MGI DAM Multi-Manager Global Equity Fund outperformed the benchmark by 1.3% over the last year.

There were no Sub-Investment Manager changes during the period.

Investment Performance to 30 June 2015 (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 1.8 2.1

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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 1 underperformed the benchmark by 0.3% over the last year.

There were no Sub-Investment 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 1.6 2.1

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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 2 underperformed the benchmark by 0.5% over the last year.

There were no Sub-Investment Manager changes during the period.

MGI Funds plc 21 MGI Funds plc Investment Manager’s Report for the year ended 30 June 2015 (continued)

Investment Performance to 30 June 2015 (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 0.5 0.8

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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 1 underperformed the benchmark by 0.3% over the last year.

There were no Sub-Investment 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 0.3 0.8

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 1-3 Years Hedged Index.

The Mercer Short Duration Global Bond Fund 2 underperformed the benchmark by 0.5% over the last year.

There were no Sub-Investment Manager changes during the period.

Market Outlook

We are optimistic that global developed equity markets will continue to perform well. Economic data from the US continues to grow, despite a soft first quarter, while data and sentiment from the Eurozone is still improving. The ECB’s quantitative easing (QE) programme is scheduled to run until September 2016, which further improves the outlook for European equities. However, structural issues still remain within the Eurozone, which QE will not fix. Finally, emerging markets have performed well in the past year; however it is unclear how they will fare when the US Federal Reserve raises rates in the US (expected to happen later this year).

Global fixed income yields still remain very low relative to historical averages; however they have increased somewhat this year. Oil prices have finally stabilised again after a volatile year, however it is likely that there will be further volatility as Iran returns to production.

Mercer Global Investments Europe Limited

Charlotte House, Charlemont Street, Dublin 2 Ireland

5 August 2015

MGI Funds plc 22 MGI Funds plc Report of the Directors

The Directors have pleasure in submitting their Report to the Shareholders together with the audited financial statements for the year ended 30 June 2015.

Principal Activities

MGI Funds plc (the “Company”) is an open-ended 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 “Sub-Fund”). The Company is authorised by the Central Bank of Ireland (“the Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the UCITS Regulations, 2011.

As at 30 June 2015, the Company consisted of 33 Sub-Funds (the “Sub-Funds”) of which 27 are in operation at 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 year are stated in the Profit and Loss Account. 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 2015 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 Non-Executive Irish 11 July 2011 Tom Finlay Non-Executive Irish 13 July 2006 Tom Geraghty Non-Executive Irish 24 October 2013 Paul Sullivan Non-Executive Irish 13 July 2006

All Directors served for the entire year. Directors’ fees (including expenses) for the year are stated in Note 9 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 year ended 30 June 2015 (2014: 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 2015 or their families held any interest in the shares of the Company at any time during the year ended 30 June 2015 (2014: Nil).

Employees

There we no employees of the Company during the year under review or during the prior year.

Segregated Liability of Sub-Funds

The Company is an umbrella fund with segregated liability between Sub-Funds.

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 23 MGI Funds plc Report of the Directors (continued)

Dividends

See Note 12 for details of dividends declared and paid during the year.

Risk Management Objectives and Policies

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 5 to the financial statements.

Net Assets under Management

The net assets under management were € 12,102,844,147 at 30 June 2015 (30 June 2014: € 9,723,024,517).

Connected Party Transactions

The Central Bank UCITS Notices, UCITS 14.5 - “Dealings by promoter, manager, trustee, investment adviser and group companies” states in paragraph one that any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or group companies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the Shareholders.

The Board is satisfied that there are arrangements in place (evidenced by written procedures), to ensure that the obligations set out in paragraph one of UCITS 14.5 have been complied with. The Board is satisfied that transactions with connected parties entered into during the year complied with the obligations set out in this paragraph.

Events during the year

Mercer Diversified Retirement Fund launched on 23 March 2015. On 18 March 2015, a Supplemental Prospectus was issued in respect of this new Sub-Fund.

The Companies Act, 2014 commenced on 1 June 2014. This legislation replaced all previously enacted Irish companies law (i.e. Companies Acts, 1963 to 2013).

Subsequent events

See Note 12 for events since the year end.

Corporate Governance Statement

Corporate Governance Code

Regulation 13 of the European Communities (Directive 2006/46/EC) Regulations, 2009, which took effect from 18 November 2009 requires the Company to include a corporate governance statement in its Annual Report.

The Company was subject to corporate governance practices imposed by:

(i) The Irish Companies Act, 2014 (the “Companies Act”) which is available for inspection at the registered office of the Company; and may also be obtained at http://www.irishstatutebook.ie/home.html;

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company and at the Companies Registration Office in Ireland and the Business Plan of the Company;

(iii) The Central Bank in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank’s website at: http://www.centralbank.ie/regulation/industry-sectors/funds/pages/default.aspx and are available for inspection at the registered office of the Company; and

(iv) The Irish Stock Exchange (the “ISE”) through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE’s website at: http://www.ise.ie/index.asp?locID=7&docID=-1.

The Company has adopted in full the voluntary Code of Corporate Governance for Collective Investment Schemes and Management Companies issued by the Irish Funds Industry Association ("IFIA"), the text of which is available from the IFIA website, www.irishfunds.ie.

MGI Funds plc 24 MGI Funds plc Report of the Directors (continued)

Corporate Governance Statement (continued)

Statement of Compliance

The Company was in compliance with the Corporate Governance Code during the year and no exceptions were noted.

Financial Reporting

The Company is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Company is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Company and which enable it to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the Companies Act, 2014, the UCITS Regulations, 2011 and ISE Code of Listing Requirements and Procedures.

The measures taken by the Directors to secure compliance with the Company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and employment of competent persons. State Street Fund Services (Ireland) Limited (the “Administrator”) has been appointed as Administrator of the Company with responsibility for, inter alia, maintaining the books and records of the Company. The Administrator is authorised and regulated by the Central Bank.

The Company has procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including production of annual and half-yearly financial statements. The annual and half-yearly financial statements of the Company are required to be approved by the Board of the Company and filed with the Central Bank and the ISE. The statutory financial statements are required to be audited by independent auditors who report annually to the Board on their findings.

The Board evaluates and discusses significant accounting and reporting issues as the need arises.

Shareholder Meetings

The convening and conduct of Shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Act. The Company is required to hold an annual general meeting in each year and not more than fifteen months may elapse between the date of one annual general meeting of the Company and that of the next. The Directors may call general meetings and extraordinary general meetings which may be convened in such manner as provided by the Companies Act.

Subject to the provisions of the Companies Act allowing a general meeting to be called by shorter notice, an annual general meeting and an extraordinary general meeting called for the passing of a special resolution are called by at least twenty-one clear days’ notice and all other extraordinary general meetings are called by at least fourteen clear days’ notice. Where, by any provision contained in the Companies Act, extended notice is required of a resolution, the resolution is not effective (except where the Directors of the Company have resolved to submit it) unless notice of the intention to move it has been given to the Company not less than twenty-eight days (or such shorter period as the Companies Act permit) before the meeting at which it is moved, and the Company gives to the Shareholders notice of any such resolution as required by and in accordance with the provisions of the Companies Act.

Save as provided herein, two Shareholders present in person or by proxy is a quorum. If within half an hour from the time appointed for the meeting a quorum is not present, the meeting stands adjourned to the same day in the next week, at the same time and place or to such other time and place as the Directors may determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, one person entitled to be counted in a quorum present at the meeting is a quorum except where the meeting was convened otherwise than by resolution of the Directors, in which case the meeting is dissolved.

The necessary quorum for a meeting (other than an adjourned meeting) to consider the variation or abrogation of the rights attached to any class of share is two persons holding or representing by proxy at least one third of the issued shares of the class in question and, at an adjourned meeting, one person holding shares of the class in question or his proxy.

At any general meeting, a resolution put to the vote of the meeting is decided on a show of hands unless a poll is demanded by the Chairman of the meeting or by at least five Shareholders present in person or by proxy or by a Shareholder or Shareholders present in person or by proxy representing not less than one-tenth of the total voting rights of all the Shareholders having the right to vote at the meeting.

MGI Funds plc 25 MGI Funds plc Report of the Directors (continued)

Corporate Governance Statement (continued)

Shareholder Meetings (continued)

Subject to any special rights or restrictions for the time being attached to any class of shares, on a show of hands every Shareholder who is present in person or by proxy has one vote and on a poll every Shareholder present in person or by proxy is entitled to one vote for every share held by the Shareholder.

Shareholders may resolve to sanction an ordinary resolution or special resolution at a Shareholders’ meeting. An ordinary resolution is a resolution of a general meeting passed by a simple majority of the votes recorded. A special resolution must be passed in accordance with the Companies Act.

Composition and Operation of the Board

The business of the Company is managed by the Directors who exercise all such powers of the Company as are not by the Companies Act or by the Articles of Association of the Company required to be exercised by the Company in a general meeting. Unless otherwise determined by the Company in a general meeting, the number of Directors shall not be less than two. Currently the Board of the Company is composed of four Directors, being those listed on page 2 of these financial statements.

The Directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings as they think fit. The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors and unless so fixed at any other number, will be two.

Questions arising at any meeting of the Directors are determined by a majority of votes and in the case of an equality of votes the Chairman of the meeting will have a casting vote. A Director may, and the Company’s Secretary on the request of a Director will, at any time call a meeting of the Directors.

There were no sub-committees of the Board in operation during the year or at the year end.

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 elected to prepare the financial statements in accordance with accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).

Under Company Law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company and of its changes in net assets attributable to holders of redeemable participating shares for that 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; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit and loss of the Company and enable them to ensure that the financial statements comply with the Companies Act, 2014 and the UCITS Regulations 2011. The Directors have a general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company. In this regard, they have entrusted the assets of the Company to State Street Custodial Services (Ireland) Limited who has been appointed as Custodian to the Company pursuant to the terms of a Custodian 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.

The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act, 2014.

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its of Independent Auditor’s report to the members of MGI Funds plc (continued)

Basis of our report, responsibilities and restrictions on use

As explained more fully in the Statement of Directors’ Responsibilities set out on page 26, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council’s Ethical Standards for Auditors.

An audit undertaken in accordance with ISAs (UK& Ireland) involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. Ifwe become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Whilst an audit conducted in accordance with ISAs (UK& Ireland) is designed to provide reasonable assurance of identifying material misstatements or omissions it is not guaranteed to do so. Rather the auditor plans the audit to determine the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements does not exceed materiality for the financial statements as a whole. This testing requires us to conduct significant audit work on a broad range of assets, liabilities, income and expense as well as devoting significant time of the most experienced members of the audit team, in particular the engagement partner responsible for the audit, to subjective areas of the accounting and reporting.

Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Darina Barrett for and on behalf of KPMG Chartered Accountants and Statutory Audit Firm

1 Harbourmaster Place International Financial Services Centre

Dublin 1 Ireland

20 October 2015

MGIFunds plc 30 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.60%) Transferable securities (2014: 95.60%) Convertible securities (2014: Nil) India (2014: Nil) Indian Hotels - 01/03/2016 INR 36,171 47,571 - ––––––––––– ––––––– Total convertible securities 47,571 -

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Equities (2014: 95.60%) Brazil (2014: 9.13%) (continued) Brazil (2014: 9.13%) Ez Tec Empreendimentos e Participacoes 13,273 61,870 0.01 Abril Educacao 20,031 81,507 0.01 Fertilizantes Heringer 6,500 4,101 - Aliansce Shopping Centers 17,785 83,017 0.01 Fibria Celulose 18,519 252,890 0.02 Ambev - ADR 1,956,982 11,937,590 1.03 Fleury 11,500 67,784 0.01 Banco ABC Brasil - Pref 41,588 156,638 0.01 Gafisa 280,500 215,811 0.02 Banco Bradesco 36,720 330,745 0.03 Gerdau 31,102 61,375 0.01 Banco Bradesco - ADR 346,101 3,170,285 0.27 Gerdau - ADR 105,472 254,188 0.02 Banco Bradesco - Pref 118,176 1,084,218 0.09 Gerdau - Pref 267,400 644,742 0.06 Banco Daycoval - Pref 46,244 137,702 0.01 Grendene 1,800 9,694 - Banco do Brasil 391,590 3,060,715 0.27 Grupo BTG Pactual 12,195 112,238 0.01 Banco do Estado do Guararapes Confeccoes 2,200 44,618 - Rio Grande do Sul - Pref 219,838 630,555 0.05 Helbor Empreendimentos 57,500 37,205 - Banco Industrial e Comercial - Pref 29,300 73,099 0.01 Hypermarcas 44,000 320,538 0.03 Banco Pan - Pref 129,181 65,289 0.01 Iguatemi Empresa de Shopping Centers 17,500 138,529 0.01 Banco Pine - Pref 20,745 33,324 - Industrias Romi 9,500 8,410 - BB Seguridade Participacoes 136,332 1,496,562 0.13 International Meal Alimentacao 10,900 33,299 - Bematech 20,200 52,607 - Iochpe-Maxion 33,300 135,070 0.01 BM&FBovespa 611,202 2,305,977 0.20 Itau Unibanco Holding 15,745 168,327 0.01 BR Malls Participacoes 91,500 428,869 0.04 Itau Unibanco Holding - ADR 270,459 2,961,526 0.26 Brasil Brokers Participacoes 17,600 12,181 - Itau Unibanco Holding - Pref 145,671 1,604,707 0.14 Brasil Insurance Participacoes e Itausa - Investimentos Itau 1 3 - Administracao 11,800 4,786 - Itausa - Investimentos Itau - Pref 778,194 2,232,072 0.19 BrasilAgro - Co Brasileira de JBS 893,379 4,705,022 0.41 Propriedades Agricolas 2,300 8,256 - JHSF Participacoes 47,900 28,835 - Braskem - Pref 84,300 369,613 0.03 Kepler Weber 2,500 21,649 - BRF 90,300 1,909,253 0.17 Klabin 82,169 504,960 0.04 CCR 1,190,300 5,713,164 0.50 Kroton Educacional 120,700 461,989 0.04 Centrais Eletricas Brasileiras 73,400 138,936 0.01 Log-in Logistica Intermodal 12,700 13,655 - CETIP - Mercados Organizados 42,135 462,259 0.04 LPS Brasil Consultoria de Imoveis 7,100 11,885 - Cia Energetica de Minas Gerais - ADR 180,900 689,229 0.06 Magazine Luiza 16,500 18,750 - Cia Energetica de Sao Paulo - Pref 176,900 1,116,730 0.10 Magnesita Refratarios 111,006 100,057 0.01 Cia Ferro Ligas da Bahia - Ferbasa - Pref 30,700 79,853 0.01 Mahle-Metal Leve 9,300 64,068 0.01 Cia Providencia Industria e Comercio 8,676 24,662 - Marcopolo - Pref- 81,964 61,214 0.01 Cia Siderurgica Nacional 82,800 137,805 0.01 Marfrig Global Foods 80,774 147,954 0.01 Cielo 677,280 9,553,956 0.83 Mills Estruturas e Servicos de Engenharia 24,900 54,106 - Contax Participacoes 15,000 25,689 - MRV Engenharia e Participacoes 224,800 565,184 0.05 Cosan Industria e Comercio 14,200 114,966 0.01 Parana Banco - Pref 2,341 7,348 - Cosan Logistica 14,500 10,876 - Paranapanema 61,606 79,328 0.01 CPFL Energia 417,834 2,589,269 0.22 PDG Realty Empreendimentos e Cyrela Brazil Realty Empreendimentos e Participacoes 818,500 94,856 0.01 Participacoes 187,673 598,108 0.05 Petroleo Brasileiro 261,000 1,178,802 0.10 Direcional Engenharia 49,900 81,121 0.01 Petroleo Brasileiro - ADR - non-voting 332,338 2,711,878 0.24 Duratex 65,250 152,496 0.01 Petroleo Brasileiro - ADR - voting 124,522 1,126,924 0.10 EcoRodovias Infraestrutura e Logistica 490,800 1,224,472 0.11 Petroleo Brasileiro - Pref 337,200 1,379,672 0.12 Embraer 72,100 549,152 0.05 Porto Seguro 121,400 1,617,937 0.14 Embraer - ADR 3,194 96,746 0.01 Profarma Distribuidora de Eternit 28,600 25,963 - Produtos Farmaceuticos 3,737 10,105 - Eucatex Industria e Comercio - Pref 20,776 21,736 - QGEP Participacoes 59,195 129,008 0.01 Even Construtora e Incorporadora 140,705 149,474 0.01 Randon Participacoes - Pref 54,900 56,908 -

MGI Funds plc 31 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Chile (2014: 1.82%) (continued) (2014: 95.60%) (continued) PAZ 101,493 57,844 0.01 Transferable securities (2014: 95.60%) (continued) Ripley 493,894 204,653 0.02 Equities (2014: 95.60%) (continued) Salfacorp 188,736 126,900 0.01 Brazil (2014: 9.13%) (continued) Sigdo Koppers 62,693 92,638 0.01 Rodobens Negocios Imobiliarios 7,201 12,309 - Sociedad Matriz SAAM 2,801,569 223,502 0.02 Rossi Residencial 3,700 1,525 - Socovesa 168,002 31,261 - Rumo Logistica Operadora Multimodal 282,171 115,361 0.01 Vina Concha y Toro - ADR 301 10,595 - Santos Brasil Participacoes 16,700 69,350 0.01 ––––––––––– ––––––– Sao Carlos Empreendimentos e 18,197,954 1.58 Participacoes 4,100 42,103 - China (2014: 8.73%) Sao Martinho 11,400 137,619 0.01 361 Degrees International 220,000 72,080 0.01 Saraiva Livreiros Editores - Pref 3,700 6,849 - Agile Property Holdings 592,993 399,278 0.03 SLC Agricola 36,342 202,394 0.02 Agricultural Bank of China 4,729,000 2,555,870 0.22 Souza Cruz 284,892 2,240,507 0.19 Air China 2,008,000 2,274,121 0.20 Sul America 62,198 303,742 0.03 Alibaba Group Holding - ADR 36,030 2,964,188 0.26 Suzano Papel e Celulose - Pref 56,500 300,834 0.03 Angang Steel 94,723 65,368 0.01 Tecnisa 74,000 76,706 0.01 Anhui Conch Cement 31,500 110,518 0.01 Tereos Internacional 64,856 14,197 - Anta Sports Products 792,000 1,930,823 0.17 TPI - Triunfo Participacoes e Investimentos 32,600 41,978 - Anton Oilfield Services Group/Hong Kong 128,000 24,436 - Transmissora Alianca de Energia Eletrica 398,800 2,642,063 0.23 Asia Cement China Holdings 220,500 108,934 0.01 Ultrapar Participacoes 75,032 1,586,918 0.14 Asia Plastic Recycling Holding 63,507 37,975 - Usinas Siderurgicas de Minas Gerais - Pref 181,300 240,457 0.02 Autohome - ADR 9,608 485,588 0.04 Vale 200,509 1,180,566 0.10 AVIC International Holdings 114,000 103,375 0.01 Vale - ADR - non-voting 680,300 3,435,515 0.30 Baidu - ADR 23,421 4,662,653 0.40 Vale - ADR - voting 109,000 642,010 0.06 Bank of China 12,144,541 7,910,937 0.69 Vale - Pref 340,415 1,707,335 0.15 Bank of Communications 2,791,000 2,908,885 0.25 ––––––––––– ––––––– Baoye Group 84,000 64,361 0.01 90,510,879 7.84 BBMG 74,500 74,860 0.01 Channel Islands (2014: 0.20%) Beijing Capital International Airport 720,538 830,902 0.07 Etalon Group - GDR 40,611 75,130 0.01 Beijing Capital Land 204,000 156,831 0.01 Randgold Resources 13,840 932,681 0.08 Beijing North Star 186,000 90,450 0.01 Randgold Resources - ADR 17,369 1,162,855 0.10 Bitauto Holdings - ADR 10,307 526,172 0.05 ––––––––––– ––––––– Central China Real Estate 268,000 76,744 0.01 2,170,666 0.19 Chaowei Power Holdings 28,000 18,239 - Chile (2014: 1.82%) China Aoyuan Property Group 420,000 91,557 0.01 Banco de Chile 6,180,232 679,165 0.06 China BlueChemical 5,916,000 2,167,215 0.19 Banco de Credito e Inversiones 1,769 77,724 0.01 China Child Care 179,000 31,170 - Banco Santander Chile - ADR 137,016 2,774,574 0.24 China Cinda Asset Management 1,193,000 664,783 0.06 Besalco 56,951 25,647 - China CITIC Bank 1,223,338 975,193 0.08 Bupa Chile 56,669 46,609 - China Coal Energy 428,431 255,869 0.02 CAP 17,200 58,900 0.01 China Communications Construction 1,442,000 2,150,198 0.19 Cencosud 223,070 538,901 0.05 China Communications Services 950,000 476,682 0.04 Cia Cervecerias Unidas 213,339 2,258,986 0.20 China Construction Bank 12,271,276 11,222,546 0.97 Cia Sud Americana de Vapores 4,333,335 138,836 0.01 China Dongxiang Group 1,242,000 328,421 0.03 Corpbanca 8,362,272 92,314 0.01 China Dredging Environment Embotelladora Andina - ADR 2,420 48,255 - Protection Holdings 154,000 31,187 - Embotelladora Andina - Pref 13,984 47,340 - China Everbright Bank 1,126,000 672,473 0.06 Empresa Nacional de Telecomunicaciones 12,852 142,079 0.01 China Great Star International 18,263 38,394 - Empresas AquaChile 21,329 10,239 - China Hongqiao Group 93,500 88,042 0.01 Empresas CMPC 257,830 700,281 0.06 China Huishan Dairy Holdings 14,001,000 3,178,536 0.28 Empresas COPEC 27,593 293,387 0.03 China Huiyuan Juice Group 281,500 154,320 0.01 Empresas Hites 77,435 31,360 - China International Marine Containers Group 54,600 139,871 0.01 Empresas Iansa 1,021,259 39,810 - China ITS Holdings 295,372 49,149 - Enersis - ADR 506,957 8,025,129 0.70 China Merchants Bank 133,166 389,919 0.03 Gasco 17,177 134,291 0.01 China Minsheng Banking 376,600 493,548 0.04 Grupo Security 275,507 84,005 0.01 China National Building Material 694,000 655,279 0.06 Inversiones Aguas Metropolitanas 100,337 152,342 0.01 China National Materials 424,000 137,823 0.01 Inversiones La Construccion 12,263 137,293 0.01 China Petroleum & Chemical 684,200 589,542 0.05 Latam Airlines Group - ADR 127,077 894,622 0.08 China Railway Construction 323,500 497,400 0.04 Masisa 605,802 18,472 - China Railway Group 1,206,000 1,308,274 0.11

MGI Funds plc 32 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss China (2014: 8.73%) (continued) (2014: 95.60%) (continued) Lonking Holdings 678,000 132,932 0.01 Transferable securities (2014: 95.60%) (continued) Maoye International Holdings 384,000 88,662 0.01 Equities (2014: 95.60%) (continued) Mindray Medical International - ADR 186,800 5,323,800 0.46 China (2014: 8.73%) (continued) Minth Group 8,000 17,893 - China Rare Earth Holdings 406,000 70,699 0.01 NetEase - ADR 11,000 1,593,515 0.14 China Sanjiang Fine Chemicals 126,000 43,720 - NVC Lighting Holding 383,000 87,938 0.01 China SCE Property Holdings 416,000 99,271 0.01 Parkson Retail Group 449,000 92,666 0.01 China Shanshui Cement Group 234,000 189,553 0.02 Peak Sport Products 218,000 53,428 - China Shenhua Energy 100,000 228,054 0.02 People's Insurance Group of China 3,102,000 1,984,627 0.17 China Shineway Pharmaceutical Group 17,000 25,437 - PetroChina 558,000 621,156 0.05 China Shipping Development 62,897 47,624 - PICC Property & Casualty 942,000 2,143,408 0.19 China Telecom 2,964,000 1,739,582 0.15 Ping An Insurance Group of China 89,500 1,205,255 0.10 China Vanke 190,300 468,352 0.04 Powerlong Real Estate Holdings 362,000 80,781 0.01 China Yurun Food Group 558,239 212,421 0.02 Qingling Motors 296,000 100,034 0.01 China ZhengTong Auto Services Holdings 95,000 61,883 0.01 Renhe Commercial Holdings 6,510,000 537,423 0.05 China Zhongwang Holdings 653,600 336,388 0.03 Sany Heavy Equipment Chongqing Machinery & Electric 448,000 94,194 0.01 International Holdings 390,000 108,158 0.01 Chongqing Rural Commercial Bank 641,000 516,765 0.05 Semiconductor Manufacturing Chu Kong Petroleum & Natural Gas International 2,987,899 327,597 0.03 Steel Pipe Holdings 189,000 51,684 - Shandong Chenming Paper Holdings 62,500 37,810 - CIFI Holdings Group 664,695 174,907 0.02 Shanghai Jin Jiang International Comtec Solar Systems Group 272,000 42,804 - Hotels Group 158,000 69,293 0.01 Country Garden Holdings 868,733 380,996 0.03 Shui On Land 1,286,806 363,507 0.03 Dalian Wanda Commercial Properties 39,400 316,367 0.03 Sinopec Engineering Group 71,500 66,220 0.01 Daphne International Holdings 348,000 87,084 0.01 Sinopec Shanghai Petrochemical 980,000 532,186 0.05 Dongfeng Motor Group 1,306,000 1,748,622 0.15 Sinopharm Group 314,400 1,395,071 0.12 Dongyue Group 397,000 143,385 0.01 Sinotrans 1,434,000 961,851 0.08 Evergrande Real Estate Group 888,000 528,043 0.05 SOHO China 658,500 427,247 0.04 Fantasia Holdings Group 591,000 102,152 0.01 Springland International Holdings 137,000 47,537 - Fufeng Group 106,000 78,619 0.01 Sunac China Holdings 198,000 216,834 0.02 Future Land Development Holdings 704,000 130,765 0.01 Tencent Holdings 464,215 9,269,270 0.80 Geely Automobile Holdings 325,000 173,975 0.02 Tiangong International 628,000 102,067 0.01 Golden Eagle Retail Group 2,591,000 3,469,127 0.30 Tianneng Power International 210,000 100,496 0.01 GOME Electrical Appliances Holding 12,579,903 2,791,009 0.24 Trigiant Group 62,000 19,194 - Great Wall Motor 288,500 1,414,115 0.12 Tsingtao Brewery 104,343 633,255 0.06 Greentown China Holdings 237,000 302,649 0.03 Vipshop Holdings - ADR 41,445 922,151 0.08 Guangshen Railway 56,000 30,916 - Weichai Power 58,000 194,143 0.02 Guangzhou Automobile Group 148,000 137,070 0.01 Weiqiao Textile 146,500 102,800 0.01 Guangzhou R&F Properties 321,680 394,188 0.03 West China Cement 982,000 191,269 0.02 Guodian Technology & Environment Group 163,000 24,600 - Xiamen International Port 128,000 51,513 - Harbin Electric 280,000 220,315 0.02 Xingda International Holdings 317,000 92,002 0.01 Hengan International Group 399,000 4,737,532 0.41 Xinhua Winshare Publishing and Media 45,000 53,518 - Hidili Industry International Development 365,000 36,723 - Xinjiang Xinxin Mining Industry 376,000 74,690 0.01 HNA Infrastructure Company 14,000 15,801 - XTEP International Holdings 129,500 47,106 - Honghua Group 200,000 21,412 - Yanzhou Coal Mining 58,000 45,562 - Hopefluent Group Holdings 46,000 15,605 - Youyuan International Holdings 86,900 20,737 - Huaneng Renewables 462,000 185,335 0.02 Yuanda China Holdings 1,080,000 83,585 0.01 Huishang Bank 1,000 520 - Yuzhou Properties 299,000 76,750 0.01 Hydoo International Holding 6,000 1,045 - Zhaojin Mining Industry 88,500 55,366 0.01 Industrial & Commercial Bank of China 8,297,000 6,581,905 0.57 Zhengzhou Coal Mining Machinery Group 21,800 15,072 - Intime Retail Group 135,000 179,360 0.02 Zhong An Real Estate 418,000 54,996 - Jiangsu Expressway 4,258,000 5,602,234 0.49 Zhongsheng Group Holdings 76,500 53,483 - Jiangxi Copper 75,000 125,765 0.01 Zhuzhou CSR Times Electric 396,500 2,986,837 0.26 Jingwei Textile Machinery 34,000 44,734 - Zoomlion Heavy Industry Science Kaisa Group Holdings 978,000 196,797 0.02 and Technology 45,000 29,197 - Kingcan Holdings 31,000 36,471 - ––––––––––– ––––––– KWG Property Holding 467,420 393,710 0.03 124,638,441 10.80 Labixiaoxin Snacks Group 79,000 12,024 - Colombia (2014: 0.31%) Leoch International Technology 141,000 18,551 - Almacenes Exito 12,118 105,909 0.01 Longfor Properties 266,000 422,715 0.04 Bancolombia 7,948 81,632 0.01

MGI Funds plc 33 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Hong Kong (2014: 6.22%) (continued) (2014: 95.60%) (continued) China Metal Recycling Holdings 166,800 - - Transferable securities (2014: 95.60%) (continued) China Mobile 638,000 8,180,173 0.71 Equities (2014: 95.60%) (continued) China Mobile - ADR 142,750 9,148,848 0.79 Colombia (2014: 0.31%) (continued) China Ocean Resources 22,528 76,140 0.01 Bancolombia - ADR 30,970 1,331,710 0.11 China Oil & Gas Group 264,000 24,859 - Cementos Argos 14,593 51,925 - China Overseas Grand Oceans Group 153,000 77,363 0.01 Constructora Conconcreto 14,236 6,298 - China Overseas Land & Investment 632,000 2,237,767 0.19 Corp Financiera Colombiana 3,660 51,389 - China Precious Metal Resources Holdings 1,780,000 158,425 0.01 Ecopetrol 100,655 66,985 0.01 China Resources Cement Holdings 1,075,078 596,299 0.05 Grupo Argos 39,681 259,493 0.02 China Resources Enterprise 436,901 1,411,712 0.12 Grupo Argos - Pref 2,500 15,791 - China Resources Land 500,888 1,624,928 0.14 Grupo de Inversiones Suramericana 37,469 533,583 0.05 China Resources Power Holdings 2,860,000 7,931,584 0.69 Grupo de Inversiones Suramericana - Pref 15,634 218,910 0.02 China Singyes Solar Technologies Holdings 37,000 47,488 - Grupo Nutresa 20,860 183,757 0.02 China South City Holdings 344,000 119,362 0.01 ––––––––––– ––––––– China Taiping Insurance Holdings 585,600 2,103,690 0.18 2,907,382 0.25 China Tianyi Holdings 52,000 8,451 - Czech Republic (2014: 0.05%) China Travel International Investment CEZ 16,220 376,569 0.03 Hong Kong 338,000 148,671 0.01 Unipetrol 14,169 92,055 0.01 China Unicom Hong Kong 480,000 754,126 0.07 ––––––––––– ––––––– China Unicom Hong Kong - ADR 19,702 309,321 0.03 468,624 0.04 China Vanadium Titano - Magnetite Mining 504,000 44,858 - Greece (2014: 0.27%) CIMC Enric Holdings 38,000 32,351 - Alpha Bank 246,224 88,338 0.01 CITIC 143,000 257,131 0.02 Bank of Greece 5,841 63,779 0.01 CITIC Resources Holdings 510,000 140,779 0.01 Ellaktor 84,474 176,006 0.01 Citychamp Watch & Jewellery Group 650,000 101,450 0.01 GEK Terna Holding Real Estate Construction 43,747 87,250 0.01 CNOOC 624,000 886,996 0.08 Hellenic Petroleum 4,913 25,619 - CNOOC - ADR 17,468 2,479,059 0.22 Intracom Holdings 36,657 17,889 - Concord New Energy Group 710,000 54,034 - Intralot - Integrated Lottery Systems COSCO International Holdings 238,000 151,656 0.01 & Services 29,173 55,258 - COSCO Pacific 595,733 806,857 0.07 LAMDA Development 4,225 19,065 - Coslight Technology International Group 12,000 4,860 - Marfin Investment Group Holdings 405,077 61,382 0.01 CPMC Holdings 65,000 43,347 - Mytilineos Holdings 10,546 68,035 0.01 Dah Chong Hong Holdings 317,000 164,786 0.01 National Bank of Greece 139,279 186,222 0.01 Digital China Holdings 130,080 173,495 0.02 Piraeus Bank 201,247 89,692 0.01 Far East Horizon 1,043,000 984,806 0.09 Terna Energy 7,885 26,971 - Fosun International 46,000 108,109 0.01 ––––––––––– ––––––– Franshion Properties China 1,424,000 508,798 0.04 965,506 0.08 Galaxy Entertainment Group 344,864 1,370,105 0.12 Hong Kong (2014: 6.22%) GCL-Poly Energy Holdings 18,000 4,156 - Alibaba Pictures Group 770,000 300,946 0.03 Glorious Property Holdings 769,000 120,024 0.01 AMVIG Holdings 156,000 81,496 0.01 Golden Meditech Holdings 363,435 67,506 0.01 Anxin-China Holdings 1,316,000 65,354 0.01 Goldlion Holdings 85,000 39,252 - Beijing Enterprises Holdings 500,000 3,756,828 0.33 Guangdong Investment 196,000 274,057 0.02 Belle International Holdings 4,866,000 5,586,214 0.48 Guangdong Land Holdings 238,000 64,162 0.01 Bosideng International Holdings 662,000 86,245 0.01 Hengdeli Holdings 264,000 53,123 - BYD Electronic International 84,500 114,446 0.01 HKC Holdings 2,096,000 79,757 0.01 C C Land Holdings 485,079 118,258 0.01 Hopson Development Holdings 256,000 258,227 0.02 Carrianna Group Holdings 226,000 28,860 - Hua Han Bio-Pharmaceutical Holdings 326,000 60,973 0.01 Chaoda Modern Agriculture Holdings 262,710 17,960 - Huabao International Holdings 3,750,000 2,254,097 0.20 Chigo Holding 980,000 25,408 - Ju Teng International Holdings 334,000 161,560 0.01 China Aerospace International Holdings 796,000 187,897 0.02 Kai Yuan Holdings 1,460,000 35,405 - China Agri-Industries Holdings 836,000 475,554 0.04 Kingboard Chemical Holdings 254,200 440,687 0.04 China Everbright 56,000 193,588 0.02 Kingboard Laminates Holdings 338,500 161,553 0.01 China Everbright International 183,000 330,000 0.03 Kunlun Energy 140,000 142,482 0.01 China Fiber Optic Network System Group 74,000 25,199 - Lai Fung Holdings 1,563,000 37,298 - China Foods 96,000 59,439 0.01 Lee & Man Paper Manufacturing 164,168 104,609 0.01 China High Speed Transmission Link REIT 333,481 1,955,061 0.17 Equipment Group 346,077 298,644 0.03 Loudong General Nice Resources China Lumena New Materials 1,112,000 152,401 0.01 China Holdings 57,000 11,249 - China Merchants Holdings International 153,474 659,226 0.06 MIE Holdings 468,000 70,026 0.01

MGI Funds plc 34 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Hungary (2014: 0.06%) (continued) (2014: 95.60%) (continued) OTP Bank 32,120 635,688 0.06 Transferable securities (2014: 95.60%) (continued) ––––––––––– ––––––– Equities (2014: 95.60%) (continued) 931,424 0.08 Hong Kong (2014: 6.22%) (continued) India (2014: 10.28%) Mingfa Group International 410,000 102,070 0.01 Aarti Industries 9,500 50,722 - Minmetals Land 586,000 75,588 0.01 Aban Offshore 10,377 49,131 - MMG 244,000 86,237 0.01 ABG Shipyard 10,049 29,115 - New World China Land 687,330 406,056 0.04 ACC 3,144 71,540 0.01 New World Department Store China 188,000 50,440 - Adani Enterprises 6,096 8,702 - Nine Dragons Paper Holdings 909,601 793,146 0.07 Adani Ports & Special Economic Zone 8,609 41,619 - North Mining Shares 770,000 34,763 - Adani Power 251,423 115,091 0.01 Overseas Chinese Town Asia Holdings 32,000 17,501 - Adani Transmissions 6,096 4,517 - Poly Property Group 787,000 378,651 0.03 Aditya Birla Nuvo 17,477 490,992 0.04 Pou Sheng International Holdings 701,000 81,380 0.01 Advanta 1,964 14,093 - Power Assets Holdings 445,341 4,055,578 0.35 AIA Engineering 5,753 90,622 0.01 Real Nutriceutical Group 297,000 88,879 0.01 Akzo Nobel India 421 8,290 - REXLot Holdings 2,218,164 125,893 0.01 Allahabad Bank 76,017 103,377 0.01 Rotam Global Agrosciences 15,708 22,095 - Allcargo Logistics 12,109 58,976 0.01 Samson Holding 316,000 41,984 - Alok Industries 291,081 29,483 - Shanghai Industrial Holdings 191,000 647,955 0.06 Alstom India 4,405 49,663 - Shanghai Industrial Urban Ambuja Cements 59,214 213,684 0.02 Development Group 588,000 160,035 0.01 Amtek Auto 58,818 146,629 0.01 Shenzhen International Holdings 132,889 231,408 0.02 Anant Raj 58,909 38,622 - Shenzhen Investment 891,915 439,483 0.04 Andhra Bank 103,456 110,556 0.01 Shimao Property Holdings 230,000 455,102 0.04 Apar Industries 5,128 30,278 - Shougang Concord International Apollo Tyres 87,106 232,538 0.02 Enterprises 1,882,000 131,090 0.01 Arvind 30,924 130,801 0.01 Shougang Fushan Resources Group 888,000 207,323 0.02 Arvind Infrastructure 3,092 - - Silver Grant International Industries 370,000 63,953 0.01 Ashok Leyland 166,469 189,787 0.02 Sino Biopharmaceutical 1,316,000 1,531,150 0.13 Ashoka Buildcon 24,720 68,749 0.01 Sino Oil And Gas Holdings 2,680,000 70,521 0.01 Atul 1,837 34,473 - Sino-Ocean Land Holdings 1,206,458 916,606 0.08 Axis Bank 592,850 5,194,885 0.45 Sinofert Holdings 886,000 203,427 0.02 Bajaj Auto 195,006 7,763,493 0.67 Sinolink Worldwide Holdings 620,000 110,364 0.01 Bajaj Finance 2,731 233,645 0.02 Sinotrans Shipping 487,500 119,477 0.01 Bajaj Finserv 14,464 346,382 0.03 Sinotruk Hong Kong 285,500 171,980 0.02 Bajaj Hindusthan 102,504 21,650 - Skyworth Digital Holdings 214,936 191,299 0.02 Bajaj Holdings & Investment 16,762 383,515 0.03 TCC International Holdings 361,057 108,980 0.01 Balkrishna Industries 5,302 59,448 0.01 TCC International Holdings - Rights 180,528 3,214 - Ballarpur Industries 234,251 46,902 - TCL Multimedia Technology Holdings 79,258 53,571 - Balmer Lawrie 6,802 59,817 0.01 Texhong Textile Group 30,500 27,539 - Balrampur Chini Mills 90,641 57,647 0.01 Tian An China Investment 117,000 73,648 0.01 Bank of Baroda 102,855 232,829 0.02 Tianjin Port Development Holdings 174,924 41,517 - Bank of India 62,693 168,350 0.01 Top Spring International Holdings 59,000 28,158 - Bank of Maharashtra 89,934 50,842 - TPV Technology 258,369 54,323 - BASF India 685 12,855 - Truly International Holdings 120,000 49,532 - BEML 10,249 195,122 0.02 United Energy Group 8,000 1,393 - BGR Energy Systems 207 342 - V1 Group 1,232,000 123,954 0.01 Bharat Electronics 3,812 201,196 0.02 Welling Holding 106,000 22,834 - Bharat Heavy Electricals 118,027 457,336 0.04 Xiwang Special Steel 274,000 42,765 - Bharti Airtel 335,237 2,211,838 0.19 Yanchang Petroleum International 1,950,000 80,490 0.01 Bhushan Steel 8,076 7,140 - Yingde Gases Group 57,500 39,606 - Biocon 9,456 68,321 0.01 Yip's Chemical Holdings 101,155 55,845 0.01 Birla 15,416 99,981 0.01 Yuexiu Property 2,657,626 579,343 0.05 Bombay Dyeing & Manufacturing 54,800 62,820 0.01 Zhuhai Holdings Investment Group 26,000 5,165 - Brigade Enterprises 11,113 26,002 - ––––––––––– ––––––– Cairn India 1,769,733 5,030,177 0.44 75,635,222 6.55 Canara Bank 43,673 190,109 0.02 Hungary (2014: 0.06%) Castex Technologies 55,380 205,631 0.02 FHB Mortgage Bank 6,962 19,192 - Ceat 6,036 62,227 0.01 MOL Hungarian Oil & Gas 5,404 276,544 0.02 Century Textiles & Industries 9,366 104,161 0.01

MGI Funds plc 35 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss India (2014: 10.28%) (continued) (2014: 95.60%) (continued) Gujarat Mineral Development 43,439 63,951 0.01 Transferable securities (2014: 95.60%) (continued) Gujarat Narmada Valley Fertilizers Equities (2014: 95.60%) (continued) & Chemicals 37,439 34,482 - India (2014: 10.28%) (continued) Gujarat State Fertilisers & Chemicals 62,697 66,015 0.01 Chambal Fertilizers & Chemicals 91,729 82,971 0.01 Gujarat State Petronet 99,016 183,478 0.02 Cholamandalam Investment and Finance 7,604 74,703 0.01 Gulf Oil 6,040 13,914 - Cipla 230,556 2,237,494 0.19 Gulf Oil Lubricants India 12,908 91,418 0.01 City Union Bank 74,688 118,459 0.01 HCL Infosystems 54,065 28,781 - Clariant Chemicals India 187 2,478 - HCL Technologies 142,038 2,052,280 0.18 Colgate-Palmolive India 27,868 892,975 0.08 HDFC Bank 506,847 8,483,797 0.74 Container Of India 5,139 135,577 0.01 HEG 5,225 16,279 - Coromandel International 3,611 14,037 - HeidelbergCement India 43,883 49,961 - Corp Bank 113,130 89,626 0.01 Himachal Futuristic Communications 127,945 23,307 - Cox & Kings 17,347 63,907 0.01 Hindalco Industries 530,472 931,741 0.08 Crompton Greaves 57,482 146,639 0.01 Hinduja Global Solutions 5,403 41,405 - Cyient 6,850 61,427 0.01 Hindustan Unilever 226,905 3,260,334 0.28 Dalmia Bharat 13,939 129,365 0.01 Housing Development & Infrastructure 170,633 246,116 0.02 DB Realty 56,733 52,875 - Housing Development Finance 828,664 16,890,796 1.46 DCB Bank 50,397 103,121 0.01 HSIL 12,461 67,901 0.01 DCM Shriram 16,830 29,336 - HT Media 30,655 44,264 - Deepak Fertilisers & Petrochemicals 21,907 45,754 - ICICI Bank 378,821 1,832,237 0.16 Delta 35,837 40,801 - ICICI Bank - ADR 20,249 210,995 0.02 DEN Networks 28,290 62,995 0.01 IDBI Bank 163,966 156,293 0.01 Dena Bank 47,776 33,086 - Idea Cellular 84,502 233,880 0.02 Dewan Housing Finance 13,406 88,324 0.01 IDFC 239,490 553,971 0.05 Dishman Pharmaceuticals & Chemicals 8,726 21,514 - IFCI 357,240 143,895 0.01 DLF 174,174 318,781 0.03 IIFL Holdings 104,887 288,159 0.03 Dr Reddy's Laboratories - ADR 80,500 4,453,260 0.39 IL&FS Transportation Networks 48,068 107,715 0.01 Edelweiss Financial Services 124,152 117,952 0.01 India Cements 130,917 193,251 0.02 EID Parry India 36,012 79,455 0.01 Indiabulls Housing 26,908 262,869 0.02 EIH 69,953 107,654 0.01 Indiabulls Real Estate 110,700 98,827 0.01 Electrosteel Castings 53,647 15,206 - Indian Bank 50,710 113,437 0.01 Engineers India 11,650 41,693 - Indian Hotels 82,932 119,163 0.01 Eros International Media 10,874 89,854 0.01 Indian Overseas Bank 142,526 82,700 0.01 Escorts 30,542 57,482 0.01 IndusInd Bank 17,433 238,663 0.02 Essar Oil 55,209 119,989 0.01 Infosys 300,206 4,655,362 0.40 Essar Ports 36,606 57,944 0.01 Infosys - ADR 624,242 9,894,236 0.86 Eveready Industries India 16,337 83,904 0.01 Ingersoll-Rand India 3,392 51,588 - Exide Industries 24,804 57,745 0.01 Intellect Design Arena 43,046 69,625 0.01 FAG Bearings India 1,251 80,938 0.01 ITC 1,215,836 6,032,402 0.52 Federal Bank 326,032 756,970 0.07 Jagran Prakashan 19,615 36,439 - Finolex Cables 17,849 69,611 0.01 Jain Irrigation Systems 164,694 173,668 0.02 Finolex Industries 9,517 38,371 - Jaiprakash Associates 446,273 78,140 0.01 Firstsource Solutions 131,851 61,495 0.01 Jammu & Kashmir Bank 152,912 241,686 0.02 Fortis Healthcare 57,800 162,199 0.01 Jaypee Infratech 240,038 56,919 0.01 Future Consumer Enterprise 234,078 50,727 - JB Chemicals & Pharmaceuticals 21,757 80,974 0.01 Future Retail 57,815 92,833 0.01 JBF Industries 8,726 34,723 - GAIL India 76,201 469,675 0.04 Jindal Poly Films 9,985 39,811 - Gammon Infrastructure Projects 45,854 9,217 - Jindal Saw 90,767 83,170 0.01 Gateway Distriparks 19,464 104,763 0.01 Jindal Steel & Power 156,601 210,383 0.02 Gati 10,575 27,675 - JK Cement 7,750 82,423 0.01 GIC Housing Finance 1,079 3,671 - JK Lakshmi Cement 8,243 45,241 - Godfrey Phillips India 3,565 25,640 - JK Tyre & Industries 45,545 58,183 0.01 Godrej Industries 8,228 46,321 - JM Financial 140,069 96,121 0.01 Godrej Properties 9,672 37,515 - JSW Energy 105,030 162,048 0.01 Graphite India 29,196 38,123 - JSW Holdings 777 12,942 - Great Eastern Shipping 35,286 185,074 0.02 JSW Steel 39,258 539,428 0.05 Greaves Cotton 17,418 34,409 - Kalpataru Power Transmission 32,280 130,783 0.01 Gujarat Alkalies & Chemicals 12,979 33,344 - Karnataka Bank 78,717 178,992 0.02 Gujarat Fluorochemicals 9,243 92,307 0.01 Karur Vysya Bank 28,545 217,068 0.02

MGI Funds plc 36 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss India (2014: 10.28%) (continued) (2014: 95.60%) (continued) Radico Khaitan 14,477 18,494 - Transferable securities (2014: 95.60%) (continued) Rain Industries 61,917 36,170 - Equities (2014: 95.60%) (continued) Rajesh Exports 46,440 240,149 0.02 India (2014: 10.28%) (continued) Ramco Cements 9,444 50,564 - KEC International/India 40,737 82,843 0.01 Ratnamani Metals & Tubes 10,651 92,327 0.01 Kesoram Industries 22,292 26,290 - RattanIndia Power 172,801 19,809 - Kolte-Patil Developers 17,025 54,580 - Raymond 21,236 154,868 0.01 Kotak Mahindra Bank 83,603 1,806,497 0.16 Redington India 108,259 163,715 0.01 KPIT Technologies 22,554 32,974 - REI Agro 211,612 1,994 - KRBL 27,702 71,474 0.01 Reliance Capital 70,412 401,209 0.04 KSK Energy Ventures 25,690 15,370 - Reliance Communications 274,598 267,138 0.02 L&T Finance Holdings 271,391 280,000 0.02 Reliance Industries 218,800 3,432,494 0.30 Lakshmi Machine Works 393 22,742 - Reliance Industries - GDR 53,029 1,651,853 0.14 Lakshmi Vilas Bank 34,865 50,233 - Reliance Power 214,320 151,114 0.01 Larsen & Toubro 118,328 3,313,481 0.29 Repco Home Finance 5,801 58,620 0.01 LIC Housing Finance 37,969 269,027 0.02 Rolta India 41,208 65,035 0.01 Magma Fincorp 31,807 44,828 - Ruchi Soya Industries 70,065 43,185 - Mahanagar Telephone Nigam 105,162 26,423 - Rural Electrification 445,189 1,920,087 0.17 Maharashtra Seamless 11,365 34,552 - Sadbhav Engineering 6,204 28,253 - Mahindra & Mahindra 18,226 368,198 0.03 SE Investments 1,213 5,562 - Mahindra & Mahindra Financial Services 43,647 191,230 0.02 Shipping of India 82,647 64,957 0.01 Mahindra Lifespace Developers 7,673 51,330 - Shree Cement 306 54,684 - Maruti Suzuki India 3,032 191,271 0.02 Shrenuj 29,652 17,787 - Max India 38,292 290,407 0.03 Shriram City Union Finance 2,571 72,027 0.01 McLeod Russel India 17,614 62,636 0.01 Shriram Transport Finance 17,316 231,447 0.02 Merck 3,086 39,001 - Simplex Infrastructures 4,950 29,177 - Metalyst Forgings 11,513 22,654 - Sintex Industries 97,505 153,117 0.01 Mindtree 3,838 76,664 0.01 SKF India 3,720 82,368 0.01 MOIL 23,934 92,459 0.01 Sobha 27,755 155,599 0.01 Mphasis 35,397 228,596 0.02 South Indian Bank 296,962 110,288 0.01 MRF 138 74,103 0.01 Srei Infrastructure Finance 129,182 70,900 0.01 Muthoot Finance 52,680 166,073 0.01 SRF 4,377 84,316 0.01 National Aluminium 180,058 113,243 0.01 State Bank of Bikaner & Jaipur 7,962 67,186 0.01 NCC 183,718 227,051 0.02 State Bank of India 308,412 1,273,749 0.11 Nestle India 6,757 674,841 0.06 State Bank of India - GDR - UK listing 31,250 1,292,188 0.11 NIIT Technologies 16,711 102,843 0.01 State Bank of India - GDR - US listing 3,944 163,084 0.01 Nirvikara Paper Mills 589 666 - State Bank of Travancore 8,991 59,265 0.01 Oberoi Realty 31,058 131,928 0.01 Sterlite Technologies 58,165 76,360 0.01 OCL India 1,797 14,053 - Strides Arcolab 2,650 46,192 - Omaxe 21,935 46,157 - Sun Pharmaceutical Industries 335,034 4,605,665 0.40 Oracle Financial Services Software 913 54,747 - Sun TV Network 8,661 38,103 - Oriental Bank of Commerce 44,804 117,498 0.01 Sundaram Finance 3,516 87,773 0.01 Orissa Minerals Development 733 28,777 - Sundram Fasteners 11,270 26,883 - Parsvnath Developers 36,618 12,593 - Syndicate Bank 62,813 96,715 0.01 PC Jeweller 21,834 131,645 0.01 Tamil Nadu Newsprint & Papers 8,519 21,003 - Peninsula Land 79,044 28,611 - Tata Chemicals 40,860 269,620 0.02 Persistent Systems 5,576 52,472 - Tata Consultancy Services 48,924 1,962,953 0.17 Petronet LNG 67,708 198,828 0.02 Tata Global Beverages 207,151 429,396 0.04 Pfizer 1,001 31,816 - Tata Motors 112,353 765,193 0.07 Pipavav Defence & Offshore Engineering 38,677 36,351 - Tata Motors - ADR 129,528 4,464,830 0.39 Piramal Enterprises 46,880 681,704 0.06 Tata Steel 106,875 514,067 0.04 Polaris Consulting & Services 43,046 106,466 0.01 Techno Electric & Engineering 5,408 40,692 - Power Finance 110,056 441,918 0.04 Time Technoplast 21,482 17,356 - Praj Industries 21,146 31,314 - Tube Investments of India 12,259 66,945 0.01 Prism Cement 42,827 73,575 0.01 TV18 Broadcast 305,507 176,549 0.02 PTC India 126,012 136,045 0.01 UCO Bank 116,102 96,539 0.01 PTC India Financial Services 101,517 71,180 0.01 Uflex 18,348 34,936 - Punj Lloyd 89,861 34,643 - Ultratech Cement 2,638 124,114 0.01 Punjab & Sind Bank 71,807 46,796 - Unichem Laboratories 11,847 34,603 - Puravankara Projects 27,004 33,713 - Union Bank of India 90,181 207,892 0.02

MGI Funds plc 37 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Indonesia (2014: 3.57%) (continued) (2014: 95.60%) (continued) Energi Mega Persada 27,279,200 114,580 0.01 Transferable securities (2014: 95.60%) (continued) Erajaya Swasembada 963,900 42,655 - Equities (2014: 95.60%) (continued) Eureka Prima Jakarta 1,164,800 49,361 - India (2014: 10.28%) (continued) Exploitasi Energi Indonesia 2,806,000 14,732 - Unitech 903,608 112,809 0.01 Express Transindo Utama 248,100 18,516 - UPL 47,933 402,628 0.04 Gajah Tunggal 1,324,400 84,932 0.01 Usha Martin 95,582 29,569 - Garuda Indonesia Persero 2,294,546 76,585 0.01 Uttam Galva Steels 9,974 5,341 - Global Mediacom 2,834,400 248,734 0.02 VA Tech Wabag 1,670 19,333 - Gudang Garam 20,300 68,669 0.01 Vardhman Textiles 9,199 97,942 0.01 Hanson International 1,984,200 110,130 0.01 Vedanta 140,691 384,978 0.03 Harum Energy 668,000 55,364 0.01 Vedanta - ADR 27,683 298,976 0.03 Hexindo Adiperkasa 79,000 15,969 - Videocon Industries 50,527 123,778 0.01 Holcim Indonesia 1,028,600 115,725 0.01 Vijaya Bank 104,465 65,619 0.01 Indah Kiat Pulp & Paper 1,896,400 127,304 0.01 Voltas 18,279 90,419 0.01 Indika Energy 1,088,100 25,708 - Welspun 31,856 56,854 0.01 Indo Tambangraya Megah 196,700 189,581 0.02 Welspun Enterprise 1,592 11,925 - Indocement Tunggal Prakarsa 74,800 117,116 0.01 Welspun India 1,665 16,734 - Indofood Sukses Makmur 2,545,900 1,255,525 0.11 Westlife Development 49,388 232,670 0.02 Intiland Development 4,779,700 204,345 0.02 Wipro 32,093 274,791 0.02 Japfa Comfeed Indonesia 2,328,229 93,426 0.01 Wipro - ADR 120,600 1,443,582 0.13 Kawasan Industri Jababeka 12,369,418 243,074 0.02 Wockhardt 5,014 111,807 0.01 Krakatau Steel Persero 1,944,600 49,736 - Yes Bank 12,811 169,955 0.02 Lippo Cikarang 117,800 80,404 0.01 Zensar Technologies 2,944 30,328 - Lippo Karawaci 8,346,700 738,729 0.06 ––––––––––– ––––––– Malindo Feedmill 341,600 47,784 - 141,621,210 12.27 Matahari Department Store 604,355 750,203 0.07 Indonesia (2014: 3.57%) Medco Energi Internasional 1,206,000 246,944 0.02 Adaro Energy 6,889,500 392,726 0.03 Mitra Pinasthika Mustika 248,500 11,370 - Adhi Karya Persero 174,100 26,378 - MNC Investama 19,026,400 378,173 0.03 Agung Podomoro Land 4,497,700 127,180 0.01 MNC Land 655,000 70,499 0.01 Alam Sutera Realty 7,662,000 330,444 0.03 Modernland Realty 6,895,500 271,527 0.02 Aneka Tambang Persero 2,628,100 134,041 0.01 Multipolar 5,076,700 237,985 0.02 Astra Agro Lestari 328,200 564,950 0.05 Nirvana Development 5,110,800 81,650 0.01 Astra International 934,900 496,112 0.04 Nusantara Infrastructure 6,022,200 90,339 0.01 Astra Otoparts 514,400 96,456 0.01 Pabrik Kertas Tjiwi Kimia 16,600 865 - Bakrie and Brothers 26,919,500 100,954 0.01 Pakuwon Jati 572,700 18,471 - Bakrieland Development 12,684,000 47,568 - Pan Brothers 2,868,000 126,917 0.01 Bank Bukopin 2,232,200 110,501 0.01 Panin Financial 10,421,100 223,547 0.02 Bank Central Asia 3,380,079 3,422,544 0.30 Paninvest 509,000 27,679 - Bank Danamon Indonesia 730,400 235,569 0.02 Perusahaan Gas Negara Persero 12,205,800 3,950,349 0.34 Bank Mandiri Persero 6,054,400 4,563,789 0.40 Perusahaan Perkebunan London Bank Negara Indonesia Persero 5,938,100 2,360,542 0.21 Sumatra Indonesia 1,918,200 223,724 0.02 Bank Pan Indonesia 1,994,900 164,590 0.02 Ramayana Lestari Sentosa 2,376,200 122,976 0.01 Bank Pembangunan Daerah Jawa Salim Ivomas Pratama 3,063,600 137,871 0.01 Barat Dan Banten 1,540,800 94,765 0.01 Sampoerna Agro 578,800 74,453 0.01 Bank Pembangunan Daerah Jawa Timur 2,196,800 78,431 0.01 Samudera Indonesia 10,900 6,234 - Bank Rakyat Indonesia Persero 7,711,500 5,986,426 0.52 Semen Baturaja Persero 1,268,600 29,116 - Bank Tabungan Negara Persero 2,783,600 248,452 0.02 Sentul City 15,924,700 114,665 0.01 Bank Tabungan Pensiunan Nasional 76,500 19,652 - Sigmagold Inti Perkasa 927,200 31,225 - Bekasi Fajar Industrial Estate 1,774,700 53,244 0.01 Sinar Mas Multiartha 500,000 183,761 0.02 Benakat Integra 16,996,700 101,987 0.01 Sri Rejeki Isman 4,873,500 110,757 0.01 Borneo Lumbung Energi & Metal 2,799,500 10,499 - Sugih Energy 4,816,100 141,602 0.01 Bumi Resources Minerals 3,750,200 25,597 - Surya Semesta Internusa 2,608,500 188,802 0.02 Bumi Serpong Damai 2,125,900 266,286 0.02 Tambang Batubara Bukit Asam Persero 89,500 56,389 0.01 Central Omega Resources 110,000 3,275 - Telekomunikasi Indonesia Persero 13,642,358 2,998,096 0.26 Ciputra Development 1,090,600 103,477 0.01 Telekomunikasi Indonesia Persero - ADR 35,102 1,523,076 0.13 Ciputra Property 2,041,500 87,280 0.01 Tempo Scan Pacific 54,000 8,101 - Ciputra Surya 583,000 116,972 0.01 Tiga Pilar Sejahtera Food 963,100 135,083 0.01 Delta Dunia Makmur 1,622,200 9,734 - Timah Persero 2,318,523 123,469 0.01 Elnusa 2,431,400 88,265 0.01 Tiphone Mobile Indonesia 638,900 46,483 -

MGI Funds plc 38 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Korea (2014: 11.03%) (continued) (2014: 95.60%) (continued) Doosan Engine 17,380 87,566 0.01 Transferable securities (2014: 95.60%) (continued) Doosan Engineering & Construction 3,570 26,660 - Equities (2014: 95.60%) (continued) Doosan Heavy Industries & Construction 22,620 486,691 0.04 Indonesia (2014: 3.57%) (continued) Doosan Infracore 24,789 217,789 0.02 Tunas Baru Lampung 1,270,100 49,537 - DY 4,213 23,833 - Tunas Ridean 701,000 35,490 - DY Power 4,044 37,523 - Unilever Indonesia 623,025 1,845,827 0.16 E-Mart 1,169 242,090 0.02 United Tractors 1,018,000 1,555,728 0.14 Easy Bio 6,388 43,238 - Vale Indonesia 1,144,600 232,654 0.02 Eugene 5,197 31,868 - Visi Media Asia 1,371,700 46,401 - Eugene Investment & Securities 34,792 109,324 0.01 Wintermar Offshore Marine 644,803 15,863 - Global & Yuasa Battery 1,169 40,086 - XL Axiata 278,500 76,975 0.01 GS Engineering & Construction 20,971 503,853 0.04 ––––––––––– ––––––– GS Global 4,960 32,905 - 41,258,246 3.58 GS Holdings 21,488 958,383 0.08 Kazakhstan (2014: 0.21%) Gwangju Shinsegae 134 38,442 - KazMunaiGas Exploration Production - GDR 164,677 1,630,302 0.14 Halla 11,346 49,943 - ––––––––––– ––––––– Halla Holdings 1,303 60,626 0.01 Korea (2014: 11.03%) Hana Financial Group 55,076 1,434,361 0.12 Amorepacific 3,574 1,339,309 0.12 Handok 269 9,297 - Amorepacific Group 14,980 2,511,327 0.22 Handsome 2,654 84,941 0.01 Asia Cement 1,007 115,555 0.01 Hanil Cement 704 107,293 0.01 ASIA Holdings 629 83,175 0.01 Hanjin Heavy Industries & Construction 41,131 179,945 0.02 Asia Paper Manufacturing 2,913 67,899 0.01 Hanjin Heavy Industries AtlasBX 1,394 46,177 - & Construction Holdings 10,880 81,055 0.01 BNK Financial Group 39,271 499,931 0.04 Hanjin Transportation 2,012 87,302 0.01 Capro 18,272 49,143 - Hankook Tire 3,501 131,823 0.01 Celltrion 12,677 886,464 0.08 Hankuk Paper Manufacturing 511 15,942 - Cheil Industries 1,970 313,483 0.03 Hansol Holdings 13,946 111,148 0.01 Chinyang Holdings 2,828 10,724 - Hansol Paper 8,513 159,125 0.01 Chosun Refractories 537 53,678 - Hanwha 90,032 3,809,683 0.33 CJ 3,432 910,728 0.08 Hanwha Chemical 46,395 777,791 0.07 CJ E&M 1,071 75,180 0.01 Hanwha General Insurance 11,932 65,787 0.01 Coway 4,979 407,979 0.04 Hanwha Investment & Securities 34,051 168,813 0.01 Dae Dong Industrial 3,151 34,605 - Hanwha Life Insurance 59,696 424,393 0.04 Dae Han Flour Mills 718 144,829 0.01 Heungkuk Fire & Marine Insurance 8,688 33,024 - Dae Won Kang Up 1,320 5,580 - Hite Jinro 3,060 62,135 0.01 Daeduck Electronics 7,475 49,657 - Hitejinro Holdings 5,007 64,189 0.01 Daeduck GDS 11,770 102,774 0.01 HMC Investment Securities 9,119 91,971 0.01 Daegu Department Store 5,933 82,709 0.01 HS R&A 552 16,924 - Daehan Steel 2,350 17,781 - Humax 1,697 26,700 - Daekyo 6,152 41,254 - Husteel 128 2,547 - Daelim Industrial 11,727 862,086 0.08 Hwa Shin 9,802 51,846 - Daewoo Engineering & Construction 10,666 59,094 0.01 HwaSung Industrial 2,679 63,405 0.01 Daewoo International 885 20,470 - Hyosung 6,609 853,195 0.07 Daewoo Securities 21,451 293,270 0.03 Hyundai 2,067 66,525 0.01 Daewoo Shipbuilding & Marine Engineering 37,765 450,289 0.04 Hyundai BNG Steel 2,816 29,537 - Daewoong 420 37,615 - Hyundai Department Store 3,583 472,187 0.04 Daishin Securities 23,910 249,721 0.02 Hyundai Development Co-Engineering Daou Technology 4,689 116,442 0.01 & Construction 9,482 562,740 0.05 DGB Financial Group 72,312 758,483 0.07 Hyundai Engineering & Construction 3,900 143,525 0.01 Dong Ah Tire & Rubber 4,015 82,247 0.01 Hyundai Greenfood 2,720 51,452 - Dong-A Socio Holdings 270 49,258 - Hyundai Heavy Industries 7,661 762,357 0.07 Dong-Il 125 9,346 - Hyundai Home Shopping Network 23 2,526 - Dongbu Insurance 21,076 1,067,546 0.09 Hyundai Hy Communications & Networks 4,078 16,050 - Dongbu Securities 15,792 77,866 0.01 Hyundai Marine & Fire Insurance 6,410 169,524 0.01 Dongkuk Industries 23,038 76,212 0.01 Hyundai Mipo Dockyard 2,722 158,130 0.01 Dongkuk Steel Mill 30,536 143,995 0.01 Hyundai Mobis 49,330 9,375,552 0.81 Dongkuk Structures & Construction 6,310 18,781 - Hyundai Motor 24,115 2,940,195 0.26 Dongwha Pharm 3,788 30,801 - Hyundai Motor - Pref 19,703 1,854,691 0.16 Doosan 1,293 126,350 0.01 Hyundai Securities 32,510 264,347 0.02

MGI Funds plc 39 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Korea (2014: 11.03%) (continued) (2014: 95.60%) (continued) Lotte Shopping 2,165 455,146 0.04 Transferable securities (2014: 95.60%) (continued) LS 7,803 303,949 0.03 Equities (2014: 95.60%) (continued) Lumens 4,843 20,167 - Korea (2014: 11.03%) (continued) Mando 1,207 134,718 0.01 Hyundai Steel 13,731 833,376 0.07 MegaStudy 465 16,112 - Hyundai Wia 720 66,484 0.01 MegaStudyEdu 269 16,881 - Il Dong Pharmaceutical 1,480 44,050 - Meritz Financial Group 4,415 62,735 0.01 Iljin Electric 6,243 34,812 - Meritz Fire & Marine Insurance 8,450 123,101 0.01 Iljin Holdings 4,390 26,684 - Mirae Asset Securities 40,951 1,853,983 0.16 Ilshin Spinning 742 139,360 0.01 Moorim P&P 19,260 90,132 0.01 Industrial Bank of Korea 43,400 562,222 0.05 Motonic 1,054 10,111 - Interpark Holdings 6,054 50,692 - Namhae Chemical 5,596 59,198 0.01 INTOPS 544 8,608 - Namyang Dairy Products 304 190,230 0.02 ISU Chemical 1,852 18,845 - NCSoft 12,770 2,272,486 0.20 Jahwa Electronics 3,120 31,887 - Nexen 781 61,265 0.01 JB Financial Group 32,917 195,652 0.02 NH Investment & Securities 20,497 224,182 0.02 Kangwon Land 46,513 1,542,858 0.13 NHN Entertainment 3,474 185,621 0.02 KB Capital 2,314 46,987 - Nong Shim Holdings 879 102,443 0.01 KB Financial Group 47,715 1,578,451 0.14 NongShim 626 163,031 0.01 KB Financial Group - ADR 18,251 599,910 0.05 OCI 1,936 156,206 0.01 KC Tech 2,297 24,505 - Orion 1,023 961,140 0.08 KCC 244 107,404 0.01 Poongsan 12,750 297,189 0.03 KCC Engineering & Construction 4,483 34,483 - Poongsan Holdings 2,126 83,195 0.01 KG Chemical 2,639 49,328 - POSCO 5,603 1,125,171 0.10 Kia Motors 16,413 666,555 0.06 POSCO - ADR 22,076 1,083,711 0.09 KISCO 1,382 62,196 0.01 Pyeong Hwa Automotive 2,872 36,433 - KISWIRE 3,228 163,795 0.01 S&T Dynamics 14,447 165,782 0.01 Kolon 1,446 96,577 0.01 S&T Holdings 3,491 87,475 0.01 Kolon Industries 3,250 188,220 0.02 S&T Motiv 1,159 69,096 0.01 Korea Circuit 2,023 17,955 - Sam Young Electronics 7,511 97,637 0.01 Korea Electric Terminal 811 67,180 0.01 SAMHWA Paints Industrial 840 12,162 - Korea Investment Holdings 4,253 242,876 0.02 Samsung C&T 19,403 1,151,534 0.10 Korea Line 555 11,021 - Samsung Card 25,052 830,987 0.07 Korea Petro Chemical 552 95,509 0.01 Samsung Electro-Mechanics 4,120 188,742 0.02 Korean Air Lines 66,660 2,420,306 0.21 Samsung Electronics 8,178 9,296,431 0.81 Korean Reinsurance 59,660 657,867 0.06 Samsung Electronics - GDR 24,046 13,718,243 1.19 KPX Chemical 652 33,902 - Samsung Fine Chemicals 4,291 133,294 0.01 KSS LINE 1,410 23,638 - Samsung Fire & Marine Insurance 5,506 1,451,221 0.13 KT&G 8,261 702,827 0.06 Samsung Heavy Industries 56,874 869,337 0.08 KTB Investment & Securities 10,167 31,036 - Samsung Life Insurance 2,725 262,618 0.02 Kukdo Chemical 216 13,381 - Samsung SDI 6,805 677,175 0.06 Kumho Tire 10,990 71,628 0.01 Samsung Securities 6,106 298,882 0.03 Kunsul Chemical Industrial 1,080 52,284 - Samsung Techwin 12,235 321,382 0.03 Kwangju Bank 10,105 69,302 0.01 Samyang Genex 296 55,196 0.01 Kyobo Securities 4,169 43,168 - Samyang Holdings 2,022 422,364 0.04 Kyungbang 94 20,899 - Samyang Tongsang 77 7,731 - LF 3,879 105,369 0.01 SAVEZONE I&C 10,690 59,802 0.01 LG 5,418 300,177 0.03 Seah Besteel 2,437 95,147 0.01 LG Chem 7,717 1,926,742 0.17 SeAH Steel 1,573 97,303 0.01 LG Display 12,079 279,925 0.02 Sebang 5,554 99,085 0.01 LG Display - ADR 119,785 1,388,308 0.12 Sejong Industrial 6,078 56,669 0.01 LG Electronics 11,557 489,032 0.04 Seoyeon 4,495 44,327 - LG Household & Health Care 1,143 793,117 0.07 Sewon Precision Industry 2,532 56,975 0.01 LG International 4,345 151,527 0.01 SG 21,127 13,334 - LG Uplus 19,743 174,518 0.02 Shin Poong Pharmaceutical 7,545 37,338 - LIG Insurance 21,557 557,550 0.05 Shinhan Financial Group 58,923 2,194,855 0.19 Lock & Lock 5,228 69,132 0.01 Shinhan Financial Group - ADR 16,580 614,455 0.05 Lotte Chemical 7,597 1,968,294 0.17 Shinsegae 1,763 423,582 0.04 Lotte Chilsung Beverage 58 138,208 0.01 Shinyoung Securities 2,243 113,814 0.01 Lotte Confectionery 62 108,053 0.01 Silla 1,680 30,348 -

MGI Funds plc 40 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Malaysia (2014: 4.46%) (continued) (2014: 95.60%) (continued) Berjaya 1,706,700 185,462 0.02 Transferable securities (2014: 95.60%) (continued) BIMB Holdings 43,300 46,364 - Equities (2014: 95.60%) (continued) Boustead Holdings 121,600 133,750 0.01 Korea (2014: 11.03%) (continued) Boustead Plantations 35,000 12,987 - SIMPAC 2,239 15,075 - British American Tobacco Malaysia 40,697 668,755 0.06 Sindoh 1,164 66,994 0.01 Bumi Armada Bhd 651,800 196,939 0.02 SK Broadband 32,686 117,651 0.01 Can-One 6,100 4,058 - SK Chemicals 2,971 198,164 0.02 CB Industrial Product Holding 38,800 20,567 - SK Gas 2,525 207,351 0.02 CIMB Group Holdings 857,546 1,243,249 0.11 SK Holdings 6,587 1,169,238 0.10 Coastal Contracts 101,900 74,001 0.01 SK Hynix 96,339 3,653,359 0.32 Crescendo 42,200 26,060 - SK Innovation 11,637 1,272,772 0.11 Daiman Development 80,900 52,747 0.01 SK Networks 192,271 1,547,890 0.13 DiGi.Com 870,100 1,236,082 0.11 SK Securities 69,530 88,202 0.01 DRB-Hicom 545,300 229,798 0.02 SK Telecom 8,338 1,868,753 0.16 Eastern & Oriental 143,460 64,639 0.01 SKC 4,927 162,547 0.01 Evergreen Fibreboard Bhd 60,400 21,611 - SL 3,191 51,207 - Felda Global Ventures Holdings Bhd 494,300 213,546 0.02 Songwon Industrial 1,620 16,484 - Gamuda 96,500 119,442 0.01 STX Engine 1,072 8,640 - Genting 361,000 771,179 0.07 Sung Kwang Bend 4,932 52,395 - Genting Malaysia 3,574,900 3,979,481 0.35 Sungshin Cement 4,468 66,893 0.01 Genting Plantations 21,300 55,946 0.01 Sungwoo Hitech 18,232 155,768 0.01 Glomac 274,500 58,203 0.01 Goldis 19,308 11,412 - Taekwang Industrial 214 260,342 0.02 GuocoLand Malaysia 187,900 63,248 0.01 Taewoong 5,928 87,423 0.01 Hap Seng Plantations Holdings 135,100 89,518 0.01 Taeyoung Engineering & Construction 19,350 101,481 0.01 Hiap Teck Venture 147,800 15,278 - Tailim Packaging Industrial 8,685 28,186 - Hock Seng LEE 50,600 24,811 - TK 5,790 52,945 - Hong Leong Bank 29,300 104,060 0.01 TK Chemical 11,649 22,819 - Hong Leong Financial Group 16,800 67,503 0.01 Tongyang Life Insurance 21,980 300,502 0.03 Hong Leong Industries 27,400 32,171 - TS 2,160 54,995 0.01 Hua Yang 87,900 44,730 - Unid 651 39,511 - Hwang Capital Malaysia 87,500 46,382 - Woojeon & Handan 2,244 3,420 - IJM 149,250 257,914 0.02 Wooree ETI 6,934 14,173 - IJM Plantations 35,300 33,681 - Woori Bank 72,214 634,450 0.06 Insas 209,900 45,618 - Y G-1 3,545 45,606 - IOI 727,200 782,516 0.07 YESCO 1,150 38,146 - IOI Properties Group 419,500 205,692 0.02 Youlchon Chemical 3,620 40,080 - Iris 712,400 45,316 - Young Poong 58 75,604 0.01 Jaya Tiasa Holdings 272,000 108,858 0.01 ––––––––––– ––––––– JCY International 349,700 65,343 0.01 118,015,203 10.22 K&N Kenanga Holdings 115,600 21,141 - Luxembourg (2014: 0.02%) Keck Seng Malaysia 106,500 148,756 0.01 Kernel Holding 21,779 218,722 0.02 Kian JOO CAN Factory 123,900 103,442 0.01 Pegas Nonwovens 1,821 61,480 0.01 Kimlun 15,900 5,478 - ––––––––––– ––––––– KNM Group 924,780 151,965 0.01 280,202 0.03 Kretam Holdings 310,000 33,687 - Macau (2014: 0.61%) KSL Holdings 239,801 109,954 0.01 Sands China 1,775,992 5,956,207 0.52 Kulim Malaysia 216,200 143,255 0.01 ––––––––––– ––––––– Kumpulan Perangsang Selangor 165,900 61,998 0.01 Malaysia (2014: 4.46%) Land & General 126,700 14,440 - Affin Holdings 275,910 197,444 0.02 Landmarks 154,700 47,152 - AirAsia 1,212,200 494,776 0.04 LBS Bina Group 122,500 51,948 0.01 Alam Maritim Resources 245,600 34,825 - Lion Industries 263,500 24,443 - Alliance Financial Group 123,600 143,812 0.01 Magnum 156,900 110,200 0.01 Allianz Malaysia 17,800 55,575 0.01 Mah Sing Group 168,850 73,841 0.01 Amcorp Properties 78,900 18,089 - Malayan Banking 3,349,401 8,113,842 0.70 AMMB Holdings 2,700,700 4,316,253 0.37 Malayan Flour Mills 169,800 61,205 0.01 Ann Joo Resources 30,900 7,780 - Malaysia Airports Holdings 134,156 220,808 0.02 APM Automotive Holdings 31,400 39,781 - Malaysia Building Society 315,658 141,389 0.01 Batu Kawan 14,600 70,504 0.01 Malaysia Marine and Benalec Holdings 319,800 48,737 - Heavy Engineering Holdings 155,000 49,708 -

MGI Funds plc 41 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Malaysia (2014: 4.46%) (continued) (2014: 95.60%) (continued) TH Plantations 186,380 77,061 0.01 Transferable securities (2014: 95.60%) (continued) TIME dotCom 88,800 159,101 0.01 Equities (2014: 95.60%) (continued) Tropicana 294,073 78,721 0.01 Malaysia (2014: 4.46%) (continued) UEM Sunrise 610,000 157,633 0.01 Malaysian Bulk Carriers 247,700 66,964 0.01 UMW Holdings 99,400 267,139 0.02 Malaysian Pacific Industries 10,700 18,887 - UMW Oil & Gas 72,200 32,723 - Malaysian Resources 848,700 265,430 0.02 Unisem M 138,300 85,407 0.01 Matrix Concepts Holdings 24,800 20,376 - UOA Development 291,000 161,967 0.01 MBM Resources 110,100 101,550 0.01 VS Industry 12,500 15,306 - Media Prima 415,300 160,704 0.01 Wah Seong 253,623 92,764 0.01 Mega First 35,100 21,025 - WCT Holdings 527,458 198,513 0.02 MISC 830,400 1,699,096 0.15 WTK Holdings 128,700 35,816 - Mitrajaya Holdings 81,300 37,709 - YNH Property 179,873 90,580 0.01 MKH 111,480 62,935 0.01 YTL 882,000 362,338 0.03 MMC 358,100 238,227 0.02 YTL Land & Development 78,400 15,377 - MNRB Holdings 47,900 48,751 - ––––––––––– ––––––– MPHB Capital 77,700 35,009 - 46,506,125 4.03 Muda Holdings 62,900 20,339 - Malta (2014: 0.07%) Mudajaya Group 132,500 48,112 - Brait 91,921 933,769 0.08 Muhibbah Engineering 75,700 45,544 - ––––––––––– ––––––– Mulpha International 753,100 71,857 0.01 Mexico (2014: 7.28%) Naim Holdings 73,700 43,950 - Alfa 151,008 289,877 0.03 NCB Holdings 20,000 18,659 - Alpek 155,882 228,002 0.02 Oriental Holdings 45,500 85,139 0.01 America Movil - ADR 178,952 3,813,467 0.33 OSK Holdings 327,800 184,187 0.02 Arca Continental 368,517 2,096,397 0.18 Paramount 21,400 11,400 - Axtel 545,630 169,350 0.01 Parkson Holdings 331,700 136,267 0.01 Banregio Grupo Financiero 31,954 186,340 0.02 Perdana Petroleum 132,000 53,178 0.01 Bio Pappel 47,516 62,080 0.01 Perisai Petroleum Teknologi 555,800 66,289 0.01 Bolsa Mexicana de Valores 92,191 159,815 0.01 Petronas Chemicals Group 514,400 861,651 0.08 Cemex 1,159,367 1,065,480 0.09 PJ Development Holdings 206,600 81,589 0.01 Cemex - ADR 242,526 2,221,538 0.19 PPB Group 91,900 368,282 0.03 Cia Minera Autlan 71,387 55,961 0.01 Press Metal 21,500 14,816 - Coca-Cola Femsa 20,126 160,206 0.01 Public Bank 272,595 1,352,499 0.12 Consorcio ARA 610,314 234,547 0.02 RHB Capital 98,023 191,474 0.02 Controladora Comercial Mexicana 210,730 661,442 0.06 Rimbunan Sawit 356,000 48,121 - Corp Actinver 40,059 40,032 - Salcon 182,400 37,466 - Corp GEO 192,500 1,444 - Sarawak Oil Palms 17,600 21,738 - Credito Real 29,038 65,051 0.01 Scientex 6,700 12,235 - Cydsa 4,200 7,227 - Scomi Energy Services 55,400 5,286 - El Puerto de Liverpool 23,020 266,296 0.02 Scomi Group 31,300 1,742 - Empresas ICA 380,094 295,293 0.03 Selangor Dredging 31,600 8,040 - Empresas ICA - ADR 16,826 52,665 - Selangor Properties 92,300 125,986 0.01 Fibra Uno Administracion REIT 3,707,500 8,832,416 0.77 SHL Consolidated 12,800 11,195 - Fomento Economico Mexicano 109,300 975,509 0.08 Sime Darby 137,788 311,146 0.03 Fomento Economico Mexicano - ADR 64,067 5,707,729 0.49 SP Setia Group 202,704 166,547 0.02 Genomma Lab Internacional 557,400 555,601 0.05 Star Publications Malaysia 52,200 34,173 - Gentera 1,217,600 2,168,930 0.19 Sumatec Resources 1,028,600 51,798 0.01 Gruma 252,101 3,257,576 0.28 Sunway 267,366 243,769 0.02 Gruma - ADR 925 47,647 - Sunway Construction Group 26,736 8,503 - Grupo Aeromexico 197,869 316,401 0.03 Supermax 161,400 88,550 0.01 Grupo Aeroportuario del Centro Norte 16,607 81,751 0.01 Suria Capital Holdings 55,700 34,397 - Grupo Aeroportuario del Pacifico 46,890 321,552 0.03 Ta Ann Holdings 122,900 124,105 0.01 Grupo Aeroportuario del Pacifico - ADR 39,343 2,694,602 0.23 TA Enterprise 734,100 132,305 0.01 Grupo Aeroportuario del Sureste 37,503 533,720 0.05 TA Global 891,900 74,463 0.01 Grupo Carso 32,807 136,952 0.01 Taliworks 17,300 13,435 - Grupo Cementos de Chihuahua 30,900 88,620 0.01 Tan Chong Motor Holdings 37,200 29,086 - Grupo Comercial Chedraui 232,935 663,147 0.06 TDM 440,400 79,956 0.01 Grupo Elektra 25,864 568,721 0.05 Tenaga Nasional 2,984,600 9,998,766 0.87 Grupo Famsa 135,228 87,735 0.01 TH Heavy Engineering 100,000 5,831 - Grupo Financiero Banorte 470,438 2,591,050 0.22

MGI Funds plc 42 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Philippines (2014: 1.13%) (continued) (2014: 95.60%) (continued) BDO Unibank 220,680 530,533 0.05 Transferable securities (2014: 95.60%) (continued) Belle 1,894,600 138,660 0.01 Equities (2014: 95.60%) (continued) Cebu Air 92,460 174,298 0.02 Mexico (2014: 7.28%) (continued) Century Properties Group 2,865,722 52,116 - Grupo Financiero Inbursa 135,116 306,991 0.03 China Banking 129,663 130,267 0.01 Grupo Financiero Interacciones 30,557 186,470 0.02 Cosco Capital 1,552,600 268,580 0.02 Grupo Financiero Santander Mexico 327,033 604,851 0.05 East West Banking 287,392 123,906 0.01 Grupo Financiero Santander Mexico - ADR 402,200 3,680,130 0.32 EEI 246,500 53,684 - Grupo Gigante 62,900 164,359 0.01 Filinvest Land 7,023,000 289,705 0.03 Grupo Herdez 53,846 137,372 0.01 First Philippine Holdings 174,212 313,922 0.03 Grupo Industrial Maseca 6,900 9,226 - GT Capital Holdings 2,825 85,583 0.01 Grupo Industrial Saltillo 84,578 169,580 0.02 Integrated Micro-Electronics 99,700 12,869 - Grupo KUO 68,150 107,715 0.01 JG Summit Holdings 136,950 217,771 0.02 Grupo Mexico 204,315 615,784 0.05 Lopez Holdings 1,482,400 233,423 0.02 Grupo Sanborns 186,543 281,408 0.02 LT Group 1,019,800 314,828 0.03 Grupo Simec 70,341 206,666 0.02 Megawide Construction 81,026 10,710 - Grupo Televisa - ADR 89,838 3,487,511 0.30 Megaworld 5,167,400 545,505 0.05 Industrias Bachoco 94,853 426,186 0.04 Melco Crown Philippines Resorts 258,600 29,364 - Industrias Bachoco - ADR 359 19,425 - Metropolitan Bank & Trust 71,910 149,912 0.01 Industrias CH 103,700 392,576 0.03 Pepsi-Cola Products Philippines 564,900 61,263 0.01 Industrias Penoles 91,876 1,505,732 0.13 Petron 1,094,800 214,881 0.02 Kimberly-Clark de Mexico 1,218,900 2,640,452 0.23 Philippine Long Distance Telephone - ADR 109,200 6,803,160 0.59 Maxcom Telecomunicaciones 132,078 14,647 - Philippine National Bank 248,858 380,269 0.03 Megacable Holdings 144,648 606,501 0.05 Phoenix Petroleum Philippines 118,400 9,138 - Mexichem 384,739 1,113,220 0.10 Puregold Price Club 100,000 82,058 0.01 OHL Mexico 1,082,115 1,406,898 0.12 RFM 111,000 10,216 - Organizacion Cultiba 80,127 100,091 0.01 Rizal Commercial Banking 238,550 212,150 0.02 Organizacion Soriana 291,244 651,699 0.06 Robinsons Land 892,400 579,892 0.05 Qualitas Controladora 10,190 16,892 - Robinsons Retail Holdings 3,640 6,010 - Rassini 12,200 49,995 - San Miguel 147,300 194,375 0.02 TV Azteca 978,576 235,747 0.02 San Miguel Pure Foods 24,420 93,369 0.01 Vitro 41,050 123,694 0.01 Security Bank 144,448 517,373 0.04 Wal-Mart de Mexico 2,247,424 5,498,727 0.48 SM Investments 9,850 195,515 0.02 ––––––––––– ––––––– STI Education Systems Holdings 654,000 9,428 - 66,522,714 5.76 Top Frontier Investment Holdings 13,009 23,499 - Netherlands (2014: 0.20%) Trans Asia Oil & Energy Development 754,000 35,953 Global City Holdings 1,790 21,413 - Travellers International Hotel Group 297,500 34,243 - VimpelCom - ADR 1,206 5,994 - Union Bank of the Philippines 177,309 235,940 0.02 Yandex 31,348 477,117 0.04 Vista Land & Lifescapes 2,864,200 403,364 0.03 ––––––––––– ––––––– ––––––––––– ––––––– 504,524 0.04 14,244,292 1.23 Pakistan (2014: Nil) Poland (2014: 1.15%) Habib Bank 508,999 1,072,761 0.09 Agora 11,679 37,109 - ––––––––––– ––––––– Asseco Poland 52,836 813,564 0.07 Panama (2014: 0.00) Bank Millennium 59,373 103,404 0.01 Avianca Holdings - Pref 33,074 42,621 - Bioton 4,876 8,129 - ––––––––––– ––––––– Ciech 12,624 194,685 0.02 Peru (2014: 0.62%) Echo Investment 68,692 122,739 0.01 Cia de Minas Buenaventura - ADR 21,800 226,284 0.02 Emperia Holding 2,309 41,135 - Credicorp 38,892 5,402,877 0.47 Enea 86,000 364,727 0.03 ––––––––––– ––––––– Energa 189,140 1,143,621 0.10 5,629,161 0.49 Farmacol 1,688 23,344 - Philippines (2014: 1.13%) Getin Holding 103,399 45,639 - ACR Mining 2,625 1,042 - Getin Noble Bank 191,564 69,782 0.01 Alliance Global Group 136,800 65,836 0.01 Grupa Azoty 9,314 204,587 0.02 Alsons Consolidated Resources 525,000 22,122 - Grupa Kety 1,740 139,259 0.01 Asia United Bank 19,580 31,700 - Grupa Lotos 53,029 423,002 0.04 Atlas Consolidated Mining & Development 552,500 80,627 0.01 Impexmetal 68,453 53,694 0.01 Ayala 9,850 172,577 0.01 ING Bank Slaski 1,982 66,929 0.01 Bank of the Philippine Islands 44,210 92,656 0.01 Jastrzebska Spolka Weglowa 10,108 31,902 -

MGI Funds plc 43 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss South Africa (2014: 5.33%) (continued) (2014: 95.60%) (continued) ArcelorMittal South Africa 140,496 140,638 0.01 Transferable securities (2014: 95.60%) (continued) Ascendis Health 7,912 9,452 - Equities (2014: 95.60%) (continued) Astral Foods 9,880 131,052 0.01 Poland (2014: 1.15%) (continued) Aveng 279,892 132,593 0.01 KGHM Polska Miedz 31,619 895,797 0.08 Barclays Africa Group 55,967 843,718 0.07 Kopex 11,010 21,576 - Barloworld 162,450 1,291,543 0.11 LC 133,466 66,007 0.01 Bidvest Group 123,142 3,126,297 0.27 Lubelski Wegiel Bogdanka 7,344 101,249 0.01 Blue Label Telecoms 288,558 192,328 0.02 mBank 647 70,990 0.01 Business Connexion Group 150,583 79,275 0.01 MCI Management 20,838 66,655 0.01 Capitec Bank Holdings 25,914 1,035,386 0.09 Midas 59,504 9,493 - Cashbuild 4,117 102,096 0.01 Netia 179,247 262,610 0.02 Caxton and CTP Publishers and Printers 45,466 69,860 0.01 Orbis 11,363 161,642 0.01 Clover Industries 115,788 167,895 0.01 Pelion 1,427 26,750 - Consolidated Infrastructure Group 33,802 88,475 0.01 PGE Polska Grupa Energetyczna 786,158 3,854,597 0.33 DataTec 127,465 677,349 0.06 Polski Koncern Naftowy Orlen 76,600 1,503,730 0.13 Discovery 21,943 228,636 0.02 Polskie Gornictwo Naftowe i Gazownictwo 433,026 759,917 0.07 Distell Group 945 13,000 - Powszechna Kasa Oszczednosci Bank Polski45,734 378,431 0.03 DRDGOLD 105,812 20,399 - Powszechny Zaklad Ubezpieczen 4,945 568,868 0.05 Eqstra Holdings 84,647 18,481 - Tauron Polska Energia 488,907 569,388 0.05 Exxaro Resources 57,783 413,792 0.04 Trakcja 9,009 20,601 - FirstRand 548,884 2,411,196 0.21 ––––––––––– ––––––– Foschini Group 248,036 3,249,179 0.28 13,225,552 1.15 Gold Fields 100,580 322,844 0.03 Qatar (2014: Nil) Gold Fields - ADR 215,832 697,137 0.06 Qatar Electricity & Water 91,916 5,755,399 0.50 Grand Parade Investments 229,432 110,579 0.01 Qatar National Bank 66,294 3,512,012 0.30 Grindrod 286,052 316,978 0.03 ––––––––––– ––––––– Group Five 84,645 198,332 0.02 9,267,411 0.80 Growthpoint Properties REIT 299,870 653,709 0.06 Romania (2014: 0.16%) Harmony Gold Mining 79,741 102,421 0.01 Societatea Nationala de Gaze Naturale Harmony Gold Mining - ADR 157,040 210,434 0.02 ROMGAZ - GDR 176,013 1,533,073 0.13 Holdsport 1,252 5,415 - ––––––––––– ––––––– Hudaco Industries 7,416 79,428 0.01 Russia (2014: 3.44%) Hulamin 117,076 58,645 0.01 Gazprom - ADR - UK listing 825,121 4,249,373 0.37 Hyprop Investments 32,118 320,181 0.03 Gazprom - ADR - US listing 1,033,910 5,448,706 0.47 Illovo Sugar 100,951 122,677 0.01 Lukoil - ADR 53,617 2,359,416 0.20 Impala Platinum Holdings 151,885 679,480 0.06 Mechel - ADR 9,561 11,760 - Imperial Holdings 20,648 315,561 0.03 Mobile Telesystems - ADR 219,459 2,146,309 0.19 Investec 186,110 1,679,747 0.15 NOVATEK - GDR 8,752 890,954 0.08 Invicta Holdings 7,406 42,711 - Rosneft - GDR 238,638 983,189 0.09 JD Group 63,024 175,815 0.01 RusHydro - ADR 161,606 160,313 0.01 KAP Industrial Holdings 230,514 116,418 0.01 Severstal - GDR 27,977 295,997 0.03 Lewis Group 68,095 553,108 0.05 Sistema - GDR - non-voting - UK listing 158,763 1,405,053 0.12 Liberty Holdings 12,027 143,845 0.01 Sistema - GDR - non-voting - US listing 16,780 148,503 0.01 Mediclinic International 25,279 213,141 0.02 Surgutneftegas - ADR 202,695 1,194,887 0.10 Merafe Resources 765,505 51,085 - Tatneft - ADR 11,217 358,720 0.03 Metair Investments 59,233 177,878 0.02 ––––––––––– ––––––– MMI Holdings 461,992 1,147,582 0.10 19,653,180 1.70 Mondi 19,033 418,600 0.04 Singapore (2014: 0.18%) Mpact 80,178 284,638 0.02 DBS Group Holdings 138,574 2,129,295 0.19 Mr Price Group 4,304 88,826 0.01 ––––––––––– ––––––– MTN Group 314,929 5,935,203 0.51 South Africa (2014: 5.33%) Murray & Roberts Holdings 273,441 289,487 0.02 Adcock Ingram Holdings 15,341 63,764 0.01 Nampak 45,165 125,734 0.01 Adcorp Holdings 82,069 219,748 0.02 Naspers 55,912 8,729,232 0.76 Aeci 35,635 334,691 0.03 Nedbank Group 26,378 525,485 0.05 African Bank Investments 619,730 15,828 - Netcare 471,024 1,485,514 0.13 African Oxygen 28,080 31,648 - Northam Platinum 230,203 763,566 0.07 African Rainbow Minerals 58,410 398,118 0.03 Omnia Holdings 23,424 348,376 0.03 Anglo American Platinum 9,156 206,855 0.02 Peregrine Holdings 45,294 115,234 0.01 AngloGold Ashanti - ADR 161,020 1,441,129 0.12 Pick n Pay Stores 87,984 416,805 0.04

MGI Funds plc 44 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Taiwan (2014: 9.92%) (continued) (2014: 95.60%) (continued) Audix 47,400 58,992 0.01 Transferable securities (2014: 95.60%) (continued) AVY Precision Technology 19,000 36,147 - Equities (2014: 95.60%) (continued) Bank of Kaohsiung 226,881 68,459 0.01 South Africa (2014: 5.33%) (continued) BES Engineering 795,000 212,570 0.02 Pinnacle Holdings 26,550 24,389 - Capital Securities 920,000 297,876 0.03 Pioneer Foods 5,642 85,994 0.01 Cathay Financial Holding 331,497 579,095 0.05 PSG Group 18,638 314,709 0.03 Cathay Real Estate Development 259,000 143,122 0.01 Quantum Foods Holdings 8,401 2,388 - Central Reinsurance 79,000 40,838 - Rand Merchant Insurance Holdings 110,984 388,333 0.03 Champion Building Materials 86,000 21,295 - Raubex Group 81,250 135,553 0.01 Chang Hwa Commercial Bank 824,890 473,207 0.04 RCL Foods 90,031 127,951 0.01 Charoen Pokphand Enterprise 83,000 69,941 0.01 Redefine Properties REIT 696,119 585,560 0.05 Cheng Loong 463,000 183,822 0.02 Remgro 166,073 3,501,862 0.30 Cheng Uei Precision Industry 232,000 400,771 0.03 Reunert 52,269 285,509 0.02 Chia Hsin Cement 299,000 116,772 0.01 RMB Holdings 275,661 1,509,149 0.13 Chien Kuo Construction 66,000 23,209 - Royal Bafokeng Platinum 48,860 187,144 0.02 Chin-Poon Industrial 64,000 97,490 0.01 Sanlam 92,464 505,371 0.04 China Airlines 3,672,000 1,564,984 0.14 Sappi 127,574 453,529 0.04 China Bills Finance 515,000 196,122 0.02 Sasol 81,884 3,035,802 0.26 China Chemical & Pharmaceutical 164,000 102,585 0.01 Sasol - ADR 42,956 1,591,949 0.14 China Development Financial Holding 2,681,800 1,016,936 0.09 Shoprite Holdings 59,558 851,337 0.07 China General Plastics 150,216 53,310 - Sibanye Gold 202,977 326,429 0.03 China Life Insurance/Taiwan 469,652 481,000 0.04 Sibanye Gold - ADR 15,131 97,595 0.01 China Man-Made Fiber 599,000 184,818 0.02 Standard Bank Group 79,511 1,049,229 0.09 China Metal Products 127,112 113,498 0.01 Stefanutti Stocks Holdings 26,097 14,083 - China Motor 194,000 151,216 0.01 Steinhoff International Holdings 162,680 1,031,883 0.09 China Petrochemical Development 1,223,000 379,332 0.03 Super Group 76,801 199,504 0.02 China Steel 1,219,509 974,279 0.08 Telkom SOC 483,361 2,553,846 0.22 China Steel Structure 28,000 20,918 - Tongaat Hulett 82,048 878,901 0.08 China Synthetic Rubber 206,000 215,985 0.02 Trencor 95,068 501,275 0.04 China Wire & Cable 29,000 10,903 - Truworths International 506,020 3,572,813 0.31 Chinese Maritime Transport 71,000 67,768 0.01 Wilson Bayly Holmes-Ovcon 21,637 176,479 0.01 Chipbond Technology 61,000 131,867 0.01 Woolworths Holdings 203,045 1,649,419 0.14 ChipMOS TECHNOLOGIES 20,526 27,275 - Zeder Investments 350,499 237,656 0.02 Chun Yuan Steel 234,000 79,632 0.01 ––––––––––– ––––––– Chung Hsin Electric & Machinery 71,051,913 6.16 Manufacturing 190,750 110,353 0.01 Spain (2014: Nil) Chung Hung Steel 433,000 71,150 0.01 Banco Santander - ADR 6,622 46,420 - Chung Hwa Pulp 257,000 77,547 0.01 ––––––––––– ––––––– Clevo 96,000 112,165 0.01 Taiwan (2014: 9.92%) CMC Magnetics 1,374,000 162,986 0.01 A-DATA Technology 40,153 54,788 - Compal Electronics 2,296,000 1,748,724 0.15 Ability Enterprise 249,000 133,964 0.01 Compeq Manufacturing 546,000 322,951 0.03 Accton Technology 297,000 141,500 0.01 Concord Securities 321,000 74,802 0.01 Acer 1,088,172 527,254 0.05 Continental Holdings 226,800 73,506 0.01 Achem Technology 91,504 51,158 - Coretronic 316,500 386,720 0.03 Advanced International Multitech 10,000 7,049 - CSBC Taiwan 206,000 99,814 0.01 Advancetek Enterprise 50,000 38,244 - CTBC Financial Holding 3,034,072 2,389,536 0.21 ALI 174,000 90,512 0.01 Cyberlink 8,000 21,157 - Alpha Networks 127,000 78,412 0.01 CyberTAN Technology 58,000 40,979 - Altek 137,500 125,670 0.01 D-Link 339,660 142,009 0.01 Ambassador Hotel 125,000 109,790 0.01 Danen Technology 34,000 9,554 - AmTRAN Technology 448,000 254,096 0.02 Darfon Electronics 144,000 78,173 0.01 Arcadyan Technology 60,219 56,795 0.01 Dynapack International Technology 19,000 40,273 - Ardentec 74,894 63,717 0.01 E Ink Holdings 467,000 214,168 0.02 Arima Communications 88,000 27,323 - E-Ton Solar Tech 30,000 12,591 - Asia Cement 297,908 352,417 0.03 E.Sun Financial Holding 389,468 260,028 0.02 Asia Optical 138,000 153,187 0.01 Eastern Media International 246,701 50,452 - Asia Vital Components 181,000 159,269 0.01 Elitegroup Computer Systems 178,798 181,959 0.02 Asustek Computer 455,000 4,431,363 0.38 EnTie Commercial Bank 89,000 39,662 - AU Optronics 2,796,000 1,236,948 0.11 Epistar 240,231 321,170 0.03

MGI Funds plc 45 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Taiwan (2014: 9.92%) (continued) (2014: 95.60%) (continued) Hitron Technology 52,000 22,415 - Transferable securities (2014: 95.60%) (continued) Ho Tung Chemical 426,825 110,668 0.01 Equities (2014: 95.60%) (continued) Holy Stone Enterprise 121,000 165,885 0.01 Taiwan (2014: 9.92%) (continued) Hon Hai Precision Industry 1,988,848 6,252,516 0.54 Eva Airways 2,463,000 1,680,343 0.15 Horizon Securities 84,000 20,282 - Everest Textile 23,000 13,604 - Hsin Kuang Steel 118,000 65,397 0.01 Evergreen International Storage & Transport 298,000 147,771 0.01 Hsing TA Cement 25,000 9,885 - Evergreen Marine Taiwan 195,000 101,120 0.01 HTC 25,000 58,338 0.01 Everlight Chemical Industrial 33,000 25,669 - HUA ENG Wire & Cable 231,000 67,006 0.01 Everlight Electronics 38,000 72,910 0.01 Hua Nan Financial Holdings 971,805 559,061 0.05 Excelsior Medical 48,000 74,206 0.01 Huaku Development 42,000 91,202 0.01 Far Eastern Department Stores 317,277 197,948 0.02 Huang Hsiang Construction 15,000 19,057 - Far Eastern International Bank 1,081,297 380,239 0.03 Hung Poo Real Estate Development 146,000 114,038 0.01 Far Eastern New Century 343,928 364,499 0.03 Hung Sheng Construction 130,000 78,368 0.01 Far EasTone Telecommunications 80,000 193,424 0.02 Hwa Fong Rubber 27,368 13,128 - Farglory Land Development 167,703 175,288 0.02 I-Sheng Electric Wire & Cable 15,000 20,297 - Federal 248,724 125,755 0.01 Ichia Technologies 70,000 57,285 0.01 Feng Hsin Iron & Steel 87,000 111,942 0.01 Infortrend Technology 139,000 66,224 0.01 Feng TAY Enterprise 45,000 261,064 0.02 Innolux 3,016,522 1,574,033 0.14 First Financial Holding 2,478,163 1,518,005 0.13 Inotera Memories 3,103,000 2,473,992 0.21 First Hotel 56,180 38,055 - Inventec 195,000 134,932 0.01 First Insurance 15,000 7,146 - ITEQ 131,000 88,948 0.01 First Steamship 170,000 70,525 0.01 Jess-Link Products 17,000 22,673 - Formosa Advanced Technologies 87,000 61,187 0.01 Jih Sun Financial Holdings 783,414 214,551 0.02 Formosa Chemicals & Fibre 128,850 309,863 0.03 Kaulin Manufacturing 46,000 28,550 - Formosa Plastics 163,000 383,536 0.03 KEE TAI Properties 183,000 107,649 0.01 Formosa Taffeta 288,000 305,693 0.03 King Yuan Electronics 111,000 96,953 0.01 Formosan Rubber Group 111,000 104,508 0.01 King's Town Bank 236,000 204,988 0.02 Formosan Union Chemical 84,000 36,345 - King's Town Construction 66,000 53,905 - Founding Construction & Development 85,386 55,209 - Kinko Optical 17,000 9,146 - Foxconn Technology 594,282 2,157,208 0.19 Kinpo Electronics 244,000 90,548 0.01 FSP Technology 99,000 59,680 0.01 Kinsus Interconnect Technology 261,000 715,636 0.06 Fubon Financial Holding 3,263,000 6,493,322 0.56 Kung Sing Engineering 83,000 29,052 - Fulltech Fiber Glass 168,000 60,439 0.01 Kuoyang Construction 223,925 100,153 0.01 Fwusow Industry 65,000 31,389 - Kwong Fong Industries 100,800 52,434 - G Shank Enterprise 58,229 41,519 - L&K Engineering 31,000 20,446 - G Tech Optoelectronics 103,000 55,749 0.01 Largan Precision 18,000 2,056,426 0.18 Gemtek Technology 179,000 123,860 0.01 LCY Chemical 242,000 153,336 0.01 Genesis Photonics 100,727 34,115 - Lealea Enterprise 365,434 120,214 0.01 Genius Electronic Optical 21,000 45,261 - Lextar Electronics 136,000 88,376 0.01 Getac Technology 192,000 150,280 0.01 Li Peng Enterprise 291,073 95,281 0.01 Gigabyte Technology 307,000 311,433 0.03 Lien Hwa Industrial 334,000 234,361 0.02 Gigastorage 22,000 16,186 - Lingsen Precision Industries 185,000 64,156 0.01 Gintech Energy 207,000 134,514 0.01 Lite-On Semiconductor 105,819 82,482 0.01 Global Brands Manufacture 207,000 53,202 - Lite-On Technology 250,150 293,488 0.03 Global Lighting Technologies 29,000 37,596 - Long Chen Paper 210,122 86,488 0.01 Globalwafers 6,780 19,425 - Macronix International 2,056,000 397,813 0.03 Globe Union Industrial 135,450 57,947 0.01 Masterlink Securities 428,076 139,434 0.01 Gloria Material Technology 253,450 172,091 0.02 MediaTek 567,000 7,754,914 0.67 Gold Circuit Electronics 82,000 33,619 - Mega Financial Holding 4,614,004 4,157,232 0.36 Grand Ocean Retail Group 33,000 55,616 0.01 Meiloon Industrial 38,000 14,717 - Grand Pacific Petrochemical 473,000 302,768 0.03 Mercuries & Associates 213,320 123,410 0.01 Great China Metal Industry 27,000 26,865 - Mercuries Life Insurance 259,510 151,394 0.01 Great Wall Enterprise 76,800 54,138 - Micro-Star International 202,000 204,262 0.02 Green Energy Technology 188,000 91,397 0.01 Microbio 28,000 21,235 - Hannstar Board 172,000 58,533 0.01 Mirle Automation 47,000 43,947 - HannStar Display 1,622,325 281,302 0.02 Mitac Holdings 303,000 325,542 0.03 HannsTouch Solution 370,000 49,766 - Motech Industries 51,000 60,497 0.01 Hey Song 145,500 171,651 0.02 Nan Ya Plastics 186,000 436,448 0.04 Hiroca Holdings 11,728 40,671 - Nan Ya Printed Circuit Board 80,000 105,398 0.01

MGI Funds plc 46 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Taiwan (2014: 9.92%) (continued) (2014: 95.60%) (continued) Tainan Spinning 617,794 316,361 0.03 Transferable securities (2014: 95.60%) (continued) Tainergy Tech 67,000 34,635 - Equities (2014: 95.60%) (continued) Taishin Financial Holding 1,234,392 514,088 0.04 Taiwan (2014: 9.92%) (continued) Taisun Enterprise 55,000 21,391 - Nantex Industry 51,040 45,822 - Taiwan Building Materials 733,000 236,141 0.02 Neo Solar Power 356,698 276,878 0.02 Taiwan Business Bank 1,543,443 475,721 0.04 Nien Hsing Textile 124,675 108,494 0.01 Taiwan Cement 161,000 203,243 0.02 Novatek Microelectronics 456,000 2,202,077 0.19 Taiwan Chinsan Electronic Industrial 22,000 31,658 - Ocean Plastics 48,000 46,437 - Taiwan Cogeneration 65,000 56,459 0.01 OptoTech 268,000 102,494 0.01 Taiwan Cooperative Financial Holding 1,147,382 600,568 0.05 Oriental Union Chemical 119,000 92,371 0.01 Taiwan Fertilizer 308,000 509,099 0.04 Pan Jit International 199,000 71,913 0.01 Taiwan Fire & Marine Insurance 87,000 63,866 0.01 Pan-International Industrial 190,537 91,086 0.01 Taiwan Glass Industry 152,000 73,156 0.01 Pegatron 1,165,000 3,409,535 0.30 Taiwan Hon Chuan Enterprise 47,311 92,922 0.01 Phihong Technology 27,000 9,757 - Taiwan Land Development 309,629 120,422 0.01 Pou Chen 107,000 152,587 0.01 Taiwan Mobile 2,099,000 7,006,984 0.61 Powertech Technology 157,000 339,905 0.03 Taiwan Navigation 76,000 42,613 - President Chain Store 276,832 1,946,962 0.17 Taiwan PCB Techvest 35,441 49,737 - President Securities 454,000 230,278 0.02 Taiwan Prosperity Chemical 73,000 44,598 - Prince Housing & Development 417,328 157,574 0.01 Taiwan Pulp & Paper 100,000 34,193 - Qisda 884,000 343,807 0.03 Taiwan Sakura 67,000 45,601 - Quanta Computer 1,489,000 3,522,890 0.31 Taiwan Semiconductor 61,000 59,212 0.01 Quanta Storage 113,000 105,659 0.01 Taiwan Semiconductor Manufacturing 410,397 1,868,796 0.16 Radiant Opto-Electronics 24,000 89,063 0.01 Taiwan Semiconductor Radium Life Tech 308,685 135,561 0.01 Manufacturing - ADR 975,104 22,144,612 1.92 Realtek Semiconductor 74,000 189,710 0.02 Taiwan Sogo Shin Kong SEC 39,390 51,129 - Rich Development 353,438 135,169 0.01 Taiwan Surface Mounting Technology 126,724 148,268 0.01 Ritek 1,391,000 147,420 0.01 Taiwan TEA 356,000 181,147 0.02 Ruentex Development 81,000 128,111 0.01 Taiwan Union Technology 104,000 86,120 0.01 Ruentex Industries 165,000 377,546 0.03 Taiyen Biotech 70,479 54,136 - Sampo 221,000 95,980 0.01 Tatung 1,244,000 278,196 0.02 SDI 17,000 18,292 - Teco Electric and Machinery 3,939,000 3,057,546 0.27 Sheng Yu Steel 26,000 17,022 - Test-Rite International 67,000 46,035 - Shih Wei Navigation 85,000 43,665 - Thinking Electronic Industrial 12,000 16,665 - Shihlin Electric & Engineering 148,000 184,194 0.02 Thye Ming Industrial 25,625 29,400 - Shin Kong Financial Holding 1,785,867 545,232 0.05 Tong Hsing Electronic Industries 17,000 47,990 - Shin Zu Shing 24,000 72,806 0.01 Tong Yang Industry 163,850 173,385 0.02 Shining Building Business 83,600 39,152 - Tong-Tai Machine & Tool 40,645 33,328 - Shinkong Insurance 99,000 72,515 0.01 Topco Scientific 27,047 50,843 - Shinkong Synthetic Fibers 764,000 247,614 0.02 TPK Holding 9,000 52,067 - Sigurd Microelectronics 58,000 52,446 - Transasia Airways 121,000 33,726 - Silicon Integrated Systems 297,000 61,124 0.01 Tripod Technology 174,000 310,165 0.03 Sincere Navigation 160,000 128,863 0.01 Tung Ho Steel Enterprise 439,000 320,843 0.03 Sino-American Silicon Products 81,000 102,384 0.01 TXC 44,000 56,828 0.01 Sinon 204,000 102,150 0.01 TYC Brother Industrial 109,000 68,358 0.01 SinoPac Financial Holdings 1,298,358 574,392 0.05 U-Ming Marine Transport 41,000 55,677 0.01 Sirtec International 28,000 53,542 - Unimicron Technology 437,000 224,488 0.02 Solar Applied Materials Technology 201,000 150,484 0.01 Union Bank Of Taiwan 721,353 244,312 0.02 Solartech Energy 184,709 108,055 0.01 Unitech Printed Circuit Board 317,000 126,371 0.01 Southeast Cement 60,000 29,364 - United Integrated Services 43,000 46,478 - Sunonwealth Electric Machine Industry 20,000 11,019 - United Microelectronics 1,803,000 762,584 0.07 Sunplus Technology 242,000 132,943 0.01 Universal Cement 197,880 172,839 0.02 Sunrex Technology 90,000 45,796 - Unizyx Holding 217,000 89,671 0.01 Syncmold Enterprise 7,000 12,841 - UPC Technology 391,472 131,952 0.01 Synnex Technology International 122,000 180,897 0.02 USI 421,000 177,381 0.02 Systex 31,000 70,431 0.01 Ve Wong 21,000 15,654 - TA Chen Stainless Pipe 144,300 74,595 0.01 Wafer Works 187,765 70,896 0.01 Ta Chong Bank 958,008 333,779 0.03 Wah Lee Industrial 26,000 44,661 - Tah Hsin Industrial 22,500 17,939 - Walsin Lihwa 1,236,000 308,054 0.03 Taichung Commercial Bank 910,646 312,851 0.03 Walsin Technology 241,000 98,026 0.01

MGI Funds plc 47 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Thailand (2014: 2.90%) (continued) (2014: 95.60%) (continued) Indorama Ventures - NVDR 160,900 132,196 0.01 Transferable securities (2014: 95.60%) (continued) IRPC 2,617,100 347,134 0.03 Equities (2014: 95.60%) (continued) Kang Yong Electric 3,300 31,656 - Taiwan (2014: 9.92%) (continued) Kasikornbank 288,600 1,614,940 0.14 Walton Advanced Engineering 138,000 38,017 - Kasikornbank - NVDR 210,200 1,176,231 0.10 Wan Hai Lines 699,000 555,041 0.05 KGI Securities Thailand 323,300 33,119 - Waterland Financial Holdings 933,405 262,586 0.02 Khon Kaen Sugar Industry 310,080 41,129 - Wei Chuan Foods 61,000 37,860 - Khonburi Sugar 71,700 20,167 - Weikeng Industrial 24,000 17,813 - Kiatnakin Bank 207,500 216,559 0.02 Well Shin Technology 41,000 58,402 0.01 Krung Thai Bank 712,800 360,879 0.03 Win Semiconductors 89,000 124,034 0.01 Krung Thai Bank - NVDR 355,800 180,136 0.02 Winbond Electronics 992,000 259,779 0.02 Laguna Resorts & Hotels 25,000 20,355 - Wintek 48,000 2,847 - Lanna Resources 58,600 20,820 - Wisdom Marine Lines 107,981 133,688 0.01 LH Financial Group 1,283,165 71,043 0.01 Wistron 905,222 686,519 0.06 Loxley 248,400 26,476 - WPG Holdings 144,000 180,382 0.02 MBK 211,300 98,219 0.01 WT Microelectronics 152,767 230,231 0.02 MCOT 43,000 16,296 - WUS Printed Circuit 86,000 80,552 0.01 Nation Multimedia Group 118,000 6,393 - Yageo 53,559 84,015 0.01 Noble Development 92,800 37,367 - Yang Ming Marine Transport 93,000 32,553 - Nok Airlines 85,400 25,158 - YC 242,873 98,788 0.01 Polyplex Thailand 221,900 65,699 0.01 YC INOX 72,000 54,255 - Precious Shipping 231,100 61,580 0.01 YFY 658,000 240,983 0.02 Property Perfect 1,731,100 51,766 0.01 Yieh Phui Enterprise 525,300 148,459 0.01 Pruksa Real Estate 70,900 53,004 0.01 Youngtek Electronics 23,228 43,438 - PSL RTS REC (F) - Rights 115,550 15,566 - Yuanta Financial Holding 1,394,475 754,760 0.07 PTT 395,500 4,203,772 0.36 Yulon Motor 292,000 338,803 0.03 PTT Exploration & Production 224,200 723,536 0.06 Yung Chi Paint & Varnish Manufacturing 16,000 43,041 - PTT Global Chemical 276,700 567,319 0.05 Zig Sheng Industrial 230,280 107,100 0.01 PTT Global Chemical - NVDR 224,200 459,678 0.04 Zinwell 60,000 64,367 0.01 Quality Houses 870,217 64,927 0.01 ––––––––––– ––––––– Regional Container Lines 258,100 74,124 0.01 138,130,888 11.97 Rojana Industrial Park 118,830 26,035 - Thailand (2014: 2.90%) Saha-Union 66,300 74,593 0.01 AAPICO Hitech 23,100 9,575 - Sahaviriya Steel Industries 7,894,500 42,072 - Advanced Info Service 254,065 1,805,320 0.16 Sansiri 1,627,633 86,260 0.01 AJ Plast 26,600 6,143 - SC Asset 1,012,443 97,721 0.01 Amata 68,100 30,244 - Siam Commercial Bank 55,500 255,518 0.02 Ananda Development 337,300 36,750 - Siam Future Development 226,664 39,259 - Asia Aviation 505,800 65,892 0.01 Siamgas & Petrochemicals 164,679 53,633 0.01 Asia Aviation - NVDR 471,200 61,384 0.01 Somboon Advance Technology 58,800 32,555 - Bangchak Petroleum 121,200 125,594 0.01 Sri Ayudhya Capital 13,300 14,176 - Bangkok Bank 348,495 1,841,760 0.16 Sri Trang Agro-Industry 327,000 123,924 0.01 Bangkok Bank - NVDR 77,200 406,851 0.04 Srithai Superware 403,800 29,649 - Bangkok Dusit Medical Services 796,970 464,843 0.04 Supalai 68,300 38,017 - Bangkok Expressway 80,900 94,611 0.01 SVI 49,700 6,857 - Bangkok Insurance 12,600 137,656 0.01 Tata Steel Thailand 1,749,800 40,409 - Bangkok Land 4,732,800 221,398 0.02 Thai Airways International 530,800 205,873 0.02 Banpu 372,700 281,383 0.03 Thai Beverage 3,035,805 1,724,761 0.15 Cal-Comp Electronics Thailand 1,070,516 109,665 0.01 Thai Carbon Black 16,400 11,896 - Charoen Pokphand Foods 159,500 113,337 0.01 Thai Oil 148,900 242,469 0.02 Charoong Thai Wire & Cable 30,500 8,217 - Thai Stanley Electric 3,500 21,347 - CP ALL 1,520,405 2,081,945 0.18 Thai Union Frozen Products 5,013,200 3,235,711 0.28 Delta Electronics Thailand - NVDR 321,500 861,445 0.08 Thai Union Frozen Products - NVDR 3,062,300 1,976,526 0.17 Eastern Water Resources Development Thanachart Capital 271,500 267,276 0.02 and Management 67,200 23,278 - Thitikorn 79,400 23,038 - Esso Thailand 834,800 156,947 0.01 Thoresen Thai Agencies 406,070 155,092 0.01 GFPT 146,700 52,121 0.01 TICON Industrial Connection 90,720 37,604 - Golden Land Property Development 169,900 34,457 - Tisco Financial Group 48,800 66,462 0.01 Hana Microelectronics 63,500 76,142 0.01 TPI Polene 2,712,000 247,308 0.02 Indorama Ventures 116,700 95,881 0.01 Univentures 87,000 20,220 -

MGI Funds plc 48 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United Arab Emirates (2014: Nil) (2014: 95.60%) (continued) First Gulf Bank 1,248,598 5,167,152 0.45 Transferable securities (2014: 95.60%) (continued) ––––––––––– ––––––– Equities (2014: 95.60%) (continued) United Kingdom (2014: 2.83%) Thailand (2014: 2.90%) (continued) British American Tobacco 169,731 9,176,402 0.79 Vanachai Group 76,120 25,467 - SABMiller 156,996 8,164,917 0.71 Vinythai 230,200 68,837 0.01 Unilever 214,779 9,221,477 0.80 ––––––––––– ––––––– ––––––––––– ––––––– 29,310,648 2.54 26,562,796 2.30 Turkey (2014: 2.55%) United States of America (2014: 0.76%) Adana Cimento Sanayii 8,701 21,436 - Southern Copper 17,300 508,793 0.05 Akbank 500,736 1,448,564 0.13 Yum! Brands 71,929 6,479,364 0.56 Akenerji Elektrik Uretim 61,957 21,277 - ––––––––––– ––––––– Akfen Holding 36,333 94,799 0.01 6,988,157 0.61 Aksa Akrilik Kimya Sanayii 19,649 80,312 0.01 Aksigorta 9,247 7,041 - Total equities 1,106,263,148 95.84 Alarko Holding 33,655 45,476 - Albaraka Turk Katilim Bankasi 149,670 81,567 0.01 Total transferable securities 1,106,310,719 95.84 Anadolu Anonim Tuerk Sigorta Sirketi 143,556 75,556 0.01 Anadolu Cam Sanayii 83,353 61,916 0.01 Financial derivative instruments (2014: 0.00%) Asya Katilim Bankasi 264,199 91,715 0.01 Warrants (2014: Nil) Aygaz 29,905 112,186 0.01 Hong Kong (2014: Nil) Baticim Bati Anadolu Cimento Sanayii 17,387 44,133 - Ju Teng International Holdings 41,750 2,558 - Borusan Mannesmann Boru Sanayi ve Ticaret 19,618 46,647 - ––––––––––– ––––––– Dogan Sirketler Grubu Holding 338,712 75,859 0.01 Malaysia (2014: Nil) Eczacibasi Yatirim Holding Ortakligi 12,738 47,215 - Eastern & Oriental Bhd 69,394 4,506 - EIS Eczacibasi Ilac ve Sinai ve Finansal KNM Group Bhd 88,640 3,759 - Yatirimlar Sanayi ve Ticaret 120,268 127,047 0.01 ––––––––––– ––––––– Eregli Demir ve Celik Fabrikalari 749,156 1,213,638 0.11 8,265 - GSD Holding 105,016 60,760 0.01 Thailand (2014: Nil) Ipek Dogal Enerji Kaynaklari ve Uretim 45,595 49,186 - Thoresen Thai Agencies 11,200 743 - Is Finansal Kiralama 152,343 45,493 - ––––––––––– ––––––– Kardemir Karabuk Demir Celik Sanayi ve Ticaret 33,039 25,775 - Total warrants 11,566 - KOC Holding 20,267 93,808 0.01 Koza Anadolu Metal Madencilik Isletmeleri 81,342 83,194 0.01 Net Turizm Ticaret ve Sanayi 51,957 23,855 - Park Elektrik Uretim Madencilik Sanayi ve Ticaret 33,043 46,129 - Pinar Entegre Et ve Un Sanayi 2,261 8,195 - Sekerbank 301,260 184,422 0.02 Selcuk Ecza Deposu Ticaret ve Sanayi 65,400 60,786 0.01 TAV Havalimanlari Holding 213,943 1,816,799 0.16 Tekfen Holding 56,852 96,982 0.01 Tekstil Bankasi 85,990 66,763 0.01 Tofas Turk Otomobil Fabrikasi 22,041 150,560 0.01 Trakya Cam Sanayi 149,105 155,839 0.01 Tupras Turkiye Petrol Rafinerileri 224,581 5,692,068 0.49 Turcas Petrol 61,820 39,229 - Turk Hava Yollari 420,880 1,382,510 0.12 Turk Telekomunikasyon 2,201,392 5,793,137 0.50 Turkiye Garanti Bankasi 118,410 369,506 0.03 Turkiye Halk Bankasi 87,752 404,531 0.03 Turkiye Is Bankasi 242,043 509,564 0.04 Turkiye Sinai Kalkinma Bankasi 139,434 88,480 0.01 Turkiye Sise ve Cam Fabrikalari 681,214 917,948 0.08 Turkiye Vakiflar Bankasi Tao 279,518 449,691 0.04 Vestel Elektronik Sanayi ve Ticaret 28,762 52,607 - Yapi ve Kredi Bankasi 128,528 189,027 0.02 ––––––––––– ––––––– 22,553,228 1.95

MGI Funds plc 49 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

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 (2014: 95.60%) (continued) Financial derivative instruments (2014: 0.00%) Open forward foreign currency contracts (2014: 0.00%) BRL 2* 89,021,000 USD 27,674,957 16/09/2015 212,779 0.02 HKD 2* 86,368,000 USD 11,137,461 16/09/2015 2,324 - ILS 2* 44,300,000 USD 11,602,389 16/09/2015 144,240 0.01 INR 2* 991,641,000 USD 15,241,859 16/09/2015 101,244 0.01 KRW 2* 4,147,280,000 USD 3,702,334 16/09/2015 9,289 - SGD 2* 10,380,000 USD 7,699,765 16/09/2015 786 - THB 2* 114,698,000 USD 3,378,112 16/09/2015 9,433 - TRY 2* 95,418,000 USD 34,633,375 16/09/2015 216,532 0.02 USD 2* 4,495,713 CLP 2,870,000,000 16/09/2015 39,583 - USD 2* 8,138,150 COP 20,900,000,000 16/09/2015 165,742 0.02 USD 2* 1,094,710 HUF 310,000,000 16/09/2015 450 - USD 2* 13,881,933 KRW 15,489,166,000 16/09/2015 19,852 - USD 2* 52,741,577 MXN 817,770,000 17/09/2015 904,750 0.09 USD 2* 3,915,038 MYR 14,700,000 17/09/2015 41,546 - USD 2* 205,919 PEN 661,000 16/09/2015 172 - USD 2* 4,741,151 PHP 214,000,000 16/09/2015 14,741 - USD 2* 8,332,479 PLN 31,252,000 16/09/2015 39,843 - ZAR 2* 100,719,000 USD 8,073,162 16/09/2015 116,144 0.01 ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 2,039,450 0.18

Total return swaps (2014: Nil)

Notional Security Termination Fair value % of Currency amount name date US$ Net assets

TRY 3* 73,308 MSCI Turkey 16/09/2015 348 - Index ––––––––––– ––––––– Total return swaps at positive fair value 348 -

Futures contracts (2014: 0.00%) No. of Maturity contracts Unrealised % of date Currency long/(short) gain US$ Net assets

BIST 30 Index Futures 3* 31/08/2015 TRY (199) 1,789 - FTSE KLCI Index Futures 1* 31/07/2015 MYR 48 12,836 - KOSPI2 Index Futures 1* 10/09/2015 KRW 34 17,871 - Mexican Bolsa Index Futures 4* 18/09/2015 MXN (19) 102 - TAIEX Index Futures 3* 15/07/2015 TWD 252 210,074 0.02 WIG20 Index Futures 3* 18/09/2015 PLN (293) 34,079 - ––––––––––– ––––––– Unrealised gain on futures contracts 276,751 0.02

Total financial derivative instruments at positive fair value 2,328,115 0.20

Total Financial assets at fair value through profit or loss 1,108,638,834 96.04

MGI Funds plc 50 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

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 (2014: 0.00%) Financial derivative instruments (2014: 0.00%) Open forward foreign currency contracts (2014: 0.00%) CLP 2* 7,996,838,000 USD 12,727,151 16/09/2015 (310,793) (0.03) COP 2* 6,200,000,000 USD 2,415,875 16/09/2015 (50,854) - CZK 2* 84,700,000 USD 3,496,179 16/09/2015 (30,114) - HUF 2* 3,440,908,000 USD 12,252,529 16/09/2015 (106,566) (0.01) IDR 2* 1,525,882,000 USD 112,611 16/09/2015 (33) - MXN 2* 113,400,000 USD 7,350,698 17/09/2015 (162,496) (0.01) MYR 2* 19,102,000 USD 5,092,660 17/09/2015 (59,228) (0.01) PEN 2* 200,000 USD 62,520 16/09/2015 (267) - PHP 2* 45,000,000 USD 1,001,414 16/09/2015 (7,543) - PLN 2* 43,978,000 USD 11,804,344 16/09/2015 (134,897) (0.01) TWD 2* 689,897,000 USD 22,397,255 16/09/2015 (26,522) - USD 2* 2,611,146 BRL 8,600,000 16/09/2015 (82,988) (0.01) USD 2* 7,239,154 HKD 56,132,000 16/09/2015 (777) - USD 2* 6,831,472 IDR 92,713,187,586 16/09/2015 (8,811) - USD 2* 22,541,911 SGD 30,491,000 16/09/2015 (78,275) (0.01) USD 2* 706,973 THB 24,000,000 16/09/2015 (1,854) - USD 2* 25,203,611 TRY 70,650,000 16/09/2015 (600,178) (0.05) USD 2* 1,846,438 TWD 56,994,000 16/09/2015 (1,660) - USD 2* 6,854,023 ZAR 86,006,000 16/09/2015 (138,991) (0.01) ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (1,802,847) (0.15)

Futures contracts (2014: 0.00%) No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

Bovespa Index Futures 3* 12/08/2015 BRL 455 (62,908) (0.01) FTSE TOP 40 Index Futures 1* 17/09/2015 ZAR (195) (4,106) - H-Shares Index Futures 1* 30/07/2015 HKD 18 (66,347) (0.01) H-Shares Index Futures 5* 30/07/2015 HKD 103 (379,653) (0.03) MSCI Singapore Index Futures 1* 30/07/2015 SGD 96 (47,094) - MSCI Taiwan Index Futures 1* 30/07/2015 USD 26 (9,550) - MSCI Taiwan Index Futures 3* 30/07/2015 USD 146 (53,626) (0.01) SET 50 Index Futures 1* 29/09/2015 THB 675 (33,834) - SGX CNX Nifty Index Futures 1* 30/07/2015 USD (949) (16,186) - SGX CNX Nifty Index Futures 3* 30/07/2015 USD (1) (17) - Tel Aviv 25 Index Futures 5* 29/07/2015 ILS 85 (124,791) (0.01) ––––––––––– ––––––– Unrealised loss on futures contracts (798,112) (0.07)

Total financial derivative instruments at negative fair value (2,600,959) (0.22)

Total financial liabilities at fair value through profit or loss (2,600,959) (0.22)

Total financial derivative instruments (272,844) (0.02)

MGI Funds plc 51 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 30 June 2015 (continued)

Fair Value % of US$ Net assets

Total investments at fair value through profit or loss (2014:95.60%) 1,106,037,875 95.82

Cash (2014: 3.66%) 43,093,189 3.73

Net current assets (2014: 0.74%) 5,208,690 0.45 –-––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 1,154,339,754 100.00 –-––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities British Virgin Islands 0.10% Cayman Islands 0.01%

Total assets comprised as follows:

% of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 90.58 Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.01 Financial derivative instruments dealt in on a regulated market 0.02 OTC financial derivative instruments 0.17 Other current assets 9.22 ––––––– 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

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 52 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.36%) Transferable securities (2014: 82.79%) Government bonds (2014: 82.79%) Austria (2014: 3.27%) Austria (Government of) 4.00 15/09/2016 EUR 30,000 31,509 0.10 Austria (Government of) 3.20 20/02/2017 EUR 50,000 52,763 0.17 Austria (Government of) 4.30 15/09/2017 EUR 50,000 54,895 0.18 Austria (Government of) 4.65 15/01/2018 EUR 70,000 78,499 0.26 Austria (Government of) 4.35 15/03/2019 EUR 70,000 81,134 0.27 Austria (Government of) 1.95 18/06/2019 EUR 50,000 53,695 0.18 Austria (Government of) 3.90 15/07/2020 EUR 80,000 94,565 0.31 Austria (Government of) 3.50 15/09/2021 EUR 110,000 130,424 0.43 Austria (Government of) 3.40 22/11/2022 EUR 80,000 95,587 0.31 Austria (Government of) 4.85 15/03/2026 EUR 110,000 150,820 0.49 Austria (Government of) 4.15 15/03/2037 EUR 55,000 79,761 0.26 Austria (Government of) 3.15 20/06/2044 EUR 40,000 52,139 0.17 Austria (Government of) 3.80 26/01/2062 EUR 20,000 31,787 0.10 ––––––––––– ––––––– 987,578 3.23 Belgium (2014: 5.26%) Belgium (Government of) 3.25 28/09/2016 EUR 50,000 52,129 0.17 Belgium (Government of) 4.00 28/03/2017 EUR 50,000 53,641 0.17 Belgium (Government of) 3.50 28/06/2017 EUR 70,000 75,085 0.24 Belgium (Government of) 5.50 28/09/2017 EUR 40,000 45,062 0.15 Belgium (Government of) 4.00 28/03/2018 EUR 50,000 55,602 0.18 Belgium (Government of) 1.25 22/06/2018 EUR 70,000 72,647 0.24 Belgium (Government of) 4.00 28/03/2019 EUR 70,000 80,235 0.26 Belgium (Government of) 3.00 28/09/2019 EUR 70,000 78,336 0.26 Belgium (Government of) 3.75 28/09/2020 EUR 65,000 76,529 0.25 Belgium (Government of) 4.25 28/09/2021 EUR 50,000 61,425 0.20 Belgium (Government of) 4.00 28/03/2022 EUR 55,000 67,247 0.22 Belgium (Government of) 4.25 28/09/2022 EUR 90,000 112,333 0.37 Belgium (Government of) 2.25 22/06/2023 EUR 70,000 77,306 0.25 Belgium (Government of) 2.60 22/06/2024 EUR 70,000 79,254 0.26 Belgium (Government of) 0.80 22/06/2025 EUR 60,000 57,694 0.19 Belgium (Government of) 4.50 28/03/2026 EUR 40,000 52,984 0.17 Belgium (Government of) 5.50 28/03/2028 EUR 90,000 131,798 0.43 Belgium (Government of) 1.00 22/06/2031 EUR 20,000 17,850 0.06 Belgium (Government of) 4.00 28/03/2032 EUR 20,000 26,515 0.09 Belgium (Government of) 3.00 22/06/2034 EUR 20,000 23,703 0.08 Belgium (Government of) 5.00 28/03/2035 EUR 120,000 181,954 0.59 Belgium (Government of) 4.25 28/03/2041 EUR 65,000 94,142 0.31 Belgium (Government of) 3.75 22/06/2045 EUR 20,000 27,112 0.09 ––––––––––– ––––––– 1,600,583 5.23 Finland (2014: 1.27%) Finland (Government of) 3.88 15/09/2017 EUR 70,000 76,283 0.25 Finland (Government of) 3.38 15/04/2020 EUR 30,000 34,493 0.11 Finland (Government of) 3.50 15/04/2021 EUR 70,000 82,463 0.27 Finland (Government of) 1.63 15/09/2022 EUR 30,000 32,047 0.11 Finland (Government of) 4.00 04/07/2025 EUR 50,000 64,178 0.21 Finland (Government of) 2.75 04/07/2028 EUR 40,000 46,886 0.15 Finland (Government of) 2.63 04/07/2042 EUR 20,000 24,392 0.08 ––––––––––– ––––––– 360,742 1.18 France (2014: 19.82%) France (Government of) 2.50 25/07/2016 EUR 110,000 113,138 0.37 France (Government of) 5.00 25/10/2016 EUR 100,000 106,823 0.35 France (Government of) 0.25 25/11/2016 EUR 70,000 70,421 0.23 France (Government of) 1.75 25/02/2017 EUR 150,000 154,759 0.51 France (Government of) 3.75 25/04/2017 EUR 200,000 214,261 0.70

MGI Funds plc 53 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.36%) (continued) Transferable securities (2014: 82.79%) (continued) Government bonds (2014: 82.79%) (continued) France (2014: 19.82%) (continued) France (Government of) 1.00 25/07/2017 EUR 110,000 112,628 0.37 France (Government of) 4.25 25/10/2017 EUR 160,000 176,247 0.58 France (Government of) - 25/02/2018 EUR 70,000 70,132 0.23 France (Government of) 4.00 25/04/2018 EUR 130,000 144,860 0.47 France (Government of) 1.00 25/05/2018 EUR 110,000 113,347 0.37 France (Government of) 4.25 25/10/2018 EUR 120,000 136,901 0.45 France (Government of) 4.25 25/04/2019 EUR 170,000 196,931 0.64 France (Government of) 1.00 25/05/2019 EUR 70,000 72,388 0.24 France (Government of) 8.50 25/10/2019 EUR 70,000 95,103 0.31 France (Government of) 3.75 25/10/2019 EUR 170,000 196,026 0.64 France (Government of) 0.50 25/11/2019 EUR 120,000 121,470 0.40 France (Government of) 3.50 25/04/2020 EUR 180,000 207,599 0.68 France (Government of) - 25/05/2020 EUR 70,000 68,889 0.23 France (Government of) 2.50 25/10/2020 EUR 170,000 188,972 0.62 France (Government of) 3.75 25/04/2021 EUR 160,000 190,233 0.62 France (Government of) 3.25 25/10/2021 EUR 160,000 186,838 0.61 France (Government of) 3.00 25/04/2022 EUR 180,000 208,346 0.68 France (Government of) 2.25 25/10/2022 EUR 130,000 144,023 0.47 France (Government of) 8.50 25/04/2023 EUR 60,000 95,288 0.31 France (Government of) 1.75 25/05/2023 EUR 110,000 117,640 0.38 France (Government of) 4.25 25/10/2023 EUR 160,000 203,048 0.66 France (Government of) 2.25 25/05/2024 EUR 150,000 165,808 0.54 France (Government of) 1.75 25/11/2024 EUR 140,000 148,169 0.48 France (Government of) 0.50 25/05/2025 EUR 70,000 65,535 0.21 France (Government of) 6.00 25/10/2025 EUR 100,000 146,885 0.48 France (Government of) 3.50 25/04/2026 EUR 150,000 183,193 0.60 France (Government of) 2.75 25/10/2027 EUR 180,000 205,513 0.67 France (Government of) 5.50 25/04/2029 EUR 120,000 178,414 0.58 France (Government of) 2.50 25/05/2030 EUR 120,000 132,774 0.43 France (Government of) 5.75 25/10/2032 EUR 130,000 207,395 0.68 France (Government of) 4.75 25/04/2035 EUR 90,000 132,398 0.43 France (Government of) 4.00 25/10/2038 EUR 120,000 164,093 0.54 France (Government of) 4.50 25/04/2041 EUR 100,000 148,464 0.49 France (Government of) 3.25 25/05/2045 EUR 30,000 36,915 0.12 France (Government of) 4.00 25/04/2055 EUR 130,000 188,359 0.62 France (Government of) 4.00 25/04/2060 EUR 30,000 44,028 0.14 France (Government of) 1.00 25/11/2018 EUR 70,000 72,346 0.24 ––––––––––– ––––––– 5,926,600 19.37 Germany (2014: 16.24%) Bundesrepublik Deutschland 0.25 10/06/2016 EUR 60,000 60,301 0.20 Bundesrepublik Deutschland 4.00 04/07/2016 EUR 110,000 114,735 0.38 Bundesrepublik Deutschland - 16/09/2016 EUR 70,000 70,228 0.23 Bundesrepublik Deutschland 1.25 14/10/2016 EUR 100,000 101,949 0.33 Bundesrepublik Deutschland - 16/12/2016 EUR 40,000 40,152 0.13 Bundesrepublik Deutschland 3.75 04/01/2017 EUR 150,000 159,131 0.52 Bundesrepublik Deutschland 0.75 24/02/2017 EUR 30,000 30,495 0.10 Bundesrepublik Deutschland - 10/03/2017 EUR 70,000 70,285 0.23 Bundesrepublik Deutschland 0.50 07/04/2017 EUR 80,000 81,061 0.26 Bundesrepublik Deutschland 4.25 04/07/2017 EUR 90,000 98,115 0.32 Bundesrepublik Deutschland 0.50 13/10/2017 EUR 70,000 71,170 0.23 Bundesrepublik Deutschland 4.00 04/01/2018 EUR 100,000 110,587 0.36 Bundesrepublik Deutschland 0.50 23/02/2018 EUR 70,000 71,300 0.23 Bundesrepublik Deutschland 0.25 13/04/2018 EUR 90,000 91,133 0.30 Bundesrepublik Deutschland 4.25 04/07/2018 EUR 110,000 124,664 0.41 Bundesrepublik Deutschland 1.00 12/10/2018 EUR 70,000 72,645 0.24 Bundesrepublik Deutschland 3.75 04/01/2019 EUR 100,000 113,528 0.37

MGI Funds plc 54 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.36%) (continued) Transferable securities (2014: 82.79%) (continued) Government bonds (2014: 82.79%) (continued) Germany (2014: 16.24%) (continued) Bundesrepublik Deutschland 1.00 22/02/2019 EUR 100,000 103,973 0.34 Bundesrepublik Deutschland 3.50 04/07/2019 EUR 110,000 125,615 0.41 Bundesrepublik Deutschland 3.25 04/01/2020 EUR 120,000 137,387 0.45 Bundesrepublik Deutschland 3.00 04/07/2020 EUR 120,000 137,276 0.45 Bundesrepublik Deutschland 2.25 04/09/2020 EUR 70,000 77,637 0.25 Bundesrepublik Deutschland 2.50 04/01/2021 EUR 70,000 78,898 0.26 Bundesrepublik Deutschland 3.25 04/07/2021 EUR 160,000 188,768 0.62 Bundesrepublik Deutschland 2.25 04/09/2021 EUR 60,000 67,276 0.22 Bundesrepublik Deutschland 2.00 04/01/2022 EUR 70,000 77,589 0.25 Bundesrepublik Deutschland 1.75 04/07/2022 EUR 140,000 153,177 0.50 Bundesrepublik Deutschland 1.50 04/09/2022 EUR 70,000 75,343 0.25 Bundesrepublik Deutschland 1.50 15/02/2023 EUR 110,000 118,309 0.39 Bundesrepublik Deutschland 1.50 15/05/2023 EUR 130,000 139,804 0.46 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 110,000 161,787 0.53 Bundesrepublik Deutschland 1.50 15/05/2024 EUR 90,000 96,436 0.32 Bundesrepublik Deutschland 1.00 15/08/2024 EUR 90,000 92,258 0.30 Bundesrepublik Deutschland 0.50 15/02/2025 EUR 70,000 68,249 0.22 Bundesrepublik Deutschland 6.50 04/07/2027 EUR 100,000 162,501 0.53 Bundesrepublik Deutschland 5.63 04/01/2028 EUR 70,000 107,733 0.35 Bundesrepublik Deutschland 4.75 04/07/2028 EUR 80,000 115,665 0.38 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 80,000 134,279 0.44 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 90,000 143,669 0.47 Bundesrepublik Deutschland 4.75 04/07/2034 EUR 90,000 140,033 0.46 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 120,000 175,473 0.57 Bundesrepublik Deutschland 4.25 04/07/2039 EUR 70,000 108,464 0.35 Bundesrepublik Deutschland 4.75 04/07/2040 EUR 30,000 50,099 0.16 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 120,000 165,114 0.54 Bundesrepublik Deutschland 2.50 04/07/2044 EUR 50,000 60,997 0.20 ––––––––––– ––––––– 4,745,288 15.51 Ireland (2014: Nil) Ireland (Government of) 5.50 18/10/2017 EUR 80,000 89,841 0.29 Ireland (Government of) 4.40 18/06/2019 EUR 70,000 81,122 0.27 Ireland (Government of) 4.50 18/04/2020 EUR 60,000 70,944 0.23 Ireland (Government of) 5.00 18/10/2020 EUR 50,000 61,075 0.20 Ireland (Government of) 3.90 20/03/2023 EUR 60,000 71,557 0.23 Ireland (Government of) 5.40 13/03/2025 EUR 50,000 66,742 0.22 Ireland (Government of) 2.00 18/02/2045 EUR 50,000 43,898 0.14 ––––––––––– ––––––– 485,179 1.58 Italy (2014: 20.55%) Italy Buoni Poliennali Del Tesoro 3.75 01/08/2016 EUR 90,000 93,411 0.30 Italy Buoni Poliennali Del Tesoro - 30/08/2016 EUR 80,000 79,740 0.26 Italy Buoni Poliennali Del Tesoro 4.75 15/09/2016 EUR 200,000 210,708 0.69 Italy Buoni Poliennali Del Tesoro 2.75 15/11/2016 EUR 40,000 41,335 0.13 Italy Buoni Poliennali Del Tesoro 1.50 15/12/2016 EUR 50,000 50,837 0.17 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2017 EUR 170,000 179,703 0.59 Italy Buoni Poliennali Del Tesoro 4.75 01/05/2017 EUR 80,000 86,313 0.28 Italy Buoni Poliennali Del Tesoro 4.75 01/06/2017 EUR 70,000 75,759 0.25 Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 155,000 170,468 0.56 Italy Buoni Poliennali Del Tesoro 3.50 01/11/2017 EUR 100,000 106,880 0.35 Italy Buoni Poliennali Del Tesoro 4.50 01/02/2018 EUR 120,000 131,995 0.43 Italy Buoni Poliennali Del Tesoro 3.50 01/06/2018 EUR 100,000 108,234 0.35 Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 110,000 122,811 0.40 Italy Buoni Poliennali Del Tesoro 4.25 01/02/2019 EUR 100,000 112,024 0.36 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2019 EUR 245,000 277,260 0.90 Italy Buoni Poliennali Del Tesoro 4.25 01/09/2019 EUR 210,000 237,856 0.78

MGI Funds plc 55 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.36%) (continued) Transferable securities (2014: 82.79%) (continued) Government bonds (2014: 82.79%) (continued) Italy (2014: 20.55%) (continued) Italy Buoni Poliennali Del Tesoro 4.50 01/02/2020 EUR 100,000 115,156 0.38 Italy Buoni Poliennali Del Tesoro 4.25 01/03/2020 EUR 240,000 273,871 0.89 Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 70,000 79,492 0.26 Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 100,000 112,636 0.37 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 220,000 247,689 0.81 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 100,000 118,400 0.39 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 140,000 168,924 0.55 Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 145,000 179,859 0.59 Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 120,000 149,024 0.49 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 30,000 35,452 0.11 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 170,000 203,953 0.67 Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 70,000 106,166 0.35 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 130,000 153,406 0.50 Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 130,000 145,766 0.48 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 130,000 159,363 0.52 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 100,000 119,027 0.39 Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 200,000 278,739 0.91 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 70,000 85,578 0.28 Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 110,000 141,280 0.46 Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 100,000 109,076 0.36 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 140,000 194,640 0.63 Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 120,000 164,866 0.54 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 100,000 127,789 0.42 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 100,000 112,245 0.37 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 140,000 180,143 0.59 Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 50,000 64,279 0.21 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 130,000 164,018 0.53 ––––––––––– ––––––– 6,076,171 19.85 Luxembourg (2014: 0.07%) Luxembourg (Government of) 3.38 18/05/2020 EUR 20,000 23,084 0.07 ––––––––––– ––––––– Netherlands (2014: 5.22%) Netherlands (Kingdom of) 4.00 15/07/2016 EUR 70,000 73,071 0.24 Netherlands (Kingdom of) 2.50 15/01/2017 EUR 100,000 104,180 0.34 Netherlands (Kingdom of) 0.50 15/04/2017 EUR 50,000 50,627 0.17 Netherlands (Kingdom of) 4.50 15/07/2017 EUR 80,000 87,669 0.29 Netherlands (Kingdom of) 1.25 15/01/2018 EUR 40,000 41,414 0.14 Netherlands (Kingdom of) - 15/04/2018 EUR 50,000 50,121 0.16 Netherlands (Kingdom of) 4.00 15/07/2018 EUR 90,000 101,121 0.33 Netherlands (Kingdom of) 1.25 15/01/2019 EUR 80,000 83,547 0.27 Netherlands (Kingdom of) 4.00 15/07/2019 EUR 100,000 115,868 0.38 Netherlands (Kingdom of) 0.25 15/01/2020 EUR 20,000 20,087 0.07 Netherlands (Kingdom of) 3.50 15/07/2020 EUR 30,000 34,894 0.11 Netherlands (Kingdom of) 3.25 15/07/2021 EUR 110,000 128,608 0.42 Netherlands (Kingdom of) 2.25 15/07/2022 EUR 20,000 22,296 0.07 Netherlands (Kingdom of) 3.75 15/01/2023 EUR 80,000 98,219 0.32 Netherlands (Kingdom of) 1.75 15/07/2023 EUR 80,000 86,151 0.28 Netherlands (Kingdom of) 2.00 15/07/2024 EUR 70,000 76,717 0.25 Netherlands (Kingdom of) 0.25 15/07/2025 EUR 30,000 27,752 0.09 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 75,000 112,127 0.37 Netherlands (Kingdom of) 2.50 15/01/2033 EUR 40,000 46,297 0.15 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 50,000 72,454 0.24 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 95,000 138,914 0.45 Netherlands (Kingdom of) 2.75 15/01/2047 EUR 20,000 24,990 0.08 ––––––––––– ––––––– 1,597,124 5.22

MGI Funds plc 56 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.36%) (continued) Transferable securities (2014: 82.79%) (continued) Government bonds (2014: 82.79%) (continued) Slovakia (2014: 0.46%) Slovakia (Government of) 4.20 04/04/2017 EUR 33,194 35,727 0.12 Slovakia (Government of) 4.35 14/10/2025 EUR 70,000 90,000 0.29 ––––––––––– ––––––– 125,727 0.41 Slovenia (2014: 0.22%) Slovenia (Government of) 4.13 26/01/2020 EUR 45,000 50,895 0.17 ––––––––––– ––––––– Spain (2014: 10.41%) Spain (Kingdom of) 3.30 30/07/2016 EUR 60,000 62,041 0.20 Spain (Kingdom of) 4.25 31/10/2016 EUR 100,000 105,403 0.34 Spain (Kingdom of) 3.80 31/01/2017 EUR 110,000 116,071 0.38 Spain (Kingdom of) 2.10 30/04/2017 EUR 70,000 72,202 0.24 Spain (Kingdom of) 5.50 30/07/2017 EUR 110,000 121,551 0.40 Spain (Kingdom of) 0.50 31/10/2017 EUR 70,000 69,981 0.23 Spain (Kingdom of) 4.50 31/01/2018 EUR 80,000 87,991 0.29 Spain (Kingdom of) 4.10 30/07/2018 EUR 150,000 165,611 0.54 Spain (Kingdom of) 3.75 31/10/2018 EUR 70,000 76,925 0.25 Spain (Kingdom of) 2.75 30/04/2019 EUR 170,000 181,797 0.59 Spain (Kingdom of) 4.30 31/10/2019 EUR 130,000 147,953 0.48 Spain (Kingdom of) 1.40 31/01/2020 EUR 70,000 70,965 0.23 Spain (Kingdom of) 4.00 30/04/2020 EUR 30,000 33,916 0.11 Spain (Kingdom of) 4.85 31/10/2020 EUR 180,000 212,273 0.69 Spain (Kingdom of) 5.50 30/04/2021 EUR 70,000 85,561 0.28 Spain (Kingdom of) 5.85 31/01/2022 EUR 105,000 131,972 0.43 Spain (Kingdom of) 4.40 31/10/2023 EUR 90,000 105,854 0.35 Spain (Kingdom of) 4.80 31/01/2024 EUR 160,000 193,474 0.63 Spain (Kingdom of) 3.80 30/04/2024 EUR 70,000 79,047 0.26 Spain (Kingdom of) 2.75 31/10/2024 EUR 120,000 125,051 0.41 Spain (Kingdom of) 1.60 30/04/2025 EUR 40,000 37,687 0.12 Spain (Kingdom of) 4.65 30/07/2025 EUR 120,000 144,953 0.47 Spain (Kingdom of) 5.90 30/07/2026 EUR 100,000 132,933 0.43 Spain (Kingdom of) 5.15 31/10/2028 EUR 70,000 88,671 0.29 Spain (Kingdom of) 6.00 31/01/2029 EUR 120,000 163,691 0.54 Spain (Kingdom of) 5.75 30/07/2032 EUR 70,000 96,408 0.32 Spain (Kingdom of) 4.20 31/01/2037 EUR 70,000 81,283 0.27 Spain (Kingdom of) 4.90 30/07/2040 EUR 140,000 180,066 0.59 Spain (Kingdom of) 4.70 30/07/2041 EUR 20,000 25,037 0.08 Spain (Kingdom of) 5.15 31/10/2044 EUR 20,000 26,824 0.09 ––––––––––– ––––––– 3,223,192 10.53

Total government bonds 25,202,163 82.35

Total transferable securities 25,202,163 82.35

MGI Funds plc 57 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 30 June 2015 (continued)

Nominal Fair value % of holdings € Net assets

Collective investment schemes (2014: 15.57%) Ireland PIMCO Euro Credit Fund - Accumulation 335,181 4,886,945 15.97 ––––––––––– ––––––– Total collective investment schemes 4,886,945 15.97

Total financial assets at fair value through profit or loss 30,089,108 98.32

Cash (2014: 0.55%) 83,572 0.28

Net current assets (2014: 1.09%) 429,713 1.40 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 30,602,393 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on regulated market 82.22 Collective investment schemes 15.94 Other current assets 1.84 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 58 MGI Funds plc Portfolio Statement MGI Euro Cash Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate* date Currency holdings € Net assets

Financial assets at amortised cost (2014: 97.37%) Deposits with Credit Institutions (2014: 97.37%) Australia & New Zealand Banking Group (0.25) 29/09/2015 EUR 22,000,000 22,000,000 8.56 Bank Nederlandse Gemeenten (0.30) 29/07/2015 EUR 22,000,000 22,000,000 8.56 Bank of Nova Scotia (0.24) 29/09/2015 EUR 22,000,000 22,000,000 8.56 Bank of Tokyo 0.00 24/07/2015 EUR 11,000,562 11,000,562 4.28 Bank of Tokyo (0.08) 11/09/2015 EUR 10,000,000 10,000,000 3.89 BNP Paribas 0.00 02/09/2015 EUR 7,249,734 7,249,734 2.82 BNP Paribas (0.12) 02/09/2015 EUR 6,998,167 6,998,167 2.72 Calyon Corporate and Investment Bank 0.07 20/10/2015 EUR 8,000,140 8,000,140 3.11 Commonwealth Bank of Australia (0.10) 06/07/2015 EUR 6,000,000 6,000,000 2.33 Commonwealth Bank of Australia (0.10) 30/07/2015 EUR 20,000,000 20,000,000 7.78 Credit Agricole (0.07) 26/11/2015 EUR 5,998,597 5,998,597 2.33 DNB Bank (0.21) 10/08/2015 EUR 10,000,000 10,000,000 3.89 Nordea Bank (0.10) 02/07/2015 EUR 14,994,634 14,994,634 5.83 Pohjola Bank (0.25) 07/07/2015 EUR 10,000,000 10,000,000 3.89 Pohjola Bank 0.03 14/07/2015 EUR 15,000,000 15,000,000 5.83 Rabobank International 0.00 09/12/2015 EUR 14,998,716 14,998,716 5.83 Societe Generale 0.00 12/01/2016 EUR 5,998,605 5,998,605 2.33 Standard Chartered 0.01 30/03/2016 EUR 20,000,000 20,000,000 7.78 Svenska Handelsbanken (0.09) 02/09/2015 EUR 10,398,746 10,398,746 4.04 Svenska Handelsbanken (0.06) 30/09/2015 EUR 10,000,000 10,000,000 3.89 ––––––––––– ––––––– Total deposits with credit institutions 252,637,901 98.25

Total financial assets at amortised cost 252,637,901 98.25

Cash (2014: 2.57%) 4,169,010 1.62

Net current assets (2014: 0.06%) 330,609 0.13 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 257,137,520 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Deposits with credit institutions 98.14 Other current assets 1.86 ––––––– 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 59 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings € Net assets holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.02%) France (2014: 25.48%) (continued) Transferable securities (2014: 98.02%) Renault 24,249 2,265,342 1.94 Equities (2014: 98.02%) Sanofi 15,308 1,350,778 1.16 Austria (2014: 0.39%) Societe Generale 17,467 731,343 0.63 Immofinanz 236,519 - - Societe Television Francaise 1 34,270 530,157 0.45 OMV 10,715 264,446 0.23 Sodexo 9,889 842,345 0.72 Telekom Austria 62,181 369,106 0.31 Technip 10,605 588,790 0.50 Voestalpine 6,650 248,245 0.21 Thales 22,559 1,221,795 1.05 Zumtobel Group 22,769 606,908 0.52 Total 14,257 621,177 0.53 ––––––––––– ––––––– UBISOFT Entertainment 20,623 329,555 0.28 1,488,705 1.27 Valeo 14,965 2,115,303 1.81 Belgium (2014: 6.45%) Vinci 11,966 620,796 0.53 Ageas 15,279 527,966 0.45 Zodiac Aerospace 18,314 534,769 0.46 Anheuser-Busch InBev 27,022 2,904,865 2.49 ––––––––––– ––––––– Barco 8,476 487,200 0.42 29,085,653 24.88 Colruyt 12,549 504,031 0.43 Germany (2014: 28.82%) Financiere de Tubize 3,511 189,734 0.16 Adidas 14,810 1,016,707 0.87 KBC Groep 12,309 737,801 0.63 Allianz 5,762 804,951 0.69 Ontex Group 20,928 563,382 0.48 Aurubis 14,851 782,648 0.67 UCB 14,340 923,353 0.79 BASF 10,009 788,909 0.67 ––––––––––– ––––––– Bayer 23,676 2,972,522 2.54 6,838,332 5.85 Bayerische Motoren Werke 8,320 816,858 0.70 Finland (2014: 1.97%) Beiersdorf 4,406 331,067 0.28 Fortum 16,534 263,552 0.23 Cellnex Telecom 20,747 314,836 0.27 Neste Oil 11,709 267,668 0.23 Commerzbank 70,047 803,089 0.69 Nokia 340,561 2,074,017 1.77 Continental 6,149 1,305,125 1.12 Outokumpu 96,904 437,812 0.37 Daimler 24,526 2,002,303 1.71 Stora Enso 30,294 280,068 0.24 Deutsche Bank 20,591 554,927 0.47 UPM-Kymmene 17,428 276,582 0.24 Deutsche Boerse 12,488 927,234 0.79 ––––––––––– ––––––– Deutsche Telekom 104,901 1,620,720 1.39 3,599,699 3.08 DO Deutsche Office 92,726 395,013 0.34 France (2014: 25.48%) Duerr 8,236 688,200 0.59 Alcatel-Lucent 124,532 406,971 0.35 Evonik Industries 24,395 834,919 0.71 Alten 15,475 644,766 0.55 Fresenius 19,646 1,130,627 0.97 Arkema 9,611 621,159 0.53 HeidelbergCement 11,434 813,300 0.70 AtoS 9,417 630,751 0.54 Hella KGaA Hueck & Co 11,118 480,742 0.41 AXA 73,340 1,659,684 1.42 HUGO BOSS 3,260 326,815 0.28 BNP Paribas 11,492 622,292 0.53 Infineon Technologies 38,538 428,928 0.37 Casino Guichard Perrachon 8,669 589,059 0.50 K&S 28,863 1,090,588 0.93 Cie Generale des Etablissements Michelin 6,588 619,206 0.53 LEG Immobilien 5,384 335,531 0.29 CNP Assurances 42,902 642,672 0.55 Linde 5,973 1,014,813 0.87 Credit Agricole 59,663 795,904 0.68 Merck 7,662 684,830 0.59 Danone 7,759 449,944 0.39 MTU Aero Engines 8,211 692,762 0.59 Dassault Aviation 431 495,887 0.42 Pfeiffer Vacuum Technology 9,937 794,165 0.68 Eiffage 9,324 465,268 0.40 Porsche Automobil Holding - Pref 11,927 901,323 0.77 Essilor International 7,850 839,950 0.72 Rheinmetall 17,409 791,848 0.68 Faurecia 14,791 545,640 0.47 Rocket Internet 16,071 637,617 0.54 GameLoft 85,046 326,577 0.28 SAP 12,366 774,112 0.66 Groupe Eurotunnel 72,002 935,306 0.80 Software 31,913 784,422 0.67 Havas 65,561 490,396 0.42 TUI 21,993 318,899 0.27 Iliad 1,901 378,014 0.32 United Internet 10,290 410,314 0.35 Ingenico 3,330 350,649 0.30 Wirecard 18,381 631,387 0.54 Klepierre REIT 11,851 467,581 0.40 Zalando 26,858 804,531 0.69 Legrand 19,344 974,164 0.83 ––––––––––– ––––––– Metropole Television 35,839 624,674 0.54 30,807,582 26.35 Nexity 10,089 355,133 0.30 Ireland (2014: 1.99%) Orange 45,893 633,782 0.54 C&C Group 77,581 273,667 0.23 Pernod Ricard 5,863 607,407 0.52 Cairn Homes 220,886 241,318 0.21 Peugeot 31,282 576,996 0.49 Dalata Hotel Group 97,219 349,988 0.30 Plastic Omnium 25,538 583,671 0.50 Kerry Group 14,412 958,254 0.82

MGI Funds plc 60 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings € Net assets holdings € Net assets

Financial assets at fair value through profit or loss Spain (2014: 8.09%) (continued) (2014: 98.02%) (continued) Amadeus IT Holding 28,343 1,013,404 0.87 Transferable securities (2014: 98.02%) (continued) Banco Popular Espanol 231,043 1,004,113 0.86 Equities (2014: 98.02%) (continued) Bankinter 142,199 942,637 0.81 Ireland (2014: 1.99%) (continued) Construcciones y Auxiliar de Ferrocarriles 1,936 516,041 0.44 Origin Enterprises 41,841 332,636 0.28 Endesa 32,898 564,694 0.48 Ryanair Holdings 38,584 456,063 0.39 Ferrovial 24,542 477,342 0.41 Smurfit Kappa Group 32,688 807,721 0.69 Gamesa Tecnologica 135,709 1,917,568 1.64 ––––––––––– ––––––– Hispania Activos Inmobiliarios 31,365 412,763 0.35 3,419,647 2.92 Iberdrola 89,266 539,345 0.46 Israel (2014: Nil) Inditex 38,459 1,121,272 0.96 Teva Pharmaceutical Industries 3,909 207,343 0.18 Inmobiliaria Colonial 704,627 444,620 0.38 ––––––––––– ––––––– Let's GOWEX 16,273 - - 207,343 0.18 Mapfre 173,113 534,400 0.46 Italy (2014: 8.98%) Melia Hotels International 32,506 384,871 0.33 Anima Holding 62,571 493,059 0.42 Repsol 32,032 504,504 0.43 Assicurazioni Generali 32,242 521,031 0.44 Sacyr 95,998 326,009 0.28 Banca Generali 13,120 414,329 0.35 Sacyr (Right) 95,998 9,792 0.01 Buzzi Unicem 40,727 520,084 0.44 Talgo 51,254 368,004 0.31 Cementir Holding 66,802 392,462 0.34 Telefonica 43,006 548,326 0.47 Danieli & C Officine Meccaniche 28,051 511,370 0.44 ––––––––––– ––––––– Enel 275,040 1,117,762 0.96 12,702,700 10.87 Eni 34,501 549,256 0.47 Switzerland (2014:0.89%) Intesa Sanpaolo 395,561 1,286,364 1.10 Holcim 6,984 462,794 0.40 Intesa Sanpaolo - Pref 297,515 851,488 0.73 ––––––––––– ––––––– OVS 103,916 548,157 0.47 462,794 0.40 Telecom Italia 645,085 734,107 0.63 United Kingdom (2014: 1.59%) Telecom Italia 1,193,126 1,092,307 0.93 Dialog Semiconductor 7,684 372,597 0.32 UniCredit 129,808 782,093 0.67 GlaxoSmithKline 26,397 492,757 0.42 Unipol Gruppo Finanziario 115,366 526,069 0.45 Royal Dutch Shell 45,936 1,165,396 0.99 ––––––––––– ––––––– Sports Direct International 58,653 594,840 0.51 10,339,938 8.84 Tesco 162,843 488,555 0.42 Luxembourg (2014: 1.05%) ––––––––––– ––––––– Eurofins Scientific 1,221 333,455 0.29 3,114,145 2.66 ––––––––––– ––––––– 333,455 0.29 Total equities 115,487,554 98.78 Netherlands (2014: 7.76%) Aegon 78,996 520,742 0.44 Total transferable securities 115,487,554 98.78 Akzo Nobel 7,744 505,451 0.43 ASM International 32,149 1,332,737 1.14 Total financial assets at fair value through ASML Holding 11,848 1,098,309 0.94 profit or loss 115,487,554 98.78 Boskalis Westminster 12,361 542,648 0.46 Delta Lloyd 85,783 1,263,155 1.08 Total investments at fair value through ING Groep 208,253 3,084,227 2.64 profit or loss 115,487,554 98.78 NN Group 21,228 535,264 0.46 Randstad Holding 14,168 827,553 0.71 Cash (2014: 1.99%) 1,142,250 0.98 STMicroelectronics 83,613 614,973 0.53 TomTom 21,735 220,284 0.19 Net current assets (2014: (0.01%) 287,606 0.24 Unilever 13,989 522,559 0.45 ––––––––––– ––––––– USG People 30,296 403,240 0.34 Net assets attributable to holders of redeemable ––––––––––– ––––––– participating shares (at last traded prices) 116,917,410 100.00 11,471,142 9.81 ––––––––––– ––––––– Portugal (2014: 0.93%) 161,934 551,385 0.47 NOS SGPS 74,685 535,790 0.46 Portucel 153,404 529,244 0.45 ––––––––––– ––––––– 1,616,419 1.38 Spain (2014: 8.09%) ACS Actividades de Construccion y Servicios 8,760 252,770 0.22 Aena 8,750 820,225 0.70

MGI Funds plc 61 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 30 June 2015 (continued)

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Denmark 0.53% Greece 1.66% Hungary 0.31% Russia 0.29% Sweden 0.59% United Arab Emirates 0.25%

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 98.68 Other current assets 1.32 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 62 MGI Funds plc Portfolio Statement MGI Global Bond Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.38%) Transferable securities (2014: 83.53%) Government bonds (2014: 83.53%) Austria (2014: Nil) Austria (Government of) 3.50 15/09/2021 EUR 20,000 26,422 0.48 ––––––––––– ––––––– Belgium (2014: Nil) Belgium (Government of) 3.75 28/09/2020 EUR 20,000 26,237 0.48 ––––––––––– ––––––– France (2014: 7.19%) France (Government of) 4.25 25/04/2019 EUR 90,000 116,163 2.13 France (Government of) 3.25 25/10/2021 EUR 40,000 52,044 0.95 France (Government of) 5.75 25/10/2032 EUR 40,000 71,101 1.30 France (Government of) 4.00 25/04/2055 EUR 20,000 32,288 0.59 ––––––––––– ––––––– 271,596 4.97 Germany (2014: 7.18%) Bundesrepublik Deutschland 3.50 04/07/2019 EUR 115,000 146,322 2.68 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 100,000 177,861 3.26 ––––––––––– ––––––– 324,183 5.94 Italy (2014: 3.40%) Italy Buoni Poliennali Del Tesoro 3.75 01/08/2016 EUR 40,000 46,257 0.85 Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 20,000 24,879 0.46 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 50,000 62,722 1.15 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 30,000 40,102 0.73 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 40,000 61,962 1.13 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 20,000 25,013 0.46 ––––––––––– ––––––– 260,935 4.78 Japan (2014: 22.99%) Japan Government Ten Year Bond 1.50 20/12/2017 JPY 58,000,000 491,471 9.00 Japan Government Ten Year Bond 1.50 20/09/2018 JPY 68,000,000 582,234 10.66 Japan Government Thirty Year Bond 2.00 20/09/2040 JPY 10,000,000 92,855 1.70 ––––––––––– ––––––– 1,166,560 21.36 Netherlands (2014: 5.33%) Netherlands (Kingdom of) 4.00 15/07/2019 EUR 70,000 90,370 1.65 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 50,000 83,288 1.53 ––––––––––– ––––––– 173,658 3.18 Spain (2014: 0.55%) Spain (Kingdom of) 5.50 30/07/2017 EUR 20,000 24,624 0.45 Spain (Kingdom of) 5.50 30/04/2021 EUR 20,000 27,238 0.50 Spain (Kingdom of) 6.00 31/01/2029 EUR 30,000 45,596 0.84 Spain (Kingdom of) 4.20 31/01/2037 EUR 20,000 25,876 0.47 ––––––––––– ––––––– 123,334 2.26 United Kingdom (2014: 6.89%) United Kingdom (Government of) 4.75 07/03/2020 GBP 140,000 253,865 4.65 United Kingdom (Government of) 4.75 07/12/2038 GBP 50,000 107,345 1.96 United Kingdom (Government of) 4.00 22/01/2060 GBP 20,000 42,979 0.79 ––––––––––– ––––––– 404,189 7.40 United States of America (2014: 30.00%) United States Treasury Bond 8.88 15/02/2019 USD 100,000 127,242 2.33 United States Treasury Bond 6.13 15/11/2027 USD 110,000 152,599 2.79 United States Treasury Bond 3.50 15/02/2039 USD 120,000 129,394 2.37 United States Treasury Bond 4.38 15/05/2040 USD 140,000 172,408 3.16 United States Treasury Bond 3.13 15/02/2042 USD 80,000 80,437 1.47 United States Treasury Bond 3.63 15/08/2043 USD 60,000 66,019 1.21

MGI Funds plc 63 MGI Funds plc Portfolio Statement MGI Global Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.38%) (continued) Transferable securities (2014: 83.53%) (continued) Government bonds (2014: 83.53%) (continued) United States of America (2014: 30.00%) (continued) United States Treasury Note 0.38 31/03/2016 USD 50,000 50,055 0.92 United States Treasury Note 1.88 30/09/2017 USD 150,000 153,809 2.81 United States Treasury Note 3.75 15/11/2018 USD 100,000 108,625 1.99 United States Treasury Note 3.13 15/05/2019 USD 200,000 213,438 3.91 United States Treasury Note 3.50 15/05/2020 USD 70,000 76,136 1.39 United States Treasury Note 3.63 15/02/2021 USD 80,000 87,775 1.61 United States Treasury Note 2.00 15/11/2021 USD 120,000 120,225 2.20 United States Treasury Note 2.00 15/02/2022 USD 100,000 99,992 1.83 United States Treasury Note 2.50 15/08/2023 USD 60,000 61,298 1.12 United States Treasury Note 2.00 15/02/2025 USD 60,000 58,298 1.07 ––––––––––– ––––––– 1,757,750 32.18

Total government bonds 4,534,864 83.03

Total transferable securities 4,534,864 83.03

Collective investment schemes (2014: 14.85%)

Nominal Fair value % of holdings US$ Net assets

Ireland (2014: 14.85%) PIMCO Global Investment Grade Credit Fund - Accumulation USD 50,360 831,441 15.22 ––––––––––– ––––––– Total collective investment schemes 831,441 15.22

Total financial assets at fair value through profit or loss 5,366,305 98.25

Total investments at fair value through profit or loss 5,366,305 98.25

Cash (2014: 0.80%) 58,570 1.07

Net current assets (2014: 0.82%) 36,957 0.68 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 5,461,832 100.00 ––––––––––– –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 64 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 87.61%) Brazil (2014: 0.88%) (continued) Transferable securities (2014: 86.77%) Cia de Saneamento Basico do Estado Equities (2014: 86.77%) de Sao Paulo - ADR 56,101 290,588 0.04 Argentina (2014: 0.07%) Itau Unibanco Holding - ADR 111,252 1,218,166 0.18 Arcos Dorados Holdings 47,278 248,551 0.04 Tim Participacoes - ADR 24,701 404,059 0.06 ––––––––––– ––––––– Vale - ADR 230,196 1,162,470 0.16 Australia (2014: 0.71%) ––––––––––– ––––––– AGL Energy 17,844 213,255 0.03 6,168,079 0.89 Amcor 17,965 189,434 0.03 Canada (2014: 2.12%) Asciano 54,521 278,662 0.04 Agnico Eagle Mines 6,569 186,552 0.03 Aurizon Holdings 41,749 164,609 0.02 Barrick Gold (Canada listing) 18,303 195,708 0.03 Australia & New Zealand Banking Group 9,141 226,205 0.03 Barrick Gold (US listing) 110,096 1,173,602 0.17 BHP Billiton 4,354 90,502 0.01 BCE 17,030 723,744 0.11 Brambles 177,481 1,445,958 0.21 BlackBerry 39,882 326,152 0.05 Commonwealth Bank of Australia 5,640 368,965 0.05 Enbridge 1,824 85,291 0.01 CSL 5,262 349,650 0.05 Fairfax Financial Holdings 3,001 1,479,948 0.21 Federation Centres REIT 16,841 37,794 0.01 Goldcorp 9,606 155,948 0.02 Goodman Group REIT 37,494 180,683 0.03 GSI Group 3,301 49,599 0.01 GPT Group REIT 11,100 36,511 0.01 Iamgold (Canada listing) 61,602 123,355 0.02 Insurance Australia Group 49,220 211,090 0.03 Iamgold (US listing) 184,755 369,506 0.05 Mesoblast 67,455 194,938 0.03 Kinross Gold (Canada listing) 61,298 142,877 0.02 Mirvac Group REIT 73,811 104,951 0.02 Kinross Gold (US listing) 162,937 378,009 0.05 National Australia Bank 7,275 186,229 0.03 Potash Corp of Saskatchewan 83,458 2,584,632 0.37 Newcrest Mining 11,386 113,932 0.02 Ritchie Bros Auctioneers 37,093 1,035,609 0.15 QBE Insurance Group 7,805 81,995 0.01 Rogers Communications 37,012 1,313,298 0.19 Rio Tinto 415 17,103 - TransCanada 1,998 81,195 0.01 South32 4,354 5,989 - Ultra Petroleum 79,988 1,001,425 0.15 Stockland REIT 20,427 64,368 0.01 Yamana Gold 176,854 532,631 0.08 Telstra 30,319 143,077 0.02 ––––––––––– ––––––– Wesfarmers 6,223 186,650 0.03 11,939,081 1.73 Westfield REIT 18,298 128,255 0.02 Channel Islands (2014: Nil) Woodside Petroleum 11,262 296,268 0.03 Randgold Resources 6,245 419,167 0.06 ––––––––––– ––––––– ––––––––––– ––––––– 5,317,073 0.77 China (2014: 1.62%) Austria (2014: 0.13%) Alibaba Group Holding - ADR 28,681 2,359,422 0.34 Lenzing 1,896 134,136 0.02 Autohome - ADR 6,841 345,643 0.05 Raiffeisen Bank International 9,498 137,915 0.02 Baidu - ADR 10,702 2,130,156 0.31 ––––––––––– ––––––– Bank of Communications 410,003 427,317 0.06 272,051 0.04 China Construction Bank 536,003 490,192 0.07 Bahamas (2014: Nil) China Life Insurance 210,610 912,783 0.13 Steiner Leisure 7,425 397,972 0.06 Homeinns Hotel Group - ADR 14,402 445,248 0.06 ––––––––––– ––––––– JD.com - ADR 27,158 926,020 0.13 Belgium (2014: 0.17%) Mindray Medical International - ADR 56,373 1,606,574 0.24 Anheuser-Busch InBev 5,214 624,036 0.09 Ping An Insurance Group of China 90,737 1,221,886 0.18 Cie d'Entreprises CFE 165 19,993 - Tsingtao Brewery 181,590 1,102,052 0.16 Ontex Group 17,201 515,781 0.07 ––––––––––– ––––––– Proximus 4,040 142,417 0.02 11,967,293 1.73 Solvay 4,366 599,741 0.09 Denmark (2014: 0.86%) UCB 7,633 547,330 0.08 Carlsberg 15,467 1,403,221 0.20 ––––––––––– ––––––– Coloplast 2,383 156,154 0.02 2,449,298 0.35 GN Store Nord 4,462 92,194 0.02 Bermuda (2014: 0.39%) Novo Nordisk 28,883 1,572,692 0.23 Lazard 9,399 527,925 0.07 Novo Nordisk - ADR 9,207 504,066 0.07 Marvell Technology Group 56,196 740,773 0.11 Novozymes 19,002 902,660 0.13 ––––––––––– ––––––– Pandora 20,359 2,186,006 0.32 1,268,698 0.18 SimCorp 1,924 76,503 0.01 Brazil (2014: 0.88%) TDC 73,328 537,401 0.08 Ambev - ADR 348,484 2,125,728 0.31 Tryg 20,185 420,502 0.06 BM&FBovespa 204,904 773,058 0.11 ––––––––––– ––––––– BR Properties 57,565 194,010 0.03 7,851,399 1.14

MGI Funds plc 65 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Germany (2014: 3.11%) (continued) (2014: 87.61%) (continued) Fresenius Medical Care 1,254 103,449 0.01 Transferable securities (2014: 86.77%) (continued) Fuchs Petrolub - Pref 4,290 181,045 0.03 Equities (2014: 86.77%) (continued) Hugo Boss 4,328 483,320 0.07 Egypt (2014: 0.06%) Infineon Technologies 46,754 579,786 0.08 Global Telecom Holding - GDR 120,670 207,509 0.03 Kabel Deutschland Holding 1,094 146,272 0.02 ––––––––––– ––––––– KUKA 5,003 416,432 0.06 Finland (2014: 0.44%) Linde 352 66,635 0.01 HKScan 19,277 114,450 0.02 MAN 2,080 214,117 0.03 Nokia 255,630 1,734,538 0.25 Merck 4,049 403,229 0.06 Nokia - ADR 141,673 970,426 0.14 Muenchener Rueckversicherungs 1,869 331,108 0.05 Outokumpu 17,913 90,148 0.01 OSRAM Licht 17,279 826,933 0.12 UPM-Kymmene 41,193 728,301 0.11 Porsche Automobil Holding - Pref 1,629 137,162 0.02 ––––––––––– ––––––– ProSiebenSat.1 Media 1,731 85,441 0.01 3,637,863 0.53 RWE 8,030 172,522 0.02 France (2014: 1.00%) SAP 44,114 3,076,833 0.45 Alcatel-Lucent 97,222 353,998 0.05 Siemens 5,340 537,466 0.08 Cap Gemini 22,527 1,992,066 0.29 TUI 23,388 378,842 0.05 Cie Generale des Etablissements Michelin 3,055 319,826 0.05 Volkswagen 688 159,102 0.02 Dassault Systemes - ADR 4,687 342,265 0.05 Volkswagen - Pref 7,476 1,732,358 0.25 Eiffage 12,454 692,369 0.10 VTG 5,996 140,272 0.02 Etablissements Maurel et Prom 19,935 147,966 0.02 XING 597 97,881 0.01 Eutelsat Communications 12,962 418,071 0.06 ––––––––––– ––––––– Hermes International 1,197 445,882 0.06 30,308,133 4.39 Ingenico 4,160 487,956 0.07 Hong Kong (2014: 1.71%) Legrand 8,603 482,668 0.07 AIA Group 530,203 3,457,136 0.50 LVMH Moet Hennessy Louis Vuitton 9,783 1,712,794 0.25 China Overseas Land & Investment 221,864 785,562 0.11 Metropole Television 23,005 446,749 0.06 China Resources Enterprise 286,002 924,122 0.13 Numericable-SFR 8,264 437,729 0.06 CLP Holdings 34,002 288,576 0.04 Publicis Groupe 20,290 1,499,230 0.22 Galaxy Entertainment Group 17,002 67,539 0.01 Renault 3,014 313,619 0.05 Hong Kong & China Gas 124,632 261,717 0.04 Safran 3,525 238,688 0.03 Jardine Matheson Holdings 20,402 1,157,700 0.17 Sanofi 7,424 729,807 0.11 Li & Fung 264,002 209,428 0.03 Schneider Electric 13,607 938,847 0.14 MTR 51,002 237,154 0.04 Sodexo 5,016 475,961 0.07 SJM Holdings 43,927 47,423 0.01 SPIE 12,100 240,631 0.03 Sun Hung Kai Properties 5,002 81,199 0.01 Technicolor 45,947 299,473 0.04 Swire Pacific 12,915 162,484 0.02 Valeo 2,148 338,136 0.05 ––––––––––– ––––––– Vivendi 5,114 128,892 0.02 7,680,040 1.11 ––––––––––– ––––––– India (2014: 0.37%) 13,483,623 1.95 HDFC Bank - ADR 13,112 792,943 0.11 Germany (2014: 3.11%) ICICI Bank - ADR 323,866 3,374,548 0.49 Adidas 36,276 2,774,668 0.40 ––––––––––– ––––––– Allianz 1,577 245,466 0.04 4,167,491 0.60 Axel Springer 13,752 721,483 0.10 Ireland (2014: 1.36%) BASF 14,022 1,231,342 0.18 Allergan 5,795 1,757,640 0.25 Bayer 8,453 1,182,332 0.17 Bank of Ireland 4,347,062 1,755,766 0.25 Bayerische Motoren Werke 9,292 1,016,362 0.15 CRH 98,319 2,761,542 0.40 Celesio 6,119 177,234 0.03 Dragon Oil 75,788 865,298 0.13 Commerzbank 170,984 2,184,188 0.32 Mallinckrodt 2,803 329,616 0.05 Continental 6,067 1,434,542 0.21 Ryanair Holdings 287,830 3,790,636 0.55 Daimler (Germany listing) 32,354 2,942,935 0.43 Shire 1,953 156,252 0.02 Daimler (US listing) 3,000 275,910 0.04 Tyco International 17,873 687,638 0.10 Deutsche Boerse 14,647 1,211,654 0.18 ––––––––––– ––––––– Deutsche Post 104,436 3,049,251 0.44 12,104,388 1.75 Deutsche Post - ADR 8,701 256,302 0.04 Israel (2014: 0.14%) Duerr 1,687 157,064 0.02 Bank Leumi Le-Israel 54,434 230,274 0.03 E.ON 17,095 227,601 0.03 Bezeq The Israeli Telecommunication 52,802 89,992 0.02 Fraport Frankfurt Airport Services Worldwide 13,265 832,635 0.12 Mizrahi Tefahot Bank 18,085 224,347 0.03 Fresenius & Co 1,824 116,959 0.02 Teva Pharmaceutical Industries 4,426 261,575 0.04

MGI Funds plc 66 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 8.69%) (continued) (2014: 87.61%) (continued) Konica Minolta 47,500 554,713 0.08 Transferable securities (2014: 86.77%) (continued) Kyocera 3,500 182,001 0.03 Equities (2014: 86.77%) (continued) Kyocera - ADR 3,256 169,442 0.02 Israel (2014: 0.14%) (continued) Lawson 3,800 260,238 0.04 Teva Pharmaceutical Industries - ADR 23,367 1,380,694 0.20 LIXIL Group 7,700 152,911 0.02 ––––––––––– ––––––– Mazda Motor 9,000 176,374 0.03 2,186,882 0.32 Mitsubishi 58,800 1,293,586 0.19 Italy (2014: 1.95%) Mitsubishi Electric 139,001 1,797,066 0.26 Cementir Holding 28,640 187,455 0.03 Mitsubishi Estate 11,000 237,008 0.03 Enel 22,761 103,051 0.01 Mitsubishi UFJ Financial Group 70,101 504,017 0.07 Finmeccanica 68,483 860,669 0.13 Mitsubishi UFJ Lease & Finance 115,401 631,864 0.09 Italmobiliare 3,857 69,583 0.01 Mitsui 2,600 35,325 0.01 Mediaset 91,021 437,290 0.06 Mitsui Fudosan 9,000 252,057 0.04 Moncler 17,271 319,768 0.05 Mizuho Financial Group 1,163,501 2,519,736 0.36 Reply 2,615 266,830 0.04 MS&AD Insurance Group Holdings 79,501 2,477,289 0.36 Telecom Italia 94,038 119,233 0.02 Murata Manufacturing 9,500 1,658,317 0.24 UniCredit 137,638 923,951 0.13 NEC Networks & System Integration 2,600 56,817 0.01 ––––––––––– ––––––– Nikon 8,400 97,204 0.01 3,287,830 0.48 Nippon Light Metal Holdings 105,001 181,057 0.03 Japan (2014: 8.69%) Nippon Steel & Sumikin Bussan 46,000 168,038 0.02 Aisin Seiki 1,900 80,897 0.01 Nippon Steel & Sumitomo Metal 526,001 1,364,380 0.20 Asahi Kasei 82,001 673,812 0.10 Nippon Telegraph & Telephone 8,800 318,840 0.05 Astellas Pharma 109,101 1,556,279 0.23 Nissan Motor 14,100 146,917 0.02 Bank of the Ryukyus 22,700 338,742 0.05 Nissin Electric 26,600 188,905 0.03 Bank of Yokohama 16,000 98,146 0.01 Nitto Denko 4,300 353,516 0.05 Bridgestone 6,800 251,600 0.04 NTT Data 17,600 769,501 0.11 Canon 42,800 1,392,972 0.20 NTT DoCoMo 44,600 854,349 0.12 Central Japan Railway 7,000 1,264,536 0.18 Obayashi 16,000 116,765 0.02 Chubu Electric Power 12,900 192,343 0.03 Ogaki Kyoritsu Bank 60,000 219,180 0.03 Chugoku Marine Paints 32,000 237,977 0.03 Oji Holdings 94,001 408,679 0.06 CyberAgent 22,600 1,073,068 0.16 Olympus 34,600 1,196,077 0.17 Daicel 4,000 51,387 0.01 Omron 12,200 530,413 0.08 Daido Steel 23,000 95,861 0.01 Osaka Gas 61,001 240,929 0.03 Daiichi Sankyo 5,100 94,360 0.01 Otsuka Holdings 25,800 823,032 0.12 Daishi Bank 48,000 202,803 0.03 Panasonic 18,400 252,847 0.04 Denso 2,900 144,473 0.02 Resona Holdings 49,400 269,880 0.04 East Japan Railway 11,200 1,007,739 0.15 Rohm 22,500 1,509,623 0.22 FANUC 1,100 225,457 0.03 Sanyo Special Steel 77,001 358,681 0.05 Foster Electric 17,900 402,719 0.06 Seven & I Holdings 13,800 593,209 0.09 Fuji Heavy Industries 2,000 73,681 0.01 Shiga Bank 78,001 420,709 0.06 Hitachi 80,001 527,471 0.08 Shin-Etsu Chemical 19,200 1,192,341 0.17 Hitachi - ADR 4,107 270,508 0.04 Showa Denko KK 205,001 271,401 0.04 Hitachi Chemical 28,600 516,069 0.07 SMC 7,000 2,108,896 0.31 Hitachi Metals 25,000 384,301 0.06 SoftBank 4,504 265,348 0.04 Hitachi Zosen 87,401 498,551 0.07 Sojitz 236,001 572,811 0.08 Hokkoku Bank 88,001 322,903 0.05 Sony 18,900 534,649 0.08 Honda Motor 14,600 472,667 0.07 Sumitomo 13,800 160,595 0.02 Hoya 24,200 970,452 0.14 Sumitomo Bakelite 80,001 362,849 0.05 Ibiden 18,300 309,574 0.04 Sumitomo Chemical 148,001 890,189 0.13 Inpex 144,901 1,647,762 0.24 Sumitomo Dainippon Pharma 45,900 506,020 0.07 Japan Airlines 2,800 97,708 0.01 Sumitomo Mitsui Financial Group 13,400 597,807 0.09 Japan Aviation Electronics Industry 2,000 54,427 0.01 Sumitomo Mitsui Trust Holdings 78,001 357,347 0.05 Japan Exchange Group 33,200 1,078,495 0.16 Suzuken Japan 19,700 631,095 0.09 Japan Tobacco 13,500 481,075 0.07 Suzuki Motor 2,100 70,964 0.01 JFE Holdings 16,500 366,300 0.05 Sysmex 10,600 632,370 0.09 Kajima 24,000 112,777 0.02 Taisei 19,000 109,157 0.02 Kawasaki Kisen Kaisha 305,001 720,345 0.10 Taisho Pharmaceutical Holdings 6,100 412,267 0.06 KDDI 11,300 272,792 0.04 Takeda Pharmaceutical 12,698 613,393 0.09 Keyence 1,400 755,804 0.11 Takuma 24,000 152,985 0.02 Komatsu 7,000 140,555 0.02 TDK 7,900 604,936 0.09

MGI Funds plc 67 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of holdings US$ Net assets Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2014: 87.61%) (continued) Norway (2014: 0.31%) Transferable securities (2014: 86.77%) (continued) Opera Software 2,631 22,563 - Equities (2014: 86.77%) (continued) Schibsted -A Shares 31,726 982,978 0.14 Japan (2014: 8.69%) (continued) Schibsted -B Shares 31,726 955,561 0.14 THK 60,200 1,301,755 0.19 Statoil 8,626 153,518 0.02 Tokai Carbon 101,001 316,953 0.05 Telenor 11,248 245,510 0.04 Tokio Marine Holdings 6,100 253,940 0.04 ––––––––––– ––––––– Tokyo Electron 21,900 1,386,502 0.20 2,360,130 0.34 Tokyo Gas 49,000 260,287 0.04 Peru (2014: Nil) Toppan Printing 58,000 485,368 0.07 Credicorp 6,746 933,681 0.14 Toray Industries 29,000 245,409 0.04 ––––––––––– ––––––– Toshiba 158,001 543,603 0.08 Philippines (2014: 0.06%) Toyota Industries 1,700 96,972 0.01 SM Investments 24,309 482,018 0.07 Toyota Motor 17,600 1,179,854 0.17 ––––––––––– ––––––– West Japan Railway 10,000 640,297 0.08 Portugal (2014: 0.18%) ––––––––––– ––––––– Mota-Engil 15,179 38,531 0.01 61,559,240 8.92 ––––––––––– ––––––– Korea (2014: 1.31%) Puerto Rico (2014: Nil) POSCO - ADR 10,459 513,187 0.07 First BanCorp 23,196 111,684 0.02 Samsung Electronics 1,910 2,165,530 0.31 ––––––––––– ––––––– Samsung Electronics - GDR 3,963 2,258,039 0.33 Russia (2014: 1.35%) Samsung Fire & Marine Insurance 2,923 769,099 0.11 Gazprom - ADR 263,487 1,356,922 0.20 SK Hynix 21,175 802,807 0.12 Lukoil - ADR 21,276 935,986 0.14 ––––––––––– ––––––– Rosneft - GDR 5,954 24,506 0.01 6,508,662 0.94 Sberbank of Russia - ADR 162,183 846,564 0.12 Luxembourg (2014: 0.25%) ––––––––––– ––––––– Altice 4,474 615,337 0.09 3,163,978 0.47 ArcelorMittal 69,302 674,281 0.10 Singapore (2014: 0.74%) ArcelorMittal - ADR 26,725 259,728 0.04 ComfortDelGro 78,005 181,315 0.03 Millicom International Cellular 7,768 572,183 0.08 DBS Group Holdings 31,026 476,661 0.07 RTL Group 7,942 716,937 0.10 Oversea-Chinese Banking 30,005 226,810 0.03 Trinseo 8,694 233,240 0.04 Singapore Telecommunications 214,005 675,455 0.10 ––––––––––– ––––––– United Overseas Bank 11,005 188,466 0.02 3,071,706 0.45 ––––––––––– ––––––– Macau (2014: Nil) 1,748,707 0.25 MGM China Holdings 59,609 97,481 0.02 South Africa (2014: 0.80%) Sands China 26,808 89,880 0.01 MTN Group 76,876 1,448,648 0.21 Wynn Macau 38,008 63,133 0.01 ––––––––––– ––––––– Naspers 32,099 5,010,191 0.73 250,494 0.04 Shoprite Holdings 47,890 684,437 0.10 Netherlands (2014: 2.06%) ––––––––––– ––––––– Aegon 51,855 380,850 0.06 7,143,276 1.04 Aegon - ADR 28,713 212,461 0.03 Spain (2014: 1.96%) Airbus Group 12,165 788,792 0.11 Abertis Infraestructuras 4,885 80,032 0.01 Akzo Nobel 11,448 832,470 0.12 Abertis Infraestructuras - Rights 4,885 4,026 - ASML Holding 12,951 1,337,558 0.19 ACS Actividades de Construccion y Servicios34,760 1,117,478 0.17 ASML Holding - ADR 4,312 448,904 0.07 Banco Bilbao Vizcaya Argentaria 12,740 124,782 0.02 BinckBank 37,047 352,906 0.05 Banco Popular Espanol 159,523 772,446 0.11 Fiat Chrysler Automobiles 185,773 2,719,796 0.39 Distribuidora Internacional de Alimentacion 154,889 1,182,139 0.17 Heineken 1,280 97,004 0.01 Ence Energia y Celulosa 29,536 100,859 0.02 Koninklijke Ahold 2,808 52,543 0.01 Grifols - Pref 9,066 281,008 0.04 Koninklijke DSM 5,273 305,451 0.05 Iberdrola 52,301 352,077 0.05 Koninklijke Philips 58,864 1,496,628 0.22 Inditex 18,034 585,760 0.08 Koninklijke Vopak 4,274 215,506 0.03 Mediaset Espana Comunicacion 42,375 554,977 0.08 LyondellBasell Industries 8,887 919,879 0.13 Telefonica 38,376 545,143 0.08 QIAGEN (Germany listing) 20,765 509,761 0.07 ––––––––––– ––––––– QIAGEN (US listing) 33,202 823,028 0.12 5,700,727 0.83 Unilever 12,584 523,716 0.08 Sweden (2014: 1.18%) Wolters Kluwer 3,047 90,429 0.01 Assa Abloy 206,477 3,884,392 0.56 ––––––––––– ––––––– Atlas Copco -A Shares 18,549 518,606 0.08 12,107,682 1.75 Atlas Copco -B Shares 71,902 1,789,400 0.26

MGI Funds plc 68 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Taiwan (2014: 0.53%) (2014: 87.61%) (continued) Taiwan Semiconductor Manufacturing - ADR 153,125 3,476,901 0.50 Transferable securities (2014: 86.77%) (continued) ––––––––––– ––––––– Equities (2014: 86.77%) (continued) Turkey (2014: Nil) Sweden (2014: 1.18%) (continued) Akbank 29,391 85,001 0.01 Hennes & Mauritz 17,145 659,520 0.10 Arcelik 111,835 607,342 0.09 Hexagon 1,394 50,432 0.01 TAV Havalimanlari Holding 22,763 193,235 0.03 ICA Gruppen 10,354 366,956 0.05 ––––––––––– ––––––– Intrum Justitia 4,267 129,047 0.02 885,578 0.13 Investor 3,696 137,558 0.02 United Kingdom (2014: 7.85%) Nordea Bank 13,692 170,612 0.02 Aggreko 21,421 484,759 0.07 Sandvik 21,306 235,324 0.03 Associated British Foods 4,808 217,092 0.03 Securitas 35,853 473,562 0.07 AstraZeneca 42,671 2,697,035 0.39 Skanska 26,546 537,458 0.08 Barclays 9,914 40,617 0.01 SKF 11,973 272,842 0.04 Berendsen 14,235 228,128 0.03 Svenska Cellulosa 7,646 194,223 0.03 BP 47,915 316,601 0.05 Svenska Handelsbanken 155,385 2,265,905 0.33 British American Tobacco 9,652 518,387 0.08 Swedbank 5,459 127,151 0.02 BT Group 59,021 417,879 0.06 Tele2 18,821 218,650 0.03 Burberry Group 7,079 174,902 0.03 Telefonaktiebolaget LM Ericsson 34,731 359,543 0.05 Centrica 52,735 218,782 0.03 Telefonaktiebolaget LM Ericsson - ADR 75,072 783,731 0.11 Compass Group 94,657 1,567,554 0.23 TeliaSonera 27,088 159,339 0.02 De La Rue 20,670 170,657 0.02 Volvo 165,005 2,046,256 0.30 Diageo 16,365 473,823 0.07 ––––––––––– ––––––– Direct Line Insurance Group 18,414 97,241 0.01 15,380,507 2.23 G4S 48,048 202,964 0.03 Switzerland (2014: 4.90%) GlaxoSmithKline 42,084 875,283 0.13 ABB 40,456 847,583 0.12 Hays 457,494 1,175,662 0.17 Adecco 1,828 148,381 0.02 HSBC Holdings 48,593 435,674 0.06 Barry Callebaut 319 363,528 0.05 Imperial Tobacco Group 7,805 376,472 0.05 Cie Financiere Richemont 14,573 1,185,812 0.17 J Sainsbury 12,575 52,468 0.01 Coca-Cola HBC 38,714 832,892 0.12 Kingfisher 19,197 104,848 0.02 Credit Suisse Group 8,016 220,411 0.03 Land Securities Group REIT 4,355 82,463 0.01 Geberit 167 55,699 0.01 Lloyds Banking Group 321,456 430,933 0.06 Givaudan 332 574,796 0.08 London Stock Exchange Group 3,651 136,084 0.02 Glencore 143,409 575,798 0.08 Lonmin 567 998 - Implenia 3,445 192,552 0.03 Michael Kors Holdings 2,835 119,325 0.02 Julius Baer Group 3,677 206,309 0.03 National Grid 37,185 477,893 0.07 Kudelski 23,541 333,749 0.05 Next 3,959 463,861 0.07 Kuehne & Nagel International 1,918 254,561 0.04 Pearson 7,459 141,356 0.02 Logitech International 38,312 561,619 0.08 Persimmon 6,207 192,795 0.03 Nestle 63,341 4,574,876 0.66 Prudential 226,589 5,461,141 0.79 Novartis 31,224 3,078,700 0.45 Reckitt Benckiser Group 5,769 497,921 0.07 Partners Group Holding 532 159,108 0.02 RELX 4,595 74,795 0.01 Roche Holding 11,563 3,241,393 0.47 Rexam 1,162 10,088 - Schindler Holding - non-voting 12,502 2,045,266 0.30 Rio Tinto 5,765 237,001 0.03 Schindler Holding - voting 1,229 200,648 0.03 Rolls-Royce Holdings -non-voting 11,999,524 18,872 - SGS 106 193,501 0.03 Rolls-Royce Holdings -voting 213,165 2,916,615 0.42 Swatch Group 132 51,427 0.01 Royal Dutch Shell -A Shares 10,032 281,862 0.04 Swiss Prime Site 1,186 89,964 0.01 Royal Dutch Shell -B Shares 9,408 267,363 0.04 Swiss Re 1,177 104,129 0.02 Royal Mail 26,579 215,057 0.03 Swisscom 1,077 603,311 0.09 SABMiller 32,971 1,713,188 0.25 Syngenta 1,503 610,732 0.09 Segro REIT 23,315 148,790 0.02 U-Blox 1,054 213,180 0.03 Sky 7,600 123,948 0.02 UBS (Switzerland listing) 20,893 443,303 0.06 Smith & Nephew 4,051 68,425 0.01 UBS (US listing) 67,056 1,421,566 0.21 SSE 16,852 407,064 0.06 Wolseley 38,031 2,430,072 0.35 Standard Chartered 7,561 121,171 0.02 Zurich Insurance Group 982 298,745 0.04 Tate & Lyle 24,844 202,972 0.03 ––––––––––– ––––––– Tullow Oil 6,221 33,235 - 26,113,611 3.78 Unilever 9,304 399,464 0.06

MGI Funds plc 69 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 36.47%) (continued) (2014: 87.61%) (continued) Citrix Systems 10,660 747,906 0.11 Transferable securities (2014: 86.77%) (continued) Cliffs Natural Resources 12,276 53,155 0.01 Equities (2014: 86.77%) (continued) Clorox 6,905 718,258 0.10 United Kingdom (2014: 7.85%) (continued) CME Group 8,247 767,466 0.11 Vodafone Group 622,834 2,251,449 0.33 Coca-Cola 55,118 2,162,240 0.31 WM Morrison Supermarkets 73,928 210,207 0.03 Colgate-Palmolive 29,472 1,927,764 0.28 ––––––––––– ––––––– Comcast - non-voting 4,950 296,703 0.04 28,553,164 4.14 Comcast - voting 63,426 3,814,380 0.55 United States of America (2014: 36.47%) ComScore 7,400 394,124 0.06 3M 236 36,415 0.01 ConAgra Foods 14,441 631,361 0.09 Adobe Systems 19,891 1,611,370 0.23 Consolidated Edison 12,285 711,056 0.10 AES 9,175 121,661 0.02 Costco Wholesale 6,652 898,419 0.13 Aetna 4,536 578,159 0.08 CSX 35,542 1,160,446 0.17 Allstate 3,010 195,259 0.03 CVS Health 13,972 1,465,383 0.21 Ally Financial 40,500 908,415 0.13 Denny's 31,260 362,929 0.05 Alnylam Pharmaceuticals 2,210 264,913 0.04 Dick's Sporting Goods 3,567 184,664 0.03 Altria Group 12,944 633,091 0.09 DIRECTV 8,165 757,630 0.11 Amazon.com 11,249 4,883,078 0.71 Discover Financial Services 9,000 518,580 0.08 Ameren 10,547 397,411 0.06 Dolby Laboratories 37,779 1,499,071 0.22 American Electric Power 2,844 150,647 0.02 Dollar General 10,241 796,135 0.12 American Express 49,617 3,856,233 0.56 Dollar Tree 9,914 783,107 0.11 American International Group 33,231 2,054,340 0.30 Domtar 7,022 290,711 0.04 Ameriprise Financial 7,981 997,066 0.14 Dow Chemical 56,070 2,869,051 0.42 Amgen 12,000 1,842,240 0.27 DTE Energy 1,732 129,276 0.02 Amkor Technology 5,319 31,808 - Duke Energy 10,027 708,107 0.10 Anthem 28,289 4,643,356 0.67 eBay 33,207 2,000,390 0.29 Apple 71,790 9,004,135 1.30 Edison International 12,679 704,699 0.10 Applied Materials 29,632 569,527 0.08 Edwards Lifesciences 20,006 2,849,455 0.41 Archer-Daniels-Midland 16,095 776,101 0.11 EI du Pont de Nemours 240 15,348 - Artisan Partners Asset Management 18,082 840,090 0.12 Eli Lilly 23,510 1,962,850 0.28 Assurant 2,469 165,423 0.02 Employers Holdings 10,737 244,589 0.04 AT&T 66,696 2,369,006 0.34 Enova International 6,859 128,126 0.02 Axiall 22,590 814,370 0.12 Entergy 5,205 366,953 0.05 Bank of America 251,959 4,288,325 0.62 EOG Resources 22,302 1,952,540 0.28 Baxter International 11,161 780,489 0.11 Estee Lauder 16,961 1,469,840 0.21 Becton Dickinson 5,291 749,470 0.11 Exelon 23,747 746,131 0.11 Berkshire Hathaway 16,200 2,204,982 0.32 Exxon Mobil 18,594 1,547,021 0.22 Biogen 2,100 848,274 0.12 F5 Networks 3,655 439,879 0.06 Black Box 2,602 52,040 0.01 Facebook 11,247 964,599 0.14 Boeing 5,297 734,800 0.11 Family Dollar Stores 14,593 1,150,074 0.17 Bristol-Myers Squibb 12,300 818,442 0.12 Financial Engines 25,632 1,088,847 0.16 Broadcom 13,529 696,608 0.10 First Republic Bank 44,450 2,801,684 0.41 Burlington Stores 12,841 657,459 0.10 FirstEnergy 11,088 360,914 0.05 Cabela's 10,062 502,899 0.07 FLIR Systems 44,321 1,365,973 0.20 Cablevision Systems 16,100 385,434 0.06 Fluor 8,590 455,356 0.07 Calpine 33,006 593,778 0.09 FMC 367 19,286 - Campbell Soup 11,535 549,643 0.08 Ford Motor 49,918 749,269 0.11 Capital One Financial 16,114 1,417,549 0.21 Freeport-McMoRan 108,746 2,024,832 0.29 Cardinal Health 8,389 701,740 0.10 Freescale Semiconductor 20,948 837,292 0.12 CarMax 35,828 2,372,172 0.34 General Electric 214 5,686 - Caterpillar 243 20,611 - General Motors 64,490 2,149,418 0.31 Celgene 26,777 3,099,036 0.45 Genworth Financial 30,700 232,399 0.03 Century Aluminum 23,133 241,277 0.03 Google 5,083 2,645,752 0.38 CenturyLink 18,251 536,214 0.08 GrubHub 16,489 561,780 0.08 Cerner 23,000 1,588,380 0.23 Harley-Davidson 65,004 3,662,919 0.53 CH Robinson Worldwide 21,434 1,337,267 0.19 Harris 217 16,689 - Chipotle Mexican Grill 710 429,543 0.06 HCA Holdings 12,720 1,153,958 0.17 Cigna 6,385 1,034,370 0.15 HCP REIT 19,201 700,260 0.10 Cisco Systems 77,349 2,123,976 0.31 Health Care REIT 10,581 694,431 0.10 Citigroup 91,859 5,074,236 0.74 Hershey 11,595 1,029,984 0.15

MGI Funds plc 70 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 36.47%) (continued) (2014: 87.61%) (continued) Pepco Holdings 27,284 735,031 0.11 Transferable securities (2014: 86.77%) (continued) PepsiCo 24,179 2,256,868 0.33 Equities (2014: 86.77%) (continued) Pfizer 116,331 3,900,545 0.57 United States of America (2014: 36.47%) (continued) PG&E 15,322 752,310 0.11 Hewlett-Packard 68,888 2,067,299 0.30 Philip Morris International 51,215 4,105,826 0.59 Hilton Worldwide Holdings 35,605 980,918 0.14 Plum Creek Timber REIT 18,019 731,031 0.11 Home Depot 222 24,671 - PMC-Sierra 38,888 332,881 0.05 HomeAway 21,572 671,321 0.10 PNC Financial Services Group 3,838 367,105 0.05 Howard Hughes 5,200 746,408 0.11 Polycom 21,855 250,021 0.04 Innospec 7,300 328,792 0.05 PPL 4,240 124,953 0.02 Intel 98,712 3,002,295 0.44 Praxair 9,580 1,145,289 0.17 International Business Machines 7,625 1,240,283 0.18 Precision Castparts 10,750 2,148,603 0.31 International Paper 4,452 211,871 0.03 Principal Financial Group 27,085 1,389,190 0.20 Intrexon 8,343 407,138 0.06 Procter & Gamble 61,834 4,837,814 0.70 Intuitive Surgical 1,087 526,652 0.08 Prudential Financial 15,623 1,367,325 0.20 Isis Pharmaceuticals 8,160 469,608 0.07 Public Service Enterprise Group 5,093 200,053 0.03 Jacobs Engineering Group 9,754 396,207 0.06 Qualcomm 76,177 4,770,903 0.69 Johnson & Johnson 24,257 2,364,087 0.34 RealPage 10,922 208,283 0.03 KBR 24,072 468,923 0.07 Realty Income REIT 16,315 724,223 0.10 Kellogg 8,883 556,964 0.08 Red Hat 11,761 893,013 0.13 KeyCorp 38,494 578,180 0.08 Regions Financial 78,592 814,203 0.12 Keysight Technology 21,175 660,448 0.10 Resources Connection 3,207 51,601 0.01 Kinder Morgan 39,199 1,504,850 0.22 Royal Caribbean Cruises 69,895 5,499,959 0.80 L Brands 17,678 1,515,535 0.22 Seattle Genetics 22,500 1,089,000 0.16 Laboratory of America Holdings 7,874 954,486 0.14 Selective Insurance Group 3,555 99,718 0.01 Landec 8,290 119,625 0.02 Sigma-Aldrich 5,337 743,711 0.11 LendingClub 21,168 312,228 0.05 Skyworks Solutions 17,821 1,855,166 0.27 Leucadia National 34,800 844,944 0.12 Southern 50,703 2,124,456 0.31 Lincoln Electric Holdings 23,488 1,430,184 0.21 Spirit Airlines 5,114 317,579 0.05 Lincoln National 24,012 1,421,991 0.21 Stanley Black & Decker 8,436 887,805 0.13 Lockheed Martin 4,092 760,703 0.11 Staples 21,552 329,961 0.05 M&T Bank 18,540 2,316,202 0.34 Starbucks 44,700 2,396,591 0.35 Markel 3,642 2,916,077 0.42 Starwood Hotels & Resorts Worldwide 20,439 1,657,399 0.24 Marriott International 11,114 826,770 0.12 Synchrony Financial 13,687 450,713 0.07 Martin Marietta Materials 11,712 1,657,365 0.24 Sysco 21,924 791,456 0.11 MasterCard 38,638 3,611,880 0.52 T-Mobile US 34,618 1,342,140 0.19 Maxim Integrated Products 15,623 540,165 0.08 Talen Energy 529 9,078 - MaxLinear 20,141 243,706 0.04 Targa Resources 5,237 467,245 0.07 McDonald's 12,943 1,230,491 0.18 TD Ameritrade Holding 84,426 3,108,529 0.45 Medidata Solutions 11,752 638,369 0.09 TeleTech Holdings 3,441 93,182 0.01 Merck 23,563 1,341,442 0.19 Teradyne 70,945 1,368,510 0.20 Merit Medical Systems 10,800 232,632 0.03 Tesla Motors 5,765 1,546,519 0.22 MetLife 30,615 1,714,134 0.25 Thermo Fisher Scientific 13,781 1,788,223 0.26 Micron Technology 24,635 464,123 0.07 Tiffany 11,321 1,039,268 0.15 Microsoft 47,362 2,091,032 0.30 TJX 3,900 258,063 0.04 Monsanto 12,544 1,337,065 0.19 Tootsie Roll Industries 1 - - Moody's 25,304 2,731,820 0.40 TransDigm Group 2,840 638,063 0.09 Mosaic 24,926 1,167,783 0.17 Travelers 8,011 774,343 0.11 Myriad Genetics 45,081 1,532,303 0.22 TripAdvisor 13,971 1,217,433 0.18 National CineMedia 19,404 309,688 0.04 Tumi Holdings 21,823 447,808 0.06 Navistar International 16,437 371,969 0.05 Twitter 12,363 447,788 0.06 Newmont Mining 61,035 1,425,754 0.21 Ulta Salon Cosmetics & Fragrance 6,489 1,002,226 0.15 NextEra Energy 1,869 183,218 0.03 Union Pacific 23,656 2,256,073 0.33 NIKE 16,606 1,793,780 0.26 United Fire Group 5,228 171,269 0.02 NOW 49,223 980,030 0.14 United Rentals 6,157 539,476 0.08 Oracle 82,270 3,315,441 0.48 United Technologies 7,020 778,729 0.11 Ovascience 5,700 164,901 0.02 UnitedHealth Group 8,411 1,026,142 0.15 Patterson 15,541 756,070 0.11 US Bancorp 5,404 234,534 0.03 Paychex 10,362 485,771 0.07 Valero Energy 16,888 1,057,189 0.15 PDF Solutions 6,758 108,128 0.02 Varian Medical Systems 8,585 723,973 0.12

MGI Funds plc 71 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 87.61%) (continued) Transferable securities (2014: 86.77%) (continued) Equities (2014: 86.77%) (continued) United States of America (2014: 36.47%) (continued) Veritiv 3,975 144,929 0.02 Verizon Communications 49,394 2,302,254 0.33 Vertex Pharmaceuticals 1,300 160,524 0.02 VF 13,091 912,966 0.13 Visa 34,028 2,284,979 0.33 Voya Financial 21,945 1,019,783 0.15 Wal-Mart Stores 34,438 2,442,686 0.35 Walt Disney 13,143 1,500,141 0.22 Waters 14,416 1,850,725 0.27 Western Digital 8,923 699,741 0.10 Westlake Chemical 16,100 1,104,298 0.16 Whole Foods Market 10,822 426,819 0.06 Xcel Energy 13,630 438,613 0.06 Xerox 72,597 772,421 0.11 Xilinx 32,700 1,444,032 0.21 Yum! Brands 15,683 1,412,725 0.20 Zillow Group 8,063 699,385 0.10 ––––––––––– ––––––– 288,688,402 41.82

Total equities 593,641,100 86.02

Total transferable securities 593,641,100 86.02

Financial derivative instruments (2014: 0.84%) Open forward foreign currency contracts (2014: 0.69%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

AUD 1* 77,775 USD 59,650 07/07/2015 110 - CHF 1* 74,877 USD 80,039 07/07/2015 94 - EUR 1* 96,969,520 USD 106,592,995 07/07/2015 1,457,362 0.21 GBP 1* 79,254,356 USD 121,216,093 07/07/2015 3,422,739 0.50 HKD 1* 214,717 USD 27,695 07/07/2015 1 - ILS 1* 19,388 USD 5,049 07/07/2015 90 - JPY 1* 23,878,909 USD 191,782 07/07/2015 3,373 - JPY 2* 123,872,353 USD 1,001,271 16/09/2015 12,035 - SEK 1* 215,084 USD 25,811 07/07/2015 113 - SGD 1* 16,187 USD 11,970 07/07/2015 51 - USD 2* 3,051,757 AUD 3,958,540 16/09/2015 21,671 - USD 1* 8,171,000 CAD 10,184,645 07/07/2015 13,775 - USD 2* 3,997,685 CAD 4,903,006 16/09/2015 74,382 0.01 USD 2* 4,976,466 CHF 4,604,451 16/09/2015 35,051 0.01 USD 2* 65,841 DKK 433,479 16/09/2015 954 - USD 2* 260,170 EUR 227,935 16/09/2015 5,934 - USD 1* 567,498 NOK 4,420,716 07/07/2015 5,665 - USD 2* 300,979 NOK 2,326,156 16/09/2015 5,831 - USD 1* 117,775 NZD 166,386 07/07/2015 5,298 - USD 2* 430,670 SEK 3,554,602 16/09/2015 1,599 - USD 2* 890,422 SGD 1,199,706 16/09/2015 404 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 5,066,532 0.73

Total financial derivative instruments at positive fair value 5,066,532 0.73

Total financial assets at fair value through profit or loss 598,707,632 86.75

MGI Funds plc 72 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

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 (2014: (0.26)%) Financial derivative instruments (2014: (0.26)%) Open forward foreign currency contracts (2014: (0.26)%) CAD 1* 98,997 USD 79,788 07/07/2015 (498) - CNY 2* 447,361 USD 72,717 23/09/2015 (968) - DKK 1* 95,776 USD 14,379 07/07/2015 (73) - EUR 2* 8,445,131 USD 9,514,908 16/09/2015 (95,311) (0.01) IDR 2* 959,030,771 USD 70,647 23/09/2015 (18) - KRW 2* 80,659,942 USD 72,464 23/09/2015 (288) - MYR 2* 270,549 USD 72,062 23/09/2015 (804) - NOK 1* 42,907 USD 5,477 07/07/2015 (24) - NZD 1* 1,633 USD 1,154 07/07/2015 (51) - PLN 2* 267,482 USD 72,947 16/09/2015 (1,971) - TWD 2* 2,243,110 USD 72,828 23/09/2015 (88) - USD 1* 5,995,852 AUD 7,837,273 07/07/2015 (26,140) - USD 1* 8,279,726 CHF 7,778,959 07/07/2015 (45,358) (0.01) USD 1* 1,481,727 DKK 10,055,854 07/07/2015 (20,397) - USD 1* 29,371,976 EUR 26,711,449 07/07/2015 (391,826) (0.06) USD 1* 19,788,950 GBP 12,938,264 07/07/2015 (558,324) (0.09) USD 2* 884,429 GBP 567,034 16/09/2015 (6,862) - USD 1* 2,840,304 HKD 22,023,235 07/07/2015 (462) - USD 2* 94,001 HKD 728,842 16/09/2015 (6) - USD 1* 498,638 ILS 1,928,370 07/07/2015 (12,544) - USD 2* 630,871 ILS 2,412,766 16/09/2015 (8,900) - USD 1* 19,690,321 JPY 2,442,463,858 07/07/2015 (271,275) (0.04) USD 2* 6,499,078 JPY 799,006,438 16/09/2015 (36,990) (0.01) USD 1* 2,617,496 SEK 22,326,815 07/07/2015 (73,532) (0.01) USD 1* 1,235,065 SGD 1,665,825 07/07/2015 (1,983) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (1,554,693) (0.23)

Futures contracts (2014: Nil) No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

FTSE 100 Index Futures 4* 18/09/2015 GBP 3 (6,558) - Mini MSCI Emerging Markets Index Futures 4* 18/09/2015 USD 179 (76,075) (0.01) S&P 500 E Mini Index Futures 4* 18/09/2015 USD 30 (45,225) (0.01) S&P 500 E Mini Index Futures 3* 18/09/2015 USD 708 (1,653,502) (0.24) SPI 200 Futures 4* 17/09/2015 AUD 2 (3,651) - Swiss Market Index Futures 4* 18/09/2015 CHF 6 (9,695) - ––––––––––– ––––––– Unrealised loss on futures contracts (1,794,706) (0.26)

Total financial derivative instruments at negative fair value (3,349,399) (0.49)

Total financial liabilities at fair value through profit or loss (3,349,399) (0.49)

Total financial derivative instruments 1,717,133 0.24

Total investment at fair value through profit of loss 595,358,233 86.26

MGI Funds plc 73 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at amortised cost (2014: 6.22%) Deposits with credit institutions (2014: 6.22%) Commonwealth Bank of Australia 0.06 03/07/2015 USD 9,002,665 9,002,665 1.30 Commonwealth Bank of Australia 0.08 15/07/2015 USD 5,002,110 5,002,110 0.72 HSBC Bank 0.03 22/07/2015 USD 9,505,226 9,505,226 1.38 Nordea Bank London Branch 0.05 03/07/2015 USD 9,007,231 9,007,231 1.31 Rabobank International 0.09 23/07/2015 USD 8,006,625 8,006,625 1.16 Royal Bank of Canada 0.03 03/07/2015 USD 12,502,433 12,502,433 1.82 Toronto Dominion London 0.10 24/07/2015 USD 10,005,024 10,005,024 1.44 ––––––––––– ––––––– Total deposits with credit institutions 63,031,314 9.13

Total financial assets at amortised cost 63,031,314 9.13

Cash (2014: 6.69%) 37,546,501 5.45

Net current liabilities (2014: (0.26)%) (5,838,953) (0.84) ––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 690,097,095 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities Greece 0.07% Hungary 0.13% Indonesia 0.30% Thailand 0.54%

Futures contracts gain 0.15%

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 83.19 Transferable securities other than those admitted to an official stock exchange listing or traded on a regular market 0.12 OTC financial derivative instruments 0.71 Deposits with credit institutions 8.85 Other current assets 7.13 ––––––– 100.00 –––––––

The following is a list of counterparties for the financial derivative instruments

Reference Counterparty 1* State Street Bank and Trust 2* State Street Trust Canada 3* Goldman Sachs 4* Newedge Canada

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 74 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings ¥ Net assets holdings ¥ Net assets

Financial assets at fair value through profit or loss (2014: 99.15%) Consumer, Non-Cyclical (2014: 10.83%) (continued) Transferable securities (2014: 99.15%) CYBERDYNE 3,700 11,803,000 0.66 Equities (2014: 99.15%) Ezaki Glico 600 3,648,000 0.20 Japan (2014: 99.15%) Japan Tobacco 7,200 31,395,600 1.76 Basic Materials (2014: 7.26%) JCR Pharmaceuticals 5,500 16,417,500 0.92 Air Water 1,000 2,241,000 0.13 Kewpie 3,200 8,294,400 0.46 DIC 28,000 8,568,000 0.48 Kyowa Hakko Kirin 3,000 4,803,000 0.27 JFE Holdings 1,600 4,346,400 0.24 NH Foods 7,000 19,558,000 1.10 Mitsubishi Materials 28,000 13,160,000 0.74 Noevir Holdings 200 527,400 0.03 Mitsui Chemicals 43,000 19,565,000 1.10 Otsuka Holdings 7,200 28,105,200 1.58 Nippon Shokubai 7,000 11,732,000 0.66 Recruit Holdings 300 1,120,500 0.06 Nippon Steel & Sumitomo Metal 62,000 19,678,800 1.10 Seven & I Holdings 2,800 14,728,000 0.83 Nisshin Steel 4,500 6,835,500 0.38 Shimadzu 9,000 14,967,000 0.84 Shin-Etsu Chemical 500 3,799,500 0.21 Suntory Beverage & Food 4,000 19,500,000 1.09 Sumitomo Bakelite 27,000 14,985,000 0.84 Suzuken Japan 4,500 17,640,000 0.99 Topy Industries 6,000 1,878,000 0.10 Sysmex 2,900 21,170,000 1.19 Zeon 9,000 10,170,000 0.57 Toppan Printing 9,000 9,216,000 0.52 ––––––––––– ––––––– Unicharm 4,600 13,383,700 0.75 116,959,200 6.55 ZERIA Pharmaceutical 3,700 6,615,600 0.37 Communications (2014: 4.84%) ––––––––––– ––––––– Dentsu 5,000 31,700,000 1.78 267,039,700 14.97 Gurunavi 2,600 5,241,600 0.29 Energy (2014: 1.00%) KDDI 9,600 28,358,400 1.59 JX Holdings 23,300 12,307,060 0.69 M3 2,700 6,647,400 0.37 ––––––––––– ––––––– Nippon Telegraph & Telephone 4,400 19,507,400 1.09 Financial (2014: 18.13%) SoftBank 4,400 31,719,600 1.78 Aeon Mall 2,700 6,193,800 0.35 ––––––––––– ––––––– Bank of Yokohama 12,000 9,007,200 0.51 123,174,400 6.90 Chiba Bank 9,000 8,397,000 0.47 Consumer, Cyclical (2014: 28.64%) Hokuhoku Financial Group 14,000 4,046,000 0.23 Bandai Namco Holdings 1,200 2,841,600 0.16 Mitsubishi UFJ Financial Group 100,800 88,683,840 4.97 Bridgestone 1,800 8,149,500 0.46 Mitsubishi UFJ Lease & Finance 11,800 7,906,000 0.44 Citizen Holdings 7,300 6,234,200 0.35 Mitsui Fudosan 6,000 20,562,000 1.15 Daiwa House Industry 6,600 18,829,800 1.05 Nishi-Nippon City Bank 31,000 10,943,000 0.61 Fast Retailing 400 22,224,000 1.24 Nomura Holdings 29,900 24,834,940 1.39 H2O Retailing 3,900 9,945,000 0.56 Nomura Real Estate Holdings 3,600 9,252,000 0.52 Haseko 7,300 10,541,200 0.59 North Pacific Bank 16,100 8,806,700 0.50 Honda Motor 7,100 28,126,650 1.58 ORIX 20,800 37,876,800 2.12 Izumi 1,800 9,306,000 0.52 Resona Holdings 4,800 3,208,800 0.18 J Front Retailing 4,300 9,907,200 0.55 Sompo Japan Nipponkoa Holdings 4,300 19,313,450 1.08 Japan Airlines 5,800 24,766,000 1.39 Sumitomo Mitsui Financial Group 6,800 37,121,200 2.08 Marui Group 7,400 12,239,600 0.69 Sumitomo Realty & Development 4,000 17,174,000 0.96 Mazda Motor 8,400 20,143,200 1.13 T&D Holdings 1,100 2,007,500 0.11 Mitsubishi 12,400 33,380,800 1.87 Tokio Marine Holdings 1,100 5,603,400 0.32 Mitsui 5,400 8,977,500 0.50 ––––––––––– ––––––– NGK Spark Plug 4,500 15,277,500 0.86 320,937,630 17.99 Nissan Motor 14,300 18,232,500 1.02 Industrial (2014: 17.52%) Oriental Land 1,600 12,504,000 0.70 Amada 16,100 20,833,400 1.17 Sekisui Chemical 2,000 3,006,000 0.17 Central Japan Railway 400 8,842,000 0.50 Sony 10,400 35,999,600 2.02 Daikin Industries 4,600 40,521,400 2.27 Sumitomo 11,500 16,376,000 0.92 DMG Mori 12,500 29,562,500 1.66 Sumitomo Electric Industries 9,100 17,262,700 0.97 East Japan Railway 1,900 20,919,000 1.17 Sundrug 800 5,832,000 0.33 Fukuyama Transporting 5,000 3,395,000 0.19 Suzuki Motor 4,100 16,953,500 0.95 Furukawa Electric 16,000 3,488,000 0.20 Takashimaya 1,000 1,110,000 0.06 Hitachi 42,000 33,885,600 1.90 Toyota Motor 12,300 100,896,900 5.65 Japan Aviation Electronics Industry 3,000 9,990,000 0.56 Yamaha Motor 4,800 12,849,600 0.72 Kajima 30,000 17,250,000 0.97 ––––––––––– ––––––– Kawasaki Heavy Industries 53,000 30,263,000 1.70 481,912,550 27.01 Keyence 500 33,030,000 1.85 Consumer, Non-Cyclical (2014: 10.83%) Konica Minolta 3,700 5,287,300 0.30 Ajinomoto 8,000 21,212,000 1.19 LIXIL Group 1,500 3,645,000 0.20 Arcs 1,100 2,934,800 0.16 Mabuchi Motor 1,000 7,740,000 0.43

MGI Funds plc 75 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings ¥ Net assets holdings ¥ Net assets

Financial assets at fair value through profit or loss Total equities 1,762,948,690 98.81 (2014: 99.15%) (continued) Transferable securities (2014: 99.15%) (continued) Total transferable securities 1,762,948,690 98.81 Equities (2014: 99.15%) (continued) Japan (2014: 99.15%) (continued) Total financial assets at fair value through Technology (2014: 8.80%) (continued) profit or loss 1,762,948,690 98.81 Maeda 7,000 5,936,000 0.33 Mitsui OSK Lines 27,000 10,584,000 0.59 Cash (2014: 0.90%) 21,346,822 1.20 Nidec 2,200 20,163,000 1.13 Omron 3,700 19,684,000 1.10 Net current liabilities (2014: (0.05)%) (87,072) (0.01) Rengo 2,000 1,014,000 0.06 –––––––––––– ––––––– Taiyo Yuden 4,100 7,043,800 0.39 Total net assets attributable to holders of West Japan Railway 800 6,268,000 0.35 redeemable participating shares 1,784,208,440 100.00 Yamato Holdings 5,400 12,795,300 0.72 –––––––––––– ––––––– ––––––––––– ––––––– 352,140,300 19.74 Total assets comprised as follows: Technology (2014: 8.80%) % of COLOPL 2,100 5,193,300 0.29 total assets Dena 3,600 8,661,600 0.48 Transferable securities admitted to an official stock exchange listing Otsuka 900 5,148,000 0.29 or traded on a regulated market 98.51 Ricoh 9,100 11,557,000 0.65 Other current assets 1.49 Seiko Epson 8,700 18,887,700 1.06 ––––––– Sumco 4,300 6,591,900 0.37 100.00 ––––––––––– ––––––– ––––––– 56,039,500 3.14 Utilities (2014: 2.13%) Country classifications are based upon country of incorporation and/or country of Electric Power Development 3,600 15,570,000 0.87 domicile. Kansai Electric Power 900 1,219,950 0.07 Osaka Gas 12,000 5,799,600 0.33 Shikoku Electric Power 3,600 6,598,800 0.37 Tokyo Gas 5,000 3,250,000 0.18 ––––––––––– ––––––– 32,438,350 1.82 ––––––––––– ––––––– 1,762,948,690 98.81

MGI Funds plc 76 MGI Funds plc Portfolio Statement MGI Pacific Basin (Ex Japan) Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.75%) Singapore (2014: 11.15%) (continued) Transferable securities (2014: 97.75%) UOL Group 22,000 113,063 1.17 Equities (2014: 97.75%) Venture 17,000 97,468 1.01 Australia (2014: 59.93%) ––––––––––– ––––––– AGL Energy 13,514 161,516 1.68 993,051 10.31 ASX 3,824 117,271 1.22 United Kingdom (2014: 0.93%) Australia & New Zealand Banking Group 15,785 390,662 4.06 HSBC Holdings 9,200 83,366 0.87 BHP Billiton 24,176 502,634 5.22 ––––––––––– ––––––– Brambles 40,531 330,212 3.43 United States of America (2014: 1.36%) Commonwealth Bank of Australia 7,040 460,634 4.78 ResMed 28,237 157,781 1.64 Computershare 16,716 150,449 1.56 ––––––––––– ––––––– CSL 5,966 396,505 4.12 Total equities 9,363,574 97.23 DuluxGroup 10,368 45,582 0.47 Incitec Pivot 41,502 122,809 1.27 Total transferable securities 9,363,574 97.23 Lend Lease Group 8,886 102,652 1.07 Medibank Private 67,584 104,409 1.08 Total financial assets at fair value through National Australia Bank 21,739 556,563 5.78 profit or loss 9,363,574 97.23 Orica 7,933 129,751 1.35 QBE Insurance Group 13,816 145,161 1.51 Cash (2014: 1.78%) 223,665 2.32 Recall Holdings 23,027 122,651 1.27 Rio Tinto 4,801 198,340 2.06 Net current assets (2014: 0.47%) 43,148 0.45 South32 24,176 33,261 0.34 ––––––––––– ––––––– Telstra 37,004 174,629 1.81 Net assets attributable to holders of Wesfarmers 7,902 237,048 2.46 redeemable participating shares Westpac Banking 14,449 357,042 3.71 (at last traded prices) 9,630,387 100.00 Woodside Petroleum 6,736 177,219 1.84 ––––––––––– ––––––– Woolworths 11,378 235,769 2.45 ––––––––––– ––––––– Total assets comprised as follows: 5,252,769 54.54 % of China (2014: Nil) total assets China Pacific Insurance Group 10,400 50,038 0.52 Transferable securities and money market instruments admitted to ––––––––––– ––––––– an official stock exchange listing or traded on a regulated market 97.09 Hong Kong (2014: 21.95%) Other current assets 2.91 AIA Group 85,000 554,237 5.75 ––––––– BOC Hong Kong Holdings 35,000 146,274 1.52 100.00 Cheung Kong Property Holdings 20,864 172,509 1.79 ––––––– CK Hutchison Holdings 14,864 219,340 2.28 Galaxy Entertainment Group 26,000 103,295 1.07 Country classifications are based upon country of incorporation and/or country of Hang Lung Group 16,000 70,377 0.73 domicile. Hang Seng Bank 3,900 76,213 0.79 HKT Trust & HKT 68,000 79,819 0.83 Hongkong Land Holdings 26,400 216,480 2.25 Jardine Matheson Holdings 2,400 136,200 1.41 Jardine Strategic Holdings 6,000 181,620 1.89 Kerry Properties 26,500 103,914 1.08 Swire Pacific -A Shares 16,500 207,619 2.16 Swire Pacific -B Shares 22,500 52,821 0.55 Swire Properties 31,450 100,201 1.04 Techtronic Industries 42,500 139,793 1.45 ––––––––––– ––––––– 2,560,712 26.59 Ireland (2014: 2.43%) James Hardie Industries 19,971 265,857 2.76 ––––––––––– ––––––– Singapore (2014: 11.15%) City Developments 6,000 43,580 0.45 ComfortDelGro 52,400 121,806 1.27 DBS Group Holdings 4,400 67,609 0.70 Singapore Telecommunications 78,200 246,825 2.56 StarHub 33,100 97,100 1.01 United Overseas Bank 12,000 205,600 2.14

MGI Funds plc 77 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.49%) Transferable securities (2014: 95.20%) Bonds (2014: 95.20%) Asset backed securities (2014: 0.87%) Channel Islands (2014: 0.36%) Whinstone Capital Management 4.28 25/04/2045 USD 600,000 384,371 0.58 ––––––––––– ––––––– Ireland (2014: Nil) Carlyle Global Market Strategies Euro CLO 2014-1 2.66 15/04/2027 EUR 167,000 118,490 0.18 ––––––––––– ––––––– Netherlands (2014: 0.25%) Chapel 0.36 17/07/2066 EUR 256,364 174,470 0.27 ––––––––––– ––––––– Total asset backed securities 677,331 1.03

Corporate bonds (2014: 48.19%) Australia (2014: 1.45%) BHP Billiton Finance 4.30 25/09/2042 GBP 139,000 143,173 0.22 Commonwealth Bank of Australia 3.00 04/09/2026 GBP 470,000 484,601 0.74 National Australia Bank 3.00 04/09/2026 GBP 100,000 103,399 0.16 QBE Insurance Group 6.13 28/09/2015 GBP 86,000 86,971 0.13 Scentre Group Trust 1 3.88 16/07/2026 GBP 100,000 105,444 0.15 ––––––––––– ––––––– 923,588 1.40 Cayman Islands (2014: 1.76%) Affinity Water Programme Finance 4.50 31/03/2036 GBP 100,000 110,325 0.17 Southern Water Services Finance 4.50 31/03/2038 GBP 600,000 619,905 0.94 ––––––––––– ––––––– 730,230 1.11 Channel Islands (2014: 3.25%) AA Bond 6.27 31/07/2025 GBP 350,000 418,871 0.64 CPUK Finance 7.24 28/02/2024 GBP 389,000 492,586 0.75 CPUK Finance 2.67 28/02/2020 GBP 171,000 170,752 0.26 Credit Suisse Group Funding Guernsey 3.00 27/05/2022 GBP 547,000 531,774 0.81 Gatwick Funding 4.63 27/03/2034 GBP 300,000 317,535 0.48 Gatwick Funding 5.75 23/01/2037 GBP 200,000 243,065 0.37 Porterbrook Rail Finance 5.50 20/04/2019 GBP 100,000 110,709 0.17 ––––––––––– ––––––– 2,285,292 3.48 France (2014: 2.79%) Credit Agricole 3.88 15/04/2024 USD 700,000 449,818 0.68 Electricite de France 6.25 30/05/2028 GBP 100,000 125,441 0.19 Electricite de France 6.13 02/06/2034 GBP 200,000 245,665 0.37 Electricite de France 5.50 27/03/2037 GBP 500,000 580,013 0.88 Electricite de France 5.50 17/10/2041 GBP 300,000 348,529 0.53 Electricite de France 6.00 22/01/2114 USD 227,000 154,368 0.23 Veolia Environnement 6.13 29/10/2037 GBP 250,000 314,321 0.49 ––––––––––– ––––––– 2,218,155 3.37 Ireland (2014: 1.24%) GE Capital UK Funding 5.88 18/01/2033 GBP 350,000 452,756 0.69 GE Capital UK Funding 8.00 14/01/2039 GBP 176,000 290,353 0.45 ––––––––––– ––––––– 743,109 1.14 Mexico (2014: 0.22%) America Movil 4.38 16/07/2042 USD 200,000 118,415 0.18 ––––––––––– ––––––– Netherlands (2014: 4.03%) E.ON International Finance 6.65 30/04/2038 USD 339,000 260,168 0.40 Enel Finance International 5.75 14/09/2040 GBP 411,000 462,329 0.70 ING Bank 5.38 15/04/2021 GBP 400,000 461,251 0.70

MGI Funds plc 78 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.49%) (continued) Transferable securities (2014: 95.20%) (continued) Bonds (2014: 95.20%) (continued) Corporate bonds (2014: 48.19%) (continued) Netherlands (2014: 4.03%) (continued) Koninklijke KPN 5.00 18/11/2026 GBP 100,000 107,542 0.16 Koninklijke KPN 5.75 17/09/2029 GBP 720,000 818,248 1.24 RWE Finance 5.50 06/07/2022 GBP 200,000 226,903 0.35 RWE Finance 6.25 03/06/2030 GBP 500,000 587,984 0.89 RWE Finance 4.75 31/01/2034 GBP 300,000 300,263 0.46 ––––––––––– ––––––– 3,224,688 4.90 United Kingdom (2014: 22.63%) Abbey National Treasury Services 5.13 14/04/2021 GBP 100,000 116,148 0.18 Abbey National Treasury Services 5.75 02/03/2026 GBP 540,000 694,872 1.06 ABP Finance 6.25 14/12/2026 GBP 100,000 123,665 0.19 Affinity Sutton Capital Markets 4.25 08/10/2042 GBP 100,000 109,590 0.17 Anglian Water Services Financing 4.50 22/02/2026 GBP 220,000 233,278 0.35 Anglian Water Services Financing 4.50 05/10/2027 GBP 100,000 110,595 0.17 Annington Finance No 4 - 07/12/2022 GBP 300,000 240,772 0.37 Aspire Defence Finance 4.67 31/03/2040 GBP 78,782 89,342 0.14 Aster Treasury 4.50 18/12/2043 GBP 300,000 337,145 0.51 Bank of Scotland 4.88 20/12/2024 GBP 85,000 100,572 0.15 Broadgate Financing 4.85 05/04/2031 GBP 100,000 116,218 0.18 Channel Link Enterprises Finance 3.30 30/06/2050 EUR 1,390,000 992,138 1.51 Eastern Power Networks 6.25 12/11/2036 GBP 600,000 790,540 1.20 Eversholt Funding 5.83 02/12/2020 GBP 100,000 115,007 0.17 GlaxoSmithKline Capital 6.38 09/03/2039 GBP 125,000 173,186 0.26 GlaxoSmithKline Capital 5.25 10/04/2042 GBP 350,000 429,936 0.65 Great Places Housing Group 4.75 22/10/2042 GBP 100,000 115,012 0.17 Great Rolling Stock 6.50 05/04/2031 GBP 164,900 206,897 0.31 Greene King Finance 5.11 15/03/2034 GBP 210,000 237,706 0.36 Heathrow Funding 6.00 20/03/2020 GBP 160,000 180,570 0.27 Heathrow Funding 6.75 03/12/2026 GBP 149,000 193,320 0.29 Heathrow Funding 5.88 13/05/2041 GBP 150,000 188,494 0.29 Heathrow Funding 4.63 31/10/2046 GBP 213,000 228,002 0.35 Imperial Tobacco Finance 7.75 24/06/2019 GBP 311,000 371,387 0.56 Imperial Tobacco Finance 5.50 28/09/2026 GBP 150,000 170,577 0.26 Intu Metrocentre Finance 4.13 06/12/2023 GBP 284,000 296,336 0.45 Intu SGS Finance 4.63 17/03/2028 GBP 200,000 216,968 0.33 Kennedy Wilson Europe Real Estate 3.95 30/06/2022 GBP 1,070,000 1,057,486 1.61 Land Securities Capital Markets 5.40 31/07/2032 GBP 200,000 245,395 0.37 Lloyds Bank 5.13 07/03/2025 GBP 280,000 338,617 0.52 Lloyds Bank 6.00 08/02/2029 GBP 170,000 228,622 0.35 Lloyds Bank 6.50 17/09/2040 GBP 359,000 499,828 0.76 London & Quadrant Housing Trust 5.50 27/01/2040 GBP 60,000 77,307 0.12 Longstone Finance 4.79 19/04/2030 GBP 36,681 40,890 0.06 Meadowhall Finance 4.99 12/01/2032 GBP 85,569 100,143 0.15 Moat Homes Finance 5.00 23/09/2041 GBP 179,000 210,471 0.32 National Grid Gas 6.00 13/05/2038 GBP 550,000 737,610 1.12 Nationwide Building Society 5.63 28/01/2026 GBP 410,000 522,778 0.80 Northumbrian Water Finance 5.13 23/01/2042 GBP 100,000 117,551 0.18 Royal Bank of Scotland 6.63 17/09/2018 GBP 430,000 488,806 0.74 Royal Bank of Scotland 7.50 29/04/2024 GBP 495,000 644,225 0.98 Royal Bank of Scotland 6.88 17/05/2025 GBP 200,000 254,023 0.39 Sanctuary Capital 5.00 26/04/2047 GBP 400,000 495,309 0.75 Segro 5.50 20/06/2018 GBP 70,000 77,227 0.12 Sky 4.00 26/11/2029 GBP 500,000 502,014 0.76 South Eastern Power Networks 5.50 05/06/2026 GBP 41,000 48,761 0.07 Sovereign Housing Capital 4.77 01/06/2043 GBP 100,000 118,716 0.18 Telereal Secured Finance 4.01 10/12/2031 GBP 368,264 370,266 0.56

MGI Funds plc 79 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.49%) (continued) Transferable securities (2014: 95.20%) (continued) Bonds (2014: 95.20%) (continued) Corporate bonds (2014: 48.19%) (continued) United Kingdom (2014: 22.63%) (continued) Telereal Securitisation 6.16 10/12/2031 GBP 383,200 454,717 0.69 Telereal Securitisation 4.09 10/12/2033 GBP 300,000 309,888 0.47 Tesco Property Finance 4 5.80 13/10/2040 GBP 395,447 378,960 0.58 Wales & West Utilities Finance 4.63 13/12/2023 GBP 100,000 110,975 0.17 Wellcome Trust Finance 4.00 09/05/2059 GBP 110,000 132,115 0.20 Western Power Distribution East Midlands 5.25 17/01/2023 GBP 354,000 405,089 0.62 Western Power Distribution South West 5.75 23/03/2040 GBP 150,000 189,269 0.29 Western Power Distribution West Midlands 5.75 16/04/2032 GBP 121,000 148,664 0.23 WHG Treasury 4.25 06/10/2045 GBP 100,000 104,829 0.16 White City Property Finance 5.12 17/04/2035 GBP 95,522 110,555 0.17 Yorkshire Water Services Bradford Finance 3.63 01/08/2029 GBP 100,000 101,188 0.16 Yorkshire Water Services Bradford Finance 6.38 19/08/2039 GBP 170,000 230,622 0.35 ––––––––––– ––––––– 17,031,189 25.90 United States of America (2014: 7.60%) Altria Group 10.20 06/02/2039 USD 49,000 51,458 0.08 American International Group 5.00 26/04/2023 GBP 550,000 621,862 0.95 AT&T 4.25 01/06/2043 GBP 183,000 168,059 0.26 AT&T 4.88 01/06/2044 GBP 411,000 414,625 0.63 AT&T 4.75 15/05/2046 USD 345,000 200,390 0.30 Bank of America 7.75 30/04/2018 GBP 200,000 231,699 0.35 Bank of America 5.50 04/12/2019 GBP 338,000 381,410 0.58 Comcast 5.50 23/11/2029 GBP 380,000 458,429 0.70 DIRECTV Holdings 4.38 14/09/2029 GBP 350,000 355,992 0.54 General Electric 1.88 28/05/2027 EUR 289,000 202,076 0.31 Glencore Funding 4.13 30/05/2023 USD 208,000 128,160 0.19 Goldman Sachs Group 4.25 29/01/2026 GBP 130,000 136,965 0.21 Health Care REIT 4.50 01/12/2034 GBP 200,000 204,682 0.31 Metropolitan Life Global Funding I 3.50 30/09/2026 GBP 100,000 104,415 0.16 Mondelez International 7.25 18/07/2018 GBP 702,000 812,572 1.24 Time Warner Cable 5.25 15/07/2042 GBP 150,000 138,844 0.21 Verizon Communications 6.40 15/09/2033 USD 30,000 21,921 0.03 Verizon Communications 4.40 01/11/2034 USD 70,000 41,335 0.06 Verizon Communications 6.55 15/09/2043 USD 278,000 207,493 0.32 Verizon Communications 4.52 15/09/2048 USD 478,000 268,087 0.41 Verizon Communications 4.67 15/03/2055 USD 70,000 38,882 0.06 Wal-Mart Stores 4.88 19/01/2039 GBP 495,000 591,222 0.89 ––––––––––– ––––––– 5,780,578 8.79

Total corporate bonds 33,055,244 50.27 Government bonds (2014: 44.09%) United Kingdom (2014: 43.59%) United Kingdom (Government of) 1.25 22/07/2018 GBP 9,799,000 9,869,553 15.01 United Kingdom (Government of) 3.75 07/09/2021 GBP 1,058,000 1,189,827 1.81 United Kingdom (Government of) 1.75 07/09/2022 GBP 4,128,000 4,110,662 6.25 United Kingdom (Government of) 2.25 07/09/2023 GBP 1,297,000 1,327,609 2.02 United Kingdom (Government of) 4.25 07/06/2032 GBP 3,786,323 4,690,118 7.13 United Kingdom (Government of) 4.25 07/09/2039 GBP 2,361,000 3,019,483 4.59 United Kingdom (Government of) 4.25 07/12/2040 GBP 2,662,438 3,425,759 5.21 United Kingdom (Government of) 3.25 22/01/2044 GBP 2,208,416 2,438,754 3.71 United Kingdom (Government of) 3.50 22/01/2045 GBP 1,942,000 2,245,923 3.42 United Kingdom (Government of) 3.75 22/07/2052 GBP 489,514 615,221 0.94 ––––––––––– ––––––– 32,932,909 50.09

Total government bonds 32,932,909 50.09

MGI Funds plc 80 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.49%) (continued) Transferable securities (2014: 95.20%) (continued) Bonds (2014: 95.20%) (continued) Mortgage backed securities (2014: 2.05%) Ireland (2014: 0.16%) Deco 2014-BONN 3.44 07/11/2024 EUR 198,330 144,233 0.22 ––––––––––– ––––––– Netherlands (2014: 0.26%) Utrecht Funding 3.00 28/07/2016 EUR 285,249 202,644 0.31 ––––––––––– ––––––– United Kingdom (2014: 0.76%) Canary Wharf Finance II 6.46 22/04/2030 GBP 141,986 187,776 0.29 Equity Release Funding No 3 5.05 26/04/2033 GBP 200,000 235,907 0.36 Slate No.1 2.87 24/01/2051 GBP 100,000 102,119 0.15 ––––––––––– ––––––– 525,802 0.80

Total mortgage backed securities 872,679 1.33

Total bonds 67,538,163 102.72

Total transferable securities 67,538,163 102.72

Nominal Fair value % of holdings GB£ Net assets

Collective investment schemes (2014: 3.11%) Ireland (2014: 3.11%) Insight Global Funds II - Insight Emerging Markets Debt Fund 169,079 2,366,998 3.60 Insight Global Funds II - Short High Yield Bond Fund 59,794 692,476 1.05 Insight Liquidity Funds - GBP Liquidity Fund 290,000 290,000 0.44 ––––––––––– ––––––– Total collective investment schemes 3,349,474 5.09

Financial derivative instruments (2014: 0.18%) Open forward foreign currency contracts (2014: 0.09%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain GB£ Net assets

GBP 5* 885,865 EUR 1,217,000 24/07/2015 23,291 0.03 GBP 4* 360,812 EUR 508,000 10/07/2015 855 - GBP 8* 393,171 EUR 549,000 10/07/2015 4,162 0.01 GBP 9* 304,048 EUR 427,000 12/08/2015 1,284 - GBP 4* 72,750 USD 114,000 01/07/2015 263 - GBP 2* 390,783 USD 604,000 01/07/2015 6,730 0.01 GBP 7* 702,342 USD 1,069,000 15/07/2015 22,558 0.04 GBP 2* 1,337,521 USD 2,072,000 29/07/2015 19,801 0.04 GBP 4* 318,524 USD 500,000 14/08/2015 505 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 79,449 0.13

Credit default swaps (2014: Nil)

Protection Premium Maturity Notional Fair Value % of (Bought)/Sold (Paid)/Received date Currency holding GB£ Net assets

Santander International Debt 5* (Bought) (Fixed 1.00%) 20/06/2020 EUR 300,000 738 - Tesco 3* (Bought) (Fixed 1.00%) 20/06/2020 EUR 300,000 6,716 0.01 ––––––––––– ––––––– Credit default swaps at positive fair value 7,454 0.01

MGI Funds plc 81 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding GB£ Net assets

Financial derivative instruments (2014: 0.18%) (continued) Interest rate swaps (2014: Nil) Fixed 2.572% 1* USD 3 Month Libor 05/05/2045 USD 800,000 32,839 0.05 ––––––––––– ––––––– Interest rate swaps at positive fair value 32,839 0.05

Futures contracts (2014: 0.02%) No. of Maturity contracts Unrealised % of date Currency long/(short) gain GB£ Net assets

5 Year US Treasury Notes Futures 4* 30/09/2015 USD (14) 835 - Euro Bobl Futures 4* 08/09/2015 EUR (15) 14,375 0.02 Euro Schatz Futures 4* 08/09/2015 EUR 53 1,314 - US Long Bond Futures 4* 21/09/2015 USD (2) 4,093 0.01 US Ultra Bond Futures 4* 21/09/2015 USD 40 10,574 0.02 ––––––––––– ––––––– Unrealised gain on futures contracts 31,191 0.05

Options purchased (2014: Nil) Expiry Notional Fair value % of Currency date amount GB£ Net assets

Call at 129 10 Year US Treasury Notes Futures Option 4* USD 21/08/2015 185,000 40,436 0.06 ––––––––––– ––––––– Unrealised gain on options purchased 40,436 0.06

Total financial derivative instruments at positive fair value 191,369 0.30

Total financial assets at fair value through profit or loss 71,079,006 108.11

Financial liabilities at fair value through profit or loss (2014: (0.22)%) Financial derivative instruments (2014: (0.22)%) Open forward foreign currency contracts (2014: Nil)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss GB£ Net assets

EUR 6* 314,000 GBP 223,605 12/08/2015 (964) - USD 4* 487,000 GBP 315,727 15/07/2015 (6,040) (0.01) ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (7,004) (0.01) ––––––––––– ––––––– Credit default swaps (2014: Nil)

Protection Premium Maturity Notional Fair Value % of (Bought)/Sold (Paid)/Received date Currency holding GB£ Net assets iTraxx Europe Crossover 1* (Bought) (Fixed 5.00%) 20/06/2020 EUR 1,000,000 (51,486) (0.08) ––––––––––– ––––––– Credit default swaps at negative fair value (51,486) (0.08)

MGI Funds plc 82 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

No. of Maturity contracts Unrealised % of date Currency long/(short) loss GB£ Net assets

Financial liabilities at fair value through profit or loss (2014: (0.22)%) (continued) Financial derivative instruments (2014: (0.22)%) (continued) Futures contracts (2014: (0.05)%) 10 Year US Treasury Notes Futures 4* 21/09/2015 USD (140) (12,249) (0.02) Euro Bobl Futures 4* 08/09/2015 EUR 6 (85) - UK Long Gilt Bond Futures 4* 28/09/2015 GBP 29 (17,110) (0.02) ––––––––––– ––––––– Unrealised loss on futures contracts (29,444) (0.04)

Total financial derivative instruments at negative fair value (87,934) (0.13)

Total financial liabilities at fair value through profit or loss (87,934) (0.13)

Total financial derivative instruments 103,435 0.17

Total investments at fair value through profit and loss 70,991,072 107.98

Cash (2014: 1.70%) 871,573 1.32

Net current liabilities (2014: 0.03%) (6,115,500) (9.30) ––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 65,747,145 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities

Asset backed securities Spain 0.26% Corporate bonds Denmark 0.39% Italy 1.08% Spain 0.35% Mortgage backed securities: Italy 0.31% Portugal 0.11% Spain 0.12%

MGI Funds plc 83 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 30 June 2015 (continued)

% of total assets

Total assets comprised as follows:

Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 79.15 Collective investment schemes 3.91 Financial derivative instruments dealt in on a regulated market 0.04 OTC financial derivative instruments 0.17 Other current assets 16.73 ––––––– 100.00 –––––––

The following is a list of counterparties for the financial derivative instruments.

Reference Counterparty 1* Barclays 2* Citibank 3* Credit Suisse 4* Goldman Sachs 5* Merrill Lynch International 6* Royal Bank of Canada 7* Royal Bank of Scotland 8* Toronto Dominion Bank 9* UBS

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 84 MGI Funds plc Portfolio Statement MGI UK Cash Fund as at 30 June 2015

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 89.03%) Collective investment schemes (2014: 89.03%) Ireland (2014: 71.23%) Fidelity Institutional Liquidity Fund - The Sterling Fund 1,442 29,635,635 18.62 Goldman Sachs Funds - Sterling Liquid Reserves Fund 2,108 29,651,482 18.62 Insight Liquidity Funds - GBP Liquidity Fund 29,558,067 29,558,067 18.57 Institutional Cash Series - Institutional Sterling Liquidity Fund 290,240 29,641,196 18.62 ––––––––––– ––––––– 118,486,380 74.43 Luxembourg (2014: 17.80%) JPMorgan Liquidity Funds - Sterling Liquidity Fund 1,862 29,631,348 18.61 ––––––––––– ––––––– Total collective investment schemes 148,117,728 93.04

Total financial assets at fair value through profit or loss 148,117,728 93.04

Cash (2014: 10.98%) 11,221,962 7.05

Other net liabilities (2014: (0.01)%) (135,946) (0.09) ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 159,203,744 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Collective investment schemes 92.93 Other current assets 7.07 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 85 MGI Funds plc Portfolio Statement MGI UK Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings GB£ Net assets holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.94%) United Kingdom (2014: 95.05%) (continued) Transferable securities (2014: 98.94%) Cobham 13,507 35,523 0.06 Equities (2014: 98.94%) Compass Group 128,363 1,351,662 2.22 Bermuda (2014: 0.26%) Daily Mail & General Trust 101,521 943,130 1.55 Hiscox 5,915 49,627 0.08 Debenhams 60,683 54,160 0.09 ––––––––––– ––––––– Diageo 86,790 1,597,804 2.63 Ireland (2014: 1.36%) Direct Line Insurance Group 17,815 59,823 0.10 Beazley 4,812 14,234 0.02 Dixons Carphone 109,700 497,490 0.82 CRH 20,581 367,577 0.61 Drax Group 6,424 22,368 0.04 DCC 406 20,300 0.03 DS Smith 7,389 28,522 0.05 Shire 35,067 1,786,663 2.94 Electrocomponents 7,122 15,084 0.02 ––––––––––– ––––––– Enterprise Inns 36,424 45,166 0.07 2,188,774 3.60 Euromoney Institutional Investor 11,007 133,955 0.22 Isle Of Man (2014: 0.05%) Evraz 7,060 8,698 0.01 Playtech 4,359 35,679 0.06 Fidessa Group 24,193 550,391 0.90 ––––––––––– ––––––– Filtrona 48,081 477,444 0.78 Jersey (2014: Nil) Firstgroup 9,779 11,686 0.02 Centamin 16,114 9,950 0.02 Foxtons Group 166,309 393,986 0.65 ––––––––––– ––––––– GlaxoSmithKline 119,742 1,583,588 2.60 Switzerland (2014: 2.03%) Greene King 41,924 354,048 0.58 Glencore 100,532 256,658 0.42 Greggs 1,638 19,378 0.03 Wolseley 22,316 906,699 1.49 Halfords Group 3,084 16,284 0.03 ––––––––––– ––––––– Halma 1,436 10,942 0.02 1,163,357 1.91 Hammerson REIT 4,470 27,513 0.04 United Kingdom (2014: 95.05%) Hargreaves Lansdown 145,898 1,682,204 2.76 3i Group 179,542 927,334 1.52 Henderson Group 7,084 18,489 0.03 A.G.Barr 64,303 395,463 0.65 Home Retail Group 42,181 71,286 0.12 Admiral Group 4,252 58,975 0.10 Howden Joinery Group 73,083 378,205 0.62 Aggreko 2,400 34,536 0.06 HSBC Holdings 424,660 2,420,987 3.98 AMEC 5,233 42,780 0.07 Hunting 27,500 167,750 0.28 Amlin 10,999 52,399 0.09 ICAP 5,299 28,058 0.05 Anglo American 21,542 197,863 0.32 IG Group Holdings 3,211 23,970 0.04 Ashtead Group 45,300 497,847 0.82 IMI 1,887 21,229 0.03 Associated British Foods 3,049 87,537 0.14 Imperial Tobacco Group 38,000 1,165,460 1.92 AstraZeneca 50,675 2,036,628 3.35 Inchcape 6,465 52,431 0.09 Auto Trader Group 212,639 648,336 1.07 Informa 3,231 17,657 0.03 Aviva 18,006 88,680 0.15 Intermediate Capital Group 7,644 42,004 0.07 BAE Systems 24,810 111,943 0.18 International Personal Finance 3,477 15,890 0.03 Balfour Beatty 12,524 30,296 0.05 Investec 5,125 29,315 0.05 Barclays 270,445 704,509 1.16 ITV 212,000 558,196 0.92 Bellway 2,014 47,772 0.08 J Sainsbury 25,597 67,909 0.11 Berendsen 1,221 12,442 0.02 Jardine Lloyd Thompson Group 2,152 22,467 0.04 Berkeley Group Holdings 11,288 377,696 0.62 John Wood Group 1,366 8,804 0.01 Betfair Group 4,100 98,646 0.16 Johnson Matthey 12,198 370,575 0.61 BG Group 41,898 443,909 0.73 Jupiter Fund Management 3,275 14,597 0.02 BHP Billiton 53,386 666,791 1.10 Just Eat 55,200 224,554 0.37 Booker Group 158,400 266,746 0.44 Kingfisher 37,785 131,227 0.22 Bovis Homes Group 2,756 30,674 0.05 Ladbrokes 19,965 25,915 0.04 BP 577,475 2,426,261 3.99 Lancashire Holdings 4,126 25,437 0.04 Bradford Bingley* 65,579 - - Land Securities Group REIT 3,154 37,974 0.06 British American Tobacco 81,556 2,785,137 4.58 Legal & General Group 51,872 129,109 0.21 British Land REIT 7,076 56,148 0.09 Lloyds Banking Group 1,744,581 1,487,081 2.44 BT Group 108,854 490,061 0.81 London Stock Exchange Group 48,055 1,138,904 1.87 Burberry Group 52,729 828,373 1.36 Man Group 36,428 57,156 0.09 Cairn Energy 10,795 18,330 0.03 Marks & Spencer Group 27,581 147,834 0.24 Capital & Counties Properties 290,283 1,263,312 2.08 Meggitt 7,348 34,271 0.06 Carillion 14,198 48,543 0.08 Micro Focus International 3,639 49,527 0.08 Carnival 27,026 878,075 1.44 Mitchells & Butlers 4,799 21,907 0.04 Centrica 106,938 282,102 0.46 Mitie Group 15,589 49,105 0.08 Chemring Group 14,752 32,454 0.05 National Grid 42,937 350,881 0.58 Close Brothers Group 708 10,818 0.02 Next 17,071 1,271,790 2.09

MGI Funds plc 86 MGI Funds plc Portfolio Statement MGI UK Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings GB£ Net assets holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 98.94%) Total equities 62,069,910 102.02 Transferable securities (2014: 98.94%) Equities (2014: 98.94%) Total transferable securities 62,069,910 102.02 United Kingdom (2014: 95.05%) (continued) Old Mutual 46,461 93,619 0.15 Total financial assets at fair value through Paragon Group of Cos 19,102 79,120 0.13 profit or loss 62,069,910 102.02 Patisserie Holdings 85,829 266,070 0.44 Pearson 100,043 1,205,518 1.98 Cash (2014: 1.45%) 781,238 1.28 Persimmon 4,618 91,206 0.15 Petrofac 3,133 28,996 0.05 Net current liabilities (2014: (0.39%)) (2,009,004) (3.30) Premier Oil 5,755 8,581 0.01 ––––––––––– ––––––– Provident Financial 1,069 31,290 0.05 Net assets attributable to holders of Prudential 28,796 441,299 0.73 redeemable participating shares Rathbone Brothers 28,833 619,045 1.02 (at last traded prices) 60,842,144 100.00 Reckitt Benckiser Group 29,160 1,600,301 2.63 ––––––––––– ––––––– RELX 216,450 2,240,258 3.68 Rexam 5,742 31,696 0.05 The following table outlines the geographic concentrations of financial assets at Rightmove 19,803 648,944 1.07 fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer Rio Tinto 45,879 1,199,277 1.97 invested in at 30 June 2015: Rotork 4,380 10,188 0.02 Royal Bank of Scotland Group 20,360 71,565 0.12 Financial assets at fair value through profit or loss Royal Dutch Shell - A Shares 79,164 1,414,265 2.32 Transferable securities Royal Dutch Shell - B Shares 102,524 1,852,609 3.04 Equities Royal Mail 10,847 55,808 0.09 Guernsey 0.04% RSA Insurance Group 16,068 63,822 0.10 Spain 0.15% SABMiller 8,329 275,190 0.45 Sage Group 215,024 1,101,998 1.81 Total assets comprised as follows: Schroders 36,295 1,152,729 1.89 % of Segro REIT 5,675 23,029 0.04 total assets Serco Group 11,393 13,444 0.02 Transferable securities and money market instruments admitted Smiths Group 5,399 60,955 0.10 to an official stock exchange listing or traded on a regulated market 98.30 Smiths News 11,919 16,895 0.03 Other current assets 1.70 Spectris 1,679 35,427 0.06 ––––––– SSE 10,270 157,747 0.26 100.00 SSP Group 140,247 402,228 0.66 ––––––– Stagecoach Group 8,523 34,416 0.06 Standard Chartered 48,006 489,181 0.80 *Bradford Bingley is valued at fair value in accordance with the fair value Standard Life 22,632 100,486 0.16 measurement policy in the accounting policies. TalkTalk Telecom Group 3,029 11,586 0.02 All of the other securities are listed on a recognised stock exchange or traded on Tate & Lyle 3,392 17,621 0.03 a regulated market unless otherwise stated and are valued at fair value. Tesco 183,794 390,654 0.64 Thomas Cook Group 14,130 19,330 0.03 Country classifications are based upon country of incorporation and/or country of Travis Perkins 3,133 66,106 0.11 domicile. UBM 3,169 16,938 0.03 Ultra Electronics Holdings 603 10,685 0.02 Unilever 75,516 2,061,587 3.39 Victrex 20,130 388,509 0.64 Vodafone Group 712,983 1,638,791 2.69 Weir Group 927 15,731 0.03 WH Smith 2,214 33,830 0.06 William Hill 10,137 40,862 0.07 Wincanton 8,064 14,676 0.02 WM Morrison Supermarkets 61,370 110,957 0.18 WPP 8,924 127,256 0.21 Young & Co's Brewery 12,856 161,986 0.27 ––––––––––– ––––––– 58,622,523 96.35

MGI Funds plc 87 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.97%) United States of America (2014: 91.70%) (continued) Transferable securities (2014: 97.97%) Apple 18,626 2,336,166 3.40 Equities (2014: 97.97%) Avery Dennison 3,472 211,584 0.31 Canada (2014: Nil) BB&T 8,390 338,201 0.49 Barrick Gold 14,374 153,227 0.22 Berkshire Hathaway 11,756 1,600,109 2.33 Canadian Natural Resources 13,776 374,156 0.54 Biogen Idec 1,045 422,117 0.61 Methanex 1,307 72,748 0.11 BlackRock 710 245,646 0.36 Valeant Pharmaceuticals International 1,535 341,000 0.50 Boston Scientific 14,300 253,110 0.37 ––––––––––– ––––––– Brocade Communications Systems 34,740 412,711 0.60 941,131 1.37 Capital One Financial 16,581 1,458,631 2.12 China (2014: 0.69%) Celgene 5,540 641,172 0.93 Alibaba Group Holding - ADR 6,100 501,847 0.73 Chipotle Mexican Grill 400 241,996 0.35 Baidu - ADR 1,900 378,252 0.55 Cigna 2,097 339,714 0.49 Ctrip.com International - ADR 3,800 275,956 0.40 Cisco Systems 34,542 948,523 1.38 ––––––––––– ––––––– Citigroup 20,697 1,143,302 1.66 1,156,055 1.68 Cognizant Technology Solutions 4,800 293,232 0.43 Ireland (2014: 1.08%) Comcast 6,501 390,970 0.57 Ingersoll-Rand 3,489 235,228 0.34 CoStar Group 1,185 238,493 0.35 Medtronic 15,052 1,115,353 1.62 Costco Wholesale 1,700 229,602 0.33 Seagate Technology 3,450 163,875 0.24 Crane 2,458 144,358 0.21 Shire - ADR 843 203,576 0.30 Crown Holdings 5,729 303,121 0.44 XL Group 7,318 272,230 0.40 CVS Health 13,102 1,374,138 2.00 ––––––––––– ––––––– Danaher 2,900 248,211 0.36 1,990,262 2.90 Delta Air Lines 21,890 899,241 1.31 Israel (2014: Nil) DexCom 1,845 147,563 0.21 Teva Pharmaceutical Industries 8,408 496,913 0.72 Discover Financial Services 10,673 614,978 0.89 ––––––––––– ––––––– Dollar General 3,450 268,203 0.39 Netherlands (2014: 0.45%) eBay 6,600 397,584 0.58 LyondellBasell Industries 1,600 165,632 0.24 Ecolab 2,400 271,368 0.39 Mobileye 5,800 308,386 0.45 EMC 18,961 500,381 0.73 NXP Semiconductor 3,227 316,891 0.46 Energen 4,254 290,548 0.42 ––––––––––– ––––––– Envision Healthcare 7,550 298,074 0.43 790,909 1.15 EOG Resources 4,753 416,125 0.61 Singapore (2014: Nil) EQT 1,907 155,115 0.23 Avago Technologies 1,100 146,223 0.21 Express Scripts Holding 8,818 784,273 1.14 ––––––––––– ––––––– Facebook 9,600 823,344 1.20 Switzerland (2014: 1.35%) Fifth Third Bancorp 10,530 219,235 0.32 ACE 5,575 566,866 0.83 Gap 9,536 363,989 0.53 TE Connectivity 6,963 447,721 0.65 General Dynamics 2,636 373,495 0.54 ––––––––––– ––––––– Gilead Sciences 8,430 986,984 1.44 1,014,587 1.48 Google Class A 850 459,034 0.67 United Kingdom (2014: 1.81%) Google Class C 854 444,516 0.65 Aon 3,234 322,365 0.47 Harris 3,071 236,191 0.34 ARM Holdings - ADR 5,600 275,912 0.40 Hewlett-Packard 14,545 436,495 0.63 Liberty Global 19,698 997,310 1.45 Hilton Worldwide Holdings 14,200 391,210 0.57 ––––––––––– ––––––– Home Depot 3,100 344,503 0.50 1,595,587 2.32 Honeywell International 4,369 445,507 0.65 United States of America (2014: 91.70%) Huntsman 14,404 317,896 0.46 AbbVie 4,555 306,050 0.44 International Paper 6,120 291,251 0.42 Activision Blizzard 19,047 461,128 0.67 Johnson & Johnson 12,085 1,177,804 1.71 Adobe Systems 7,200 583,272 0.85 JPMorgan Chase & Co 26,823 1,817,526 2.64 AES 34,873 462,416 0.67 Las Vegas Sands 2,083 109,503 0.16 Alexion Pharmaceuticals 2,365 427,521 0.62 Lear 3,723 417,944 0.61 Allstate 7,557 490,223 0.71 Liberty Broadband 3,301 168,879 0.25 Ally Financial 15,642 350,850 0.51 Liberty Media - A Shares 1,219 43,933 0.06 Amazon.com 1,440 625,090 0.91 Liberty Media - C Shares 7,321 262,824 0.38 American Homes 4 Rent REIT 9,878 158,443 0.23 LinkedIn 1,455 300,647 0.44 American International Group 10,343 639,404 0.93 Lockheed Martin 3,795 705,490 1.03 American Tower REIT 4,700 438,463 0.64 Lululemon Athletica 1,750 114,275 0.17 Anadarko Petroleum 3,709 289,525 0.42 Macy's 4,589 309,620 0.45 Anthem 2,921 479,453 0.70 Marathon Petroleum 4,774 249,728 0.36

MGI Funds plc 88 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 91.70%) (continued) (2014: 97.97%) (continued) Zoetis 3,200 154,304 0.22 Transferable securities (2014: 97.97%) (continued) ––––––––––– ––––––– Equities (2014: 97.97%) (continued) 59,789,751 86.94 United States of America (2014: 91.70%) (continued) Marriott International 50,722 - - Total equities 67,921,418 98.77 MasterCard 5,700 532,836 0.77 McKesson 2,300 517,063 0.75 Total transferable securities 67,921,418 98.77 MeadWestvaco 5,268 248,597 0.36 Merck 14,619 832,260 1.21 Total financial assets at fair value through MetLife 4,821 269,928 0.39 profit or loss 67,921,418 98.77 Microsoft 21,090 931,123 1.35 Monsanto 2,400 255,816 0.37 Cash (2014: 1.84%) 1,028,227 1.50 Morgan Stanley 7,400 287,046 0.42 Netflix 310 203,651 0.30 Net current liabilities (2014: 0.19%) (181,016) (0.27) NIKE 6,250 675,125 0.98 ––––––––––– ––––––– Occidental Petroleum 11,819 919,164 1.34 Net assets attributable to holders Omnicare 4,302 405,464 0.59 of redeemable participating shares Omnicom Group 2,497 173,517 0.25 (at last traded prices) 68,768,629 100.00 ON Semiconductor 11,962 139,836 0.20 ––––––––––– ––––––– Oracle 14,551 586,405 0.85 Pfizer 37,772 1,266,495 1.84 The following table outlines the geographic concentrations of financial assets at Phillips 66 9,928 799,800 1.16 fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer PPG Industries 2,540 291,389 0.42 invested in at 30 June 2015: Priceline Group 470 541,144 0.79 Prudential Financial 3,287 287,678 0.42 Financial assets at fair value through profit or loss QEP Resources 12,160 225,082 0.33 Transferable securities Quest Diagnostics 4,140 300,233 0.44 Equities Quintiles Transnational Holdings 3,700 268,657 0.39 Bermuda 0.26% Raytheon 5,718 547,098 0.80 France 0.27% Rice Energy 3,271 68,135 0.10 Hong Kong 0.36% salesforce.com 4,000 278,520 0.41 SBA Communications 3,500 402,395 0.59 Total assets comprised as follows: Schlumberger 2,300 198,237 0.29 % of Scripps Networks Interactive 3,221 210,557 0.31 total assets ServiceNow 2,700 200,637 0.29 Transferable securities admitted to an official stock exchange listing Sherwin-Williams 895 246,143 0.36 or traded on regulated market 98.04 Six Flags Entertainment 4,940 221,559 0.32 Other current assets 1.96 Splunk 2,250 156,645 0.23 ––––––– Starbucks 7,900 423,558 0.62 100.00 Target 5,383 439,414 0.64 ––––––– Tesla Motors 250 67,065 0.10 Texas Instruments 5,000 257,550 0.37 Country classifications are based upon country of incorporation and/or country of Time 4,644 106,858 0.16 domicile. Travelers 3,445 332,994 0.48 Twenty-First Century Fox 7,150 232,697 0.34 Tyson Foods 15,977 681,100 0.99 Ulta Salon Cosmetics & Fragrance 1,640 253,298 0.37 Union Pacific 4,850 462,544 0.67 United Continental Holdings 5,988 317,424 0.46 United Technologies 6,498 720,823 1.05 UnitedHealth Group 3,800 463,600 0.67 Verizon Communications 9,648 449,693 0.65 Vertex Pharmaceuticals 2,470 304,996 0.44 Visa 14,500 973,675 1.42 Walt Disney 4,500 513,630 0.75 Wells Fargo 33,383 1,877,460 2.73 Western Digital 5,001 392,178 0.57 Workday 2,250 171,878 0.25 Zimmer Biomet Holdings 2,953 322,556 0.47

MGI Funds plc 89 MGI Funds plc Portfolio Statement MGI UK Inflation Linked Bond Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 99.29%) Transferable securities (2014: 99.29%) Government bonds (2014: 99.29%) United Kingdom (2014: 99.29%) United Kingdom Gilt Inflation Linked 1.88 22/11/2022 GBP 31,603,057 38,457,760 5.73 United Kingdom Gilt Inflation Linked 0.13 22/03/2024 GBP 25,190,574 27,258,720 4.06 United Kingdom Gilt Inflation Linked 2.50 17/07/2024 GBP 11,098,078 37,686,853 5.61 United Kingdom Gilt Inflation Linked 1.25 22/11/2027 GBP 30,508,075 38,391,361 5.72 United Kingdom Gilt Inflation Linked 0.13 22/03/2029 GBP 25,096,169 28,029,911 4.17 United Kingdom Gilt Inflation Linked 4.13 22/07/2030 GBP 7,881,330 26,154,194 3.89 United Kingdom Gilt Inflation Linked 1.25 22/11/2032 GBP 23,835,261 32,678,143 4.87 United Kingdom Gilt Inflation Linked 0.75 22/03/2034 GBP 25,609,210 33,000,028 4.91 United Kingdom Gilt Inflation Linked 2.00 26/01/2035 GBP 14,732,533 33,809,690 5.03 United Kingdom Gilt Inflation Linked 1.13 22/11/2037 GBP 27,113,977 39,293,576 5.85 United Kingdom Gilt Inflation Linked 0.63 22/03/2040 GBP 26,222,014 35,627,850 5.31 United Kingdom Gilt Inflation Linked 0.63 22/11/2042 GBP 23,356,342 32,836,681 4.89 United Kingdom Gilt Inflation Linked 0.13 22/03/2044 GBP 26,894,951 33,771,991 5.03 United Kingdom Gilt Inflation Linked 0.13 22/03/2046 GBP 5,101,173 6,483,591 0.97 United Kingdom Gilt Inflation Linked 0.75 22/11/2047 GBP 23,605,961 36,249,314 5.40 United Kingdom Gilt Inflation Linked 0.50 22/03/2050 GBP 23,329,067 34,706,654 5.17 United Kingdom Gilt Inflation Linked 0.25 22/03/2052 GBP 20,131,255 28,465,594 4.24 United Kingdom Gilt Inflation Linked 1.25 22/11/2055 GBP 21,913,128 42,905,904 6.39 United Kingdom Gilt Inflation Linked 0.13 22/03/2058 GBP 14,345,832 20,788,545 3.10 United Kingdom Gilt Inflation Linked 0.38 22/03/2062 GBP 21,985,930 36,749,482 5.47 United Kingdom Gilt Inflation Linked 0.13 22/03/2068 GBP 16,030,256 26,212,674 3.90 ––––––––––– ––––––– 669,558,516 99.71

Total government bonds 669,558,516 99.71

Total transferable securities 669,558,516 99.71

Total financial assets at fair value through profit or loss 669,558,516 99.71

Cash (2014: 0.55%) 733,963 0.11

Net current assets (2014: 0.16%) 1,182,951 0.18 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares (at last traded prices) 671,475,430 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 99.54 Other current assets 0.46 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 90 MGI Funds plc Portfolio Statement MGI UK Long Gilt Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings GB£ Net assets

Financial assets at fair value through profit or loss (2014: 99.14%) Transferable securities (2014: 99.14%) Government bonds (2014: 99.14%) United Kingdom (2014: 99.14%) United Kingdom (Government of) 4.75 07/12/2030 GBP 11,281,924 14,640,553 8.65 United Kingdom (Government of) 4.25 07/06/2032 GBP 11,632,499 14,409,175 8.51 United Kingdom (Government of) 4.50 07/09/2034 GBP 9,909,585 12,769,491 7.54 United Kingdom (Government of) 4.25 07/03/2036 GBP 8,972,874 11,285,184 6.67 United Kingdom (Government of) 4.75 07/12/2038 GBP 8,546,235 11,666,465 6.89 United Kingdom (Government of) 4.25 07/09/2039 GBP 6,373,420 8,150,967 4.82 United Kingdom (Government of) 4.25 07/12/2040 GBP 8,204,000 10,556,087 6.24 United Kingdom (Government of) 4.50 07/12/2042 GBP 8,775,715 11,862,134 7.01 United Kingdom (Government of) 3.25 22/01/2044 GBP 9,216,000 10,177,229 6.01 United Kingdom (Government of) 3.50 22/01/2045 GBP 5,970,000 6,904,305 4.08 United Kingdom (Government of) 4.25 07/12/2046 GBP 7,031,521 9,359,658 5.53 United Kingdom (Government of) 4.25 07/12/2049 GBP 6,375,337 8,670,458 5.12 United Kingdom (Government of) 3.75 22/07/2052 GBP 7,522,000 9,453,650 5.59 United Kingdom (Government of) 4.25 07/12/2055 GBP 8,151,969 11,487,755 6.79 United Kingdom (Government of) 4.00 22/01/2060 GBP 7,144,563 9,762,331 5.77 United Kingdom (Government of) 3.50 22/07/2068 GBP 5,072,000 6,363,838 3.76 ––––––––––– ––––––– 167,519,280 98.98

Total government bonds 167,519,280 98.98

Total transferable securities 167,519,280 98.98

Total financial assets at fair value through profit or loss 167,519,280 98.98

Cash (2014: 0.24%) 711,427 0.42

Net current assets (2014: 0.62%) 1,010,447 0.60 ––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 169,241,154 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on regulated market 98.94 Other current assets 1.06 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 91 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) Transferable securities (2014: 93.43%) Bonds (2014: 91.70%) Government bonds (2014: 89.74%) Brazil (2014: 12.30%) Brazil Letras do Tesouro Nacional - 01/01/2018 BRL 44,378,000 10,466,331 0.76 Brazil Letras do Tesouro Nacional - 01/07/2018 BRL 34,707,000 7,730,073 0.56 Brazil Notas do Tesouro Nacional 10.00 01/01/2017 BRL 52,403,000 16,069,877 1.17 Brazil Notas do Tesouro Nacional 10.00 01/01/2018 BRL 61,781,000 18,666,796 1.36 Brazil Notas do Tesouro Nacional 10.00 01/01/2021 BRL 55,546,000 16,129,994 1.17 Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 85,744,500 24,388,657 1.78 Brazil Notas do Tesouro Nacional 10.00 01/01/2025 BRL 148,506,000 41,383,188 3.01 Brazil Notas do Tesouro Nacional 6.00 15/08/2050 BRL 2,203,000 1,919,010 0.14 ––––––––––– ––––––– 136,753,926 9.95 Bulgaria (2014: Nil) Bulgaria (Government of) 2.00 26/03/2022 EUR 2,100,000 2,250,502 0.16 Bulgaria (Government of) 2.95 03/09/2024 EUR 2,590,000 2,829,505 0.21 Bulgaria (Government of) 2.63 26/03/2027 EUR 2,575,000 2,628,436 0.19 Bulgaria (Government of) 3.13 26/03/2035 EUR 3,200,000 3,002,100 0.22 ––––––––––– ––––––– 10,710,543 0.78 Chile (2014: 0.54%) Chile (Government of) 5.50 05/08/2020 CLP 633,500,000 1,059,678 0.08 ––––––––––– ––––––– Colombia (2014: 4.18%) Colombia (Government of) 12.00 22/10/2015 COP 1,804,000,000 708,179 0.05 Colombia (Government of) 7.25 15/06/2016 COP 4,370,000,000 1,725,963 0.13 Colombia (Government of) 4.25 17/05/2017 COP 2,379,731,360 955,978 0.07 Colombia (Government of) 11.25 24/10/2018 COP 166,200,000 75,039 0.01 Colombia (Government of) 7.00 11/09/2019 COP 3,024,400,000 1,215,674 0.09 Colombia (Government of) 11.00 24/07/2020 COP 6,785,800,000 3,155,958 0.23 Colombia (Government of) 3.50 10/03/2021 COP 7,823,088,840 2,996,623 0.22 Colombia (Government of) 7.75 14/04/2021 COP 9,199,000,000 3,911,946 0.28 Colombia (Government of) 7.00 04/05/2022 COP 9,199,500,000 3,581,768 0.26 Colombia (Government of) 4.38 21/03/2023 COP 2,778,000,000 970,847 0.07 Colombia (Government of) 10.00 24/07/2024 COP 55,976,000,000 25,465,118 1.85 Colombia (Government of) 7.50 26/08/2026 COP 8,898,800,000 3,379,076 0.25 Colombia (Government of) 9.85 28/06/2027 COP 4,719,000,000 2,236,424 0.16 Colombia (Government of) 6.00 28/04/2028 COP 41,931,800,000 13,800,588 1.00 Colombia (Government of) 7.75 18/09/2030 COP 22,705,600,000 8,562,944 0.62 Empresa de Telecomunicaciones de Bogota 7.00 17/01/2023 COP 726,000,000 265,869 0.02 ––––––––––– ––––––– 73,007,994 5.31 Hungary (2014: 4.30%) Hungary (Government of) 5.50 22/12/2016 HUF 335,160,000 1,261,509 0.09 Hungary (Government of) 6.75 24/02/2017 HUF 3,909,500,000 15,016,037 1.09 Hungary (Government of) 6.75 24/11/2017 HUF 148,070,000 587,164 0.04 Hungary (Government of) 4.00 25/04/2018 HUF 1,303,270,000 4,848,635 0.35 Hungary (Government of) 2.50 22/06/2018 HUF 912,070,000 3,265,449 0.24 Hungary (Government of) 5.50 20/12/2018 HUF 1,853,790,000 7,259,722 0.53 Hungary (Government of) 6.50 24/06/2019 HUF 1,276,700,000 5,175,493 0.38 Hungary (Government of) 3.50 24/06/2020 HUF 1,136,000,000 4,123,954 0.30 Hungary (Government of) 7.50 12/11/2020 HUF 3,377,030,000 14,575,980 1.06 Hungary (Government of) 7.00 24/06/2022 HUF 505,980,000 2,157,363 0.16 Hungary (Government of) 6.00 24/11/2023 HUF 1,056,360,000 4,322,597 0.31 Hungary (Government of) 5.38 25/03/2024 HUF 2,950,000 3,204,438 0.23 Hungary (Government of) 5.50 24/06/2025 HUF 367,000,000 1,467,318 0.11 ––––––––––– ––––––– 67,265,659 4.89

MGI Funds plc 92 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) (continued) Transferable securities (2014: 93.43%) (continued) Bonds (2014: 91.70%) (continued) Government bonds (2014: 89.74%) (continued) Indonesia (2014: 6.66%) Indonesia (Government of) 7.38 15/09/2016 IDR 14,000,000,000 1,048,575 0.08 Indonesia (Government of) 5.25 15/05/2018 IDR 22,927,000,000 1,596,801 0.12 Indonesia (Government of) 7.88 15/04/2019 IDR 169,528,000,000 12,636,051 0.92 Indonesia (Government of) 12.80 15/06/2021 IDR 470,000,000 42,648 - Indonesia (Government of) 8.25 15/07/2021 IDR 38,300,000,000 2,873,159 0.21 Indonesia (Government of) 7.00 15/05/2022 IDR 165,900,000,000 11,624,423 0.85 Indonesia (Government of) 5.63 15/05/2023 IDR 104,575,000,000 6,644,640 0.48 Indonesia (Government of) 5.88 15/01/2024 IDR 2,812,000 3,114,290 0.23 Indonesia (Government of) 8.38 15/03/2024 IDR 280,680,000,000 21,139,893 1.54 Indonesia (Government of) 11.00 15/09/2025 IDR 28,650,000,000 2,528,893 0.18 Indonesia (Government of) 8.38 15/09/2026 IDR 15,688,000,000 1,181,984 0.09 Indonesia (Government of) 7.00 15/05/2027 IDR 66,773,000,000 4,539,452 0.33 Indonesia (Government of) 6.13 15/05/2028 IDR 32,333,000,000 1,998,234 0.14 Indonesia (Government of) 9.00 15/03/2029 IDR 339,699,000,000 26,951,297 1.96 Indonesia (Government of) 9.50 15/07/2031 IDR 83,780,000,000 6,840,394 0.50 Indonesia (Government of) 8.25 15/06/2032 IDR 98,366,000,000 7,235,886 0.53 Indonesia (Government of) 6.63 15/05/2033 IDR 36,591,000,000 2,277,433 0.16 Indonesia (Government of) 8.38 15/03/2034 IDR 150,022,000,000 11,276,928 0.82 ––––––––––– ––––––– 125,550,981 9.14 Malaysia (2014: 9.00%) Malaysia (Government of) 3.17 15/07/2016 MYR 1,150,000 305,250 0.02 Malaysia (Government of) 4.26 15/09/2016 MYR 6,030,000 1,620,023 0.12 Malaysia (Government of) 4.01 15/09/2017 MYR 7,443,000 2,003,885 0.14 Malaysia (Government of) 3.31 31/10/2017 MYR 12,740,000 3,382,364 0.25 Malaysia (Government of) 4.24 07/02/2018 MYR 17,290,000 4,675,128 0.34 Malaysia (Government of) 3.26 01/03/2018 MYR 16,054,000 4,233,588 0.31 Malaysia (Government of) 3.58 28/09/2018 MYR 17,537,000 4,657,605 0.34 Malaysia (Government of) 3.65 31/10/2019 MYR 27,975,000 7,434,699 0.54 Malaysia (Government of) 4.38 29/11/2019 MYR 28,975,000 7,927,193 0.58 Malaysia (Government of) 3.49 31/03/2020 MYR 12,868,000 3,383,425 0.25 Malaysia (Government of) 3.89 31/07/2020 MYR 11,369,000 3,037,322 0.22 Malaysia (Government of) 4.16 15/07/2021 MYR 4,486,000 1,213,701 0.09 Malaysia (Government of) 4.05 30/09/2021 MYR 31,835,000 8,548,807 0.62 Malaysia (Government of) 3.42 15/08/2022 MYR 62,213,000 15,971,345 1.16 Malaysia (Government of) 3.80 30/09/2022 MYR 42,140,000 11,060,494 0.80 Malaysia (Government of) 3.48 15/03/2023 MYR 14,278,000 3,664,659 0.27 Malaysia (Government of) 4.18 15/07/2024 MYR 71,472,000 19,197,591 1.40 Malaysia (Government of) 4.39 15/04/2026 MYR 25,300,000 6,839,670 0.50 Malaysia (Government of) 3.89 15/03/2027 MYR 1,700,000 439,604 0.03 Malaysia (Government of) 3.73 15/06/2028 MYR 4,959,000 1,250,587 0.09 Malaysia (Government of) 4.50 15/04/2030 MYR 25,065,000 6,864,309 0.50 Malaysia (Government of) 3.84 15/04/2033 MYR 15,120,000 3,781,266 0.27 ––––––––––– ––––––– 121,492,515 8.84 Mexico (2014: 9.60%) Mexican (Government of) 6.25 16/06/2016 MXN 173,345,300 11,367,799 0.83 Mexican (Government of) 5.00 15/06/2017 MXN 5,067,000 329,186 0.02 Mexican (Government of) 8.50 13/12/2018 MXN 203,556,000 14,477,590 1.05 Mexican (Government of) 4.00 13/06/2019 MXN 36,865,112 2,551,313 0.19 Mexican (Government of) 8.00 11/06/2020 MXN 172,255,000 12,325,976 0.90 Mexican (Government of) 2.50 10/12/2020 MXN 111,117,209 7,184,475 0.52 Mexican (Government of) 6.50 10/06/2021 MXN 318,120,000 21,213,082 1.54 Mexican (Government of) 2.00 09/06/2022 MXN 6,429,747 396,056 0.03 Mexican (Government of) 6.50 09/06/2022 MXN 22,450,000 1,485,852 0.11 Mexican (Government of) 8.00 07/12/2023 MXN 81,074,400 5,849,201 0.43

MGI Funds plc 93 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) (continued) Transferable securities (2014: 93.43%) (continued) Bonds (2014: 91.70%) (continued) Government bonds (2014: 89.74%) (continued) Mexico (2014: 9.60%) (continued) Mexican (Government of) 10.00 05/12/2024 MXN 469,888,400 38,420,545 2.80 Mexican (Government of) 4.50 04/12/2025 MXN 28,147,357 2,054,857 0.15 Mexican (Government of) 7.50 03/06/2027 MXN 12,869,400 903,084 0.07 Mexican (Government of) 8.50 31/05/2029 MXN 68,600,100 5,219,797 0.38 Mexican (Government of) 7.75 29/05/2031 MXN 232,118,000 16,529,534 1.20 Mexican (Government of) 7.75 23/11/2034 MXN 25,460,000 1,809,915 0.13 Mexican (Government of) 4.50 22/11/2035 MXN 71,346,179 5,267,549 0.38 Mexican (Government of) 10.00 20/11/2036 MXN 92,980,800 8,121,753 0.59 Mexican (Government of) 8.50 18/11/2038 MXN 158,716,700 12,150,064 0.88 Mexican (Government of) 4.00 15/11/2040 MXN 29,856,504 2,049,913 0.15 Mexican (Government of) 7.75 13/11/2042 MXN 2,680,500 190,846 0.01 ––––––––––– ––––––– 169,898,387 12.36 Nigeria (2014: 0.80%) Nigeria (Government of) 16.00 29/06/2019 NGN 343,287,000 1,786,162 0.13 Nigeria (Government of) 16.39 27/01/2022 NGN 1,087,014,000 5,838,396 0.43 Nigeria (Government of) 14.20 14/03/2024 NGN 1,149,024,000 5,662,510 0.41 Nigeria (Government of) 12.15 18/07/2034 NGN 1,408,025,000 5,918,802 0.43 ––––––––––– ––––––– 19,205,870 1.40 Peru (2014: 1.46%) Peruvian (Republic of) 8.60 12/08/2017 PEN 3,500,000 1,205,257 0.09 Peruvian (Republic of) 7.84 12/08/2020 PEN 6,298,000 2,210,452 0.16 Peruvian (Republic of) 5.70 12/08/2024 PEN 11,830,000 3,551,029 0.26 Peruvian (Republic of) 5.70 12/08/2024 PEN 23,820,000 7,098,564 0.52 Peruvian (Republic of) 7.35 21/07/2025 PEN 3,811,000 4,982,883 0.36 Peruvian (Republic of) 8.20 12/08/2026 PEN 3,945,000 1,392,364 0.10 Peruvian (Republic of) 6.95 12/08/2031 PEN 20,047,000 6,189,682 0.45 Peruvian (Republic of) 6.95 12/08/2031 PEN 20,265,000 6,256,991 0.45 Peruvian (Republic of) 6.90 12/08/2037 PEN 2,545,000 773,459 0.06 Peruvian (Republic of) 6.85 12/02/2042 PEN 9,565,000 2,851,767 0.21 ––––––––––– ––––––– 36,512,448 2.66 Philippines (2014: 0.13%) Philippine (Government of) 4.95 15/01/2021 PHP 33,000,000 770,322 0.06 Philippine (Government of) 6.25 14/01/2036 PHP 59,000,000 1,494,147 0.11 ––––––––––– ––––––– 2,264,469 0.17 Poland (2014: 9.12%) Poland (Government of) 5.00 25/04/2016 PLN 5,920,000 1,617,064 0.12 Poland (Government of) - 25/07/2016 PLN 26,271,000 6,860,874 0.50 Poland (Government of) 3.00 24/08/2016 PLN 8,838,106 2,419,910 0.18 Poland (Government of) 4.75 25/10/2016 PLN 24,150,000 6,673,251 0.48 Poland (Government of) 4.75 25/04/2017 PLN 845,000 236,027 0.02 Poland (Government of) 5.25 25/10/2017 PLN 15,555,000 4,440,688 0.32 Poland (Government of) 3.75 25/04/2018 PLN 27,614,000 7,656,646 0.56 Poland (Government of) 2.50 25/07/2018 PLN 12,400,000 3,322,942 0.24 Poland (Government of) 2.01 25/01/2019 PLN 9,775,000 2,586,376 0.19 Poland (Government of) 3.25 25/07/2019 PLN 7,867,000 2,152,687 0.16 Poland (Government of) 5.50 25/10/2019 PLN 93,089,000 27,771,506 2.02 Poland (Government of) 5.25 25/10/2020 PLN 7,032,000 2,100,494 0.15 Poland (Government of) 5.75 25/10/2021 PLN 7,202,000 2,222,702 0.16 Poland (Government of) 5.75 23/09/2022 PLN 12,543,000 3,900,406 0.28 Poland (Government of) 2.75 25/08/2023 PLN 6,920,400 2,029,161 0.15 Poland (Government of) 4.00 25/10/2023 PLN 47,654,000 13,435,592 0.98 Poland (Government of) 4.00 22/01/2024 PLN 1,287,000 1,352,959 0.10

MGI Funds plc 94 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) (continued) Transferable securities (2014: 93.43%) (continued) Bonds (2014: 91.70%) (continued) Government bonds (2014: 89.74%) (continued) Poland (2014: 9.12%) (continued) Poland (Government of) 3.25 25/07/2025 PLN 49,775,000 13,220,014 0.96 Poland (Government of) 5.75 25/04/2029 PLN 2,400,000 799,022 0.06 ––––––––––– ––––––– 104,798,321 7.63 Romania (2014: 2.00%) Romania (Government of) 5.75 27/01/2016 RON 6,350,000 1,620,506 0.12 Romania (Government of) 5.90 26/07/2017 RON 9,530,000 2,566,567 0.19 Romania (Government of) 5.60 28/11/2018 RON 9,010,000 2,478,019 0.18 Romania (Government of) 4.75 24/06/2019 RON 21,985,000 5,896,291 0.43 Romania (Government of) 5.75 29/04/2020 RON 13,140,000 3,669,996 0.27 Romania (Government of) 5.85 26/04/2023 RON 5,640,000 1,576,576 0.11 Romania (Government of) 4.88 22/01/2024 RON 1,250,000 1,328,125 0.10 Romania (Government of) 3.63 24/04/2024 RON 580,000 680,309 0.05 Romania (Government of) 2.88 28/10/2024 RON 190,000 210,640 0.01 Romania (Government of) 4.75 24/02/2025 RON 16,010,000 4,183,215 0.30 ––––––––––– ––––––– 24,210,244 1.76 Russia (2014: 6.46%) Russia (Government of) 7.40 19/04/2017 RUB 216,895,000 3,709,976 0.27 Russia (Government of) 7.40 14/06/2017 RUB 410,123,000 6,989,365 0.51 Russia (Government of) 6.20 31/01/2018 RUB 172,894,000 2,795,975 0.20 Russia (Government of) 7.85 10/03/2018 RUB 35,000,000 579,431 0.04 Russia (Government of) 7.50 15/03/2018 RUB 32,385,000 539,557 0.04 Russia (Government of) 7.50 27/02/2019 RUB 75,955,000 1,233,087 0.09 Russia (Government of) 6.70 15/05/2019 RUB 820,353,000 12,927,779 0.94 Russia (Government of) 6.80 11/12/2019 RUB 18,145,000 281,221 0.02 Russia (Government of) 5.00 29/04/2020 RUB 3,100,000 3,193,155 0.23 Russia (Government of) 6.40 27/05/2020 RUB 62,340,000 935,969 0.07 Russia (Government of) 7.60 14/04/2021 RUB 300,110,000 4,656,655 0.34 Russia (Government of) 6.50 24/11/2021 RUB 22,995,000 338,126 0.03 Russia (Government of) 7.60 20/07/2022 RUB 253,615,000 3,855,556 0.28 Russia (Government of) 7.00 25/01/2023 RUB 199,309,000 2,895,826 0.21 Russia (Government of) 7.00 16/08/2023 RUB 404,786,000 5,808,615 0.42 Russia (Government of) 7.00 16/08/2023 RUB 262,499,000 3,766,819 0.28 Russia (Government of) 8.15 03/02/2027 RUB 847,365,000 12,684,262 0.92 Russia (Government of) 7.05 19/01/2028 RUB 884,869,000 11,990,977 0.87 Russia (Government of) 7.50 31/03/2030 USD 2,094,737 2,459,196 0.18 ––––––––––– ––––––– 81,641,547 5.94 Slovenia (2014: 0.48%) Slovenia (Government of) 5.85 10/05/2023 USD 415,000 471,627 0.03 ––––––––––– ––––––– South Africa (2014: 9.71%) South Africa (Government of) 13.50 15/09/2016 ZAR 26,526,804 2,351,357 0.17 South Africa (Government of) 8.00 21/12/2018 ZAR 77,088,019 6,444,870 0.47 South Africa (Government of) 7.25 15/01/2020 ZAR 106,456,000 8,598,310 0.63 South Africa (Government of) 6.75 31/03/2021 ZAR 197,749,624 15,425,375 1.12 South Africa (Government of) 7.75 28/02/2023 ZAR 119,975,000 9,671,936 0.70 South Africa (Government of) 10.50 21/12/2026 ZAR 6,185,000 593,493 0.04 South Africa (Government of) 10.50 21/12/2026 ZAR 217,475,000 20,868,211 1.52 South Africa (Government of) 8.00 31/01/2030 ZAR 224,345,000 17,453,783 1.27 South Africa (Government of) 7.00 28/02/2031 ZAR 99,620,000 7,010,805 0.51 South Africa (Government of) 8.25 31/03/2032 ZAR 62,669,988 4,954,800 0.36 South Africa (Government of) 6.25 31/03/2036 ZAR 211,024,443 13,122,833 0.95 South Africa (Government of) 8.50 31/01/2037 ZAR 237,250,937 18,782,753 1.37 South Africa (Government of) 6.50 28/02/2041 ZAR 40,924,500 2,570,056 0.19

MGI Funds plc 95 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) (continued) Transferable securities (2014: 93.43%) (continued) Bonds (2014: 91.70%) (continued) Government bonds (2014: 89.74%) (continued) South Africa (2014: 9.71%) (continued) South Africa (Government of) 8.75 31/01/2044 ZAR 35,780,000 2,849,612 0.21 South Africa (Government of) 8.75 28/02/2048 ZAR 40,611,811 3,280,831 0.24 ––––––––––– ––––––– 133,979,025 9.75 Thailand (2014: 1.72%) Thailand (Government of) 3.25 16/06/2017 THB 52,350,000 1,600,450 0.12 Thailand (Government of) 3.88 13/06/2019 THB 240,010,000 7,572,543 0.55 Thailand (Government of) 1.20 14/07/2021 THB 59,075,556 1,692,872 0.12 Thailand (Government of) 3.65 17/12/2021 THB 127,290,000 3,995,837 0.29 Thailand (Government of) 3.63 16/06/2023 THB 517,660,000 16,133,725 1.17 Thailand (Government of) 3.85 12/12/2025 THB 219,765,000 7,032,883 0.51 Thailand (Government of) 3.58 17/12/2027 THB 63,445,000 1,937,795 0.14 Thailand (Government of) 1.25 12/03/2028 THB 28,541,800 769,356 0.06 Thailand (Government of) 4.88 22/06/2029 THB 42,245,000 1,453,248 0.11 Thailand (Government of) 3.78 25/06/2032 THB 20,575,000 617,404 0.04 ––––––––––– ––––––– 42,806,113 3.11 Turkey (2014: 9.31%) Turkey (Government of) 9.00 27/01/2016 TRY 1,255,000 467,287 0.03 Turkey (Government of) 10.70 24/02/2016 TRY 1,900,000 714,362 0.05 Turkey (Government of) 2.50 04/05/2016 TRY 3,863,889 1,433,634 0.10 Turkey (Government of) 8.20 13/07/2016 TRY 5,944,000 2,188,785 0.16 Turkey (Government of) 9.00 08/03/2017 TRY 8,518,000 3,162,057 0.23 Turkey (Government of) 6.30 14/02/2018 TRY 10,950,000 3,798,166 0.28 Turkey (Government of) 8.30 20/06/2018 TRY 11,214,926 4,071,114 0.30 Turkey (Government of) 8.80 14/11/2018 TRY 11,054,907 4,058,418 0.29 Turkey (Government of) 10.40 27/03/2019 TRY 21,297,000 8,200,021 0.60 Turkey (Government of) 8.50 10/07/2019 TRY 23,091,167 8,399,531 0.61 Turkey (Government of) 10.50 15/01/2020 TRY 18,100,002 7,083,931 0.52 Turkey (Government of) 7.40 05/02/2020 TRY 42,700,000 14,799,160 1.08 Turkey (Government of) 4.00 01/04/2020 TRY 2,101,694 837,461 0.06 Turkey (Government of) 9.50 12/01/2022 TRY 15,853,743 5,988,797 0.44 Turkey (Government of) 8.50 14/09/2022 TRY 17,190,000 6,175,952 0.45 Turkey (Government of) 7.10 08/03/2023 TRY 5,940,000 1,972,240 0.14 Turkey (Government of) 8.80 27/09/2023 TRY 21,420,000 7,831,613 0.57 Turkey (Government of) 10.40 20/03/2024 TRY 28,570,000 11,480,256 0.83 Turkey (Government of) 5.75 22/03/2024 TRY 2,540,000 2,762,250 0.20 Turkey (Government of) 9.00 24/07/2024 TRY 18,139,896 6,727,132 0.49 Turkey (Government of) 8.00 12/03/2025 TRY 21,464,000 7,419,061 0.54 ––––––––––– ––––––– 109,571,228 7.97 Uruguay (2014: 0.25%) Uruguay (Republic of) 5.00 14/09/2018 UYU 69,734,768 2,644,800 0.19 Uruguay (Republic of) 5.00 14/09/2018 UYU 2,938,263 111,438 0.01 Uruguay (Republic of) 4.38 15/12/2028 UYU 21,306,591 766,200 0.06 Uruguay (Republic of) 3.70 26/06/2037 UYU 47,635,029 1,510,681 0.11 ––––––––––– ––––––– 5,033,119 0.37

Total government bonds 1,266,233,694 92.14

MGI Funds plc 96 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 94.72%) (continued) Transferable securities (2014: 93.43%) (continued) Bonds (2014: 91.70%) (continued) Corporate bonds (2014: 1.96%) Colombia (2014: 0.22%) Ecopetrol 5.38 26/06/2026 USD 1,282,000 1,270,783 0.09 Emgesa ESP 8.75 25/01/2021 COP 3,585,000,000 1,474,903 0.11 Empresas Publicas de Medellin ESP 8.38 01/02/2021 COP 1,244,000,000 507,965 0.04 Financiera de Desarrollo Territorial Findeter 7.88 12/08/2024 COP 1,789,000,000 683,021 0.05 ––––––––––– ––––––– 3,936,672 0.29 Luxembourg (2014: 0.01%) European Investment Bank - 31/12/2018 ZAR 3,035,000 191,210 0.01 European Investment Bank 8.50 17/09/2024 ZAR 22,450,000 1,817,141 0.13 European Investment Bank 6.95 06/02/2020 IDR 10,590,000,000 749,136 0.06 Gazprom OAO Via Gaz Capital 4.30 12/11/2015 USD 928,000 935,186 0.07 ––––––––––– ––––––– 3,692,673 0.27 Mexico (2014: 0.24%) America Movil SAB de CV 7.13 09/12/2024 MXN 27,720,000 1,722,137 0.12 Petroleos Mexicanos 7.19 12/09/2024 MXN 63,990,000 3,950,984 0.29 Petroleos Mexicanos 7.47 12/11/2026 MXN 70,000,000 4,250,685 0.31 ––––––––––– ––––––– 9,923,806 0.72 South Africa (2014: 0.22%) Eskom Holdings SOC - 18/08/2027 ZAR 5,460,000 102,738 0.01 Transnet SOC 9.50 13/05/2021 ZAR 23,520,000 1,904,415 0.13 Transnet SOC 10.00 30/03/2029 ZAR 6,000,000 469,141 0.03 ––––––––––– ––––––– 2,476,294 0.17 United Kingdom (2014: 0.06%) European Bank for Reconstruction & Development - 31/12/2020 ZAR 3,750,000 200,264 0.02 ––––––––––– ––––––– United States of America (2014: 0.15%) Inter-American Development Bank 7.35 12/09/2018 IDR 24,530,000,000 1,777,024 0.13 ––––––––––– –––––––

Total corporate bonds 22,006,733 1.60

Total bonds 1,288,240,427 93.74

Total transferable securities 1,288,240,427 93.74

Nominal Fair value % of holdings US$ Net assets

Collective investment schemes (2014: 0.72%) Luxembourg (2014: 0.72 %) Investec Global Strategy Fund - Emerging Markets Investment Grade Corporate Debt 592,665 11,871,075 0.86 ––––––––––– –––––––

Total collective investment schemes 11,871,075 0.86

MGI Funds plc 97 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

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 (2014: 94.72%) (continued) Financial derivative instruments (2014: 0.57%) Open forward foreign currency contracts (2014: 0.49%) AUD 8* 4,945,000 USD 3,772,887 16/09/2015 12,290 - BRL 10* 72,762,000 USD 22,768,278 02/09/2015 139,508 0.01 BRL 6* 13,310,000 USD 4,093,495 02/09/2015 96,915 0.01 BRL 6* 4,270,000 USD 1,317,698 02/09/2015 26,634 - BRL 6* 10,141,920 USD 3,200,858 27/07/2015 35,533 - BRL 9* 4,376,500 USD 1,384,749 27/07/2015 11,837 - BRL 10* 8,431,890 USD 2,682,752 27/07/2015 7,951 - BRL 15* 52,967,000 USD 16,011,790 16/09/2015 581,258 0.04 COP 4* 13,612,668,292 USD 5,160,223 16/09/2015 32,396 - EGP 4* 7,010,000 USD 860,123 15/07/2015 56,057 - EGP 4* 5,105,000 USD 653,649 15/09/2015 624 - EGP 4* 7,010,000 USD 841,537 21/10/2015 43,712 - EGP 4* 115,972,063 USD 14,062,421 20/01/2016 48,846 - HUF 1* 584,858,540 USD 2,048,254 27/07/2015 17,485 - IDR 15* 13,732,276,690 USD 1,024,033 27/07/2015 994 - INR 15* 1,784,205,000 USD 27,466,210 16/09/2015 139,789 0.01 INR 4* 860,820,000 USD 13,237,479 16/09/2015 81,504 0.01 JPY 6* 847,449,490 USD 6,915,133 27/07/2015 12,464 - JPY 7* 178,686,520 USD 1,452,881 27/07/2015 7,817 - JPY 8* 846,666,050 USD 6,915,997 27/07/2015 5,195 - KRW 6* 7,733,900,000 USD 6,868,107 16/09/2015 53,373 - KZT 9* 240,700,000 USD 1,243,928 03/09/2015 21,793 - KZT 4* 151,807,000 USD 784,532 03/09/2015 13,745 - KZT 13* 105,493,000 USD 544,340 03/09/2015 10,395 - KZT 13* 255,600,000 USD 1,281,203 15/12/2015 2,518 - MYR 15* 5,199,950 USD 1,370,030 27/07/2015 5,441 - MYR 2* 3,619,369 USD 956,114 27/07/2015 1,268 - MYR 9* 1,069,549 USD 282,591 27/07/2015 322 - MYR 4* 723,751 USD 191,223 27/07/2015 221 - NGN 4* 1,600,665,220 USD 7,250,738 21/10/2015 505,541 0.04 NGN 7* 251,482,083 USD 1,148,320 21/10/2015 70,277 0.01 NGN 2* 301,188,897 USD 1,394,393 21/10/2015 65,066 - NGN 4* 267,180,000 USD 1,045,137 01/04/2016 159,760 0.01 PEN 4* 1,863,813 USD 579,905 16/09/2015 237 - PHP 8* 352,000,000 USD 7,756,721 16/09/2015 17,560 - RUB 6* 102,470,000 USD 1,515,828 16/09/2015 276,832 0.02 SGD 7* 7,300,000 USD 5,402,023 16/09/2015 13,586 - SGD 4* 1,420,000 USD 1,052,000 16/09/2015 1,447 - SGD 6* 1,778,000 USD 1,318,522 16/09/2015 513 - TRY 9* 7,854,230 USD 2,889,869 27/07/2015 20,054 - TRY 6* 3,629,090 USD 1,341,450 27/07/2015 3,095 - TRY 6* 88,943,000 USD 32,076,033 16/09/2015 408,984 0.03 TRY 4* 22,792,000 USD 8,084,420 16/09/2015 239,996 0.02 TRY 7* 23,670,000 USD 8,545,211 16/09/2015 99,880 0.01 TWD 7* 42,000,000 USD 1,361,868 16/09/2015 32 - USD 1* 3,803,635 AUD 4,945,000 16/09/2015 18,458 - USD 6* 2,144,103 BRL 6,636,000 02/09/2015 54,880 - USD 4* 15,109,163 BRL 47,075,620 27/07/2015 86,845 0.01 USD 3* 1,068,882 BRL 3,330,760 27/07/2015 6,002 - USD 9* 3,856,309 CAD 4,725,000 16/09/2015 75,444 0.01 USD 6* 12,478,845 CLP 7,913,127,230 16/09/2015 192,461 0.01 USD 4* 6,639,964 CLP 4,257,876,770 16/09/2015 28,936 - USD 7* 1,112,878 CLP 700,000,000 16/09/2015 26,017 - USD 8* 11,010,547 CNY 67,417,580 27/07/2015 157,756 0.01 USD 10* 991,898 COP 2,535,786,770 27/07/2015 19,186 - USD 15* 30,012,840 COP 76,923,549,000 16/09/2015 669,973 0.05 USD 6* 3,008,156 COP 7,782,100,000 16/09/2015 39,636 - USD 7* 2,833,560 EGP 22,869,662 20/01/2016 50,821 -

MGI Funds plc 98 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

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 (2014: 94.72%) (continued) Financial derivative instruments (2014: 0.57%) (continued) Open forward foreign currency contracts (2014: 0.49%) (continued) USD 9* 16,093,792 EUR 14,300,000 16/09/2015 143,746 0.01 USD 7* 4,759,871 HUF 1,308,321,910 27/07/2015 138,835 0.01 USD 16* 3,335,969 HUF 924,496,954 27/07/2015 70,615 0.01 USD 3* 1,480,507 HUF 409,101,101 27/07/2015 35,549 - USD 1* 947,990 HUF 259,541,660 27/07/2015 31,280 - USD 6* 2,335,881 HUF 660,867,987 27/07/2015 1,674 - USD 5* 7,117,087 HUF 1,980,970,000 16/09/2015 124,518 0.01 USD 10* 6,896,987 HUF 1,924,182,000 16/09/2015 104,872 0.01 USD 4* 4,478,511 HUF 1,252,768,000 16/09/2015 56,401 - USD 2* 2,676,265 HUF 743,841,000 16/09/2015 50,602 - USD 8* 11,126,168 IDR 148,742,999,420 27/07/2015 23,454 - USD 9* 10,927,782 INR 697,083,240 27/07/2015 34,274 - USD 10* 2,141,176 INR 136,951,090 27/07/2015 1,005 - USD 4* 5,690,758 KES 537,079,000 31/07/2015 308,058 0.02 USD 15* 2,492,114 KES 237,000,000 31/07/2015 116,858 0.01 USD 4* 3,807,265 KES 372,731,209 15/04/2016 261,665 0.02 USD 15* 28,527,367 KRW 31,826,557,316 16/09/2015 44,083 - USD 1* 13,171,010 MXN 202,214,510 27/07/2015 306,784 0.03 USD 10* 10,044,390 MXN 156,129,000 17/09/2015 147,681 0.01 USD 9* 8,237,112 MXN 127,653,000 17/09/2015 145,441 0.01 USD 5* 1,893,323 MXN 29,354,000 17/09/2015 32,631 - USD 4* 1,605,573 MXN 25,120,000 17/09/2015 13,266 - USD 6* 962,601 MXN 14,980,000 17/09/2015 13,049 - USD 1* 10,133,654 MYR 37,910,000 17/09/2015 144,260 0.01 USD 6* 3,677,563 MYR 13,943,000 17/09/2015 3,542 - USD 11* 3,786,161 NZD 5,300,000 16/09/2015 224,807 0.02 USD 3* 5,474,539 PEN 17,524,000 16/09/2015 19,915 - USD 16* 5,472,432 PEN 17,523,000 16/09/2015 18,118 - USD 13* 6,463,953 PLN 23,813,140 27/07/2015 136,240 0.01 USD 1* 5,203,725 PLN 19,369,605 27/07/2015 56,764 - USD 14* 609,122 PLN 2,269,590 27/07/2015 6,039 - USD 4* 193,123 PLN 712,201 27/07/2015 3,874 - USD 6* 18,564,438 PLN 69,043,000 16/09/2015 244,058 0.02 USD 2* 2,645,707 PLN 9,812,000 16/09/2015 42,118 - USD 7* 5,252,710 RON 20,804,410 27/07/2015 77,679 0.01 USD 3* 2,575,162 RON 10,281,591 27/07/2015 17,648 - USD 4* 192,312 RON 763,037 27/07/2015 2,509 - USD 6* 14,027,580 RON 56,151,000 16/09/2015 75,542 0.01 USD 4* 5,676,588 RON 22,660,000 16/09/2015 46,178 - USD 6* 12,897,881 RUB 693,561,690 15/07/2015 505,165 0.04 USD 4* 6,075,906 RUB 314,461,895 15/07/2015 457,030 0.04 USD 7* 607,432 RUB 33,583,000 15/07/2015 7,364 - USD 9* 1,000,039 RUB 54,966,060 27/07/2015 21,783 - USD 6* 12,209,107 RUB 659,304,000 08/07/2015 400,847 0.04 USD 10* 12,426,385 RUB 673,671,000 08/07/2015 360,809 0.03 USD 9* 4,144,647 RUB 224,557,000 08/07/2015 122,789 0.01 USD 9* 10,510,076 RUB 583,099,000 21/08/2015 214,394 0.03 USD 6* 9,245,599 RUB 511,990,000 27/08/2015 222,349 0.03 USD 4* 3,024,318 RUB 165,158,000 27/08/2015 113,593 0.01 USD 6* 6,159,851 RUB 347,354,000 16/09/2015 83,068 0.01 USD 5* 5,808,689 RUB 328,249,000 16/09/2015 66,138 - USD 8* 3,404,220 RUB 192,781,000 16/09/2015 31,614 - USD 8* 8,102,693 SGD 10,920,000 16/09/2015 1,535 - USD 15* 10,628,356 THB 359,823,000 16/09/2015 1,175 - USD 6* 2,915,448 TRY 7,832,654 27/07/2015 13,519 - USD 17* 1,566,177 TRY 4,198,153 27/07/2015 10,799 - USD 4* 1,592,384 TRY 4,294,920 27/07/2015 1,155 - USD 15* 25,247,155 TWD 776,552,000 16/09/2015 66,531 -

MGI Funds plc 99 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

Interest rate swaps (2014: 0.01%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

BRL Less than 1 Month CDI 1* Fixed 11.28% 04/01/2021 BRL 8,873,711 209,621 0.02 BRL Less than 1 Month CDI 6* Fixed 11.48% 04/01/2021 BRL 2,713,978 52,354 0.01 CLP 6 Month CLICP 7* Fixed 4.66% 20/05/2025 CLP 1,036,850,000 10,537 - Fixed 2.65% 6* CNY 3 Month Libor 23/04/2017 CNY 220,000,000 227,642 0.03 Fixed 2.54% 7* CNY 3 Month Libor 24/04/2017 CNY 46,146,000 36,208 - Fixed 2.49% 7* CNY 3 Month Libor 27/04/2017 CNY 72,278,000 45,647 - Fixed 2.65% 7* CNY 3 Month Libor 05/06/2020 CNY 39,124,368 23,505 - Fixed 2.65% 7* CNY 3 Month Libor 05/06/2020 CNY 19,122,632 11,035 - Fixed 2.62% 7* CNY 3 Month Libor 05/06/2020 CNY 20,590,000 7,400 - Fixed 2.61% 7* CNY 3 Month Libor 09/06/2020 CNY 31,477,000 9,116 - Fixed 2.62% 4* CNY 3 Month Libor 10/06/2020 CNY 19,120,000 3,293 - COP 3 Month Libor 9* Fixed 5.19% 16/12/2019 COP 3,101,400,000 2,687 - COP 3 Month Libor 6* Fixed 5.18% 16/12/2019 COP 2,325,320,000 2,295 - COP 3 Month Libor 1* Fixed 5.19% 16/12/2019 COP 2,064,385,000 1,718 - COP 3 Month Libor 9* Fixed 5.24% 18/12/2019 COP 3,640,724,986 386 - INR 6 Month Mibor 7* Fixed 6.86% 22/05/2020 INR 639,348,258 127,408 0.01 INR 6 Month Mibor 7* Fixed 7.09% 03/06/2020 INR 354,488,014 14,225 - INR 6 Month Mibor 7* Fixed 7.09% 25/06/2020 INR 332,098,000 14,344 - Fixed 6.65% 1* MXN 1 Month TIIE 06/12/2023 MXN 23,250,000 52,150 0.01 USD 3 Month Libor 6* Fixed 2.5% 16/12/2025 USD 7,225,000 46,717 - ZAR 3 Month JIBAR 9* Fixed 6.95% 17/06/2017 ZAR 178,570,000 4,909 - Fixed 8% 9* ZAR 3 Month JIBAR 16/09/2020 ZAR 82,605,000 13,393 - Fixed 8.65% 9* ZAR 3 Month JIBAR 18/09/2028 ZAR 13,475,000 3,494 - ––––––––––– ––––––– Interest rate swaps at positive fair value 920,084 0.08

Futures contracts (2014: 0.01%)

No. of Maturity contracts Unrealised % of date Currency long/(short) gain US$ Net assets

5 Year US Treasury Notes Futures 7* 30/09/2015 USD (12) 1,347 - 10 Year Korea Government Bond Futures 7* 15/09/2015 KRW 113 24,492 - 10 Year US Treasury Notes Futures 7* 21/09/2015 USD (47) 51,857 - US Long Bond Futures 7* 21/09/2015 USD (3) 11,540 - ––––––––––– ––––––– Unrealised gain on futures contracts 89,236 -

Total financial derivative instruments at positive fair value 12,535,007 0.91

Total financial assets at fair value through profit or loss 1,312,646,509 95.51

MGI Funds plc 100 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

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 (2014: (0.75)%) Financial derivative instruments (2014: (0.75)%) Open forward foreign currency contracts (2014: (0.57)%) CLP 6* 896,161,740 USD 1,407,510 27/07/2015 (9,476) - CLP 5* 3,096,248,170 USD 4,901,066 27/07/2015 (70,844) (0.01) CLP 16* 2,552,028,000 USD 4,009,282 16/09/2015 (46,854) - CLP 15* 2,552,028,000 USD 4,045,572 16/09/2015 (83,145) (0.01) CLP 6* 26,075,455,000 USD 41,754,131 16/09/2015 (1,267,857) (0.09) CNY 8* 160,927,920 USD 26,291,021 27/07/2015 (385,062) (0.03) CNY 4* 100,325,000 USD 16,303,200 16/09/2015 (205,285) (0.01) COP 5* 9,179,409,740 USD 3,572,027 27/07/2015 (50,862) - COP 6* 8,200,000,000 USD 3,156,274 16/09/2015 (28,344) - COP 16* 26,718,800,000 USD 10,222,596 16/09/2015 (30,578) - COP 6* 27,230,253,708 USD 10,455,933 16/09/2015 (68,818) (0.01) COP 1* 7,907,300,000 USD 3,088,789 16/09/2015 (72,510) (0.01) EGP 7* 22,869,662 USD 3,028,693 15/07/2015 (39,719) - EGP 8* 5,105,000 USD 656,174 15/09/2015 (1,900) - EGP 4* 5,105,000 USD 640,527 21/12/2015 (12,074) - EGP 7* 5,105,000 USD 642,138 31/12/2015 (16,268) - HUF 10* 374,192,640 USD 1,349,546 27/07/2015 (27,885) - HUF 9* 235,006,000 USD 844,416 31/07/2015 (14,448) - HUF 7* 595,930,000 USD 2,120,672 16/09/2015 (17,116) - HUF 1* 7,633,886,000 USD 27,575,083 16/09/2015 (628,448) (0.05) IDR 7* 22,800,000,000 USD 1,682,657 16/09/2015 (497) - IDR 7* 413,044,374,000 USD 30,534,810 16/09/2015 (60,826) - INR 15* 346,951,970 USD 5,431,308 27/07/2015 (9,396) - KES 15* 797,118,000 USD 8,158,833 31/07/2015 (169,976) (0.01) KES 4* 323,417,000 USD 3,421,328 31/07/2015 (179,986) (0.01) MXN 6* 3,430,910 USD 222,432 27/07/2015 (4,169) - MXN 7* 65,450,770 USD 4,174,351 27/07/2015 (10,587) - MXN 9* 65,319,287 USD 4,226,701 27/07/2015 (71,302) (0.01) MXN 12* 38,970,000 USD 2,518,499 31/07/2015 (40,082) - MXN 16* 20,107,000 USD 1,292,461 17/09/2015 (17,918) - MXN 12* 79,811,000 USD 5,092,943 17/09/2015 (33,881) - MXN 4* 40,575,000 USD 2,643,188 17/09/2015 (71,219) (0.01) MXN 7* 420,261,000 USD 27,053,397 17/09/2015 (413,882) (0.03) MYR 10* 6,258,220 USD 1,658,246 27/07/2015 (2,845) - MYR 8* 24,001,000 USD 6,362,600 17/09/2015 (38,268) - MYR 6* 122,198,530 USD 33,090,127 17/09/2015 (890,463) (0.06) PHP 15* 1,102,755,000 USD 24,659,101 16/09/2015 (303,627) (0.02) PLN 14* 1,202,860 USD 322,693 27/07/2015 (3,065) - PLN 1* 4,920,680 USD 1,314,284 27/07/2015 (6,743) - PLN 9* 17,866,000 USD 4,788,292 31/07/2015 (41,387) - PLN 4* 5,630,000 USD 1,522,572 16/09/2015 (28,666) - PLN 6* 115,270,000 USD 30,723,919 16/09/2015 (137,326) (0.01) PLN 1* 87,773,000 USD 23,793,491 16/09/2015 (503,156) (0.04) RON 9* 34,365,000 USD 8,655,299 16/09/2015 (116,506) (0.01) RON 6* 74,723,000 USD 18,817,648 16/09/2015 (250,960) (0.02) RUB 14* 810,940,280 USD 14,940,634 27/07/2015 (507,958) (0.04) RUB 8* 583,099,000 USD 11,246,967 21/08/2015 (951,286) (0.07) RUB 9* 938,566,000 USD 17,608,123 27/08/2015 (1,066,951) (0.08) RUB 6* 1,296,114,000 USD 23,995,209 27/08/2015 (1,152,654) (0.08) RUB 9* 583,099,000 USD 10,418,529 16/09/2015 (217,506) (0.02) THB 9* 734,920,000 USD 21,707,872 16/09/2015 (2,399) - UGX 15* 5,850,601,104 USD 1,943,721 19/08/2015 (200,190) (0.01) UGX 4* 10,712,398,895 USD 3,539,563 19/08/2015 (347,172) (0.03) USD 7* 25,417,493 BRL 80,029,520 04/08/2015 (49,609) - USD 10* 2,167,265 BRL 6,945,000 02/09/2015 (19,242) - USD 16* 34,533,506 BRL 112,702,000 02/09/2015 (948,659) (0.07) USD 1* 10,685,267 CNY 66,753,000 16/09/2015 (25,763) - USD 7* 3,885,522 EGP 29,879,662 15/07/2015 (19,632) -

MGI Funds plc 101 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

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 (2014: (0.75)%) (continued) Financial derivative instruments (2014: (0.75)%) (continued) Open forward foreign currency contracts (2014: (0.57)%) (continued) USD 1* 3,823,298 GBP 2,475,000 16/09/2015 (67,023) - USD 15* 2,110,893 IDR 28,307,075,140 27/07/2015 (2,049) - USD 4* 3,391,814 IDR 45,993,000,000 16/09/2015 (1,501) - USD 7* 9,230,538 IDR 126,043,000,000 16/09/2015 (68,783) (0.01) USD 4* 673,250 NGN 145,105,619 04/12/2015 (15,418) - USD 4* 527,974 NGN 133,841,327 03/08/2015 (140,613) (0.01) USD 15* 759,199 NGN 196,253,007 03/08/2015 (221,157) (0.02) USD 7* 1,761,839 NGN 455,435,293 03/08/2015 (513,229) (0.05) USD 4* 1,327,329 NGN 280,730,000 26/08/2015 (64,345) - USD 9* 5,902,881 NGN 1,263,032,000 26/08/2015 (358,397) (0.04) USD 4* 321,485 NGN 69,923,000 02/09/2015 (24,346) - USD 4* 593,410 NGN 134,704,000 26/02/2016 (22,891) - USD 9* 469,664 NGN 107,788,000 26/02/2016 (23,489) - USD 6* 1,155,373 NGN 267,180,000 01/04/2016 (49,524) - USD 15* 28,796,514 PEN 92,523,200 16/09/2015 (2,809) - USD 6* 19,280,871 PEN 61,988,000 16/09/2015 (13,883) - USD 6* 2,047,501 PHP 92,485,620 27/07/2015 (763) - USD 6* 2,666,419 PLN 10,050,867 27/07/2015 (4,334) - USD 7* 527,502 RUB 29,960,000 16/07/2015 (7,653) - USD 6* 40,959,734 SGD 55,439,000 16/09/2015 (168,483) (0.01) USD 8* 275,209 TRY 744,000 31/07/2015 (122) - USD 4* 2,335,480 TRY 6,420,000 16/09/2015 (9,323) - USD 17* 777,960 ZAR 9,505,280 27/07/2015 (1,789) - USD 4* 10,727,565 ZAR 131,103,720 27/07/2015 (27,297) - USD 9* 5,124,112 ZAR 63,489,540 27/07/2015 (84,140) (0.01) USD 7* 4,602,161 ZAR 58,380,000 16/09/2015 (144,627) (0.01) USD 6* 43,444,527 ZAR 543,593,000 16/09/2015 (754,182) (0.06) ZMW 4* 82,108,775 USD 11,104,791 19/08/2015 (389,175) (0.04) ZMW 15* 16,380,000 USD 2,172,414 16/09/2015 (60,145) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (15,234,737) (1.11)

Interest rate swaps (2014: 0.16)%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

Fixed 9.03% 7* BRL 12 Month BZDIO 02/01/2018 BRL 2,295,132 (108,258) (0.01) Fixed 12.32% 1* BRL Less than 1 Month CDI 02/01/2018 BRL 17,537,548 (125,266) (0.01) Fixed 11.09% 1* BRL Less than 1 Month CETIP 02/01/2017 BRL 9,348,959 (138,874) (0.01) Fixed 12.01% 1* BRL Less than 1 Month CDI 02/01/2018 BRL 17,840,665 (182,583) (0.01) CLP 6 Month CLICP 7* Fixed 4.24% 19/05/2020 CLP 1,315,390,000 (12,911) - CLP 6 Month CLICP 5* Fixed 4.21% 18/05/2020 CLP 1,937,870,000 (15,235) - CLP 6 Month CLICP 1* Fixed 4.25% 20/05/2020 CLP 2,230,050,000 (23,825) - Fixed 2.62% 7* CNY 3 Month Libor 25/06/2020 CNY 24,077,000 (43,454) - COP 3 Month Libor 9* Fixed 5.25% 16/12/2019 COP 3,773,890,000 (325) - EUR 6 Month Euribor 6* Fixed 0.53% 26/06/2020 EUR 6,270,000 (5,952) - EUR 6 Month Euribor 2* Fixed 0.54% 26/06/2020 EUR 6,455,000 (9,566) - EUR 6 Month Euribor 7* Fixed 1.25% 16/09/2025 EUR 4,675,000 (16,175) - EUR 6 Month Euribor 7* Fixed 1.75% 16/09/2045 EUR 2,450,000 (31,432) - HUF 6 Month Bubor 8* Fixed 2.47% 13/03/2020 HUF 835,825,000 (6,415) - INR 6 Month Mibor 7* Fixed 7.23% 03/06/2020 INR 331,011,986 (16,128) - Fixed 6.81% 6* INR 6 Month Mibor 04/03/2020 INR 385,930,000 (109,477) (0.01) Fixed 6.66% 4* INR 6 Month Mibor 20/02/2020 INR 409,275,000 (152,127) (0.01) Fixed 2.14% 6* PLN 6 Month Wibor 17/06/2025 PLN 4,160,000 (84,081) (0.01) Fixed 2.28% 6* PLN 6 Month Wibor 17/06/2025 PLN 38,990,000 (659,326) (0.05) USD 3 Month Libor 6* Fixed 3.25% 17/06/2045 USD 650,000 (46,840) - USD 3 Month Libor 6* Fixed 2.75% 17/06/2025 USD 1,575,000 (47,241) -

MGI Funds plc 102 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

Financial liabilities at fair value through profit or loss (2014: (0.75)%) (continued) Financial derivative instruments (2014: (0.75)%) (continued) Interest rate swaps (2014: 0.16)%) (continued) USD 3 Month Libor 6* Fixed 2.75% 17/06/2025 USD 4,200,000 (125,977) (0.01) USD 3 Month Libor 6* Fixed 3.25% 17/06/2045 USD 2,600,000 (187,358) (0.01) USD 3 Month Libor 3* Fixed 3.25% 21/06/2045 USD 2,905,000 (204,252) (0.02) USD 3 Month Libor 3* Fixed 2.75% 18/06/2025 USD 6,865,000 (204,286) (0.02) USD 3 Month Libor 6* Fixed 2.75% 17/06/2025 USD 11,675,000 (350,185) (0.03) USD 3 Month Libor 7* Fixed 3.00% 17/12/2024 USD 6,695,000 (360,188) (0.03) Fixed 8.23% 9* ZAR 3 Month JIBAR 18/09/2023 ZAR 16,665,000 (573) - ZAR 3 Month JIBAR 9* Fixed 7.33% 16/09/2017 ZAR 182,040,000 (38,971) - Fixed 7.53% 9* ZAR 3 Month JIBAR 17/06/2020 ZAR 80,395,000 (74,488) (0.01) ––––––––––– ––––––– Interest rate swaps at negative fair value (3,381,769) (0.25)

Futures contracts (2014: (0.02)%)

No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

3 Year Korea Government Bond Futures 7* 15/09/2015 KRW 396 (26,625) - US Ultra Bond Futures 7* 21/09/2015 USD 38 (12,901) - ––––––––––– ––––––– Unrealised loss on futures contracts (39,526) -

Total financial derivative instruments at negative fair value (18,656,032) (1.36)

Total financial liabilities at fair value through profit or loss (18,656,032) (1.36)

Total financial derivative instruments (6,121,025) (0.45)

Total investments at fair value through profit and loss 1,293,990,477 94.15

Cash (2014: 3.28%) 39,005,574 2.84

Net current assets (2014: 2.33%) 41,333,677 3.01 ––––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares (at last traded prices) 1,374,329,728 100.00 ––––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Government bonds Argentina 0.32% Korea 0.53% Singapore 0.85%

Corporate bonds Germany 0.07% Venezuela 0.99% Credit linked notes 1.73%

MGI Funds plc 103 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 30 June 2015 (continued)

Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 89.84 Collective investment schemes 0.83 Financial derivative instruments dealt in on a regulated market 0.01 OTC financial derivative instruments 0.86 Other current assets 8.46 ––––––– 100.00 –––––––

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* Credit Suisse 6* Deutsche Bank 7* Goldman Sachs 8* HSBC 9* JPMorgan Chase 10* Morgan Stanley 11* National Australia Bank 12* Royal Bank of Canada 13* Royal Bank of Scotland 14* Societe Generale 15* Standard Chartered Bank 16* State Street Bank 17* UBS

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 104 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.72%) Canada (2014: 3.62%) (continued) Transferable securities (2014: 97.72%) Chartwell Retirement Residences 17,360 159,632 0.01 Equities (2014: 97.72%) Choice Properties REIT 20,669 178,802 0.02 Australia (2014: 1.01%) Concordia Health 2,114 152,820 0.01 Adelaide Brighton 12,773 42,313 - Constellation Software 14,600 5,798,835 0.49 ALS 8,636 38,830 - Copper Mountain Mining 125,300 116,423 0.01 BWP Trust REIT 37,520 88,244 0.01 Dominion Diamond (Canada listing) 112,200 1,572,750 0.13 Challenger 264,321 1,365,216 0.12 Dominion Diamond (US listing) 2,000 28,020 - CSR 37,336 104,455 0.01 Dream Industrial REIT 21,399 140,209 0.01 Dick Smith Holding 556,623 889,866 0.08 Enerflex 12,695 137,276 0.01 Fairfax Media 59,569 37,314 - Entertainment One 105,924 593,049 0.05 InvoCare 11,962 111,247 0.01 Gildan Activewear 81,516 2,709,592 0.23 M2 Group 8,857 72,840 0.01 Home Capital Group 3,814 132,220 0.01 Navitas 14,695 48,454 - Jean Coutu Group 117,500 2,183,508 0.18 Nufarm 327,422 1,819,477 0.15 Laurentian Bank of Canada 4,766 183,776 0.02 Orora 24,269 38,985 - Linamar 25,726 1,671,587 0.14 Sirtex Medical 1,929 43,070 - Lions Gate Entertainment 20,900 774,345 0.07 Spark Infrastructure Group 1,753,538 2,634,889 0.22 Lucara Diamond 51,498 82,087 0.01 Spotless Group Holdings 753,886 1,211,023 0.10 MDC Partners 72,454 1,427,344 0.12 Super Retail Group 8,321 58,455 0.01 Milestone Apartments REIT 17,250 173,267 0.01 Technology One 28,376 79,606 0.01 Progressive Waste Solutions 5,446 146,134 0.01 Tox Free Solutions 24,425 56,694 - Ritchie Bros Auctioneers 4,520 126,174 0.01 Virtus Health 15,573 64,276 0.01 Secure Energy Services 10,055 102,930 0.01 ––––––––––– ––––––– ShawCor 4,570 133,939 0.01 8,805,254 0.74 Tahoe Resources 86,964 1,054,616 0.09 Austria (2014: 0.69%) Total Energy Services 8,929 109,069 0.01 Ams 78,057 3,416,116 0.29 Transcontinental 10,001 123,285 0.01 Austria Technologie & Systemtechnik 19,244 278,527 0.02 TransForce 5,970 121,126 0.01 Flughafen Wien 4,391 380,731 0.03 ––––––––––– ––––––– RHI 10,564 262,774 0.02 20,334,693 1.71 Schoeller-Bleckmann Oilfield Equipment 20,714 1,251,603 0.11 Channel Islands (2014: 0.21%) Wienerberger 125,700 1,975,475 0.17 Phoenix Group Holdings 19,420 250,443 0.02 ––––––––––– ––––––– ––––––––––– ––––––– China (2014: 0.30%) 7,565,226 0.64 Shenzhen Expressway 1,388,000 1,106,454 0.09 Belgium (2014: 0.19%) Shenzhou International Group Holdings 560,000 2,716,009 0.23 Ablynx 35,700 438,541 0.04 Sunny Optical Technology Group 557,000 1,212,783 0.10 Befimmo REIT 34,189 2,089,422 0.18 ––––––––––– ––––––– bpost 46,601 1,279,379 0.11 5,035,246 0.42 D'ieteren 7,610 272,178 0.02 Cyprus (2014: 0.13%) Econocom Group 53,064 436,039 0.04 Prosafe 169,404 585,674 0.05 Elia System Operator 3,986 161,171 0.01 ––––––––––– ––––––– EVS Broadcast Equipment 12,355 357,914 0.03 Denmark (2014: 1.54%) Ion Beam Applications 19,799 538,706 0.04 Chr Hansen Holding 41,741 2,035,523 0.17 Melexis 14,597 845,727 0.07 GN Store Nord 64,489 1,333,066 0.11 Nyrstar 114,003 408,249 0.03 Matas 21,427 456,043 0.04 Ontex Group 66,283 1,988,110 0.17 NKT Holding 22,257 1,276,853 0.11 Tessenderlo Chemie 17,472 670,940 0.06 Pandora 21,013 2,256,560 0.19 ––––––––––– ––––––– SimCorp 79,829 3,177,517 0.27 9,486,376 0.80 Sydbank 2,986 114,083 0.01 Bermuda (2014: 0.40%) Topdanmark 26,712 715,746 0.06 Argo Group International Holdings 36,814 2,050,540 0.17 ––––––––––– ––––––– Assured Guaranty 139,744 3,352,459 0.28 11,365,391 0.96 Validus Holdings 5,100 224,349 0.02 Finland (2014: 1.57%) ––––––––––– ––––––– Amer Sports 323,402 8,611,994 0.72 5,627,348 0.47 Bittium 12,922 67,669 0.01 Brazil (2014: 0.11%) Cargotec 30,266 1,148,247 0.10 Tegma Gestao Logistica 115,900 417,500 0.04 Caverion 94,374 939,003 0.08 ––––––––––– ––––––– Huhtamaki 130,405 4,027,639 0.34 Canada (2014: 3.62%) Kemira 103,045 1,169,942 0.10 Canadian Western Bank 4,757 109,623 0.01 Kesko 3,090 107,452 0.01 CanElson Drilling 26,661 92,255 0.01 Konecranes 85,631 2,493,065 0.21

MGI Funds plc 105 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Germany (2014: 2.39%) (continued) (2014: 97.72%) (continued) Software 29,185 799,290 0.07 Transferable securities (2014: 97.72%) (continued) Stada Arzneimittel 21,362 720,115 0.06 Equities (2014: 97.72%) (continued) Stroeer Media 37,045 1,729,445 0.15 Finland (2014: 1.57%) (continued) Wacker Chemie 17,744 1,830,736 0.15 Metsa Board 268,776 1,668,049 0.14 Wincor Nixdorf 18,926 743,962 0.06 Ramirent 277,387 2,024,373 0.17 Wirecard 18,300 700,392 0.06 Sponda 183,380 676,306 0.06 XING 1,104 181,006 0.02 Tieto 48,648 1,135,023 0.09 ––––––––––– ––––––– Uponor 49,634 747,133 0.06 32,834,331 2.76 Valmet 112,318 1,261,459 0.11 Hong Kong (2014: 0.92%) ––––––––––– ––––––– Bonjour Holdings 1,040,000 76,465 0.01 26,077,354 2.20 China Everbright International 910,000 1,640,983 0.13 France (2014: 1.19%) Dah Sing Financial Holdings 6,400 41,772 - Alten 13,097 608,004 0.05 Ju Teng International Holdings 1,686,000 815,538 0.07 Altran Technologies 24,493 262,913 0.02 NewOcean Energy Holdings 136,000 63,504 0.01 Eiffage 8,604 478,370 0.04 Sitoy Group Holdings 101,000 67,094 0.01 Euler Hermes 1,309 131,876 0.01 SmarTone Telecommunications Holding 1,332,000 2,326,367 0.20 Faurecia 97,280 3,998,484 0.34 Techtronic Industries 1,303,500 4,287,525 0.36 GameLoft 247,630 1,059,492 0.09 Television Broadcasts 11,100 65,791 0.01 Havas 138,191 1,151,714 0.10 Truly International Holdings 102,000 42,102 - Ingenico 23,545 2,762,423 0.23 Xinyi Glass Holdings 1,766,000 947,631 0.08 Ipsen 35,832 1,975,640 0.17 ––––––––––– ––––––– IPSOS 72,438 1,871,271 0.16 10,374,772 0.88 Korian 68,259 2,267,175 0.19 India (2014: 0.19%) Metropole Television 49,423 959,820 0.08 Dish TV India 570,107 948,537 0.08 Nexans 4,371 163,613 0.01 Petronet LNG 384,364 1,128,707 0.09 Orpea 1,758 122,912 0.01 ––––––––––– ––––––– Plastic Omnium 40,768 1,038,159 0.09 2,077,244 0.17 Saft Groupe 20,579 802,519 0.07 Ireland (2014: 0.99%) Sartorius Stedim Biotech 15,720 4,334,142 0.36 Aer Lingus Group 122,797 329,737 0.03 Societe Television Francaise 1 67,263 1,159,390 0.10 Glanbia 25,096 492,970 0.04 Technicolor 41,049 267,560 0.02 ICON 31,003 2,086,502 0.18 UBISOFT Entertainment 27,223 484,703 0.04 Kingspan Group 142,238 3,431,126 0.29 Virbac 10,100 2,160,656 0.18 Paddy Power 1,396 119,565 0.01 ––––––––––– ––––––– Smurfit Kappa Group 50,566 1,392,177 0.12 28,060,836 2.36 UDG Healthcare 454,056 3,494,776 0.29 Germany (2014: 2.39%) ––––––––––– ––––––– Aareal Bank 114,322 4,486,238 0.38 11,346,853 0.96 Aurubis 4,253 249,729 0.02 Isle Of Man (2014: 0.25%) Bechtle 35,180 2,665,042 0.22 Playtech 237,459 3,056,704 0.26 Bertrandt 16,732 2,195,189 0.18 ––––––––––– ––––––– Cancom 47,911 1,723,986 0.14 Israel (2014: 0.56%) CTS Eventim 6,894 251,217 0.02 Alony Hetz Properties & Investments REIT 14,156 106,647 0.01 Deutz 46,601 266,883 0.02 CyberArk Software 45,258 2,843,107 0.24 Duerr 11,120 1,035,300 0.09 EZchip Semiconductor 67,500 1,077,300 0.09 ElringKlinger 78,791 2,117,030 0.18 Mellanox Technologies 37,976 1,845,254 0.16 Gerresheimer 1,555 96,868 0.01 NICE Systems - ADR 37,700 2,397,343 0.20 Gerry Weber International 1,787 40,956 - ––––––––––– ––––––– Grammer 23,323 770,499 0.06 8,269,651 0.70 Heidelberger Druckmaschinen 89,434 198,099 0.02 Italy (2014: 2.82%) KUKA 24,523 2,041,614 0.17 Ansaldo STS 47,125 490,150 0.04 LEG Immobilien 11,470 796,442 0.07 ASTM 60,536 796,575 0.07 Leoni 36,331 2,292,382 0.19 Autogrill 243,928 2,041,102 0.17 Nordex 42,764 1,024,186 0.09 Banca IFIS 36,230 786,358 0.07 NORMA Group 4,689 236,904 0.02 Banca Popolare di Milano 3,319,070 3,498,410 0.30 Pfeiffer Vacuum Technology 4,049 360,551 0.03 Danieli & C Officine Meccaniche - Rational 861 316,050 0.03 non-voting 8,072 122,316 0.01 Rhoen Klinikum 68,900 1,847,431 0.16 Danieli & C Officine Meccaniche - Salzgitter 20,323 725,963 0.06 voting rights 5,850 118,824 0.01 Sixt - Pref 10,081 390,826 0.03 Datalogic 22,983 335,972 0.03

MGI Funds plc 106 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 9.37%) (continued) (2014: 97.72%) (continued) Disco 30,000 2,483,553 0.21 Transferable securities (2014: 97.72%) (continued) Don Quijote Holdings 38,400 1,634,977 0.14 Equities (2014: 97.72%) (continued) Doutor Nichires Holdings 35,200 617,327 0.05 Italy (2014: 2.82%) (continued) Dowa Holdings 125,000 1,180,893 0.10 De'Longhi 117,586 2,693,654 0.23 DTS 14,600 329,787 0.03 DiaSorin 14,142 645,250 0.05 Duskin 5,400 93,336 0.01 Engineering 1,282 81,848 0.01 Ebara 16,000 77,539 0.01 Geox 51,346 199,319 0.02 Eighteenth Bank 15,000 45,969 - Interpump Group 58,590 945,268 0.08 Eiken Chemical 38,900 778,540 0.07 Mediolanum 18,044 148,774 0.01 Exedy 43,300 1,082,810 0.09 Moncler 258,638 4,789,459 0.40 Foster Electric 9,400 211,484 0.02 Recordati 142,276 2,981,835 0.25 Fuji Machine Manufacturing 27,900 292,076 0.02 Reply 3,402 347,400 0.03 Fuji Soft 30,500 621,391 0.05 Safilo Group 44,543 641,217 0.05 Fujikura 153,000 856,495 0.07 Salvatore Ferragamo 84,911 2,548,735 0.21 Fukushima Industries 29,100 532,939 0.04 Sorin 88,785 248,300 0.02 Futaba 17,700 320,832 0.03 SORIN - Rights 124,534 5 - Glory 16,700 494,729 0.04 Vittoria Assicurazioni 16,598 183,086 0.02 GLP J-Reit 113 107,953 0.01 Yoox 63,716 2,060,198 0.17 GS Yuasa 135,000 530,666 0.04 ––––––––––– ––––––– Gunze 155,000 424,345 0.04 26,704,055 2.25 Hanwa 146,000 686,062 0.06 Japan (2014: 9.37%) Heiwa 9,700 193,263 0.02 77 Bank 253,000 1,544,486 0.13 Heiwa Real Estate REIT 126 95,557 0.01 ABC-Mart 21,600 1,322,143 0.11 Hitachi Capital 2,500 66,195 0.01 Activia Properties REIT 11 93,221 0.01 Hitachi Koki 60,700 506,474 0.04 ADEKA 73,200 1,016,957 0.09 Hitachi Maxell 48,200 778,747 0.07 AEON Financial Service 57,600 1,600,458 0.13 Hitachi Transport System 31,000 515,041 0.04 Aica Kogyo 69,000 1,603,694 0.13 Hitachi Zosen 70,800 403,861 0.03 Aichi Steel 124,000 554,309 0.05 Hokkoku Bank 15,000 55,040 - Aida Engineering 56,900 624,033 0.05 Hokuetsu Bank 29,000 60,434 0.01 Alpine Electronics 92,200 1,778,221 0.15 Hokuetsu Kishu Paper 135,500 748,564 0.06 Amano 95,600 1,250,031 0.11 Horiba 50,900 2,071,524 0.17 Anritsu 56,000 378,017 0.03 Hoshizaki Electric 59,500 3,501,001 0.29 Aoyama Trading 19,100 772,647 0.07 Hulic 87,600 777,458 0.07 Aozora Bank 638,000 2,408,826 0.20 Hyakugo Bank 52,000 257,950 0.02 Arcs 2,600 56,689 - Idec 7,700 69,408 0.01 As One 1,800 62,003 0.01 Inaba Denki Sangyo 2,200 76,591 0.01 Asahi Intecc 7,400 507,384 0.04 Inabata 71,300 780,212 0.07 Asics 69,000 1,784,701 0.15 Iriso Electronics 5,900 418,518 0.04 ASKA Pharmaceutical 37,200 407,979 0.03 IT Holdings 48,500 1,032,109 0.09 Azbil 43,100 1,114,792 0.09 Japan Aviation Electronics Industry 52,000 1,415,111 0.12 Bandai Namco Holdings 104,300 2,018,407 0.17 Japan Digital Laboratory 20,400 285,082 0.02 Bank of the Ryukyus 14,500 216,377 0.02 Japan Hotel REIT Investment 107 71,266 0.01 Calbee 27,100 1,142,778 0.10 Japan Logistics Fund REIT 58 116,697 0.01 Calsonic Kansei 75,000 533,854 0.04 Japan Petroleum Exploration 10,300 327,859 0.03 Canon Marketing Japan 4,800 81,710 0.01 Japan Securities Finance 47,000 273,861 0.02 Capcom 30,300 587,107 0.05 K's Holdings 1,700 61,268 0.01 Central Glass 78,000 327,005 0.03 Kawasaki Kisen Kaisha 1,236,000 2,919,168 0.25 Chiyoda 22,200 521,414 0.04 Keihin 35,000 502,268 0.04 Chugoku Marine Paints 131,000 974,216 0.08 Keiyo Bank 9,000 47,366 - Coca-Cola East Japan 194,300 3,596,531 0.30 Kenedix Residential Investment REIT 22 65,174 0.01 COMSYS Holdings 66,300 987,199 0.08 Kinden 81,000 1,071,703 0.09 Daicel 94,300 1,211,454 0.10 Kintetsu World Express 67,600 3,038,451 0.26 Daido Steel 107,000 445,961 0.04 Kissei Pharmaceutical 22,800 579,479 0.05 Daiho 332,000 1,638,769 0.14 Kiyo Bank 28,300 432,253 0.04 Daiichikosho 2,300 81,012 0.01 Kokuyo 107,300 924,237 0.08 Daishi Bank 96,000 405,606 0.03 Komori 3,500 47,567 - DCM Holdings 58,500 573,215 0.05 Konoike Transport 4,400 53,541 - Denki Kagaku Kogyo KK 318,000 1,413,738 0.12 Kureha 88,000 346,635 0.03 DIC 286,000 715,205 0.06 Kuroda Electric 11,800 219,577 0.02

MGI Funds plc 107 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 9.37%) (continued) (2014: 97.72%) (continued) Pacific Industrial 29,221 279,398 0.02 Transferable securities (2014: 97.72%) (continued) Pioneer 519,100 946,016 0.08 Equities (2014: 97.72%) (continued) Plenus 30,400 547,804 0.05 Japan (2014: 9.37%) (continued) Pola Orbis Holdings 1,300 73,624 0.01 Kusuri No Aoki 60,600 2,684,199 0.23 Relo Holdings 3,300 326,319 0.03 KYB 79,000 273,738 0.02 Rengo 264,000 1,093,842 0.09 Kyowa Exeo 6,000 69,922 0.01 Ricoh Leasing 64,800 1,988,510 0.17 Kyudenko 25,000 449,475 0.04 Riso Kagaku 32,900 622,967 0.05 Lintec 55,000 1,257,181 0.11 Rohto Pharmaceutical 24,500 404,846 0.03 Lion 161,000 1,290,737 0.11 Roland DG 6,000 169,411 0.01 Maeda Road Construction 79,000 1,455,204 0.12 Royal Holdings 20,500 342,099 0.03 Marudai Food 67,000 250,774 0.02 Ryobi 89,000 347,665 0.03 Matsumotokiyoshi Holdings 1,300 60,025 0.01 Ryosan 37,300 981,539 0.08 Max 8,000 85,645 0.01 Saizeriya 44,100 979,199 0.08 Meidensha 98,000 368,406 0.03 Sanden Holdings 67,000 312,099 0.03 Meitec 1,700 63,351 0.01 Sangetsu 5,000 76,288 0.01 Melco Holdings 18,500 349,393 0.03 Sanken Electric 87,000 538,218 0.05 Mie Bank 20,000 47,236 - Sankyo Tateyama 24,400 412,366 0.03 Mirait Holdings 74,400 868,248 0.07 Sankyu 152,000 831,022 0.07 Mitsui Home 17,000 78,634 0.01 Sanwa Holdings 306,000 2,578,237 0.22 Mitsui Mining & Smelting 211,000 570,760 0.05 Sanyo Chemical Industries 76,000 534,140 0.04 Mitsui Sugar 16,000 63,809 0.01 Sanyo Denki 36,000 288,612 0.02 Miura 9,400 109,007 0.01 Sanyo Shokai 145,000 399,338 0.03 Mochida Pharmaceutical 4,600 260,516 0.02 Sanyo Special Steel 53,000 246,884 0.02 Morinaga Milk Industry 144,000 528,386 0.04 Seikagaku 26,800 439,786 0.04 Nachi-Fujikoshi 95,000 560,536 0.05 Seiko Holdings 363,000 1,839,251 0.15 Nagase 101,200 1,397,687 0.12 Seino Holdings 57,700 646,953 0.05 NEC Networks & System Integration 45,500 994,296 0.08 Shiga Bank 42,000 226,535 0.02 Nichi-iko Pharmaceutical 30,800 836,922 0.07 Shindengen Electric Manufacturing 59,000 295,567 0.02 Nichias 116,000 719,519 0.06 Shinko Electric Industries 107,900 778,619 0.07 Nihon Kohden 55,800 1,381,719 0.12 Shinmaywa Industries 21,000 192,383 0.02 Nihon Parkerizing 238,100 2,418,652 0.20 Showa Denko KK 46,000 60,900 0.01 Nihon Unisys 5,400 55,516 - Sojitz 1,090,400 2,646,580 0.22 Nippon Kayaku 85,000 916,929 0.08 Square Enix Holdings 28,800 637,594 0.05 Nippon Konpo Unyu Soko 50,000 872,799 0.07 St Marc Holdings 27,600 908,985 0.08 Nippon Light Metal Holdings 182,500 314,694 0.03 Star Micronics 20,800 354,925 0.03 Nippon Paper Industries 73,000 1,280,252 0.11 Sumitomo Bakelite 89,000 403,669 0.03 Nippon Road 11,000 54,926 - Sumitomo Osaka Cement 270,000 999,551 0.08 Nippon Shokubai 204,000 2,794,132 0.24 Sumitomo Warehouse 10,000 55,898 - Nippon Signal 91,200 1,001,698 0.08 Suruga Bank 115,300 2,475,325 0.21 Nippon Steel & Sumikin Bussan 19,000 69,407 0.01 Tadano 23,000 343,971 0.03 Nipro 59,700 611,319 0.05 Taiyo Holdings 26,000 1,087,893 0.09 Nishimatsu Construction 14,000 52,515 - Taiyo Yuden 8,500 119,340 0.01 Nishimatsuya Chain 44,100 444,009 0.04 Takara Leben 402,800 2,399,716 0.20 Nisshin Oillio Group 22,000 90,255 0.01 Takasago Thermal Engineering 34,000 412,896 0.03 Nisshin Steel 90,600 1,124,679 0.09 Tecmo Koei Holdings 3,500 60,266 0.01 Nisshinbo Holdings 36,000 402,762 0.03 Teijin 729,000 2,829,853 0.24 Nittetsu Mining 49,000 239,864 0.02 THK 121,600 2,629,458 0.22 Noevir Holdings 2,500 53,876 - Toho Holdings 42,400 976,796 0.08 NOF 47,000 377,567 0.03 Tokai Carbon 51,000 160,046 0.01 Noritz 18,200 343,430 0.03 Tokai Rika 28,600 715,205 0.06 North Pacific Bank 14,900 66,606 0.01 Tokai Tokyo Financial Holdings 10,200 74,271 0.01 NS Solutions 39,600 1,310,669 0.11 Tokyo Ohka Kogyo 38,300 1,087,668 0.09 NSD 36,200 478,959 0.04 Tokyo Seimitsu 28,500 625,363 0.05 NuFlare Technology 16,400 710,334 0.06 Tokyo Tatemono 58,500 812,732 0.07 Obayashi 396,000 2,889,944 0.24 Topcon 46,800 1,128,264 0.09 Obic 3,100 138,324 0.01 Toppan Forms 54,600 752,750 0.06 Ogaki Kyoritsu Bank 76,000 277,628 0.02 Toshiba TEC 189,000 1,024,043 0.09 Oita Bank 43,000 183,435 0.02 Tosoh 56,000 348,270 0.03 OSG 22,900 491,069 0.04 Toyo Ink SC Holdings 127,000 509,598 0.04

MGI Funds plc 108 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Norway (2014: 0.65%) (continued) (2014: 97.72%) (continued) SpareBank 1 SR-Bank 214,850 1,426,872 0.12 Transferable securities (2014: 97.72%) (continued) Storebrand 188,218 773,685 0.07 Equities (2014: 97.72%) (continued) ––––––––––– ––––––– Japan (2014: 9.37%) (continued) 4,951,268 0.42 Toyobo 113,000 180,076 0.02 Philippines (2014: 0.08%) Toyota Boshoku 20,400 344,098 0.03 Cosco Capital 6,499,400 1,124,314 0.09 TS Tech 51,200 1,370,326 0.12 ––––––––––– ––––––– Tsubakimoto Chain 66,000 645,626 0.05 Portugal (2014: 0.56%) Tsumura 27,900 600,569 0.05 Altri 62,785 228,543 0.02 Tsuruha Holdings 5,300 412,773 0.03 Portucel 166,486 639,971 0.05 UBE Industries 42,000 79,287 0.01 Semapa-Sociedade de Investimento e Gestao 10,214 137,817 0.01 Ushio 76,100 991,324 0.08 ––––––––––– ––––––– Wacoal Holdings 7,000 81,862 0.01 1,006,331 0.08 Yamaha Motor 49,900 1,091,671 0.09 Puerto Rico (2014: 0.13%) Yamato Kogyo 9,100 212,617 0.02 First BanCorp 220,351 1,062,092 0.09 Yamazen 267,300 2,440,029 0.21 Triple-S Management 21,489 551,408 0.05 Yuasa Trading 15,800 378,327 0.03 ––––––––––– ––––––– Zenkoku Hosho 17,600 627,107 0.05 1,613,500 0.14 Zeon 71,000 655,661 0.06 Singapore (2014: 0.26%) ––––––––––– ––––––– CDL Hospitality Trusts REIT 36,700 44,427 - 168,596,652 14.19 Fortune Real Estate Investment Trust 2,102,000 2,123,000 0.18 Korea (2014: 0.24%) Mapletree Industrial Trust REIT 35,200 40,781 - KEPCO Plant Service & Engineering 7,269 768,965 0.06 Mapletree Logistics Trust REIT 127,500 107,000 0.01 ––––––––––– ––––––– Singapore Post 65,900 92,744 0.01 Luxembourg (2014: 0.57%) Starhill Global REIT 123,400 80,648 0.01 Grand City Properties 152,145 2,640,273 0.22 Super Group 47,400 39,075 - Regus 1,063,313 4,367,977 0.37 United Engineers 30,800 56,270 0.01 SAF-Holland 82,779 1,276,957 0.11 ––––––––––– ––––––– ––––––––––– ––––––– 2,583,945 0.22 8,285,207 0.70 South Africa (2014: 0.18%) Malta (2014: 0.04%) Nampak 473,600 1,318,444 0.11 Unibet Group 9,266 563,945 0.05 ––––––––––– ––––––– ––––––––––– ––––––– Spain (2014: 2.56%) Netherlands (2014: 0.60%) Bolsas y Mercados Espanoles 56,440 2,281,484 0.19 AerCap Holdings 66,592 3,049,248 0.26 Cia de Distribucion Integral Logista Holdings 18,670 370,278 0.03 Arcadis 4,049 111,296 0.01 Ence Energia y Celulosa 64,539 220,402 0.02 Atrium European Real Estate 285,135 1,312,408 0.11 Faes Farma 40,833 105,324 0.01 BE Semiconductor Industries 13,514 375,905 0.03 Gamesa Tecnologica 229,595 3,614,662 0.30 Corbion 3,335 65,901 0.01 Let's GOWEX 24,209 - - Frank's International 4,175 78,657 0.01 Melia Hotels International 385,957 5,091,594 0.43 Koninklijke Ten Cate 13,493 278,052 0.02 Obrascon Huarte Lain 4,901 83,357 0.01 Post 125,034 555,440 0.05 Tubacex 26,480 75,530 0.01 SNS REAAL 133,061 - - Viscofan 2,209 133,524 0.01 TKH Group 35,529 1,487,459 0.12 ––––––––––– ––––––– TomTom 63,955 722,207 0.06 11,976,155 1.01 Tornier 16,621 415,359 0.03 Sweden (2014: 1.62%) ––––––––––– ––––––– AAK 4,772 282,553 0.02 8,451,932 0.71 Betsson 213,540 3,083,108 0.26 New Zealand (2014: 0.38%) Bilia 33,374 594,276 0.05 Air New Zealand 685,416 1,182,044 0.10 BillerudKorsnas 121,059 1,901,053 0.16 Chorus 337,056 661,058 0.06 Castellum 124,589 1,749,276 0.15 Fisher & Paykel Healthcare 116,435 539,403 0.04 Hexpol 222,990 2,296,414 0.19 Metlifecare 126,495 397,801 0.03 Holmen 48,722 1,420,410 0.12 ––––––––––– ––––––– Indutrade 14,097 648,148 0.05 2,780,306 0.23 Intrum Justitia 59,764 1,807,866 0.15 Norway (2014: 0.65%) JM 48,018 1,307,872 0.11 BW Offshore 334,137 214,476 0.02 Lindab International 81,774 691,346 0.06 Marine Harvest 11,482 131,202 0.01 Meda 6,281 87,355 0.01 Opera Software 190,710 1,638,639 0.14 NCC 5,585 170,360 0.01 SpareBank 1 SMN 92,055 766,394 0.06 NetEnt 83,342 3,234,242 0.27

MGI Funds plc 109 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United Kingdom (2014: 4.91%) (continued) (2014: 97.72%) (continued) Crest Nicholson Holdings 254,639 2,248,644 0.19 Transferable securities (2014: 97.72%) (continued) Daily Mail & General Trust 10,289 150,326 0.01 Equities (2014: 97.72%) (continued) Dialog Semiconductor 74,923 4,047,906 0.34 Sweden (2014: 1.62%) (continued) Domino's Pizza Group 7,698 94,069 0.01 New Wave Group 11,409 58,712 - Drax Group 239,500 1,311,536 0.11 Nibe Industrier 80,238 2,174,815 0.18 DS Smith 138,601 841,394 0.07 Peab 157,148 1,160,026 0.10 Dunelm Group 6,375 90,785 0.01 Saab 48,406 1,182,512 0.10 Elementis 444,385 1,793,338 0.15 SAS 239,356 425,490 0.04 Filtrona 7,846 122,530 0.01 SSAB -A Shares 149,478 780,222 0.07 Firstgroup 378,536 711,412 0.06 SSAB -B Shares 96,148 428,741 0.04 Galliford Try 4,300 117,467 0.01 Swedish Orphan Biovitrum 291,312 3,861,925 0.33 Greene King 252,253 3,350,287 0.28 Trelleborg 104,894 1,937,963 0.16 Hansteen Holdings REIT 65,857 119,627 0.01 ––––––––––– ––––––– Henderson Group 37,373 153,407 0.01 31,284,685 2.63 Hikma Pharmaceuticals 86,431 2,627,528 0.22 Switzerland (2014: 0.55%) HomeServe 14,411 97,547 0.01 Allied World Assurance Holdings 80,383 3,474,153 0.29 Inchcape 11,141 142,099 0.01 Allreal Holding 1,304 179,997 0.01 Informa 20,547 176,598 0.01 Ascom Holding 19,279 339,350 0.03 Intermediate Capital Group 249,844 2,159,149 0.18 Bucher Industries 497 123,698 0.01 John Wood Group 142,082 1,440,151 0.12 Burckhardt Compression Holding 3,395 1,286,907 0.11 Jupiter Fund Management 17,284 121,153 0.01 Cembra Money Bank 1,896 115,641 0.01 Kcom Group 67,667 99,503 0.01 GAM Holding 6,500 136,670 0.01 Laird 17,372 100,459 0.01 Georg Fischer 3,432 2,359,488 0.20 LondonMetric Property REIT 51,440 130,491 0.01 Interroll Holding 2,995 1,906,827 0.16 Mitie Group 27,973 138,578 0.01 Logitech International 7,181 105,270 0.01 Moneysupermarket.com Group 20,036 91,759 0.01 Straumann Holding 350 96,062 0.01 Oxford Instruments 113,300 1,729,304 0.15 Temenos Group 96,114 3,183,060 0.27 Paragon Group of Cos 12,581 81,954 0.01 Valiant Holding 1,091 106,292 0.01 Pets at Home Group 499,603 2,346,963 0.20 ––––––––––– ––––––– Premier Farnell 42,751 116,248 0.01 13,413,415 1.13 Restaurant Group 323,860 3,544,970 0.30 Taiwan (2014: 0.31%) Rightmove 63,200 3,257,163 0.27 Chipbond Technology 429,000 927,395 0.08 Rotork 606,859 2,219,952 0.19 Hermes Microvision - GDR 6,300 410,410 0.03 Rowan 6,732 142,113 0.01 Primax Electronics 670,000 849,049 0.07 Senior 220,634 995,865 0.08 Sinbon Electronics 452,000 842,341 0.07 SIG 26,198 82,609 0.01 ––––––––––– ––––––– Spirax-Sarco Engineering 54,914 2,930,306 0.25 3,029,195 0.25 St James's Place 255,500 3,640,534 0.31 Thailand (2014: 0.13%) Stagecoach Group 13,278 84,323 0.01 AP Thailand 3,855,650 821,918 0.07 SThree 86,894 511,785 0.04 ––––––––––– ––––––– Stolt-Nielsen 4,757 80,417 0.01 Turkey (2014: 0.13%) Taylor Wimpey 1,022,500 2,987,824 0.25 Coca-Cola Icecek 45,510 757,651 0.06 Travis Perkins 51,623 1,713,057 0.14 Koza Altin Isletmeleri 43,684 462,277 0.04 UBM 17,480 146,938 0.01 Koza Anadolu Metal Madencilik Isletmeleri 475,830 486,665 0.04 WH Smith 6,511 156,465 0.01 Soda Sanayii 46,523 101,069 0.01 WS Atkins 6,107 145,604 0.01 ––––––––––– ––––––– ––––––––––– ––––––– 1,807,662 0.15 62,599,552 5.27 United Kingdom (2014: 4.91%) United States of America (2014: 54.78%) Abcam 107,485 875,636 0.07 AAON 46,218 1,040,829 0.09 Al Noor Hospitals Group 74,700 1,110,193 0.09 Abaxis 15,142 779,510 0.07 Ashmore Group 320,239 1,456,527 0.12 ABIOMED 17,500 1,150,275 0.10 Auto Trader Group 463,976 2,224,841 0.19 ABM Industries 4,686 154,029 0.01 BBA Aviation 473,682 2,247,544 0.19 Acadia Healthcare 55,955 4,382,955 0.37 Berkeley Group Holdings 56,363 2,965,965 0.25 Acuity Brands 37,547 6,757,709 0.57 Big Yellow Group REIT 7,960 79,807 0.01 ADTRAN 84,978 1,380,893 0.12 Bodycote 9,474 100,424 0.01 Advisory Board 43,300 2,367,211 0.20 Bovis Homes Group 5,331 93,315 0.01 Aerojet Rocketdyne Holdings 34,926 719,825 0.06 Britvic 175,065 1,975,455 0.17 Affymetrix 46,600 508,872 0.04 Countrywide 8,699 77,708 0.01 AGL Resources 3,962 184,471 0.02

MGI Funds plc 110 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 54.78%) (continued) (2014: 97.72%) (continued) Bryn Mawr Bank 4,370 131,799 0.01 Transferable securities (2014: 97.72%) (continued) Burlington Stores 83,425 4,271,360 0.36 Equities (2014: 97.72%) (continued) Cabot 3,488 130,068 0.01 United States of America (2014: 54.78%) (continued) Cadence Design Systems 221,307 4,350,896 0.37 Air Lease 61,875 2,097,563 0.18 Cal-Maine Foods 2,758 143,968 0.01 Air Methods 87,600 3,621,384 0.30 Calix 84,334 641,782 0.05 Aircastle 143,882 3,261,805 0.27 Callidus Software 32,200 501,676 0.04 Akorn 67,200 2,933,952 0.25 Capitol Federal Financial 12,900 155,316 0.01 Alaska Air Group 29,500 1,900,685 0.16 Cardinal Financial 6,089 132,679 0.01 Alder Biopharmaceuticals 38,400 2,034,048 0.17 Carlisle 43,327 4,337,899 0.37 Allegheny Technologies 41,857 1,264,081 0.11 Carrizo Oil & Gas 32,114 1,581,293 0.13 Allison Transmission Holdings 5,943 173,892 0.01 Carter's 1,871 198,887 0.02 Alnylam Pharmaceuticals 4,400 527,428 0.04 Cash America International 59,557 1,559,798 0.13 Alon USA Energy 3,596 67,964 0.01 Cathay General Bancorp 94,684 3,072,496 0.26 AMAG Pharmaceuticals 31,276 2,159,921 0.18 Cato 17,000 658,920 0.06 Ambarella 14,356 1,474,218 0.12 Cavium 71,400 4,913,034 0.41 AMC Networks 42,300 3,462,255 0.29 CBL & Associates Properties REIT 11,351 183,886 0.02 American Axle & Manufacturing Holdings 29,900 625,209 0.05 CDW 6,186 212,056 0.02 American Eagle Outfitters 100,367 1,728,320 0.15 Cempra 14,916 512,514 0.04 American Equity Investment Life Holding 67,425 1,819,127 0.15 Centene 43,322 3,483,089 0.29 American National Insurance 2,503 256,107 0.02 Century Aluminum 108,000 1,126,440 0.09 American Woodmark 56,100 3,077,085 0.26 Cepheid 57,549 3,519,121 0.30 Amkor Technology 103,076 616,394 0.05 Chart Industries 24,800 886,600 0.07 Amsurg 85,622 5,989,259 0.50 Chatham Lodging Trust REIT 109,564 2,900,159 0.24 AmTrust Financial Services 66,948 4,385,764 0.37 Checkpoint Systems 68,566 698,002 0.06 Apollo Residential Mortgage REIT 10,755 157,991 0.01 Cheesecake Factory 40,548 2,211,285 0.19 AptarGroup 3,452 220,134 0.02 Chemed 1,401 183,671 0.02 Arthur J Gallagher 53,957 2,552,166 0.21 Chemtura 59,200 1,675,952 0.14 Ashford Hospitality Trust REIT 21,860 184,936 0.02 Choice Hotels International 15,221 825,739 0.07 Aspen Technology 60,200 2,742,110 0.23 Ciena 55,200 1,307,136 0.11 Associated Banc 9,126 184,984 0.02 Cirrus Logic 109,000 3,709,270 0.31 Astoria Financial 129,901 1,791,335 0.15 CLARCOR 2,942 183,110 0.02 Atmel 14,348 141,400 0.01 Cogent Communications Holdings 105,600 3,573,504 0.30 Avis Budget Group 35,900 1,582,472 0.13 Cognex 20,900 1,005,290 0.08 Avista 5,181 158,798 0.01 Colfax 15,450 713,018 0.06 Axiall 9,236 332,958 0.03 Commerce Bancshares 13,840 647,297 0.05 Badger Meter 2,194 139,297 0.01 CommScope Holding 22,600 689,526 0.06 Bank of the Ozarks 92,098 4,213,484 0.35 Community Bank System 4,000 151,080 0.01 BankUnited 4,479 160,930 0.01 Community Health Systems 40,932 2,577,488 0.22 BBCN Bancorp 7,972 117,906 0.01 Compass Minerals International 1,247 102,429 0.01 Belden 22,216 1,804,606 0.15 comScore 14,000 745,640 0.06 Benchmark Electronics 27,155 591,436 0.05 Con-way 3,130 120,098 0.01 Berry Plastics Group 84,288 2,730,931 0.23 CONMED 25,717 1,498,530 0.13 Bio-Rad Laboratories 8,900 1,340,429 0.11 Constant Contact 2,517 72,389 0.01 Bio-Techne 5,061 498,357 0.04 Convergys 6,910 176,136 0.01 BioMarin Pharmaceutical 14,624 2,000,271 0.17 Cooper Tire & Rubber 29,396 994,467 0.08 BioMed Realty Trust 9,758 188,720 0.02 Coopers 14,510 2,582,345 0.22 Black Hills 3,219 140,509 0.01 Core-Mark Holding 41,278 2,445,722 0.21 Blackbaud 2,639 150,291 0.01 Cornerstone OnDemand 54,900 1,910,520 0.16 Blount International 71,520 780,998 0.07 CorVel 21,513 688,846 0.06 Booz Allen Hamilton Holding 59,021 1,489,690 0.13 Covisint 1 3 - Boston Private Financial Holdings 218,100 2,924,721 0.25 Cray 33,500 988,585 0.08 Brinker International 1,849 106,595 0.01 CubeSmart REIT 79,700 1,845,852 0.16 Broadridge Financial Solutions 5,248 262,452 0.02 Cullen/Frost Bankers 2,223 174,683 0.01 Brocade Communications Systems 216,154 2,567,910 0.22 CVB Financial 172,900 3,044,769 0.26 Brookdale Senior Living 83,783 2,907,270 0.24 Cyberonics 22,539 1,340,169 0.11 Brooks Automation 51,769 592,755 0.05 Cypress Semiconductor 286,086 3,364,371 0.28 Brown & Brown 82,432 2,708,716 0.23 Dana Holding 6,581 135,437 0.01 Bruker 190,000 3,877,900 0.33 Delek US Holdings 3,303 121,616 0.01 Brunswick 53,626 2,727,418 0.23 Deluxe 2,367 146,754 0.01

MGI Funds plc 111 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 54.78%) (continued) (2014: 97.72%) (continued) Hanesbrands 148,200 4,938,024 0.42 Transferable securities (2014: 97.72%) (continued) Hanger 41,002 961,087 0.08 Equities (2014: 97.72%) (continued) Hanover Insurance Group 36,121 2,674,038 0.23 United States of America (2014: 54.78%) (continued) Harmonic 133,497 911,785 0.08 Depomed 62,051 1,331,614 0.11 Haverty Furnitures 19,535 422,347 0.04 DeVry Education Group 2,515 75,400 0.01 HD Supply 67,270 2,366,559 0.20 DexCom 29,111 2,328,298 0.20 Health Net 53,887 3,455,234 0.29 Diamond Foods 68,100 2,136,978 0.18 HealthSouth 50,488 2,325,477 0.20 Diamond Resorts International 114,262 3,604,966 0.30 Herbalife 29,646 1,633,198 0.14 Diamondback Energy 35,200 2,653,376 0.22 HFF 51,438 2,146,508 0.18 Diebold 3,533 123,655 0.01 Hill-Rom Holdings 4,056 220,362 0.02 Dime Community Bancshares 9,630 163,132 0.01 HMS Holdings 74,500 1,279,165 0.11 Domino's Pizza 48,471 5,496,611 0.46 HNI 33,074 1,691,735 0.14 Domtar 2,905 120,267 0.01 Hospitality Properties Trust REIT 7,000 201,740 0.02 Dril-Quip 19,500 1,467,375 0.12 Houghton Mifflin Harcourt 36,500 919,800 0.08 DST Systems 1,646 207,363 0.02 Howard Hughes 10,300 1,478,462 0.12 DSW 3,121 104,148 0.01 HRG Group 56,984 740,792 0.06 Dunkin' Brands Group 2,456 135,080 0.01 Hub Group 64,900 2,618,066 0.22 DuPont Fabros Technology REIT 4,080 120,156 0.01 Hubbell 1,706 184,726 0.02 Dyax 22,700 601,550 0.05 Huntington Ingalls Industries 1,622 182,621 0.02 Eagle Bancorp 37,914 1,666,699 0.14 Huntsman 5,170 114,102 0.01 Echo Global Logistics 57,617 1,881,771 0.16 IAC/InterActive 3,260 259,692 0.02 Electronics For Imaging 115,280 5,015,833 0.42 Iconix Brand Group 50,365 1,257,614 0.11 EMCOR Group 85,416 4,080,322 0.34 IDEX 2,869 225,446 0.02 Emergent Biosolutions 62,277 2,052,027 0.17 Infinera 41,100 862,278 0.07 Employers Holdings 43,928 1,000,680 0.08 Infoblox 58,430 1,531,450 0.13 Endurance International Group Holdings 82,057 1,695,298 0.14 Ingram Micro 45,800 1,146,374 0.10 Engility Holdings 70,100 1,763,716 0.15 Ingredion 2,282 182,126 0.02 Ensign Group 2,286 116,723 0.01 Inogen 47,594 2,122,692 0.18 EPR Properties REIT 3,335 182,691 0.02 Insight Enterprises 20,516 613,634 0.05 Evercore Partners 2,340 126,266 0.01 Interactive Brokers Group 85,105 3,536,964 0.30 EW Scripps 18,800 429,580 0.04 InterDigital 4,898 278,647 0.02 ExamWorks Group 72,911 2,850,820 0.24 Intersil 7,901 98,842 0.01 Extra Space Storage REIT 35,196 2,295,483 0.19 Interval Leisure Group 102,900 2,351,265 0.20 FactSet Research Systems 1,652 268,467 0.02 Intrepid Potash 76,600 914,604 0.08 Fairchild Semiconductor International 100,900 1,753,642 0.15 Intrexon 27,200 1,327,360 0.11 FBL Financial Group 13,767 794,631 0.07 Invacare 23,038 498,312 0.04 Federated Investors 4,635 155,226 0.01 Investors Bancorp 90,000 1,107,000 0.09 FEI 1,916 158,894 0.01 IPG Photonics 8,200 698,435 0.06 FelCor Lodging Trust REIT 162,796 1,608,424 0.14 Itron 29,231 1,006,716 0.08 First Niagara Financial Group 33,700 318,128 0.03 ITT 3,497 146,314 0.01 FirstMerit 152,269 3,171,763 0.27 Ixia 124,377 1,547,250 0.13 Flushing Financial 6,485 136,250 0.01 J&J Snack Foods 5,906 653,617 0.05 Fortinet 36,000 1,487,880 0.13 j2 Global 2,563 174,130 0.01 Forward Air 2,597 135,719 0.01 Jack Henry & Associates 4,177 270,252 0.02 Fossil Group 12,200 846,192 0.07 Janus Capital Group 59,524 1,019,051 0.09 Freescale Semiconductor 102,270 4,087,732 0.34 Jarden 56,780 2,938,365 0.25 General Cable 4,010 79,117 0.01 John Wiley & Sons 3,194 173,658 0.01 Gentex 10,109 165,990 0.01 Jones Lang LaSalle 47,718 8,159,778 0.69 Genworth Financial 272,059 2,059,487 0.17 Joy Global 3,478 125,904 0.01 Globus Med 109,412 2,808,606 0.24 Juno Therapeutics 14,600 778,618 0.07 GNC Holdings 22,728 1,010,941 0.09 K12 35,184 445,078 0.04 Gogo 107,500 2,303,725 0.19 Kaiser Aluminum 46,170 3,835,804 0.32 Graco 15,466 1,098,550 0.09 KAR Auction Services 65,640 2,454,936 0.21 Graham Holdings 530 569,777 0.05 Kemper 47,475 1,830,161 0.15 Graphic Packaging Holding 144,171 2,008,302 0.17 Kennametal 3,695 126,073 0.01 Great Plains Energy 7,464 180,330 0.02 Kennedy-Wilson Holdings 93,200 2,291,788 0.19 Group 1 Automotive 1,187 107,815 0.01 Keysight Technology 54,732 1,707,091 0.14 Groupon 106,800 537,204 0.05 Kirby 14,800 1,134,568 0.10 Guidewire Software 35,603 1,884,467 0.16 Kulicke & Soffa Industries 89,750 1,050,973 0.09

MGI Funds plc 112 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 54.78%) (continued) (2014: 97.72%) (continued) Omnicell 93,658 3,531,843 0.30 Transferable securities (2014: 97.72%) (continued) OPKO Health 73,700 1,185,096 0.10 Equities (2014: 97.72%) (continued) Orbital ATK 13,400 983,024 0.08 United States of America (2014: 54.78%) (continued) Oshkosh 2,558 108,408 0.01 La Quinta Holdings 98,930 2,260,551 0.19 Outerwall 16,902 1,286,411 0.11 La-Z-Boy 4,848 127,696 0.01 Overstock.com 33,425 753,400 0.06 Lands End 29,133 723,372 0.06 Owens Corning 2,997 123,626 0.01 Lattice Semiconductor 276,300 1,627,407 0.14 PAREXEL International 38,023 2,445,259 0.21 LDR Holding 61,836 2,674,407 0.23 PBF Energy 3,889 110,525 0.01 Lear 21,803 2,447,605 0.21 PDC Energy 30,000 1,609,200 0.14 Lexington Realty Trust REIT 18,157 153,971 0.01 PDL BioPharma 20,301 130,535 0.01 Lexmark International 37,065 1,638,273 0.14 Penn National Gaming 58,200 1,067,970 0.09 LifePoint Hospitals 47,944 4,168,731 0.35 PerkinElmer 15,067 793,127 0.07 Ligand Pharmaceuticals 20,024 2,020,422 0.17 Phibro Animal Health 61,740 2,404,156 0.20 Lincoln Electric Holdings 3,030 184,497 0.02 Photronics 68,413 650,608 0.05 Littelfuse 1,551 147,174 0.01 Pier 1 Imports 65,600 828,528 0.07 LPL Financial Holdings 3,683 171,223 0.01 Pilgrim's Pride 61,285 1,407,716 0.12 Luminex 56,645 977,693 0.08 Pinnacle Foods 3,231 147,140 0.01 Macquarie Infrastructure 42,626 3,522,186 0.30 Piper Jaffrays 11,608 506,573 0.04 Marcus & Millichap 30,700 1,416,498 0.12 Pitney Bowes 67,255 1,399,577 0.12 MarketAxess Holdings 24,553 2,277,782 0.19 Plantronics 12,163 684,899 0.06 Marriott Vacations Worldwide 46,276 4,245,823 0.36 PMC-Sierra 249,843 2,138,656 0.18 Masimo 12,500 484,250 0.04 Polycom 174,659 1,998,099 0.17 Matador Resources 54,131 1,353,275 0.11 PolyOne 34,091 1,335,344 0.11 MAXIMUS 39,921 2,624,007 0.22 Power Integrations 2,070 93,523 0.01 MBIA 268,370 1,612,904 0.14 Premiere Global Services 32,967 339,230 0.03 PrivateBancorp 86,069 3,427,268 0.29 Medicines 34,500 987,045 0.08 ProAssurance 5,850 270,329 0.02 Medivation 43,244 4,938,465 0.42 Progress Software 165,169 4,542,148 0.38 Men's Wearhouse 1,573 100,782 0.01 Provident Financial Services 51,971 986,929 0.08 Mentor Graphics 74,728 1,975,061 0.17 PTC 122,032 5,005,753 0.42 Meritor 96,200 1,262,144 0.11 PTC Therapeutics 15,000 721,950 0.06 Methode Electronics 17,800 488,610 0.04 Qlik Technologies 77,400 2,705,904 0.23 Michaels 32,900 885,339 0.07 Quality Systems 22,900 379,453 0.03 Middleby 22,465 2,521,247 0.21 Qualys 9,700 391,395 0.03 MKS Instruments 3,343 126,833 0.01 Quantum 232,951 391,358 0.03 Mobile Mini 2,152 90,470 0.01 Questar 8,396 175,560 0.01 Modine Manufacturing 57,813 620,334 0.05 Radius Health 45,400 3,073,580 0.26 Molina Healthcare 11,700 822,510 0.07 Raymond James Financial 37,900 2,258,082 0.19 Monolithic Power Systems 80,441 4,079,163 0.34 Receptos 7,395 1,405,420 0.12 Monro Muffler Brake 2,030 126,185 0.01 Redwood Trust REIT 169,900 2,667,430 0.22 Moog 15,427 1,090,380 0.09 Regal Entertainment Group 123,096 2,573,937 0.22 Motorcar Parts of America 41,313 1,243,108 0.10 Regal-Beloit 25,400 1,843,786 0.16 MRC Global 69,300 1,069,992 0.09 Regis 52,908 833,830 0.07 MSC Industrial Direct 2,498 174,285 0.01 Reinsurance Group of America 41,028 3,892,326 0.33 Murphy USA 37,451 2,090,515 0.18 Reliance Steel & Aluminum 2,311 139,769 0.01 National CineMedia 79,471 1,268,357 0.11 Resolute Forest Products 73,556 827,505 0.07 National Instruments 23,900 704,094 0.06 Rite Aid 275,673 2,301,870 0.19 Nelnet 23,620 1,022,982 0.09 Rofin-Sinar Technologies 30,294 836,114 0.07 NeuStar 28,988 846,739 0.07 RPM International 3,967 194,264 0.02 New Media Invesment 14,000 251,020 0.02 Ruby Tuesday 111,672 700,183 0.06 New Residential REIT 10,406 158,587 0.01 Ruckus Wireless 152,600 1,577,884 0.13 New York Times 62,188 848,866 0.07 Ryder System 57,890 5,057,849 0.43 Newport 23,251 440,839 0.04 Ryland Group 71,800 3,329,366 0.28 Nexteer Automotive Group 1,470,000 1,530,193 0.13 Sabre 6,207 147,727 0.01 Nordson 2,697 210,069 0.02 Sally Beauty Holdings 98,368 3,106,461 0.26 Northwest Bancshares 104,830 1,343,921 0.11 Sanmina 67,552 1,361,848 0.11 NorthWestern 3,339 162,776 0.01 Science Applicatio 2,507 132,495 0.01 NuVasive 20,700 980,766 0.08 Select Comfort 111,427 3,350,610 0.28 Old National 10,642 153,883 0.01 Selective Insurance Group 85,665 2,402,903 0.20

MGI Funds plc 113 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 54.78%) (continued) (2014: 97.72%) (continued) Vonage Holdings 386,482 1,897,627 0.16 Transferable securities (2014: 97.72%) (continued) Waddell & Reed Financial 3,564 168,613 0.01 Equities (2014: 97.72%) (continued) Washington Federal 132,344 3,090,232 0.26 United States of America (2014: 54.78%) (continued) Web.com Group 42,945 1,040,128 0.09 Senior Housing Properties Trust REIT 79,079 1,387,836 0.12 Weight Watchers International 55,500 269,175 0.02 Seres Therapeutics 1,900 78,850 0.01 Wendy's 10,290 116,071 0.01 Service International 39,534 1,163,486 0.10 WESCO International 41,153 2,824,742 0.24 ServiceMaster Global Holdings 47,000 1,699,990 0.14 West Pharmaceutical Services 4,635 269,201 0.02 Signature Bank 8,900 1,302,871 0.11 Westar Energy 5,306 181,571 0.02 Silicon Laboratories 34,641 1,870,960 0.16 Western Alliance Bancorp 101,071 3,412,157 0.29 Sinclair Broadcast Group 3,130 87,358 0.01 Western Refining 3,249 141,721 0.01 Six Flags Entertainment 50,586 2,268,782 0.19 WEX 13,689 1,560,135 0.13 Skechers U.S.A. 21,277 2,336,002 0.20 Whiting Petroleum 45,444 1,526,918 0.13 Skyworks Solutions 56,257 5,856,354 0.49 Williams-Sonoma 2,494 205,181 0.02 Solera Holdings 3,878 172,804 0.01 World Acceptance 6,100 375,211 0.03 Sonus Networks 63,967 442,652 0.04 WP Carey REIT 4,220 248,727 0.02 South Jersey Industries 69,800 1,726,154 0.15 XPO Logistics 80,427 3,633,692 0.31 South State 42,474 3,227,599 0.27 ZIOPHARM Oncology 22,898 274,776 0.02 SpartanNash 3,962 128,923 0.01 ––––––––––– ––––––– Spirit Realty Capital REIT 19,509 188,652 0.02 619,124,792 52.11 Springleaf 98,756 4,533,888 0.38 Starwood Property Trust REIT 10,846 233,948 0.02 Total equities 1,164,377,134 98.01 Starz 119,004 5,321,859 0.45 Steel Dynamics 5,235 108,443 0.01 Total transferable securities 1,164,377,134 98.01 STERIS 4,027 259,500 0.02 Strategic Hotels & Resorts REIT 275,239 3,335,897 0.28 Total financial assets at fair value through SunEdison 91,208 2,728,031 0.23 profit or loss 1,164,377,134 98.01 Super Micro Computer 12,992 384,303 0.03 Surgical Care Affiliates 16,106 618,148 0.05 Symetra Financial 132,632 3,205,715 0.27 Synaptics 14,105 1,223,397 0.10 Synergy Resources 101,621 1,161,528 0.10 Synovus Financial 95,742 2,950,768 0.25 Tableau Software 23,107 2,664,237 0.22 Take-Two Interactive Software 74,270 2,047,624 0.17 Taser International 117,900 3,927,249 0.33 Team 66,700 2,684,675 0.23 Team Health Holdings 43,874 2,866,288 0.24 Teleflex 2,449 331,717 0.03 Tenneco 45,892 2,636,037 0.22 Tessera Technologies 2,499 94,912 0.01 Texas Roadhouse 55,859 2,090,802 0.18 Thoratec 13,600 606,152 0.05 Time 45,780 1,053,398 0.09 Timken 7,283 266,339 0.02 Trinity Industries 4,748 125,490 0.01 Tupperware Brands 18,000 1,161,720 0.10 Ultimate Software Group 12,672 2,082,517 0.18 United Fire Group 23,090 756,428 0.06 United Natural Foods 16,228 1,033,399 0.09 United Therapeutics 6,486 1,128,240 0.09 Universal American 44,594 451,291 0.04 Universal Forest Products 14,624 760,887 0.06 US Silica Holdings 2,516 73,870 0.01 Valspar 2,577 210,850 0.02 VCA 39,120 2,128,324 0.18 VeriFone Systems 46,289 1,571,974 0.13 Verint Systems 46,266 2,810,428 0.24 Virtus Investment Partners 11,200 1,481,200 0.12 Vishay Intertechnology 12,063 140,896 0.01

MGI Funds plc 114 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 30 June 2015 (continued)

Fair value % of US$ Net assets

Total investments at fair value through profit and loss 1,164,377,134 98.01

Cash (2014: 3.14%) 19,474,103 1.64

Net current assets (2014: (0.86)%) 4,179,545 0.35 ––––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 1,188,030,782 100.00 ––––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities Faroe Islands 0.02% Greece 0.39% Indonesia 0.04% Poland 0.07% Russia 0.07%

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 97.50 Other current assets 2.50 ––––––– 100.00 –––––––

The following is a list of counterparties for the open forward foreign currency contracts and futures 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 115 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 91.87%) Canada (2014: 4.54%) (continued) Transferable securities (2014: 90.07%) Saputo 4,380 105,987 0.01 Equities (2014: 90.00%) Shaw Communications 27,700 603,500 0.06 Australia (2014: 1.93%) Toronto-Dominion Bank 28,300 1,202,317 0.12 Cochlear 73,553 4,531,106 0.44 Valener 12,216 164,778 0.02 Newcrest Mining 281,051 2,812,525 0.27 ––––––––––– ––––––– Sonic Healthcare 400,000 6,569,992 0.63 41,170,824 3.97 Telstra 626,730 2,957,667 0.29 Denmark (2014: 0.80%) Woolworths 270,709 5,609,484 0.54 ALK-Abello 6,845 797,440 0.08 WorleyParsons 311,000 2,488,350 0.24 Carlsberg 11,829 1,073,308 0.10 ––––––––––– ––––––– ISS 20,517 676,617 0.06 24,969,124 2.41 Matas 2,289 48,718 - Austria (2014: 0.21%) Novo Nordisk 5,714 311,162 0.03 EVN 28,928 316,482 0.03 Royal Unibrew 37,645 1,286,451 0.12 Flughafen Wien 5,669 491,542 0.05 Schouw 7,378 385,137 0.04 Mayr Melnhof Karton 1,800 203,263 0.02 TDC 123,276 903,493 0.09 Oesterreichische Post 19,374 890,767 0.09 ––––––––––– ––––––– Telekom Austria 54,437 360,040 0.03 5,482,326 0.52 Verbund 8,458 122,888 0.01 Faroe Islands (2014: 0.01%) Voestalpine 49,940 2,077,159 0.20 Bakkafrost 6,045 160,970 0.02 ––––––––––– ––––––– ––––––––––– ––––––– 4,462,141 0.43 France (2014: 4.80%) Belgium (2014: 0.39%) Bouygues 79,078 2,954,725 0.29 Befimmo REIT 7,337 448,392 0.04 Carrefour 71,352 2,283,251 0.22 Elia System Operator 22,260 900,068 0.09 Cie de Saint-Gobain 45,787 2,054,409 0.20 Groupe Bruxelles Lambert 33,569 2,700,466 0.26 Danone 45,143 2,916,800 0.28 ––––––––––– ––––––– Edenred 266,180 6,573,646 0.63 4,048,926 0.39 Legrand 13,853 777,307 0.07 Brazil (2014: 0.71%) Neopost 12,237 526,222 0.05 Cia de Saneamento de Rexel 17,678 284,816 0.03 Minas Gerais-COPASA 307,300 1,356,259 0.13 Safran 131,400 8,900,013 0.86 ––––––––––– ––––––– Sanofi 84,020 8,260,595 0.80 Canada (2014: 4.54%) Sodexo 13,701 1,300,329 0.13 Agnico Eagle Mines 54,103 1,536,699 0.15 Total 41,742 2,026,394 0.20 Bank of Montreal 48,300 2,863,297 0.28 Vivendi 1,427 35,973 - Barrick Gold 140,045 1,492,880 0.14 Wendel 6,254 766,154 0.07 BCE 78,950 3,355,375 0.32 ––––––––––– ––––––– Canadian Imperial Bank of Commerce 39,900 2,942,523 0.28 39,660,634 3.83 Canadian Natural Resources 75,937 2,061,968 0.20 Germany (2014: 2.30%) Canadian Tire 34,160 3,655,007 0.35 Alba 1,962 112,925 0.01 Cenovus Energy 100,242 1,604,874 0.15 Alstria Office REIT 22,970 295,729 0.03 Colloway REIT 6,100 141,305 0.01 Celesio 44,638 1,293,127 0.13 Dollarama 25,000 1,515,880 0.15 Daimler 787 71,588 0.01 Dream Office REIT 12,000 235,877 0.02 Fielmann 23,011 1,563,201 0.15 E-L Financial 200 105,035 0.01 Fraport Frankfurt Airport Services Worldwide 3,935 247,016 0.02 Emera 101,100 3,185,770 0.31 HeidelbergCement 48,343 3,831,330 0.37 Empire 26,100 1,839,094 0.18 Henkel - Pref 33,286 3,730,978 0.36 Fortis 57,300 1,610,064 0.16 Hornbach Baumarkt 6,448 237,084 0.02 Franco-Nevada 2,385 113,801 0.01 Hornbach Holding - Pref 3,265 269,238 0.03 George Weston 36,400 2,860,510 0.28 Merck 23,259 2,316,299 0.22 Goldcorp 119,826 1,941,181 0.19 Rhoen Klinikum 63,477 1,702,023 0.17 Jean Coutu Group 26,300 488,734 0.05 SAP 34,114 2,379,415 0.23 Kinross Gold 58,573 135,889 0.01 Stada Arzneimittel 28,966 976,447 0.09 Lassonde Industries 200 21,912 - TLG Immobilien 6,287 101,607 0.01 Manitoba Telecom Services 56,900 1,272,041 0.12 ––––––––––– ––––––– Metro 2,970 79,742 0.01 19,128,007 1.85 North West 16,000 317,322 0.03 Hong Kong (2014: 1.36%) Penn West Petroleum 80,889 139,938 0.01 Aeon Stores Hong Kong 4,000 4,927 - Potash Corp of Saskatchewan 71,595 2,217,297 0.21 Cheung Kong Infrastructure Holdings 54,000 418,972 0.04 RONA 37,200 452,318 0.04 Royal Bank of Canada 14,840 907,909 0.09

MGI Funds plc 116 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 5.92%) (continued) (2014: 91.87%) (continued) Fuji 14,300 271,708 0.03 Transferable securities (2014: 90.07%) (continued) Fukuda Denshi 4,500 250,071 0.02 Equities (2014: 90.00%) (continued) Gunze 27,000 73,918 0.01 Hong Kong (2014: 1.36%) (continued) Hirose Electric 13,600 1,948,335 0.19 CLP Holdings 413,000 3,505,350 0.34 Hokuriku Electric Power 30,800 459,112 0.04 Dairy Farm International Holdings 6,900 59,754 0.01 Hokuto 12,600 258,353 0.02 Global Brands Group Holding 5,785,380 1,201,471 0.11 Hoya 84,751 3,398,628 0.33 Guoco Group 45,202 542,829 0.05 J-Oil Mills 19,000 65,215 0.01 Hang Lung Properties 300,000 893,899 0.08 Japan Logistics Fund REIT 49 98,589 0.01 Hang Seng Bank 14,800 289,221 0.03 Japan Tobacco 28,200 1,004,912 0.10 Hysan Development 107,000 463,054 0.04 Japan Wool Textile 27,000 208,074 0.02 Jardine Matheson Holdings 31,200 1,770,600 0.17 KDDI 183,500 4,429,853 0.43 Regal REIT 265,000 76,568 0.01 Kewpie 93,900 1,989,039 0.19 Sunlight REIT 136,000 68,943 0.01 Keyence 6,639 3,584,132 0.35 Vitasoy International Holdings 36,000 61,296 0.01 KFC Holdings Japan 2,000 37,347 - ––––––––––– ––––––– Kirin Holdings 25,400 349,973 0.03 9,356,884 0.90 Kobe Steel 205,000 345,115 0.03 Ireland (2014: 1.19%) Kose 14,500 1,192,089 0.12 CRH 71,529 2,009,137 0.19 Lion 552,000 4,425,383 0.43 UDG Healthcare 26,930 207,275 0.02 Maruha Nichiro 19,400 313,755 0.03 Willis Group Holdings 29,972 1,405,687 0.14 Megmilk Snow Brand 50,200 644,089 0.06 ––––––––––– ––––––– Ministop 22,500 390,001 0.04 3,622,099 0.35 Mitsubishi Estate 87,362 1,882,319 0.18 Israel (2014: 0.78%) Mitsubishi Materials 38,000 145,957 0.01 Azrieli Group 38,309 1,530,370 0.15 Mitsubishi Tanabe Pharma 55,400 830,785 0.08 Bank Hapoalim 84,802 457,010 0.04 Mitsui Mining & Smelting 122,000 330,013 0.03 Bank Leumi Le-Israel 137,851 583,210 0.06 Morinaga 340,000 1,455,972 0.14 Check Point Software Technologies 5,625 447,469 0.04 Morinaga Milk Industry 131,000 480,685 0.05 Delek Automotive Systems 24,435 273,342 0.03 MOS Food Services 23,000 478,176 0.05 Israel Chemicals 112,063 783,348 0.08 MS&AD Insurance Group Holdings 68,097 2,121,962 0.20 Israel Discount Bank 80,013 153,667 0.01 Nippon Flour Mills 95,000 575,287 0.06 Osem Investments 12,841 267,141 0.03 Nippon Steel & Sumitomo Metal 82,000 212,698 0.02 Teva Pharmaceutical Industries 75,867 4,488,791 0.43 Nippon Telegraph & Telephone 32,600 1,181,156 0.11 ––––––––––– ––––––– Nipro 20,100 205,821 0.02 8,984,348 0.87 Nisshin Oillio Group 314,000 1,288,179 0.12 Italy (2014: 0.20%) Nissin Foods Holdings 21,300 934,753 0.09 Amplifon 25,734 200,280 0.02 Nitori Holdings 1,400 114,183 0.01 Italcementi 107,354 708,114 0.07 Noevir Holdings 8,600 185,332 0.02 Italmobiliare 14,155 405,327 0.04 Nomura Research Institute 11,500 450,170 0.04 Parmalat 268,024 699,397 0.06 NTT DoCoMo 124,600 2,386,813 0.23 ––––––––––– ––––––– Okinawa Cellular Telephone 7,300 213,276 0.02 2,013,118 0.19 Okinawa Electric Power 15,100 377,608 0.04 Japan (2014: 5.92%) Paltac 38,500 682,123 0.07 Aichi Steel 75,000 335,267 0.03 Parco 18,700 185,372 0.02 Arcs 8,800 191,872 0.02 PGM Holdings K K 12,200 130,310 0.01 Asahi Holdings 4,400 75,008 0.01 Royal Holdings 4,700 78,433 0.01 Astellas Pharma 199,800 2,850,087 0.27 Secom 73,315 4,760,247 0.46 Autobacs Seven 13,600 227,621 0.02 Shimano 19,321 2,636,871 0.25 Canon 97,200 3,163,478 0.31 Shin-Etsu Chemical 1,188 73,776 0.01 Chofu Seisakusho 10,300 242,086 0.02 Shinkin Central Bank - Pref 51 93,527 0.01 Chubu Electric Power 6,700 99,899 0.01 Showa Sangyo 93,000 378,491 0.04 Coca-Cola West 91,000 1,643,526 0.16 SMC 11,371 3,425,750 0.33 Daiichi Sankyo 79,100 1,463,510 0.14 Sompo Japan Nipponkoa Holdings 107,103 3,931,297 0.38 DCM Holdings 7,700 75,449 0.01 Tsumura 3,200 68,882 0.01 Doutor Nichires Holdings 42,200 740,091 0.07 United Super Markets Holdings 61,100 525,790 0.05 Duskin 9,000 155,559 0.02 USS 17,900 323,287 0.03 Dydo Drinco 20,100 873,877 0.08 Yoshinoya Holdings 53,600 649,604 0.06 Earth Chemical 12,000 455,522 0.04 Zensho Holdings 9,300 88,618 0.01 FamilyMart 2,400 110,424 0.01 ––––––––––– ––––––– FANUC 20,527 4,207,226 0.41 76,531,716 7.39

MGI Funds plc 117 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Singapore (2014: 0.44%) (2014: 91.87%) (continued) Great Eastern Holdings 14,000 255,254 0.02 Transferable securities (2014: 90.07%) (continued) Haw Par 41,000 274,348 0.03 Equities (2014: 90.00%) (continued) Hong Leong Finance 18,000 34,088 - Korea (2014: 0.35%) Singapore Airlines 52,200 415,972 0.04 Kia Motors 39,863 1,618,893 0.16 StarHub 93,000 272,819 0.03 KT&G 29,185 2,482,995 0.24 United Industrial 114,000 287,011 0.03 Lotte Confectionery 96 167,308 0.02 ––––––––––– ––––––– Namyang Dairy Products 400 250,302 0.02 1,539,492 0.15 ––––––––––– ––––––– South Africa (2014: 0.80%) 4,519,498 0.44 AngloGold Ashanti - ADR 120,118 1,075,056 0.10 Luxembourg (2014: 1.28%) Gold Fields - ADR 177,671 573,877 0.05 Atento 15,982 229,821 0.02 MTN Group 300,000 5,653,849 0.55 Millicom International Cellular 65,200 4,805,038 0.46 ––––––––––– ––––––– SES 193,900 6,510,467 0.63 7,302,782 0.70 ––––––––––– ––––––– Spain (2014: 0.39%) 11,545,326 1.11 Aena 27,370 2,858,662 0.28 Mexico (2014: 0.41%) Ebro Foods 48,191 932,135 0.09 Grupo Televisa - ADR 117,089 4,545,395 0.44 Endesa 87,709 1,677,456 0.16 Industrias Penoles 29,928 490,482 0.05 Iberdrola 523,138 3,521,763 0.34 ––––––––––– ––––––– ––––––––––– ––––––– 5,035,877 0.49 8,990,016 0.87 Netherlands (2014: 0.73%) Sweden (2014: 0.77%) Airbus Group 82,500 5,349,831 0.51 Axfood 29,328 467,976 0.04 Heineken Holding 51,469 3,609,978 0.35 Hennes & Mauritz 60,103 2,312,128 0.22 Koninklijke Ahold 121,697 2,277,992 0.22 Investor -A- Shares 27,447 995,667 0.10 Sligro Food Group 20,131 725,273 0.07 Investor -B- Shares 38,716 1,441,322 0.14 Unilever 76,677 3,191,369 0.31 Svenska Cellulosa 90,347 2,295,287 0.22 ––––––––––– ––––––– ––––––––––– ––––––– 15,154,443 1.46 7,512,380 0.72 New Zealand (2014: 0.89%) Switzerland (2014: 4.71%) Air New Zealand 244,137 421,030 0.04 Allreal Holding 7,672 1,059,000 0.10 Argosy Property 382,609 285,928 0.03 Alpiq Holding 2,347 205,430 0.02 Chorus 30,489 59,797 0.01 APG 938 383,912 0.04 Contact Energy 74,545 252,578 0.02 Basler Kantonalbank 4,744 355,844 0.03 Ebos Group 27,129 188,060 0.02 Berner Kantonalbank 305 60,703 0.01 Fisher & Paykel Healthcare 196,586 910,715 0.09 BKW 1,615 60,311 0.01 Infratil 855,665 1,825,755 0.18 Coca-Cola HBC 37,325 803,030 0.08 Kiwi Property Group 80,860 70,271 0.01 Emmi 494 159,108 0.01 Mainfreight 30,086 320,061 0.03 Flughafen Zuerich 216 167,221 0.02 Port of Tauranga 51,731 605,252 0.06 Galenica 3,833 4,000,954 0.39 Precinct Properties New Zealand 104,862 80,847 0.01 Intershop Holding 1,505 646,173 0.06 Ryman Healthcare 436,768 2,339,458 0.22 Julius Baer Group 68,480 3,843,321 0.37 SKY Network Television 337,954 1,373,635 0.13 Kuehne & Nagel International 2,032 269,832 0.03 Z Energy 41,764 165,233 0.01 Luzerner Kantonalbank 264 99,507 0.01 ––––––––––– ––––––– Mobimo Holding 1,580 322,069 0.03 8,898,620 0.86 Nestle 149,793 10,819,140 1.04 Norway (2014: 1.34%) Pargesa Holding 26,863 1,808,017 0.17 Norsk Hydro 528,119 2,218,536 0.21 Roche Holding 31,000 8,690,814 0.84 Orkla 472,164 3,702,894 0.36 St Galler Kantonalbank 315 116,117 0.01 Telenor 167,279 3,652,816 0.35 Swisscom 6,171 3,460,065 0.33 ––––––––––– ––––––– Tamedia 446 74,544 0.01 9,574,246 0.92 Valora Holding 613 120,494 0.01 Portugal (2014: 0.48%) Ypsomed Holding 716 78,530 0.01 Energias de Portugal 389,517 1,477,769 0.14 ––––––––––– ––––––– Redes Energeticas Nacionais 307,679 860,811 0.08 37,604,136 3.63 Sonaecom 25,725 59,991 0.01 Taiwan (2014: Nil) ––––––––––– ––––––– Taiwan Semiconductor Manufacturing - ADR 281,800 6,399,678 0.62 2,398,571 0.23 ––––––––––– ––––––– Russia (2014: 0.10%) Thailand (2014: 0.12%) Gazprom - ADR 117,949 607,437 0.06 Bangkok Bank - NVDR 292,384 1,540,891 0.15 ––––––––––– ––––––– ––––––––––– –––––––

MGI Funds plc 118 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 44.91%) (continued) (2014: 91.87%) (continued) Casey's General Stores 2,517 240,978 0.02 Transferable securities (2014: 90.07%) (continued) Chemed 20,666 2,709,313 0.26 Equities (2014: 90.00%) (continued) Chimera Investment REIT 12,323 168,948 0.02 United Kingdom (2014: 7.14%) Church & Dwight 49,517 4,017,314 0.39 Anglo American 23,230 335,563 0.03 Cigna 19,777 3,203,874 0.31 Berkeley Group Holdings 50,264 2,645,020 0.25 Cincinnati Financial 44,969 2,256,544 0.22 British American Tobacco 86,873 4,665,751 0.45 Cintas 39,181 3,314,321 0.32 Capita 588,784 11,463,643 1.11 Clorox 37,482 3,898,878 0.38 Centrica 35,126 145,730 0.01 Coca-Cola 60,029 2,354,938 0.23 Cranswick 6,931 173,970 0.02 Coca-Cola Bottling 2,730 412,421 0.04 Dechra Pharmaceuticals 13,948 215,631 0.02 Colgate-Palmolive 74,259 4,857,281 0.47 Diageo 34,604 1,001,904 0.10 Comcast 150,900 9,075,126 0.88 Fresnillo 119,150 1,300,468 0.13 Comcast -A- Shares 106,491 6,383,071 0.62 GlaxoSmithKline 120,681 2,510,040 0.24 CommVault Systems 7,234 306,794 0.03 Greggs 175,559 3,266,283 0.31 Computer Sciences 1,255 82,378 0.01 Hill & Smith Holdings 9,240 98,453 0.01 ConocoPhillips 33,009 2,027,083 0.20 Imperial Tobacco Group 77,551 3,740,651 0.36 Costco Wholesale 18,985 2,564,114 0.25 Inchcape 96,621 1,232,362 0.12 CSG Systems International 4,843 153,329 0.01 Indivior 260,095 919,548 0.09 CVS Health 106,026 11,120,007 1.07 Liberty Global 33,268 1,684,359 0.16 DaVita HealthCare Partners 3,816 303,258 0.03 Liberty Global -A- Shares 3,613 195,355 0.02 Deere 20,283 1,968,465 0.19 Lloyds Banking Group 6,173,736 8,276,324 0.80 Deltic Timber 5,678 384,060 0.04 London Stock Exchange Group 204,602 7,626,130 0.74 DENTSPLY International 50,215 2,588,583 0.25 National Grid 113,423 1,457,725 0.14 Devon Energy 35,597 2,117,666 0.20 Next 14,444 1,692,348 0.16 DHI Group 27,638 245,702 0.02 Reckitt Benckiser Group 5,595 482,903 0.05 Dr Pepper Snapple Group 2,335 170,222 0.02 SSE 139,320 3,365,509 0.32 DST Systems 38,025 4,790,389 0.46 Synergy Health 53,720 1,452,305 0.14 eBay 252,339 15,200,901 1.47 Tesco 2,442,382 8,164,333 0.79 Flowserve 20,275 1,067,681 0.10 Vodafone Group 1,050,625 3,797,854 0.37 FMC Technologies 11,242 466,431 0.05 WM Morrison Supermarkets 298,996 850,178 0.08 Fresh Del Monte Produce 77,021 2,977,632 0.29 ––––––––––– ––––––– Google Class A 25,887 13,980,015 1.35 72,760,340 7.02 United States of America (2014: 44.91%) Google Class C 5,838 3,038,737 0.29 3M 27,279 4,209,150 0.41 H&R Block 31,163 923,983 0.09 AG Mortgage Investment Trust REIT 14,854 256,677 0.02 Halliburton 124,000 5,340,680 0.52 Alleghany 1,937 907,988 0.09 Harris 40,663 3,127,391 0.30 Ally Financial 15,468 346,947 0.03 Henry Schein 23,499 3,339,678 0.32 Altera 18,865 965,888 0.09 Hill-Rom Holdings 60,384 3,280,663 0.32 Altria Group 84,091 4,112,891 0.40 Home Depot 74,333 8,260,626 0.80 Amdocs 80,853 4,413,765 0.43 IDACORP 5,598 314,272 0.03 American Express 151,896 11,805,357 1.14 Intel 397,134 12,078,831 1.17 American International Group 27,697 1,712,229 0.17 International Business Machines 58,531 9,520,652 0.92 AmerisourceBergen 29,928 3,182,544 0.31 Jack Henry & Associates 58,460 3,782,362 0.36 Anthem 7,190 1,180,167 0.11 Johnson & Johnson 16,556 1,613,548 0.16 Archer-Daniels-Midland 9,729 469,132 0.05 Kaiser Aluminum 31,793 2,641,362 0.25 AT&T 68,960 2,449,459 0.24 Kimberly-Clark 31,974 3,388,285 0.33 Atrion 842 330,325 0.03 Kroger 33,079 2,398,558 0.23 Automatic Data Processing 11,779 945,029 0.09 Lamar Advertising REIT 3,746 215,320 0.02 Bank of New York Mellon 276,035 11,585,189 1.12 LifePoint Health 46,582 4,050,305 0.39 Baxter International 96,400 6,741,252 0.65 Linear Technology 64,028 2,831,958 0.27 BB&T 72,849 2,936,543 0.28 Lockheed Martin 13,480 2,505,932 0.24 Bed Bath & Beyond 7,835 540,458 0.05 Lowe's 158,663 10,625,661 1.03 Berkshire Hathaway 14 2,867,900 0.28 Martin Marietta Materials 9,809 1,388,072 0.13 Broadridge Financial Solutions 35,205 1,760,602 0.17 MasterCard 74,014 6,918,829 0.67 Brown & Brown 28,297 929,839 0.09 McCormick 7,479 605,425 0.06 Bunge 41,597 3,652,217 0.35 McDonald's 26,107 2,481,992 0.24 CACI International 38,531 3,116,773 0.30 MEDNAX 13,939 1,033,019 0.10 Capitol Federal Financial 262,232 3,157,273 0.30 Meridian Bancorp 3,194 42,832 - Cardinal Health 20,846 1,743,768 0.17 Microsoft 711,907 31,430,694 3.03

MGI Funds plc 119 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 91.87%) (continued) Transferable securities (2014: 90.07%) (continued) Equities (2014: 90.00%) (continued) United States of America (2014: 44.91%) (continued) National Healthcare 2,798 181,842 0.02 National Oilwell Varco 78,524 3,791,139 0.37 New York Community Bancorp 80,584 1,481,134 0.14 News 33,391 487,175 0.05 Northrop Grumman 19,065 3,024,281 0.29 Now 36,862 733,922 0.07 Omnicom Group 55,404 3,850,024 0.37 Oracle 512,912 20,670,354 1.99 Orbital ATK 17,756 1,302,580 0.13 Patterson 83,750 4,074,437 0.39 PepsiCo 38,614 3,604,231 0.35 Philip Morris International 40,143 3,218,264 0.31 Phillips 66 5,630 453,553 0.04 Plum Creek Timber REIT 52,351 2,123,880 0.20 Premier 18,961 729,240 0.07 Procter & Gamble 40,495 3,168,329 0.31 QUALCOMM 156,496 9,801,344 0.95 Quest Diagnostics 6,763 490,453 0.05 Royal Gold 6,742 415,240 0.04 San Juan Basin Royalty Trust 3,100 33,294 - Scotts Miracle-Gro 27,967 1,655,926 0.16 Sirona Dental Systems 33,642 3,378,330 0.33 Spectrum Brands Holdings 28,582 2,915,078 0.28 State Street 72,335 5,569,795 0.54 Sykes Enterprises 9,351 226,762 0.02 Target 101,851 8,314,097 0.80 Teleflex 9,539 1,292,058 0.12 Teradata 64,974 2,404,038 0.23 Time Warner Cable 28,900 5,149,113 0.50 Timken 20,981 767,275 0.07 UnitedHealth Group 77,700 9,479,400 0.91 Universal 29,261 1,677,241 0.16 US Bancorp 57,883 2,512,122 0.24 Varian Medical Systems 75,000 6,324,750 0.61 VeriSign 50,193 3,097,912 0.30 Visa 162,081 10,883,739 1.05 Vista Outdoor 29,286 1,314,941 0.13 Vulcan Materials 16,320 1,369,738 0.13 Wal-Mart Stores 50,142 3,556,572 0.34 Waters 51,000 6,547,380 0.63 Wells Fargo 87,323 4,911,046 0.47 Weyerhaeuser REIT 64,473 2,030,899 0.20 WR Berkley 40,195 2,087,326 0.20 WW Grainger 3,277 775,502 0.07 Xilinx 46,311 2,045,094 0.20 Yum! Brands 122,267 11,013,811 1.06 ––––––––––– ––––––– 473,841,407 45.73

Total equities 916,172,516 88.41

MGI Funds plc 120 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair Value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 91.87%) (continued) Transferable securities (2014: 90.07%) (continued) Government bonds (2014: 0.07%) Mexico Mexican Bonos 4.75 14/06/2018 MXN 5,730,000 367,127 0.04 Mexican Bonos 5.00 11/12/2019 MXN 5,001,500 316,435 0.03 ––––––––––– ––––––– 683,562 0.07 Singapore Singapore (Government of) 3.25 01/09/2020 SGD 414,000 325,912 0.03 Singapore (Government of) 0.50 01/04/2018 SGD 1,015,000 740,765 0.07 Singapore (Government of) 2.38 01/04/2017 SGD 924,000 704,079 0.07 ––––––––––– ––––––– 1,770,756 0.17

Total government bonds 2,454,318 0.24

Total transferable securities 918,626,834 88.65

Collective investment schemes (2014: 1.40%) Nominal Fair value % of holdings US$ Net assets

Channel Islands ETFS Physical Gold 166,217 18,885,576 1.82 ––––––––––– ––––––– Total collective investment schemes 18,885,576 1.82 Financial derivative instruments (2014: 0.40%) Warrants (2014: 0.06%) Nominal Fair value % of holdings US$ Net assets

United States of America (2014: 0.06%) JPMorgan - To Pur Co call expires 28/10/2018 21,591 534,377 0.05 ––––––––––– ––––––– Total warrants 534,377 0.05 Open forward foreign currency contracts (2014: 0.34%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

AUD 1* 125,614 USD 96,032 07/07/2015 488 - CHF 1* 121,126 USD 128,808 07/07/2015 821 - DKK 1* 154,996 USD 23,151 07/07/2015 2 - EUR 1* 47,475,198 USD 52,237,080 07/07/2015 663,173 0.06 GBP 1* 136,023,286 USD 208,038,778 07/07/2015 5,877,331 0.57 HKD 1* 347,030 USD 44,761 07/07/2015 2 - ILS 1* 31,293 USD 8,134 07/07/2015 161 - JPY 1* 38,594,965 USD 309,192 07/07/2015 6,234 - NOK 1* 69,372 USD 8,797 07/07/2015 20 - SEK 1* 347,880 USD 41,529 07/07/2015 400 - SGD 1* 26,172 USD 19,322 07/07/2015 113 - USD 1* 9,392,904 CAD 11,706,451 07/07/2015 16,813 - USD 1* 652,242 NOK 5,081,243 07/07/2015 6,462 - USD 1* 135,328 NZD 191,257 07/07/2015 6,038 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 6,578,058 0.63 Total financial derivative instruments at positive fair value 7,112,435 0.68 Total financial assets at fair value through profit or loss 944,624,845 91.15

MGI Funds plc 121 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 30 June 2015 (continued)

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 (2014: (0.08)%) Open forward foreign currency contracts (2014: (0.08)%) CAD 1* 160,068 USD 128,640 07/07/2015 (436) - NZD 1* 2,643 USD 1,859 07/07/2015 (72) - USD 1* 6,893,642 AUD 9,010,132 07/07/2015 (29,549) - USD 1* 9,516,767 CHF 8,940,839 07/07/2015 (51,768) - USD 1* 1,703,056 DKK 11,556,359 07/07/2015 (23,211) - USD 1* 32,019,190 EUR 29,120,349 07/07/2015 (428,781) (0.05) USD 1* 24,150,049 GBP 15,784,154 07/07/2015 (672,794) (0.07) USD 1* 3,264,767 HKD 25,314,408 07/07/2015 (527) - USD 1* 573,487 ILS 2,217,214 07/07/2015 (14,263) - USD 1* 22,634,260 JPY 2,807,597,345 07/07/2015 (311,474) (0.03) USD 1* 3,009,302 SEK 25,661,022 07/07/2015 (83,593) (0.01) USD 1* 1,419,690 SGD 1,914,741 07/07/2015 (2,203) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (1,618,671) (0.16)

Total financial derivative instruments at negative fair value (1,618,671) (0.16)

Total financial liabilities at negative fair value through profit or loss (1,618,671) (0.16)

Total financial derivative instruments 5,493,764 0.52

Total investments at fair value through profit and loss 943,006,174 90.99

Cash (2014: 7.61%) 93,776,141 9.05

Net current liabilities (2014: 0.60%) (465,930) (0.04) ––––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 1,036,316,385 100.00 ––––––––––––– –––––––

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 88.33 Collective investment schemes 1.82 Financial derivative instruments dealt in on a regulated market 0.05 OTC derivatives instruments 0.63 Other current assets 9.17 ––––––– 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 122 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 30 June 2015

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 93.29%) Collective investment schemes (2014: 93.17%) Ireland (2014: 86.12%) Acadian Global Managed Volatility Equity 1,007,082 14,824,247 0.83 BlackRock Developed Real Estate Index Sub-Fund 14,299,965 165,290,432 9.30 BlackRock Developed World Index Sub-Fund 12,977,356 230,464,865 12.98 BlackRock Emerging Markets Index Fund 14,436,386 194,819,038 10.95 BlackRock - Euro Credit Bond Index Fund 4,163,067 100,567,072 5.66 BlackRock - UK Credit Bond Index Fund Flexible 2,009,217 79,945,370 4.50 BlackRock - US Corporate Bond Index Fund 6,008,874 140,968,185 7.93 Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 52,637,670 88,106,465 4.96 Irish Life Investment Managers - Indexed World Small Cap Equity Fund 10,453,404 186,222,479 10.47 iShares $ High Yield Corporate Bond 219,888 23,206,979 1.30 iShares Global High Yield Corp Bond GBP Hedged 649,544 63,289,395 3.56 iShares J.P. Morgan $ Emerging Markets Bond Fund 1,809,875 196,529,081 11.05 Mercer Passive Global Equity Fund 1,408,590 160,593,346 9.03 SPDR Thomson Reuters Global Convertible Bond 1,830,922 58,351,484 3.28 ––––––––––– ––––––– 1,703,178,438 95.80

Total collective investment schemes 1,703,178,438 95.80

Financial derivative instruments (2014: 0.12%) Open forward foreign currency contracts (2014: 0.04%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

AUD 1* 12,348 USD 9,483 07/07/2015 5 - CAD 1* 14,852 USD 11,849 07/07/2015 47 - EUR 1* 65,427,864 USD 71,933,081 07/07/2015 971,312 0.05 GBP 1* 11,374,220 USD 17,396,562 07/07/2015 491,028 0.03 GBP 1* 2,425,142 USD 3,702,202 14/08/2015 110,684 0.01 USD 1* 286,816 AUD 367,525 14/08/2015 4,994 - USD 1* 2,352,560 CAD 2,932,287 07/07/2015 3,993 - USD 1* 425,158 CAD 521,940 14/08/2015 7,326 - USD 1* 1,003,921 EUR 898,600 14/08/2015 2,127 - USD 1* 705,186 GBP 447,385 16/07/2015 1,652 - USD 1* 807,861 JPY 98,440,000 14/08/2015 2,985 - USD 1* 137,942 NOK 1,074,483 07/07/2015 1,385 - USD 1* 56,177 NZD 79,348 07/07/2015 2,538 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 1,600,076 0.09

Total financial derivative instruments at positive fair value 1,600,076 0.09

Total financial assets at fair value through profit or loss 1,704,778,514 95.89

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 (2014: (0.05)%) Open forward foreign currency contracts (2014: (0.04)%) AUD 1* 1,763,075 USD 1,393,596 14/08/2015 (41,654) - CAD 1* 2,419,460 USD 1,993,099 14/08/2015 (56,233) - CHF 1* 10,955 USD 11,773 07/07/2015 (49) - CHF 1* 1,675,560 USD 1,846,504 14/08/2015 (50,678) - EUR 1* 4,840,707 USD 5,466,344 14/08/2015 (69,732) (0.01) JPY 1* 556,773,644 USD 4,576,233 14/08/2015 (23,878) - NOK 1* 5,487 USD 702 07/07/2015 (4) -

MGI Funds plc 123 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 30 June 2015 (continued)

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 (2014: (0.05)%) (continued) Open forward foreign currency contracts (2014: (0.04)%) (continued) USD 1* 2,252,935 AUD 2,943,444 07/07/2015 (8,744) - USD 1* 1,245,430 CHF 1,170,145 07/07/2015 (6,866) - USD 1* 295,240 CHF 276,090 14/08/2015 (667) - USD 1* 14,464,045 EUR 13,161,930 07/07/2015 (201,915) (0.01) USD 1* 7,485,585 GBP 4,894,352 07/07/2015 (211,485) (0.01) USD 1* 644,685 GBP 414,790 14/08/2015 (7,461) - USD 1* 4,657,975 JPY 578,026,134 07/07/2015 (66,078) (0.01) USD 1* 532,893 SEK 4,545,983 07/07/2015 (15,029) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (760,473) (0.04)

Futures contracts (2014: (0.01)%) Maturity No. of Unrealised % of date Currency contracts loss US$ Net assets

Euro Stoxx 50 Index Futures 2* 18/09/2015 EUR 131 (25,086) - FTSE 100 Index Futures 2* 18/09/2015 GBP 33 (76,543) (0.01) S&P 500 E Mini Index Futures 2* 18/09/2015 USD 242 (577,650) (0.03) S&P 60 Index Futures 2* 17/09/2015 CAD 12 (30,053) - SPI 200 Futures 2* 17/09/2015 AUD 11 (20,003) - Swiss Market Index Futures 2* 18/09/2015 CHF 16 (20,620) - TOPIX Index Futures 2* 10/09/2015 JPY 29 (50,468) (0.01) ––––––––––– ––––––– Unrealised loss on futures contracts (800,423) (0.05)

Total financial derivative instruments at negative fair value (1,560,896) (0.09)

Total financial liabilities at fair value through profit or loss (1,560,896) (0.09)

Total financial derivative instruments 39,180 -

Total investments at fair value through profit or loss 1,703,217,618 95.80

Financial assets at amortised cost (2014: 3.55%) Deposits with credit institutions (2014: 3.55%)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Commonwealth Bank of Australia 0.06 03/07/2015 USD 5,002,243 5,002,243 0.28 Commonwealth Bank of Australia 0.08 17/07/2015 USD 2,000,013 2,000,013 0.11 HSBC Bank 0.03 02/07/2015 USD 2,000,000 2,000,000 0.11 Nordea Bank 0.05 03/07/2015 USD 5,001,158 5,001,158 0.28 Rabobank International 0.10 03/07/2015 USD 6,003,376 6,003,376 0.34 Royal Bank of Canada 0.03 03/07/2015 USD 3,000,328 3,000,328 0.17 Royal Bank of Canada 0.05 24/07/2015 USD 5,001,299 5,001,299 0.28 Toronto Dominion Bank 0.11 22/07/2015 USD 4,000,379 4,000,379 0.23 ––––––––––– ––––––– 32,008,796 1.80

Total deposits with credit institutions 32,008,796 1.80

Total financial assets at amortised cost 32,008,796 1.80

Cash (2014: 3.14%) 32,503,268 1.83

Net current assets (2014: 0.07%) 10,210,582 0.57 ––––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,777,940,264 100.00 ––––––––––––– –––––––

MGI Funds plc 124 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 30 June 2015 (continued)

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Collective investment schemes Channel Islands 3.10% Germany 3.95%

Futures contracts gain 0.08%

Total assets comprised as follows: % of total assets Deposits with credit institutions 1.79 Collective investment schemes 95.08 OTC financial derivative instruments 0.09 Other currents assets 3.04 ––––––– 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* Goldman Sachs

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 125 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.23%) Canada (2014: 2.46%) (continued) Transferable securities (2014: 98.22%) Constellation Software - Rights 400 80 - Equities (2014: 98.22%) Genworth MI Canada 11,000 288,998 0.12 Australia (2014: 1.28%) Rogers Communications 12,700 450,647 0.19 BHP Billiton 11,449 238,032 0.10 ––––––––––– ––––––– BWP Trust REIT 24,378 57,335 0.03 1,468,821 0.63 CSL 819 54,431 0.02 Channel Islands (2014: 0.09%) Flight Centre Travel Group 4,840 126,890 0.05 Beazley 7,364 34,258 0.01 InvoCare 2,296 21,203 0.01 ––––––––––– ––––––– JB Hi-Fi 4,109 61,521 0.03 China (2014: 1.24%) M2 Group 8,382 68,934 0.03 Anhui Conch Cement 36,000 126,307 0.05 Mesoblast 41,532 120,025 0.05 Bank of Communications 98,000 102,139 0.04 Monadelphous Group 9,087 65,443 0.03 China Life Insurance 132,914 576,057 0.25 Seek 4,883 52,768 0.02 China Shineway Pharmaceutical Group 9,000 13,467 0.01 Telstra 152,305 718,758 0.31 Homeinns Hotel Group - ADR 8,594 265,726 0.11 Woolworths 17,369 359,911 0.15 JD.com - ADR 16,614 566,537 0.24 ––––––––––– ––––––– Mindray Medical International - ADR 7,983 227,516 0.10 1,945,251 0.83 NetEase - ADR 261 37,810 0.02 Austria (2014: 0.33%) Ping An Insurance Group of China 56,442 760,078 0.32 Oesterreichische Post 3,978 182,898 0.08 Tsingtao Brewery 38,159 231,586 0.10 Raiffeisen Bank International 6,371 92,636 0.04 ––––––––––– ––––––– RHI 4,621 114,946 0.05 2,907,223 1.24 ––––––––––– ––––––– Czech Republic (2014: 0.06%) 390,480 0.17 Komercni Banka 482 106,840 0.04 Belgium (2014: 0.45%) ––––––––––– ––––––– Anheuser-Busch InBev 4,603 551,331 0.23 Denmark (2014: 0.41%) Colruyt 5,606 250,879 0.11 Coloplast 1,699 111,426 0.05 Telenet Group Holding 4,283 232,832 0.10 GN Store Nord 2,277 47,068 0.02 UCB 3,465 248,590 0.11 Novo Nordisk 17,793 968,938 0.41 ––––––––––– ––––––– Novo Nordisk - ADR 4,121 225,666 0.10 1,283,632 0.55 Novozymes 7,665 364,171 0.15 Bermuda (2014: 0.92%) Pandora 1,287 138,210 0.06 Assured Guaranty 7,500 179,925 0.08 ––––––––––– ––––––– Axis Capital Holdings 3,100 165,447 0.07 1,855,479 0.79 Everest Re Group 1,300 236,613 0.10 Finland (2014: 1.13%) Lazard 6,395 359,655 0.15 Kone 15,837 642,299 0.27 RenaissanceRe Holdings 3,100 314,681 0.13 Nokia 60,645 411,505 0.18 ––––––––––– ––––––– Nokia - ADR 76,413 523,429 0.22 1,256,321 0.53 Nokian Renkaat 4,972 155,724 0.07 Brazil (2014: 1.44%) Orion 21,482 751,088 0.32 AMBEV 33,500 205,978 0.09 Outokumpu 15,341 77,226 0.03 Ambev - ADR 213,753 1,303,893 0.56 Sampo 9,094 428,100 0.18 BR Properties 35,475 119,567 0.05 Tikkurila 682 13,549 0.01 CCR 11,400 54,717 0.02 UPM-Kymmene 25,454 450,087 0.19 Cia de Saneamento Basico do Estado de Wartsila 8,440 395,149 0.17 Sao Paulo - ADR 33,735 174,747 0.08 ––––––––––– ––––––– Cia Energetica de Minas Gerais - ADR 14,845 56,559 0.02 3,848,156 1.64 Ez Tec Empreendimentos e Participacoes 5,887 27,441 0.01 France (2014: 1.36%) Grupo BTG Pactual 14,900 137,133 0.06 Alcatel-Lucent 66,286 241,361 0.10 Itau Unibanco Holding - ADR 66,596 729,226 0.31 Boiron 2,810 275,519 0.12 Odontoprev 9,700 33,661 0.01 Cap Gemini 2,732 241,602 0.10 Tim Participacoes - ADR 14,326 234,373 0.10 Christian Dior 2,175 424,335 0.18 Totvs 3,600 45,198 0.02 Cie Generale des Etablissements Michelin 2,321 243,064 0.10 Tractebel Energia 2,800 30,819 0.01 Dassault Systemes - ADR 4,100 299,464 0.13 Vale - ADR 81,868 413,434 0.18 Edenred 2,522 62,284 0.03 ––––––––––– ––––––– Eiffage 2,609 145,057 0.06 3,566,746 1.52 Ingenico 2,423 284,279 0.12 Canada (2014: 2.46%) Ipsen 652 35,949 0.02 BCE 5,100 216,754 0.09 Kering 768 137,041 0.06 Canadian Pacific Railway 1,666 266,918 0.12 L'Oreal 1,025 182,729 0.08 CCL Industries 2,000 245,424 0.11 Legrand 3,872 217,262 0.09

MGI Funds plc 126 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Hong Kong (2014: 1.63%) (continued) (2014: 98.23%) (continued) Television Broadcasts 19,000 112,615 0.05 Transferable securities (2014: 98.22%) (continued) Wharf Holdings 23,000 153,084 0.07 Equities (2014: 98.22%) (continued) ––––––––––– ––––––– France (2014: 1.36%) (continued) 2,143,933 0.91 LVMH Moet Hennessy Louis Vuitton 6,337 1,109,587 0.47 India (2014: 0.33%) LVMH Moet Hennessy Louis Vuitton - ADR 4,060 142,709 0.06 ICICI Bank - ADR 108,779 1,133,477 0.49 Metropole Television 10,119 196,516 0.08 Infosys - ADR 12,200 193,370 0.08 Numericable 2,739 145,098 0.06 ––––––––––– ––––––– Plastic Omnium 6,059 154,293 0.07 1,326,847 0.57 Publicis Groupe 5,953 439,889 0.19 Indonesia (2014: 0.30%) Renault 2,718 282,913 0.12 Indocement Tunggal Prakarsa 89,000 139,349 0.06 Schneider Electric 2,257 155,738 0.07 Perusahaan Perkebunan London Societe BIC 1,011 161,083 0.07 Sumatra Indonesia 437,000 50,968 0.02 Sodexo 2,971 281,970 0.12 Semen Indonesia Persero 154,500 139,059 0.06 SPIE 7,027 139,756 0.06 Telekomunikasi Indonesia Persero 1,295,500 284,704 0.12 Stallergenes 261 15,921 0.01 United Tractors 66,000 100,863 0.04 ––––––––––– ––––––– ––––––––––– ––––––– 6,015,419 2.57 714,943 0.30 Germany (2014: 3.71%) Ireland (2014: 0.90%) Adidas 15,740 1,203,950 0.51 Accenture 4,700 454,866 0.19 Adidas - ADR 3,300 126,906 0.06 Allergan 2,062 625,735 0.27 Axel Springer 8,375 439,417 0.19 CRH 5,130 144,094 0.06 BASF 10,157 892,000 0.38 Experian 22,172 404,142 0.17 Bayer - ADR 3,022 426,057 0.18 Medtronic 4,600 340,860 0.15 Bayerische Motoren Werke 4,668 510,643 0.22 Paddy Power 980 83,936 0.04 Commerzbank 103,161 1,317,810 0.56 Tyco International 10,367 398,921 0.17 Continental 3,900 922,307 0.39 ––––––––––– ––––––– Daimler - Germany listing 352 32,373 0.01 2,452,554 1.05 Daimler - US listing 8,078 734,801 0.31 Isle of Man (2014: 0.04%) Deutsche Euroshop 1,112 48,804 0.02 Playtech 11,510 148,163 0.06 Deutsche Post 49,847 1,455,413 0.62 ––––––––––– ––––––– Deutsche Post - ADR 4,342 127,915 0.06 Israel (2014: 0.64%) Fraport Frankfurt Airport Services Worldwide 8,024 503,699 0.22 Check Point Software Technologies 1,956 155,600 0.07 Fuchs Petrolub - Pref 1,264 53,355 0.02 Taro Pharmaceutical Industries 38 5,460 - Hugo Boss 2,678 299,129 0.13 Teva Pharmaceutical Industries 9,100 537,810 0.23 Infineon Technologies 28,189 349,573 0.15 ––––––––––– ––––––– OSRAM Licht 10,379 496,744 0.21 698,870 0.30 Porsche Automobil Holding - ADR 17,241 145,169 0.06 Italy (2014: 1.99%) ProSiebenSat.1 Media 5,671 279,915 0.12 Banca Generali 1,183 41,626 0.02 Rational 434 159,310 0.07 DiaSorin 14,805 675,500 0.29 SAP 1,860 129,733 0.06 Luxottica Group 3,092 205,501 0.09 SAP - ADR 3,760 264,065 0.11 Moncler 10,344 191,550 0.08 Stroeer Media 6,675 311,622 0.13 Recordati 19,458 407,803 0.17 Volkswagen - Pref 1,337 309,855 0.13 UniCredit 83,651 561,553 0.24 XING 964 158,052 0.07 ––––––––––– ––––––– ––––––––––– ––––––– 2,083,533 0.89 11,698,617 4.99 Japan (2014: 5.60%) Hong Kong (2014: 1.63%) ABC-Mart 3,400 208,115 0.09 China Lumena New Materials 256,000 35,085 0.01 Aeon Delight 800 24,517 0.01 China Mobile 19,500 250,021 0.11 Ai Holdings 1,700 30,092 0.01 China Overseas Land & Investment 182,049 644,594 0.27 Aica Kogyo 2,700 62,753 0.03 Guangdong Investment 134,000 187,365 0.08 Ain Pharmaciez 5,900 273,869 0.12 Hang Seng Bank 5,700 111,389 0.05 Asahi Glass 55,000 330,364 0.14 Hysan Development 23,000 99,535 0.04 Asahi Kasei 26,000 213,648 0.09 Power Assets Holdings 31,000 282,307 0.12 Astellas Pharma 33,000 470,735 0.20 Sa Sa International Holdings 142,000 76,930 0.03 Canon 32,200 1,047,983 0.45 Sino Biopharmaceutical 24,000 27,924 0.01 Canon - ADR 2,285 74,057 0.03 Sitoy Group Holdings 69,000 45,837 0.02 Central Japan Railway 4,000 722,592 0.31 Swire Properties 36,800 117,247 0.05 Chubu Electric Power 12,100 180,415 0.08

MGI Funds plc 127 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 5.60%) (continued) (2014: 98.23%) (continued) TS Tech 6,700 179,320 0.08 Transferable securities (2014: 98.22%) (continued) West Japan Railway 3,900 249,715 0.11 Equities (2014: 98.22%) (continued) Yahoo Japan 100,000 403,709 0.17 Japan (2014: 5.60%) (continued) ––––––––––– ––––––– Dai-ichi Life Insurance 10,800 212,399 0.09 20,282,616 8.65 Daicel 18,100 232,527 0.10 Korea (2014: 1.51%) Daiichikosho 5,900 207,813 0.09 Hyundai Home Shopping Network 288 31,628 0.01 Dr Ci:Labo 5,100 179,010 0.08 POSCO - ADR 6,065 297,731 0.13 Dynam Japan Holdings 28,200 41,686 0.02 Samsung Electronics 236 268,276 0.11 East Japan Railway 6,900 620,839 0.26 Samsung Electronics - GDR 2,302 1,313,291 0.56 FANUC 300 61,488 0.03 Samsung Fire & Marine Insurance 1,777 468,365 0.20 Fuji Heavy Industries 8,300 305,777 0.13 ––––––––––– ––––––– FUJIFILM Holdings 14,700 525,399 0.22 2,379,291 1.01 Fukuoka Financial Group 77,000 399,583 0.17 Luxembourg (2014: 0.39%) Hankyu Hanshin Holdings 26,000 153,622 0.06 Altice 2,728 375,535 0.16 Hisamitsu Pharmaceutical 2,800 108,806 0.05 ArcelorMittal 41,816 406,883 0.17 Hitachi 50,000 329,669 0.14 Millicom International Cellular 4,760 350,797 0.15 Hoya 1,600 64,162 0.03 Trinseo 3,030 81,325 0.04 Jaccs 60,000 288,808 0.12 ––––––––––– ––––––– Japan Airlines 7,200 251,248 0.11 1,214,540 0.52 JFE Holdings 9,900 219,780 0.09 Macau (2014: 0.04%) Kamigumi 7,000 65,787 0.03 Sands China 40,000 134,149 0.06 KDDI 33,900 818,376 0.35 ––––––––––– ––––––– Keyence 700 377,902 0.16 Malaysia (2014: 0.06%) Konica Minolta 12,800 149,481 0.06 Astro Malaysia Holdings 117,700 96,082 0.04 Kura 400 12,716 0.01 ––––––––––– ––––––– Kyocera 1,500 78,000 0.03 Malta (2014: Nil) Lawson 10,600 725,927 0.31 Unibet Group 2,181 132,739 0.06 LIXIL Group 8,000 158,869 0.07 ––––––––––– ––––––– Medipal Holdings 20,100 328,033 0.14 Mexico (2014: 0.12%) Meidensha 34,000 127,814 0.05 America Movil - ADR 12,400 264,244 0.11 Miraca Holdings 7,500 375,107 0.16 Kimberly-Clark de Mexico 91,600 198,429 0.09 Mitsubishi 34,000 747,992 0.32 ––––––––––– ––––––– Mitsubishi Chemical Holdings 142,800 899,174 0.38 462,673 0.20 Mitsubishi Electric 32,000 413,713 0.18 Netherlands (2014: 1.58%) Mitsui 900 12,228 0.01 Aegon 6,920 50,826 0.02 Mixi 1,100 54,656 0.02 Akzo Nobel 3,833 278,750 0.12 Murata Manufacturing 2,800 488,767 0.21 Arcadis 4,446 122,209 0.05 Nintendo - ADR 763 16,008 0.01 ASML Holding 338 34,911 0.01 Nippon Steel & Sumitomo Metal 183,000 474,680 0.20 ASML Holding - ADR 3,942 410,480 0.17 Nitto Denko 3,600 295,967 0.13 Boskalis Westminster 2,210 108,099 0.05 NTT DOCOMO 41,700 798,797 0.34 Fiat Chrysler Automobiles 45,033 659,310 0.28 Omron 6,400 278,250 0.12 Koninklijke Philips 40,394 1,027,060 0.44 Oracle 5,400 225,947 0.10 LyondellBasell Industries 8,188 847,622 0.36 ORIX 22,400 333,350 0.14 QIAGEN 12,437 305,346 0.13 Otsuka Holdings 7,700 245,634 0.10 Randstad Holding 2,524 164,263 0.07 Pal 400 13,141 0.01 RELX 18,714 443,608 0.19 Rohm 1,500 100,642 0.04 STMicroelectronics 13,388 108,711 0.05 Shin-Etsu Chemical 7,000 434,708 0.18 Unilever 20,126 837,663 0.36 Showa Denko KK 253,000 334,949 0.14 Unilever - ADR 5,601 234,345 0.10 Sojitz 128,800 312,619 0.13 Wolters Kluwer 10,217 303,320 0.13 Sony - ADR 3,278 93,062 0.04 ––––––––––– ––––––– Sony Financial Holdings 20,300 356,015 0.15 5,936,523 2.53 Sugi Holdings 4,200 214,522 0.09 Norway (2014: 0.92%) Taiyo Holdings 3,200 133,895 0.06 Statoil 26,069 464,222 0.20 TDK 3,500 268,010 0.11 Telenor 17,247 376,617 0.16 Tokai Carbon 52,000 163,184 0.07 TGS Nopec Geophysical 3,248 75,591 0.03 Toppan Printing 14,000 117,158 0.05 ––––––––––– ––––––– Toshiba 90,000 309,647 0.13 916,430 0.39 Trend Micro 7,400 253,389 0.11

MGI Funds plc 128 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Sweden (2014: 0.63%) (continued) (2014: 98.23%) (continued) Intrum Justitia 8,432 255,069 0.11 Transferable securities (2014: 98.22%) (continued) Investor 11,750 437,430 0.19 Equities (2014: 98.22%) (continued) NetEnt 1,649 63,993 0.03 Panama (2014: 0.11%) Sandvik 12,788 141,250 0.06 Copa Holdings 1,200 99,108 0.04 Securitas 16,168 213,560 0.09 ––––––––––– ––––––– Skanska 4,372 88,520 0.04 Peru (2014: 0.21%) SKF 8,826 201,145 0.09 Credicorp 4,008 556,791 0.24 Telefonaktiebolaget LM Ericsson 42,443 439,391 0.19 ––––––––––– ––––––– Telefonaktiebolaget LM Ericsson - ADR 18,531 193,463 0.08 Philippines (2014: 0.11%) Volvo 21,503 266,665 0.11 SM Investments 13,784 273,601 0.12 ––––––––––– ––––––– ––––––––––– ––––––– 4,404,856 1.88 Poland (2014: 0.15%) Switzerland (2014: 2.52%) Polskie Gornictwo Naftowe i Gazownictwo 46,356 81,350 0.03 ACE 5,700 579,576 0.25 ––––––––––– ––––––– Actelion 1,791 262,168 0.11 Russia (2014: 1.76%) Allied World Assurance Holdings 3,200 138,304 0.06 Gazprom - ADR 76,780 395,417 0.17 BB Biotech 324 96,033 0.04 Lukoil - ADR 3,671 161,542 0.07 Belimo Holding 26 62,041 0.03 Mobile Telesystems - ADR 7,900 77,262 0.03 EMS-Chemie Holding 33 13,948 0.01 Sberbank of Russia - ADR 49,611 258,969 0.11 Garmin 5,000 219,650 0.09 Tatneft - ADR 3,351 107,166 0.05 Geberit 1,214 404,905 0.17 ––––––––––– ––––––– Givaudan 432 747,928 0.32 1,000,356 0.43 Glencore 83,127 333,764 0.14 Singapore (2014: 0.16%) LEM Holding 102 78,420 0.03 M1 28,300 68,097 0.03 Nestle 9,391 678,286 0.29 Mapletree Industrial Trust REIT 35,300 40,897 0.02 Novartis 13,217 1,303,244 0.56 Singapore Telecommunications 161,000 508,169 0.21 Roche Holding 5,691 1,595,465 0.68 ––––––––––– ––––––– SGS 179 326,760 0.14 617,163 0.26 Sika 127 448,179 0.19 South Africa (2014: 1.08%) Swatch Group 357 139,087 0.06 Bidvest Group 4,228 107,339 0.05 Swisscom 202 113,261 0.05 Coronation Fund Managers 12,051 81,821 0.03 Syngenta 625 254,133 0.11 FirstRand 33,197 145,831 0.06 U-Blox 555 112,360 0.05 Lewis Group 5,005 40,654 0.02 UBS Group 40,305 854,465 0.36 Liberty Holdings 4,303 51,465 0.02 ––––––––––– ––––––– Life Healthcare Group Holdings 64,278 198,748 0.08 8,761,977 3.74 MMI Holdings 42,613 105,850 0.04 Taiwan (2014: 0.60%) MTN Group 44,915 846,475 0.36 Catcher Technology 9,000 112,593 0.05 RMB Holdings 7,687 42,084 0.02 China Steel Chemical 14,000 63,070 0.03 Sanlam 34,134 186,563 0.08 Novatek Microelectronics 18,000 86,924 0.04 Sasol 11,157 413,639 0.18 St Shine Optical 1,000 15,913 0.01 Shoprite Holdings 28,939 413,661 0.18 Taiwan Secom 20,300 61,056 0.02 Truworths International 16,266 114,848 0.05 Taiwan Semiconductor Manufacturing - ADR 17,000 386,070 0.16 Vodacom Group 26,073 297,940 0.13 ––––––––––– ––––––– ––––––––––– ––––––– 725,626 0.31 3,046,918 1.30 Thailand (2014: 0.68%) Spain (2014: 2.29%) Advanced Info Service - NVDR 23,100 164,143 0.07 ACS Actividades de Construccion y Servicios 9,392 301,955 0.13 BEC World 17,000 18,875 0.01 Almirall 5,586 110,350 0.05 BEC World - NVDR 52,500 58,289 0.03 Grifols - Pref 2,292 71,058 0.03 Delta Electronics Thailand 11,400 30,546 0.01 ––––––––––– ––––––– Delta Electronics Thailand - NVDR 26,800 71,809 0.03 483,363 0.21 PTT Exploration & Production 11,400 36,790 0.02 Sweden (2014: 0.63%) PTT Exploration & Production - NVDR 60,000 193,631 0.08 Alfa Laval 19,783 347,857 0.15 Thai Beverage 100,000 56,814 0.02 Atlas Copco 30,879 863,384 0.37 TTW - NVDR 231,700 77,518 0.03 Axfood 17,968 286,708 0.12 ––––––––––– ––––––– Boliden 20,336 370,325 0.16 708,415 0.30 Clas Ohlson 4,368 76,595 0.03 Turkey (2014: 0.08%) Hennes & Mauritz 1,463 56,281 0.02 Akbank 71,230 206,059 0.09 Indutrade 2,245 103,220 0.04 Akcansa Cimento 5,000 29,862 0.01

MGI Funds plc 129 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United Kingdom (2014: 8.57%) (continued) (2014: 98.23%) (continued) WH Smith 5,024 120,731 0.05 Transferable securities (2014: 98.22%) (continued) William Hill 41,627 263,897 0.11 Equities (2014: 98.22%) (continued) ––––––––––– ––––––– Turkey (2014: 0.08%) (continued) 15,182,766 6.48 Turk Telekomunikasyon 38,848 102,232 0.04 United States of America (2014: 47.70%) Turkiye Garanti Bankasi 5,329 16,629 0.01 3M 3,500 540,050 0.23 ––––––––––– ––––––– AbbVie 2,600 174,694 0.07 354,782 0.15 Adobe Systems 12,125 982,246 0.42 United Kingdom (2014: 8.57%) ADT 11,300 379,341 0.16 Abcam 5,795 47,209 0.02 Aetna 5,194 662,027 0.28 Admiral Group 12,305 268,413 0.11 Aflac 11,200 696,640 0.30 Ashmore Group 51,681 235,058 0.10 Alliance Resource Partners 1,900 47,424 0.02 AstraZeneca 32,996 2,085,573 0.89 Alnylam Pharmaceuticals 1,347 161,465 0.07 Berendsen 6,268 100,450 0.04 Amazon.com 1,439 624,656 0.27 BHP Billiton 14,602 286,828 0.12 American Express 12,780 993,262 0.42 Burberry Group 5,289 130,676 0.06 American Financial Group 5,100 331,704 0.14 Capita 13,284 258,640 0.11 American International Group 26,947 1,665,864 0.71 Compass Group 34,125 565,128 0.24 Ameriprise Financial 4,606 575,428 0.25 Croda International 2,468 106,817 0.05 AmerisourceBergen 5,400 574,236 0.25 De La Rue 21,895 180,780 0.08 Amgen 6,130 941,078 0.40 Debenhams 122,912 172,524 0.07 Anacor Pharmaceuticals 5,400 418,122 0.18 Delphi Automotive 3,300 280,797 0.12 Anthem 4,629 759,804 0.32 Diageo 6,682 193,467 0.08 Apple 26,275 3,295,542 1.41 Diploma 13,026 165,527 0.07 Applied Materials 9,043 173,806 0.07 Dunelm Group 8,692 123,781 0.05 Artisan Partners Asset Management 10,923 507,483 0.22 Filtrona 706 11,026 - Automatic Data Processing 4,806 385,585 0.16 GlaxoSmithKline 36,252 754,004 0.32 AutoZone 200 133,380 0.06 Halma 4,111 49,266 0.02 Axiall 13,638 491,650 0.21 HSBC Holdings - Hong Kong listing 22,400 202,978 0.09 Bank of America 104,567 1,779,730 0.76 HSBC Holdings - UK listing 27,869 249,872 0.11 Baxter International 7,400 517,482 0.22 IG Group Holdings 5,246 61,589 0.03 BB&T 9,800 395,038 0.17 IMI 10,836 191,720 0.08 Bed Bath & Beyond 2,200 151,756 0.06 Indivior 8,563 30,274 0.01 Bio-Techne 1,100 108,317 0.05 Intertek Group 6,130 236,196 0.10 Biogen Idec 400 161,576 0.07 ITV 45,411 188,043 0.08 Brinker International 2,000 115,300 0.05 James Halstead 6,792 42,941 0.02 Bristol-Myers Squibb 6,700 445,818 0.19 Just Eat 29,742 190,282 0.08 Broadridge Financial Solutions 3,400 170,034 0.07 Legal & General Group 195,248 764,289 0.33 Buckle 4,000 183,080 0.08 Micro Focus International 3,706 79,325 0.03 Burlington Stores 7,545 386,304 0.16 Mitchells & Butlers 15,283 109,722 0.05 CA 7,300 213,817 0.09 Moneysupermarket.com Group 15,432 70,674 0.03 Cabela's 5,951 297,431 0.13 Next 1,770 207,384 0.09 Cablevision Systems 11,058 264,729 0.11 PayPoint 15,522 241,918 0.10 CAI International 6,300 129,717 0.06 Reckitt Benckiser Group 5,927 511,558 0.22 Calpine 19,539 351,507 0.15 RELX 27,353 445,237 0.19 Campbell Soup 10,400 495,560 0.21 Rolls-Royce Holdings - non-voting 8,145,288 12,810 0.01 Capital One Financial 2,442 214,823 0.09 Rolls-Royce Holdings - voting 50,622 692,635 0.30 Cardinal Health 7,800 652,470 0.28 Rotork 64,830 237,155 0.10 Cash America International 3,700 96,903 0.04 SABMiller 23,372 1,214,456 0.52 Celgene 6,766 783,063 0.33 Sage Group 30,856 248,702 0.11 Centene 5,700 458,280 0.20 Sky 14,404 234,913 0.10 Cerner 2,251 155,454 0.07 Smiths Group 3,616 64,205 0.03 CH Robinson Worldwide 6,000 374,340 0.16 Spectris 5,314 176,340 0.07 Chemed 100 13,110 0.01 Spirax-Sarco Engineering 2,049 109,338 0.05 Church & Dwight 4,200 340,746 0.15 Tullow Oil 4,014 21,596 0.01 Ciber 5,626 19,410 0.01 Ultra Electronics Holdings 5,686 158,459 0.07 Cigna 2,329 377,298 0.16 Unilever 12,204 523,975 0.22 Cisco Systems 35,900 985,814 0.42 Victrex 910 27,621 0.01 Citigroup 41,326 2,282,848 0.97 Vodafone Group 288,748 1,043,781 0.45 Cliffs Natural Resources 17,746 76,840 0.03 Weir Group 7,201 192,186 0.08 Clorox 4,300 447,286 0.19

MGI Funds plc 130 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 47.70%) (continued) (2014: 98.23%) (continued) HomeAway 12,763 397,185 0.17 Transferable securities (2014: 98.22%) (continued) Horace Mann Educators 7,000 254,660 0.11 Equities (2014: 98.22%) (continued) Hubbell 2,400 259,872 0.11 United States of America (2014: 47.70%) (continued) Huntington Ingalls Industries 3,400 382,806 0.16 CME Group 4,114 382,849 0.16 Illinois Tool Works 4,100 376,339 0.16 Coach 6,626 229,326 0.10 Innospec 4,200 189,168 0.08 Coca-Cola 3,000 117,690 0.05 Intel 59,842 1,820,094 0.78 Comcast - non-voting 2,855 171,129 0.07 International Bancshares 8,600 231,082 0.10 Comcast - voting 22,872 1,375,522 0.59 International Business Machines 5,164 839,976 0.36 Compass Minerals International 2,200 180,708 0.08 International Paper 6,961 331,274 0.14 Corning 13,400 264,382 0.11 Intrexon 5,029 245,415 0.10 CorVel 300 9,606 - Intuit 1,200 120,924 0.05 CR Bard 2,200 375,540 0.16 Isis Pharmaceuticals 4,845 278,830 0.12 Cracker Barrel Old Country Store 1,800 268,488 0.11 J&J Snack Foods 1,612 178,400 0.08 CSX 30,926 1,009,734 0.43 j2 Global 1,595 108,364 0.05 Cummins 5,000 655,950 0.28 Jack Henry & Associates 2,300 148,810 0.06 CVS Health 6,563 688,327 0.29 John Wiley & Sons 3,400 184,858 0.08 Deluxe 5,200 322,400 0.14 Johnson & Johnson 13,800 1,344,948 0.57 Discover Financial Services 7,800 449,436 0.19 JPMorgan Chase 11,400 772,464 0.33 Dover 6,700 470,206 0.20 Keysight Technology 4,800 149,712 0.06 Dow Chemical 33,210 1,699,356 0.73 Kimberly-Clark 2,900 307,313 0.13 Dr Pepper Snapple Group 6,900 503,010 0.21 Kinder Morgan 23,943 919,172 0.39 Dril-Quip 1,100 82,775 0.04 KLA-Tencor 1,400 78,694 0.03 Dun & Bradstreet 1,016 123,952 0.05 L Brands 5,331 457,027 0.20 Edwards Lifesciences 4,263 607,179 0.26 Laboratory of America Holdings 4,840 586,705 0.25 EI du Pont de Nemours 1,700 108,715 0.05 Lancaster Colony 500 45,425 0.02 EMC 18,700 493,493 0.21 Landec 5,736 82,770 0.04 Emerson Electric 9,700 537,671 0.23 LendingClub 12,775 188,431 0.08 Energizer Holdings 2,800 368,340 0.16 Lexmark International 3,100 137,020 0.06 Ensign Group 5,200 265,512 0.11 LifePoint Hospitals 3,232 281,022 0.12 Estee Lauder 13,218 1,145,472 0.49 Lincoln Electric Holdings 6,100 371,429 0.16 Exponent 372 16,658 0.01 Lincoln National 14,256 844,240 0.36 Express Scripts Holding 2,700 240,138 0.10 Linear Technology 7,600 336,148 0.14 Exxon Mobil 17,580 1,462,656 0.62 Marathon Petroleum 5,800 303,398 0.13 F5 Networks 5,200 625,820 0.27 Marriott International 3,542 263,489 0.11 FactSet Research Systems 1,200 195,012 0.08 MasterCard 5,285 494,042 0.21 FBL Financial Group 912 52,641 0.02 Maxim Integrated Products 6,200 214,365 0.09 Fifth Third Bancorp 14,500 301,890 0.13 McDonald's 2,300 218,661 0.09 FLIR Systems 5,200 160,264 0.07 McKesson 900 202,329 0.09 Flowserve 4,500 236,970 0.10 Mead Johnson Nutrition 166 14,977 0.01 FMC 249 13,085 0.01 Medidata Solutions 6,949 377,470 0.16 FMC Technologies 3,300 136,917 0.06 MEDNAX 4,900 363,139 0.16 Foot Locker 1,400 93,814 0.04 Merck 9,400 535,142 0.23 Franklin Resources 5,500 269,665 0.12 Meridian Bioscience 8,000 149,120 0.06 Freescale Semiconductor 5,664 226,390 0.10 MetLife 15,141 847,745 0.36 Gap 4,400 167,948 0.07 Microchip Technology 4,900 232,383 0.10 General Mills 9,500 529,340 0.23 Micron Technology 27,596 519,909 0.22 General Motors 27,068 902,176 0.38 Microsoft 12,700 560,705 0.24 Gentex 13,128 215,562 0.09 Moody's 3,778 407,873 0.17 Genuine Parts 2,200 196,966 0.08 Mosaic 22,769 1,066,728 0.46 Gilead Sciences 4,900 573,692 0.24 MSC Industrial Direct 2,576 179,728 0.08 Goldman Sachs Group 2,993 624,908 0.27 National Presto Industries 2,760 221,683 0.09 GrubHub 9,581 326,425 0.14 Navistar International 9,753 220,710 0.09 Harley-Davidson 17,106 963,923 0.41 NetApp 15,063 475,388 0.20 Harris 3,600 276,876 0.12 NeuStar 4,700 137,287 0.06 HCA Holdings 8,996 816,117 0.35 Newmont Mining 58,529 1,367,237 0.58 Hershey 3,257 289,319 0.12 NIKE 11,499 1,242,122 0.53 Hewlett-Packard 24,824 744,968 0.32 Norfolk Southern 3,400 297,024 0.13 Hillenbrand 5,939 182,327 0.08 Northern Trust 3,200 244,672 0.10 Hilton Worldwide Holdings 10,067 277,346 0.12 O'Reilly Automotive 2,600 587,548 0.25

MGI Funds plc 131 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 47.70%) (continued) (2014: 98.23%) (continued) Tumi Holdings 13,023 267,232 0.11 Transferable securities (2014: 98.22%) (continued) Tupperware Brands 2,900 187,166 0.08 Equities (2014: 98.22%) (continued) Ulta Salon Cosmetics & Fragrance 1,000 154,450 0.07 United States of America (2014: 47.70%) (continued) Union Pacific 9,231 880,360 0.38 Occidental Petroleum 5,600 435,512 0.19 United Technologies 3,600 399,348 0.17 Oracle 43,019 1,733,666 0.74 UnitedHealth Group 11,117 1,356,274 0.58 Ovascience 3,559 102,962 0.04 Universal Health Services 1,400 198,940 0.08 Packaging of America 5,500 343,695 0.15 Universal Insurance Holdings 2,400 58,080 0.02 Parker-Hannifin 2,600 302,458 0.13 USANA Health Sciences 709 96,892 0.04 Paychex 8,900 417,232 0.18 Valero Energy 17,418 1,090,367 0.48 PepsiCo 9,130 852,194 0.36 Veritiv 3,021 110,146 0.05 Pfizer 22,100 741,013 0.32 Verizon Communications 11,900 554,659 0.24 PMC-Sierra 36,988 316,617 0.14 Vertex Pharmaceuticals 2,015 248,812 0.11 PNC Financial Services Group 6,500 621,725 0.27 VF 8,211 572,635 0.24 Polaris Industries 1,300 192,543 0.08 Viacom 3,400 219,776 0.09 Precision Castparts 6,406 1,280,367 0.55 Voya Financial 31,564 1,466,779 0.63 Primerica 2,238 102,254 0.04 Waddell & Reed Financial 6,600 312,246 0.13 Principal Financial Group 17,658 905,679 0.39 Walt Disney 1,400 159,796 0.07 ProAssurance 2,100 97,041 0.04 Waters 1,500 192,570 0.08 Procter & Gamble 19,357 1,514,492 0.65 Wells Fargo 8,100 455,544 0.19 Prudential Financial 8,325 728,604 0.31 Western Digital 9,264 726,483 0.31 Public Service Enterprise Group 3,700 145,336 0.06 Western Union 11,800 239,894 0.10 QLogic 7,500 106,425 0.05 Westlake Chemical 13,260 909,503 0.39 QUALCOMM 29,250 1,831,928 0.78 World Acceptance 1,200 73,812 0.03 Quality Systems 16,900 280,033 0.12 WW Grainger 800 189,320 0.08 Qualys 3,600 145,260 0.06 Xerox 24,726 263,085 0.11 Quest Diagnostics 5,700 413,364 0.18 Xilinx 5,000 220,800 0.09 Ralph Lauren 700 92,652 0.04 XO Group 8,496 138,909 0.06 Red Hat 8,200 622,626 0.27 Yum! Brands 9,388 845,670 0.36 Regions Financial 40,548 420,077 0.18 Zimmer Biomet Holdings 6,100 666,302 0.28 ResMed 7,400 417,138 0.18 Zoetis 4,600 221,811 0.09 Rockwell Automation 2,900 361,456 0.15 ––––––––––– ––––––– Rockwell Collins 1,500 138,525 0.06 116,768,615 49.82 Rollins 2,700 77,031 0.03 Roper Technologies 1,100 189,706 0.08 Total equities 230,566,816 98.36 Ross Stores 2,400 116,664 0.05 Schlumberger 5,000 430,950 0.18 Total transferable securities 230,566,816 98.36 Scripps Networks Interactive 4,000 261,480 0.11 Silicon Laboratories 3,986 215,284 0.09 Financial derivative instruments (2014: 0.01%) Skyworks Solutions 4,323 450,024 0.19 Warrants (2014: Nil) Snap-on 300 47,775 0.02 Hong Kong (2014: Nil) Sonoco Products 1,800 77,148 0.03 Sun Hung Kai Properties, expires 22/04/2016 1,666 5,920 - Sonus Networks 15,300 105,876 0.05 ––––––––––– ––––––– Spirit Airlines 3,136 194,746 0.08 Total warrants 5,920 - St Jude Medical 7,100 518,797 0.22 Stanley Black & Decker 5,794 609,761 0.26 Total financial derivative instruments 5,920 - Starbucks 4,286 229,794 0.10 Starwood Hotels & Resorts Worldwide 12,450 1,009,571 0.43 Total financial assets at fair value through Stryker 8,426 805,273 0.34 profit or loss 230,572,736 98.36 Syntel 3,100 147,188 0.06 T Rowe Price Group 3,800 295,374 0.13 Cash (2014: 1.88%) 3,828,756 1.63 T-Mobile US 21,480 832,780 0.36 Targa Resources 3,098 276,404 0.12 Net current assets (2014: (0.11%)) 22,329 0.01 Terra Nitrogen 700 84,763 0.04 ––––––––––– ––––––– Texas Instruments 7,500 386,325 0.16 Net assets attributable to holders of Thermo Fisher Scientific 8,670 1,125,019 0.48 redeemable participating shares Thor Industries 3,600 202,608 0.09 (at last traded prices) 234,423,821 100.00 Tiffany 6,625 608,175 0.26 ––––––––––– ––––––– TJX 1,800 119,106 0.05 Torchmark 3,900 227,058 0.10

MGI Funds plc 132 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 30 June 2015 (continued)

% of Net assets

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities Cambodia 0.05 Greece 0.07 Hungary 0.23 Kazakhstan 0.05 New Zealand 0.05 Portugal 0.13

Future contracts gain 0.01

Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 96.72 Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regular market 0.54 Financial derivative instruments dealt in on a regulated market - Other current assets 2.74 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 133 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) Transferable securities (2014: 94.31%) Equities (2014: 0.17%) United States of America (2014: 0.02%) Citigroup Capital XIII 75 1,947 - Verso Paper 2,641 1,743 - ––––––––––– ––––––– 3,690 -

Total equities 3,690 -

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Convertible securities (2014: 0.42%) United States of America (2014: 0.31%) Cobalt International Energy 2.63 01/12/2019 USD 925,000 683,922 0.12 M/I Homes 3.00 01/03/2018 USD 219,000 218,316 0.04 Savient Pharmaceuticals* 4.75 01/02/2018 USD 407,000 6,105 - ––––––––––– ––––––– 908,343 0.16

Total convertible securities 908,343 0.16

Corporate bonds (2014: 93.61%) Australia (2014: 0.75%) Barminco Finance 9.00 01/06/2018 USD 1,000,000 940,000 0.17 FMG Resources August 2006 9.75 01/03/2022 USD 2,560,000 2,649,600 0.47 FMG Resources August 2006 6.88 01/04/2022 USD 3,735,000 2,633,175 0.45 ––––––––––– ––––––– 6,222,775 1.09 Bermuda (2014: 0.51%) Seadrill 6.13 15/09/2017 USD 425,000 375,063 0.07 ––––––––––– ––––––– Brazil (2014: 0.36%) Hypermarcas 6.50 20/04/2021 USD 450,000 474,188 0.08 Hypermarcas 6.50 20/04/2021 USD 1,490,000 1,570,088 0.28 ––––––––––– ––––––– 2,044,276 0.36 Canada (2014: 2.18%) Bombardier 7.50 15/03/2025 USD 2,500,000 2,281,250 0.40 Concordia Healthcare 7.00 15/04/2023 USD 800,000 802,000 0.14 Eldorado Gold 6.13 15/12/2020 USD 1,500,000 1,492,500 0.26 First Quantum Minerals 7.00 15/02/2021 USD 2,500,000 2,403,125 0.42 MEG Energy 7.00 31/03/2024 USD 1,230,000 1,185,413 0.21 New Red Finance 6.00 01/04/2022 USD 2,500,000 2,575,000 0.45 NOVA Chemicals 5.00 01/05/2025 USD 1,300,000 1,308,125 0.23 Tembec Industries 9.00 15/12/2019 USD 2,165,000 2,062,163 0.36 Ultra Petroleum 6.13 01/10/2024 USD 1,500,000 1,323,750 0.24 Valeant Pharmaceuticals International 5.63 01/12/2021 USD 1,000,000 1,025,000 0.18 Valeant Pharmaceuticals International 5.50 01/03/2023 USD 1,000,000 1,012,500 0.18 Valeant Pharmaceuticals International 4.50 15/05/2023 EUR 1,541,000 1,669,586 0.30 Valeant Pharmaceuticals International 6.13 15/04/2025 USD 670,000 690,935 0.11 ––––––––––– ––––––– 19,831,347 3.48 Cayman Islands (2014: 0.83%) Offshore Group Investment 7.50 01/11/2019 USD 1,000,000 620,000 0.11 Offshore Group Investment 7.13 01/04/2023 USD 500,000 307,500 0.05 UPCB Finance IV 4.00 15/01/2027 EUR 2,000,000 2,103,052 0.37 ––––––––––– ––––––– 3,030,552 0.53

MGI Funds plc 134 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) Cyprus (2014: Nil) Drill Rigs Holdings 6.50 01/10/2017 USD 500,000 441,250 0.08 Ocean Rig UDW 7.25 01/04/2019 USD 1,000,000 755,000 0.13 ––––––––––– ––––––– 1,196,250 0.21 France (2014: 2.73%) CGG 6.50 01/06/2021 USD 1,800,000 1,503,000 0.26 Financiere Quick 7.51 15/10/2019 EUR 1,200,000 1,062,947 0.19 Kerneos Corporate 5.75 01/03/2021 EUR 1,270,000 1,453,799 0.26 Societe Generale 8.25 31/12/2049 USD 1,560,000 1,639,637 0.29 ––––––––––– ––––––– 5,659,383 1.00 Germany (2014: 1.88%) CeramTec Group 8.25 15/08/2021 EUR 2,676,000 3,266,342 0.57 Unitymedia Hessen & Co 5.50 15/09/2022 EUR 1,237,500 1,470,169 0.26 Unitymedia Hessen & Co 5.75 15/01/2023 EUR 1,399,500 1,682,119 0.30 Unitymedia Hessen & Co 5.63 15/04/2023 EUR 1,800,000 2,173,526 0.38 ––––––––––– ––––––– 8,592,156 1.51 Ireland (2014: 2.16%) AerCap Ireland Capital 4.25 01/07/2020 USD 900,000 901,688 0.16 AerCap Ireland Capital 4.50 15/05/2021 USD 970,000 977,275 0.17 AerCap Ireland Capital 5.00 01/10/2021 USD 1,500,000 1,546,875 0.27 Ardagh Packaging Finance – Ireland listing 9.25 15/10/2020 EUR 535,000 631,505 0.11 Ardagh Packaging Finance 7.00 15/11/2020 USD 88,235 90,441 0.02 Ardagh Packaging Finance 6.00 30/06/2021 USD 3,275,000 3,283,188 0.58 Borets Finance 7.63 26/09/2018 USD 1,535,000 1,373,825 0.24 Endo Finance 6.00 15/07/2023 USD 930,000 952,087 0.17 Endo Finance 6.00 01/02/2025 USD 2,616,000 2,671,590 0.47 Grifols Worldwide Operations 5.25 01/04/2022 USD 2,000,000 2,010,000 0.35 ––––––––––– ––––––– 14,438,474 2.54 Italy (2014: 1.17%) Intesa Sanpaolo 8.38 29/10/2049 EUR 1,000,000 1,318,099 0.23 UniCredit 6.75 29/09/2049 EUR 685,000 741,383 0.13 ––––––––––– ––––––– 2,059,482 0.36 Jamaica (2014: Nil) Digicel 6.00 15/04/2021 USD 1,000,000 966,620 0.17 Digicel 6.75 01/03/2023 USD 300,000 294,840 0.05 Digicel Group 7.13 01/04/2022 USD 700,000 666,540 0.12 ––––––––––– ––––––– 1,928,000 0.34 Japan (2014: 0.36%) SoftBank 4.50 15/04/2020 USD 1,270,000 1,277,938 0.22 SoftBank 4.63 15/04/2020 EUR 556,000 672,152 0.12 ––––––––––– ––––––– 1,950,090 0.34 Luxembourg (2014: 7.29%) Aguila 3 7.88 31/01/2018 USD 150,000 149,063 0.03 Aguila 3 7.88 31/01/2018 USD 1,015,000 1,008,656 0.18 Altice Financing 8.00 15/12/2019 EUR 1,585,000 1,880,841 0.33 Altice Financing 6.50 15/01/2022 USD 380,000 380,950 0.07 Altice Financing 5.25 15/02/2023 EUR 190,000 214,290 0.04 ArcelorMittal 6.25 01/03/2021 USD 3,500,000 3,679,375 0.65 ArcelorMittal 7.75 15/10/2039 USD 860,000 860,000 0.15 ArcelorMittal 7.50 01/03/2041 USD 340,000 334,900 0.06

MGI Funds plc 135 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) Luxembourg (2014: 7.29%) (continued) Ardagh Finance Holdings 8.38 15/06/2019 EUR 1,219,230 1,389,031 0.24 CHC Helicopter 9.25 15/10/2020 USD 2,002,500 1,466,831 0.26 CHC Helicopter 9.38 01/06/2021 USD 325,000 195,000 0.03 Cirsa Funding Luxembourg 5.88 15/05/2023 EUR 1,615,000 1,740,384 0.31 Galapagos 5.38 15/06/2021 EUR 300,000 335,931 0.06 Galapagos Holding 7.00 15/06/2022 EUR 1,100,000 1,164,339 0.20 Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 2,000,000 1,852,280 0.33 Gazprom OAO Via Gaz Capital 4.95 19/07/2022 USD 2,235,000 2,070,169 0.36 INEOS Group Holdings 6.50 15/08/2018 EUR 1,600,000 1,826,717 0.32 INEOS Group Holdings 5.75 15/02/2019 EUR 1,795,000 2,036,729 0.36 INEOS Group Holdings 5.75 15/02/2019 EUR 225,000 255,343 0.04 INEOS Group Holdings 5.88 15/02/2019 USD 250,000 252,188 0.04 Intelsat Jackson Holdings 7.50 01/04/2021 USD 1,110,000 1,101,675 0.19 Intelsat Jackson Holdings 6.63 15/12/2022 USD 715,000 654,225 0.12 Intelsat Jackson Holdings 5.50 01/08/2023 USD 2,500,000 2,223,125 0.39 Intralot Capital Luxembourg 6.00 15/05/2021 EUR 580,000 562,225 0.10 Matterhorn Telecom 3.88 01/05/2022 EUR 2,765,000 2,934,842 0.52 Matterhorn Telecom Holding 4.88 01/05/2023 EUR 1,040,000 1,106,988 0.19 Millicom International Cellular 6.63 15/10/2021 USD 2,000,000 2,065,000 0.36 Sberbank of Russia Via SB Capital 6.13 07/02/2022 USD 1,035,000 1,001,363 0.18 Sberbank of Russia Via SB Capital 5.13 29/10/2022 USD 700,000 603,050 0.11 SIG Combibloc Holdings 7.75 15/02/2023 EUR 1,000,000 1,165,581 0.20 Stena International 5.75 01/03/2024 USD 1,200,000 1,122,000 0.20 VTB Bank 6.88 29/05/2018 USD 1,385,000 1,404,071 0.25 Wind Acquisition Finance 6.50 30/04/2020 USD 286,000 299,943 0.05 Wind Acquisition Finance 4.00 15/07/2020 EUR 1,200,000 1,341,051 0.24 Wind Acquisition Finance 4.00 15/07/2020 EUR 1,845,000 2,075,824 0.36 Wind Acquisition Finance 4.75 15/07/2020 USD 1,805,000 1,782,438 0.31 Wind Acquisition Finance 7.00 23/04/2021 EUR 1,200,000 1,387,180 0.24 ––––––––––– ––––––– 45,923,598 8.07 Macau (2014: Nil) Wynn Macau 5.25 15/10/2021 USD 800,000 760,000 0.13 ––––––––––– ––––––– Mexico (2014: 0.86%) Cemex 5.88 25/03/2019 USD 2,030,000 2,085,216 0.36 Cemex 7.25 15/01/2021 USD 2,565,000 2,713,001 0.48 Nemak 5.50 28/02/2023 USD 1,265,000 1,302,950 0.23 ––––––––––– ––––––– 6,101,167 1.07 Netherlands (2014: 1.51%) Constellium 4.63 15/05/2021 EUR 1,190,000 1,218,069 0.21 Fiat Chrysler Automobiles 4.50 15/04/2020 USD 3,000,000 2,992,500 0.53 ING Groep 6.00 29/12/2049 USD 940,000 932,363 0.16 ING Groep 6.50 29/12/2049 USD 330,000 319,894 0.06 InterGen 7.00 30/06/2023 USD 2,000,000 1,790,000 0.32 Petrobras Global Finance 5.38 27/01/2021 USD 2,500,000 2,410,750 0.42 Sensata Technologies 5.63 01/11/2024 USD 335,000 347,981 0.06 Sensata Technologies 5.00 01/10/2025 USD 630,000 615,038 0.11 VimpelCom Holdings 5.20 13/02/2019 USD 2,565,000 2,460,476 0.43 VTR Finance 6.88 15/01/2024 USD 1,930,000 1,976,995 0.35 ––––––––––– ––––––– 15,064,066 2.65 South Africa (2014: 0.32%) Edcon 9.50 01/03/2018 EUR 1,200,000 1,063,294 0.19 ––––––––––– –––––––

MGI Funds plc 136 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) Spain (2014: 1.83%) Abengoa Finance 7.75 01/02/2020 USD 1,870,000 1,860,650 0.33 Abengoa Finance 6.00 31/03/2021 EUR 1,710,000 1,773,684 0.31 Banco Bilbao Vizcaya Argentaria 9.00 29/05/2049 USD 1,800,000 1,939,500 0.34 Banco Bilbao Vizcaya Argentaria 7.00 29/12/2049 EUR 1,400,000 1,565,940 0.27 Banco Santander 6.25 12/03/2049 EUR 1,900,000 2,080,017 0.37 Banco Santander 6.25 31/12/2049 EUR 800,000 869,932 0.15 Campofrio Food Group 3.38 15/03/2022 EUR 256,000 282,350 0.05 NH Hotel Group 6.88 15/11/2019 EUR 1,525,000 1,874,380 0.33 ––––––––––– ––––––– 12,246,453 2.15 Sweden (2014: 0.44%) Stena 7.00 01/02/2024 USD 500,000 485,000 0.08 TVN Finance III 7.38 15/12/2020 EUR 1,105,000 1,351,232 0.24 ––––––––––– ––––––– 1,836,232 0.32 United Kingdom (2014: 5.19%) Avis Budget Finance 6.00 01/03/2021 EUR 1,500,000 1,770,232 0.31 Barclays 8.00 15/12/2049 EUR 500,000 592,122 0.10 Barclays 8.25 29/12/2049 USD 2,010,000 2,126,500 0.37 Barclays Bank 14.00 29/11/2049 GBP 100,000 205,959 0.04 EnQuest 7.00 15/04/2022 USD 1,500,000 1,192,500 0.21 Iglo Foods Bondco 4.49 15/06/2020 EUR 1,500,000 1,680,367 0.30 International Game Technology 6.25 15/02/2022 USD 2,500,000 2,400,000 0.42 Lloyds Banking Group 6.38 27/06/2049 EUR 1,370,000 1,578,903 0.28 Lloyds Banking Group 7.00 29/12/2049 GBP 575,000 910,891 0.16 Nationwide Building Society 6.88 11/03/2049 GBP 865,000 1,347,911 0.24 New Look Secured Issuer 6.50 01/07/2022 GBP 1,495,000 2,299,920 0.40 OTE 3.50 09/07/2020 EUR 850,000 748,185 0.13 Paragon Offshore 6.75 15/07/2022 USD 1,810,000 606,350 0.11 Royal Bank of Scotland 6.93 09/04/2018 EUR 2,500,000 3,130,999 0.55 Royal Bank of Scotland Group 6.99 29/10/2049 USD 1,380,000 1,628,400 0.29 Royal Bank of Scotland Group 7.64 31/12/2049 USD 2,300,000 2,469,050 0.43 TA MFG. 3.63 15/04/2023 EUR 1,081,000 1,177,476 0.21 Tesco 6.13 24/02/2022 GBP 1,200,000 2,053,412 0.36 Tullow Oil 6.00 01/11/2020 USD 1,325,000 1,207,406 0.21 Tullow Oil 6.25 15/04/2022 USD 925,000 823,250 0.15 Virgin Media Finance 7.00 15/04/2023 GBP 1,200,000 2,016,979 0.35 Virgin Media Secured Finance 6.00 15/04/2021 GBP 450,000 739,212 0.13 Vougeot Bidco 7.88 15/07/2020 GBP 1,150,000 1,925,243 0.34 ––––––––––– ––––––– 34,631,267 6.09 United States of America (2014: 61.86%) 24 Hour Holdings III 8.00 01/06/2022 USD 1,500,000 1,211,250 0.21 99 Cents Only Stores 11.00 15/12/2019 USD 1,220,000 1,110,200 0.20 Activision Blizzard 5.63 15/09/2021 USD 2,490,000 2,614,500 0.46 Activision Blizzard 6.13 15/09/2023 USD 1,510,000 1,623,250 0.29 AK Steel 7.63 15/05/2020 USD 1,985,000 1,662,438 0.29 AK Steel 7.63 01/10/2021 USD 450,000 369,000 0.06 AK Steel 8.38 01/04/2022 USD 365,000 301,125 0.05 Albertsons Holdings 7.75 15/10/2022 USD 402,000 428,633 0.08 Alcatel-Lucent 6.75 15/11/2020 USD 875,000 928,594 0.16 Alcatel-Lucent 6.50 15/01/2028 USD 270,000 279,113 0.05 Alcatel-Lucent 6.45 15/03/2029 USD 1,985,000 2,056,956 0.36 Alere 6.50 15/06/2020 USD 1,885,000 1,950,975 0.34 Alere 6.38 01/07/2023 USD 1,095,000 1,116,900 0.20 Amsurg 5.63 15/07/2022 USD 1,720,000 1,741,500 0.31 Antero Resources 6.00 01/12/2020 USD 525,000 530,250 0.09

MGI Funds plc 137 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) United States of America (2014: 61.86%) (continued) Antero Resources 5.63 01/06/2023 USD 815,000 791,569 0.14 Argos Merger Sub 7.13 15/03/2023 USD 655,000 687,750 0.12 Associated Materials 9.13 01/11/2017 USD 925,000 772,375 0.14 Audatex North America 6.00 15/06/2021 USD 2,560,000 2,640,000 0.46 Avintiv Specialty Materials 6.88 01/06/2019 USD 1,500,000 1,385,625 0.24 Axalta Coating Systems 5.75 01/02/2021 EUR 2,000,000 2,351,185 0.41 Bank of America 8.13 29/12/2049 USD 3,000,000 3,187,500 0.56 Blackboard 7.75 15/11/2019 USD 1,500,000 1,417,500 0.25 Blue Racer Midstream 6.13 15/11/2022 USD 975,000 1,009,125 0.18 BMC Software Finance 8.13 15/07/2021 USD 2,300,000 1,871,625 0.33 Bonanza Creek Energy 6.75 15/04/2021 USD 1,075,000 1,023,938 0.18 BreitBurn Energy Partners 7.88 15/04/2022 USD 1,500,000 1,252,500 0.22 Building Materials of America 5.38 15/11/2024 USD 2,730,000 2,694,101 0.47 Caesars Entertainment Operating 11.25 01/06/2017 USD 500,000 395,000 0.07 Caesars Entertainment Operating 9.00 15/02/2020 USD 1,000,000 815,000 0.14 California Resources 5.50 15/09/2021 USD 600,000 525,120 0.09 California Resources 6.00 15/11/2024 USD 1,500,000 1,297,500 0.23 Calpine 6.00 15/01/2022 USD 1,500,000 1,593,750 0.28 Calpine 5.88 15/01/2024 USD 500,000 531,250 0.09 Calumet Specialty Products Partners 7.75 15/04/2023 USD 1,000,000 1,032,500 0.18 CCO Holdings Capital 7.38 01/06/2020 USD 550,000 582,313 0.10 CCO Holdings Capital 5.25 30/09/2022 USD 2,785,000 2,750,188 0.48 CCO Holdings Capital 5.13 15/02/2023 USD 100,000 97,750 0.02 CCO Holdings Capital 5.38 01/05/2025 USD 500,000 488,125 0.09 CDW Finance 6.00 15/08/2022 USD 2,350,000 2,435,188 0.43 CDW Finance 5.00 01/09/2023 USD 685,000 674,725 0.12 CEC Entertainment 8.00 15/02/2022 USD 930,000 927,675 0.16 Cemex Finance 9.38 12/10/2022 USD 1,200,000 1,342,500 0.24 Cemex Finance 6.00 01/04/2024 USD 1,000,000 992,200 0.17 Century Aluminum 7.50 01/06/2021 USD 1,870,000 1,905,063 0.33 CenturyLink 6.75 01/12/2023 USD 2,000,000 2,013,750 0.35 Cequel Communications Holdings 5.13 15/12/2021 USD 1,070,000 975,706 0.17 Cequel Communications Holdings 5.13 15/12/2021 USD 1,270,000 1,158,081 0.20 Chemours 6.13 15/05/2023 EUR 1,300,000 1,410,829 0.25 Chesapeake Energy 6.63 15/08/2020 USD 2,500,000 2,450,000 0.43 Chinos Intermediate Holdings A 7.75 01/05/2019 USD 875,000 708,750 0.12 CIT Group 5.00 15/08/2022 USD 3,500,000 3,473,750 0.61 Citigroup 6.30 29/12/2049 USD 3,000,000 2,932,500 0.52 Clayton Williams Energy 7.75 01/04/2019 USD 1,200,000 1,146,000 0.20 Clear Channel Worldwide Holdings 7.63 15/03/2020 USD 1,200,000 1,255,500 0.22 Cleaver-Brooks 8.75 15/12/2019 USD 830,000 821,700 0.14 CNO Financial Group 4.50 30/05/2020 USD 200,000 203,500 0.04 CNO Financial Group 5.25 30/05/2025 USD 500,000 509,350 0.09 CommScope Technologies Finance 6.00 15/06/2025 USD 800,000 799,000 0.14 Community Health Systems 7.13 15/07/2020 USD 3,570,000 3,791,340 0.67 Community Health Systems 6.88 01/02/2022 USD 3,540,000 3,743,550 0.66 Concho Resources 5.50 01/10/2022 USD 585,000 585,000 0.10 CONSOL Energy 8.00 01/04/2023 USD 1,800,000 1,714,500 0.30 Cott Beverages 6.75 01/01/2020 USD 1,500,000 1,560,000 0.27 Crestwood Midstream Partners 6.25 01/04/2023 USD 1,500,000 1,567,500 0.28 CSC Holdings 6.75 15/11/2021 USD 2,000,000 2,115,000 0.37 DaVita HealthCare Partners 5.13 15/07/2024 USD 1,500,000 1,477,500 0.26 Diamondback Energy 7.63 01/10/2021 USD 1,640,000 1,763,000 0.31 DISH DBS 6.75 01/06/2021 USD 3,345,000 3,495,525 0.61 DISH DBS 5.88 15/07/2022 USD 540,000 530,550 0.09 DISH DBS 5.00 15/03/2023 USD 1,500,000 1,391,250 0.24 DISH DBS 5.88 15/11/2024 USD 1,000,000 963,125 0.17

MGI Funds plc 138 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) United States of America (2014: 61.86%) (continued) DPL 7.25 15/10/2021 USD 1,280,000 1,356,800 0.24 Dynegy 7.38 01/11/2022 USD 355,000 373,638 0.07 Dynegy 5.88 01/06/2023 USD 1,265,000 1,242,863 0.22 Dynegy 7.63 01/11/2024 USD 115,000 122,188 0.02 E*TRADE Financial 5.38 15/11/2022 USD 1,500,000 1,541,250 0.27 E*TRADE Financial 4.63 15/09/2023 USD 300,000 295,500 0.05 Emdeon 11.00 31/12/2019 USD 510,000 555,263 0.10 Energy Transfer Equity 7.50 15/10/2020 USD 2,000,000 2,265,000 0.40 Energy Transfer Equity 5.50 01/06/2027 USD 3,320,000 3,328,300 0.59 Energy XXI Gulf Coast 11.00 15/03/2020 USD 800,000 704,000 0.12 Energy XXI Gulf Coast 7.50 15/12/2021 USD 500,000 163,750 0.03 Energy XXI Gulf Coast 6.88 15/03/2024 USD 900,000 292,500 0.05 Entegris 6.00 01/04/2022 USD 2,390,000 2,464,688 0.43 Equinix 5.38 01/04/2023 USD 1,500,000 1,507,500 0.27 Family Tree Escrow 5.25 01/03/2020 USD 125,000 131,406 0.02 Family Tree Escrow 5.75 01/03/2023 USD 2,166,000 2,274,300 0.40 FCA 8.25 15/06/2021 USD 2,355,000 2,572,838 0.45 Felcor Lodging 6.00 01/06/2025 USD 500,000 510,000 0.09 Ferrellgas Finance 6.75 15/06/2023 USD 1,300,000 1,313,000 0.23 First Data 7.38 15/06/2019 USD 435,000 453,270 0.08 First Data 8.25 15/01/2021 USD 4,930,000 5,213,475 0.92 First Data 8.25 15/01/2021 USD 1,195,000 1,263,713 0.22 Freescale Semiconductor 6.00 15/01/2022 USD 3,085,000 3,277,813 0.58 Frontier Communications 7.63 15/04/2024 USD 200,000 177,500 0.03 Frontier Communications 7.88 15/01/2027 USD 2,000,000 1,860,000 0.33 General Motors 6.25 02/10/2043 USD 900,000 1,007,513 0.18 GenOn Americas Generation 8.50 01/10/2021 USD 1,060,000 1,012,300 0.18 GenOn Americas Generation 9.13 01/05/2031 USD 1,265,000 1,182,775 0.21 Getty Images 7.00 15/10/2020 USD 715,000 343,200 0.06 Goodrich Petroleum 8.00 15/03/2018 USD 700,000 689,500 0.12 Goodrich Petroleum 8.88 15/03/2019 USD 1,000,000 435,000 0.08 Goodyear Tire & Rubber 6.50 01/03/2021 USD 1,500,000 1,593,750 0.28 Gray Television 7.50 01/10/2020 USD 400,000 425,500 0.07 Halcon Resources 9.75 15/07/2020 USD 100,000 67,750 0.01 Halcon Resources 8.88 15/05/2021 USD 1,500,000 993,750 0.17 Hartford Financial Services Group 8.13 15/06/2068 USD 1,575,000 1,773,844 0.31 HCA 5.88 15/03/2022 USD 500,000 545,000 0.10 HCA 5.88 01/05/2023 USD 3,500,000 3,727,500 0.66 HCA 5.38 01/02/2025 USD 770,000 784,476 0.14 HCA 7.50 15/11/2095 USD 915,000 910,425 0.16 HCA Holdings 6.25 15/02/2021 USD 3,505,000 3,785,400 0.67 Hertz 6.25 15/10/2022 USD 2,000,000 2,040,000 0.36 Hologic 5.25 15/07/2022 USD 1,055,000 1,080,056 0.19 Horizon Pharma Financing 6.63 01/05/2023 USD 400,000 418,500 0.07 iHeartCommunications 9.00 15/12/2019 USD 500,000 478,375 0.08 iHeartCommunications 9.00 01/03/2021 USD 1,500,000 1,363,125 0.24 IMS Health 4.13 01/04/2023 EUR 1,385,000 1,506,810 0.26 Infor Software Parent 7.13 01/05/2021 USD 2,335,000 2,349,594 0.41 Infor US 5.75 15/05/2022 EUR 2,515,000 2,858,257 0.50 Infor US 6.50 15/05/2022 USD 690,000 703,800 0.12 International Lease Finance 6.25 15/05/2019 USD 1,460,000 1,582,275 0.28 International Lease Finance 5.88 15/08/2022 USD 975,000 1,055,438 0.19 inVentiv Health 9.00 15/01/2018 USD 265,000 276,759 0.05 JBS USA Finance 8.25 01/02/2020 USD 500,000 532,500 0.09 JBS USA Finance 7.25 01/06/2021 USD 2,000,000 2,117,500 0.37 JPMorgan Chase & Co 6.00 31/12/2049 USD 3,000,000 2,985,000 0.52 K Hovnanian Enterprises 8.00 01/11/2019 USD 170,000 158,100 0.03

MGI Funds plc 139 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) United States of America (2014: 61.86%) (continued) KB Home 4.75 15/05/2019 USD 400,000 399,000 0.07 KB Home 8.00 15/03/2020 USD 2,195,000 2,425,475 0.43 KB Home 7.00 15/12/2021 USD 3,190,000 3,309,625 0.58 Landry's 9.38 01/05/2020 USD 1,200,000 1,293,000 0.23 Laredo Petroleum 5.63 15/01/2022 USD 495,000 492,525 0.09 Laredo Petroleum 7.38 01/05/2022 USD 110,000 116,325 0.02 Laredo Petroleum 6.25 15/03/2023 USD 785,000 802,663 0.14 Legacy Reserves Finance 6.63 01/12/2021 USD 800,000 652,000 0.11 Lennar 4.75 15/12/2017 USD 390,000 407,550 0.07 Lennar 4.75 15/11/2022 USD 1,240,000 1,224,500 0.22 Level 3 Financing 7.00 01/06/2020 USD 130,000 138,288 0.02 Level 3 Financing 8.63 15/07/2020 USD 485,000 519,532 0.09 Level 3 Financing 5.38 15/08/2022 USD 3,350,000 3,396,063 0.60 Linn Energy 6.25 01/11/2019 USD 2,500,000 1,968,750 0.35 Martin Midstream Partners 7.25 15/02/2021 USD 1,000,000 987,500 0.17 Matador Resources 6.88 15/04/2023 USD 185,000 189,856 0.03 MGM Resorts International 6.75 01/10/2020 USD 1,500,000 1,597,500 0.28 Michaels Stores 5.88 15/12/2020 USD 1,725,000 1,815,563 0.32 Midstates Petroleum 9.25 01/06/2021 USD 1,000,000 400,000 0.07 MPH Acquisition Holdings 6.63 01/04/2022 USD 1,385,000 1,417,894 0.25 MSCI 5.25 15/11/2024 USD 715,000 725,725 0.13 Multi-Color 6.13 01/12/2022 USD 630,000 647,325 0.11 Murray Energy 11.25 15/04/2021 USD 1,000,000 842,500 0.15 Nationstar Mortgage 6.50 01/08/2018 USD 735,000 737,756 0.13 Nationstar Mortgage 6.50 01/07/2021 USD 1,835,000 1,715,725 0.30 Navient 4.88 17/06/2019 USD 1,500,000 1,488,750 0.26 Navient 5.00 26/10/2020 USD 1,000,000 982,500 0.17 Navient 5.88 25/03/2021 USD 500,000 500,935 0.09 NBCUniversal Enterprise 5.25 31/12/2049 USD 525,000 559,781 0.10 Netflix 5.88 15/02/2025 USD 2,000,000 2,080,220 0.37 NewPage* 11.38 31/12/2014 USD 698,814 - - NGL Energy Partners 5.13 15/07/2019 USD 1,300,000 1,303,250 0.23 Nortek 8.50 15/04/2021 USD 1,030,000 1,104,675 0.19 Optima Specialty Steel 12.00 30/12/2016 USD 1,120,000 1,120,000 0.20 Owens-Brockway Glass Container 5.00 15/01/2022 USD 2,000,000 1,982,500 0.35 Party City Holdings 8.88 01/08/2020 USD 1,005,000 1,077,863 0.19 Peabody Energy 6.00 15/11/2018 USD 1,000,000 485,000 0.09 Peabody Energy 6.25 15/11/2021 USD 1,500,000 517,500 0.09 Peabody Energy 10.00 15/03/2022 USD 500,000 312,500 0.06 Penn Virginia 8.50 01/05/2020 USD 600,000 541,500 0.10 Ply Gem Industries 6.50 01/02/2022 USD 2,455,000 2,433,519 0.43 Post Holdings 6.75 01/12/2021 USD 1,800,000 1,804,500 0.32 Post Holdings 6.00 15/12/2022 USD 500,000 483,125 0.09 PRA Holdings 9.50 01/10/2023 USD 1,030,000 1,156,175 0.20 PSPC Escrow 6.00 01/02/2023 EUR 1,500,000 1,696,369 0.30 QEP Resources 6.80 01/03/2020 USD 125,000 129,531 0.02 QEP Resources 5.38 01/10/2022 USD 1,110,000 1,077,477 0.19 QEP Resources 5.25 01/05/2023 USD 20,000 19,250 - Quad/Graphics 7.00 01/05/2022 USD 1,510,000 1,476,025 0.26 Quicksilver Resources 7.00 21/06/2019 USD 400,000 242,000 0.04 Quintiles Transnational 4.88 15/05/2023 USD 495,000 498,713 0.09 Radio One 9.25 15/02/2020 USD 1,000,000 915,000 0.16 Rain CII Carbon 8.50 15/01/2021 EUR 1,500,000 1,623,166 0.29 Range Resources 5.00 15/08/2022 USD 400,000 394,000 0.07 RCN Telecom Services 8.50 15/08/2020 USD 1,500,000 1,576,875 0.28 Reynolds Group Issuer 9.00 15/04/2019 USD 1,000,000 1,038,750 0.18 Reynolds Group Issuer 5.75 15/10/2020 USD 500,000 513,750 0.09

MGI Funds plc 140 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 95.50%) (continued) Transferable securities (2014: 94.31%) (continued) Corporate bonds (2014: 93.61%) (continued) United States of America (2014: 61.86%) (continued) Reynolds Group Issuer 8.25 15/02/2021 USD 1,500,000 1,563,750 0.27 Rice Energy 7.25 01/05/2023 USD 280,000 288,400 0.05 Rosetta Resources 5.63 01/05/2021 USD 735,000 784,613 0.14 Rosetta Resources 5.88 01/06/2022 USD 670,000 718,575 0.13 Ryerson 9.00 15/10/2017 USD 530,000 535,300 0.09 Sabine Pass Liquefaction 5.63 15/04/2023 USD 1,500,000 1,502,340 0.26 Sabine Pass Liquefaction 5.75 15/05/2024 USD 600,000 600,750 0.11 Sabine Pass Liquefaction 5.63 01/03/2025 USD 100,000 99,375 0.02 Sabre GLBL 5.38 15/04/2023 USD 1,700,000 1,683,000 0.30 Sanchez Energy 6.13 15/01/2023 USD 1,500,000 1,350,000 0.24 Sealed Air 4.50 15/09/2023 EUR 900,000 1,019,948 0.18 ServiceMaster 7.00 15/08/2020 USD 2,280,000 2,419,650 0.43 Sirius XM Radio 6.00 15/07/2024 USD 2,000,000 2,025,000 0.36 Sirius XM Radio 5.38 15/04/2025 USD 100,000 96,750 0.02 Sprint 7.25 15/09/2021 USD 3,470,000 3,391,925 0.60 Sprint 7.88 15/09/2023 USD 1,265,000 1,236,917 0.22 Sprint 7.13 15/06/2024 USD 1,500,000 1,395,150 0.25 Sprint 7.63 15/02/2025 USD 500,000 472,500 0.08 Sprint Communications 9.00 15/11/2018 USD 330,000 373,481 0.07 Sprint Communications 7.00 01/03/2020 USD 350,000 381,570 0.07 Sprint Communications 7.00 01/03/2020 USD 955,000 1,041,141 0.18 Sprint Communications 6.00 15/11/2022 USD 4,000,000 3,665,000 0.64 SRA International 11.00 01/10/2019 USD 900,000 958,500 0.17 SS&C Technologies Holdings 5.88 15/07/2023 USD 305,000 308,813 0.05 Steel Dynamics 5.13 01/10/2021 USD 2,000,000 2,014,000 0.35 Steel Dynamics 5.50 01/10/2024 USD 285,000 285,713 0.05 Sterigenics-Nordion Holdings 6.50 15/05/2023 USD 2,401,000 2,443,018 0.43 Sun Products 7.75 15/03/2021 USD 2,290,000 2,078,175 0.37 SunGard Data Systems 6.63 01/11/2019 USD 770,000 797,912 0.14 Syniverse Holdings 9.13 15/01/2019 USD 1,755,000 1,553,174 0.27 T-Mobile USA 6.46 28/04/2019 USD 560,000 578,200 0.10 T-Mobile USA 6.54 28/04/2020 USD 800,000 839,591 0.15 T-Mobile USA 6.63 15/11/2020 USD 930,000 969,524 0.17 T-Mobile USA 6.63 28/04/2021 USD 1,275,000 1,326,000 0.23 T-Mobile USA 6.13 15/01/2022 USD 2,500,000 2,587,500 0.45 T-Mobile USA 6.73 28/04/2022 USD 1,650,000 1,724,250 0.30 Talen Energy Supply 6.50 01/06/2025 USD 500,000 500,624 0.09 Taylor Morrison Communities 5.88 15/04/2023 USD 700,000 694,750 0.12 Taylor Morrison Communities 5.63 01/03/2024 USD 2,000,000 1,935,000 0.34 Tegna 5.13 15/10/2019 USD 1,335,000 1,378,387 0.24 Tegna 4.88 15/09/2021 USD 980,000 975,100 0.17 Tegna 6.38 15/10/2023 USD 1,472,000 1,538,240 0.27 Tegna 5.50 15/09/2024 USD 1,500,000 1,488,750 0.26 Tegna 5.50 15/09/2024 USD 135,000 133,987 0.02 Tenet Healthcare 5.00 01/03/2019 USD 1,910,000 1,917,162 0.34 Tenet Healthcare 8.13 01/04/2022 USD 3,465,000 3,797,640 0.67 Tenet Healthcare 6.75 15/06/2023 USD 560,000 571,900 0.10 Texas Competitive Electric 11.50 01/10/2020 USD 4,825,000 2,955,312 0.52 Texas Competitive Electric 11.50 01/10/2020 USD 720,000 441,000 0.08 TransDigm 6.50 15/05/2025 USD 200,000 198,750 0.04 Tribune Media 5.88 15/07/2022 USD 1,160,000 1,171,600 0.21 United States Steel 7.38 01/04/2020 USD 1,921,000 2,017,050 0.35 Valeant Pharmacelticals International 6.38 15/10/2020 USD 1,200,000 1,266,750 0.22 Verso Paper Holdings 11.75 15/01/2019 USD 126,000 73,080 0.01 Visant 10.00 01/10/2017 USD 600,000 481,200 0.08 WellCare Health Plans 5.75 15/11/2020 USD 890,000 928,937 0.16 Windstream 7.75 15/10/2020 USD 1,035,000 1,016,887 0.18

MGI Funds plc 141 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Total corporate bonds 501,840,374 88.19

Total transferable securities 502,752,407 88.35

Financial derivative instruments (2014: 1.19%) Open forward foreign currency contracts (2014: 1.19%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

AUD 5* 193,547,524 USD 148,066,565 07/07/2015 651,185 0.11 EUR 5* 88,194,457 USD 96,940,521 07/07/2015 1,332,036 0.23 EUR 4* 1,079,900 USD 1,190,655 23/07/2015 12,895 - EUR 4* 814,400 USD 874,444 27/08/2015 33,655 0.01 GBP 5* 69,975,543 USD 107,625,039 07/07/2015 2,421,529 0.42 GBP 4* 5,193,000 USD 8,161,443 31/07/2015 3,986 - GBP 4* 2,257,136 USD 3,442,893 17/09/2015 104,954 0.03 GBP 4* 869,764 USD 1,320,041 22/10/2015 46,768 0.01 USD 5* 1,523,805 CAD 1,898,760 07/07/2015 3,024 - USD 4* 1,249,182 EUR 1,100,000 23/07/2015 23,230 - USD 6* 3,247,622 EUR 2,906,000 31/07/2015 8,546 - USD 1* 1,008,749 EUR 899,000 31/07/2015 6,709 - USD 2* 257,807 EUR 231,000 31/07/2015 331 - USD 4* 1,145,600 EUR 1,000,000 27/08/2015 30,548 0.01 USD 4* 1,295,017 EUR 1,159,786 22/10/2015 622 - USD 4* 2,600,400 EUR 2,300,000 17/12/2015 30,850 0.01 USD 3* 1,627,926 GBP 1,035,000 31/07/2015 500 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 4,711,368 0.83

Credit default swaps (2014: Nil)

Reference Protection Premium Maturity Notional Fair value % of Entity (Bought)/Sold (Paid)/Received date Currency holding US$ Net assets

Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 10,000,000 588,851 0.10 Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 7,000,000 412,196 0.08 Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 4,950,000 291,482 0.05 ––––––––––– ––––––– Credit default swaps at positive fair value 1,292,529 0.23

Total financial derivative instruments at positive fair value 6,003,897 1.06

Total financial assets at fair value through profit or loss 508,756,304 89.41

MGI Funds plc 142 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

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 (2014: (0.23)%) Financial derivative instruments (2014: (0.23)%) Open forward foreign currency contracts (2014: (0.23)%) CAD 5* 376 USD 304 07/07/2015 (3) - CAD 1* 1,704,000 USD 1,372,655 31/07/2015 (8,284) - EUR 1* 2,325,000 USD 2,601,345 31/07/2015 (9,861) - EUR 4* 10,269,000 USD 11,497,583 31/07/2015 (51,584) (0.01) EUR 4* 3,747,846 USD 4,198,450 22/10/2015 (15,615) - GBP 1* 536,000 USD 844,478 31/07/2015 (1,676) - USD 5* 4,303,770 AUD 5,633,284 07/07/2015 (24,724) - USD 5* 59,355,242 EUR 53,922,734 07/07/2015 (729,316) (0.13) USD 3* 7,556,046 EUR 6,780,000 31/07/2015 (1,056) - USD 4* 1,462,349 EUR 1,339,454 17/09/2015 (31,685) (0.01) USD 5* 13,720,326 GBP 8,956,296 07/07/2015 (364,733) (0.06) USD 6* 3,398,598 GBP 2,162,000 31/07/2015 (912) - USD 4* 1,538,011 GBP 1,009,193 17/09/2015 (48,274) (0.02) ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (1,287,723) (0.23)

Total financial derivative instruments at negative fair value (1,287,723) (0.23)

Total financial liabilities at fair value through profit or loss (1,287,723) (0.23)

Total financial derivative instruments 4,716,174 0.83

Total investments at fair value through profit and loss 507,468,581 89.18

Cash (2014: 4.08%) 60,238,792 10.58

Net current assets (2014: 0.65%) 1,364,617 0.24 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 569,071,990 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities Luxembourg 0.15% Convertible securities Mexico 0.11% Corporate bonds Argentina 0.30% Israel 0.51% Portugal 0.36% Government bonds Argentina 0.11%

MGI Funds plc 143 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 30 June 2015 (continued)

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 86.05 Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.19 OTC financial derivative instruments 1.03 Other current assets 12.73 ––––––– 100.00 –––––––

The following is a list of counterparties for the financial derivative instruments.

Reference Counterparty 1* Barclays 2* BNP Paribas 3* Credit Suisse 4* Deutsche Bank 5* State Street Bank 6* UBS

Country classifications are based upon country of incorporation and/or country of domicile.

*Security is in default

MGI Funds plc 144 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) Transferable securities (2014: 97.43%) Corporate bonds (2014: 97.43%) Australia (2014: 4.45%) Amcor 2.75 22/03/2023 EUR 600,000 721,209 0.16 APT Pipelines 1.38 22/03/2022 EUR 2,700,000 2,945,503 0.66 AusNet Services Holdings 2.38 24/07/2020 EUR 1,400,000 1,653,396 0.37 Australia & New Zealand Banking Group 3.75 10/03/2017 EUR 600,000 708,303 0.16 Australia & New Zealand Banking Group 1.88 06/10/2017 USD 1,000,000 1,011,942 0.23 Australia & New Zealand Banking Group 1.45 15/05/2018 USD 1,200,000 1,193,288 0.27 BHP Billiton Finance 2.13 29/11/2018 EUR 1,000,000 1,174,607 0.26 Commonwealth Bank of Australia 3.88 14/12/2015 GBP 100,000 159,377 0.04 Commonwealth Bank of Australia 4.25 10/11/2016 EUR 200,000 235,307 0.05 Commonwealth Bank of Australia 4.25 06/04/2018 EUR 300,000 369,397 0.08 Macquarie Group 7.63 13/08/2019 USD 600,000 701,972 0.16 National Australia Bank 4.75 15/07/2016 EUR 400,000 467,183 0.10 National Australia Bank 2.75 09/03/2017 USD 3,800,000 3,908,745 0.87 National Australia Bank 2.30 25/07/2018 USD 700,000 711,603 0.16 Telstra 4.75 21/03/2017 EUR 500,000 600,679 0.13 Telstra 3.63 15/03/2021 EUR 500,000 639,069 0.14 Telstra 3.75 16/05/2022 EUR 1,200,000 1,563,059 0.35 Telstra 3.50 21/09/2022 EUR 400,000 514,634 0.12 Westpac Banking 4.25 22/09/2016 EUR 100,000 116,965 0.03 Westpac Banking 4.88 19/11/2019 USD 3,100,000 3,440,144 0.76 ––––––––––– ––––––– 22,836,382 5.10 Austria (2014: 0.53%) UniCredit Bank Austria 2.50 27/05/2019 EUR 1,500,000 1,726,480 0.39 ––––––––––– ––––––– Bahamas (2014: 0.89%) Competition Team Technologies 2.13 13/12/2017 USD 3,600,000 3,596,159 0.80 ––––––––––– ––––––– Belgium (2014: 0.61%) Anheuser-Busch InBev 8.63 30/01/2017 EUR 1,500,000 1,891,788 0.42 ––––––––––– ––––––– Bermuda (2014: 1.22%) CBQ Finance 3.38 11/04/2017 USD 1,900,000 1,966,196 0.44 Novartis Securities Investment 5.13 10/02/2019 USD 2,600,000 2,894,593 0.65 ––––––––––– ––––––– 4,860,789 1.09 Brazil (2014: 0.53%) Embraer 5.15 15/06/2022 USD 3,600,000 3,731,400 0.83 ––––––––––– ––––––– British Virgin Islands (2014: 1.00%) IFC Development Corporate Treasury 2.38 21/05/2019 USD 1,000,000 992,926 0.22 State Grid Overseas Investment 2013 1.75 22/05/2018 USD 2,100,000 2,087,371 0.47 ––––––––––– ––––––– 3,080,297 0.69 Canada (2014: 1.17%) Bank of Montreal 2.50 11/01/2017 USD 800,000 818,202 0.18 Canadian Pacific Railway 2.90 01/02/2025 USD 2,000,000 1,886,478 0.43 Royal Bank of Canada 0.85 08/03/2016 USD 200,000 200,516 0.04 Thomson Reuters 1.30 23/02/2017 USD 1,000,000 998,073 0.22 Toronto-Dominion Bank 2.50 14/07/2016 USD 1,600,000 1,627,626 0.36 Toronto-Dominion Bank 2.38 19/10/2016 USD 1,000,000 1,019,204 0.23 ––––––––––– ––––––– 6,550,099 1.46 Cayman Islands (2014: 3.66%) DIB Sukuk 4.75 30/05/2017 USD 2,000,000 2,100,000 0.47 Doha Finance 3.50 14/03/2017 USD 1,900,000 1,954,625 0.44

MGI Funds plc 145 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) Cayman Islands (2014: 3.66%) (continued) Embraer Overseas 6.38 24/01/2017 USD 300,000 317,400 0.07 Hongkong Land Finance Cayman Islands 4.63 16/01/2024 USD 300,000 320,852 0.07 Hutchison Whampoa International 5.75 11/09/2019 USD 1,800,000 2,034,443 0.45 MAF Global Securities 5.25 05/07/2019 USD 2,500,000 2,704,475 0.60 QIB Sukuk Funding 3.86 07/10/2015 USD 200,000 202,000 0.05 ––––––––––– ––––––– 9,633,795 2.15 Chile (2014: 0.27%) Corpbanca 3.13 15/01/2018 USD 1,100,000 1,105,168 0.25 ––––––––––– ––––––– China (2014: 2.47%) Baidu 2.25 28/11/2017 USD 3,100,000 3,120,454 0.70 Baidu 3.25 06/08/2018 USD 1,800,000 1,855,238 0.41 China Mengniu Dairy 3.50 27/11/2018 USD 3,000,000 3,086,652 0.69 China Merchants Finance 5.00 04/05/2022 USD 2,000,000 2,108,406 0.47 CITIC Securities Finance 2013 2.50 03/05/2018 USD 2,500,000 2,514,205 0.56 Tencent Holdings 2.00 02/05/2017 USD 1,600,000 1,606,168 0.36 Tencent Holdings 3.38 05/03/2018 USD 1,700,000 1,756,583 0.39 Tencent Holdings 3.38 02/05/2019 USD 3,000,000 3,082,917 0.70 Tingyi Cayman Islands Holding 3.88 20/06/2017 USD 3,900,000 4,026,360 0.90 ––––––––––– ––––––– 23,156,983 5.18 Finland (2014: 0.37%) Citycon 3.75 24/06/2020 EUR 400,000 490,317 0.11 Sampo 4.25 27/02/2017 EUR 600,000 710,663 0.16 ––––––––––– ––––––– 1,200,980 0.27 France (2014: 3.65%) Accor 2.88 19/06/2017 EUR 1,900,000 2,218,421 0.50 Air Liquide 2.91 12/10/2018 EUR 700,000 843,883 0.19 BNP Paribas 2.00 28/01/2019 EUR 800,000 931,193 0.21 BPCE 2.00 24/04/2018 EUR 200,000 232,201 0.05 Danone 2.50 29/09/2016 EUR 400,000 458,606 0.10 Eutelsat 4.13 27/03/2017 EUR 600,000 711,512 0.16 GDF Suez 1.50 20/07/2017 EUR 600,000 685,674 0.15 Kering 2.50 15/07/2020 EUR 1,500,000 1,788,849 0.40 Unibail-Rodamco 3.00 22/03/2019 EUR 62,000 74,980 0.02 ––––––––––– ––––––– 7,945,319 1.78 Hong Kong (2014: 1.88%) AIA Group 1.75 13/03/2018 USD 900,000 893,798 0.20 AIA Group 3.13 13/03/2023 USD 1,500,000 1,470,680 0.33 Bao-trans Enterprises 3.75 12/12/2018 USD 2,000,000 2,052,400 0.46 China State Construction Finance Cayman I 3.13 02/04/2018 USD 500,000 503,864 0.11 CLP Power Hong Kong Financing 4.75 19/03/2020 USD 800,000 874,281 0.20 CLP Power Hong Kong Financing 4.75 12/07/2021 USD 600,000 665,666 0.15 CLP Power Hong Kong Financing 2.88 26/04/2023 USD 2,000,000 1,924,947 0.42 ––––––––––– ––––––– 8,385,636 1.87 India (2014: 0.76%) HDFC Bank 3.00 06/03/2018 USD 1,500,000 1,525,629 0.34 ––––––––––– ––––––– Ireland (2014: 0.33%) GE Capital European Funding 3.75 04/04/2016 EUR 500,000 572,389 0.13 GE Capital European Funding 4.25 01/03/2017 EUR 300,000 356,399 0.08 GE Capital European Funding 5.38 23/01/2020 EUR 100,000 134,182 0.03 ––––––––––– ––––––– 1,062,970 0.24

MGI Funds plc 146 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) Isle Of Man (2014: 0.40%) Sasol Financing International 4.50 14/11/2022 USD 3,000,000 3,041,250 0.68 ––––––––––– ––––––– Italy (2014: 2.93%) Atlantia 4.50 08/02/2019 EUR 143,000 179,540 0.04 Atlantia 4.38 16/03/2020 EUR 1,300,000 1,665,013 0.37 Luxottica Group 4.00 10/11/2015 EUR 300,000 338,814 0.08 Luxottica Group 3.63 19/03/2019 EUR 600,000 742,299 0.17 Snam 4.38 11/07/2016 EUR 800,000 928,371 0.21 Snam 2.38 30/06/2017 EUR 500,000 577,317 0.13 Snam 3.88 19/03/2018 EUR 600,000 724,870 0.16 Snam 3.38 29/01/2021 EUR 300,000 368,219 0.08 Snam 1.50 21/04/2023 EUR 300,000 324,367 0.07 Snam 3.25 22/01/2024 EUR 1,100,000 1,351,197 0.30 Terna Rete Elettrica Nazionale 4.13 17/02/2017 EUR 1,800,000 2,125,258 0.47 ––––––––––– ––––––– 9,325,265 2.08 Luxembourg (2014: 0.66%) Novartis Finance 4.25 15/06/2016 EUR 500,000 579,040 0.13 SES‡ 4.63 09/03/2020 EUR 800,000 1,038,034 0.23 SES 4.75 11/03/2021 EUR 400,000 531,790 0.12 Tyco International Finance 1.38 25/02/2025 EUR 1,100,000 1,146,118 0.26 ––––––––––– ––––––– 3,294,982 0.74 Malaysia (2014: 1.53%) CIMB Bank 2.38 26/07/2017 USD 1,900,000 1,915,785 0.42 Hong Leong Bank 3.13 19/04/2017 USD 1,000,000 1,019,542 0.23 Malayan Banking 3.00 10/02/2017 USD 1,700,000 1,733,448 0.39 RHB Bank 3.25 11/05/2017 USD 1,400,000 1,428,361 0.32 ––––––––––– ––––––– 6,097,136 1.36 Mexico (2014: 0.56%) Grupo Televisa 6.00 15/05/2018 USD 2,000,000 2,220,000 0.50 ––––––––––– ––––––– Netherlands (2014: 5.52%) ABB Finance 2.63 26/03/2019 EUR 800,000 958,511 0.21 Adecco International Financial Services 2.75 15/11/2019 EUR 1,800,000 2,141,888 0.48 Bharti Airtel International Netherlands 4.00 10/12/2018 EUR 2,200,000 2,626,440 0.59 Bharti Airtel International Netherlands 5.13 11/03/2023 USD 3,000,000 3,146,994 0.70 Conti-Gummi Finance 2.50 20/03/2017 EUR 1,900,000 2,190,449 0.49 Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.50 11/01/2021 USD 1,600,000 1,746,483 0.39 Enel Finance International 6.25 15/09/2017 USD 300,000 328,624 0.07 Enel Finance International 4.88 11/03/2020 EUR 200,000 260,342 0.06 Gas Natural Fenosa Finance 1.38 21/01/2025 EUR 1,500,000 1,553,409 0.35 Heineken 2.50 19/03/2019 EUR 600,000 713,581 0.16 LyondellBasell Industries 5.00 15/04/2019 USD 1,200,000 1,300,974 0.29 LyondellBasell Industries 5.75 15/04/2024 USD 2,700,000 3,081,043 0.69 Nomura Europe Finance 1.50 12/05/2021 EUR 300,000 328,723 0.07 Schlumberger Finance 1.50 04/03/2019 EUR 1,000,000 1,156,959 0.26 ––––––––––– ––––––– 21,534,420 4.81 New Zealand (2014: 0.18 %) Westpac Securities 3.88 20/03/2017 EUR 500,000 591,130 0.13 ––––––––––– ––––––– South Africa (2014: 0.38%) Investec Bank 3.88 24/07/2017 USD 1,500,000 1,524,375 0.34 ––––––––––– –––––––

MGI Funds plc 147 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) Spain (2014: 2.78%) Abertis Infraestructuras 3.75 20/06/2023 EUR 1,700,000 2,153,214 0.47 Gas Natural Capital Markets 4.13 24/04/2017 EUR 700,000 831,573 0.19 Gas Natural Capital Markets 5.00 13/02/2018 EUR 1,300,000 1,611,091 0.36 Iberdrola Finanzas 4.63 07/04/2017 EUR 100,000 119,798 0.03 Red Electrica Financiaciones Unipersonal 2.13 01/07/2023 EUR 500,000 568,663 0.13 Red Electrica Financiaciones Unipersonal 1.13 24/04/2025 EUR 900,000 907,785 0.20 Santander International Debt 3.38 01/12/2015 EUR 400,000 451,498 0.10 Telefonica Emisiones 5.38 02/02/2018 GBP 600,000 1,019,395 0.23 Telefonica Emisiones 5.13 27/04/2020 USD 900,000 985,548 0.22 Telefonica Emisiones 5.46 16/02/2021 USD 600,000 664,256 0.15 ––––––––––– ––––––– 9,312,821 2.08 Sweden (2014: 2.36%) Atlas Copco 2.63 15/03/2019 EUR 600,000 719,685 0.16 Nordea Bank 3.88 15/12/2015 GBP 1,300,000 2,071,897 0.46 Nordea Bank 3.75 24/02/2017 EUR 600,000 706,719 0.16 Securitas 2.75 28/02/2017 EUR 600,000 694,181 0.16 Skandinaviska Enskilda Banken 3.88 12/04/2017 EUR 200,000 237,207 0.05 Telefonaktiebolaget LM Ericsson 4.13 15/05/2022 USD 4,000,000 4,149,520 0.93 ––––––––––– ––––––– 8,579,209 1.92 United Kingdom (2014: 11.11%) 3i Group 5.63 17/03/2017 EUR 300,000 361,424 0.08 Abbey National Treasury Services 3.05 23/08/2018 USD 800,000 828,294 0.19 BP Capital Markets 2.18 16/02/2016 EUR 500,000 564,248 0.13 BP Capital Markets 2.24 26/09/2018 USD 1,000,000 1,014,962 0.23 British Telecommunications 8.50 07/12/2016 GBP 200,000 345,374 0.08 British Telecommunications 6.63 23/06/2017 GBP 700,000 1,206,969 0.27 BUPA Finance 7.50 04/07/2016 GBP 600,000 999,945 0.22 Centrica 7.00 19/09/2018 GBP 1,100,000 2,001,779 0.45 Compass Group 3.13 13/02/2019 EUR 1,600,000 1,938,710 0.43 Compass Group 1.88 27/01/2023 EUR 500,000 574,336 0.13 EE Finance 4.38 28/03/2019 GBP 200,000 336,100 0.08 Experian Finance 4.75 04/02/2020 EUR 600,000 783,129 0.18 GlaxoSmithKline Capital 2.85 08/05/2022 USD 1,600,000 1,587,454 0.35 Global Switch Holdings 5.50 18/04/2018 EUR 1,000,000 1,259,875 0.28 HSBC Bank 3.88 24/10/2018 EUR 500,000 618,772 0.14 HSBC Holdings 5.10 05/04/2021 USD 1,900,000 2,119,561 0.48 Leeds Building Society 2.63 01/04/2021 EUR 1,500,000 1,755,682 0.39 Lloyds Bank 4.88 21/01/2016 USD 500,000 511,042 0.11 Lloyds Bank 4.63 02/02/2017 EUR 800,000 953,424 0.21 Lloyds Bank 6.38 21/01/2021 USD 700,000 826,572 0.18 Marks & Spencer 6.25 01/12/2017 USD 1,300,000 1,426,711 0.32 Mondi Finance 5.75 03/04/2017 EUR 1,900,000 2,302,228 0.51 National Grid 5.00 02/07/2018 EUR 900,000 1,135,850 0.25 Next 5.38 26/10/2021 GBP 800,000 1,444,840 0.32 Northumbrian Water Finance 6.00 11/10/2017 GBP 400,000 689,914 0.15 Prudential 6.88 20/01/2023 GBP 1,300,000 2,586,330 0.58 Royal Bank of Scotland 3.95 21/09/2015 USD 700,000 704,286 0.16 Sky 3.13 26/11/2022 USD 300,000 292,409 0.07 Sky 1.88 24/11/2023 EUR 1,000,000 1,103,229 0.25 United Utilities Water 4.25 24/01/2020 EUR 1,300,000 1,673,163 0.37 ––––––––––– ––––––– 33,946,612 7.59 United States of America (2014: 43.10%) 21st Century Fox America 3.00 15/09/2022 USD 600,000 587,169 0.13 AbbVie 1.75 06/11/2017 USD 2,600,000 2,608,299 0.58

MGI Funds plc 148 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) United States of America (2014: 43.10%) (continued) AbbVie 2.90 06/11/2022 USD 2,000,000 1,939,768 0.43 Adobe Systems 3.25 01/02/2025 USD 2,000,000 1,934,818 0.43 Ahold Finance USA 6.50 14/03/2017 GBP 500,000 849,853 0.19 Albemarle 1.88 08/12/2021 EUR 2,000,000 2,201,152 0.49 Amazon.com 3.30 05/12/2021 USD 2,000,000 2,029,210 0.45 American Express Credit 2.80 19/09/2016 USD 2,900,000 2,961,187 0.66 Amgen 5.85 01/06/2017 USD 800,000 866,543 0.19 Amgen 6.15 01/06/2018 USD 500,000 562,129 0.13 Amgen 4.38 05/12/2018 EUR 300,000 375,592 0.08 Amgen 3.45 01/10/2020 USD 500,000 517,894 0.12 Amgen 3.88 15/11/2021 USD 1,100,000 1,155,138 0.26 Amgen 3.63 22/05/2024 USD 800,000 795,083 0.18 Amphenol 2.55 30/01/2019 USD 3,200,000 3,244,198 0.72 Anadarko Petroleum 6.95 15/06/2019 USD 500,000 581,300 0.13 Anheuser-Busch InBev Worldwide 1.38 15/07/2017 USD 700,000 703,501 0.16 Anheuser-Busch InBev Worldwide 5.38 15/01/2020 USD 1,000,000 1,128,596 0.25 Apple 0.45 03/05/2016 USD 5,000,000 4,998,265 1.12 Apple 1.00 03/05/2018 USD 900,000 891,272 0.20 Apple 2.15 09/02/2022 USD 2,000,000 1,912,314 0.43 AT&T 2.95 15/05/2016 USD 500,000 508,456 0.11 AT&T 1.70 01/06/2017 USD 700,000 703,011 0.16 AT&T 5.50 01/02/2018 USD 700,000 765,461 0.17 AT&T 5.80 15/02/2019 USD 800,000 895,174 0.20 AT&T 4.45 15/05/2021 USD 400,000 427,470 0.10 Bank of America 5.63 14/10/2016 USD 300,000 316,313 0.07 Bank of America 5.65 01/05/2018 USD 800,000 879,385 0.20 Bank of America 7.63 01/06/2019 USD 600,000 712,620 0.16 Bank of America 5.63 01/07/2020 USD 600,000 676,978 0.15 Bear Stearns 7.25 01/02/2018 USD 300,000 339,969 0.08 Becton Dickinson & Co 3.13 08/11/2021 USD 1,600,000 1,588,434 0.35 Berkshire Hathaway 3.75 15/08/2021 USD 2,400,000 2,580,905 0.58 Berkshire Hathaway 0.75 16/03/2023 EUR 1,400,000 1,465,928 0.33 Berkshire Hathaway Finance 5.40 15/05/2018 USD 300,000 332,869 0.07 Blackstone Holdings Finance 2.00 19/05/2025 EUR 900,000 984,259 0.22 Boston Scientific 2.65 01/10/2018 USD 1,900,000 1,928,859 0.43 Campbell Soup 2.50 02/08/2022 USD 800,000 762,524 0.17 Celgene 3.95 15/10/2020 USD 600,000 638,263 0.14 Cellco Partnership 8.75 18/12/2015 EUR 300,000 347,323 0.08 Charles Schwab 4.45 22/07/2020 USD 200,000 221,215 0.05 Citigroup 1.75 01/05/2018 USD 200,000 199,228 0.04 Citigroup 5.00 02/08/2019 EUR 700,000 909,089 0.20 Citigroup 5.38 09/08/2020 USD 73,000 81,707 0.02 Clorox 3.80 15/11/2021 USD 800,000 847,496 0.19 Coca-Cola 1.65 14/03/2018 USD 800,000 808,093 0.18 Coca-Cola 3.30 01/09/2021 USD 1,000,000 1,049,050 0.23 Colgate-Palmolive 2.45 15/11/2021 USD 1,600,000 1,608,749 0.36 Comcast 5.88 15/02/2018 USD 200,000 222,020 0.05 Comcast 5.15 01/03/2020 USD 2,400,000 2,703,310 0.60 Computer Sciences 4.45 15/09/2022 USD 1,000,000 1,028,054 0.23 CVS Health 5.75 01/06/2017 USD 681,000 736,290 0.16 CVS Health 2.25 05/12/2018 USD 2,400,000 2,431,574 0.54 Delphi 4.15 15/03/2024 USD 200,000 207,112 0.05 DIRECTV Holdings 2.40 15/03/2017 USD 2,500,000 2,534,070 0.57 Dollar General 3.25 15/04/2023 USD 3,500,000 3,340,278 0.75 Dominion Resources 6.40 15/06/2018 USD 1,000,000 1,128,415 0.25 Dow Chemical 8.55 15/05/2019 USD 2,100,000 2,562,554 0.57 Dow Chemical 4.25 15/11/2020 USD 800,000 855,406 0.19

MGI Funds plc 149 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) United States of America (2014: 43.10%) (continued) Dow Chemical 3.50 01/10/2024 USD 800,000 786,534 0.18 Duke Energy 1.63 15/08/2017 USD 2,500,000 2,510,610 0.56 EI du Pont de Nemours & Co 2.80 15/02/2023 USD 3,300,000 3,218,741 0.72 Eli Lilly & Co 1.00 02/06/2022 EUR 2,000,000 2,199,564 0.49 EMC 2.65 01/06/2020 USD 4,200,000 4,245,982 0.95 Energy Transfer Partners 4.15 01/10/2020 USD 600,000 617,358 0.14 Energy Transfer Partners 5.20 01/02/2022 USD 3,700,000 3,879,206 0.87 Entergy 3.63 15/09/2015 USD 800,000 803,158 0.18 Enterprise Products Operating 6.50 31/01/2019 USD 800,000 912,818 0.20 Enterprise Products Operating 4.05 15/02/2022 USD 1,200,000 1,241,364 0.28 EQT 4.88 15/11/2021 USD 1,300,000 1,371,734 0.31 Express Scripts Holding 3.13 15/05/2016 USD 1,200,000 1,219,973 0.27 Express Scripts Holding 2.65 15/02/2017 USD 1,000,000 1,018,313 0.23 Express Scripts Holding 2.25 15/06/2019 USD 1,200,000 1,191,400 0.27 Express Scripts Holding 4.75 15/11/2021 USD 500,000 543,302 0.12 Express Scripts Holding 3.90 15/02/2022 USD 600,000 617,016 0.14 Gap 5.95 12/04/2021 USD 2,700,000 3,052,850 0.68 General Electric 5.25 06/12/2017 USD 800,000 871,734 0.19 General Electric Capital 2.95 09/05/2016 USD 100,000 101,964 0.02 General Electric Capital 5.40 15/02/2017 USD 700,000 748,199 0.17 General Electric Capital 5.63 01/05/2018 USD 500,000 553,631 0.12 General Electric Capital 5.50 08/01/2020 USD 700,000 794,015 0.18 General Electric Capital 4.65 17/10/2021 USD 200,000 219,311 0.05 General Mills 5.65 15/02/2019 USD 1,300,000 1,452,252 0.32 Gilead Sciences 3.50 01/02/2025 USD 1,000,000 1,002,644 0.22 GlaxoSmithKline Capital 5.65 15/05/2018 USD 1,900,000 2,121,418 0.47 Goldman Sachs Group 4.50 09/05/2016 EUR 100,000 115,504 0.03 Goldman Sachs Group 5.13 23/10/2019 EUR 200,000 261,822 0.06 Graham Holdings 7.25 01/02/2019 USD 700,000 781,019 0.17 Harris 2.70 27/04/2020 USD 1,000,000 988,331 0.22 HSBC Finance 3.75 04/11/2015 EUR 900,000 1,015,545 0.23 HSBC USA 1.63 16/01/2018 USD 200,000 199,527 0.04 Illinois Tool Works 1.75 20/05/2022 EUR 2,400,000 2,737,797 0.61 Intel 3.30 01/10/2021 USD 200,000 208,926 0.05 International Business Machines 2.00 05/01/2016 USD 100,000 100,850 0.02 International Business Machines 1.95 22/07/2016 USD 500,000 507,263 0.11 International Paper 4.75 15/02/2022 USD 1,402,000 1,519,720 0.34 International Paper 3.65 15/06/2024 USD 2,300,000 2,271,183 0.51 John Deere Capital 2.80 27/01/2023 USD 200,000 197,025 0.04 Johnson & Johnson 2.15 15/05/2016 USD 600,000 608,197 0.14 Johnson & Johnson 5.55 15/08/2017 USD 2,300,000 2,520,568 0.56 Johnson & Johnson 4.75 06/11/2019 EUR 1,600,000 2,116,418 0.47 JPMorgan Chase & Co 6.30 23/04/2019 USD 500,000 573,106 0.13 JPMorgan Chase & Co 4.63 10/05/2021 USD 700,000 757,742 0.17 JPMorgan Chase & Co 4.35 15/08/2021 USD 1,400,000 1,499,756 0.34 JPMorgan Chase & Co 3.20 25/01/2023 USD 300,000 294,528 0.07 Kinder Morgan Energy Partners 6.00 01/02/2017 USD 450,000 479,417 0.11 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 200,000 198,502 0.04 Kinder Morgan Energy Partners 3.50 01/03/2021 USD 2,700,000 2,665,589 0.60 Kinder Morgan Energy Partners 3.45 15/02/2023 USD 900,000 849,015 0.19 Kraft Foods Group 2.25 05/06/2017 USD 1,300,000 1,318,351 0.29 Kraft Foods Group 3.50 06/06/2022 USD 1,500,000 1,505,973 0.34 Kroger 3.40 15/04/2022 USD 1,300,000 1,311,428 0.29 Lexmark International 5.13 15/03/2020 USD 1,300,000 1,391,382 0.31 MasterCard 2.00 01/04/2019 USD 4,300,000 4,316,684 0.96 McDonald's 2.00 01/06/2023 EUR 600,000 691,126 0.15 McKesson 2.28 15/03/2019 USD 2,775,000 2,776,646 0.62

MGI Funds plc 150 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 97.50%) (continued) Transferable securities (2014: 97.43%) (continued) Corporate bonds (2014: 97.43%) (continued) United States of America (2014: 43.10%) (continued) McKesson 3.80 15/03/2024 USD 300,000 303,995 0.07 Mead Johnson Nutrition 4.90 01/11/2019 USD 1,750,000 1,902,066 0.43 Medtronic 4.45 15/03/2020 USD 900,000 982,354 0.22 Medtronic 3.63 15/03/2024 USD 1,000,000 1,026,259 0.23 Microsoft 4.00 08/02/2021 USD 1,853,000 2,023,811 0.45 Mondelez International 4.13 09/02/2016 USD 1,100,000 1,121,062 0.25 Mondelez International 2.38 26/01/2021 EUR 500,000 586,399 0.13 Mondelez International 1.00 07/03/2022 EUR 2,500,000 2,686,950 0.60 Mylan 2.55 28/03/2019 USD 2,000,000 1,984,360 0.44 National Grid North America 1.75 20/02/2018 EUR 1,100,000 1,266,967 0.28 NiSource Finance 6.13 01/03/2022 USD 200,000 231,353 0.05 Noble Energy 8.25 01/03/2019 USD 1,100,000 1,311,654 0.29 Norfolk Southern 3.85 15/01/2024 USD 2,000,000 2,059,178 0.46 Northern Trust 3.38 23/08/2021 USD 100,000 104,645 0.02 Novartis Capital 4.40 24/04/2020 USD 1,400,000 1,546,822 0.35 Omnicom Group 5.90 15/04/2016 USD 800,000 829,366 0.19 Oracle 5.75 15/04/2018 USD 2,300,000 2,559,937 0.57 PepsiCo 2.50 10/05/2016 USD 400,000 406,326 0.09 PepsiCo 1.25 13/08/2017 USD 600,000 601,183 0.13 PepsiCo 7.90 01/11/2018 USD 200,000 238,911 0.05 PepsiCo 3.00 25/08/2021 USD 900,000 922,775 0.21 PepsiCo 2.75 05/03/2022 USD 1,800,000 1,797,082 0.40 Pfizer 4.75 03/06/2016 EUR 300,000 348,430 0.08 Pfizer 6.20 15/03/2019 USD 2,300,000 2,632,180 0.59 Pitney Bowes 4.63 15/03/2024 USD 1,000,000 1,010,331 0.23 Plains All American Pipeline 5.00 01/02/2021 USD 600,000 653,533 0.15 Plains All American Pipeline 2.85 31/01/2023 USD 100,000 94,013 0.02 PPG Industries 0.88 13/03/2022 EUR 2,000,000 2,137,211 0.48 Priceline Group 2.38 23/09/2024 EUR 3,300,000 3,610,978 0.81 Procter & Gamble 5.13 24/10/2017 EUR 1,600,000 1,985,405 0.44 Procter & Gamble 4.70 15/02/2019 USD 2,400,000 2,646,785 0.59 Qwest 6.75 01/12/2021 USD 1,200,000 1,326,236 0.30 Reed Elsevier Capital 3.13 15/10/2022 USD 1,300,000 1,269,173 0.28 Roche Holdings 5.63 04/03/2016 EUR 600,000 693,396 0.15 Roche Holdings 6.00 01/03/2019 USD 336,000 382,544 0.09 Roche Holdings 6.50 04/03/2021 EUR 500,000 732,657 0.16 SES Global Americas Holdings 1.88 24/10/2018 EUR 800,000 927,097 0.21 Spectra Energy Capital 6.20 15/04/2018 USD 1,400,000 1,530,446 0.34 Stryker 2.00 30/09/2016 USD 1,000,000 1,010,992 0.23 Sunoco Logistics Partners Operations 4.65 15/02/2022 USD 2,100,000 2,180,174 0.49 Symantec 2.75 15/09/2015 USD 600,000 602,101 0.13 Thermo Fisher Scientific 1.85 15/01/2018 USD 1,900,000 1,898,554 0.42 Thermo Fisher Scientific 3.15 15/01/2023 USD 2,300,000 2,246,169 0.50 Time Warner Cable 5.85 01/05/2017 USD 200,000 213,667 0.05 Time Warner Cable 4.00 01/09/2021 USD 4,200,000 4,317,520 0.96 United Parcel Service 5.13 01/04/2019 USD 1,200,000 1,338,462 0.30 United Parcel Service 2.45 01/10/2022 USD 2,200,000 2,125,050 0.47 Valero Energy 3.65 15/03/2025 USD 3,000,000 2,922,912 0.65 Verizon Communications 2.55 17/06/2019 USD 500,000 507,309 0.11 Verizon Communications 4.50 15/09/2020 USD 1,000,000 1,079,988 0.24 Verizon Communications 3.45 15/03/2021 USD 1,300,000 1,326,831 0.30 Verizon Communications 3.50 01/11/2021 USD 900,000 913,677 0.20 Viacom 6.25 30/04/2016 USD 500,000 522,064 0.13 Viacom 3.50 01/04/2017 USD 1,610,000 1,663,495 0.38 Wachovia 5.75 01/02/2018 USD 300,000 331,447 0.08 Wells Fargo & Co 4.60 01/04/2021 USD 2,400,000 2,631,146 0.60 Western Union 5.93 01/10/2016 USD 2,400,000 2,520,563 0.57

MGI Funds plc 151 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Total corporate bonds 433,527,668 96.88

Total transferable securities 433,527,668 96.88

Financial derivative instruments (2014: 0.07%) Open forward foreign currency contracts (2014: 0.03%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

EUR 1* 83,938,464 USD 92,332,699 07/07/2015 1,197,526 0.27 SEK 1* 234,229,062 USD 27,456,338 07/07/2015 775,036 0.17 USD 1* 104,301,408 EUR 92,100,000 15/07/2015 1,666,430 0.37 USD 1* 10,402,791 NOK 81,196,985 07/07/2015 83,386 0.02 ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 3,722,378 0.83

Futures contracts (2014: 0.04%) No. of Maturity contracts Unrealised % of date Currency long/(short) gain US$ Net assets

10 Year Australian Treasury Bond Futures 2* 15/09/2015 AUD 1 357 - 10 Year US Treasury Notes Futures 2* 21/09/2015 USD (257) 108,422 0.02 3 Month Euribor Interest Rate Futures 2* 14/03/2016 EUR 33 1,365 - 3 Month Euribor Interest Rate Futures 2* 13/03/2017 EUR 57 3,760 - 3 Month Euribor Interest Rate Futures 2* 19/09/2016 EUR 10 1,253 - 3 Year Australian Treasury Bond Futures 2* 15/09/2015 AUD 2 427 - 90 Day Australia Bank Bill Futures 2* 10/03/2016 AUD (41) 413 - 90 Day Australia Bank Bill Futures 2* 08/09/2016 AUD (11) 413 - 90 Day Eurodollar Futures 2* 14/09/2015 USD 13 1,175 - 90 Day Sterling Futures 2* 16/03/2016 GBP 50 4,600 - 90 Day Sterling Futures 2* 21/09/2016 GBP 17 2,339 - German Euro Bobl Futures 2* 08/09/2015 EUR (185) 51,532 0.01 German Euro Bund Futures 2* 08/09/2015 EUR (67) 138,852 0.04 Long Gilt Futures 2* 28/09/2015 GBP (18) 4,812 - ––––––––––– ––––––– Unrealised gain on futures contracts 319,720 0.07

Total financial derivative instruments at positive fair value 4,042,098 0.90

Total financial assets at fair value through profit or loss 437,569,766 97.78

MGI Funds plc 152 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

Financial liabilities at fair value through profit or loss (2014: (2.87)%) Financial derivative instruments (2014: (2.87)%) Open forward foreign currency contracts (2014: (2.70)%) NOK 1* 2,691,127,073 USD 345,472,492 07/07/2015 (3,454,496) (0.77) USD 1* 2,225,840 EUR 2,019,904 07/07/2015 (24,881) (0.01) USD 1* 17,119,119 GBP 11,100,000 15/07/2015 (336,275) (0.08) USD 1* 685,417 SEK 5,852,288 07/07/2015 (19,953) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (3,835,605) (0.86)

Futures contracts (2014: (0.17)%) No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

10 Year Government of Canada Bond Futures 2* 21/09/2015 CAD (25) (11,078) - 2 Year US Treasury Note Futures 2* 30/09/2015 USD (10) (4,063) - 3 Month Euribor Interest Rate Futures 2* 14/09/2015 EUR 50 (1,602) - 5 Year US Treasury Note Futures 2* 30/09/2015 USD (860) (127,656) (0.04) 90 Day Australia Bank Bill Futures 2* 10/09/2015 AUD 101 (1,819) - 90 Day Eurodollar Futures 2* 14/03/2016 USD (43) (31,100) (0.01) 90 Day Eurodollar Futures 2* 13/03/2017 USD (32) (5,800) - 90 Day Eurodollar Futures 2* 19/09/2016 USD (71) (44,275) (0.01) 90 Day Sterling Futures 2* 15/03/2017 GBP 174 (55,751) (0.01) 90 Day Sterling Futures 2* 16/09/2015 GBP 143 (2,084) - Bank Accept Futures 2* 14/03/2016 CAD (103) (19,775) - Bank Accept Futures 2* 14/09/2015 CAD (12) (3,124) - Bank Accept Futures 2* 19/09/2016 CAD (145) (54,648) (0.01) German Euro Schatz Futures 2* 08/09/2015 EUR (37) (808) - ––––––––––– ––––––– Unrealised loss on futures contracts (363,583) (0.08)

Total financial derivative instruments at negative fair value (4,199,188) (0.94)

Total financial derivative instruments (157,090) (0.04)

Fair value % of US$ Net assets

Total investments at fair value through profit and loss 433,370,578 96.84

Cash (2014: 4.29%) 14,473,193 3.23

Net current liabilities (2014: 1.08%) (360,909) (0.07) ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 447,482,862 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Corporate bonds Colombia 0.69% Jersey 0.11% Qatar 0.87% Switzerland 0.10% United Arab Emirates 0.36%

MGI Funds plc 153 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 30 June 2015 (continued)

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 93.85 Financial derivative instruments dealt in on a regulated market 0.07 OTC financial derivative instruments 0.80 Other current assets 5.28 ––––––– 100.00 –––––––

The following is a list of counterparties for the open forward foreign currency contracts and futures contracts:

Reference Counterparty 1* State Street Bank and Trust 2* JPMorgan

Country classifications are based upon country of incorporation and/or domicile.

‡Held by broker as collateral for over the counter derivative instruments and/or country of domicile.

MGI Funds plc 154 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) Transferable securities (2014: 101.14%) Asset backed securities (2014: 5.71%) France (2014: 0.83%) Bee First Finance/Edelweiss 2013-1 0.48 11/01/2022 EUR 2,058,628 2,299,212 0.52 Cars Alliance Auto Loans Germany V 2013-1 0.49 18/12/2024 EUR 522,134 583,100 0.13 Driver France Fct Compartment Driver France Two 1.00 21/03/2022 EUR 1,400,000 1,559,022 0.35 ––––––––––– ––––––– 4,441,334 1.00 Germany (2014: 1.05%) Red & Black Auto Germany 2 0.41 15/09/2022 EUR 300,724 335,837 0.08 SC Germany Auto 0.36 11/12/2023 EUR 1,656,609 1,850,316 0.41 ––––––––––– ––––––– 2,186,153 0.49 Ireland (2014: 0.64%) Bilkreditt 3 0.45 26/04/2027 EUR 28,140 31,375 0.01 Bilkreditt 4 0.38 25/12/2027 EUR 264,836 295,742 0.07 Bilkreditt 5 0.36 25/03/2028 EUR 824,816 922,323 0.21 Bilkreditt 6 0.30 25/07/2029 EUR 912,201 1,018,993 0.22 ––––––––––– ––––––– 2,268,433 0.51 Italy (2014: 0.64%) Sunrise 0.96 27/05/2031 EUR 778,243 868,977 0.20 Sunrise 0.49 27/08/2031 EUR 1,733,486 1,928,403 0.43 ––––––––––– ––––––– 2,797,380 0.63 Luxembourg (2014: 0.60%) Bavarian Sky 0.22 20/08/2021 EUR 1,007,844 1,124,399 0.25 Bavarian Sky 0.24 20/04/2024 EUR 1,837,795 2,049,889 0.46 Driver UK 2 0.93 25/01/2023 GBP 1,025,520 1,615,156 0.37 E-CARAT 0.98 18/03/2022 GBP 565,544 891,003 0.20 Silver Arrow 0.24 20/10/2021 EUR 211,825 236,246 0.06 ––––––––––– ––––––– 5,916,693 1.34 United Kingdom (2014: 1.58%) E-CARAT 2012-1 1.30 18/06/2020 GBP 162,264 255,555 0.06 ECAR 2013-1 0.85 18/11/2020 EUR 627,375 700,419 0.16 Motor 2014-1 0.67 25/08/2021 USD 926,053 925,451 0.21 ––––––––––– ––––––– 1,881,425 0.43 United States of America (2014: 0.28%) SLM Private Credit Student Loan Trust 2006-B 0.47 15/03/2024 USD 355,074 352,406 0.08 SLM Private Education Loan Trust 2013-B 0.84 15/07/2022 USD 335,987 336,584 0.08 ––––––––––– ––––––– 688,990 0.16

Total asset backed securities 20,180,408 4.56

Corporate bonds (2014: 34.57%) Australia (2014: 0.51%) GE Capital Australia Funding 4.50 30/01/2018 AUD 700,000 558,277 0.13 Woodside Finance 4.60 10/05/2021 USD 2,938,000 3,151,325 0.71 ––––––––––– ––––––– 3,709,602 0.84 Belgium (2014: 1.45%) Belfius Bank 0.75 10/02/2025 EUR 1,000,000 1,073,298 0.24 European Union 2.75 04/04/2022 EUR 500,000 638,540 0.14 UCB 4.13 04/01/2021 EUR 1,827,000 2,280,877 0.52 ––––––––––– ––––––– 3,992,715 0.90

MGI Funds plc 155 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Corporate bonds (2014: 34.57%) (continued) Canada (2014: 0.25%) Bank of Nova Scotia 1.65 29/10/2015 USD 900,000 903,531 0.20 ––––––––––– ––––––– Cayman Islands (2014: 0.16%) Aircraft Finance 1.60 29/03/2020 USD 1,096,479 1,097,093 0.25 ––––––––––– ––––––– Channel Islands (2014: Nil) AA Bond 4.72 02/07/2043 GBP 1,100,000 1,837,318 0.41 Atrium European Real Estate 4.00 20/04/2020 EUR 1,500,000 1,788,315 0.40 HSH N Finance Guernsey 0.44 21/12/2015 EUR 150,000 167,412 0.04 ––––––––––– ––––––– 3,793,045 0.85 China (2014: 2.92%) Baidu 3.25 06/08/2018 USD 1,400,000 1,442,964 0.33 Tencent Holdings 3.38 05/03/2018 USD 1,600,000 1,653,254 0.37 ––––––––––– ––––––– 3,096,218 0.70 Denmark (2014: 1.04%) Nordea Kredit Realkreditaktieselskab 2.00 01/01/2024 DKK 4,000,000 610,237 0.14 Nordea Kredit Realkreditaktieselskab 2.00 01/10/2047 DKK 9,200,000 1,256,771 0.28 Nykredit Realkredit 2.00 01/10/2015 DKK 6,800,000 1,021,722 0.23 Nykredit Realkredit 2.00 01/10/2015 DKK 45,800,000 6,882,826 1.55 Nykredit Realkredit 2.00 01/04/2016 DKK 5,900,000 896,222 0.20 Nykredit Realkredit 2.00 01/10/2047 DKK 12,500,000 1,709,221 0.39 Nykredit Realkredit 2.50 01/10/2047 DKK 33,000,000 4,687,392 1.06 Realkredit Danmark 2.00 01/01/2016 DKK 18,600,000 2,810,447 0.63 Realkredit Danmark 2.00 01/01/2016 DKK 22,300,000 3,368,531 0.76 Realkredit Danmark 2.00 01/04/2021 DKK 2,500,000 391,592 0.09 Realkredit Danmark 2.00 01/04/2023 DKK 13,500,000 2,083,242 0.47 Realkredit Danmark 2.50 01/10/2047 DKK 11,800,000 1,674,344 0.38 ––––––––––– ––––––– 27,392,547 6.18 France (2014: 5.76%) Banque PSA Finance 4.25 25/02/2016 EUR 400,000 456,370 0.10 BPCE 1.37 06/03/2017 GBP 1,200,000 1,895,856 0.43 BPCE 0.91 17/06/2017 USD 900,000 900,512 0.20 BPCE 4.63 11/07/2024 USD 800,000 783,749 0.18 Carrefour 4.38 02/11/2016 EUR 2,500,000 2,939,393 0.66 Council Of Europe Development Bank 5.13 20/04/2017 USD 600,000 646,480 0.15 Societe Des Autoroutes Paris-Rhin-Rhone 0.87 18/01/2016 EUR 2,700,000 3,019,545 0.68 ––––––––––– ––––––– 10,641,905 2.40 Germany (2014: 2.64%) KFW 3.75 07/09/2016 GBP 1,000,000 1,628,584 0.37 Landwirtschaftliche Rentenbank 4.25 24/01/2023 AUD 600,000 486,347 0.11 ProSiebenSat.1 Media 2.63 15/04/2021 EUR 1,600,000 1,860,482 0.42 ––––––––––– ––––––– 3,975,413 0.90 Ireland (2014: 2.68%) Depfa ACS Bank 4.88 28/10/2015 USD 2,400,000 2,433,806 0.55 Depfa ACS Bank 3.88 14/11/2016 EUR 3,100,000 3,628,936 0.82 GE Capital European Funding 0.14 22/02/2016 EUR 1,900,000 2,118,007 0.48 GE Capital European Funding 4.13 27/10/2016 EUR 900,000 1,055,179 0.24 German Postal Pensions Securitisation 3.38 18/01/2016 EUR 6,000,000 6,806,402 1.53 ––––––––––– ––––––– 16,042,330 3.62

MGI Funds plc 156 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Corporate bonds (2014: 34.57%) (continued) Italy (2014: 2.41%) Banca Carige 3.75 25/11/2016 EUR 1,100,000 1,281,110 0.29 Banca Carige 3.88 24/10/2018 EUR 2,600,000 3,182,773 0.72 Banca Monte dei Paschi di Siena 5.00 09/02/2019 EUR 400,000 494,191 0.11 Banco Popolare 3.25 30/09/2016 EUR 500,000 561,181 0.13 Banco Popolare 2.38 22/01/2018 EUR 200,000 223,890 0.05 Indesit 4.50 26/04/2018 EUR 1,800,000 2,189,660 0.49 Intesa Sanpaolo 3.13 15/01/2016 USD 1,100,000 1,108,529 0.25 ––––––––––– ––––––– 9,041,334 2.04 Japan (2014: Nil) Sumitomo Mitsui Banking 0.86 16/01/2018 USD 300,000 300,182 0.07 ––––––––––– ––––––– Korea (2014: 0.11%) Kookmin Bank 1.15 27/01/2017 USD 400,000 401,730 0.09 ––––––––––– ––––––– Luxembourg (2014: 0.30%) European Financial Stability Facility 0.13 04/11/2019 EUR 1,100,000 1,219,737 0.28 European Investment Bank 0.39 15/01/2019 EUR 700,000 792,696 0.18 European Investment Bank 0.50 10/08/2023 AUD 1,600,000 945,861 0.21 ––––––––––– ––––––– 2,958,294 0.67 Netherlands (2014: 1.16%) Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.38 18/01/2016 EUR 1,900,000 2,155,191 0.49 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.88 20/04/2016 EUR 2,500,000 2,869,288 0.65 Cooperatieve Centrale Raiffeisen-Boerenleenbank 0.34 18/11/2016 EUR 100,000 111,729 0.03 Cooperatieve Centrale Raiffeisen-Boerenleenbank 0.20 13/01/2017 EUR 3,200,000 3,568,221 0.81 ING Bank 3.88 24/05/2016 EUR 1,200,000 1,381,390 0.31 Petrobras Global Finance 1.90 20/05/2016 USD 1,400,000 1,382,765 0.30 ––––––––––– ––––––– 11,468,584 2.59 Philippines (2014: Nil) Asian Development Bank 0.38 03/04/2017 EUR 1,300,000 1,460,023 0.33 ––––––––––– ––––––– Spain (2014: 1.38%) ACS Actividades de Construccion y Servicios 2.88 01/04/2020 EUR 2,000,000 2,178,272 0.49 Catalunya Banc 3.50 07/03/2016 EUR 1,000,000 1,138,322 0.26 ––––––––––– ––––––– 3,316,594 0.75 Sweden (2014: 0.81%) Stadshypotek 3.31 10/10/2017 AUD 500,000 387,718 0.09 Svensk Exportkredit 1.13 05/04/2018 USD 1,000,000 998,893 0.23 Volvo Treasury 0.44 11/09/2017 EUR 3,900,000 4,353,267 0.98 ––––––––––– ––––––– 5,739,878 1.30 Switzerland (2014: 0.19%) Credit Suisse 0.97 15/07/2016 GBP 1,900,000 2,987,354 0.67 Credit Suisse AG 0.18 02/12/2015 EUR 3,900,000 4,346,293 0.98 EUROFIMA 6.25 28/12/2018 AUD 200,000 171,373 0.04 UBS 7.63 17/08/2022 USD 400,000 469,459 0.11 ––––––––––– ––––––– 7,974,479 1.80 Tunisia (2014: 0.42%) African Development Bank 5.25 23/03/2022 AUD 1,500,000 1,291,009 0.29 ––––––––––– ––––––– United Kingdom (2014: 1.37%) Abbey National Treasury Services 3.88 15/10/2029 GBP 1,900,000 3,084,400 0.70 Barclays Bank 7.63 21/11/2022 USD 1,300,000 1,482,878 0.32

MGI Funds plc 157 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Corporate bonds (2014: 34.57%) (continued) United Kingdom (2014: 1.37%) (continued) HBOS 6.75 21/05/2018 USD 2,000,000 2,222,506 0.50 HBOS 5.37 30/06/2021 EUR 100,000 125,980 0.03 HSBC Holdings 3.00 30/06/2025 EUR 300,000 334,083 0.08 Lloyds Bank 1.50 02/05/2017 GBP 600,000 954,105 0.22 Pirelli International 1.75 18/11/2019 EUR 2,000,000 2,215,419 0.50 Royal Bank of Scotland 9.50 16/03/2022 USD 2,000,000 2,210,549 0.50 ––––––––––– ––––––– 12,629,920 2.85 United States of America (2014: 7.65%) AbbVie 2.00 06/11/2018 USD 600,000 600,746 0.14 Amgen 2.70 01/05/2022 USD 3,100,000 3,001,587 0.68 AT&T 3.00 30/06/2022 USD 3,200,000 3,094,621 0.70 BA Covered Bond Issuer 4.25 03/08/2017 EUR 200,000 238,567 0.05 Bank of America 0.75 14/11/2016 USD 900,000 900,749 0.20 Bank of America 1.70 25/08/2017 USD 200,000 200,334 0.05 Bank of America 0.89 25/08/2017 USD 600,000 599,126 0.14 Bank of America 5.75 01/12/2017 USD 400,000 435,998 0.10 Bank of America 2.60 15/01/2019 USD 1,200,000 1,214,086 0.27 Bear Stearns 6.40 02/10/2017 USD 400,000 440,374 0.10 Burlington Northernnta Fe 5.65 01/05/2017 USD 1,200,000 1,293,994 0.29 Coca-Cola 0.22 09/09/2019 EUR 1,500,000 1,671,183 0.38 Ford Motor Credit 2.38 16/01/2018 USD 1,600,000 1,615,861 0.36 General Electric Capital 2.30 14/01/2019 USD 1,600,000 1,622,990 0.37 Goldman Sachs Group 5.95 18/01/2018 USD 1,000,000 1,099,676 0.25 Goldman Sachs Group 6.15 01/04/2018 USD 1,400,000 1,557,227 0.35 Goldman Sachs Group 0.69 29/05/2020 EUR 3,300,000 3,655,663 0.82 HSBC USA 0.73 03/03/2017 USD 800,000 799,902 0.18 International Bank for Reconstruction & Development - 20/12/2015 EUR 600,000 341,823 0.08 International Lease Finance 5.75 15/05/2016 USD 500,000 513,125 0.12 JPMorgan Chase & Co 0.79 15/02/2017 USD 1,300,000 1,302,331 0.29 JPMorgan Chase & Co 1.23 23/01/2020 USD 1,800,000 1,818,373 0.41 JPMorgan Chase & Co 0.55 27/01/2020 EUR 1,400,000 1,563,288 0.35 JPMorgan Chase Bank 5.38 28/09/2016 GBP 200,000 329,118 0.07 JPMorgan Chase Bank 4.38 30/11/2021 EUR 500,000 582,550 0.13 Morgan Stanley 6.25 28/08/2017 USD 1,400,000 1,534,814 0.35 Morgan Stanley 2.50 24/01/2019 USD 500,000 504,894 0.11 Navient 6.00 25/01/2017 USD 1,100,000 1,146,750 0.26 Oracle 2.50 15/05/2022 USD 3,200,000 3,110,134 0.70 Republic Services 3.55 01/06/2022 USD 3,100,000 3,144,804 0.71 Verizon Communications 3.45 15/03/2021 USD 3,100,000 3,163,981 0.71 Wells Fargo & Co 2.13 22/04/2019 USD 2,400,000 2,410,735 0.54 Wells Fargo Bank 0.56 20/07/2015 USD 400,000 400,058 0.09 WM Covered Bond Program 4.00 26/11/2016 EUR 5,100,000 5,950,136 1.34 ––––––––––– ––––––– 51,859,598 11.69

Total corporate bonds 183,086,024 41.31

Government bonds (2014: 45.55%) Canada (2014: 1.01%) Province of Ontario Canada 4.30 08/03/2017 CAD 1,800,000 1,527,718 0.34 Province of Ontario Canada 3.50 02/06/2024 CAD 2,400,000 2,102,434 0.47 Province of Ontario Canada 3.45 02/06/2045 CAD 200,000 168,241 0.04 Province of Quebec Canada 4.50 01/12/2017 CAD 1,800,000 1,567,440 0.35 Province of Quebec Canada 4.20 10/03/2025 AUD 1,300,000 1,038,763 0.23 ––––––––––– ––––––– 6,404,596 1.43

MGI Funds plc 158 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Government bonds (2014: 45.55%) (continued) France (2014: 3.31%) Caisse d'Amortissement de la Dette Sociale 1.13 30/01/2017 USD 3,000,000 3,017,817 0.68 Caisse d'Amortissement de la Dette Sociale 3.38 20/03/2024 USD 3,100,000 3,277,952 0.74 Caisse Francaise de Financement Local 5.25 16/02/2017 USD 600,000 641,847 0.15 ––––––––––– ––––––– 6,937,616 1.57 Germany (2014: 0.94%) Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond‡ 0.75 15/04/2018 EUR 1,490,930 1,732,002 0.39 ––––––––––– ––––––– Italy (2014: 0.78%) Italy Buoni Ordinari Del Tesoro - 14/09/2015 EUR 17,800,000 19,834,444 4.48 Italy Buoni Poliennali Del Tesoro 3.00 01/11/2015 EUR 6,800,000 7,651,189 1.72 ––––––––––– ––––––– 27,485,633 6.20 Mexico (2014: 8.19%) Mexican (Government of) 8.00 07/12/2023 MXN 400,000 28,859 0.01 Mexican (Government of) 7.50 03/06/2027 MXN 12,900 905 - ––––––––––– ––––––– 29,764 0.01 Norway (2014: 0.36%) Kommunalbanken 1.38 08/06/2017 USD 1,300,000 1,313,372 0.30 Norway (Government of) 2.00 24/05/2023 NOK 19,700,000 2,572,581 0.58 ––––––––––– ––––––– 3,885,953 0.88 Slovakia (2014: 0.26%) Slovakia (Government of) 0.06 16/11/2016 EUR 700,000 783,528 0.18 ––––––––––– ––––––– Slovenia (2014: 3.45%) Slovenia (Government of) 4.70 01/11/2016 EUR 3,300,000 3,894,040 0.88 Slovenia (Government of) 1.75 09/10/2017 EUR 225,000 258,193 0.06 Slovenia (Government of) 4.38 06/02/2019 EUR 400,000 501,345 0.11 Slovenia (Government of) 4.13 18/02/2019 USD 11,800,000 12,301,500 2.78 Slovenia (Government of) 4.13 18/02/2019 USD 3,900,000 4,065,750 0.92 Slovenia (Government of) 4.38 18/01/2021 EUR 100,000 128,568 0.03 Slovenia (Government of) 3.00 08/04/2021 EUR 500,000 600,999 0.14 Slovenia (Government of) 5.50 26/10/2022 USD 500,000 556,350 0.13 Slovenia (Government of) 5.85 10/05/2023 USD 3,400,000 3,863,930 0.87 Slovenia (Government of) 5.25 18/02/2024 USD 800,000 876,000 0.20 Slovenia (Government of) 5.13 30/03/2026 EUR 1,000,000 1,385,620 0.30 ––––––––––– ––––––– 28,432,295 6.42 Spain (2014: 10.29%) Autonomous Community of Catalonia 2.75 24/03/2016 CHF 1,700,000 1,841,714 0.42 Autonomous Community of Catalonia 4.75 04/06/2018 EUR 1,400,000 1,681,005 0.38 Autonomous Community of Catalonia 4.95 11/02/2020 EUR 1,800,000 2,203,749 0.50 Autonomous Community of Madrid Spain 1.83 30/04/2025 EUR 100,000 102,126 0.02 FADE - Fondo de Amortizacion del Deficit Electrico 0.85 17/09/2019 EUR 3,300,000 3,618,067 0.82 Instituto de Credito Oficial 5.00 14/11/2016 USD 600,000 630,347 0.14 Instituto de Credito Oficial 5.00 10/04/2017 USD 900,000 952,700 0.21 ––––––––––– ––––––– 11,029,708 2.49 United Kingdom (2014: 0.60%) United Kingdom (Government of) 1.25 22/07/2018 GBP 1,300,000 2,059,231 0.46 ––––––––––– ––––––– United States of America (2014: 13.46%) Federal Home Loan Bank Discount Notes - 31/07/2015 USD 200,000 199,998 0.05 Federal Home Loan Bank Discount Notes - 12/08/2015 USD 4,300,000 4,299,850 0.97 Federal Home Loan Bank Discount Notes - 19/08/2015 USD 2,400,000 2,399,902 0.54

MGI Funds plc 159 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Government bonds (2014: 45.55%) (continued) United States of America (2014: 13.46%) (continued) Federal Home Loan Bank Discount Notes - 02/09/2015 USD 4,500,000 4,499,600 1.02 Federal Home Loan Bank Discount Notes - 09/09/2015 USD 4,600,000 4,599,545 1.04 Federal Home Loan Bank Discount Notes - 17/09/2015 USD 3,800,000 3,799,578 0.86 Federal Home Loan Bank Discount Notes - 18/09/2015 USD 4,800,000 4,799,462 1.08 Federal Home Loan Bank Discount Notes - 23/09/2015 USD 2,600,000 2,599,691 0.59 United States Treasury Bond 3.00 15/11/2044 USD 1,200,000 1,174,031 0.26 United States Treasury Inflation Indexed Bonds‡ 0.13 15/04/2018 USD 9,825,216 9,982,577 2.25 United States Treasury Inflation Indexed Bonds 0.13 15/07/2022 USD 102,879 102,228 0.02 United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 1,332,448 1,310,588 0.30 United States Treasury Inflation Indexed Bonds 0.25 15/01/2025 USD 3,096,466 3,042,036 0.69 United States Treasury Inflation Indexed Bonds 2.38 15/01/2025 USD 3,137,750 3,696,172 0.83 United States Treasury Inflation Indexed Bonds 2.38 15/01/2027 USD 586,575 702,744 0.16 United States Treasury Inflation Indexed Bonds 1.75 15/01/2028 USD 790,503 896,727 0.20 United States Treasury Inflation Indexed Bonds 2.50 15/01/2029 USD 2,203,860 2,721,251 0.61 United States Treasury Note 1.00 15/12/2017 USD 1,400,000 1,406,125 0.32 United States Treasury Note 1.75 15/05/2023 USD 2,200,000 2,128,157 0.48 United States Treasury Note 2.50 15/08/2023 USD 12,500,000 12,770,513 2.88 United States Treasury Note 2.50 15/05/2024 USD 1,000,000 1,017,188 0.23 United States Treasury Note 2.25 15/11/2024 USD 3,200,000 3,180,748 0.71 United States Treasury Note 2.00 15/02/2025 USD 5,000,000 4,858,204 1.10 ––––––––––– ––––––– 76,186,915 17.19

Total government bonds 164,967,241 37.22

Mortgage backed securities (2014: 14.40%) Australia (2014: 0.22%) Apollo Trust 2.99 24/06/2044 AUD 643,802 495,549 0.11 Puma Finance 2.94 13/05/2045 AUD 1,432,830 1,102,705 0.25 Puma Finance 2.85 18/10/2045 AUD 1,533,000 1,176,696 0.27 ––––––––––– ––––––– 2,774,950 0.63 France (2014: Nil) Infinity 2006-1 Classico 0.18 15/02/2024 EUR 3,504,804 3,824,510 0.86 ––––––––––– ––––––– Ireland (2014: 0.47%) Bluestep Mortgage Securities No. 3 1.31 10/05/2063 SEK 11,800,000 1,425,057 0.32 German Residential Funding 1.14 27/08/2024 EUR 1,406,918 1,587,373 0.36 German Residential Funding 2013-2 0.99 27/11/2024 EUR 3,418,167 3,831,950 0.86 Mars 2600 1.30 25/10/2050 EUR 1,186,697 1,336,464 0.30 Uropa Securities 0.16 10/10/2040 EUR 721,957 790,810 0.18 ––––––––––– ––––––– 8,971,654 2.02 Italy (2014: 1.79%) Casa D'este Finance 0.34 15/09/2021 EUR 496,728 546,059 0.12 Claris RMBS 2014 1.17 28/12/2061 EUR 1,557,461 1,761,808 0.40 Creso 0.69 30/12/2060 EUR 1,020,548 1,136,341 0.26 Giovecca Mortgages 0.60 23/04/2048 EUR 1,055,122 1,172,409 0.26 Marche Mutui 2.25 27/01/2064 EUR 1,215,143 1,381,386 0.31 Sunrise 1.00 27/12/2032 EUR 2,500,000 2,784,757 0.63 ––––––––––– ––––––– 8,782,760 1.98 Netherlands (2014: 0.24%) Lunet RMBS 2013-1 0.49 26/12/2045 EUR 281,079 314,137 0.07 ––––––––––– –––––––

MGI Funds plc 160 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Transferable securities (2014: 101.14%) (continued) Mortgage backed securities (2014: 14.40%) (continued) United Kingdom (2014: 6.31%) Business Mortgage Finance 7 2.57 15/02/2041 GBP 515,531 810,498 0.18 DECO 8-UK Conduit 2 0.75 27/04/2018 GBP 31,183 48,919 0.01 Eurohome UK Mortgages 2007 -1 0.72 15/06/2044 GBP 938,644 1,389,331 0.31 EuroMASTR 0.77 15/06/2040 GBP 1,058,391 1,554,174 0.35 Eurosail 2006-1 0.73 10/06/2044 GBP 244,559 379,175 0.09 Eurosail 2006-2bl 0.23 15/12/2044 EUR 900,000 919,349 0.21 Eurosail 2006-4np 0.15 10/12/2044 EUR 897,663 947,767 0.21 Eurosail-UK 2007-6nc 1.27 13/09/2045 GBP 958,000 1,487,198 0.34 Gosforth Funding 2014-1 0.94 19/10/2056 GBP 814,684 1,282,121 0.29 Granite Mortgages 03-2 1.05 20/07/2043 GBP 50,085 78,730 0.02 Granite Mortgages 03-2 1.26 20/07/2043 USD 2,944,069 2,956,876 0.67 Granite Mortgages 04-1 0.31 20/03/2044 EUR 235,346 262,060 0.06 Granite Mortgages 04-1 0.89 20/03/2044 GBP 983,597 1,544,852 0.35 Granite Mortgages 04-1 0.60 20/03/2044 USD 134,115 133,860 0.03 Granite Mortgages 04-2 0.53 20/06/2044 EUR 259,137 286,897 0.06 Granite Mortgages 04-2 0.89 20/06/2044 GBP 232,026 364,154 0.08 Great Hall Mortgages 0.70 18/03/2039 GBP 275,468 413,365 0.09 Great Hall Mortgages 0.12 18/03/2039 EUR 2,424,119 2,571,037 0.58 Great Hall Mortgages No 1 0.42 18/06/2039 USD 534,702 503,694 0.11 Landmark Mortgage Securities No 2 0.77 17/06/2039 GBP 175,701 256,761 0.06 Leek Finance Number Eighteen 0.54 21/09/2038 USD 452,520 470,003 0.11 MINT 2015 1.20 22/02/2025 EUR 1,000,000 1,112,529 0.25 MINT 2015 1.85 22/02/2025 GBP 1,900,000 2,983,649 0.67 Newgate Funding 2006-2 0.26 01/12/2050 EUR 800,000 764,163 0.17 Newgate Funding 2006-3 0.17 01/12/2050 EUR 1,500,000 1,594,921 0.36 Newgate Funding 2007-1 0.73 01/12/2050 GBP 1,100,000 1,577,733 0.36 RMAC Securities No 1 0.72 12/06/2044 GBP 1,057,719 1,556,014 0.35 Taurus CMBS UK 2014-1 1.97 01/05/2022 GBP 1,024,368 1,610,621 0.37 ––––––––––– ––––––– 29,860,451 6.74 United States of America (2014: 5.37%) Banc of America Commercial Mortgage Trust 2006-6 5.31 10/10/2045 USD 29,011 29,099 0.01 COBALT CMBS Commercial Mortgage Trust 2007-C3 5.96 15/05/2046 USD 712,449 757,223 0.17 Commercial Mortgage Trust 2005-GG5 5.22 10/04/2037 USD 539,161 539,881 0.12 Credit Suisse Commercial Mortgage Trust Series 2006-C3 6.00 15/06/2038 USD 379,967 392,591 0.09 Credit Suisse Commercial Mortgage Trust Series 2006-C5 5.31 15/12/2039 USD 781,714 808,781 0.18 Morgan Stanley Capital I Trust 2006-HQ9 0.34 12/07/2044 USD 1,460,350 1,454,064 0.33 ––––––––––– ––––––– 3,981,639 0.90

Total mortgage backed securities 58,510,101 13.20

Municipal Bonds (2014: 0.91%) United States of America (2014: Nil) Municipal Electric Authority of Georgia 6.66 01/04/2057 USD 700,000 818,006 0.18 State of California 7.60 01/11/2040 USD 600,000 877,309 0.20 ––––––––––– ––––––– Total municipal bonds 1,695,315 0.38

Total transferable securities 428,439,089 96.67

MGI Funds plc 161 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

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 (2014: 101.78%) (continued) Financial derivative instruments (2014: 0.64%) Open forward foreign currency contracts (2014: 0.24%) EUR 14* 67,527,577 USD 74,301,010 07/07/2015 943,034 0.21 GBP 15* 2,034,000 USD 3,094,997 02/07/2015 103,875 0.02 JPY 7* 397,500,000 USD 3,241,371 02/07/2015 7,107 - PLN 10* 6,985,000 USD 1,843,738 30/07/2015 12,191 - SEK 14* 210,367,822 USD 24,659,323 07/07/2015 696,082 0.16 USD 7* 7,994,012 AUD 10,340,773 02/07/2015 46,095 0.01 USD 15* 7,953,482 AUD 10,340,773 04/08/2015 19,834 - USD 7* 5,743,509 CAD 7,134,788 02/07/2015 28,592 0.01 USD 13* 5,758,415 CAD 7,134,788 04/08/2015 45,969 0.01 USD 15* 2,594,145 DKK 17,015,000 12/08/2015 49,886 0.01 USD 9* 7,283,310 DKK 46,427,460 01/10/2015 330,489 0.08 USD 8* 3,473,251 DKK 22,755,135 04/01/2016 56,076 0.01 USD 9* 9,844,200 EUR 8,762,000 02/07/2015 81,580 0.02 USD 13* 335,117 EUR 298,000 02/07/2015 3,086 - USD 13* 118,082,871 EUR 105,335,806 04/08/2015 667,550 0.16 USD 10* 62,938,966 EUR 56,216,822 04/08/2015 275,411 0.06 USD 15* 8,777,181 EUR 7,859,000 04/08/2015 16,940 - USD 9* 2,697,407 GBP 1,715,000 02/07/2015 226 - USD 8* 35,191,808 GBP 22,349,000 04/08/2015 51,386 0.01 USD 13* 12,882,802 MXN 200,830,000 07/07/2015 87,974 0.02 USD 7* 2,860,029 NOK 22,275,000 02/07/2015 28,761 0.01 USD 14* 10,985,540 NOK 85,745,524 07/07/2015 88,057 0.02 USD 6* 2,831,453 NOK 22,275,000 04/08/2015 2,329 - USD 4* 1,659,063 PLN 5,991,000 30/07/2015 67,242 0.02 USD 9* 7,044,444 PLN 26,454,000 30/07/2015 15,561 - USD 8* 55,587 PLN 208,000 30/07/2015 321 - USD 4* 1,424,992 SEK 11,790,000 12/08/2015 2,910 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 3,728,564 0.84

Interest rate swaps (2014: 0.24%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

EUR 6 Month Euribor 5* Fixed 1.50% 16/03/2046 EUR 1,600,000 106,325 0.02 Fixed 1.50% 5* JPY 6 Month Libor 20/12/2044 JPY 630,000,000 44,326 0.01 USD 3 Month Libor 5* Fixed 2.50% 16/12/2025 USD 41,900,000 358,974 0.08 USD 3 Month Libor 5* Fixed 2.75% 16/12/2045 USD 3,800,000 186,673 0.05 ––––––––––– ––––––– Interest rate swaps at positive fair value 696,298 0.16

Credit default swaps (2014: 0.03%)

Protection Premium Reference (Bought)/ (Paid)/ Maturity Notional Fair value % of Entity Sold Received date Currency holding US$ Net assets

Italy (Government of) 10* Sold (Fixed 1.00%) 20/03/2019 USD 2,500,000 16,800 - ––––––––––– ––––––– Credit default swaps at positive fair value 16,800 -

MGI Funds plc 162 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

No. of Maturity contracts Unrealised % of date Currency long/(short) gain US$ Net assets

Financial assets at fair value through profit or loss (2014: 101.78%) (continued) Financial derivative instruments (2014: 0.64%) (continued) Futures contracts (2014: 0.13%) 2 Year US Treasury Notes Futures 5* 30/09/2015 USD 22 9,969 - 30 Year Euro Buxl Futures 5* 08/09/2015 EUR (134) 662,258 0.14 Euro Bobl Futures 5* 08/09/2015 EUR 875 25,014 0.01 Euro Schatz Futures 5* 08/09/2015 EUR (399) 440 - Long Gilt Futures 5* 28/09/2015 GBP (48) 115,877 0.02 Ogbm Put 127.75 Futures 5* 21/08/2015 EUR (102) 24,000 0.01 Ogbm Put 129.25 Futures 5* 24/07/2015 EUR (167) 23,258 0.01 ––––––––––– ––––––– Unrealised gain on futures contracts 860,816 0.19

Options purchased (2014: Nil)

Expiry Notional Fair value % of Currency date amount US$ Net assets

Call at 0.50 Euro 10 Year 9* EUR 11/11/2015 9,700,000 6,421 - Call at 1.00 Euro 30 Year 10* EUR 12/08/2015 3,700,000 7,434 - Call at 1.15 Euro 30 Year 7* EUR 12/08/2015 7,900,000 37,627 0.02 Call at 1.36 Euro 30 Year 8* EUR 12/08/2015 4,100,000 2,913 - Put at 1,100 Euro Future Option 5* USD 02/07/2015 8,625,000 13,800 - ––––––––––– ––––––– Unrealised gain on options purchased 68,195 0.02

Total financial derivative instruments at positive fair value 5,370,673 1.21

Total Financial assets at fair value through profit or loss 433,809,762 97.88

Financial assets at amortised cost (2014: Nil) Reverse repurchase agreements (2014: Nil)

Par Value/ Carrying value % of Shares Currency Description US$ Net assets

800,000 USD Reverse repurchase agreement with Goldman Sachs, 0.35%, (collateral: Freddie Mac Gold Pool, 0.00% due 01/03/43), to be repurchased on demand at face value plus accrued interest with a stated maturity date of 01/07/15 800,000 0.18 ––––––––––– ––––––– Total reverse repurchase agreements 800,000 0.18

Money Market Instruments (2014: Nil)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Ireland (2014:Nil) Weinberg Capital 0.00 13/07/2015 EUR 1,300,000 1,448,429 0.33 Weinberg Capital 0.00 13/07/2015 EUR 5,800,000 6,462,242 1.46 ––––––––––– ––––––– Total money market instruments 7,910,671 1.79

Total investments at amortised cost 8,710,671 1.97

MGI Funds plc 163 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

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 (2014: (3.79)%) Financial derivative instruments (2014: (3.79)%) Open forward foreign currency contracts (2014: (2.83)%) AUD 15* 10,340,773 USD 7,967,669 02/07/2015 (19,752) - BRL 9* 602,133 USD 221,535 02/07/2015 (27,699) (0.01) EUR 4* 2,125,000 USD 2,385,751 02/07/2015 (18,076) - EUR 15* 4,046,000 USD 4,559,045 02/07/2015 (50,992) (0.01) EUR 10* 55,178,822 USD 61,748,953 02/07/2015 (268,715) (0.06) EUR 9* 21,984,000 USD 24,798,191 02/07/2015 (303,620) (0.07) EUR 13* 102,942,806 USD 115,352,860 02/07/2015 (653,994) (0.15) EUR 7* 5,180,000 USD 5,808,861 04/08/2015 (34,838) (0.01) GBP 9* 560,000 USD 884,016 02/07/2015 (3,303) - GBP 8* 22,349,000 USD 35,199,675 02/07/2015 (51,393) (0.01) MXN 3* 108,050,923 USD 6,967,881 07/07/2015 (83,984) (0.02) MXN 11* 92,779,077 USD 6,001,622 07/07/2015 (90,691) (0.02) MXN 13* 200,830,000 USD 12,807,627 30/09/2015 (88,555) (0.02) NOK 6* 22,275,000 USD 2,833,554 02/07/2015 (2,286) - NOK 14* 2,822,180,331 USD 362,296,408 07/07/2015 (3,622,724) (0.82) PLN 2* 6,788,000 USD 1,827,802 30/07/2015 (24,216) (0.01) PLN 9* 1,969,000 USD 549,726 30/07/2015 (26,559) (0.01) PLN 4* 2,455,000 USD 685,956 30/07/2015 (33,657) (0.01) PLN 8* 12,752,000 USD 3,427,858 30/07/2015 (39,625) (0.01) USD 7* 1,835,684 CHF 1,713,000 12/08/2015 (126) - USD 9* 9,482,366 DKK 64,165,000 01/07/2015 (101,222) (0.02) USD 3* 5,334,322 DKK 36,660,000 01/07/2015 (141,161) (0.03) USD 12* 14,929,531 DKK 99,940,000 01/10/2015 (37,148) (0.01) USD 10* 3,515,630 EUR 3,193,000 02/07/2015 (42,010) (0.01) USD 4* 4,734,415 EUR 4,313,000 02/07/2015 (71,129) (0.02) USD 8* 66,234,052 EUR 60,574,459 02/07/2015 (1,258,006) (0.28) USD 15* 119,070,827 EUR 109,136,169 02/07/2015 (2,528,684) (0.57) USD 14* 1,802,632 EUR 1,635,076 07/07/2015 (19,286) - USD 1* 35,693,353 GBP 23,228,000 02/07/2015 (837,333) (0.19) USD 3* 3,424,398 JPY 422,900,000 02/07/2015 (31,656) (0.01) USD 4* 12,610,452 MXN 199,354,063 30/09/2015 (15,145) - USD 14* 616,316 SEK 5,262,281 07/07/2015 (17,941) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (10,545,526) (2.38)

Interest rate swaps (2014: (0.76)%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

Fixed 1.080% 5* SEK 3 Month Stibor 26/01/2025 SEK (1,700,000) (8,196) - Fixed 1.085% 5* SEK 3 Month Stibor 26/01/2025 SEK (2,000,000) (9,527) - GBP 6 Month Libor 5* Fixed 2.250% 17/12/2019 GBP (600,000) (24,450) (0.01) JPY 6 Month Libor 5* Fixed 0.750% 20/12/2024 JPY (1,750,000,000) (218,135) (0.05) ––––––––––– ––––––– Interest rate swaps at negative fair value (260,308) (0.06)

MGI Funds plc 164 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

Financial liabilities at fair value through profit or loss (2014: (3.79)%) (continued) Financial derivative instruments (2014: (3.79)%) (continued) Futures contracts (2014: (0.18)%) 10 Year US Treasury Notes Futures 5* 21/09/2015 USD (56) (30,494) (0.01) Euro Bund Futures 5* 08/09/2015 EUR (43) (4,847) - ––––––––––– ––––––– Unrealised loss on futures contracts (35,341) (0.01)

Options written (2014: Nil) Expiry Notional Fair value % of Currency date amount US$ Net assets

Put at 1.50 Euro 30 Year 9* EUR 11/11/2015 (9,700,000) (106,702) (0.02) Put at 1.65 Euro 30 Year 10* EUR 12/08/2015 (3,700,000) (190,006) (0.04) Put at 2.01 Euro 30 Year 8* EUR 12/08/2015 (4,100,000) (5,472) - ––––––––––– ––––––– Unrealised loss on options written (302,180) (0.06)

Total financial derivative instruments at negative fair value (11,143,355) (2.51)

Total financial liabilities at fair value through profit or loss (11,143,355) (2.51)

Total financial derivative instruments (5,772,682) 1.30

Total financial assets at amortised cost 422,666,407 95.36

Total investments at fair value through profit and loss 8,710,671 1.97

Cash (2014: 2.35%) 10,755,961 2.43

Net current assets (2014: (0.34)%) 1,052,069 0.24 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 443,185,108 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of Financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Asset backed securities Netherlands 0.09% Corporate bonds British Virgin Islands 0.96% Guernsey 0.15% New Zealand 0.25% Government bonds Korea 0.38% New Zealand 2.03% Philippines 0.49% Municipal bonds Spain 0.91% Financial derivative instruments Credit default swaps (0.02%)

MGI Funds plc 165 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 30 June 2015 (continued)

Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 93.00 Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regular market 2.74 Financial derivative instruments dealt in on a regulated market 0.19 OTC financial derivative instruments 0.98 Other current assets 3.09 ––––––– 100.00 –––––––

The following is a list of counterparties for the financial derivative instruments.

Reference Counterparty 1* Bank of America 2* Barclays 3* BNP Paribas 4* Citibank 5* Credit Suisse 6* Deutsche Bank 7* Goldman Sachs 8* HSBC 9* JPMorgan Chase 10* Morgan Stanley Bank 11* Nomura Global 12* Societe Generale 13* Standard Chartered Bank 14* State Street Bank 15* UBS

Country classifications are based upon country of incorporation and/or country of domicile.

‡Held by broker as collateral for over the counter derivative instruments.

Federal Home Loan Pool U99040 (Principal Amount 889,000) is pledged by Goldman Sachs and held by the Sub-Fund in respect of reverse repurchase agreements.

MGI Funds plc 166 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) Transferable securities (2014: 96.19%) Corporate bonds (2014: 91.86%) Australia (2014: 1.61%) APT Pipelines 1.38 22/03/2022 EUR 1,750,000 1,909,122 0.27 BHP Billiton Finance 3.25 21/11/2021 USD 1,200,000 1,220,641 0.17 BHP Billiton Finance 3.85 30/09/2023 USD 250,000 257,168 0.04 Brambles Finance 2.38 12/06/2024 EUR 1,250,000 1,456,715 0.20 Rio Tinto Finance 9.00 01/05/2019 USD 710,000 887,011 0.12 Scentre Group Trust 1 2.25 16/07/2024 EUR 2,000,000 2,275,894 0.32 Scentre Group Trust 1 3.88 16/07/2026 GBP 2,097,000 3,477,499 0.48 SGSP Australia Assets 2.00 30/06/2022 EUR 1,900,000 2,152,918 0.30 Sydney Airport Finance 3.38 30/04/2025 USD 3,400,000 3,277,940 0.45 Telstra 4.80 12/10/2021 USD 1,520,000 1,704,146 0.24 Telstra 3.13 07/04/2025 USD 2,000,000 1,957,624 0.27 Wesfarmers 2.75 02/08/2022 EUR 2,090,000 2,540,293 0.35 ––––––––––– ––––––– 23,116,971 3.21 Belgium (2014: 0.71%) Anheuser-Busch InBev 9.75 30/07/2024 GBP 175,000 412,193 0.06 Anheuser-Busch InBev 4.00 24/09/2025 GBP 220,000 368,058 0.05 Brussels Airport 3.25 01/07/2020 EUR 400,000 492,985 0.07 Eandis 2.88 09/10/2023 EUR 1,900,000 2,356,914 0.33 Elia System Operator 3.25 04/04/2028 EUR 600,000 761,864 0.10 ––––––––––– ––––––– 4,392,014 0.61 Bermuda (2014: 0.75%) Holcim GB Finance 8.75 24/04/2017 GBP 500,000 884,678 0.12 Novartis Securities Investment 5.13 10/02/2019 USD 1,415,000 1,575,326 0.22 Ooredoo International Finance 4.75 16/02/2021 USD 1,200,000 1,303,054 0.18 Ooredoo International Finance 4.75 16/02/2021 USD 1,350,000 1,465,935 0.20 ––––––––––– ––––––– 5,228,993 0.72 Brazil (2014: 0.41%) Vale Overseas 6.25 23/01/2017 USD 2,600,000 2,751,746 0.38 ––––––––––– ––––––– British Virgin Islands (2014: 0.38%) CNOOC Finance 2011 4.25 26/01/2021 USD 2,800,000 2,941,882 0.41 ––––––––––– ––––––– Canada (2014: 0.43%) Agrium 4.90 01/06/2043 USD 3,000,000 2,898,768 0.40 Canadian National Railway 5.55 01/03/2019 USD 1,200,000 1,349,562 0.19 Cenovus Energy 3.00 15/08/2022 USD 1,700,000 1,610,186 0.22 Glencore Canada Financial 7.38 27/05/2020 GBP 1,100,000 2,046,512 0.29 ––––––––––– ––––––– 7,905,028 1.10 Channel Islands (2014: 0.54%) Credit Suisse Group Funding Guernsey 3.75 26/03/2025 USD 1,600,000 1,543,374 0.22 Gatwick Funding 4.63 27/03/2034 GBP 1,000,000 1,664,626 0.23 Hutchison Whampoa International 7.63 09/04/2019 USD 3,000,000 3,553,230 0.49 Porterbrook Rail Finance 5.50 20/04/2019 GBP 1,660,000 2,890,258 0.40 ––––––––––– ––––––– 9,651,488 1.34 China (2014: 0.38%) Alibaba Group Holding 3.13 28/11/2021 USD 3,500,000 3,463,782 0.48 Tencent Holdings 4.63 12/12/2016 USD 2,550,000 2,663,317 0.37 ––––––––––– ––––––– 6,127,099 0.85 Czech Republic (2014: 0.53%) CEZ 4.25 03/04/2022 USD 3,650,000 3,831,664 0.53 ––––––––––– –––––––

MGI Funds plc 167 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) Denmark (2014: Nil) Danfoss 1.38 23/02/2022 EUR 1,200,000 1,341,873 0.19 ––––––––––– ––––––– Finland (2014: Nil) Elenia Finance 2.88 17/12/2020 EUR 1,750,000 2,086,448 0.29 ––––––––––– ––––––– France (2014: 5.76%) Aeroports de Paris 2.75 05/06/2028 EUR 500,000 612,283 0.09 Areva 3.88 23/09/2016 EUR 600,000 681,850 0.10 Areva 4.63 05/10/2017 EUR 1,500,000 1,735,871 0.24 Autoroutes du Sud de la France 2.95 17/01/2024 EUR 1,300,000 1,592,235 0.22 BNP Paribas 5.00 15/01/2021 USD 1,910,000 2,112,712 0.29 BNP Paribas 3.25 03/03/2023 USD 800,000 795,336 0.11 Casino Guichard Perrachon 3.16 06/08/2019 EUR 1,100,000 1,327,750 0.18 Casino Guichard Perrachon 2.80 05/08/2026 EUR 1,400,000 1,560,486 0.22 Danone 3.00 15/06/2022 USD 3,700,000 3,666,348 0.51 Electricite de France 6.25 30/05/2028 GBP 300,000 591,843 0.08 Electricite de France 5.88 18/07/2031 GBP 1,625,000 3,087,890 0.43 Electricite de France 6.95 26/01/2039 USD 2,500,000 3,254,018 0.45 Eutelsat 3.13 10/10/2022 EUR 700,000 863,838 0.12 Kering 1.38 01/10/2021 EUR 2,300,000 2,562,921 0.36 Klepierre 4.75 14/03/2021 EUR 1,800,000 2,400,111 0.33 RCI Banque 2.88 22/01/2018 EUR 600,000 704,709 0.10 Societe Des Autoroutes Paris-Rhin-Rhone 1.88 15/01/2025 EUR 1,700,000 1,883,791 0.26 Total Capital 4.25 15/12/2021 USD 1,680,000 1,835,481 0.26 Total Capital International 2.88 19/11/2025 EUR 3,100,000 3,846,556 0.53 Vinci 3.38 30/03/2020 EUR 2,000,000 2,482,431 0.34 ––––––––––– ––––––– 37,598,460 5.22 Germany (2014: 1.12%) Deutsche Post 2.75 09/10/2023 EUR 2,200,000 2,711,331 0.38 Lanxess 4.13 23/05/2018 EUR 1,900,000 2,333,925 0.32 Vier Gas Transport 3.13 10/07/2023 EUR 1,950,000 2,433,307 0.34 ––––––––––– ––––––– 7,478,563 1.04 Hong Kong (2014: 0.44%) Li & Fung 5.50 16/05/2017 USD 2,860,000 3,040,984 0.42 ––––––––––– ––––––– Ireland (2014: 1.17%) ESB Finance 2.13 08/06/2027 EUR 1,578,000 1,729,601 0.24 GE Capital UK Funding 5.88 04/11/2020 GBP 1,470,000 2,709,687 0.38 GE Capital UK Funding 4.13 13/09/2023 GBP 200,000 341,318 0.05 Russian Railways via RZD Capital 5.74 03/04/2017 USD 2,650,000 2,698,363 0.37 Willow No.2 Ireland for Zurich Insurance 3.38 27/06/2022 EUR 1,500,000 1,874,669 0.26 ––––––––––– ––––––– 9,353,638 1.30 Italy (2014: 3.20%) Atlantia 6.25 09/06/2022 GBP 1,610,000 3,037,384 0.42 Eni 4.88 11/10/2017 EUR 1,930,000 2,363,468 0.33 Intesa Sanpaolo 3.63 12/08/2015 USD 950,000 952,378 0.13 Intesa Sanpaolo 4.00 09/11/2017 EUR 1,930,000 2,293,534 0.32 Intesa Sanpaolo 3.00 28/01/2019 EUR 550,000 647,756 0.09 Luxottica Group 3.63 19/03/2019 EUR 900,000 1,113,448 0.15 Luxottica Group 2.63 10/02/2024 EUR 1,000,000 1,204,147 0.17 Snam 3.88 19/03/2018 EUR 1,900,000 2,295,423 0.32 Snam 1.50 21/04/2023 EUR 1,127,000 1,218,539 0.17 ––––––––––– ––––––– 15,126,077 2.10

MGI Funds plc 168 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) Japan (2014: 0.06%) Nomura Holdings 2.00 13/09/2016 USD 400,000 403,032 0.06 ––––––––––– ––––––– Korea (2014: 1.15%) Korea Gas 2.25 25/07/2017 USD 2,850,000 2,886,409 0.40 Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 2,670,000 2,663,552 0.37 Korea Hydro & Nuclear Power 3.25 15/06/2025 USD 900,000 895,370 0.12 KT 3.88 20/01/2017 USD 2,610,000 2,699,768 0.38 ––––––––––– ––––––– 9,145,099 1.27 Luxembourg (2014: 1.97%) Actavis Funding SCS 3.80 15/03/2025 USD 2,500,000 2,460,735 0.34 Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 1,400,000 1,296,596 0.18 Glencore Finance Europe 6.50 27/02/2019 GBP 600,000 1,066,781 0.15 Petroleos Mexicanos 8.25 02/06/2022 GBP 250,000 498,423 0.07 Schlumberger Investment 3.30 14/09/2021 USD 1,700,000 1,752,198 0.24 Schlumberger Investment 3.65 01/12/2023 USD 1,300,000 1,345,811 0.19 SES 4.63 09/03/2020 EUR 1,900,000 2,465,331 0.34 SES 3.60 04/04/2023 USD 500,000 508,623 0.07 Telecom Italia Capital 5.25 01/10/2015 USD 1,680,000 1,696,128 0.23 Tyco International Finance 3.38 15/10/2015 USD 1,400,000 1,409,303 0.20 ––––––––––– ––––––– 14,499,929 2.01 Mexico (2014: 1.49%) America Movil 5.00 16/10/2019 USD 2,020,000 2,226,020 0.31 America Movil 5.00 30/03/2020 USD 2,500,000 2,770,500 0.38 Grupo Bimbo 4.50 25/01/2022 USD 2,650,000 2,783,825 0.39 Grupo Bimbo SAB de CV 4.50 25/01/2022 USD 100,000 105,050 0.01 Petroleos Mexicanos 6.38 05/08/2016 EUR 1,150,000 1,363,559 0.19 Petroleos Mexicanos 3.50 23/07/2020 USD 1,400,000 1,418,872 0.20 Petroleos Mexicanos 3.13 27/11/2020 EUR 364,000 426,253 0.06 ––––––––––– ––––––– 11,094,079 1.54 Netherlands (2014: 7.73%) Achmea 2.50 19/11/2020 EUR 3,087,000 3,630,625 0.50 Airbus Group Finance 2.38 02/04/2024 EUR 2,463,000 2,944,879 0.41 Cooperatieve Centrale Raiffeisen-Boerenleenbank 5.25 24/05/2041 USD 3,400,000 3,738,545 0.52 Daimler International Finance 3.50 06/06/2019 GBP 1,720,000 2,862,578 0.40 Delta Lloyd 4.25 17/11/2017 EUR 2,490,000 3,005,868 0.42 Enel Finance International 5.13 07/10/2019 USD 3,100,000 3,401,779 0.47 LYB International Finance 4.88 15/03/2044 USD 2,450,000 2,389,426 0.33 Nomura Europe Finance 1.88 29/05/2018 EUR 1,200,000 1,379,796 0.19 Petrobras International Finance 5.75 20/01/2020 USD 3,000,000 2,980,020 0.41 RWE Finance 6.50 20/04/2021 GBP 1,150,000 2,123,958 0.30 RWE Finance 5.50 06/07/2022 GBP 500,000 892,126 0.12 Shell International Finance 2.00 15/11/2018 USD 1,210,000 1,223,734 0.17 Shell International Finance 6.38 15/12/2038 USD 810,000 1,021,914 0.14 Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 3,370,000 4,113,291 0.57 Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 700,000 854,393 0.12 Urenco Finance 4.00 05/05/2017 EUR 700,000 829,498 0.12 Urenco Finance 2.50 15/02/2021 EUR 2,500,000 2,896,121 0.40 Vonovia Finance 3.63 08/10/2021 EUR 1,300,000 1,614,317 0.22 Vonovia Finance 1.50 31/03/2025 EUR 1,300,000 1,341,401 0.19 ––––––––––– ––––––– 43,244,269 6.00 Norway (2014: 0.61%) Statoil 4.80 08/11/2043 USD 2,500,000 2,657,390 0.37 ––––––––––– –––––––

MGI Funds plc 169 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) Singapore (2014: 0.42%) PSA International Pte 3.88 11/02/2021 USD 2,840,000 3,026,159 0.42 ––––––––––– ––––––– Spain (2014: 1.74%) Enagas 4.38 06/07/2015 EUR 1,200,000 1,337,789 0.19 Enagas Financiaciones 2.50 11/04/2022 EUR 1,300,000 1,524,492 0.21 Telefonica Emisiones 5.38 02/02/2018 GBP 550,000 934,446 0.13 Telefonica Emisiones 5.60 12/03/2020 GBP 1,300,000 2,267,367 0.31 ––––––––––– ––––––– 6,064,094 0.84 Sweden (2014: 0.77%) Swedish Match 3.13 03/04/2019 EUR 1,200,000 1,448,790 0.20 TeliaSonera 3.63 14/02/2024 EUR 1,950,000 2,555,334 0.36 TeliaSonera 4.38 05/12/2042 GBP 450,000 747,864 0.10 ––––––––––– ––––––– 4,751,988 0.66 Switzerland (2014: Nil) Credit Suisse 3.63 09/09/2024 USD 2,500,000 2,488,035 0.34 ––––––––––– ––––––– Turkey (2014: 0.37%) Akbank 5.13 22/07/2015 USD 2,610,000 2,614,385 0.36 ––––––––––– ––––––– United Arab Emirates (2014: 0.75%) Dolphin Energy 5.50 15/12/2021 USD 2,510,000 2,849,412 0.39 ––––––––––– ––––––– United Kingdom (2014: 16.48%) Aggregate Industries Holdings 7.25 31/05/2016 GBP 328,000 542,528 0.08 Anglian Water Services Financing 5.84 30/07/2022 GBP 500,000 941,017 0.13 Aviva 9.50 20/06/2016 GBP 350,000 593,435 0.08 Babcock International Group 1.75 06/10/2022 EUR 1,000,000 1,112,443 0.15 BAE Systems 3.50 11/10/2016 USD 820,000 842,947 0.12 Barclays Bank 6.75 22/05/2019 USD 2,440,000 2,831,022 0.39 BAT International Finance 7.25 12/03/2024 GBP 775,000 1,581,991 0.22 BAT International Finance 2.75 25/03/2025 EUR 700,000 838,873 0.12 BAT International Finance 4.00 04/09/2026 GBP 350,000 579,088 0.08 BP Capital Markets 4.50 01/10/2020 USD 1,000,000 1,094,640 0.15 British Telecommunications 9.63 15/12/2030 USD 600,000 892,595 0.12 BUPA Finance 7.50 04/07/2016 GBP 2,320,000 3,866,453 0.54 BUPA Finance 3.38 17/06/2021 GBP 1,400,000 2,261,607 0.31 Compass Group 3.85 26/06/2026 GBP 1,500,000 2,516,226 0.35 Coventry Building Society 6.00 16/10/2019 GBP 1,970,000 3,579,910 0.50 Diageo Finance 2.38 20/05/2026 EUR 2,600,000 2,965,793 0.41 Ensco 4.70 15/03/2021 USD 3,000,000 3,059,592 0.42 Experian Finance 3.50 15/10/2021 GBP 600,000 985,596 0.14 FCE Bank 2.88 03/10/2017 EUR 500,000 584,453 0.08 FCE Bank 3.25 19/11/2020 GBP 450,000 723,739 0.10 GlaxoSmithKline Capital 3.38 20/12/2027 GBP 500,000 790,647 0.11 GlaxoSmithKline Capital 6.38 09/03/2039 GBP 400,000 871,585 0.12 Great Rolling Stock 6.25 27/07/2020 GBP 1,530,000 2,777,844 0.39 Greene King Finance 5.32 15/09/2031 GBP 1,562,539 2,816,191 0.39 Hammerson 2.75 26/09/2019 EUR 900,000 1,071,008 0.15 Heathrow Funding 5.23 15/02/2023 GBP 500,000 896,153 0.12 Heathrow Funding 4.63 31/10/2046 GBP 600,000 1,010,083 0.14 High Speed Rail Finance 1 4.38 01/11/2038 GBP 700,000 1,216,922 0.17 HSBC Bank 4.75 19/01/2021 USD 880,000 970,674 0.13 HSBC Holdings 6.50 20/05/2024 GBP 1,000,000 1,953,686 0.27 HSBC Holdings 6.10 14/01/2042 USD 3,060,000 3,711,737 0.52 Imperial Tobacco Finance 8.38 17/02/2016 EUR 350,000 409,560 0.06

MGI Funds plc 170 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) United Kingdom (2014: 16.48%) (continued) Imperial Tobacco Finance 9.00 17/02/2022 GBP 1,580,000 3,301,071 0.46 Imperial Tobacco Finance 8.13 15/03/2024 GBP 300,000 618,303 0.09 Imperial Tobacco Finance 3.38 26/02/2026 EUR 750,000 893,118 0.12 Imperial Tobacco Finance 4.88 07/06/2032 GBP 600,000 993,390 0.14 Leeds Building Society 1.38 05/05/2022 EUR 1,000,000 1,074,053 0.15 Lloyds Bank 6.75 24/10/2018 GBP 750,000 1,359,653 0.19 Lloyds Bank 2.30 27/11/2018 USD 200,000 202,279 0.03 Lloyds Bank 7.50 15/04/2024 GBP 2,440,000 5,072,391 0.70 National Grid Electricity Transmission 5.88 02/02/2024 GBP 279,000 538,502 0.07 Places for People Homes 5.09 31/07/2024 GBP 1,710,000 3,069,644 0.43 Rio Tinto Finance 2.25 14/12/2018 USD 1,200,000 1,207,710 0.17 Royal Bank of Scotland Group 1.50 28/11/2016 EUR 800,000 899,050 0.12 Royal Bank of Scotland Group 1.63 25/06/2019 EUR 800,000 895,321 0.12 Royal Bank of Scotland Group 6.40 21/10/2019 USD 3,230,000 3,613,023 0.50 Scotland Gas Networks 4.75 21/02/2017 GBP 1,620,000 2,685,495 0.37 Southern Gas Networks 2.50 03/02/2025 GBP 221,000 327,011 0.05 SSE 2.00 17/06/2020 EUR 1,000,000 1,170,572 0.16 SSE 2.38 10/02/2022 EUR 1,500,000 1,783,375 0.25 State Grid Europe Development 2014 1.50 26/01/2022 EUR 3,400,000 3,742,214 0.52 Tesco 6.13 24/02/2022 GBP 2,340,000 4,004,154 0.56 Tesco 5.00 24/03/2023 GBP 900,000 1,433,215 0.20 Tesco Property Finance 6 5.41 13/07/2044 GBP 249,580 363,360 0.05 THFC Funding No 3 5.20 11/10/2043 GBP 300,000 577,169 0.08 Vodafone Group 5.63 27/02/2017 USD 1,333,000 1,416,903 0.20 Vodafone Group 7.88 15/02/2030 USD 1,970,000 2,449,847 0.34 Vodafone Group 4.38 19/02/2043 USD 700,000 604,929 0.08 Western Power Distribution South Wales 9.25 09/11/2020 GBP 350,000 731,630 0.10 Western Power Distribution West Midlands 3.88 17/10/2024 GBP 950,000 1,578,091 0.22 WPP Finance 2010 4.75 21/11/2021 USD 2,850,000 3,111,998 0.43 WPP Finance 2010 3.75 19/09/2024 USD 350,000 349,540 0.05 Yorkshire Building Society 2.13 18/03/2019 EUR 1,200,000 1,384,200 0.19 Yorkshire Water Services Bradford Finance 6.00 21/08/2019 GBP 800,000 1,446,008 0.20 ––––––––––– ––––––– 103,787,257 14.40 United States of America (2014: 38.89%) 21st Century Fox America 6.90 01/03/2019 USD 1,470,000 1,708,265 0.24 AbbVie 2.00 06/11/2018 USD 3,180,000 3,183,956 0.44 AbbVie 3.60 14/05/2025 USD 2,163,000 2,142,296 0.30 ACE INA Holdings 2.70 13/03/2023 USD 1,680,000 1,634,711 0.23 Adobe Systems 3.25 01/02/2025 USD 3,500,000 3,385,931 0.47 ADT 2.25 15/07/2017 USD 700,000 694,890 0.10 Alabama Power 3.55 01/12/2023 USD 1,685,000 1,726,057 0.24 Altria Group 4.00 31/01/2024 USD 3,300,000 3,357,123 0.47 American Express 6.15 28/08/2017 USD 2,065,000 2,260,878 0.31 American International Group 6.40 15/12/2020 USD 170,000 202,341 0.03 Ameriprise Financial 5.30 15/03/2020 USD 2,450,000 2,770,930 0.38 Amgen 4.00 13/09/2029 GBP 2,000,000 3,177,014 0.44 Anadarko Petroleum 6.95 15/06/2019 USD 900,000 1,046,339 0.15 Anadarko Petroleum 6.45 15/09/2036 USD 1,400,000 1,620,360 0.22 Anheuser-Busch InBev Worldwide 4.38 15/02/2021 USD 450,000 490,770 0.07 Anheuser-Busch InBev Worldwide 8.20 15/01/2039 USD 540,000 805,424 0.11 Anthem 7.00 15/02/2019 USD 840,000 960,127 0.13 Apache 3.63 01/02/2021 USD 1,000,000 1,032,526 0.14 Apache 2.63 15/01/2023 USD 2,990,000 2,813,195 0.39 Archer-Daniels-Midland 1.75 23/06/2023 EUR 1,500,000 1,682,456 0.23 Arrow Electronics 3.00 01/03/2018 USD 550,000 559,048 0.08 AT&T 2.63 01/12/2022 USD 3,040,000 2,860,859 0.40

MGI Funds plc 171 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) United States of America (2014: 38.89%) (continued) AT&T 2.50 15/03/2023 EUR 300,000 347,906 0.05 AT&T 3.40 15/05/2025 USD 2,200,000 2,102,494 0.29 AT&T 5.35 01/09/2040 USD 1,000,000 987,884 0.14 AT&T 4.80 15/06/2044 USD 600,000 561,010 0.08 AvalonBay Communities 2.95 15/09/2022 USD 2,900,000 2,835,141 0.39 AvalonBay Communities 3.45 01/06/2025 USD 736,000 725,239 0.10 Bank of America 7.75 30/04/2018 GBP 1,500,000 2,732,949 0.38 Bank of America 2.50 27/07/2020 EUR 400,000 473,454 0.07 Bank of America 6.13 15/09/2021 GBP 200,000 369,520 0.05 Bank of America 3.30 11/01/2023 USD 300,000 295,939 0.04 Bank of America 5.88 07/02/2042 USD 1,430,000 1,655,075 0.23 Bank of America 4.88 01/04/2044 USD 1,050,000 1,070,651 0.15 Bear Stearns 7.25 01/02/2018 USD 1,150,000 1,303,215 0.18 Berkshire Hathaway 4.50 11/02/2043 USD 800,000 803,955 0.11 Berkshire Hathaway Energy 3.75 15/11/2023 USD 3,200,000 3,280,733 0.46 Boston Properties 3.85 01/02/2023 USD 2,880,000 2,953,716 0.41 Bristol-Myers Squibb 2.00 01/08/2022 USD 1,900,000 1,807,056 0.25 Burlington Northern Santa Fe 4.70 01/10/2019 USD 370,000 408,229 0.06 Burlington Northern Santa Fe 3.00 15/03/2023 USD 1,900,000 1,859,418 0.26 Cameron International 6.38 15/07/2018 USD 700,000 779,262 0.11 Capital One Bank 1.15 21/11/2016 USD 800,000 797,442 0.11 Capital One Financial 4.75 15/07/2021 USD 3,690,000 4,035,816 0.56 Capital One Financial 3.50 15/06/2023 USD 500,000 492,946 0.07 Cigna 4.00 15/02/2022 USD 1,100,000 1,135,143 0.16 Cigna 5.38 15/02/2042 USD 800,000 861,970 0.12 Cisco Systems 4.45 15/01/2020 USD 2,580,000 2,822,695 0.39 Cisco Systems 5.90 15/02/2039 USD 600,000 718,067 0.10 Citigroup 8.50 22/05/2019 USD 530,000 646,989 0.09 Citigroup 8.13 15/07/2039 USD 150,000 215,986 0.03 Citigroup 4.95 07/11/2043 USD 2,690,000 2,799,553 0.39 Comcast 5.70 01/07/2019 USD 1,770,000 2,013,764 0.28 Comcast 5.50 23/11/2029 GBP 630,000 1,195,295 0.17 Comcast 6.95 15/08/2037 USD 320,000 416,823 0.06 Comcast 4.75 01/03/2044 USD 1,700,000 1,729,809 0.24 Commonwealth Edison 3.70 01/03/2045 USD 355,000 319,567 0.04 Continental Airlines 2007-1 Class A Pass Through Trust 5.98 19/04/2022 USD 606,383 676,117 0.09 CSX 6.25 15/03/2018 USD 1,000,000 1,121,410 0.16 CSX 3.70 30/10/2020 USD 1,175,000 1,241,386 0.17 CVS Health 2.25 05/12/2018 USD 540,000 547,104 0.08 CVS Health 4.13 15/05/2021 USD 1,190,000 1,274,505 0.18 CVS Health 6.25 01/06/2027 USD 190,000 230,033 0.03 CVS Health 6.13 15/09/2039 USD 2,800,000 3,319,056 0.46 Delta Air Lines 2007-1 Class A Pass Through Trust 6.82 10/08/2022 USD 453,843 520,785 0.07 Devon Energy 2.25 15/12/2018 USD 1,000,000 1,003,518 0.14 Devon Energy 7.95 15/04/2032 USD 2,000,000 2,605,484 0.36 Discovery Communications 5.63 15/08/2019 USD 1,540,000 1,723,557 0.24 Dow Chemical 8.55 15/05/2019 USD 820,000 1,000,616 0.14 Dow Chemical 4.13 15/11/2021 USD 1,000,000 1,050,313 0.15 Dow Chemical 4.63 01/10/2044 USD 1,400,000 1,311,845 0.18 Duke Energy 2.10 15/06/2018 USD 1,630,000 1,647,164 0.23 Duke Energy Carolinas 4.25 15/12/2041 USD 500,000 493,075 0.07 Eastman Chemical 2.40 01/06/2017 USD 1,280,000 1,301,679 0.18 Eastman Chemical 3.60 15/08/2022 USD 1,740,000 1,761,513 0.24 Eastman Chemical 4.65 15/10/2044 USD 1,250,000 1,188,846 0.16 EI du Pont de Nemours & Co 5.75 15/03/2019 USD 1,340,000 1,520,010 0.21 EMC 1.88 01/06/2018 USD 1,600,000 1,603,778 0.22 Enterprise Products Operating 5.25 31/01/2020 USD 965,000 1,072,873 0.15

MGI Funds plc 172 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) United States of America (2014: 38.89%) (continued) Enterprise Products Operating 5.10 15/02/2045 USD 1,700,000 1,659,707 0.23 EOG Resources 3.90 01/04/2035 USD 1,200,000 1,138,277 0.16 ERP Operating 4.63 15/12/2021 USD 1,620,000 1,769,613 0.25 FedEx 2.70 15/04/2023 USD 755,000 725,823 0.10 FedEx 4.00 15/01/2024 USD 1,000,000 1,039,081 0.14 Fiserv 3.13 01/10/2015 USD 485,000 487,609 0.07 Florida Power & Light 3.25 01/06/2024 USD 2,500,000 2,526,310 0.35 Ford Motor Credit 8.13 15/01/2020 USD 750,000 916,778 0.13 General Electric Capital 4.63 07/01/2021 USD 450,000 495,815 0.07 General Electric Capital 5.50 07/06/2021 GBP 525,000 956,783 0.13 General Electric Capital 6.75 15/03/2032 USD 500,000 650,185 0.09 General Electric Capital 5.88 14/01/2038 USD 2,000,000 2,396,850 0.33 General Mills 2.10 16/11/2020 EUR 1,988,000 2,323,625 0.32 Genzyme 5.00 15/06/2020 USD 860,000 972,362 0.13 Georgia-Pacific 5.40 01/11/2020 USD 1,400,000 1,564,615 0.22 Gilead Sciences 4.50 01/04/2021 USD 2,500,000 2,744,997 0.38 Gilead Sciences 4.40 01/12/2021 USD 2,000,000 2,186,112 0.30 GlaxoSmithKline Capital 2.80 18/03/2023 USD 800,000 784,918 0.11 Goldman Sachs Group 5.25 27/07/2021 USD 350,000 388,987 0.05 Goldman Sachs Group 6.13 15/02/2033 USD 1,935,000 2,312,267 0.32 Goldman Sachs Group 4.80 08/07/2044 USD 1,000,000 989,428 0.14 Halliburton 6.70 15/09/2038 USD 650,000 811,182 0.11 Halliburton 4.50 15/11/2041 USD 900,000 896,043 0.12 Halliburton 4.75 01/08/2043 USD 500,000 514,934 0.07 Hewlett-Packard 3.30 09/12/2016 USD 1,000,000 1,026,833 0.14 Hewlett-Packard 2.60 15/09/2017 USD 500,000 509,313 0.07 Home Depot 2.70 01/04/2023 USD 2,300,000 2,253,952 0.31 Home Depot 5.88 16/12/2036 USD 2,890,000 3,485,256 0.48 Home Depot 4.88 15/02/2044 USD 950,000 1,018,590 0.14 International Business Machines 3.38 01/08/2023 USD 2,230,000 2,243,070 0.31 International Paper 7.95 15/06/2018 USD 400,000 467,355 0.06 Intuit 5.75 15/03/2017 USD 1,500,000 1,605,578 0.22 Jabil Circuit 4.70 15/09/2022 USD 400,000 405,500 0.06 Jefferies Group 5.13 13/04/2018 USD 1,680,000 1,786,278 0.25 JM Smucker 3.50 15/03/2025 USD 3,600,000 3,534,062 0.49 Johns Hopkins University 4.08 01/07/2053 USD 350,000 332,642 0.05 Johnson & Johnson 4.38 05/12/2033 USD 570,000 605,152 0.08 Johnson & Johnson 5.95 15/08/2037 USD 3,050,000 3,860,659 0.54 Johnson & Johnson 4.50 05/12/2043 USD 570,000 608,824 0.08 JPMorgan Chase & Co 4.50 24/01/2022 USD 3,240,000 3,475,185 0.48 JPMorgan Chase & Co 5.40 06/01/2042 USD 170,000 188,246 0.03 JPMorgan Chase & Co 4.85 01/02/2044 USD 2,280,000 2,361,391 0.33 KeyCorp 5.10 24/03/2021 USD 2,480,000 2,754,943 0.38 Kimberly-Clark 6.63 01/08/2037 USD 2,800,000 3,678,279 0.51 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 1,415,000 1,404,403 0.19 Kinder Morgan Energy Partners 6.85 15/02/2020 USD 220,000 254,297 0.04 Kraft Heinz Foods 2.00 30/06/2023 EUR 2,200,000 2,432,684 0.34 Kroger 2.30 15/01/2019 USD 230,000 231,051 0.03 Kroger 3.30 15/01/2021 USD 1,200,000 1,226,345 0.17 Laboratory of America Holdings 3.75 23/08/2022 USD 2,690,000 2,724,811 0.38 LG&E and KU Energy 3.75 15/11/2020 USD 1,200,000 1,255,298 0.17 Lincoln National 6.25 15/02/2020 USD 1,070,000 1,239,313 0.17 Lorillard Tobacco 2.30 21/08/2017 USD 1,550,000 1,556,247 0.22 Lowe's 3.13 15/09/2024 USD 3,542,000 3,535,869 0.49 Magellan Midstream Partners 5.15 15/10/2043 USD 1,700,000 1,725,510 0.24 Markel 4.90 01/07/2022 USD 1,000,000 1,072,865 0.15 Maxim Integrated Products 2.50 15/11/2018 USD 1,295,000 1,306,197 0.18

MGI Funds plc 173 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) United States of America (2014: 38.89%) (continued) Medtronic 4.63 15/03/2045 USD 2,500,000 2,537,012 0.35 Merck & Co 3.88 15/01/2021 USD 1,080,000 1,158,718 0.16 MetLife 7.72 15/02/2019 USD 1,030,000 1,230,533 0.17 MetLife 4.37 15/09/2023 USD 1,200,000 1,277,736 0.18 Microsoft 5.20 01/06/2039 USD 3,500,000 3,928,956 0.54 Monsanto 2.85 15/04/2025 USD 845,000 777,879 0.11 Morgan Stanley 5.50 24/07/2020 USD 750,000 841,667 0.12 Morgan Stanley 3.70 23/10/2024 USD 605,000 603,256 0.08 Morgan Stanley 6.38 24/07/2042 USD 1,900,000 2,337,773 0.32 National Oilwell Varco 1.35 01/12/2017 USD 1,700,000 1,682,269 0.23 NBCUniversal Media 2.88 15/01/2023 USD 1,950,000 1,895,613 0.26 NiSource Finance 5.45 15/09/2020 USD 1,000,000 1,127,409 0.16 NiSource Finance 4.80 15/02/2044 USD 195,000 199,603 0.03 Noble Energy 8.25 01/03/2019 USD 1,355,000 1,615,720 0.22 Norfolk Southern 5.90 15/06/2019 USD 1,850,000 2,101,478 0.29 Novartis Capital 3.40 06/05/2024 USD 1,600,000 1,626,694 0.23 Novartis Capital 4.40 06/05/2044 USD 3,300,000 3,416,091 0.47 NYU Hospitals Center 5.75 01/07/2043 USD 1,450,000 1,658,816 0.23 ONEOK Partners 3.38 01/10/2022 USD 3,450,000 3,178,864 0.44 Oracle 5.75 15/04/2018 USD 1,020,000 1,135,276 0.16 Oracle 2.50 15/10/2022 USD 500,000 482,280 0.07 Pfizer 6.20 15/03/2019 USD 910,000 1,041,428 0.14 Pfizer 3.00 15/06/2023 USD 1,000,000 997,432 0.14 Philip Morris International 2.88 30/05/2024 EUR 2,050,000 2,501,522 0.35 Pioneer Natural Resources 6.65 15/03/2017 USD 1,000,000 1,081,865 0.15 Prologis 1.38 13/05/2021 EUR 1,600,000 1,740,551 0.24 Prologis 3.38 20/02/2024 EUR 1,250,000 1,503,526 0.21 Qwest 6.75 01/12/2021 USD 590,000 652,066 0.09 Realty Income 5.95 15/09/2016 USD 1,050,000 1,105,985 0.15 Realty Income 5.75 15/01/2021 USD 300,000 337,872 0.05 Reliance Holdings 4.50 19/10/2020 USD 1,280,000 1,357,330 0.19 Reliance Holdings 4.50 19/10/2020 USD 1,600,000 1,696,662 0.24 Roche Holdings 7.00 01/03/2039 USD 2,600,000 3,636,311 0.50 Roper Industries 2.05 01/10/2018 USD 1,700,000 1,697,018 0.24 Ryder System 2.65 02/03/2020 USD 2,782,000 2,780,534 0.39 SABMiller Holdings 3.75 15/01/2022 USD 2,810,000 2,905,961 0.40 Simon Property Group 6.13 30/05/2018 USD 1,120,000 1,258,928 0.17 Simon Property Group 3.75 01/02/2024 USD 1,900,000 1,948,349 0.27 Starbucks 2.00 05/12/2018 USD 1,530,000 1,555,716 0.22 State Street 3.70 20/11/2023 USD 2,000,000 2,068,202 0.29 SunTrust Bank 2.75 01/05/2023 USD 1,700,000 1,638,659 0.23 Target 4.00 01/07/2042 USD 3,900,000 3,694,271 0.51 Time Warner 4.70 15/01/2021 USD 1,580,000 1,709,449 0.24 Union Pacific 3.65 15/02/2024 USD 1,759,000 1,812,693 0.25 Union Pacific 4.15 15/01/2045 USD 500,000 479,572 0.07 United Technologies 6.13 01/02/2019 USD 1,150,000 1,314,589 0.18 United Technologies 6.13 15/07/2038 USD 2,950,000 3,604,646 0.50 United Technologies 4.50 01/06/2042 USD 950,000 967,363 0.13 UnitedHealth Group 6.00 15/02/2018 USD 1,500,000 1,668,290 0.23 UnitedHealth Group 4.70 15/02/2021 USD 1,170,000 1,291,262 0.18 UnitedHealth Group 4.25 15/03/2043 USD 1,000,000 947,190 0.13 Verizon Communications 4.60 01/04/2021 USD 2,070,000 2,227,239 0.31 Verizon Communications 4.40 01/11/2034 USD 500,000 464,344 0.06 Verizon Communications 6.55 15/09/2043 USD 2,900,000 3,404,098 0.47 Verizon Communications 4.86 21/08/2046 USD 169,000 158,782 0.02 Verizon Communications 4.52 15/09/2048 USD 259,000 228,451 0.03 Verizon Communications 5.01 21/08/2054 USD 472,000 434,863 0.06

MGI Funds plc 174 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Corporate bonds (2014: 91.86%) (continued) United States of America (2014: 38.89%) (continued) Verizon Communications 4.67 15/03/2055 USD 558,000 487,452 0.07 Viacom 2.50 15/12/2016 USD 1,400,000 1,421,903 0.20 Viacom 2.50 01/09/2018 USD 1,900,000 1,921,246 0.27 Viacom 3.13 15/06/2022 USD 750,000 718,880 0.10 Wachovia 5.75 15/06/2017 USD 740,000 803,994 0.11 Wal-Mart Stores 7.55 15/02/2030 USD 690,000 979,291 0.14 Wal-Mart Stores 6.50 15/08/2037 USD 2,840,000 3,656,807 0.51 Wells Fargo & Co 4.60 01/04/2021 USD 1,810,000 1,984,323 0.28 Wells Fargo & Co 2.25 02/05/2023 EUR 200,000 233,622 0.03 Williams Partners 3.60 15/03/2022 USD 1,750,000 1,701,654 0.24 Wisconsin Public Service 4.75 01/11/2044 USD 1,000,000 1,081,440 0.15 Wm Wrigley Jr 3.38 21/10/2020 USD 1,505,000 1,552,740 0.22 WR Berkley 4.63 15/03/2022 USD 1,000,000 1,064,765 0.15 Xerox 6.75 01/02/2017 USD 800,000 862,078 0.12 Xylem 3.55 20/09/2016 USD 700,000 718,301 0.10 ––––––––––– ––––––– 315,218,331 43.74

Total corporate bonds 663,816,387 92.11

Government bonds (2014: 0.17%) United States of America (2014: 0.15%) United States Treasury Bond 3.00 15/11/2044 USD 570,000 557,665 0.08 United States Treasury Bond 2.50 15/02/2045 USD 200,000 176,058 0.02 United States Treasury Note 0.88 15/06/2017 USD 5,000 5,023 - United States Treasury Note 2.00 15/02/2025 USD 200,000 194,328 0.03 United States Treasury Note 2.13 15/05/2025 USD 300,000 294,586 0.04 ––––––––––– ––––––– Total government bonds 1,227,660 0.17

Mortgage backed securities (2014: 3.28%) United States of America (2014: 3.28%) CD 2007-CD4 Commercial Mortgage Trust 5.32 11/12/2049 USD 1,500,000 1,564,036 0.22 Citigroup Commercial Mortgage Trust 2007-C6 5.71 10/12/2049 USD 2,300,000 2,462,244 0.34 Citigroup Commercial Mortgage Trust 2013-GC17 2.96 10/11/2046 USD 1,300,000 1,344,492 0.19 COMM 2013-CCRE11 Mortgage Trust 3.98 10/10/2046 USD 2,300,000 2,454,554 0.34 COMM 2014-CCRE15 Mortgage Trust 2.93 10/02/2047 USD 3,000,000 3,098,658 0.43 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8 5.40 15/05/2045 USD 1,357,354 1,400,488 0.19 JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 3.14 15/06/2045 USD 633,512 652,777 0.09 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 3.07 15/12/2046 USD 1,500,000 1,557,650 0.22 ML-CFC Commercial Mortgage Trust 2006-3 5.41 12/07/2046 USD 636,652 656,876 0.09 ML-CFC Commercial Mortgage Trust 2006-4 5.17 12/12/2049 USD 1,312,362 1,364,724 0.19 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 2.86 15/12/2048 USD 800,000 797,987 0.11 Wachovia Bank Commercial Mortgage Trust Series 2005-C22 5.45 15/12/2044 USD 432,778 433,451 0.06 Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.90 15/05/2043 USD 3,150,000 3,232,692 0.45 Wachovia Bank Commercial Mortgage Trust Series 2006-C27 5.77 15/07/2045 USD 1,147,076 1,179,443 0.16 ––––––––––– ––––––– Total mortgage backed securities 22,200,072 3.08

Municipal Bonds (2014: 0.88%) United States of America (2014: 0.88%) Bay Area Toll Authority 6.92 01/04/2040 USD 500,000 650,055 0.09 Los Angeles Department of Water & Power 6.57 01/07/2045 USD 500,000 656,515 0.09 Maryland State Transportation Authority 5.89 01/07/2043 USD 560,000 701,042 0.10 Missouri Highway & Transportation Commission 5.45 01/05/2033 USD 300,000 352,944 0.05 New Jersey State Turnpike Authority 7.41 01/01/2040 USD 500,000 699,880 0.09 Port Authority of New York & New Jersey 5.65 01/11/2040 USD 600,000 710,982 0.10

MGI Funds plc 175 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Transferable securities (2014: 96.19%) (continued) Municipal Bonds (2014: 0.88%) (continued) United States of America (2014: 0.88%) (continued) Port Authority of New York & New Jersey 4.96 01/08/2046 USD 750,000 845,610 0.12 Port Authority of New York & New Jersey 4.93 01/10/2051 USD 800,000 869,088 0.12 State of California 7.63 01/03/2040 USD 500,000 732,815 0.10 ––––––––––– ––––––– Total municipal bonds 6,218,931 0.86

Total bonds 693,463,050 96.22

Total transferable securities 693,463,050 96.22

Financial derivative instruments (2014: 1.89%) Open forward foreign currency contracts (2014: 1.55%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

EUR 8* 171,993,158 USD 189,061,064 07/07/2015 2,585,984 0.36 GBP 8* 348,441,362 USD 532,904,394 07/07/2015 15,069,578 2.09 USD 2* 4,014,404 EUR 3,557,090 14/08/2015 48,819 0.01 USD 3* 24,737,576 GBP 15,579,653 14/08/2015 242,745 0.03 ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 17,947,126 2.49

Futures contracts (2014: Nil)

No. of Maturity contracts Unrealised % of date Currency long/(short) gain US$ Net assets

Long Gilt Futures 7* 28/09/2015 GBP (20) 33,499 - ––––––––––– ––––––– Unrealised gain on futures contracts 33,499 -

Interest rate swaps (2014: 0.34%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

EUR 6 Month Euribor 5* Fixed 0.63% 17/03/2025 EUR 1,000,000 54,174 0.01 Fixed 0.40% 4* EUR 6 Month Euribor 02/12/2019 EUR 1,700,000 974 - Fixed 0.43% 4* USD 3 Month Libor 12/11/2015 USD 3,000,000 1,727 - Fixed 0.45% 4* EUR 6 Month Euribor 05/03/2016 EUR 620,000 2,472 - Fixed 0.49% 4* EUR 6 month Libor 29/04/2016 EUR 1,000,000 4,517 - Fixed 0.51% 4* EUR 6 month Libor 15/01/2016 EUR 750,000 3,284 - Fixed 0.56% 4* EUR 6 month Libor 07/10/2015 EUR 4,040,000 23,112 - Fixed 0.59% 4* EUR 6 month Libor 07/03/2017 EUR 500,000 5,217 - Fixed 0.65% 4* EUR 6 month Libor 30/01/2017 EUR 1,500,000 17,936 - Fixed 0.76% 5* EUR 6 month Libor 04/10/2016 EUR 2,700,000 41,453 0.01 Fixed 0.77% 4* EUR 6 month Libor 29/04/2018 EUR 600,000 11,287 - Fixed 0.78% 5* USD 3 Month Libor 03/10/2016 USD 11,500,000 39,709 0.01 Fixed 0.82% 5* USD 3 Month Libor 04/03/2017 USD 4,000,000 13,415 - Fixed 0.83% 5* USD 3 Month Libor 07/03/2017 USD 1,600,000 5,658 - Fixed 0.85% 4* USD 3 Month Libor 30/01/2017 USD 2,500,000 12,633 - Fixed 0.96% 5* USD 3 Month Libor 12/05/2017 USD 1,000,000 3,209 - Fixed 0.98% 5* EUR 6 Month Euribor 10/07/2021 EUR 3,500,000 105,647 0.01 Fixed 1.00% 4* GBP 6 month Libor 28/01/2016 GBP 1,000,000 4,411 - Fixed 1.02% 5* USD 3 Month Libor 07/07/2017 USD 3,900,000 27,016 -

MGI Funds plc 176 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.08%) (continued) Financial derivative instruments (2014: 1.89%) (continued) Interest rate swaps (2014: 0.34%) (continued) Fixed 1.04% 4* EUR 6 month Libor 14/02/2019 EUR 700,000 23,143 - Fixed 1.07% 6* EUR 6 Month Euribor 11/02/2018 EUR 1,190,000 35,518 - Fixed 1.10% 4* EUR 6 month Libor 13/11/2018 EUR 400,000 15,311 - Fixed 1.11% 5* USD 3 Month Libor 09/07/2017 USD 2,620,000 23,237 - Fixed 1.12% 4* EUR 6 month Libor 06/12/2018 EUR 1,060,000 41,356 0.01 Fixed 1.13% 6* EUR 6 Month Euribor 10/07/2018 EUR 1,000,000 41,605 0.01 Fixed 1.15% 5* EUR 6 Month Euribor 07/02/2018 EUR 1,300,000 42,100 0.01 Fixed 1.15% 5* USD 3 Month Libor 05/05/2018 USD 1,500,000 411 - Fixed 1.15% 4* EUR 6 Month Euribor 05/02/2018 EUR 1,500,000 48,600 0.01 Fixed 1.18% 5* USD 3 Month Libor 30/03/2018 USD 2,400,000 7,584 - Fixed 1.22% 5* USD 3 Month Libor 03/03/2018 USD 4,700,000 28,746 - Fixed 1.49% 5* EUR 6 Month Euribor 05/02/2020 EUR 1,600,000 94,872 0.01 Fixed 1.56% 4* USD 3 Month Libor 26/07/2018 USD 600,000 9,379 - Fixed 2.27% 5* EUR 6 Month Euribor 07/02/2028 EUR 230,000 29,618 - Fixed 2.36% 6* EUR 6 Month Euribor 11/02/2033 EUR 130,000 18,121 - Fixed 2.69% 4* EUR 6 month Libor 13/11/2038 EUR 100,000 24,373 - Fixed 2.70% 3* EUR 6 Month Euribor 03/09/2033 EUR 200,000 45,613 0.01 Fixed 2.83% 5* USD 3 Month Libor 05/08/2023 USD 300,000 16,426 - Fixed 2.95% 6* USD 3 Month Libor 03/04/2038 USD 350,000 7,991 - Fixed 2.97% 6* USD 3 Month Libor 19/02/2038 USD 850,000 25,497 - Fixed 3.00% 5* USD 3 Month Libor 03/06/2029 USD 3,200,000 136,190 0.02 Fixed 3.05% 4* USD 3 Month Libor 24/05/2043 USD 240,000 7,726 - Fixed 3.17% 5* USD 3 Month Libor 03/06/2034 USD 2,500,000 146,355 0.03 Fixed 3.21% 5* USD 3 Month Libor 05/03/2029 USD 600,000 46,150 0.01 Fixed 3.24% 4* GBP 6 month Libor 05/03/2034 GBP 200,000 42,796 0.01 Fixed 3.25% 4* GBP 6 month Libor 25/11/2033 GBP 300,000 61,419 0.01 Fixed 3.26% 5* GBP 6 month Libor 07/07/2039 GBP 300,000 83,412 0.01 Fixed 3.29% 4* USD 3 Month Libor 21/02/2029 USD 850,000 74,143 0.01 Fixed 3.30% 4* USD 3 Month Libor 21/11/2028 USD 500,000 39,912 0.01 Fixed 3.31% 4* USD 3 Month Libor 04/10/2028 USD 400,000 34,037 - Fixed 3.31% 4* GBP 6 month Libor 11/11/2033 GBP 100,000 22,140 - Fixed 3.32% 4* GBP 6 month Libor 30/09/2043 GBP 500,000 157,869 0.02 Fixed 3.36% 4* GBP 6 month Libor 08/01/2034 GBP 170,000 42,446 0.01 Fixed 3.46% 5* USD 3 Month Libor 03/04/2034 USD 700,000 75,560 0.01 Fixed 3.47% 4* USD 3 Month Libor 05/11/2033 USD 1,300,000 138,455 0.03 Fixed 3.57% 4* USD 3 Month Libor 05/11/2038 USD 640,000 84,225 0.01 Fixed 3.63% 4* USD 3 Month Libor 04/10/2038 USD 1,100,000 157,850 0.03 GBP 6 Month Libor 6* Fixed 1.66% 08/04/2022 GBP 400,000 11,716 - GBP 6 Month Libor 6* Fixed 1.58% 07/02/2020 GBP 1,400,000 6,007 - GBP 6 Month Libor 6* Fixed 1.17% 07/02/2018 GBP 1,200,000 3,107 - USD 3 Month Libor 5* Fixed 2.06% 24/04/2025 USD 4,800,000 139,082 0.03 USD 3 Month Libor 5* Fixed 1.99% 09/04/2025 USD 800,000 27,458 - ––––––––––– ––––––– Interest rate swaps at positive fair value 2,495,407 0.35

Total financial derivative instruments at positive fair value 20,476,032 2.84

Total financial assets at fair value through profit or loss 713,939,082 99.06

MGI Funds plc 177 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

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 (2014: (0.66)%) Financial derivative instruments (2014: (0.66)%) Open forward foreign currency contracts (2014: (0.44)%) EUR 2* 11,050,000 GBP 8,074,909 11/09/2015 (368,897) (0.05) EUR 1* 13,673,722 USD 15,507,136 14/08/2015 (263,130) (0.04) EUR 2* 3,533,385 USD 4,000,000 11/09/2015 (59,206) (0.01) GBP 3* 787,807 USD 1,239,573 14/08/2015 (958) - USD 8* 158,052,791 EUR 143,798,349 07/07/2015 (2,177,590) (0.30) USD 8* 51,259,519 GBP 33,518,325 07/07/2015 (1,452,851) (0.20) USD 2* 16,100,000 GBP 10,393,487 11/09/2015 (237,577) (0.03) ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (4,560,209) (0.63)

Futures contracts (2014: Nil)

No. of Maturity contracts Unrealised % of date Currency long/(short) loss US$ Net assets

US Long Bond Futures 7* 21/09/2015 USD 34 (48,344) (0.01) ––––––––––– ––––––– Unrealised loss on futures contracts (48,344) (0.01)

Interest rate swaps (2014: (0.22)%)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

EUR 6 Month Euribor 4* Fixed 0.98% 26/06/2023 EUR (2,100,000) (7,616) - EUR 6 Month Euribor 4* Fixed 1.74% 04/07/2021 EUR (300,000) (26,518) - EUR 6 Month Euribor 5* Fixed 1.43% 10/07/2024 EUR (3,700,000) (185,509) (0.03) EUR 6 Month Libor 4* Fixed 1.96% 31/01/2024 EUR (300,000) (28,456) - EUR 6 Month Libor 4* Fixed 2.02% 04/12/2023 EUR (340,000) (35,624) - EUR 6 Month Libor 4* Fixed 1.83% 03/10/2021 EUR (500,000) (45,741) (0.01) EUR 6 Month Libor 4* Fixed 2.11% 03/10/2023 EUR (500,000) (58,723) (0.01) EUR 6 Month Libor 4* Fixed 1.57% 14/11/2020 EUR (1,000,000) (69,229) (0.01) EUR 6 Month Libor 4* Fixed 1.84% 05/12/2022 EUR (1,300,000) (116,056) (0.02) Fixed 0.80% 5*EUR 6 Month Euribor 27/04/2045 EUR (480,000) (120,827) (0.02) Fixed 1.55% 5*USD 3 Month Libor 24/04/2020 USD (4,400,000) (23,691) - GBP 6 Month Libor 4* Fixed 1.12% 02/10/2016 GBP (300,000) (1,760) - GBP 6 Month Libor 6* Fixed 0.84% 04/02/2016 GBP (1,000,000) (1,903) - GBP 6 Month Libor 5* Fixed 0.85% 05/02/2016 GBP (1,300,000) (2,495) - GBP 6 Month Libor 4* Fixed 1.00% 11/09/2023 GBP (110,000) (12,440) - GBP 6 Month Libor 6* Fixed 2.11% 04/02/2023 GBP (1,000,000) (13,524) - GBP 6 Month Libor 4* Fixed 2.60% 21/02/2022 GBP (200,000) (14,972) - GBP 6 Month Libor 4* Fixed 2.28% 12/11/2020 GBP (400,000) (16,828) - GBP 6 Month Libor 4* Fixed 2.20% 13/02/2023 GBP (750,000) (20,278) - GBP 6 Month Libor 4* Fixed 2.41% 29/01/2021 GBP (400,000) (24,147) - GBP 6 Month Libor 5* Fixed 2.15% 05/02/2023 GBP (1,400,000) (32,853) - GBP 6 Month Libor 4* Fixed 2.35% 04/02/2021 GBP (680,000) (36,988) (0.01) GBP 6 Month Libor 4* Fixed 3.11% 29/01/2028 GBP (300,000) (46,808) (0.01) GBP 6 Month Libor 4* Fixed 3.14% 28/01/2028 GBP (300,000) (48,351) (0.01) GBP 6 Month Libor 4* Fixed 3.08% 02/10/2028 GBP (500,000) (73,352) (0.01) GBP 6 Month Libor 4* Fixed 2.86% 07/03/2024 GBP (800,000) (83,443) (0.01) GBP 6 Month Libor 4* Fixed 2.73% 10/10/2023 GBP (1,000,000) (84,732) (0.01) GBP 6 Month Libor 6* Fixed 3.19% 07/02/2043 GBP (380,000) (99,773) (0.01) GBP 6 Month Libor 4* Fixed 3.21% 10/01/2029 GBP (660,000) (119,343) (0.02) GBP 6 Month Libor 4* Fixed 3.27% 06/03/2032 GBP (600,000) (124,361) (0.02) GBP 6 Month Libor 4* Fixed 3.30% 02/06/2032 GBP (650,000) (133,821) (0.02) GBP 6 Month Libor 5* Fixed 2.81% 13/06/2024 GBP (1,600,000) (146,741) (0.02) GBP 6 Month Libor 4* Fixed 3.28% 24/10/2043 GBP (530,000) (158,124) (0.02)

MGI Funds plc 178 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 30 June 2015 (continued)

Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets

Financial liabilities at fair value through profit or loss (2014: (0.66)%) (continued) Financial derivative instruments (2014: (0.66)%) (continued) Interest rate swaps (2014: (0.22)%) (continued) GBP 6 Month Libor 4* Fixed 3.27% 20/03/2032 GBP (900,000) (184,070) (0.03) USD 3 Month Libor 4* Fixed 0.98% 11/02/2018 USD (6,600,000) (1,056) - USD 3 Month Libor 5* Fixed 1.69% 12/02/2020 USD (900,000) (5,933) - USD 3 Month Libor 4* Fixed 1.57% 14/11/2018 USD (1,200,000) (11,065) - USD 3 Month Libor 4* Fixed 1.54% 12/11/2018 USD (1,500,000) (12,432) - USD 3 Month Libor 4* Fixed 1.64% 31/01/2019 USD (1,800,000) (26,312) - USD 3 Month Libor 4* Fixed 1.56% 07/08/2018 USD (2,200,000) (32,483) - USD 3 Month Libor 5* Fixed 1.58% 03/10/2018 USD (5,150,000) (59,573) (0.01) USD 3 Month Libor 5* Fixed 3.05% 07/11/2044 USD (6,100,000) (209,879) (0.04) ––––––––––– ––––––– Interest rate swaps at negative fair value (2,557,830) (0.35) Total financial derivative instruments at negative fair value (7,166,383) (0.99) Total financial liabilities at fair value through profit or loss (7,166,383) (0.99) Total financial derivative instruments 13,309,649 1.85

Total investments at fair value through profit and loss 706,772,699 98.07 Cash (2014: 1.36%) 8,081,186 1.12 Net current assets (2014: 1.22%) 5,864,704 0.81 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares (at last traded prices) 720,718,589 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Corporate bonds Cayman Islands 1.18% Jersey 0.82% Government bonds Germany 0.02% Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 94.88 OTC financial derivative instruments 2.80 Other current assets 2.32 ––––––– 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* Deutsche Bank 6* HSBC Bank 7* Royal Bank of Scotland 8* State Street Bank Country classifications are based upon country of incorporation and/or country of domicile.

Coca Cola Company, 3.15% November 2020 (Principal 315,000) and Mastercard Inc 2% 04/2019 (Principal 330,000) are pledged by Deutsche Bank and held by the Sub-Fund in respect of OTC derivative financial instruments.

MGI Funds plc 179 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.41%) Australia (2014: 3.09%) (continued) Transferable securities (2014: 98.22%) Telstra 80,577 380,259 0.07 Equities (2014: 98.22%) Transurban Group 34,613 247,413 0.04 Australia (2014: 3.09%) Treasury Wine Estates 21,548 82,643 0.02 AGL Energy 14,578 174,232 0.03 Wesfarmers 17,803 534,062 0.10 Alumina 79,670 93,689 0.02 Westfield REIT 40,969 287,178 0.05 Amcor 20,549 216,693 0.04 Westpac Banking 49,772 1,229,890 0.22 AMP 44,034 203,744 0.04 Woodside Petroleum 14,234 374,485 0.07 APA Group 16,337 103,467 0.02 Woolworths 21,784 451,396 0.08 Asciano 15,807 80,793 0.01 WorleyParsons 4,463 35,709 0.01 ASX 2,526 77,465 0.01 ––––––––––– ––––––– Aurizon Holdings 45,556 179,624 0.03 14,431,419 2.59 AusNet Services 8,492 9,105 - Austria (2014: 0.11%) Australia & New Zealand Banking Group 44,842 1,109,791 0.20 ANDRITZ 1,194 66,052 0.01 Bank of Queensland 14,550 142,809 0.03 Erste Group Bank 2,848 80,838 0.02 Bendigo & Adelaide Bank 7,063 66,555 0.01 OMV 1,872 51,477 0.01 BHP Billiton 51,259 1,065,707 0.19 Raiffeisen Bank International 464 6,747 - Boral 22,501 101,171 0.02 Voestalpine 1,896 78,861 0.01 Brambles 23,565 191,988 0.03 ––––––––––– ––––––– Caltex Australia 4,323 105,827 0.02 283,975 0.05 CIMIC 361 6,035 - Belgium (2014: 0.50%) Coca-Cola Amatil 7,681 54,018 0.01 Ageas 2,837 109,228 0.02 Cochlear 137 8,440 - Anheuser-Busch InBev 12,981 1,554,819 0.28 Commonwealth Bank of Australia 26,532 1,736,013 0.31 Colruyt 1,311 58,670 0.01 Computershare 6,526 58,736 0.01 Delhaize Group 1,105 91,182 0.02 Crown Resorts 4,859 45,562 0.01 Groupe Bruxelles Lambert 1,768 142,227 0.03 CSL 8,398 558,138 0.10 KBC Groep 4,600 307,212 0.05 Dexus Property Group REIT 13,426 75,330 0.01 Proximus 2,381 84,018 0.01 Federation Centres REIT 37,812 84,862 0.02 Solvay 1,153 158,528 0.03 Flight Centre Travel Group 1,584 41,528 0.01 Telenet Group Holding 151 8,208 - Fortescue Metals Group 18,377 26,978 0.01 UCB 1,542 110,628 0.02 Goodman Group REIT 20,251 97,592 0.02 Umicore 1,500 71,080 0.01 GPT Group REIT 20,964 68,963 0.01 ––––––––––– ––––––– Harvey Norman Holdings 673 2,333 - 2,695,800 0.48 Iluka Resources 898 5,301 - Bermuda (2014: 0.20%) Incitec Pivot 26,392 78,097 0.01 Arch Capital Group 1,368 91,601 0.02 Insurance Australia Group 36,460 156,369 0.03 Axis Capital Holdings 1,718 91,690 0.02 Lend Lease Group 6,980 80,633 0.01 Everest Re Group 949 172,727 0.03 Macquarie Group 5,287 330,776 0.06 Marvell Technology Group 4,221 55,654 0.01 Medibank Private 80,570 124,471 0.02 Nabors Industries 3,720 53,680 0.01 Mirvac Group REIT 43,891 62,409 0.01 PartnerRe 652 83,782 0.01 National Australia Bank 44,683 1,143,977 0.21 RenaissanceRe Holdings 1,101 111,762 0.02 Newcrest Mining 9,423 94,298 0.02 Seadrill 4,782 49,659 0.01 Orica 4,686 76,643 0.01 Signet Jewelers 1,067 136,832 0.02 Origin Energy 12,886 118,553 0.02 ––––––––––– ––––––– Qantas Airways 1,504 3,653 - 847,387 0.15 QBE Insurance Group 28,616 300,661 0.05 Canada (2014: 4.26%) Ramsay Health Care 1,841 86,980 0.02 Agnico Eagle Mines 2,234 63,453 0.01 REA Group 223 6,720 - Agrium 2,327 246,726 0.04 Rio Tinto 7,036 290,673 0.05 Alimentation Couche-Tard 7,096 303,688 0.06 Santos 15,155 91,205 0.02 AltaGas 2,515 76,631 0.01 Scentre Group REIT 76,597 220,772 0.04 ARC Resources 3,618 62,017 0.01 Seek 5,164 55,805 0.01 Atco 288 9,110 - Sonic Healthcare 4,191 68,837 0.01 Bank of Montreal 10,009 593,349 0.11 South32 (Australia) 51,259 70,522 0.01 Bank of Nova Scotia 19,637 1,014,055 0.18 South32 (UK) 35,289 47,729 0.01 Barrick Gold 20,989 224,441 0.04 Stockland REIT 48,423 152,593 0.03 Baytex Energy 1,594 24,808 - Suncorp Group 24,659 254,538 0.05 BCE 4,771 202,771 0.04 Sydney Airport 5,246 20,080 - BlackBerry 11,136 91,072 0.02 Tabcorp Holdings 2,638 9,225 - Bombardier 18,486 33,316 0.01 Tatts Group 24,369 69,676 0.01 Brookfield Asset Management 13,168 460,292 0.08

MGI Funds plc 180 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Canada (2014: 4.26%) (continued) (2014: 98.41%) (continued) Prairieski Royality 3,245 81,901 0.02 Transferable securities (2014: 98.22%) (continued) Restaurant Brands International 4,723 181,097 0.03 Equities (2014: 98.22%) (continued) RioCan Real Estate Investment Trust REIT 386 8,277 - Canada (2014: 4.26%) (continued) Rogers Communications 7,037 249,701 0.05 CAE 855 10,184 - Royal Bank of Canada 22,726 1,390,374 0.25 Cameco 5,335 76,364 0.01 Saputo 2,668 64,560 0.01 Canadian Imperial Bank of Commerce 7,146 526,999 0.10 Shaw Communications 9,518 207,369 0.04 Canadian National Railway 13,815 797,396 0.14 Silver Wheaton 4,342 75,297 0.01 Canadian Natural Resources 17,590 477,633 0.09 SNC-Lavalin Group 1,698 57,069 0.01 Canadian Oil Sands 4,905 39,682 0.01 Sun Life Financial 10,189 340,327 0.06 Canadian Pacific Railway 2,632 421,685 0.08 Suncor Energy 25,267 696,211 0.13 Canadian Tire 805 86,132 0.02 Teck Resources 7,435 73,728 0.01 Canadian Utilities 321 9,249 - Telus 2,095 72,208 0.01 Catamaran 3,785 231,414 0.04 Thomson Reuters 5,731 218,324 0.04 Cenovus Energy 12,493 199,836 0.04 Toronto-Dominion Bank 29,941 1,272,034 0.23 CGI Group 4,614 180,539 0.03 Tourmaline Oil 4,775 143,504 0.03 CI Financial 2,782 74,873 0.01 TransAlta 778 6,032 - Constellation Software 338 134,247 0.02 TransCanada 12,694 516,118 0.09 Constellation Software - Rights 338 68 - Turquoise Hill Resources 1,811 6,890 - Crescent Point Energy 5,441 111,701 0.02 Valeant Pharmaceuticals International 5,207 1,155,596 0.21 Dollarama 2,074 125,757 0.02 Vermilion Energy 1,191 51,467 0.01 Eldorado Gold 11,229 46,591 0.01 West Fraser Timber 1,838 101,039 0.02 Empire 932 65,672 0.01 Yamana Gold 5,761 17,351 - Enbridge 13,393 626,605 0.11 ––––––––––– ––––––– Encana 17,756 195,843 0.04 19,747,519 3.55 Enerplus 586 5,144 - Channel Islands (2014: 0.02%) Fairfax Financial Holdings 476 234,818 0.04 Randgold Resources 993 66,918 0.01 Finning International 4,019 75,619 0.01 ––––––––––– ––––––– First Capital Realty 452 6,473 - Denmark (2014: 0.59%) First Quantum Minerals 15,957 208,721 0.04 AP Moeller – Maersk – A 75 131,622 0.02 Fortis 5,710 160,444 0.03 AP Moeller – Maersk – B 144 260,673 0.05 Franco-Nevada 3,816 182,081 0.03 Carlsberg 2,160 195,988 0.03 George Weston 987 77,564 0.01 Coloplast 1,503 98,572 0.02 Gildan Activewear 2,424 80,557 0.02 Danske Bank 12,851 377,739 0.07 Goldcorp 14,781 239,986 0.04 DSV 1,923 62,269 0.01 Great-West Lifeco 3,170 92,323 0.02 ISS 2,997 98,836 0.02 H&R Real Estate Investment Trust REIT 598 10,749 - Novo Nordisk 32,166 1,751,635 0.31 Husky Energy 8,066 154,349 0.03 Novozymes 4,595 218,313 0.04 IGM Financial 1,633 52,033 0.01 Pandora 1,395 149,807 0.03 Imperial Oil 4,441 171,635 0.03 TDC 15,723 115,234 0.02 Industrial Alliance Insurance Tryg 35 729 - & Financial Services 2,163 72,784 0.01 Vestas Wind Systems 4,538 226,382 0.04 Intact Financial 1,542 107,197 0.02 William Demant Holding 40 3,050 - Inter Pipeline 8,507 195,563 0.04 ––––––––––– ––––––– Keyera 2,404 80,297 0.01 3,690,849 0.66 Kinross Gold 14,947 34,840 0.01 Finland (2014: 0.32%) Loblaw 3,193 161,332 0.03 Elisa 3,716 117,711 0.02 Magna International 7,120 399,785 0.07 Fortum 9,246 164,212 0.03 Manulife Financial 31,667 588,723 0.11 Kone 3,892 157,847 0.03 MEG Energy 2,506 40,949 0.01 Metso 2,121 58,230 0.01 Methanex 1,179 65,842 0.01 Neste Oil 550 14,009 - Metro 4,098 110,028 0.02 Nokia 62,820 426,264 0.08 National Bank of Canada 6,521 245,076 0.04 Nokian Renkaat 1,740 54,497 0.01 Onex 1,124 62,221 0.01 Orion 132 4,615 - Open Text 1,223 49,696 0.01 Sampo 7,053 332,019 0.06 Pembina Pipeline 5,367 173,548 0.03 Stora Enso 6,592 67,903 0.01 Peyto Exploration & Development 2,250 55,022 0.01 UPM-Kymmene 13,785 243,751 0.04 Potash of Saskatchewan 13,179 408,317 0.07 Wartsila 4,367 204,457 0.04 Power Financial 2,913 83,695 0.02 ––––––––––– ––––––– Power of Canada 8,968 229,435 0.04 1,845,515 0.33

MGI Funds plc 181 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss France (2014: 3.85%) (continued) (2014: 98.41%) (continued) Societe BIC 853 135,909 0.02 Transferable securities (2014: 98.22%) (continued) Societe Generale 12,783 596,347 0.11 Equities (2014: 98.22%) (continued) Sodexo 979 92,915 0.02 France (2014: 3.85%) Suez Environnement 3,708 68,933 0.01 Accor 3,219 162,366 0.03 Technip 928 57,406 0.01 Aeroports de Paris 567 64,028 0.01 Thales 1,056 63,724 0.01 Air Liquide 5,775 729,995 0.13 Total 35,254 1,711,430 0.31 Alcatel-Lucent 35,803 130,366 0.02 Unibail-Rodamco REIT 1,573 397,323 0.07 Alstom 2,603 73,812 0.01 Valeo 1,636 257,657 0.05 Arkema 641 46,159 0.01 Vallourec 1,184 24,168 - AtoS 1,082 80,749 0.02 Veolia Environnement 8,893 181,228 0.03 AXA 28,860 727,686 0.13 Vinci 7,111 411,049 0.07 BNP Paribas 17,222 1,039,071 0.19 Vivendi 19,958 503,117 0.09 Bollore 18,849 100,282 0.02 Wendel 407 49,860 0.01 Bouygues 3,672 137,203 0.03 Zodiac Aerospace 3,738 121,615 0.02 Bureau Veritas 2,893 66,595 0.01 ––––––––––– ––––––– Cap Gemini 1,843 162,984 0.03 19,279,854 3.46 Carrefour 11,468 366,974 0.07 Germany (2014: 3.70%) Casino Guichard Perrachon 661 50,044 0.01 Adidas 3,685 281,865 0.05 Christian Dior 1,009 196,852 0.04 Allianz 7,213 1,122,730 0.20 Cie de Saint-Gobain 6,288 282,135 0.05 Axel Springer 23 1,207 - Cie Generale des Etablissements Michelin 2,943 308,202 0.06 BASF 14,845 1,303,706 0.23 CNP Assurances 3,711 61,939 0.01 Bayer 13,519 1,891,143 0.34 Credit Agricole 13,779 204,803 0.04 Bayerische Motoren Werke 5,136 561,838 0.10 Danone 9,677 625,255 0.11 Bayerische Motoren Werke - Pref 753 63,705 0.01 Dassault Systemes 2,440 177,310 0.03 Beiersdorf 2,065 172,884 0.03 Edenred 2,794 69,001 0.01 Brenntag 1,671 95,754 0.02 Electricite de France 2,701 60,189 0.01 Commerzbank 18,722 239,161 0.04 Essilor International 3,445 410,711 0.07 Continental 1,808 427,572 0.08 Eurazeo 33 2,182 - Daimler 15,545 1,414,024 0.25 Eutelsat Communications 2,126 68,577 0.01 Deutsche Annington Immobilien 7,820 220,440 0.04 Fonciere Des Regions REIT 106 9,002 - Deutsche Bank 23,276 698,925 0.13 GDF Suez 23,559 436,791 0.08 Deutsche Boerse 4,319 357,308 0.06 Gecina REIT 1,158 142,636 0.03 Deutsche Lufthansa 2,589 33,361 0.01 Groupe Eurotunnel 6,106 88,375 0.02 Deutsche Post 14,910 435,336 0.08 Hermes International 489 182,305 0.03 Deutsche Telekom 53,077 913,688 0.16 ICADE REIT 121 8,637 - Deutsche Wohnen 4,027 92,228 0.02 Iliad 305 67,575 0.01 E.ON 32,719 435,643 0.08 Imerys 34 2,599 - Fraport Frankfurt Airport Services Worldwide 28 1,758 - JCDecaux 1,451 60,513 0.01 Fresenius 7,113 456,101 0.08 Kering 1,606 286,573 0.05 Fresenius Medical Care 3,200 263,985 0.05 Klepierre REIT 2,059 90,515 0.02 Fuchs Petrolub - Pref 1,414 59,687 0.01 L'Oreal 4,020 716,653 0.13 GEA Group 3,402 151,658 0.03 Lafarge 2,349 155,046 0.03 Hannover Rueck 627 60,632 0.01 Lagardere 1,926 56,138 0.01 HeidelbergCement 3,138 248,696 0.04 Legrand 4,765 267,369 0.05 Henkel 2,118 201,746 0.04 LVMH Moet Hennessy Louis Vuitton 4,726 827,506 0.15 Henkel - Pref 3,144 352,406 0.06 Natixis 15,242 109,623 0.02 Hugo Boss 845 94,385 0.02 Numericable 2,405 127,404 0.02 Infineon Technologies 19,228 238,447 0.04 Orange 29,571 455,012 0.08 K&S 2,221 93,504 0.02 Pernod Ricard 3,755 433,444 0.08 Kabel Deutschland Holding 67 8,958 - Peugeot 7,739 159,047 0.03 Lanxess 976 57,516 0.01 Publicis Groupe 3,344 247,101 0.04 Linde 3,162 598,575 0.11 Remy Cointreau 82 5,907 - MAN 534 54,971 0.01 Renault 3,300 343,492 0.06 Merck 2,447 243,690 0.04 Rexel 3,287 52,958 0.01 METRO 2,112 66,548 0.01 Safran 4,279 289,826 0.05 Muenchener Rueckversicherungs 3,038 538,205 0.10 Sanofi 19,483 1,915,510 0.34 OSRAM Licht 1,002 47,956 0.01 Schneider Electric 8,626 595,215 0.11 Porsche Automobil Holding - Pref 2,822 237,613 0.04 SCOR 1,955 68,931 0.01 ProSiebenSat.1 Media 2,905 143,388 0.03

MGI Funds plc 182 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Ireland (2014: 1.11%) (continued) (2014: 98.41%) (continued) Bank of Ireland 575,596 232,161 0.04 Transferable securities (2014: 98.22%) (continued) CRH 14,641 413,045 0.07 Equities (2014: 98.22%) (continued) Eaton 7,137 481,676 0.09 Germany (2014: 3.70%) (continued) Endo International 3,164 252,013 0.05 RWE 9,858 211,822 0.04 Experian 19,934 363,349 0.06 SAP 14,769 1,030,122 0.18 Ingersoll-Rand 5,302 357,461 0.06 Siemens 12,680 1,276,470 0.23 James Hardie Industries 5,415 72,085 0.01 Symrise 1,726 107,060 0.02 Jazz Pharmaceuticals 800 140,856 0.03 Telefonica Deutschland Holding 2,190 12,615 - Kerry Group 3,538 262,106 0.05 ThyssenKrupp 7,524 195,623 0.04 Mallinckrodt 2,172 255,688 0.05 TUI 8,904 144,234 0.03 Medtronic 23,106 1,712,155 0.31 United Internet 1,689 75,040 0.01 Pentair 2,278 156,612 0.03 Volkswagen 293 67,757 0.01 Perrigo 2,467 455,976 0.08 Volkswagen - Pref 2,710 628,052 0.11 Ryanair Holdings 258 3,398 - ––––––––––– ––––––– Seagate Technology 5,065 240,587 0.04 18,731,738 3.36 Shire 9,815 786,467 0.14 Hong Kong (2014: 1.14%) Tyco International 8,534 328,388 0.06 AIA Group 193,800 1,263,660 0.23 Weatherford International 11,070 135,829 0.02 ASM Pacific Technology 1,000 9,881 - Willis Group Holdings 2,022 94,832 0.02 Bank of East Asia 17,506 76,549 0.01 XL Group 5,322 197,978 0.04 BOC Hong Kong Holdings 78,000 325,983 0.06 ––––––––––– ––––––– Cathay Pacific Airways 34,000 83,591 0.02 9,975,679 1.79 Cheung Kong Infrastructure Holdings 11,000 85,346 0.02 Israel (2014: 0.18%) Cheung Kong Property Holdings 47,940 396,380 0.07 Bank Hapoalim 11,935 64,320 0.01 CK Hutchison Holdings 47,940 707,423 0.13 Bank Leumi Le-Israel 22,168 93,787 0.02 CLP Holdings 38,500 326,770 0.06 Bezeq The Israeli Telecommunication 5,542 9,446 - First Pacific 8,000 6,738 - Delek Group 4 1,180 - Galaxy Entertainment Group 43,000 170,834 0.03 Israel 3 1,059 - Hang Lung Properties 27,000 80,451 0.01 Israel Chemicals 6,425 44,912 0.01 Hang Seng Bank 11,900 232,549 0.04 Mizrahi Tefahot Bank 380 4,715 - Henderson Land Development 15,957 109,604 0.02 NICE-Systems 1,600 101,792 0.02 HKT Trust & HKT 67,260 78,950 0.01 Teva Pharmaceutical Industries 13,369 790,998 0.14 Hong Kong & China Gas 104,280 218,983 0.04 ––––––––––– ––––––– Hong Kong Exchanges and Clearing 19,243 679,116 0.12 1,112,209 0.20 Hysan Development 2,000 8,655 - Italy (2014: 0.99%) Kerry Properties 2,000 7,843 - Assicurazioni Generali 16,555 298,081 0.05 Li & Fung 66,000 52,357 0.01 Atlantia 7,961 196,562 0.04 Link REIT 38,500 225,710 0.04 Banca Monte dei Paschi di Siena 34,958 68,007 0.01 MTR 17,394 80,884 0.01 Banco Popolare 4,246 69,828 0.01 New World Development 71,957 94,488 0.02 Enel 99,242 449,379 0.08 Noble Group 81,663 46,093 0.01 Enel Green Power 27,005 52,746 0.01 NWS Holdings 3,111 4,518 - Eni 41,350 733,469 0.13 PCCW 15,500 9,237 - Exor 1,669 79,628 0.01 Power Assets Holdings 28,000 254,987 0.05 Finmeccanica 7,454 93,683 0.02 Shangri-La Asia 38,000 52,937 0.01 Intesa Sanpaolo 198,691 719,933 0.13 Sino Land 53,568 89,688 0.02 Intesa Sanpaolo - Pref 30,555 97,435 0.02 SJM Holdings 21,000 22,673 - Luxottica Group 3,241 215,403 0.04 Sun Hung Kai Properties 31,166 506,130 0.09 Mediobanca 6,999 68,586 0.01 Swire Pacific 8,000 100,664 0.02 Pirelli 3,787 63,883 0.01 Swire Properties 31,400 100,042 0.02 Prysmian 4,786 103,345 0.02 Techtronic Industries 32,000 105,256 0.02 Saipem 2,978 31,439 0.01 Wharf Holdings 25,000 166,397 0.03 Snam 26,282 124,982 0.02 Wheelock 16,000 82,038 0.01 Telecom Italia 77,361 78,912 0.01 Yue Yuen Industrial Holdings 500 1,667 - Telecom Italia - Rights 249,565 316,438 0.06 ––––––––––– ––––––– Terna Rete Elettrica Nazionale 33,028 145,874 0.03 6,865,072 1.23 UniCredit 70,024 470,075 0.08 Ireland (2014: 1.11%) Unione di Banche Italiane 10,091 80,896 0.02 Accenture 10,593 1,025,191 0.18 UnipolSai 3,144 7,784 - Alkermes 2,233 143,671 0.03 ––––––––––– ––––––– Allergan 6,143 1,864,155 0.33 4,566,368 0.82

MGI Funds plc 183 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 8.06%) (continued) (2014: 98.41%) (continued) GungHo Online Entertainment 900 3,501 - Transferable securities (2014: 98.22%) (continued) Hachijuni Bank 1,000 7,551 - Equities (2014: 98.22%) (continued) Hakuhodo DY Holdings 400 4,286 - Japan (2014: 8.06%) Hamamatsu Photonics KK 4,200 123,908 0.02 ABC-Mart 100 6,121 - Hankyu Hanshin Holdings 15,000 88,628 0.02 Acom 1,400 5,377 - Hino Motors 5,000 61,864 0.01 Advantest 600 6,247 - Hirose Electric 400 57,304 0.01 Aeon 6,800 96,555 0.02 Hiroshima Bank 1,000 5,982 - AEON Financial Service 300 8,336 - Hisamitsu Pharmaceutical 100 3,886 - Aeon Mall 2,200 41,244 0.01 Hitachi 82,000 540,658 0.10 Air Water 1,000 18,314 - Hitachi Chemical 500 9,022 - Aisin Seiki 2,500 106,444 0.02 Hitachi Construction Machinery 200 3,504 - Ajinomoto 7,000 151,681 0.03 Hitachi High-Technologies 100 2,815 - Amada 2,000 21,150 - Hitachi Metals 3,000 46,116 0.01 ANA Holdings 3,000 8,142 - Hokuhoku Financial Group 4,000 9,447 - Aozora Bank 46,000 173,677 0.03 Hokuriku Electric Power 12,400 184,837 0.03 Asahi Glass 14,000 84,093 0.02 Honda Motor 27,300 883,823 0.16 Asahi Group Holdings 6,200 197,225 0.04 Hoya 9,100 364,922 0.07 Asahi Kasei 28,000 230,082 0.04 Hulic 5,500 48,813 0.01 Asics 700 18,106 - Ibiden 100 1,692 - Astellas Pharma 35,100 500,691 0.09 Idemitsu Kosan 5,000 98,190 0.02 Bandai Namco Holdings 2,900 56,121 0.01 IHI 13,000 60,557 0.01 Bank of Kyoto 8,000 92,183 0.02 Iida Group Holdings 600 9,562 - Bank of Yokohama 15,000 92,012 0.02 Inpex 17,200 195,593 0.04 Benesse Holdings 100 2,509 - Isetan Mitsukoshi Holdings 6,200 110,862 0.02 Bridgestone 10,400 384,800 0.07 Isuzu Motors 7,500 98,527 0.02 Brother Industries 4,800 68,019 0.01 ITOCHU 23,100 305,256 0.06 Calbee 200 8,434 - Iyo Bank 8,200 100,787 0.02 Canon 19,100 621,630 0.11 J Front Retailing 5,000 94,145 0.02 Casio Computer 500 9,872 - Japan Airlines 5,100 177,968 0.03 Central Japan Railway 2,300 415,491 0.08 Japan Exchange Group 7,400 240,387 0.04 Chiba Bank 11,000 83,872 0.02 Japan Prime Realty Investment REIT 2 6,219 - Chubu Electric Power 6,900 102,881 0.02 Japan Real Estate Investment REIT 12 54,525 0.01 Chugai Pharmaceutical 3,800 131,206 0.02 Japan Retail Fund Investment REIT 32 64,044 0.01 Chugoku Bank 600 9,468 - Japan Tobacco 19,500 694,886 0.13 Chugoku Electric Power 5,100 74,438 0.01 JFE Holdings 11,900 264,180 0.05 Citizen Holdings 1,400 9,771 - JGC 3,000 56,683 0.01 Credit Saison 2,500 53,610 0.01 Joyo Bank 14,000 78,486 0.01 Dai Nippon Printing 8,000 82,671 0.02 JSR 600 10,611 - Dai-ichi Life Insurance 18,900 371,698 0.07 JTEKT 900 17,049 - Daicel 1,000 12,847 - JX Holdings 46,100 198,995 0.04 Daihatsu Motor 4,600 65,524 0.01 Kajima 31,000 145,671 0.03 Daiichi Sankyo 12,200 225,725 0.04 Kakaku.com 500 7,241 - Daikin Industries 5,000 359,948 0.07 Kamigumi 1,000 9,398 - Daito Trust Construction 1,600 165,799 0.03 Kaneka 1,000 7,314 - Daiwa House Industry 13,600 317,091 0.06 Kansai Electric Power 7,000 77,543 0.01 Daiwa Securities Group 42,000 314,815 0.06 Kansai Paint 6,000 93,017 0.02 Denso 7,700 383,600 0.07 Kao 7,900 367,545 0.07 Dentsu 4,400 227,974 0.04 Kawasaki Heavy Industries 20,000 93,327 0.02 Don Quijote Holdings 4,200 178,826 0.03 KDDI 26,100 630,077 0.11 East Japan Railway 6,100 548,858 0.10 Keihan Electric Railway 16,000 93,229 0.02 Eisai 4,600 308,860 0.06 Keikyu 8,000 60,409 0.01 Electric Power Development 2,200 77,759 0.01 Keio 10,000 71,589 0.01 FamilyMart 300 13,803 - Keisei Electric Railway 1,000 11,899 - FANUC 2,900 594,386 0.11 Keyence 900 485,874 0.09 Fast Retailing 1,000 454,051 0.08 Kikkoman 4,000 125,036 0.02 Fuji Heavy Industries 10,700 394,194 0.07 Kintetsu 23,000 78,380 0.01 FUJIFILM Holdings 9,300 332,395 0.06 Kirin Holdings 19,000 261,791 0.05 Fujitsu 23,000 128,641 0.02 Kobe Steel 47,000 79,124 0.01 Fukuoka Financial Group 22,000 114,167 0.02 Koito Manufacturing 3,100 120,970 0.02

MGI Funds plc 184 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 8.06%) (continued) (2014: 98.41%) (continued) Nippon Telegraph & Telephone 14,200 514,491 0.09 Transferable securities (2014: 98.22%) (continued) Nippon Yusen KK 26,000 72,455 0.01 Equities (2014: 98.22%) (continued) Nissan Motor 43,300 451,171 0.08 Japan (2014: 8.06%) (continued) Nisshin Seifun Group 300 3,991 - Komatsu 12,700 255,007 0.05 Nissin Foods Holdings 1,200 52,662 0.01 Konami 300 5,580 - Nitori Holdings 1,900 154,963 0.03 Konica Minolta 7,700 89,922 0.02 Nitto Denko 3,000 246,639 0.04 Kubota 18,000 285,596 0.05 NOK 200 6,211 - Kuraray 6,100 74,627 0.01 Nomura Holdings 62,200 422,207 0.08 Kurita Water Industries 400 9,329 - Nomura Real Estate Holdings 500 10,501 - Kyocera 6,400 332,801 0.06 Nomura Research Institute 2,200 86,119 0.02 Kyowa Hakko Kirin 1,000 13,084 - NSK 8,000 123,630 0.02 Kyushu Electric Power 5,900 68,467 0.01 NTT Data 1,600 69,955 0.01 Lawson 700 47,939 0.01 NTT DOCOMO 26,600 509,544 0.09 LIXIL Group 2,200 43,689 0.01 NTT Urban Development 400 3,982 - M3 6,500 130,781 0.02 Obayashi 12,000 87,574 0.02 Makita 1,400 75,969 0.01 Odakyu Electric Railway 9,000 84,068 0.02 Marubeni 34,700 199,157 0.04 Oji Holdings 14,000 60,867 0.01 Marui Group 700 9,462 - Olympus 2,800 96,792 0.02 Maruichi Steel Tube 100 2,484 - Omron 2,700 117,386 0.02 Mazda Motor 8,800 172,455 0.03 Ono Pharmaceutical 1,300 142,042 0.03 McDonald's Holdings Japan 200 4,225 - Oriental Land 3,600 229,919 0.04 Medipal Holdings 300 4,896 - ORIX 24,300 361,625 0.07 MEIJI Holdings 1,000 129,122 0.02 Osaka Gas 21,000 82,943 0.02 Minebea 8,000 132,129 0.02 Otsuka Holdings 7,200 229,683 0.04 Miraca Holdings 2,000 100,029 0.02 Panasonic 37,900 520,809 0.09 Mitsubishi 23,900 525,794 0.09 Park24 300 5,141 - Mitsubishi Chemical Holdings 16,000 100,748 0.02 Rakuten 15,600 252,106 0.05 Mitsubishi Electric 35,000 452,499 0.08 Recruit Holdings 3,000 91,570 0.02 Mitsubishi Estate 23,000 495,562 0.09 Resona Holdings 47,500 259,500 0.05 Mitsubishi Gas Chemical 1,000 5,606 - Ricoh 7,900 81,992 0.02 Mitsubishi Heavy Industries 44,000 267,779 0.05 Rinnai 100 7,886 - Mitsubishi Materials 19,000 72,978 0.01 Rohm 1,500 100,641 0.02 Mitsubishi Motors 5,200 44,281 0.01 Sankyo 200 7,085 - Mitsubishi Tanabe Pharma 4,600 68,982 0.01 Sanrio 100 2,717 - Mitsubishi UFJ Financial Group 212,800 1,530,024 0.28 Santen Pharmaceutical 7,000 99,138 0.02 Mitsubishi UFJ Lease & Finance 2,400 13,141 - SBI Holdings 700 9,645 - Mitsui 29,900 406,233 0.07 Secom 2,700 175,307 0.03 Mitsui Chemicals 2,000 7,437 - Sega Sammy Holdings 2,700 35,304 0.01 Mitsui Fudosan 14,000 392,089 0.07 Seibu Holdings 3,700 85,753 0.02 Mitsui OSK Lines 18,000 57,664 0.01 Seiko Epson 4,400 78,065 0.01 Mizuho Financial Group 370,100 801,508 0.14 Sekisui Chemical 6,000 73,698 0.01 MS&AD Insurance Group Holdings 10,000 311,609 0.06 Sekisui House 6,500 103,265 0.02 Murata Manufacturing 3,800 663,327 0.12 Seven & I Holdings 12,000 515,834 0.09 Nabtesco 300 7,527 - Seven Bank 2,300 10,657 - Nagoya Railroad 24,000 89,830 0.02 Sharp 23,000 28,006 0.01 NEC 36,000 109,149 0.02 Shikoku Electric Power 700 10,486 - Nexon 400 5,505 - Shimadzu 1,000 13,590 - NGK Insulators 4,000 103,134 0.02 Shimamura 100 10,510 - NGK Spark Plug 4,000 110,979 0.02 Shimano 1,400 191,068 0.03 NH Foods 5,000 114,167 0.02 Shimizu 17,000 143,235 0.03 Nidec 4,700 352,025 0.06 Shin-Etsu Chemical 7,400 459,548 0.08 Nikon 5,000 57,860 0.01 Shinsei Bank 34,000 68,631 0.01 Nintendo 1,900 317,844 0.06 Shionogi 4,000 155,110 0.03 Nippon Building Fund REIT 14 61,325 0.01 Shiseido 5,000 113,513 0.02 Nippon Electric Glass 1,000 5,067 - Shizuoka Bank 8,000 83,619 0.02 Nippon Express 15,000 73,796 0.01 Showa Shell Sekiyu KK 400 3,498 - Nippon Paint Holdings 1,000 28,235 0.01 SMC 700 210,890 0.04 Nippon Prologis REIT 4 7,368 - SoftBank 15,500 913,165 0.16 Nippon Steel & Sumitomo Metal 126,000 326,829 0.06 Sompo Japan Nipponkoa Holdings 6,900 253,270 0.05

MGI Funds plc 185 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Japan (2014: 8.06%) (continued) (2014: 98.41%) (continued) Yamada Denki 17,100 68,475 0.01 Transferable securities (2014: 98.22%) (continued) Yamaguchi Financial Group 1,000 12,463 - Equities (2014: 98.22%) (continued) Yamaha 700 14,130 - Japan (2014: 8.06%) (continued) Yamaha Motor 5,200 113,761 0.02 Sony 18,300 517,676 0.09 Yamato Holdings 4,200 81,330 0.02 Sony Financial Holdings 400 7,015 - Yaskawa Electric 700 8,970 - Stanley Electric 3,500 72,995 0.01 Yokogawa Electric 4,200 54,025 0.01 Sumitomo 15,900 185,033 0.03 Yokohama Rubber 500 10,044 - Sumitomo Chemical 22,000 132,325 0.02 ––––––––––– ––––––– Sumitomo Dainippon Pharma 700 7,717 - 48,624,105 8.73 Sumitomo Electric Industries 18,900 293,003 0.05 Luxembourg (2014: 0.20%) Sumitomo Heavy Industries 16,000 93,360 0.02 Altice 1,323 182,123 0.03 Sumitomo Metal Mining 7,000 106,603 0.02 ArcelorMittal 19,923 193,857 0.04 Sumitomo Mitsui Financial Group 21,700 968,090 0.17 Millicom International Cellular 735 54,167 0.01 Sumitomo Mitsui Trust Holdings 59,000 270,301 0.05 RTL Group 520 46,965 0.01 Sumitomo Realty & Development 5,000 175,438 0.03 SES 4,848 162,779 0.03 Sumitomo Rubber Industries 300 4,651 - Subsea 7 3,571 34,836 0.01 Suntory Beverage & Food 2,100 83,664 0.02 Tenaris 10,134 136,399 0.02 Suruga Bank 3,000 64,406 0.01 ––––––––––– ––––––– 811,126 0.15 Suzuken Japan 100 3,204 - Macau (2014: 0.08%) Suzuki Motor 7,000 236,546 0.04 MGM China Holdings 3,600 5,888 - Sysmex 2,500 149,144 0.03 Sands China 28,400 95,246 0.02 T&D Holdings 16,000 238,630 0.04 Wynn Macau 15,200 25,253 - Taiheiyo Cement 19,000 55,588 0.01 ––––––––––– ––––––– Taisei 16,000 91,922 0.02 126,387 0.02 Taisho Pharmaceutical Holdings 800 54,068 0.01 Netherlands (2014: 1.47%) Takeda Pharmaceutical 13,100 632,812 0.11 Aegon 32,959 242,077 0.04 TDK 2,600 199,093 0.04 Airbus Group 10,103 655,144 0.12 Teijin 2,000 7,764 - Akzo Nobel 4,730 343,984 0.06 Terumo 3,000 72,006 0.01 ASML Holding 5,360 553,615 0.10 THK 400 8,650 - Boskalis Westminster 2,735 133,778 0.02 Tobu Railway 16,000 68,778 0.01 Chicago Bridge & Iron 996 49,840 0.01 Toho 200 4,977 - CNH Industrial 19,731 179,831 0.03 Toho Gas 1,000 5,925 - Core Laboratories 607 69,222 0.01 Tohoku Electric Power 6,500 88,073 0.02 Delta Lloyd 3,177 52,124 0.01 Tokio Marine Holdings 10,200 424,621 0.08 Fiat Chrysler Automobiles 16,271 238,217 0.04 Tokyo Electric Power 17,100 93,210 0.02 Gemalto 804 71,558 0.01 Tokyo Electron 3,000 189,932 0.03 Heineken 3,927 297,838 0.05 Tokyo Gas 37,000 196,543 0.04 Heineken Holding 1,157 81,151 0.02 Tokyo Tatemono 4,000 55,571 0.01 ING Groep 59,907 988,543 0.18 Tokyu 11,000 73,714 0.01 Koninklijke Ahold 15,498 290,100 0.05 Tokyu Fudosan Holdings 8,800 67,889 0.01 Koninklijke DSM 2,743 158,925 0.03 TonenGeneral Sekiyu KK 8,000 74,466 0.01 Koninklijke KPN 57,906 221,300 0.04 Toppan Printing 10,000 83,684 0.02 Koninklijke Philips 16,692 424,411 0.08 Toray Industries 38,000 321,571 0.06 Koninklijke Vopak 103 5,195 - Toshiba 63,000 216,753 0.04 LyondellBasell Industries 6,869 711,079 0.13 TOTO 4,000 72,112 0.01 Mylan 7,213 489,474 0.09 Toyo Seikan Group Holdings 700 11,224 - Nielsen 5,971 267,322 0.05 Toyo Suisan Kaisha 2,800 102,170 0.02 NN Group 3,288 92,375 0.02 Toyoda Gosei 100 2,413 - OCI 1,330 37,566 0.01 Toyota Industries 3,200 182,536 0.03 QIAGEN 1,926 47,286 0.01 Toyota Motor 44,600 2,989,857 0.54 Randstad Holding 2,596 168,949 0.03 Toyota Tsusho 3,000 80,538 0.01 RELX 14,092 334,045 0.06 Trend Micro 2,100 71,908 0.01 Sensata Technologies Holding 1,738 91,662 0.02 Unicharm 4,200 99,864 0.02 STMicroelectronics 7,802 63,937 0.01 United Urban Investment REIT 46 65,072 0.01 TNT Express 7,493 63,525 0.01 USS 5,500 99,334 0.02 Unilever 25,913 1,078,523 0.19 West Japan Railway 4,300 275,328 0.05 Wolters Kluwer 4,009 119,019 0.02 Yahoo Japan 16,600 67,016 0.01 ––––––––––– ––––––– Yakult Honsha 1,700 100,862 0.02 8,621,615 1.55

MGI Funds plc 186 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss Singapore (2014: 0.59%) (continued) (2014: 98.41%) (continued) Wilmar International 32,000 77,950 0.01 Transferable securities (2014: 98.22%) Yangzijiang Shipbuilding Holdings 2,000 2,102 - Equities (2014: 98.22%) (continued) ––––––––––– ––––––– New Zealand (2014: 0.05%) 3,481,841 0.63 Auckland International Airport 1,359 4,536 - Spain (2014: 1.49%) Contact Energy 337 1,142 - Abertis Infraestructuras 4,812 78,868 0.01 Fletcher Building 10,162 55,805 0.01 Abertis Infraestructuras - Rights 4,812 3,967 - Ryman Healthcare 1,323 7,086 - ACS Actividades de Construccion y Servicios 1,997 64,204 0.01 Spark New Zealand 35,289 66,705 0.02 Aena 1,610 168,157 0.03 ––––––––––– ––––––– Amadeus IT Holding 8,467 337,310 0.06 135,274 0.03 Banco Bilbao Vizcaya Argentaria 98,380 963,735 0.17 Norway (2014: 0.28%) Banco de Sabadell 83,206 200,713 0.04 DNB 17,221 286,305 0.05 Banco de Sabadell (Extinct) 1,404 3,387 - Gjensidige Forsikring 3,123 50,174 0.01 Banco Popular Espanol 35,604 172,406 0.03 Norsk Hydro 13,968 58,677 0.01 Banco Santander 234,673 1,637,865 0.29 Orkla 19,336 151,641 0.03 Bankia 38,146 48,368 0.01 Statoil 19,900 354,368 0.06 Bankinter 11,231 82,952 0.02 Telenor 12,610 275,361 0.05 CaixaBank 39,307 182,016 0.03 Yara International 2,750 142,752 0.03 Distribuidora Internacional de Alimentacion 8,744 66,737 0.01 ––––––––––– ––––––– Enagas 2,391 64,990 0.01 1,319,278 0.24 Endesa 7,401 141,546 0.03 Portugal (2014: 0.10%) Ferrovial 5,979 129,572 0.02 Banco Comercial Portugues 1,218,463 105,894 0.02 Gas Natural SDG 4,112 93,190 0.02 Banco Espirito Santo 7,996 - - Grifols 1,506 60,626 0.01 Energias de Portugal 36,635 138,988 0.03 Iberdrola 87,203 587,050 0.11 Galp Energia 5,109 59,884 0.01 Inditex 17,545 569,940 0.10 Jeronimo Martins 4,437 56,853 0.01 International Consolidated Airlines Group 23,593 183,380 0.03 ––––––––––– ––––––– Mapfre 15,126 52,026 0.01 361,619 0.07 Red Electrica 2,648 212,075 0.04 Singapore (2014: 0.59%) Repsol 17,378 304,960 0.06 Ascendas Real Estate Investment Trust REIT 4,000 7,308 - Repsol - Rights 17,378 9,004 - Avago Technologies 4,313 573,327 0.10 Telefonica 74,188 1,053,918 0.19 CapitaCommercial Trust REIT 5,000 5,793 - Zardoya Otis 497 5,410 - CapitaLand 35,000 90,977 0.02 Zardoya Otis - Rights 497 216 - CapitaMall Trust REIT 47,000 75,046 0.01 ––––––––––– ––––––– City Developments 1,000 7,263 - 7,478,588 1.34 ComfortDelGro 52,000 120,876 0.02 Sweden (2014: 1.19%) DBS Group Holdings 28,611 439,630 0.08 Alfa Laval 4,284 75,328 0.01 Flextronics International 7,868 88,987 0.02 Assa Abloy 20,145 378,986 0.07 Genting Singapore 76,000 50,516 0.01 Atlas Copco 9,607 268,614 0.05 Global Logistic Properties 39,000 73,279 0.01 Atlas Copco (Non-voting rights) 8,775 218,384 0.04 Golden Agri-Resources 30,000 9,135 - Boliden 8,389 152,766 0.03 Hutchison Port Holdings Trust 147,000 92,610 0.02 Electrolux 2,677 83,819 0.01 Jardine Cycle & Carriage 2,000 49,164 0.01 Elekta 4,713 29,536 0.01 Jardine Cycle & Carriage - Rights 222 1,171 - Getinge 5,977 143,707 0.03 Keppel 24,000 146,513 0.03 Hennes & Mauritz 14,340 551,652 0.10 Oversea-Chinese Banking 45,198 341,712 0.06 Hexagon 4,901 177,434 0.03 Sembcorp Industries 14,000 40,446 0.01 Husqvarna 1,515 11,402 - Sembcorp Marine 2,000 4,218 - Industrivarden 80 1,506 - Singapore Airlines 9,000 71,719 0.01 Investment Kinnevik 3,065 96,817 0.02 Singapore Exchange 14,000 81,411 0.02 Investor 7,834 291,645 0.05 Singapore Press Holdings 13,000 39,391 0.01 Lundin Petroleum 3,649 62,448 0.01 Singapore Technologies Engineering 27,000 66,172 0.01 Nordea Bank 45,833 571,152 0.10 Singapore Telecommunications 30,600 96,584 0.02 Sandvik 20,420 225,549 0.04 Singapore Telecommunications 112,000 350,182 0.06 Securitas 6,338 83,717 0.01 StarHub 3,000 8,801 - Skandinaviska Enskilda Banken 27,159 346,954 0.06 Suntec Real Estate Investment Trust REIT 104,400 133,747 0.03 Skanska 7,320 148,209 0.03 United Overseas Bank 19,000 325,533 0.06 SKF 7,435 169,444 0.03 UOL Group 2,000 10,278 - Svenska Cellulosa 7,001 177,862 0.03

MGI Funds plc 187 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United Kingdom (2014: 8.49%) (2014: 98.41%) (continued) 3i Group 20,191 164,011 0.03 Transferable securities (2014: 98.22%) Aberdeen Asset Management 7,997 50,811 0.01 Equities (2014: 98.22%) (continued) Admiral Group 2,883 62,888 0.01 Sweden (2014: 1.19%) (continued) Aggreko 3,028 68,527 0.01 Svenska Handelsbanken 21,953 320,134 0.06 AMEC 3,624 46,593 0.01 Swedbank 15,340 357,363 0.06 Anglo American 22,561 325,899 0.06 Swedish Match 5,264 149,593 0.03 Antofagasta 5,268 57,125 0.01 Tele2 5,849 67,953 0.01 Aon 4,831 481,554 0.09 Telefonaktiebolaget LM Ericsson 51,876 537,047 0.10 ARM Holdings 19,796 322,851 0.06 TeliaSonera 42,530 250,183 0.04 Ashtead Group 7,046 121,783 0.02 Volvo 29,707 368,406 0.07 Associated British Foods 6,745 304,552 0.05 ––––––––––– ––––––– AstraZeneca 19,846 1,254,403 0.22 6,317,610 1.13 Aviva 61,501 476,359 0.09 Switzerland (2014: 4.14%) Babcock International Group 6,903 117,249 0.02 ABB 33,745 707,000 0.13 BAE Systems 55,926 396,852 0.07 ACE 5,022 510,637 0.09 Barclays 266,690 1,092,598 0.20 Actelion 1,326 194,101 0.04 BG Group 57,486 957,875 0.17 Adecco 2,543 206,531 0.04 BHP Billiton 35,289 693,183 0.12 Aryzta 789 38,920 0.01 BP 298,631 1,973,264 0.35 Baloise Holding 1,124 137,110 0.02 British American Tobacco 30,529 1,639,643 0.29 Barry Callebaut 4 4,558 - British Land REIT 11,829 147,619 0.03 Chocoladefabriken Lindt & Sprungli 15 79,354 0.01 BT Group 134,178 950,020 0.17 Chocoladefabriken Lindt & Sprungli - Reg 1 62,576 0.01 Bunzl 6,714 183,517 0.03 Cie Financiere Richemont 8,032 653,613 0.12 Burberry Group 10,185 251,642 0.05 Coca-Cola HBC 2,535 54,539 0.01 Capita 12,071 235,023 0.04 Credit Suisse Group 26,831 737,849 0.13 Carnival 3,654 186,709 0.03 EMS-Chemie Holding 26 10,989 - Centrica 84,862 352,074 0.06 Garmin 1,432 62,908 0.01 Cobham 14,865 61,485 0.01 Geberit 653 217,795 0.04 Compass Group 29,025 480,670 0.09 Givaudan 176 304,711 0.05 Croda International 1,872 81,021 0.01 Glencore 174,516 700,700 0.13 Delphi Automotive 4,365 371,418 0.07 Julius Baer Group 4,043 226,906 0.04 Diageo 39,888 1,154,894 0.21 Kuehne & Nagel International 1,506 199,983 0.04 Direct Line Insurance Group 13,877 73,286 0.01 LafargeHolcim 3,710 273,918 0.05 Dixons Carphone 17,747 126,575 0.02 Lonza Group 605 80,857 0.01 easyJet 2,585 62,852 0.01 Nestle 52,609 3,799,805 0.68 Ensco 1,877 41,801 0.01 Novartis 37,526 3,700,199 0.66 Fresnillo 5,136 56,057 0.01 Pargesa Holding 42 2,827 - G4S 16,853 71,192 0.01 Partners Group Holding 322 96,302 0.02 GKN 19,628 103,257 0.02 Roche Holding 11,461 3,213,078 0.58 GlaxoSmithKline 79,454 1,652,561 0.30 Schindler Holding 50 8,170 - Hammerson REIT 15,569 150,707 0.03 Schindler Holding (Non-voting rights) 601 98,328 0.02 Hargreaves Lansdown 2,647 47,999 0.01 SGS 70 127,783 0.02 HSBC Holdings 308,110 2,762,504 0.50 Sika 21 74,108 0.01 ICAP 10,207 84,998 0.02 Sonova Holding 1,307 176,775 0.03 IMI 3,499 61,907 0.01 Sulzer 544 55,969 0.01 Imperial Tobacco Group 15,370 741,368 0.13 Swatch Group 664 49,877 0.01 Inmarsat 5,374 77,375 0.01 Swatch Group BR 694 270,382 0.05 InterContinental Hotels Group 4,032 162,713 0.03 Swiss Life Holding 514 117,754 0.02 Intertek Group 1,660 63,962 0.01 Swiss Prime Site 925 70,225 0.01 Intu Properties REIT 17,774 85,984 0.02 Swiss Re 5,751 509,224 0.09 Investec 9,222 82,960 0.01 Swisscom 393 220,354 0.04 ITV 76,027 314,822 0.06 Syngenta 1,643 668,065 0.12 J Sainsbury 14,023 58,509 0.01 TE Connectivity 6,545 420,843 0.08 Johnson Matthey 4,261 203,585 0.04 Transocean 8,928 144,445 0.03 Kingfisher 27,688 151,232 0.03 UBS Group 58,943 1,250,698 0.22 Land Securities Group REIT 14,573 275,944 0.05 Wolseley 5,776 369,080 0.07 Legal & General Group 104,913 410,677 0.07 Zurich Insurance Group 2,351 715,954 0.13 Liberty Global -A- Shares 4,489 242,720 0.04 ––––––––––– ––––––– Liberty Global -C- Shares 10,935 553,639 0.10 21,625,800 3.88 Lloyds Banking Group 909,791 1,219,638 0.22

MGI Funds plc 188 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 52.01%) (continued) (2014: 98.41%) (continued) Advance Auto Parts 1,369 218,068 0.04 Transferable securities (2014: 98.22%) AES 6,991 92,701 0.02 Equities (2014: 98.22%) (continued) Aetna 6,012 766,290 0.14 United Kingdom (2014: 8.49%) (continued) Affiliated Managers Group 710 155,206 0.03 London Stock Exchange Group 5,364 199,932 0.04 Aflac 7,252 451,074 0.08 Marks & Spencer Group 28,348 238,964 0.04 AGCO 1,482 84,148 0.02 Meggitt 8,851 64,923 0.01 Agilent Technologies 6,282 242,360 0.04 Melrose Industries 11,315 44,043 0.01 Air Products & Chemicals 3,529 482,873 0.09 Merlin Entertainments 14,944 100,379 0.02 Airgas 655 69,286 0.01 Michael Kors Holdings 4,066 171,138 0.03 Akamai Technologies 3,297 230,197 0.04 National Grid 63,836 820,427 0.15 Albemarle 1,044 57,702 0.01 Next 2,012 235,738 0.04 Alcoa 21,192 236,291 0.04 Old Mutual 86,362 273,680 0.05 Alexion Pharmaceuticals 3,394 613,533 0.11 Pearson 13,648 258,644 0.05 Alleghany 351 164,535 0.03 Persimmon 3,162 98,214 0.02 Alliance Data Systems 1,145 334,271 0.06 Petrofac 3,329 48,455 0.01 Alliant Energy 1,310 75,613 0.01 Prudential 40,924 986,335 0.18 Allstate 7,119 461,810 0.08 Reckitt Benckiser Group 10,524 908,324 0.16 Ally Financial 6,100 136,823 0.02 RELX 18,508 301,263 0.05 Altera 5,473 280,218 0.05 Rexam 7,404 64,276 0.01 Altria Group 32,699 1,599,308 0.29 Rio Tinto 20,686 850,410 0.15 Amazon.com 6,509 2,825,492 0.51 Rolls-Royce Holdings 32,022 438,141 0.08 Ameren 3,030 114,170 0.02 Royal Bank of Scotland Group 36,138 199,772 0.04 American Airlines Group 2,335 93,248 0.02 Royal Dutch Shell - A Shares 64,983 1,825,781 0.33 American Capital Agency REIT 3,547 65,158 0.01 Royal Dutch Shell - B Shares 39,621 1,125,977 0.20 American Electric Power 7,713 408,558 0.07 Royal Mail 7,934 64,198 0.01 American Express 14,834 1,152,898 0.21 RSA Insurance Group 11,960 74,711 0.01 American International Group 22,314 1,379,451 0.25 SABMiller 16,085 835,809 0.15 American Realty Capital Properties REIT 13,481 109,601 0.02 Sage Group 21,627 174,316 0.03 American Tower REIT 6,570 612,915 0.11 Schroders 2,854 142,554 0.03 American Water Works 3,661 178,034 0.03 Segro REIT 12,188 77,784 0.01 Ameriprise Financial 3,397 424,387 0.08 Severn Trent 5,702 186,614 0.03 AmerisourceBergen 4,127 438,865 0.08 Sky 17,688 288,472 0.05 AMETEK 5,220 285,952 0.05 Smith & Nephew 13,533 228,583 0.04 Amgen 12,590 1,932,817 0.35 Smiths Group 4,296 76,279 0.01 Amphenol 4,730 274,198 0.05 Sports Direct International 8,323 94,049 0.02 Anadarko Petroleum 7,830 611,210 0.11 SSE 17,461 421,800 0.08 Analog Devices 6,190 397,305 0.07 Standard Chartered 39,921 639,767 0.11 Annaly Capital Management REIT 22,772 209,275 0.04 Standard Life 37,625 262,727 0.05 ANSYS 906 82,663 0.01 Tate & Lyle 5,127 41,889 0.01 Anthem 4,129 677,734 0.12 Tesco 145,577 486,631 0.09 Apache 6,597 380,185 0.07 Travis Perkins 2,565 85,117 0.02 Apple 95,678 12,000,413 2.15 Tullow Oil 11,413 60,974 0.01 Applied Materials 21,109 405,715 0.07 Unilever 20,983 900,899 0.16 Archer-Daniels-Midland 9,971 480,802 0.09 United Utilities Group 10,332 144,942 0.03 Arrow Electronics 1,392 77,674 0.01 Vodafone Group 417,422 1,508,919 0.27 Ashland 730 88,987 0.02 Weir Group 2,516 67,149 0.01 Assurant 942 63,114 0.01 Whitbread 4,021 312,777 0.06 AT&T 81,714 2,902,481 0.52 William Hill 11,155 70,718 0.01 Autodesk 4,701 235,403 0.04 WM Morrison Supermarkets 21,733 61,797 0.01 Autoliv 1,299 151,658 0.03 WPP 21,385 479,595 0.09 Automatic Data Processing 7,944 637,347 0.11 ––––––––––– ––––––– AutoNation 1,741 109,648 0.02 42,048,822 7.55 AutoZone 579 386,135 0.07 United States of America (2014: 52.01%) AvalonBay Communities REIT 2,354 376,334 0.07 3M 9,679 1,493,470 0.27 Avery Dennison 1,439 87,693 0.02 Abbott Laboratories 23,890 1,172,521 0.21 Avnet 1,536 63,145 0.01 AbbVie 28,531 1,916,998 0.34 B/E Aerospace 1,046 57,425 0.01 Activision Blizzard 8,899 215,445 0.04 Baker Hughes 6,306 389,080 0.07 Adobe Systems 7,197 583,029 0.10 Ball 2,685 188,353 0.03 ADT 2,256 75,734 0.01 Bank of America 171,657 2,921,602 0.52

MGI Funds plc 189 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 52.01%) (continued) (2014: 98.41%) (continued) CME Group 5,324 495,451 0.09 Transferable securities (2014: 98.22%) (continued) CMS Energy 6,946 221,161 0.04 Equities (2014: 98.22%) (continued) Coach 3,316 114,767 0.02 United States of America (2014: 52.01%) (continued) Cobalt International Energy 3,080 29,907 0.01 Bank of New York Mellon 18,424 773,255 0.14 Coca-Cola 64,726 2,539,201 0.46 Baxter International 9,022 630,908 0.11 Coca-Cola Enterprises 4,462 193,829 0.03 BB&T 11,145 449,255 0.08 Cognizant Technology Solutions 10,378 633,992 0.11 Becton Dickinson 3,165 448,322 0.08 Colgate-Palmolive 14,545 951,388 0.17 Bed Bath & Beyond 2,423 167,139 0.03 Comcast 35,081 2,109,771 0.38 Berkshire Hathaway 18,845 2,564,993 0.46 Comcast - A Shares 7,710 462,137 0.08 Best Buy 5,073 165,431 0.03 Comerica 3,378 173,359 0.03 Biogen 3,902 1,576,174 0.28 Communications Sales & Leasing REIT 1,525 37,698 0.01 BioMarin Pharmaceutical 2,798 382,710 0.07 Computer Sciences 1,801 118,218 0.02 BlackRock 2,137 739,359 0.13 ConAgra Foods 5,663 247,586 0.04 Boeing 10,869 1,507,748 0.27 Concho Resources 1,629 185,478 0.03 BorgWarner 4,380 248,959 0.04 ConocoPhillips 20,393 1,252,334 0.22 Boston Properties REIT 2,909 352,105 0.06 CONSOL Energy 2,123 46,154 0.01 Boston Scientific 25,794 456,554 0.08 Consolidated Edison 5,565 322,102 0.06 Bristol-Myers Squibb 27,412 1,823,994 0.33 Constellation Brands 3,319 385,070 0.07 Broadcom 8,514 438,386 0.08 Continental Resources 1,046 44,340 0.01 Brown-Forman 1,484 148,667 0.03 Coopers 676 120,308 0.02 Bunge 2,527 221,871 0.04 Corning 22,947 452,744 0.08 CA 6,423 188,130 0.03 Costco Wholesale 7,048 951,903 0.17 Cablevision Systems 454 10,869 - CR Bard 951 162,336 0.03 Cabot Oil & Gas 8,104 255,600 0.05 Crown Castle International 5,269 423,101 0.08 Calpine 3,570 64,224 0.01 Crown Holdings 1,527 80,794 0.01 Camden Property Trust REIT 1,078 80,074 0.01 CSX 16,487 538,301 0.10 Cameron International 2,901 151,925 0.03 Cummins 2,916 382,550 0.07 Campbell Soup 4,008 190,981 0.03 CVS Health 18,816 1,973,422 0.35 Capital One Financial 9,447 831,053 0.15 Danaher 10,313 882,690 0.16 Cardinal Health 5,490 459,238 0.08 Darden Restaurants 1,348 95,816 0.02 CarMax 4,615 305,559 0.06 DaVita HealthCare Partners 3,743 297,456 0.05 Carnival 6,803 336,000 0.06 Deere 5,465 530,378 0.10 Caterpillar 8,969 760,751 0.14 Delta Air Lines 4,290 176,233 0.03 CBRE Group 5,675 209,975 0.04 DENTSPLY International 1,510 77,841 0.01 CBS 8,589 476,689 0.09 Devon Energy 6,119 364,019 0.07 Celanese 2,882 207,158 0.04 Diamond Offshore Drilling 214 5,523 - Celgene 12,881 1,490,783 0.27 Dick's Sporting Goods 1,463 75,740 0.01 CenterPoint Energy 8,101 154,162 0.03 Digital Realty Trust REIT 2,670 178,036 0.03 CenturyLink 10,608 311,663 0.06 DIRECTV 8,020 744,176 0.13 Cerner 4,883 337,220 0.06 Discover Financial Services 7,743 446,152 0.08 CF Industries Holdings 3,810 244,907 0.04 Discovery Communications 2,337 77,729 0.01 CH Robinson Worldwide 1,680 104,815 0.02 Discovery Communications Charles Schwab 20,314 663,252 0.12 (Non-voting rights) 4,193 130,318 0.02 Charter Communications 1,153 197,451 0.04 DISH Network 4,545 307,742 0.06 Cheniere Energy 3,202 221,771 0.04 Dollar General 4,693 364,834 0.07 Chesapeake Energy 6,477 72,348 0.01 Dollar Tree 4,384 346,292 0.06 Chevron 31,024 2,992,885 0.54 Dominion Resources 8,754 585,380 0.11 Chipotle Mexican Grill 427 258,331 0.05 Dover 1,994 139,939 0.03 Chubb 3,630 345,358 0.06 Dow Chemical 19,051 974,840 0.18 Church & Dwight 1,722 139,706 0.03 DR Horton 3,087 84,460 0.02 Cigna 4,347 704,214 0.13 Dr Pepper Snapple Group 2,554 186,187 0.03 Cimarex Energy 1,580 174,290 0.03 DTE Energy 3,413 254,746 0.05 Cincinnati Financial 1,506 75,571 0.01 Duke Energy 11,766 830,915 0.15 Cintas 1,085 91,780 0.02 Duke Realty REIT 3,932 73,017 0.01 Cisco Systems 84,337 2,315,894 0.42 Dun & Bradstreet 654 79,788 0.01 CIT Group 2,005 93,212 0.02 Eastman Chemical 2,533 207,250 0.04 Citigroup 49,629 2,741,506 0.49 Eaton Vance 1,787 69,925 0.01 Citrix Systems 3,214 225,494 0.04 eBay 18,251 1,099,440 0.20 Clorox 2,715 282,414 0.05 Ecolab 4,375 494,681 0.09

MGI Funds plc 190 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 52.01%) (continued) (2014: 98.41%) (continued) Goodyear Tire & Rubber 6,000 180,900 0.03 Transferable securities (2014: 98.22%) (continued) Google Class A 4,646 2,509,026 0.45 Equities (2014: 98.22%) (continued) Google Class C 4,790 2,493,243 0.45 United States of America (2014: 52.01%) (continued) H&R Block 5,009 148,517 0.03 Edison International 5,846 324,921 0.06 Halliburton 13,722 591,007 0.11 Edwards Lifesciences 1,859 264,777 0.05 Hanesbrands 5,580 185,926 0.03 EI du Pont de Nemours 14,434 923,054 0.17 Harley-Davidson 2,504 141,100 0.03 Electronic Arts 4,136 275,044 0.05 Harris 2,064 158,742 0.03 Eli Lilly 15,622 1,304,281 0.23 Hartford Financial Services Group 8,694 361,410 0.07 EMC 32,927 868,944 0.16 Hasbro 1,368 102,313 0.02 Emerson Electric 11,855 657,123 0.12 HCA Holdings 5,142 466,482 0.08 Energen 811 55,391 0.01 HCP REIT 8,642 315,174 0.06 Energizer Holdings 753 99,057 0.02 Health Care REIT 6,162 404,412 0.07 Entergy 2,917 205,648 0.04 Helmerich & Payne 1,330 93,659 0.02 EOG Resources 9,192 804,760 0.14 Henry Schein 1,587 225,544 0.04 EQT 2,954 240,278 0.04 Hershey 2,799 248,635 0.04 Equifax 2,889 280,493 0.05 Hertz Global Holdings 8,934 161,884 0.03 Equinix REIT 843 214,122 0.04 Hess 4,081 272,937 0.05 Equity Residential REIT 6,128 430,002 0.08 Hewlett-Packard 30,741 922,537 0.17 Essex Property Trust REIT 1,358 288,575 0.05 Hilton Worldwide Holdings 9,289 255,912 0.05 Estee Lauder 3,833 332,168 0.06 HollyFrontier 2,597 110,866 0.02 Eversource Energy 3,950 179,370 0.03 Hologic 2,981 113,457 0.02 Exelon 13,385 420,557 0.08 Home Depot 21,499 2,389,184 0.43 Expedia 2,044 223,511 0.04 Honeywell International 11,764 1,199,575 0.22 Expeditors International of Washington 2,098 96,728 0.02 Hormel Foods 1,495 84,273 0.02 Express Scripts Holding 11,511 1,023,788 0.18 Hospira 2,953 261,961 0.05 Exxon Mobil 67,581 5,622,739 1.01 Host Hotels & Resorts REIT 10,511 208,433 0.04 F5 Networks 815 98,085 0.02 Hudson City Bancorp 7,737 76,442 0.01 Facebook 32,653 2,800,485 0.50 Humana 2,778 531,376 0.10 Family Dollar Stores 1,164 91,735 0.02 Huntington Bancshares 11,436 129,341 0.02 Fastenal 4,242 178,928 0.03 IHS 1,452 186,771 0.03 Federal Realty Investment Trust REIT 1,427 182,784 0.03 Illinois Tool Works 6,321 580,205 0.10 FedEx 4,545 774,468 0.14 Illumina 2,509 547,865 0.10 Fidelity National Financial 4,931 182,398 0.03 Incyte 2,000 208,420 0.04 Fidelity National Information Services 5,663 349,973 0.06 Intel 79,129 2,406,709 0.43 Fifth Third Bancorp 17,061 355,210 0.06 Intercontinental Exchange 1,741 389,305 0.07 First Republic Bank 1,361 85,784 0.02 International Business Machines 15,438 2,511,145 0.45 FirstEnergy 5,406 175,965 0.03 International Flavors & Fragrances 990 108,197 0.02 Fiserv 3,739 309,701 0.06 International Paper 7,333 348,977 0.06 FleetCor Technologies 1,295 202,098 0.04 Interpublic Group 8,652 166,724 0.03 FLIR Systems 2,225 68,575 0.01 Intuit 4,690 472,611 0.08 Flowserve 1,787 94,103 0.02 Intuitive Surgical 476 230,622 0.04 Fluor 3,172 168,148 0.03 Invesco 7,793 292,160 0.05 FMC 1,294 68,000 0.01 Iron Mountain REIT 2,672 82,832 0.01 FMC Technologies 3,554 147,455 0.03 Isis Pharmaceuticals 2,188 125,919 0.02 Foot Locker 2,012 134,824 0.02 Jacobs Engineering Group 1,182 48,013 0.01 Ford Motor 58,379 876,269 0.16 Jarden 2,557 132,325 0.02 Franklin Resources 6,096 298,887 0.05 JB Hunt Transport Services 1,987 163,113 0.03 Freeport-McMoRan 18,341 341,509 0.06 JM Smucker 2,210 239,586 0.04 Frontier Communications 14,454 71,547 0.01 Johnson & Johnson 45,664 4,450,413 0.80 GameStop 1,977 84,932 0.02 Johnson Controls 10,087 499,609 0.09 Gap 2,616 99,853 0.02 JPMorgan Chase & Co 60,984 4,132,276 0.74 General Dynamics 4,787 678,270 0.12 Juniper Networks 4,989 129,564 0.02 General Electric 163,826 4,352,857 0.78 Kansas City Southern 1,712 156,134 0.03 General Growth Properties REIT 11,126 285,493 0.05 Kellogg 4,375 274,312 0.05 General Mills 10,074 561,323 0.10 Keurig Green Mountain 2,453 187,973 0.03 General Motors 19,944 664,734 0.12 KeyCorp 19,069 286,416 0.05 Genuine Parts 2,448 219,169 0.04 Kimberly-Clark 5,544 587,498 0.11 Gilead Sciences 24,716 2,893,749 0.52 Kimco Realty REIT 7,897 177,998 0.03 Goldman Sachs Group 6,286 1,312,454 0.24 Kinder Morgan 29,418 1,129,357 0.20

MGI Funds plc 191 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 52.01%) (continued) (2014: 98.41%) (continued) Molson Coors Brewing 2,692 187,929 0.03 Transferable securities (2014: 98.22%) (continued) Mondelez International 27,714 1,140,154 0.20 Equities (2014: 98.22%) (continued) Monsanto 7,449 793,989 0.14 United States of America (2014: 52.01%) (continued) Monster Beverage 1,853 248,339 0.04 KLA-Tencor 2,700 151,767 0.03 Moody's 3,260 351,950 0.06 Kohl's 4,453 278,802 0.05 Morgan Stanley 24,877 964,979 0.17 Kraft Foods Group 10,187 867,321 0.16 Mosaic 6,418 300,683 0.05 Kroger 7,928 574,859 0.10 Motorola Solutions 2,893 165,885 0.03 L Brands 4,137 354,665 0.06 Murphy Oil 3,612 150,151 0.03 L-3 Communications Holdings 1,078 122,224 0.02 NASDAQ OMX Group 1,903 92,885 0.02 Laboratory of America Holdings 1,790 216,984 0.04 National Oilwell Varco 6,286 303,488 0.05 Lam Research 3,521 286,433 0.05 Navient 3,965 72,203 0.01 Las Vegas Sands 6,588 346,331 0.06 NetApp 5,114 161,398 0.03 Lear 1,000 112,260 0.02 Netflix 1,045 686,502 0.12 Legg Mason 1,715 88,374 0.02 NetSuite 111 10,184 - Leggett & Platt 2,169 105,587 0.02 New York Community Bancorp 9,228 169,611 0.03 Lennar 1,673 85,390 0.02 Newell Rubbermaid 3,912 160,822 0.03 Leucadia National 6,668 161,899 0.03 Newmont Mining 7,885 184,194 0.03 Level 3 Communications 3,986 209,943 0.04 News 4,083 59,571 0.01 Liberty Interactive 9,537 264,652 0.05 NextEra Energy 7,397 725,128 0.13 Liberty Media -A Shares 1,332 48,005 0.01 NIKE 11,158 1,205,287 0.22 Liberty Media -C Shares 2,664 95,638 0.02 NiSource 5,890 268,525 0.05 Liberty Property Trust REIT 1,841 59,317 0.01 Noble Energy 7,244 309,174 0.06 Lincoln National 4,261 252,336 0.05 Nordstrom 3,190 237,655 0.04 Linear Technology 2,840 125,613 0.02 Norfolk Southern 4,871 425,531 0.08 LinkedIn 1,841 380,406 0.07 Northern Trust 3,475 265,698 0.05 LKQ 3,062 92,610 0.02 Northrop Grumman 3,385 536,963 0.10 Lockheed Martin 4,414 820,563 0.15 Norwegian Cruise Line Holdings 2,372 132,927 0.02 Loews 6,162 237,299 0.04 NRG Energy 6,165 141,055 0.03 Lowe's 15,698 1,051,295 0.19 Nuance Communications 4,484 78,515 0.01 Lululemon Athletica 1,096 71,569 0.01 Nucor 4,572 201,488 0.04 M&T Bank 1,759 219,752 0.04 NVIDIA 9,745 195,972 0.04 Macerich REIT 2,543 189,708 0.03 O'Reilly Automotive 1,967 444,503 0.08 Macy's 6,169 416,222 0.07 Occidental Petroleum 12,577 978,113 0.18 ManpowerGroup 837 74,811 0.01 Oceaneering International 1,110 51,715 0.01 Marathon Oil 10,621 281,881 0.05 OGE Energy 2,112 60,340 0.01 Marathon Petroleum 8,546 447,041 0.08 Omnicare 987 93,025 0.02 Marriott International 4,322 321,514 0.06 Omnicom Group 4,832 335,776 0.06 Marsh & McLennan 8,042 455,981 0.08 Oneok 3,963 156,459 0.03 Martin Marietta Materials 656 92,831 0.02 Oracle 58,120 2,342,236 0.42 Masco 4,129 110,120 0.02 Paccar 6,281 400,791 0.07 MasterCard 16,677 1,558,966 0.28 Pall 1,360 169,252 0.03 Mattel 4,247 109,105 0.02 Palo Alto Networks 947 165,441 0.03 Maxim Integrated Products 5,437 187,984 0.03 Parker-Hannifin 2,308 268,490 0.05 McCormick 2,342 189,585 0.03 Patterson 330 16,055 - McDonald's 15,881 1,509,807 0.27 Paychex 6,048 283,530 0.05 McGraw Hill Financial 5,018 504,058 0.09 People's United Financial 4,985 80,807 0.01 McKesson 3,826 860,123 0.15 Pepco Holdings 3,647 98,250 0.02 MDU Resources Group 2,365 46,188 0.01 PepsiCo 24,749 2,310,072 0.41 Mead Johnson Nutrition 3,275 295,470 0.05 Pfizer 102,788 3,446,482 0.62 MeadWestvaco 1,879 88,670 0.02 PG&E 7,003 343,847 0.06 Medivation 1,075 122,765 0.02 Philip Morris International 24,775 1,986,212 0.36 Merck 46,595 2,652,653 0.48 Phillips 66 8,908 717,628 0.13 MetLife 16,313 913,365 0.16 Pinnacle West Capital 1,263 71,852 0.01 Mettler-Toledo International 347 118,487 0.02 Pioneer Natural Resources 2,833 392,909 0.07 MGM Resorts International 4,978 90,849 0.02 Plum Creek Timber REIT 1,801 73,067 0.01 Microchip Technology 2,798 132,695 0.02 PNC Financial Services Group 8,383 801,834 0.14 Micron Technology 18,665 351,649 0.06 Polaris Industries 708 104,862 0.02 Microsoft 127,749 5,640,118 1.01 PPG Industries 4,252 487,789 0.09 Mohawk Industries 929 177,346 0.03 PPL 11,632 342,795 0.06

MGI Funds plc 192 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of Nominal Fair value % of holdings US$ Net assets holdings US$ Net assets

Financial assets at fair value through profit or loss United States of America (2014: 52.01%) (continued) (2014: 98.41%) (continued) Southwest Airlines 3,205 106,053 0.02 Transferable securities (2014: 98.22%) (continued) Southwestern Energy 4,213 95,761 0.02 Equities (2014: 98.22%) (continued) Spectra Energy 10,295 335,617 0.06 United States of America (2014: 52.01%) (continued) Sprint 9,545 43,525 0.01 Praxair 4,925 588,784 0.11 St Jude Medical 5,446 397,939 0.07 Precision Castparts 2,428 485,284 0.09 Stanley Black & Decker 2,807 295,409 0.05 Priceline Group 852 980,967 0.18 Staples 12,464 190,824 0.03 Principal Financial Group 4,382 224,753 0.04 Starbucks 23,660 1,268,531 0.23 Procter & Gamble 44,082 3,448,976 0.62 Starwood Hotels & Resorts Worldwide 2,806 227,539 0.04 Progressive 7,199 200,348 0.04 State Street 7,093 546,161 0.10 Prologis REIT 8,008 297,097 0.05 Stericycle 1,564 209,435 0.04 Prudential Financial 6,905 604,326 0.11 Stryker 5,277 504,323 0.09 Public Service Enterprise Group 8,178 321,232 0.06 SunTrust Banks 8,173 351,602 0.06 Public Storage REIT 2,396 441,751 0.08 Symantec 12,513 290,927 0.05 PulteGroup 3,585 72,238 0.01 Synchrony Financial 3,472 114,333 0.02 PVH 798 91,930 0.02 Synopsys 1,693 85,750 0.02 Qorvo 2,243 180,046 0.03 Sysco 10,579 381,902 0.07 Qualcomm 27,400 1,716,062 0.31 T Rowe Price Group 4,781 371,627 0.07 Quanta Services 2,240 64,557 0.01 T-Mobile US 5,037 195,284 0.04 Quest Diagnostics 1,622 117,627 0.02 Talen Energy 1,452 24,916 - Quintiles Transnational Holdings 1,725 125,252 0.02 Target 9,947 811,974 0.15 Rackspace Hosting 2,006 74,603 0.01 TD Ameritrade Holding 5,121 188,555 0.03 Ralph Lauren 602 79,681 0.01 Teradata 1,811 67,007 0.01 Range Resources 3,599 177,719 0.03 Tesla Motors 1,372 368,053 0.07 Raymond James Financial 1,226 73,045 0.01 Tesoro 2,559 216,005 0.04 Raytheon 4,866 465,579 0.08 Texas Instruments 16,348 842,085 0.15 Realogy Holdings 1,480 69,146 0.01 Textron 3,285 146,610 0.03 Realty Income REIT 4,065 180,445 0.03 Thermo Fisher Scientific 6,418 832,800 0.15 Red Hat 2,323 176,385 0.03 Tiffany 2,476 227,297 0.04 Regency Centers REIT 1,558 91,891 0.02 Time Warner 13,750 1,201,887 0.22 Regeneron Pharmaceuticals 1,276 650,926 0.12 Time Warner Cable 4,635 825,818 0.15 Regions Financial 17,732 183,704 0.03 TJX 11,253 744,611 0.13 Republic Services 5,400 211,518 0.04 Toll Brothers 1,995 76,189 0.01 ResMed 1,627 91,714 0.02 Torchmark 1,369 79,703 0.01 Reynolds American 7,853 586,305 0.11 Total System Services 2,091 87,341 0.02 Robert Half International 1,633 90,632 0.02 Towers Watson 1,723 216,753 0.04 Rock-Tenn 2,871 172,834 0.03 Tractor Supply 2,531 227,638 0.04 Rockwell Automation 2,043 254,640 0.05 TransDigm Group 1,216 273,199 0.05 Rockwell Collins 1,804 166,599 0.03 Travelers 5,034 486,586 0.09 Roper Technologies 1,340 231,096 0.04 Trimble Navigation 3,451 80,960 0.01 Ross Stores 7,140 347,075 0.06 TripAdvisor 1,293 112,672 0.02 Royal Caribbean Cruises 2,931 230,640 0.04 Twenty-First Century Fox Class A 22,106 719,440 0.13 salesforce.com 10,110 703,959 0.13 Twenty-First Century Fox Class B 8,161 262,947 0.05 SanDisk 3,514 204,585 0.04 Twitter 5,699 206,418 0.04 SBA Communications 2,105 242,012 0.04 Tyson Foods 5,804 247,425 0.04 SCANA 1,454 73,645 0.01 UDR REIT 2,775 88,883 0.02 Schlumberger 21,143 1,822,315 0.33 Ulta Salon Cosmetics & Fragrance 607 93,751 0.02 Scripps Networks Interactive 1,219 79,686 0.01 Under Armour 2,938 245,147 0.04 Sealed Air 4,070 209,117 0.04 Union Pacific 14,614 1,393,737 0.25 SEI Investments 1,632 80,017 0.01 United Continental Holdings 1,561 82,749 0.01 Sempra Energy 4,039 399,619 0.07 United Parcel Service 11,129 1,078,511 0.19 ServiceNow 2,581 191,794 0.03 United Rentals 2,000 175,240 0.03 Sherwin-Williams 1,525 419,405 0.08 United Technologies 13,731 1,523,180 0.27 Sigma-Aldrich 1,847 257,379 0.05 UnitedHealth Group 15,658 1,910,276 0.34 Simon Property Group REIT 5,095 881,537 0.16 Universal Health Services 1,742 247,538 0.04 Sirius XM Holdings 69,554 259,436 0.05 Unum Group 3,533 126,305 0.02 Skyworks Solutions 2,653 276,177 0.05 Urban Outfitters 1,912 66,920 0.01 SL Green Realty REIT 2,124 233,406 0.04 US Bancorp 30,084 1,305,646 0.23 Snap-on 813 129,470 0.02 Valero Energy 9,282 581,053 0.10 Southern 13,321 558,150 0.10 Vantiv 3,375 128,891 0.02

MGI Funds plc 193 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (2014: 98.41%) (continued) Transferable securities (2014: 98.22%) (continued) Equities (2014: 98.22%) (continued) United States of America (2014: 52.01%) (continued) Varian Medical Systems 1,421 119,833 0.02 Ventas REIT 4,709 292,382 0.05 VeriSign 1,036 63,942 0.01 Verisk Analytics 3,443 250,513 0.05 Verizon Communications 67,698 3,155,404 0.57 Vertex Pharmaceuticals 4,057 500,958 0.09 VF 6,124 427,088 0.08 Viacom 5,176 334,577 0.06 Visa 31,622 2,123,417 0.38 VMware 785 67,306 0.01 Vornado Realty Trust REIT 2,999 284,695 0.05 Voya Financial 2,717 126,259 0.02 Vulcan Materials 3,234 271,430 0.05 Wabtec 1,348 127,036 0.02 Wal-Mart Stores 25,787 1,829,072 0.33 Walgreens Boots Alliance 13,994 1,181,653 0.21 Walt Disney 26,321 3,004,279 0.54 Waste Management 6,623 306,976 0.06 Waters 1,160 148,921 0.03 WEC Energy Group 4,350 195,620 0.04 Wells Fargo 80,398 4,521,584 0.81 Western Digital 3,349 262,629 0.05 Western Union 9,933 201,938 0.04 Westlake Chemical 1,158 79,427 0.01 Weyerhaeuser REIT 7,050 222,075 0.04 Whirlpool 1,273 220,293 0.04 Whiting Petroleum 4,018 135,005 0.02 Whole Foods Market 5,706 225,045 0.04 Williams 12,359 709,283 0.13 Windstream Holdings 1,271 8,109 - Workday 2,500 190,975 0.03 WR Berkley 1,798 93,370 0.02 WW Grainger 1,151 272,384 0.05 Wyndham Worldwide 2,735 224,024 0.04 Wynn Resorts 946 93,342 0.02 Xcel Energy 10,095 324,857 0.06 Xerox 17,178 182,774 0.03 Xilinx 4,559 201,325 0.04 Xylem 2,498 92,601 0.02 Yahoo! 14,041 551,671 0.10 Yum! Brands 6,864 618,309 0.11 Zillow Group 1,307 113,369 0.02 Zimmer Biomet Holdings 2,955 322,775 0.06 Zoetis 7,917 381,758 0.07 ––––––––––– ––––––– 299,982,580 53.85

Total equities 545,074,947 97.85

Total transferable securities 545,074,947 97.85

MGI Funds plc 194 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

Financial derivative instruments (2014: 0.19%) Open forward foreign currency contracts (2014: 0.18%) AUD 2* 405,365 USD 309,686 07/07/2015 1,788 - CHF 2* 391,247 USD 417,175 07/07/2015 1,540 - DKK 2* 505,046 USD 74,625 07/07/2015 818 - EUR 2* 135,297,422 USD 148,908,845 07/07/2015 1,849,195 0.34 GBP 2* 12,887,834 USD 19,713,448 07/07/2015 554,517 0.11 GBP 2* 2,314,142 USD 3,558,491 14/08/2015 79,878 0.01 HKD 2* 1,122,365 USD 144,723 07/07/2015 51 - ILS 2* 99,274 USD 25,722 07/07/2015 594 - JPY 2* 571,650 USD 4,615 01/07/2015 57 - JPY 2* 124,735,003 USD 1,006,176 07/07/2015 13,250 - NOK 2* 225,217 USD 28,487 07/07/2015 136 - SEK 2* 1,124,938 USD 133,120 07/07/2015 2,468 - SGD 2* 84,504 USD 62,567 07/07/2015 186 - USD 2* 786,713 AUD 1,012,425 14/08/2015 10,377 - USD 2* 5,929,698 CAD 7,386,627 07/07/2015 13,500 - USD 2* 1,296,673 CAD 1,602,400 14/08/2015 13,893 - USD 2* 2,987,009 JPY 364,305,000 14/08/2015 8,337 - USD 2* 411,559 NOK 3,206,136 07/07/2015 4,088 - USD 2* 85,371 NZD 120,692 07/07/2015 3,783 - ––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 2,558,456 0.46

Futures contracts (2014:0.01%)

No. of contracts Unrealised % of Maturity date Currency long/(short) gain US$ Net assets

TOPIX Index Futures 1* 10/09/2015 JPY 7 5,482 - ––––––––––– ––––––– Unrealised gain on futures contracts 5,482 -

Total financial derivative instruments at positive fair value 2,563,938 0.46

Total Financial assets at fair value through profit or loss 547,638,885 98.31

Financial liabilities at fair value through profit or loss (2014: (0.14)%) Financial derivative instruments (2014: (0.14)%) Open forward foreign currency contracts (2014: (0.14)%)

Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets

AUD 2* 1,417,729 USD 1,114,605 14/08/2015 (27,477) - CAD 2* 516,439 USD 413,927 07/07/2015 (294) - CAD 2* 2,079,983 USD 1,708,528 14/08/2015 (43,426) (0.01) CHF 2* 1,540,892 USD 1,682,152 14/08/2015 (30,660) (0.01) EUR 2* 4,776,086 USD 5,392,636 14/08/2015 (68,067) (0.01) JPY 2* 494,054,944 USD 4,084,947 14/08/2015 (45,399) (0.01) NZD 2* 8,561 USD 6,035 07/07/2015 (248) - USD 2* 4,353,941 AUD 5,687,901 07/07/2015 (16,520) - USD 2* 6,007,470 CHF 5,640,784 07/07/2015 (29,328) (0.01) USD 2* 1,199,873 CHF 1,124,310 14/08/2015 (5,136) - USD 2* 1,075,079 DKK 7,288,828 07/07/2015 (13,713) - USD 2* 24,805,943 EUR 22,499,949 07/07/2015 (265,105) (0.05) USD 2* 4,095,015 EUR 3,689,890 14/08/2015 (18,620) - USD 2* 21,733,593 GBP 14,216,581 07/07/2015 (624,017) (0.11) USD 2* 2,736,414 GBP 1,774,965 14/08/2015 (54,243) (0.01) USD 2* 2,060,226 HKD 15,974,567 07/07/2015 (325) -

MGI Funds plc 195 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 30 June 2015 (continued)

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 (2014: (0.14)%) (continued) Financial derivative instruments (2014: (0.14)%) (continued) Open forward foreign currency contracts (2014: (0.14)%) (continued) USD 2* 362,169 ILS 1,400,067 07/07/2015 (8,968) - USD 2* 14,287,764 JPY 1,771,804,105 07/07/2015 (192,712) (0.04) USD 2* 1,900,751 SEK 16,188,871 07/07/2015 (50,476) (0.01) USD 2* 896,051 SGD 1,208,187 07/07/2015 (1,152) - ––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (1,495,886) (0.27) Futures contracts (2014: 0.00%)

No. of contracts Unrealised % of Maturity date Currency long/(short) loss US$ Net assets

Euro Stoxx 50 Index Futures 1* 18/09/2015 EUR 34 (3,749) - FTSE 100 Index Futures 1* 18/09/2015 GBP 8 (19,439) (0.01) S&P 60 Index Futures 1* 17/09/2015 CAD 3 (5,190) - S&P 500 E Mini Index Futures 1* 18/09/2015 USD 62 (177,060) (0.03) SPI 200 Futures 1* 17/09/2015 AUD 3 (4,842) - Swiss Market Index Futures 1* 18/09/2015 CHF 4 (3,221) - ––––––––––– ––––––– Unrealised loss on futures contracts (213,501) (0.04) Total financial derivative instruments at negative fair value (1,709,387) (0.31) Total financial liabilities at fair value through profit or loss (1,709,387) (0.31) Total financial derivative instruments 854,551 0.15 Total investments at fair value through profit and loss 545,929,498 98.00 Cash (2014: 1.83%) 10,809,577 1.94 Net current assets (2014: (0.10)%) 319,464 0.06 ––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 557,058,539 100.00 ––––––––––– –––––––

The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2014 where the Sub-Fund is no longer invested in at 30 June 2015:

Financial assets at fair value through profit or loss Transferable securities Equities Guernsey 0.01%

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market 97.39 OTC financial derivative instruments 0.46 Other current assets 2.15 ––––––– 100.00 –––––––

The following is a list of counterparties for the financial derivative instruments:

Reference Counterparty 1* Goldman Sachs 2* State Street Bank

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 196 MGI Funds plc Portfolio Statement Mercer Euro Over 5 Year Bond Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 97.81%) Transferable securities (2014: 97.81%) Government bonds (2014: 97.81%) Austria (2014: 3.34%) Austria (Government of) 3.90 15/07/2020 EUR 640,000 756,519 0.39 Austria (Government of) 3.50 15/09/2021 EUR 670,000 794,400 0.41 Austria (Government of) 3.65 20/04/2022 EUR 420,000 505,819 0.26 Austria (Government of) 3.40 22/11/2022 EUR 510,000 609,368 0.32 Austria (Government of) 1.75 20/10/2023 EUR 400,000 428,785 0.22 Austria (Government of) 1.65 21/10/2024 EUR 520,000 549,696 0.28 Austria (Government of) 4.85 15/03/2026 EUR 410,000 562,147 0.29 Austria (Government of) 6.25 15/07/2027 EUR 350,000 544,516 0.28 Austria (Government of) 2.40 23/05/2034 EUR 220,000 248,226 0.13 Austria (Government of) 4.15 15/03/2037 EUR 580,000 841,114 0.44 Austria (Government of) 3.15 20/06/2044 EUR 270,000 351,939 0.18 Austria (Government of) 3.80 26/01/2062 EUR 160,000 254,296 0.13 ––––––––––– ––––––– 6,446,825 3.33 Belgium (2014: 3.94%) Belgium (Government of) 3.75 28/09/2020 EUR 580,000 682,877 0.35 Belgium (Government of) 4.25 28/09/2021 EUR 610,000 749,382 0.39 Belgium (Government of) 4.00 28/03/2022 EUR 460,000 562,432 0.29 Belgium (Government of) 4.25 28/09/2022 EUR 490,000 611,593 0.31 Belgium (Government of) 2.25 22/06/2023 EUR 450,000 496,967 0.26 Belgium (Government of) 2.60 22/06/2024 EUR 520,000 588,743 0.30 Belgium (Government of) 0.80 22/06/2025 EUR 290,000 278,853 0.14 Belgium (Government of) 4.50 28/03/2026 EUR 290,000 384,133 0.20 Belgium (Government of) 5.50 28/03/2028 EUR 580,000 849,368 0.44 Belgium (Government of) 1.00 22/06/2031 EUR 200,000 178,495 0.09 Belgium (Government of) 4.00 28/03/2032 EUR 240,000 318,185 0.17 Belgium (Government of) 3.00 22/06/2034 EUR 190,000 225,179 0.12 Belgium (Government of) 5.00 28/03/2035 EUR 660,000 1,000,748 0.52 Belgium (Government of) 4.25 28/03/2041 EUR 460,000 666,233 0.35 Belgium (Government of) 3.75 22/06/2045 EUR 190,000 257,564 0.13 ––––––––––– ––––––– 7,850,752 4.06 Finland (2014: 2.09%) Finland (Government of) 0.38 15/09/2020 EUR 180,000 180,916 0.09 Finland (Government of) 0.38 15/09/2020 EUR 260,000 261,323 0.13 Finland (Government of) 3.50 15/04/2021 EUR 460,000 541,901 0.28 Finland (Government of) 1.63 15/09/2022 EUR 430,000 459,337 0.24 Finland (Government of) 1.50 15/04/2023 EUR 420,000 443,426 0.23 Finland (Government of) 2.00 15/04/2024 EUR 450,000 491,732 0.25 Finland (Government of) 4.00 04/07/2025 EUR 480,000 616,107 0.32 Finland (Government of) 2.75 04/07/2028 EUR 380,000 445,422 0.23 Finland (Government of) 0.75 15/04/2031 EUR 250,000 223,718 0.12 Finland (Government of) 2.63 04/07/2042 EUR 310,000 378,069 0.20 ––––––––––– ––––––– 4,041,951 2.09 France (2014: 21.96%) France (Government of) 2.50 25/10/2020 EUR 1,910,000 2,123,161 1.10 France (Government of) 3.75 25/04/2021 EUR 1,950,000 2,318,466 1.20 France (Government of) 3.25 25/10/2021 EUR 2,240,000 2,615,733 1.35 France (Government of) 3.00 25/04/2022 EUR 1,890,000 2,187,637 1.13 France (Government of) 8.25 25/04/2022 EUR 60,000 90,598 0.05 France (Government of) 2.25 25/10/2022 EUR 1,390,000 1,539,934 0.80 France (Government of) 8.50 25/04/2023 EUR 590,000 936,994 0.48 France (Government of) 1.75 25/05/2023 EUR 1,580,000 1,689,737 0.87 France (Government of) 4.25 25/10/2023 EUR 2,200,000 2,791,905 1.44 France (Government of) 2.25 25/05/2024 EUR 1,580,000 1,746,506 0.90 France (Government of) 1.75 25/11/2024 EUR 1,700,000 1,799,195 0.93

MGI Funds plc 197 MGI Funds plc Portfolio Statement Mercer Euro Over 5 Year Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 97.81%) (continued) Transferable securities (2014: 97.81%) (continued) Government bonds (2014: 97.81%) (continued) France (2014: 21.96%) (continued) France (Government of) 0.50 25/05/2025 EUR 1,050,000 983,032 0.51 France (Government of) 6.00 25/10/2025 EUR 1,210,000 1,777,310 0.92 France (Government of) 3.50 25/04/2026 EUR 1,760,000 2,149,469 1.11 France (Government of) 2.75 25/10/2027 EUR 1,840,000 2,100,796 1.09 France (Government of) 5.50 25/04/2029 EUR 1,650,000 2,453,197 1.27 France (Government of) 2.50 25/05/2030 EUR 1,390,000 1,537,969 0.79 France (Government of) 5.75 25/10/2032 EUR 1,480,000 2,361,118 1.22 France (Government of) 4.75 25/04/2035 EUR 1,240,000 1,824,155 0.94 France (Government of) 4.00 25/10/2038 EUR 1,320,000 1,805,026 0.93 France (Government of) 4.50 25/04/2041 EUR 1,280,000 1,900,336 0.98 France (Government of) 3.25 25/05/2045 EUR 860,000 1,058,221 0.55 France (Government of) 4.00 25/04/2055 EUR 830,000 1,202,598 0.62 France (Government of) 4.00 25/04/2060 EUR 580,000 851,199 0.44 ––––––––––– ––––––– 41,844,292 21.62 Germany (2014: 31.04%) Bundesrepublik Deutschland 3.00 04/07/2020 EUR 2,020,000 2,310,821 1.19 Bundesrepublik Deutschland 2.25 04/09/2020 EUR 1,630,000 1,807,844 0.93 Bundesrepublik Deutschland 2.50 04/01/2021 EUR 1,770,000 1,994,991 1.03 Bundesrepublik Deutschland 3.25 04/07/2021 EUR 1,920,000 2,265,219 1.17 Bundesrepublik Deutschland 2.25 04/09/2021 EUR 1,620,000 1,816,445 0.94 Bundesrepublik Deutschland 2.00 04/01/2022 EUR 1,890,000 2,094,911 1.08 Bundesrepublik Deutschland 1.75 04/07/2022 EUR 2,240,000 2,450,831 1.27 Bundesrepublik Deutschland 1.50 04/09/2022 EUR 1,680,000 1,808,231 0.93 Bundesrepublik Deutschland 1.50 15/02/2023 EUR 1,810,000 1,946,722 1.01 Bundesrepublik Deutschland 1.50 15/05/2023 EUR 1,820,000 1,957,251 1.01 Bundesrepublik Deutschland 2.00 15/08/2023 EUR 1,700,000 1,896,005 0.98 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 1,060,000 1,559,043 0.81 Bundesrepublik Deutschland 1.75 15/02/2024 EUR 1,830,000 2,003,402 1.04 Bundesrepublik Deutschland 1.50 15/05/2024 EUR 1,700,000 1,821,569 0.94 Bundesrepublik Deutschland 1.00 15/08/2024 EUR 1,690,000 1,732,407 0.90 Bundesrepublik Deutschland 0.50 15/02/2025 EUR 1,800,000 1,754,985 0.91 Bundesrepublik Deutschland 6.50 04/07/2027 EUR 1,180,000 1,917,507 0.99 Bundesrepublik Deutschland 5.63 04/01/2028 EUR 1,370,000 2,108,495 1.09 Bundesrepublik Deutschland 4.75 04/07/2028 EUR 1,140,000 1,648,221 0.85 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 850,000 1,426,712 0.74 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 1,640,000 2,617,959 1.35 Bundesrepublik Deutschland 4.75 04/07/2034 EUR 2,010,000 3,127,402 1.62 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 2,160,000 3,158,507 1.63 Bundesrepublik Deutschland 4.25 04/07/2039 EUR 1,430,000 2,215,766 1.14 Bundesrepublik Deutschland 4.75 04/07/2040 EUR 1,520,000 2,538,336 1.31 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 1,430,000 1,967,607 1.02 Bundesrepublik Deutschland 2.50 04/07/2044 EUR 1,530,000 1,866,519 0.96 Bundesrepublik Deutschland 2.50 15/08/2046 EUR 870,000 1,065,925 0.55 ––––––––––– ––––––– 56,879,633 29.39 Ireland (2014: 1.83%) Ireland (Government of) 5.00 18/10/2020 EUR 490,000 598,534 0.31 Ireland (Government of) 0.80 15/03/2022 EUR 300,000 296,846 0.15 Ireland (Government of) 3.90 20/03/2023 EUR 430,000 512,828 0.27 Ireland (Government of) 3.40 18/03/2024 EUR 510,000 589,280 0.30 Ireland (Government of) 5.40 13/03/2025 EUR 830,000 1,107,921 0.57 Ireland (Government of) 2.40 15/05/2030 EUR 200,000 207,766 0.11 Ireland (Government of) 2.00 18/02/2045 EUR 400,000 351,181 0.18 ––––––––––– ––––––– 3,664,356 1.89

MGI Funds plc 198 MGI Funds plc Portfolio Statement Mercer Euro Over 5 Year Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 97.81%) (continued) Transferable securities (2014: 97.81%) (continued) Government bonds (2014: 97.81%) (continued) Italy (2014: 16.05%) Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 970,000 1,101,536 0.57 Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 940,000 1,058,777 0.55 Italy Buoni Poliennali Del Tesoro 3.75 01/05/2021 EUR 800,000 899,978 0.47 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 1,090,000 1,227,189 0.63 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 1,010,000 1,195,838 0.62 Italy Buoni Poliennali Del Tesoro 2.15 15/12/2021 EUR 690,000 710,235 0.37 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 800,000 965,278 0.50 Italy Buoni Poliennali Del Tesoro 1.35 15/04/2022 EUR 480,000 467,760 0.24 Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 760,000 942,711 0.49 Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 890,000 1,105,261 0.57 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 710,000 839,027 0.43 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 1,070,000 1,283,704 0.66 Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 510,000 773,498 0.40 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 990,000 1,168,243 0.60 Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 820,000 919,448 0.48 Italy Buoni Poliennali Del Tesoro 2.50 01/12/2024 EUR 870,000 888,009 0.46 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 980,000 1,201,349 0.62 Italy Buoni Poliennali Del Tesoro 1.50 01/06/2025 EUR 430,000 400,149 0.21 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 900,000 1,071,246 0.55 Italy Buoni Poliennali Del Tesoro 7.25 01/11/2026 EUR 350,000 509,488 0.26 Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 1,040,000 1,449,440 0.75 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 740,000 904,680 0.47 Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 1,140,000 1,464,176 0.76 Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 680,000 741,719 0.38 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 1,230,000 1,710,054 0.88 Italy Buoni Poliennali Del Tesoro 1.65 01/03/2032 EUR 300,000 259,974 0.14 Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 690,000 947,979 0.49 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 930,000 1,188,437 0.61 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 1,040,000 1,167,347 0.60 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 780,000 1,003,652 0.52 Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 830,000 1,067,030 0.55 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 650,000 820,089 0.42 Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 320,000 320,223 0.17 ––––––––––– ––––––– 31,773,524 16.42 Latvia (2014: 0.15%) Latvia (Government of) 2.63 21/01/2021 EUR 150,000 163,500 0.08 Latvia (Government of) 2.88 30/04/2024 EUR 200,000 224,250 0.12 ––––––––––– ––––––– 387,750 0.20 Lithuania (2014: Nil) Lithuania (Government of) 2.13 29/10/2026 EUR 650,000 669,825 0.35 ––––––––––– ––––––– Luxembourg (2014: 0.39%) Luxembourg (Government of) 2.25 21/03/2022 EUR 150,000 167,801 0.08 Luxembourg (Government of) 2.13 10/07/2023 EUR 620,000 692,105 0.36 ––––––––––– ––––––– 859,906 0.44 Netherlands (2014: 6.26%) Netherlands (Kingdom of) 3.50 15/07/2020 EUR 1,020,000 1,186,399 0.61 Netherlands (Kingdom of) 3.25 15/07/2021 EUR 1,050,000 1,227,624 0.63 Netherlands (Kingdom of) 2.25 15/07/2022 EUR 1,070,000 1,192,811 0.62 Netherlands (Kingdom of) 3.75 15/01/2023 EUR 710,000 871,690 0.45 Netherlands (Kingdom of) 7.50 15/01/2023 EUR 170,000 255,849 0.13 Netherlands (Kingdom of) 1.75 15/07/2023 EUR 1,010,000 1,087,662 0.56 Netherlands (Kingdom of) 2.00 15/07/2024 EUR 960,000 1,052,125 0.54 Netherlands (Kingdom of) 0.25 15/07/2025 EUR 630,000 582,794 0.30

MGI Funds plc 199 MGI Funds plc Portfolio Statement Mercer Euro Over 5 Year Bond Fund as at 30 June 2015 (continued)

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 97.81%) (continued) Transferable securities (2014: 97.81%) (continued) Government bonds (2014: 97.81%) (continued) Netherlands (2014: 6.26%) (continued) Netherlands (Kingdom of) 5.50 15/01/2028 EUR 810,000 1,210,976 0.63 Netherlands (Kingdom of) 2.50 15/01/2033 EUR 650,000 752,328 0.39 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 860,000 1,246,209 0.64 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 1,000,000 1,462,247 0.76 Netherlands (Kingdom of) 2.75 15/01/2047 EUR 550,000 687,214 0.36 ––––––––––– ––––––– 12,815,928 6.62 Slovakia (2014: 0.47%) Slovakia (Government of) 3.00 28/02/2023 EUR 330,000 379,593 0.20 Slovakia (Government of) 3.38 15/11/2024 EUR 100,000 118,878 0.06 Slovakia (Government of) 4.35 14/10/2025 EUR 300,000 385,716 0.20 Slovakia (Government of) 4.50 10/05/2026 EUR 66,388 86,466 0.04 Slovakia (Government of) 1.38 21/01/2027 EUR 100,000 97,652 0.05 Slovakia (Government of) 3.63 16/01/2029 EUR 120,000 146,295 0.08 Slovakia (Government of) 3.88 08/02/2033 EUR 100,000 126,084 0.06 ––––––––––– ––––––– 1,340,684 0.69 Slovenia (2014: 0.38%) Slovenia (Government of) 4.38 18/01/2021 EUR 100,000 115,390 0.06 Slovenia (Government of) 3.00 08/04/2021 EUR 100,000 107,880 0.05 Slovenia (Government of) 2.25 25/03/2022 EUR 100,000 102,820 0.05 Slovenia (Government of) 4.63 09/09/2024 EUR 140,000 166,880 0.09 Slovenia (Government of) 5.13 30/03/2026 EUR 150,000 186,540 0.10 ––––––––––– ––––––– 679,510 0.35 Spain (2014: 9.91%) Spain (Kingdom of) 4.85 31/10/2020 EUR 1,030,000 1,214,676 0.63 Spain (Kingdom of) 5.50 30/04/2021 EUR 1,130,000 1,381,205 0.71 Spain (Kingdom of) 5.85 31/01/2022 EUR 1,260,000 1,583,667 0.82 Spain (Kingdom of) 5.40 31/01/2023 EUR 840,000 1,044,238 0.54 Spain (Kingdom of) 4.40 31/10/2023 EUR 1,090,000 1,282,005 0.66 Spain (Kingdom of) 4.80 31/01/2024 EUR 700,000 846,449 0.44 Spain (Kingdom of) 3.80 30/04/2024 EUR 1,160,000 1,309,918 0.68 Spain (Kingdom of) 2.75 31/10/2024 EUR 1,260,000 1,313,034 0.68 Spain (Kingdom of) 1.60 30/04/2025 EUR 940,000 885,645 0.46 Spain (Kingdom of) 4.65 30/07/2025 EUR 870,000 1,050,910 0.54 Spain (Kingdom of) 5.90 30/07/2026 EUR 830,000 1,103,346 0.57 Spain (Kingdom of) 5.15 31/10/2028 EUR 650,000 823,371 0.42 Spain (Kingdom of) 6.00 31/01/2029 EUR 1,150,000 1,568,706 0.81 Spain (Kingdom of) 1.95 30/07/2030 EUR 450,000 403,966 0.21 Spain (Kingdom of) 5.75 30/07/2032 EUR 960,000 1,322,167 0.68 Spain (Kingdom of) 4.20 31/01/2037 EUR 960,000 1,114,738 0.58 Spain (Kingdom of) 4.90 30/07/2040 EUR 630,000 810,298 0.42 Spain (Kingdom of) 4.70 30/07/2041 EUR 610,000 763,628 0.39 Spain (Kingdom of) 5.15 31/10/2044 EUR 530,000 710,840 0.37 Spain (Kingdom of) 4.00 31/10/2064 EUR 100,000 110,856 0.06 ––––––––––– ––––––– 20,643,663 10.67

MGI Funds plc 200 MGI Funds plc Portfolio Statement Mercer Euro Over 5 Year Bond Fund as at 30 June 2015 (continued)

Fair value % of € Net assets

Total government bonds 189,898,599 98.12

Total transferable securities 189,898,599 98.12

Total financial assets at fair value through profit or loss 189,898,599 98.12

Cash (2014: 0.58%) 915,202 0.47

Net current assets (2014: 1.61%) 2,729,627 1.41 ––––––––––– ––––––– Total net assets attributable to holders of redeemable participating shares 193,543,428 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Transferable securities admitted to an official stock exchange listing or traded on regulated market 98.07 Other current assets 1.93 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 201 MGI Funds plc Portfolio Statement Mercer Euro Nominal Bond Long Duration Fund as at 30 June 2015

Coupon Maturity Nominal Fair value % of rate date Currency holdings € Net assets

Financial assets at fair value through profit or loss (2014: 98.54%) Transferable securities (2014: 98.54%) Government bonds (2014: 98.54%) France (2014: 34.69%) France (Government of) 4.25 25/10/2023 EUR 42,523,100 53,963,844 6.76 France (Government of) - 25/10/2025 EUR 60,850,100 53,198,200 6.67 France (Government of) 3.50 25/04/2026 EUR 23,065,100 28,169,165 3.53 France (Government of) - 25/04/2029 EUR 48,252,700 37,873,544 4.75 France (Government of) - 25/10/2032 EUR 57,624,700 41,041,176 5.14 France (Government of) - 25/10/2038 EUR 71,336,900 42,684,077 5.35 France (Government of) - 25/04/2055 EUR 63,782,400 23,651,790 2.97 France (Government of) 3.50 25/04/2026 EUR 2,160,000 2,637,985 0.33 ––––––––––– ––––––– 283,219,781 35.50 Germany (2014: 32.59%) Bundesrepublik Deutschland 3.00 04/07/2020 EUR 17,545,400 20,071,422 2.52 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 36,540,300 53,743,298 6.74 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 29,917,000 50,215,238 6.29 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 42,143,800 61,625,680 7.72 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 50,697,000 69,756,474 8.74 ––––––––––– ––––––– 255,412,112 32.01 Netherlands (2014: 31.26%) Netherlands (Kingdom of) 4.50 15/07/2017 EUR 11,106,800 12,171,526 1.53 Netherlands (Kingdom of) 4.00 15/07/2018 EUR 11,183,000 12,564,860 1.57 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 29,168,600 43,608,005 5.47 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 58,902,900 85,355,014 10.70 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 64,488,000 94,297,423 11.82 ––––––––––– ––––––– 247,996,828 31.09

Total government bonds 786,628,721 98.60

Total transferable securities 786,628,721 98.60

Total financial assets at fair value through profit or loss 786,628,721 98.60

Cash (2014: 0.15%) 1,459,185 0.18

Net current assets (2014: 1.31%) 9,721,921 1.22 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares (at last traded prices) 797,809,827 100.00 ––––––––––– –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

MGI Funds plc 202 MGI Funds plc Portfolio Statement Mercer Diversified Retirement Fund as at 30 June 2015

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss Collective investment schemes Ireland BlackRock Developed Real Estate Index Sub-Fund* 165,102 1,213,440 4.47 BlackRock GiltTrak Fund 127,694 2,786,671 10.27 BlackRock UK Index Sub Fund 48,862 1,689,263 6.23 BlackRock - Euro Credit Bond Index Fund** 66,275 1,017,993 3.75 BlackRock - UK Credit Bond Index Fund Flexible 41,829 1,058,268 3.90 BlackRock - US Corporate Bond Index Fund*** 105,132 1,568,262 5.78 Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 2,056,624 2,188,870 8.07 iShares $ High Yield Corporate Bond Fund - GBP Class 520 34,936 0.13 iShares $ High Yield Corporate Bond Fund - USD Class 24,963 1,675,205 6.17 iShares Global Infrastructure Fund 64,704 978,768 3.61 iShares JP Morgan $ Emerging Markets Bond Fund 21,076 1,455,192 5.36 Mercer Passive Global Equity Fund 40,961 4,032,240 14.86 MGI UK Cash Fund 31,119 3,118,141 11.49 MGI UK Inflation Linked Bond Fund 16,309 2,721,491 10.04 ––––––––––– ––––––– Total collective investment schemes 25,538,740 94.13

Total financial assets at fair value through profit or loss 25,538,740 94.13

Cash 860,985 3.17

Other net assets 730,612 2.70 ––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 27,130,337 100.00 ––––––––––– –––––––

Total assets comprised as follows: % of total assets Collective investment schemes 93.47 Other current assets 6.53 ––––––– 100.00 –––––––

Country classifications are based upon country of incorporation and/or country of domicile.

*USD Flexible Accumulation Class **EUR Flexible Accumulation Class ***USD Accumulation Class

MGI Funds plc 203 ------MGI GB£ Fund 13,615 36,806 (71,501) (186,367) (114,866) UK Cash 11,221,962 159,390,111 159,203,744 148,117,728 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Balance Sheet - - - - - as at 30 June 2015 MGI GB£ Fund (5,269) (87,934) (43,616) 144,208 809,493 672,919 749,593 191,369 732,634 (778,811) UK Bond 3,349,474 (8,440,708) (7,525,078) 74,187,853 65,747,145 67,538,163 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ Basin (2,552) 56,916 Pacific (13,768) (11,216) 223,665 9,644,155 9,630,387 9,363,574 (Ex Japan) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------¥ MGI 3,707,980 1,760,061 Japanese (5,555,113) (2,784,195) (2,770,918) 21,346,822 Equity Fund 1,789,763,553 1,784,208,440 1,762,948,690 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ Global 291,801 993,072 (662,849) 6,685,642 5,066,532 (3,349,399) (4,912,095) 30,860,859 11,940,159 63,031,314 (22,413,384) (13,489,041) 712,510,479 690,097,095 593,641,100 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ (103) (9,228) (9,125) 58,673 46,082 Global 831,441 5,471,060 5,461,832 4,534,864 Bond Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI 2,871 398,624 (113,889) (113,889) 1,142,250 Eurozone 117,031,299 116,917,410 115,487,554 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI Fund 12,445 (57,591) (14,162) 604,089 (285,925) (214,172) 4,169,010 Euro Cash 257,423,445 257,137,520 252,637,901 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI Fund 83,572 94,035 (49,505) (22,484) (27,021) 385,183 4,886,945 30,651,898 30,602,393 25,202,163 Euro Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - (16) MGI US$ 1,544 (3,088) (59,508) Markets 5,577,964 2,328,115 Emerging (2,600,959) (1,605,473) 40,389,487 30,727,283 35,900,729 (66,896,087) (28,020,493) (34,606,550) Equity Fund 1,221,235,841 1,154,339,754 1,106,310,719 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Assets Cash at bankCollateral and margin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments 6 - Reverse repurchase agreements - Deposits with credit institutions Financial assets at fair value 6 through profit or loss - Transferable securities - Collective investment schemes - Financial derivative instruments assets Total 5,10 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instrumentsCollateral and margin cashBank Overdraft 5,10 Expenses payable Interest payable Redemptions payable Payable for securities purchased 6 liabilities (excluding net assets Total attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 204 ------US$ Global Mercer (13,756) 905,836 (543,027) 1,121,618 3,607,737 7,991,039 6,003,897 (1,287,723) (1,359,668) High Yield 60,476,842 Bond Fund (13,787,386) (10,583,212) 582,859,376 569,071,990 502,752,407 (continued) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Balance Sheet ------as at 30 June 2015 MGI US$ 5,920 Global 375,742 (326,929) Manager 3,828,756 2,281,840 (2,635,253) (2,308,324) DAM Multi- 237,059,074 234,423,821 230,566,816 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - - (33) US$ Fund Mercer Growth 855,798 (666,863) (798,925) 1,600,076 5,710,420 (1,560,896) (2,790,518) (7,499,142) 29,583,366 18,319,747 32,008,796 Diversified (13,316,377) 1,791,256,641 1,777,940,264 1,703,178,438 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------US$ Low 71,726 Mercer (12,498) (421,708) (467,805) Volatility 1,527,887 7,112,435 (3,696,712) (1,618,671) (1,176,030) 93,788,639 18,885,576 918,626,834 Equity Fund 1,036,316,385 1,040,013,097 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------US$ 2,105 Global Mercer (54,424) (915,619) 9,314,645 1,006,319 (6,197,948) (1,320,441) (3,907,464) Small Cap 19,528,527 Equity Fund 1,194,228,730 1,188,030,782 1,164,377,134 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ (36,032) Markets 3,336,215 Emerging (1,668,946) Debt Fund 53,168,153 35,838,041 29,017,296 11,871,075 12,535,007 (59,676,486) (18,656,032) (17,498,794) (21,816,682) 1,434,006,214 1,374,329,728 1,288,240,427 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ (77,824) (77,824) 711,427 UK Long Gilt Fund 1,088,271 169,318,978 169,241,154 167,519,280 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ Linked 733,963 (335,196) (808,956) 1,110,554 1,216,549 (1,144,152) Bond Fund 672,619,582 671,475,430 669,558,516 UK Inflation ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ Fund 43,815 (53,884) 284,113 (508,944) (455,060) 1,028,227 69,277,573 68,768,629 67,921,418 U.S. Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ Fund 40,059 (52,471) 781,238 194,962 (2,244,025) (2,191,554) UK Equity 63,086,169 60,842,144 62,069,910 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Assets Cash at bankCollateral and margin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments 6 - Reverse repurchase agreements - Deposits with credit institutions Financial assets at fair value 6 through profit or loss - Transferable securities - Collective investment schemes - Financial derivative instruments assets Total 5,10 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instrumentsCollateral and margin cashBank Overdraft 5,10 Expenses payable Interest payable Redemptions payable Payable for securities purchased 6 liabilities (excluding net assets Total attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 205 MGI Funds plc Balance Sheet as at 3D June 2015 (continued)

- Money market instruments - 7,910671 - - 7,099,866 Reverse repurchase agreements - 800,000 - - Deposits with credit institutions 718,004 Financial assets at fair value - 337936870 through profit or loss - Transferable securities 433,527,668 428.439,089 693463,050 545074947 189,898,599 786.628,721 - - Collective investment schemes 9,662,787,975 25,538.740 - 1,653,613,624 Financial derivative instruments 5,10 4,042.098 - 5,370.673 - 20.476,032 2.563.938 - 60,496,924 Total assets 467,974,391 456,576,810 730,916635 559,696,398 193,637,324 798,406,157 27,322,952 12,327,698,739 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 5,10 (4,199,188) - (11,143,355) - (7.166,383) (1,709,387) - (47,953,940) Collateral and margin cash 6 - (405,115) - (26,732,525)

Bank Overdraft - (16.007) - (26,866) - - Expenses (30,161) (18361,079) payable (335,549) (429,672) (587,214) (210.751) (93,896) (441,170) Interest payable (15,126) (10,274,696) - (14206) Redemptions payable - - (15,712) (441,063) - (155,160) (7.320) (29895,591) Payable for securities purchased (9,940,785) (1 353,560) - (2,428,737) (249,792) - (140.008) (91,622,555) Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (14,491,529) (73,331,702) (10,198,046) (2,637,859) (93,896) (596,330) (192,615) (224,854,592) Net assets attributable to holders of redeemable participating shares 447,482,862 443,185,108 720,718,58 7,058,539 193,543,428 797,809,827 27,130,337 12,102,844,147

On behalf of the Board cY ‘ 0 20 October 2015 *This Sub-Fund launched during the year ended 30 June 2015 The accompanying notes fonn an integral part of these financial statements. 7 ------MGI GB£ Fund 6,170 (10,988) (10,988) UK Cash 4,113,601 37,478,572 37,467,584 33,358,801 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - as at 30 June 2014 351 MGI GB£ Fund (53,662) 234,069 172,832 (221,986) UK Bond 1,460,572 1,392,826 3,101,435 99,584,696 14,212,937 94,807,887 (15,798,213) (15,522,565) 115,382,909 Comparative Balance Sheet ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ Basin (8,434) (8,434) 67,791 Pacific 225,765 (Ex Japan) 12,658,435 12,650,001 12,364,879 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– –––––––––––––- –––––––––––––------¥ MGI (218,587) 7,097,409 1,258,110 Japanese (9,123,982) (1,407,147) (7,498,248) 14,071,813 Equity Fund 1,581,115,732 1,571,991,750 1,558,688,400 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - MGI US$ 9,304 Global (801,919) 8,959,451 1,899,086 (2,801,270) (5,479,842) 66,534,881 57,423,374 14,177,060 41,815,524 (49,233,978) (40,150,947) 928,980,336 Equity Fund 1,119,799,016 1,070,565,038 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI US$ (7,829) (5,109) (2,720) 48,389 57,831 Global 901,011 6,069,311 6,077,140 5,069,909 Bond Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI 2,871 (5,571) 904,812 434,993 (101,857) 3,098,125 Eurozone (1,355,371) (1,247,943) 155,776,300 157,131,671 152,690,870 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI Fund 38,859 (29,957) 311,547 (271,995) (242,038) 2,917,853 Euro Cash 113,999,757 113,727,762 110,731,498 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------€ MGI Fund 93,671 (64,274) (10,085) (54,189) 251,217 2,667,103 17,193,225 17,128,951 14,181,234 Euro Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - MGI US$ (61,402) 806,375 139,941 Markets (555,576) 1,604,656 4,786,773 Emerging (8,540,987) (1,536,355) (6,387,654) 53,912,516 13,160,357 Equity Fund 1,503,943,132 1,495,402,145 1,429,532,514 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Assets Cash at bankCollateral and margin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments 6 - Deposits with credit institutions Financial assets at fair value through profit or loss 6 - Transferable securities - Collective investment schemes - Financial derivative instruments assets Total 5,10 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instrumentsCollateral and margin cashExpenses payable 5,10 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total 6 attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 207 - - - - - US$ 2,784 21,550 Global Mercer (74,360) (452,407) 9,262,591 (8,383,912) (1,823,386) (6,033,759) High Yield 31,651,900 11,560,077 Bond Fund 783,598,656 775,214,744 731,099,754 (continued) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------as at 30 June 2014 MGI US$ 76,028 25,495 Global (26,742) 572,204 558,889 (305,894) Manager 5,001,298 (1,417,278) (1,084,642) DAM Multi- 271,753,766 270,336,488 265,519,852 Equity Fund Comparative Balance Sheet ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - - US$ Fund Mercer Growth 816,770 (529,455) (357,570) 1,412,092 1,452,635 (1,954,743) (1,067,718) 13,296,705 44,511,379 26,097,323 Diversified 1,255,781,562 1,253,826,819 1,168,194,658 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - US$ Low Mercer 162,050 (910,490) (270,161) (744,444) Volatility 6,867,476 1,633,988 4,489,829 (2,946,182) (1,021,087) 84,232,815 15,522,309 996,995,989 Equity Fund 1,109,904,456 1,106,958,274 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - - 39 (71) US$ Global Mercer 786,768 7,118,561 9,628,850 (1,018,340) (1,351,660) Small Cap 32,397,878 (26,434,226) (24,064,155) Equity Fund 1,058,620,361 1,032,186,135 1,008,688,265 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - MGI US$ Markets (721,378) 4,042,616 6,154,648 8,358,207 Emerging (1,310,537) (1,044,035) (5,383,775) Debt Fund 43,645,400 12,585,221 29,552,473 10,395,580 (19,282,968) (10,823,243) 1,471,884,375 1,452,601,407 1,357,150,230 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ (36,935) (36,935) 176,022 482,630 UK Long Gilt Fund 71,933,825 71,896,890 71,275,173 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ 4,750 Linked (432,498) (250,441) (182,057) 1,402,196 3,369,368 Bond Fund 611,738,243 611,305,745 606,961,929 UK Inflation ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------41 MGI US$ Fund (5,463) 45,473 (42,183) 254,343 (155,994) (108,348) 1,413,010 76,901,803 76,745,809 75,188,936 U.S. Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------MGI GB£ Fund (56,499) (28,975) 279,220 1,176,981 4,995,188 (5,590,421) (5,504,947) UK Equity 86,841,010 81,250,589 80,389,621 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Assets Cash at bankCollateral and margin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments 6 - Deposits with credit institutions Financial assets at fair value through profit or loss 6 - Transferable securities - Collective investment schemes - Financial derivative instruments assets Total 5,10 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instrumentsCollateral and margin cashExpenses payable 5,10 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total 6 attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 208 € MGI 4,495,068 Funds plc (1,546,976) (7,030,187) 28,504,419 72,439,266 23,394,262 67,406,497 36,390,455 (35,027,287) (64,546,017) (35,670,596) 292,993,307 191,834,522 805,310,135 (143,821,063) (continued) 9,866,845,580 9,723,024,517 8,344,077,649 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------as at 30 June 2014 € 972,469 122,113 *Mercer (686,669) (297,897) (388,772) 8,811,102 Bond Long 633,640,609 632,953,940 623,734,925 Comparative Balance Sheet ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Euro Nominal ––––––––––––– Duration Fund ------€ Fund (66,626) (66,626) *Mercer 1,018,340 2,907,054 Euro Over 176,551,100 176,484,474 172,625,706 5 Year Bond 5 Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - US$ 55,421 Global 896,666 206,505 570,268 714,335 *Mercer Passive (513,158) (111,143) (797,508) (290,017) 5,981,907 (1,711,826) 378,053,346 376,341,520 369,628,244 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------US$ 1,367 (8,052) Mercer (677,712) 9,768,727 9,440,556 (5,436,390) (4,750,626) 13,519,191 & Maintain Global Buy 722,528,028 717,091,638 689,798,187 Credit Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - US$ Short Mercer Fund 2 688,332 191,612 (319,119) Duration 5,718,582 2,821,404 2,844,734 2,333,668 (1,370,000) (3,263,372) (18,742,915) (13,790,424) 381,903,431 363,160,516 367,305,099 Global Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ------US$ Short 98,524 Mercer Fund 1 274,844 (252,061) Duration 2,508,354 4,529,001 14,810,366 (11,828,300) (11,576,239) 415,988,721 404,160,421 393,767,632 Global Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Assets Cash at bankCollateral and margin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments 6 - Deposits with credit institutions Financial assets at fair value through profit or loss 6 - Transferable securities - Collective investment schemes - Financial derivative instruments assets Total 5,10 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instrumentsCollateral and margin cashExpenses payable 5,10 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total 6 attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares *These Sub-Funds launched during the year ended 30 June 2014. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 209 - - - - MGI GB£ Fund 5,164 793,307 214,536 111,936 228,956 447,251 214,536 214,536 (578,771) UK Cash ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - MGI GB£ Fund 4,090 (1,260) Profit and Loss Account (411,888) UK Bond 7,043,336 7,456,484 7,043,336 4,910,389 7,044,596 2,542,005 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– for the year ended 30 June 2015 - - - - MGI US$ (320) Basin (3,747) Pacific (83,371) 397,761 (812,102) (724,664) (812,102) (808,035) (Ex Japan) (1,122,425) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - ¥ MGI (35,883) Japanese (4,520,313) 30,255,376 (13,420,688) 438,834,704 420,857,820 408,579,328 425,414,016 420,857,820 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - MGI US$ 3,982 (9,633) Global (5,067,223) (6,540,942) (2,546,703) 16,653,086 (14,164,501) (21,724,291) (11,608,165) (14,164,501) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - (6) MGI US$ 2,510 Global (51,380) 116,016 (380,509) (431,895) (499,035) (431,889) (431,895) Bond Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - € t. All results are from continuing activities. MGI (4,297) (43,191) (994,842) 5,326,846 Eurozone 18,160,317 19,202,647 18,160,317 13,875,801 18,207,805 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - - € 24 MGI Fund 20,677 20,653 (26,268) (377,543) (371,952) (351,275) (377,543) Euro Cash ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - € MGI Fund (1,109) 10,275 75,427 454,691 312,762 368,989 313,871 312,762 (140,820) Euro Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - MGI US$ (17,033) 165,134 Markets (182,081) Emerging (4,098,892) 39,238,296 (99,844,926) (17,433,957) Equity Fund (121,576,889) (139,248,356) (117,278,883) (121,576,889) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc The accompanying notes form an integral part of these financial statements. Income Income from investments Bank interest income Rebate income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Net investment income ExpensesNet income/(loss) from operations before finance costs/taxation Bank interest expense DistributionsWithholding taxCapital gains tax 2 Net income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 11 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with Profit and Loss Accoun

MGI Funds plc 210 - - 596 US$ Global Mercer (11,449) (356,977) (4,531,856) (4,135,633) High Yield 35,855,779 Bond Fund (72,234,402) (81,270,317) (76,766,258) (81,270,317) (108,090,777) (continued) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - 419 MGI US$ (6,887) Global Profit and Loss Account Manager 5,459,158 9,917,769 5,459,158 6,377,806 3,539,544 6,546,236 (1,080,191) (3,371,533) DAM Multi- Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– for the year ended 30 June 2015 - - - 740 US$ Fund (3,015) Mercer Growth 9,399,327 1,360,698 (4,714,984) Diversified (42,035,647) (37,317,648) (42,035,647) (48,078,413) (42,032,632) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - 768 US$ Low (3,339) Mercer (416,592) Volatility 5,839,660 (4,150,095) 12,595,468 29,055,863 12,595,468 23,215,435 17,165,494 (11,890,369) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - US$ 1,253 (5,519) Global Mercer (33,813) (204,373) (2,757,670) Small Cap 59,470,594 75,196,616 59,470,594 58,233,492 62,471,969 16,961,871 (12,724,647) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ 8,806 (77,472) Markets (268,237) Emerging (1,884,859) (2,183,597) Debt Fund 83,054,627 (15,553,435) (251,446,142) (231,478,542) (251,446,142) (314,541,975) (247,031,977) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - 88 t. All results are from continuing activities. MGI GB£ (3,953) (681,024) UK Long Gilt Fund 3,637,217 17,835,882 17,150,905 17,154,858 14,198,577 17,150,905 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - 812 MGI GB£ (8,264) Linked (487,738) 8,770,402 (3,042,181) 91,116,861 94,655,044 91,116,861 85,883,830 91,612,863 Bond Fund UK Inflation ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - MGI US$ (966) Fund (467,564) (289,419) 6,147,827 5,389,878 5,680,263 1,051,919 5,095,908 5,389,878 U.S. Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - MGI (476) GB£ Fund 1,737 (8,238) (533,847) 4,358,175 3,815,614 2,561,758 1,794,680 3,824,328 3,815,614 UK Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Income Income from investments Bank interest income Rebate income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Net investment income ExpensesNet income/(loss) from operations before finance costs/taxation Bank interest expense DistributionsWithholding taxCapital gains tax 2 Net income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 11 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with Profit and Loss Accoun The accompanying notes form an integral part of these financial statements.

MGI Funds plc 211 MGI Funds plc Profit and Loss Account for the year ended 3D June 2D15 (continued)

Mercer Mercer Short Short Mercer Mercer Mercer Mercer *Mercer Duration Duration Global Buy Passive Euro Over Euro Nominal Diversified Global Bond Global Bond & Maintain Global 5 Year Bond Bond Long Retirement MGI Fund 1 Fund 2 Credit Fund Equity Fund Fund Duration Fund Fund Funds plc Notes uSs uss uss Income uss € € GB € ncome from investments 9,891047 6,107,436 21,674,651 11,554,044 3,843,349 13.554,178 56,733 283244,460 Bank interest income 2732 59.024 2,538 296 - Rebate ncome 51 278 223,076 Net gain/floss) on financial assets - 1,458231 and liabilities at fair value through profit or loss flOO,879,501) (90,841 .065) (80,028,330) (16.476.464) 7,804.873 57,916,291 (1 509905) (492,343,715) Net investment income (90985,722) (84,674605) (58,351,141) (4,922,124) 11,648,222 71,470,520 (1,452894) (207,417948) Expenses 2 (1,883,438) (2,049,974) (3,304,132) (991652) (788,197) (3,201,796) (18,363) (84,466,287) Net incomel(Ioss) trom operations before finance costs/taxation (92869,160) (86,724,579) (61.655,273) (5,913.776) 10,860,025 68,268,724 - (291884.235) Bank interest expense (8,426) (12,146) (4,075) (2,311) (4,087) (9,391) - (200,462) Distributions - 11 - - - - Withholding tax 4 - - (6,081.1731 (11,214) - 16,159) (2,095,008) - - - (16.536,347) Capital gains tax - 4 ------(550.022) Net income/(Ioss) from operations after finance costs/taxation (92,888,800) (86736.725) (61 .665,507) (8,01 1 .095) 10,855,938 68,259,333 (1 471 257) (315.252,239) Change in net assets attributable to holders of redeemable participating shares (92,888,800) (86,736,725) (61,665,507) (8,011,095) 10,855,938 68,259,333 (1,471,257) (315,252,239)

The Company has no recognised gains or losses in the financial period other than those dealt with in the Profit and Loss Account. All results are from continuing activities. This Sub-Fund launched during the year ended 30 June 2015

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

0 - - - 75 MGI (773) GB£ Fund 14,582 92,954 14,582 13,226 29,768 49,885 15,355 (77,599) UK Cash ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - MGI (326) GB£ Fund 1,361 (587,433) UK Bond 5,480,932 6,068,691 5,480,932 2,119,536 5,481,258 3,947,794 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– for the ended year 30 June 2014 - - - - Comparative Profit and Loss Account MGI US$ (172) Basin (5,964) Pacific (84,336) 494,728 1,996,714 1,906,242 1,501,986 1,912,378 1,906,242 (Ex Japan) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - ¥ MGI (16,590) Japanese (9,759,521) (3,229,981) 26,971,597 171,821,217 158,815,125 144,849,620 162,061,696 158,815,125 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - MGI US$ 3,231 (2,332) Global (4,191,243) 27,252,189 (10,854,442) 353,828,901 338,780,884 326,573,481 342,974,459 338,780,884 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - (87) MGI US$ 2,255 Global (35,391) 307,825 272,347 111,062 194,508 272,434 272,347 Bond Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - € 63 t. All results are from continuing activities. MGI (1,932) (302,750) 4,244,391 Eurozone (1,154,185) 37,658,265 36,199,398 33,413,811 36,504,080 36,199,398 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - € (77) 379 MGI (402) Fund 126,682 126,380 (308,868) (435,148) (308,466) (308,868) Euro Cash ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - € (57) MGI Fund 6,434 (94,985) 314,477 968,449 1,289,360 1,194,318 1,194,375 1,194,318 Euro Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - 71 MGI US$ (7,044) Markets (819,265) Emerging (3,331,839) 32,828,129 (13,548,755) 162,677,758 144,970,855 129,849,558 149,129,003 144,970,855 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Income Income from investments Bank interest income Rebate income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Net investment income ExpensesNet income/(loss) from operations before finance costs/taxation Bank interest expense DistributionsWithholding taxCapital gains tax 2 Net income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 11 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with Profit and Loss Accoun The accompanying notes form an integral part of these financial statements.

MGI Funds plc 213 - - US$ (4,598) 34,638 Global Mercer (150,942) (5,196,680) (1,729,442) High Yield 48,362,726 Bond Fund 150,115,694 143,034,032 101,718,330 144,919,014 143,034,032 (continued) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - 86 MGI US$ (1,809) Global Manager 7,314,596 (1,143,194) (3,688,368) 60,297,377 65,130,748 60,297,377 57,816,066 61,442,380 DAM Multi- Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– for the ended year 30 June 2014 - - - Comparative Profit and Loss Account (89) 318 US$ Fund Mercer Growth 6,351,846 1,352,869 (2,889,704) Diversified 142,696,741 145,586,534 142,696,830 142,696,741 137,881,501 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - 991 US$ Low (349) Mercer (175,025) Volatility (4,335,375) 25,833,191 (10,907,718) 211,094,239 195,675,772 185,260,057 200,186,521 195,675,772 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - 778 US$ (1,271) Global Mercer (53,468) (9,909,797) (1,691,924) Small Cap 11,687,143 184,143,869 172,487,409 172,455,948 174,234,072 172,487,409 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– MGI US$ 7,645 (9,108) 44,410 (69,582) Markets (251,797) Emerging (1,238,677) 47,114,514 Debt Fund 31,828,034 70,735,340 33,397,198 31,828,034 (23,672,881) (13,717,316) ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - t. All results are from continuing activities. 267 MGI GB£ (3,128) (337,896) UK Long 3,022,117 Gilt Fund 3,363,141 3,025,245 2,047,265 1,315,609 3,022,117 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - 411 MGI GB£ (2,097) Linked (97,382) (2,250,867) 23,598,339 21,247,993 12,570,854 11,027,074 21,347,472 21,247,993 Bond Fund UK Inflation ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - (9) MGI US$ Fund (457,119) (293,099) 1,049,210 14,921,655 14,171,428 13,872,445 14,464,536 14,171,428 U.S. Equity ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - MGI (236) GB£ Fund 1,242 (5,976) (737,848) 3,682,749 UK Equity 14,053,957 13,309,897 10,369,966 13,316,109 13,309,897 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc The accompanying notes form an integral part of these financial statements. Income Income from investments Bank interest income Rebate income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Net investment income ExpensesNet income/(loss) from operations before finance costs/taxation Bank interest expense DistributionsWithholding taxCapital gains tax 2 Net income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 11 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with Profit and Loss Accoun

MGI Funds plc 214

€ MGI 43,715 (79,235) (608,829) 1,070,841 Funds plc (1,741,174) (63,847,718) (12,920,897) 962,307,445 229,133,363 (continued) 1,192,555,364 1,128,707,646 1,113,357,511 ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– 1,113,357,511 - - - - - € 25 *Mercer (465,417) 2,056,066 17,948,544 17,483,127 15,892,453 17,483,127 17,483,127 Bond Long ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Euro Nominal ––––––––––––– Duration Fund for the ended year 30 June 2014 - - - - € 24 Comparative Profit and Loss Account (28) Fund *Mercer (285,729) 2,197,032 8,678,831 Euro Over 10,875,887 10,590,130 10,590,158 10,590,130 5 Year Bond 5 Year ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - - US$ Global *Mercer Passive (312,935) (723,630) 4,351,188 25,786,011 26,822,576 22,471,388 26,509,641 25,786,011 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - US$ (300) 2,031 Mercer (19,871) (2,666,230) 86,150,829 88,837,230 86,150,829 72,898,133 86,171,000 15,937,066 & Maintain Global Buy Credit Fund ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - US$ (755) 1,312 Short (2,542) Mercer Fund 2 Duration 5,805,560 4,462,988 4,286,567 1,517,681 4,466,285 4,462,988 (1,339,275) Global Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– - - - - t. All results are from continuing activities. US$ 2,220 Short (3,436) Mercer Fund 1 Duration 9,560,327 9,560,327 6,316,657 4,567,726 9,563,763 (1,322,840) 10,886,603 Global Bond ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– ––––––––––––– Notes MGI Funds plc Income Income from investments Bank interest income Rebate income Net gain/(loss) on financial assets and liabilities at fair value through profit or loss Net investment income ExpensesNet income/(loss) from operations before finance costs/taxation Bank interest expense DistributionsWithholding taxCapital gains tax 2 Net income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 11 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with Profit and Loss Accoun *These Sub-Funds launched during the year ended 30 June 2014. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 215 MGI GB£ Fund 214,536 UK Cash 37,467,584 159,203,744 (895,371,572) –––––––––––– –––––––––––– –––––––––––– 1,016,893,196 MGI GB£ Fund UK Bond 4,535,443 7,043,336 65,747,145 99,584,696 (45,416,330) –––––––––––– –––––––––––– –––––––––––– for the year ended 30 June 2015 MGI US$ Basin Pacific (812,102) 9,630,387 1,668,395 (Ex Japan) (3,875,907) 12,650,001 Equity Fund –––––––––––– –––––––––––– –––––––––––– to Holders of Redeemable Participating Shares Statement of Changes in Net Assets Attributable ¥ MGI Japanese 227,502,069 420,857,820 Equity Fund (436,143,199) –––––––––––– –––––––––––– –––––––––––– 1,571,991,750 1,784,208,440 MGI US$ Global (14,164,501) 690,097,095 162,475,657 Equity Fund (528,779,099) –––––––––––– –––––––––––– –––––––––––– 1,070,565,038 MGI US$ Global 387,010 (562,594) (431,895) 6,069,311 5,461,832 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI Eurozone 15,548,806 18,160,317 (72,568,013) 116,917,410 155,776,300 Equity Fund –––––––––––– –––––––––––– –––––––––––– € MGI Fund (377,543) Euro Cash (95,297,056) 113,727,762 257,137,520 239,084,357 –––––––––––– –––––––––––– –––––––––––– € MGI Fund 312,762 (2,710,517) 30,602,393 17,128,951 15,871,197 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging 591,745,061 Equity Fund (811,230,563) (121,576,889) –––––––––––– –––––––––––– –––––––––––– 1,495,402,145 1,154,339,754 Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds from redeemable participating shares issuedPayments to redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year The accompanying notes form an integral part of these financial statements.

MGI Funds plc 216 US$ Global Mercer High Yield Bond Fund (81,270,317) 569,071,990 775,214,744 444,809,022 (569,681,459) –––––––––––– –––––––––––– –––––––––––– (continued) MGI US$ Global Manager 5,459,158 36,861,683 DAM Multi- (78,233,508) 270,336,488 234,423,821 Equity Fund –––––––––––– –––––––––––– –––––––––––– for the year ended 30 June 2015 US$ Fund Mercer Growth Diversified (42,035,647) 866,651,385 (300,502,293) –––––––––––– –––––––––––– –––––––––––– 1,253,826,819 1,777,940,264 to Holders of Redeemable Participating Shares Statement of Changes in Net Assets Attributable US$ Low Mercer Volatility 12,595,468 348,190,816 Equity Fund (431,428,173) –––––––––––– –––––––––––– –––––––––––– 1,106,958,274 1,036,316,385 US$ Global Mercer Small Cap 59,470,594 509,928,734 Equity Fund (413,554,681) –––––––––––– –––––––––––– –––––––––––– 1,032,186,135 1,188,030,782 MGI US$ Markets Emerging Debt Fund 557,957,811 (384,783,348) (251,446,142) –––––––––––– –––––––––––– –––––––––––– 1,452,601,407 1,374,329,728 MGI GB£ UK Long Gilt Fund 71,896,890 17,150,905 (91,138,564) 169,241,154 171,331,923 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Linked 91,116,861 Bond Fund 611,305,745 671,475,430 316,645,078 UK Inflation (347,592,254) –––––––––––– –––––––––––– –––––––––––– MGI US$ Fund 8,212,647 5,389,878 68,768,629 76,745,809 U.S. Equity (21,579,705) –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 6,864,297 3,815,614 UK Equity 81,250,589 60,842,144 (31,088,356) –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds from redeemable participating shares issuedPayments to redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year The accompanying notes form an integral part of these financial statements.

MGI Funds plc 217 - GB£ Fund *Mercer (2,298,181) (1,471,257) 27,130,337 30,899,775 Diversified Retirement –––––––––––– –––––––––––– –––––––––––– (continued) € Mercer 68,259,333 Bond Long 632,953,940 797,809,827 210,084,089 (113,487,535) –––––––––––– –––––––––––– –––––––––––– Euro Nominal Duration Fund for the year ended 30 June 2015 € Fund Mercer Euro Over 29,771,801 10,855,938 (23,568,785) 176,484,474 193,543,428 5 Year Bond 5 Year –––––––––––– –––––––––––– –––––––––––– to Holders of Redeemable Participating Shares Statement of Changes in Net Assets Attributable US$ Global Mercer Passive (8,011,095) (87,384,826) 557,058,539 376,341,520 276,112,940 Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Mercer & Maintain Global Buy (97,357,123) (61,665,507) 717,091,638 720,718,589 162,649,581 Credit Fund –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 2 Duration (11,339,720) (86,736,725) 443,185,108 363,160,516 178,101,037 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 1 Duration (7,921,978) (92,888,800) 447,482,862 404,160,421 144,133,219 Global Bond –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds from redeemable participating shares issuedPayments to redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year *This Sub-Fund launched during the year ended 30 June 2015. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 218 MGI GB£ Fund 14,582 UK Cash 37,467,584 10,851,621 180,438,689 (153,837,308) –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund UK Bond 6,556,850 5,480,932 99,584,696 (27,993,156) 115,540,070 –––––––––––– –––––––––––– –––––––––––– for the ended year 30 June 2014 MGI US$ Basin Pacific 895,452 1,906,242 (Ex Japan) (2,563,998) 12,650,001 12,412,305 Equity Fund –––––––––––– –––––––––––– –––––––––––– to Holders of Redeemable Participating Shares ¥ MGI Japanese 247,493,056 158,815,125 Equity Fund (192,123,474) –––––––––––– –––––––––––– –––––––––––– 1,357,807,043 1,571,991,750 Comparative Statement of Changes in Net Assets Attributable MGI US$ Global 484,521,157 338,780,884 Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,384,998,544 1,070,565,038 (1,137,735,547) MGI US$ Global 272,347 6,069,311 5,831,683 1,020,294 (1,055,013) Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI Eurozone 15,573,526 36,199,398 (30,910,969) 155,776,300 134,914,345 Equity Fund –––––––––––– –––––––––––– –––––––––––– € MGI Fund (308,868) Euro Cash 113,727,762 175,660,551 218,835,957 (280,459,878) –––––––––––– –––––––––––– –––––––––––– € MGI Fund 7,395,672 1,194,318 (1,660,061) 17,128,951 10,199,022 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging 894,828,027 747,146,965 144,970,855 Equity Fund (291,543,702) –––––––––––– –––––––––––– –––––––––––– 1,495,402,145 Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds to redeemable participating shares issuedPayments from redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year The accompanying notes form an integral part of these financial statements.

MGI Funds plc 219 US$ Global Mercer High Yield Bond Fund 775,214,744 589,506,898 592,713,235 143,034,032 (550,039,421) –––––––––––– –––––––––––– –––––––––––– (continued) MGI US$ Global Manager 38,517,426 60,297,377 DAM Multi- (85,502,130) 257,023,815 270,336,488 Equity Fund –––––––––––– –––––––––––– –––––––––––– for the ended year 30 June 2014 US$ Fund Mercer Growth Diversified 578,096,670 650,141,733 142,696,741 (117,108,325) –––––––––––– –––––––––––– –––––––––––– 1,253,826,819 to Holders of Redeemable Participating Shares US$ Low Mercer Volatility 545,043,256 195,675,772 Equity Fund (652,424,367) –––––––––––– –––––––––––– –––––––––––– 1,018,663,613 1,106,958,274 Comparative Statement of Changes in Net Assets Attributable US$ Global Mercer Small Cap 531,163,102 567,986,366 172,487,409 Equity Fund (239,450,742) –––––––––––– –––––––––––– –––––––––––– 1,032,186,135 MGI US$ Markets Emerging Debt Fund 31,828,034 553,451,671 (303,846,562) –––––––––––– –––––––––––– –––––––––––– 1,171,168,264 1,452,601,407 MGI GB£ UK Long Gilt Fund 3,022,117 71,896,890 41,704,194 (83,570,085) 110,740,664 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Linked 21,247,993 Bond Fund 611,305,745 383,986,336 363,977,269 UK Inflation (157,905,853) –––––––––––– –––––––––––– –––––––––––– MGI US$ Fund 3,000,876 (4,805,677) 76,745,809 64,379,182 14,171,428 U.S. Equity –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund UK Equity 81,250,589 17,602,211 13,309,897 (56,093,656) 106,432,137 –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds from redeemable participating shares issuedPayments to redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year The accompanying notes form an integral part of these financial statements.

MGI Funds plc 220 - € *Mercer 17,483,127 Bond Long (20,518,034) 632,953,940 635,988,847 –––––––––––– –––––––––––– –––––––––––– (continued) Euro Nominal Duration Fund - € Fund *Mercer (3,072,032) Euro Over 10,590,130 176,484,474 168,966,376 5 Year Bond 5 Year –––––––––––– –––––––––––– –––––––––––– for the ended year 30 June 2014 - US$ Global *Mercer Passive 25,786,011 (29,844,004) 376,341,520 380,399,513 Equity Fund –––––––––––– –––––––––––– –––––––––––– to Holders of Redeemable Participating Shares US$ Mercer 86,150,829 & Maintain Global Buy (13,426,483) 717,091,638 341,540,532 302,826,760 Credit Fund –––––––––––– –––––––––––– –––––––––––– Comparative Statement of Changes in Net Assets Attributable US$ Short Mercer Fund 2 (626,904) Duration 4,462,988 117,446,034 363,160,516 241,878,398 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 1 (633,097) Duration 9,560,327 181,594,225 404,160,421 213,638,966 Global Bond –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc Net assets attributable to holders of redeemable participating shares at beginning of year Proceeds from redeemable participating shares issuedPayments to redeemable participating shares redeemedChanges in net assets attributable 8 to holders of redeemable participating shares 8 Net assets attributable to holders of redeemable participating shares at end of year *These Sub-Funds launched during the year ended 30 June 2014. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 221 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015

1. Accounting policies

The principal accounting policies adopted by the Company are as follows:

a) Basis of Preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss and comply with Financial Reporting Standards of the Financial Reporting Council, as promulgated by the Institute of Chartered Accountants in Ireland (“Irish GAAP”). The financial statements have been prepared in accordance with the accounting standards and Irish statute comprising the Irish Companies Act, 2014 and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011.

The financial statements have been prepared on a going concern basis.

Certain comparatives have been restated to conform with current year presentation.

With the exception of interest income and net gain/(loss) on financial assets at fair value through profit or loss, the presentation of which has changed in the current year in the Profit and Loss Account, these financial statements have been prepared using the same measurement basis and have adopted the same accounting principles and practices as those used in the annual audited financial statements for the year ended 30 June 2014.

The format and certain wordings of the financial statements has been adopted from those contained in the Companies Act 2014 and FRS 3 “Reporting Financial Performance” so that in the opinion of the Directors, they more appropriately reflect the nature of the Company's business as an investment fund.

b) Financial instruments

(i) Classification In accordance with FRS 25 and FRS 26 the Company has classified certain financial assets and financial liabilities at fair value through profit or loss.

The Company classified financial assets and liabilities into the following categories;

Financial assets at fair value through profit or loss:

• Held for trading: Investments in transferable securities, collective investment schemes and financial derivative instruments.

Financial assets at amortised cost:

• Loans and receivables: Reverse repurchase agreements, deposits with credit institutions, collateral and margin cash, cash at bank, money market instruments, subscriptions receivable, receivable for securities sold and other assets.

Financial liabilities at fair value through profit or loss:

• Held for trading: securities sold short and derivative financial instruments.

Financial liabilities that are not at fair value through profit or loss:

• Loans and payables: Collateral and margin cash, expenses payable, redemptions payable and payable for securities purchased.

A financial instrument is classified as held for trading if:

• it is acquired or incurred principally for the purpose of selling or repurchasing it in the near-term; • on initial recognition it is part of a portfolio that is managed together and for which there is evidence of a recent pattern of short-term profit taking; or • it is a derivative, other than a designated and effective hedging instrument.

MGI Funds plc 222 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

b) Financial instruments (continued)

(ii) Measurement Financial instruments are measured initially at fair value. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately, while on other financial instruments they are amortised.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Profit and Loss Account.

Financial assets classified as loans and receivables are carried at amortised cost using the effective interest rate method, less impairment losses, if any.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective interest rate. Financial liabilities arising from the redeemable shares issued by the Company are carried at the redemption amount representing the investors’ right to a residual interest in the Company’s assets.

(iii) Fair value measurement principles The fair value of financial instruments traded in active markets (such as equities) or any other regulated market (such as corporate bonds, government bonds, municipal bonds, asset backed securities, mortgage backed securities, convertible securities and credit linked notes) is based on their quoted market prices at the Balance Sheet date without any deduction for estimated future selling costs. Financial assets are priced at current bid prices, while financial liabilities are priced at current asking prices.

When a Sub-Fund holds derivatives with offsetting market risks it uses mark to market valuations as a basis for establishing fair values for the offsetting risk position. The fair value of the instruments that are not traded on active markets (for example over-the-counter ("OTC") derivatives) is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value or another investment that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provide a reliable estimate or prices obtained in actual market transactions.

Where the discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimate and the discount rate used is a market rate at the Balance Sheet date applicable for an instrument with similar terms and conditions. Where other pricing models are used, inputs are based on market data at the Balance Sheet date. Fair values for unquoted equity instruments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer.

The fair value of derivatives that are not exchange-traded are estimated at the amount that the Company would receive or pay to terminate the contract at the Balance Sheet date taking into account current market conditions and the creditworthiness of the counterparties.

Financial assets include investments in open-ended investment funds and in closed-ended investment funds. Fair value of such assets is based on the underlying fund administrator’s calculation of the net asset value per share (market value of the fund’s assets less liabilities divided by the number of the shares) which will be the latest bid prices published by the collective investment schemes, taking into account any adjustments that may be required to account for illiquidity, low trading volumes or any such factors that may indicate that the bid price may not be fair value. The fair value of any investments in closed-ended investment funds is based on the bid prices available on the principal market for such security at the valuation date taking into account any adjustments that may be required to account for illiquidity, low trading volumes or any such factors that may indicate that the bid price may not be fair value.

The Sub-Funds’ investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, (i) the Sub-Funds’ have the right to receive payments of principal, interest and any fees to which it is entitled only from the party from whom the Sub-Fund has purchased the participation and only upon receipt by that party of payments from the borrower and (ii) the Sub-Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, the Sub-Fund may be subject to credit risk both of the party from whom it purchased the loan participation and the borrower and the Fund may have minimal control over the terms of any loan modification. When the Sub-Fund purchases assignments of loans, it generally acquires direct rights against the borrower.

MGI Funds plc 223 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

b) Financial instruments (continued)

(iii) Fair value measurement principles (continued) Mercer Global Investments Management Limited (“the AIFM/Manager”) has appointed Mercer Global Investments Europe Limited (the “Investment Manager”) as investment manager for each of the Mercer Funds. The Investment Manager has responsibility for the on-going monitoring of investments within each of the Sub-Funds of the Mercer Funds. This includes, but is not limited to, reviewing information on stale and static prices, suspended securities and securities in liquidation and securities valued at cost. If the Investment Manager has reasonable belief that a particular security’s valuation may not reflect fair market value, the Investment Manager Fair Value Pricing Committee (“FVPC”) will meet to consider the appropriate valuation of the security in question. The FVPC meets on a quarterly basis and formally reviews all new fair value assessments and other pricing issues. Ad-hoc fair value approvals may be received via email to the committee members or by means of extraordinary meetings of the FVPC should the need arise. This committee may then make recommendation to the Board of the Investment Manger, who in turn can then approve fair value pricing.

Financial assets or financial liabilities measured at amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment.

(iv) Impairment Financial assets that are stated at cost or amortised cost are reviewed at each Balance Sheet date to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the Profit and Loss Account as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down is reversed through the Profit and Loss Account.

(v) Recognition and De-recognition Financial assets and liabilities at fair value through profit or loss are recognised initially on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. Other financial assets and liabilities are recognised on the date they are originated.

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and do not retain control of the financial asset. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised), and consideration received (including any new asset obtained less any new liability assumed) is recognised in the Profit and Loss Account.

The Company enters into transactions whereby it transfers assets recognised on its Balance Sheet, but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. If all or substantially all risks and rewards are retained, then the transferred assets are not derecognised. Transfers of assets with retention of all or substantially all risks and rewards include securities lending and repurchase transactions.

The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.

(vi) Offsetting financial instruments Financial assets and liabilities are offset and the net amount presented in the Balance Sheet when and only when, the Company has a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

c) Cash flow statement

The Company has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement.

MGI Funds plc 224 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

d) Income from investments

Dividend income is recognised in the Profit and Loss Account on the date that the right to receive payment is established. For quoted equity securities this is usually the ex-dividend date. For unquoted equity securities this is usually the date when the Shareholders have approved the payment of a dividend.

Bank interest income and interest income from debt instruments are recognised in the Profit and Loss Account using effective interest method. In the prior year, interest income from debt investments was included in net gain / (loss) on financial assets and liabilities at fair value through profit or loss. The prior year amounts have been re-stated to conform with current year presentation. Interest expense arises on bank overdraft balances which occur during the year.

e) Net gains and losses

Net gains and losses from financial instruments at fair value through profit or loss includes all realised gains and losses, unrealised gains and losses from fair value changes and foreign exchange differences. The Company records its investment transactions on trade date basis. Realised gains and losses are calculated based on the average cost method.

All gains on securities and derivatives sold during the year are included in realised gain on investments and other derivative contracts while all losses realised on the sale of securities and other derivatives during the year are included in realised loss on investments and other derivative contracts.

The change in unrealised appreciation or depreciation represents a movement in fair value to cost of the investment between reporting periods. Where a security's fair value over cost increases over the period, this is recorded as a change in unrealised appreciation on investments. Where a security's fair value over cost decreases over the period, this is recorded as a change in unrealised depreciation on investments. For investments and derivatives held at the end of the prior year and sold in their entirety during the current year, the unrealised gain or loss represents the difference between the carrying amount of a financial instrument at the beginning of the period, or the transaction price if it was purchased in the current reporting period, and its carrying amount at the end of the period, being €Nil.

f) Operating expenses

The Company is responsible for all normal operating expenses including audit fees, stamp and other duties and charges incurred on the acquisition and realisation of investments, which are accounted for on an accruals basis. Rebates of expenses arising as a result of the Voluntary Cap are shown separately as rebate income in the Profit and Loss Account.

g) Distributions

Distributions on distributing share classes with an ex-date during the financial year are included as a Finance Cost in the Profit and Loss Account. Details of distributions made during the year are included in Note 12.

h) Cash at bank

Cash and cash equivalents are valued at their face value at amortised cost.

i) Foreign currencies

Transactions which occurred during the year, are translated into the reporting currency at the rate prevailing on the transaction date. Assets and liabilities in foreign currencies are translated into the reporting currency at the rates prevailing at the year end date. The exchange differences on translation are reflected in the Profit and Loss Account.

(i) Functional and presentation currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which the respective Sub-Funds operate (the “functional currency”). The functional currency, which is either Euro, US Dollar, Japanese Yen or Pound Sterling, is shown in the Balance Sheet for each Sub-Fund. The Company also has adopted these functional currencies as the presentation currency of each of the Sub-Funds. The functional and presentation currency of the Company is the Euro as the Company is incorporated in Ireland and authorised by the Central Bank.

MGI Funds plc 225 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

j) Redeemable participating shares

Redeemable participating shares are redeemable at the Shareholder’s option and are classified as financial liabilities in accordance with FRS 25.

The redeemable participating shares can be put back to the Sub-Fund at any time for cash equal to a proportionate share of the Sub-Fund’s net asset value. The redeemable participating shares are carried at the redemption amount that is payable at the Balance Sheet date if the Shareholders exercised the right to put the share back to the Sub-Fund.

k) Derivative financial instruments

(i) Forward foreign currency contracts The fair value of open forward foreign currency contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the valuation date. Gains or losses arising on the settlement of forward foreign currency contracts are included on the net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Profit and Loss Account. Unrealised gains and losses on unsettled forward currency contracts are included in the Balance Sheet and are shown in the Portfolio Statements. The unrealised gains or losses on open forward foreign currency contracts is calculated by reference to the forward price. Realised gains or losses include net gains and losses on contracts which have been settled or offset by other contracts.

(ii) Futures contracts on securities The fair value of futures contracts is based upon daily quoted settlement prices. Changes in the value of the contracts are recognised as unrealised gains or losses in the Profit and Loss Account by “marking to market” the value of the contract at the Balance Sheet date. When the contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the original transaction is recorded as a realised gain/(loss) in the Profit and Loss Account.

(iii) Interest rate swaps, credit default swaps and total return swaps Derivatives such as interest rate swaps are used for trading purposes while credit default swaps are used for hedging purposes.

Interest rate swaps (“IRSs”) are measured initially at fair value on the date on which the derivative contract is entered into and subsequently remeasured at fair value. Fair values are obtained from counterparties or from quoted market prices in active markets, including recent market transactions, and from valuation techniques using discounted cash flow models and option pricing models as appropriate. IRSs are included in assets when the fair value is positive, and in liabilities when the fair value is negative, unless there is the legal ability and intention to settle the asset and liability on a net basis. Revenues/payments arising on IRSs are included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Profit and Loss Account. Swap contracts are carried at fair value based upon the fair value of the underlying assets, the risk associated with the underlying assets, and any additional provisions of the derivative contract.

Credit default swap (“CDS”) contracts are valued at fair value based on a pricing methodology utilising certain factors which include the credit risk of the reference obligations of the underlying issuers, as well as the specific terms of the contract. Certain CDS contracts entered into may include upfront fees that are paid by the buyer to the seller of the CDS contracts at the date of transaction. Such fees are reported as unrealised gains or losses in the Balance Sheet and as net gains and losses in the Profit and Loss Account. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions and are included as realised gains or losses on the Profit and Loss Account upon termination or maturity of the swap.

Total return swap ("TRS") is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually a stock or fixed income index. This is owned by the party receiving the set rate payment. Total return swaps allow the party receiving the total return to gain exposure and benefit from a reference asset without actually having to own it.

MGI Funds plc 226 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

k) Derivative financial instruments (continued)

(iv) Swaptions A Sub-Fund records an unrealised gain/(loss) for the amount expected to be received or paid under the swaption agreement if the agreement was terminated on the Balance Sheet date and is reported within financial assets or financial liabilities at fair value through profit or loss in the Balance Sheet and Portfolio Statements.

When a Sub-Fund writes a swaption, a premium is received by the Sub-Fund and the swaption is initially recognised at the amount of the premium. The swaption is subsequently marked-to-market to reflect the fair value of the swaption written, which is reported within financial liabilities at fair value through profit or loss on the Balance Sheet and Portfolio Statements. The difference between the premium received and the fair value reported on the Balance Sheet gives rise to an unrealised gain/(loss). When a swaption which the Sub-Fund has written is exercised, the amount of the premium originally received will offset the cost of the swap upon exercise of the option in arriving at the movement in unrealised gain/(loss) to be included in the Profit and Loss Account. Premiums received on swaptions written which expire unexercised are treated as realised gains.

When a Sub-Fund purchases a swaption, a premium is paid by the Sub-Fund and the swaption is initially recognised at the amount of the premium. The swaption is subsequently marked-to-market to reflect the fair value of the swaption purchased, which is reported within financial assets at fair value through profit or loss on the Balance Sheet. When a swaption which the Sub-Fund holds is exercised, the amount of the premium originally paid will offset the cost of the swap upon exercise of the option in arriving at the movement in unrealised gain/(loss) to be included in the Profit and Loss Account. Premiums paid from the purchase of swaptions which expire unexercised are treated as realised losses.

(v) Warrants Warrants are sometimes used to gain exposure to emerging market equities where custody, liquidity, or other issues make ownership of local shares sub-optimal.

The valuation of the warrants depends on the level of trading. If the warrants are actively traded in the market then the market price is used. If the warrants are not actively traded in the market the intrinsic value of the warrant based on underlying equity price and warrant strike price is used. Warrants by their nature are covered investments.

(vi) Options A Sub-Fund may purchase and sell (write) call and put options on securities, securities indices and foreign currencies traded on a national securities exchange or in an over-the-counter market.

When a Sub-Fund writes a call or a put option, a premium is received by the Sub-Fund. The premium is subsequently marked-to-market to reflect the fair value of the option written, which is reported within financial assets or liabilities at fair value through profit or loss on the Balance Sheet for each relevant Sub-Fund. The difference between the premium amount and the fair value reported on the Balance Sheet gives rise to an unrealised gain/(loss).

When a Sub-Fund purchases a call or a put option, a premium is paid by the Sub-Fund. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is included in determining initial fair value of the securities or foreign currency purchased. Premiums paid on the purchase of options which expire unexercised are treated as realised losses. The option is subsequently marked-to-market to reflect the fair value of the option purchased, which is reported within financial assets at fair value through profit or loss on the Balance Sheet for each relevant Sub-Fund.

The over-the-counter options are valued at close of business on the dealing day at the settlement price as provided by the counterparty/broker and the values are independently valued, at a minimum, weekly. The fair value of exchange traded options are based upon their quoted daily settlement prices on the relevant exchange. In the event of it being impossible or incorrect to carry out a valuation of a specific investment in accordance with the valuation rules, or if such valuation is not representative of a security’s fair market value, the Directors are entitled to use other generally recognised valuation methods in order to reach a proper valuation of that specific instrument, provided that such method of valuation has been approved by the Custodian and Trustee.

MGI Funds plc 227 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

k) Derivative financial instruments (continued)

(vi) Options (continued) If an option which a Sub-Fund has written either expires on its stipulated expiration date or a Sub-Fund enters into a closing purchase transaction, a Sub-Fund realises a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealised gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which a Sub-Fund has written is exercised, a Sub-Fund realises a capital gain or loss from the sale of the underlying security, and the proceeds from such sales are increased by the premium originally received. When a put option which a Sub-Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Sub-Fund purchases upon exercise of the option.

l) Reverse Repurchase Agreements The Company enters into reverse repurchase agreements for the purpose of efficient portfolio management. There are no material revenues arising from the use of reverse repurchase agreements and transaction costs are embedded in the price of the investments and are not separately identifiable. Reverse repurchase agreements are collateralised by an individual security, details of which are disclosed as a footnote to the relevant Schedule of Investments. Securities purchased under agreements to resell are valued at fair value and adjusted for any movements in foreign exchange rates. Interest rates vary for each reverse repurchase agreement and are set at the initiation of the agreement. The Company will generally obtain additional collateral if the market value of the underlying securities is less than the face value of the reverse repurchase agreements plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counter-party to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings

m) Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as at the date of the financial statements. Estimates also affect the reported amounts of income and expenses for the reporting period in the Profit and Loss Account. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future accounting periods affected.

n) Segmental reporting

A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of the other business segments.

The Company’s segments are based on the nature of the products provided and are considered to be each of the Sub- Funds.

o) Collateral and margin cash

Cash at broker is margin cash and cash collateral which is held by or due to brokers for open futures contracts and represents the exchange traded futures contracts’ margin deposits held with brokers. This amount is the minimum deemed by the brokers and counterparties for collateral requirements and is as such restricted and is reported separately to the unrestricted cash on the Sub-Funds’ Balance Sheets.

p) Cross holdings within the Company

For the purposes of producing the combined Company total financial statements, investments by Sub-Funds within the Company in the units of other Sub-Funds within the Company, also known as "Cross Investments" must be eliminated in order to prevent double counting.

In preparing the Combined Company total Balance Sheet, the value of financial assets at fair value through profit or loss of the Company is reduced by the value of all Cross Investments as at 30 June 2015. In preparing the combined Company total Profit and Loss Account, the net gain/(loss) on financial assets at fair value through profit or loss, is reduced by the amount of realised and unrealised gains and losses earned during the year on such cross investments.

The total amount of adjustments made to the combined Company Balance Sheet and the combined Company Balance and Loss Account are disclosed in Note 3.

MGI Funds plc 228 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

1. Accounting policies (continued)

q) Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Transaction costs on the purchase and sale of bonds, forwards and swaps are included in the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.

Transaction costs on purchases and sales of equities, futures and options are included in net gain/(loss) on investments in the Profit and Loss Account for each Sub-Fund. Custody transactions costs are included in Custodian/Sub-Custodian fees in the Profit and Loss Account for each Sub-Fund. These costs are separately identifiable transaction costs and the total of these costs incurred by each Sub-Fund during the year are disclosed in Note 2.

r) Collateral

A Sub-Fund's assets may be deposited by or received by the Sub-Fund for collateral purposes with counterparties in respect of OTC financial derivative instruments held on the Sub-Fund. Such assets remain in the ownership of the relevant Sub-Fund and are recorded as an asset on the Balance Sheet.

Cash received as collateral is recorded as an asset on the Balance Sheet and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Balance Sheet and is also valued at its fair value in line with the requirement of FRS 26 "Financial instruments: Recognition and measurement".

Investments pledged by the Sub-Funds as collateral are recognised at fair value in the relevant Sub-Fund's Portfolio Statements and such investments are referenced accordingly at the base of the Schedule of Investments. Securities received by the Sub-Funds as collateral from counterparties do not form part of the Net Asset Value of the Sub-Funds and are disclosed at the end of the relevant Portfolio Statement.

s) Anti-dilution levy

To enable a Sub-Fund to recover the cost of investing Sub-Fund assets upon an investor's subscription for shares and the cost of liquidating Sub-Fund assets upon a Shareholder's redemption of shares and to preserve the value of the assets of the relevant Sub-Fund, each Shareholder may be subject to anti-dilution levy (as mentioned in the Prospectus) of up to 3% of the subscription proceeds or redemption proceeds, as applicable. The anti-dilution levy will be paid to the Sub-Fund for the benefit of all Shareholders and will not be paid to the Manager or Investment Manager. The anti- dilution levy is deducted from subscription proceeds and will correspondingly reduce the number of shares purchased by the investor or will be deducted from redemption proceeds and will correspondingly reduce the amounts received by a Shareholder upon redeeming its shares from the Sub-Fund. Proceeds from redeemable participating shares are inclusive of anti-dilution charges.

2. Fees and expenses

The Manager is responsible for the payment of the Investment Manager’s fee and the Distributor’s fee (including reasonable out of pocket expenses) out of the Management fee. The fees and expenses of the Administrator and the Custodian (including reasonable out of pocket expenses) shall be paid by the Company out of the assets of the relevant Sub-Fund. The Sub-Investment Managers (if any) are paid out of the fees of the Investment Manager with the exception of Mercer Global Buy & Maintain Credit Fund, Mercer Short Duration Global Bond Fund 1, Mercer Short Duration Global Bond Fund 2, Mercer Euro Nominal Bond Long Duration Fund, Mercer Passive Global Equity Fund and Mercer Euro Over 5 Year Bond Fund which are paid out of the assets of the respective Sub-Funds. The Company shall also reimburse the Custodian out of the assets of the relevant Sub-Fund for the reasonable fees and customary agent’s charges paid by the Custodian to any Sub-Custodian together with VAT if any, thereon. The aggregate fees and expenses of the Manager, Administrator, Custodian, Distributor, Investment Manager and Investment Advisers will not exceed 3% per annum of the net assets. Investments by Sub-Funds of the Company into funds also managed by the Investment Manager are not charged an investment management fee at the level of the underlying fund, thereby ensuring that there is no double charging of fees by the Investment Manager.

MGI Funds plc 229 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

2. Fees and expenses (continued)

The Manager has undertaken to limit the annual expenses through the use of a Voluntary Cap. For each class launched within the launched Sub-Funds as at 30 June 2015 the Voluntary Cap as a percentage of net assets was as follows:

Sub-Fund Share Class Management Voluntary Maximum Description Fee Cap Fee

MGI Emerging Markets Equity Fund Class I-1 € 0.75% 1.05% 3.00% Class M-1 €, Class M-1 £ 0.95% 1.25% 3.00% Class M-2 € 1.05% 1.35% 3.00% Class M-3 £ 1.15% 1.45% 3.00% Class M-4 € 1.25% 1.55% 3.00% Class M-5 £, Class M-5 $ 1.35% 1.65% 3.00% Class M-6 £ 1.75% 2.05% 3.00% Class M-7 €, Class M-7 £ 0.85% 1.15% 3.00% Class Z-1 £ 0.00% 0.30% 3.00% Class Z-1 € 0.00% 0.30% 3.00%

MGI Euro Bond Fund Class I-1 € 0.35% 0.49% 3.00% Class M-1 € 0.55% 0.69% 3.00% Class M-5 € 0.95% 1.09% 3.00% Class M-7 € 0.45% 0.59% 3.00%

MGI Euro Cash Fund Class I-1 € 0.20% 0.34% 3.00% Class M-1 € 0.40% 0.54% 3.00% Class M-5 € 0.80% 0.94% 3.00% Class M-6 € 1.20% 1.34% 3.00% Class M-7 € 0.30% 0.44% 3.00% Class M-8 € 0.13% 0.27% 3.00% Class Z-1 € 0.00% 0.14% 3.00%

MGI Eurozone Equity Fund Class I-1 € 0.50% 0.64% 3.00% Class M-1 € 0.70% 0.84% 3.00% Class M-2 € 0.80% 0.94% 3.00% Class M-7 € 0.60% 0.74% 3.00% Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Global Bond Fund Class I-1 €, Class I-1 £, Class I-1 $ 0.35% 0.49% 3.00% Class M-1 € 0.55% 0.69% 3.00%

MGI Global Equity Fund Class I-1 €, Class I-1 £ 0.65% 0.79% 3.00% Class M-1 €, Class M-1 £ 0.75% 0.89% 3.00% Class M-1 € Hedged 0.70% 0.84% 3.00% Class M-2 €, Class M-2 £ 0.80% 0.94% 3.00% Class M-2 £ Hedged 0.75% 0.89% 3.00% Class M-3 € Hedged, Class M-3 £ Hedged 0.80% 0.94% 3.00% Class M-4 £ Hedged 1.30% 1.44% 3.00% Class M-5 £ 1.00% 1.14% 3.00% Class M-7 €, Class M-7 £ 0.60% 0.74% 3.00% Class M-7 € Hedged 0.65% 0.79% 3.00% Class M-9 £ 1.30% 1.44% 3.00% Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Japanese Equity Fund Class I-1 € 0.50% 0.64% 3.00% Class M-1 € 0.70% 0.84% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI Pacific Basin (Ex Japan) Equity Fund Class I-1 € 0.50% 0.64% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI Funds plc 230 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

2. Fees and expenses (continued)

Sub-Fund Share Class Management Voluntary Maximum Description Fee Cap Fee

MGI UK Bond Fund Class I-1 £ 0.35% 0.49% 3.00% Class M-1 £ 0.55% 0.69% 3.00% Class M-2 £ 0.65% 0.79% 3.00% Class M-7 £ 0.45% 0.59% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Cash Fund Class I-1 £ 0.20% 0.34% 3.00% Class M-2 £ 0.50% 0.64% 3.00% Class M-3 £ 0.60% 0.74% 3.00% Class M-4 £ 0.70% 0.84% 3.00% Class M-6 £ 1.20% 1.34% 3.00% Class M-7 £ 0.30% 0.44% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Equity Fund Class I-1 €, Class I-1 £ 0.50% 0.64% 3.00% Class M-1 €, Class M-1 £ 0.70% 0.84% 3.00% Class M-2 £ 0.80% 0.94% 3.00% Class M-7 £ 0.60% 0.74% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI U.S. Equity Fund Class I-1 € 0.50% 0.64% 3.00% Class M-1 € 0.70% 0.84% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Inflation Linked Bond Fund Class M-1 £, Class M-1 £ Distributing 0.35% 0.49% 3.00% Class M-4 £ 0.65% 0.79% 3.00% Class M-6 £ 1.15% 1.29% 3.00% Class M-7 £ 0.45% 0.59% 3.00% Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Long Gilt Fund Class I-1 £ 0.35% 0.40% 3.00% Class M-2 £ 0.65% 0.70% 3.00% Class M-3 £ 0.75% 0.80% 3.00% Class M-6 £ 1.35% 1.40% 3.00% Class M-7 £ 0.45% 0.50% 3.00%

MGI Emerging Markets Debt Fund Class M-2 £, Class M-2 £ Distributing 0.95% 1.09% 3.00% Class M-3 €, Class M-3 £ 1.10% 1.24% 3.00% Class M-4 £ 1.25% 1.39% 3.00% Class M-6 £ 1.55% 1.69% 3.00% Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

Mercer Global Small Cap Equity Fund Class M-3 £, Class M-3 £ Distributing 1.10% 1.24% 3.00% Class M-4 € 1.20% 1.34% 3.00% Class M-5 £ 1.30% 1.44% 3.00% Class M-7 £ 1.55% 1.69% 3.00% Class Z-1 CAD 0.00% n/a 3.00% Class Z-1 € 0.00% 0.14% 3.00%

Mercer Low Volatility Equity Fund Class M-3 €, Class M-3 £, Class M-3 £ Distributing 1.00% 1.14% 3.00% Class M-3 € Hedged, Class M-3 £ Hedged 1.05% 1.19% 3.00% Class M-5 £, Class M-5 $ 1.20% 1.34% 3.00% Class M-5 £ Hedged 1.25% 1.39% 3.00% Class M-7 £ 1.40% 1.54% 3.00% Class M-7 £ Hedged 1.45% 1.59% 3.00% Class Z-1 £ 0.00% 0.14% 3.00% Class Z-1 € 0.00% 0.14% 3.00%

MGI Funds plc 231 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

2. Fees and expenses (continued)

Sub-Fund Share Class Management Voluntary Maximum Description Fee Cap Fee

Mercer Diversified Growth Fund Class M-2 £ 0.22% n/a 3.00% Class M-4 € 0.28% n/a 3.00% Class M-5 € 0.36% n/a 3.00% Class M-6 € Hedged, M-6 £ Hedged 0.45% n/a 3.00% Class M-6 £ 0.40% n/a 3.00% Class M-8 € 0.60% n/a 3.00% Class M-8 € Hedged 0.65% n/a 3.00% Class Z-1 € 0.00% n/a 3.00% Class M-10 $ 0.80% n/a 3.00% Class M-12 £ 1.10% n/a 3.00% Class M-12 £ Hedged 1.15% n/a 3.00%

MGI DAM Multi-Manager Global Equity Fund Class M-5 $ 0.85% n/a 3.00% Class M-2 NOK 2.00% n/a 3.00%

Mercer Global High Yield Bond Fund Class M-1 £ 0.70% 0.90% 3.00% Class M-1 AUD Hedged, Class M-1 £ Hedged, Class M-1 £ Hedged Distibuting 0.75% 0.95% 3.00% Class M-2 £, Class M-2 £ Distributing 0.80% 1.00% 3.00% Class M-2 £ Hedged, Class M-2 £ Hedged Distributing 0.85% 1.05% 3.00% Class M-3 €, Class M-3 £ 0.95% 1.15% 3.00% Class M-3 £ Hedged, Class M-3 € Hedged 1.00% 1.20% 3.00% Class M-4 $ 1.15% 1.35% 3.00% Class M-4 £ Hedged 1.20% 1.40% 3.00% Class M-5 £ 1.50% 1.70% 3.00% Class Z-1 € Hedged, Class Z-1 AUD Hedged 0.00% 0.20% 3.00%

Mercer Short Duration Global Bond Fund 1 Class M-1 NOK Hedged 0.20% 0.34% 3.00% Class M-2 SEK Hedged, Class M-2 € Hedged 0.35% 0.49% 3.00% Class M-3 € Hedged 0.60% 0.74% 3.00%

Mercer Short Duration Global Bond Fund 2 Class M-1 € Hedged, Class M-1 NOK Hedged 0.20% 0.34% 3.00% Class M-2 € Hedged, Class M-2 SEK Hedged 0.35% 0.49% 3.00% Class M-3 € Hedged 0.60% 0.74% 3.00%

Mercer Global Buy & Maintain Credit Fund Class M-1 € Hedged, Class M-1 £ Hedged 0.30% 0.44% 3.00% Class M-3 € Hedged, Class M-3 £ Hedged 0.50% 0.64% 3.00% Class Z-1 € Hedged 0.00% 0.14% 3.00%

Mercer Passive Global Equity Fund Class M-1 € 0.20% 0.25% 3.00% Class M-1 € Hedged 0.25% 0.30% 3.00% Class M-2 £ 0.30% 0.35% 3.00% Class M-2 £ Hedged, Class M-2 € Hedged 0.35% 0.40% 3.00% Class M-4 € Hedged 0.55% 0.60% 3.00% Class Z-1 $, Class Z-1 €, Class Z-1 € Hedged 0.00% 0.05% 3.00%

Mercer Euro Over 5 Year Bond Fund Class M-6€ 0.35% 0.40% 3.00% Class M-7€ 0.40% 0.45% 3.00%

MGI Funds plc 232 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

2. Fees and expenses (continued)

Sub-Fund Share Class Management Voluntary Maximum Description Fee Cap Fee

Mercer Euro Nominal Bond Long Duration Fund Class M-1 € 0.10% 0.24% 3.00% Class M-3 € 0.20% 0.34% 3.00% Class M-4 € 0.25% 0.39% 3.00% Class M-6 € 0.35% 0.49% 3.00% Class M-7 € 0.50% 0.64% 3.00% Class M-8 € 0.70% 0.84% 3.00% Class Z-1 € 0.00% 0.14% 3.00%

Mercer Diversified Retirement Fund Class M-1 £ 0.19% 0.23% 3.00%

To achieve this Voluntary Cap, the Manager will absorb, either directly by waiving a portion of its fees or by reimbursement to the account of the relevant class of the Sub-Funds, any annual expenses over the applicable Voluntary Cap that may arise. As each Voluntary Cap has been agreed by the Manager on a voluntary basis, the Manager may from time to time increase or decrease the Voluntary Cap in respect of any particular class of the Sub-Funds subject to a maximum of 3.00% per annum in each class of the Sub-Funds, by notice in writing to the Company, in which case the Company will notify the Shareholders of the relevant class.

Transaction costs

As detailed in Note 1, transaction costs on the purchase and sale of bonds, forwards, and swaps are included in the purchase and sale prices of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be seperately verified or disclosed.

For the year ended the 30 June 2015, the Company incurred transaction costs on other purchases and sales as follows:

Transaction costs Custody on purchase & sale transaction MGI Funds plc of investments costs

MGI Emerging Markets Equity Fund US$ 2,329,106 US$ 402,621 MGI Euro Bond Fund - € 3,676 MGI Eurozone Equity Fund € 298,310.00 € 41,354 MGI Global Bond Fund - US$ 256 MGI Global Equity Fund US$ 1,054,661 US$ 156,957 MGI Japanese Equity Fund ¥792,026 ¥3,617,042 MGI Pacific Basin (Ex Japan) Equity Fund US$ 7,684 US$ 7,904 MGI UK Bond Fund GB£ 3,732 GB£ 3,949 MGI UK Equity Fund GB£ 174,414 GB£ 17,475 MGI US Equity Fund US$ 34,779 US$ 27,899 MGI UK Inflation Linked Bond Fund GB£ 980 GB£ 4,018 MGI UK Long Gilt Fund GB£ 480 GB£ 3,441 MGI Emerging Markets Debt Fund US$ 127,415 US$ 82,004 Mercer Global Small Cap Equity Fund US$ 1,689,709 US$ 234,804 Mercer Low Volatility Equity Fund US$ 563,781 US$ 69,156 Mercer Diversified Growth Fund US$ 244,269 US$ 1,454 MGI DAM Multi-Manager Global Equity Fund US$ 419,144 US$ 129,143 Mercer Global High Yield Bond Fund US$ 61 US$ 19,126 Mercer Short Duration Global Bond Fund 1 US$ 67,636 US$ 2,481 Mercer Short Duration Global Bond Fund 2 US$ 23,676 US$ 7,552 Mercer Global Buy & Maintain Credit Fund US$ 1,370 US$ 3,908 Mercer Passive Global Equity Fund US$ 156,000 US$ 32,404 Mercer Euro Nominal Long Duration Fund - € 5,392 Mercer EUR Over 5 Year Bond Fund - € 4,764 Mercer Diversified Retirement Fund GB£ 2,990 -

MGI Funds plc 233 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

2. Fees and expenses (continued)

Transaction costs (continued)

For the year ended the 30 June 2014, the Company incurred transaction costs on other purchases and sales as follows:

Transaction costs Custody on purchase & sale transaction MGI Funds plc of investments costs

MGI Emerging Markets Equity Fund US$ 2,418,613 US$ 688,582 MGI Euro Bond Fund - € 2,616 MGI Eurozone Equity Fund € 346,325 € 46,092 MGI Global Bond Fund - US$ 383 MGI Global Equity Fund US$ 2,047,179 US$ 216,536 MGI Japanese Equity Fund ¥ 706,331 ¥ 3,667,996 MGI Pacific Basin (Ex Japan) Equity Fund US$ 9,170 US$ 6,173 MGI UK Bond Fund GB£ 2,229 GB£ 9,014 MGI UK Equity Fund GB£ 118,974 GB£ 18,004 MGI U.S. Equity Fund US$ 54,695 US$ 24,987 MGI UK Inflation Linked Bond Fund - GB£ 5,937 MGI UK Long Gilt Fund - GB£ 4,431 MGI Emerging Markets Debt Fund US$ 47,175 US$ 86,670 Mercer Global Small Cap Equity Fund US$ 1,517,931 US$ 260,825 Mercer Low Volatility Equity Fund US$ 725,944 US$ 69,675 Mercer Diversified Growth Fund US$ 365,797 US$ 1,980 MGI DAM Multi-Manager Global Equity Fund US$ 439,380 US$ 128,401 Mercer Global High Yield Bond Fund US$ 10,099 US$ 27,233 Mercer Short Duration Global Bond Fund 1 US$ 54,276 US$ 5,790 Mercer Short Duration Global Bond Fund 2 US$ 21,230 US$ 9,859 Mercer Global Buy & Maintain Credit Fund US$ 66 US$ 10,424 Mercer Passive Global Equity Fund US$ 233,075 US$ 81,854 Mercer Euro Over 5 Year Bond Fund - € 2,772 Mercer Euro Nominal Bond Long Duration Fund - € 420

Audit fees

Audit fees charged by the Auditor for services rendered during the financial year ended 30 June 2015 and year ended 30 June 2014 relate to the following:

30 June 2015 30 June 2014 MGI Fund plc €€ Statutory audit 220,410 196,970 Tax advisory and compliance services 7,200 - –––––––––––– –––––––––––– Total 227,610 196,970 –––––––––––– ––––––––––––

MGI Funds plc 234 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties

Transactions with entities with significant influence

Mercer Global Investments Management Limited has been appointed as Manager to the Company. For these services during the year the Manager earned a fee of € 71,470,518 (30 June 2014: € 53,243,807). As detailed in Note 2, the Manager had undertaken to limit the annual expenses for each class through the use of a Voluntary Cap. The application of the Voluntary Cap has resulted in a total reimbursement of € 47,812 (30 June 2014: € 113,241) which is detailed in the table below. The Manager’s fee as per the Profit and Loss Account is net of the Sub-Fund reimbursement against the Management fee (30 June 2014: € Nil). The outstanding amounts payable as at the year end were a management fee of € 6,021,299 (30 June 2014: € 5,190,097) and a performance fee of € Nil (30 June 2014: € Nil).

The following table details the total reimbursement under the Voluntary Cap per Sub-Fund.

Year ended Year ended Voluntary Cap Reimbursement 30 June 2015 30 June 2014

MGI Emerging Markets Equity Fund -- MGI Euro Bond Fund € 7,435 € 13,061 MGI Euro Cash Fund -- MGI Eurozone Equity Fund € 723 - MGI Global Bond Fund US$ 14,184 US$ 20,593 MGI Global Equity Fund -- MGI Japanese Equity Fund ¥ 2,653,940 ¥ 4,531,178 MGI Pacific Basin (Ex Japan) Equity Fund US$ 5,626 US$ 6,655 MGI UK Bond Fund -- MGI UK Cash Fund -- MGI UK Equity Fund -- MGI U.S. Equity Fund -- MGI UK Inflation Linked Bond Fund -- MGI UK Long Gilt Fund -- MGI Emerging Markets Debt Fund -- Mercer Global Small Cap Equity Fund -- Mercer Low Volatility Equity Fund -- Mercer Diversified Growth Fund -- MGI DAM Multi-Manager Global Equity Fund -- Mercer Global High Yield Bond Fund -- Mercer Short Duration Global Bond Fund 1 -- Mercer Short Duration Global Bond Fund 2 -- Mercer Global Buy & Maintain Credit Fund -- Mercer Passive Global Equity Fund - US$ 21,380 Mercer Euro Over 5 Year Bond Fund -- Mercer Euro Nominal Bond Long Duration Fund - € 36,378 Mercer Diversified Retirement Fund GB£ 2,793 -

Transactions with key management personnel

The disclosure relating to Directors’ fees is included in Note 9. Michael Dempsey is business leader of Mercer Global Investments Europe Limited, the Investment Manager. Tom Geraghty is no longer the Chief Executive Officer of Mercer (Ireland) Limited after the year end he took up a new role as Regional Business Leader, Retirement of Mercer (Ireland). The Manager and Investment Manager are related to Mercer (Ireland) Limited as all three entities are wholly owned subsidiaries of Mercer Ireland Holdings Limited (the “Parent”).

MGI Funds plc 235 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties (continued)

Other related party transactions

MGI Funds plc is related to Mercer PIF Fund plc, Mercer QIF Fund plc and Mercer QIF CCF by virtue of the fact that they are managed by the same Manager and Investment Manager. MGI Funds plc is further related to these Mercer Funds by virtue of the fact that they have common Directors and Promoter. At the year end, the following related parties held interests in Sub-Funds of the Company:

Number of Investor Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015 related party Investor (Sub-Fund of Mercer PIF Fund plc) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI Eurozone Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 11,625 US$ 2,924,547 535,342 324,210

MGI Global Equity Fund MGI UK Growth Fund Z-1 £ 26,214 GB£ 4,191,049 1,377,580 226,233 MGI UK High Growth Fund Z-1 £ 55,348 GB£ 8,849,098 294,793 630,690 MGI UK Moderate Growth Fund Z-1 £ 2,751 GB£ 439,873 149,921 44,095

MGI Japanese Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 7,283 US$ 1,273,718 175,519 293,456

MGI Pacific Basin (Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 3,481 US$ 1,181,155 219,030 173,766

MGI UK Bond Fund MGI UK Defensive Fund Z-1 £ 122,560 GB£ 21,639,268 565,077 2,099,747 MGI UK Growth Fund Z-1 £ 14,840 GB£ 2,618,541 1,205,010 354,821 MGI UK Moderate Growth Fund Z-1 £ 3,271 GB£ 577,194 225,574 54,785

MGI UK Equity Fund MGI UK Growth Fund Z-1 £ 23,839 GB£ 3,377,784 1,264,120 224,977 MGI UK High Growth Fund Z-1 £ 50,722 GB£ 7,186,700 330,163 139,000 MGI UK Moderate Growth Fund Z-1 £ 2,504 GB£ 354,826 137,347 40,644

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 44,089 GB£ 7,357,128 - 805,927 MGI UK Moderate Growth Fund Z-1 £ 1,510 GB£ 252,019 103,269 39,909

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 9,631 US$ 2,946,400 328,751 547,735

MGI Diversified Growth Fund MGI Balanced Managed Fund Z-1 € 248,811 € 39,588,342 1,350,000 1,722,244

MGI Emerging Markets Debt Fund MGI Balanced Managed Fund Z-1 € 46,570 € 4,433,470 1,550,000 - Mercer Enhanced Yield Fund Z-1 € 329,849 € 31,401,626 3,150,000 113,850,000

Mercer Global Buy & Maintain Credit Fund MGI Balanced Managed Fund Z-1 € Hedged 42,465 € 4,555,667 1,250,000 - Mercer Enhanced Yield Fund Z-1 € Hedged 215,709 € 23,141,235 1,100,000 68,650,000

Mercer Global High Yield Bond Fund MGI Balanced Managed Fund Z-1 € Hedged 31,136 € 3,636,317 1,000,000 131,040 Mercer Enhanced Yield Fund Z-1 € Hedged 314,454 € 36,725,062 12,000,000 96,936,300

MGI Funds plc 236 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties (continued)

Other related party transactions (continued)

Mercer Passive Global Equity Fund MGI Balanced Managed Fund Z-1 € 1,727,042 € 22,796,958 800,000 2,237,046 MGI Diversified Equity Fund Z - 1 € 89,571 € 1,182,341 1,621,485 451,950 MGI Diversified Equity Fund Z - 1 € Hedged 845,807 € 9,557,620 10,106,235 469,128

Mercer Global Small Cap Equity Fund MGI Diversified Equity Fund Z - 1 € 19,930 € 3,589,839 3,423,443 -

Mercer Low Volatility Equity Fund MGI Diversified Equity Fund Z - 1 € 30,876 € 4,646,804 4,583,697 44,050

MGI Emerging Markets Equity Fund MGI Diversified Equity Fund Z - 1 € 41,931 € 4,718,023 4,913,465 160,781

Mercer Euro Nominal Bond Long Duration Fund MGI Balanced Managed Fund Z - 1 € 132,531 € 15,141,664 - -

Number of Investor Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015 related party Investor (Sub-Fund of Mercer QIF Fund plc) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI Emerging Markets Debt Fund Mercer LS Managed Fund Z - 1 € 54,467 € 5,185,220 5,159,057 150,000

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 67,075 € 6,811,454 638,312 200,000

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 22,826 € 4,111,414 - 1,343,141

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 104,969 € 15,797,864 - 3,761,398

Mercer Global Buy & Maintain Credit Fund Mercer LS Managed Fund Z - 1 € Hedge 32,027 € 3,435,815 3,440,299 -

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 84,027 € 9,454,697 1,234,182 1,860,000

Mercer Passive Global Equity Fund Mercer LS Managed Fund Z-1 € 257,915 € 3,404,475 132,685 650,000 Mercer LS Managed Fund Z-1 € Hedge 2,052,789 € 23,196,517 - 2,420,901

Number of Underlying Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015 related party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 13,900 GB£ 1,582,187 - 5,500,000

MGI Funds plc 237 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties (continued)

Other related party transactions (continued)

30 June 2014

Number of Investor Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2014 related party Investor (Sub-Fund of Mercer PIF Fund plc) Class 30 June 2014 Currency 30 June 2014 Purchases Sales

MGI Eurozone Equity Fund MGI Equity Fund Z-1 € 55,376 € 7,577,611 184,596 1,043,310 MGI Global (ex UK) Equity Fund Z-1 £ 10,704 US$ 2,812,751 - 272,439

MGI Global Equity Fund MGI Equity Fund Z-1 € 50,115 € 10,243,000 401,840 171,020 MGI UK Growth Fund Z-1 £ 18,790 GB£ 2,695,117 888,847 4,648,050 MGI UK High Growth Fund Z-1 £ 57,588 GB£ 8,259,798 71,823 5,489,322 MGI UK Moderate Growth Fund Z-1 £ 2,059 GB£ 295,368 104,617 519,330

MGI Japanese Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 7,895 US$ 1,299,085 191,031 70,184

MGI Pacific Basin (Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 3,328 US$ 1,214,575 168,963 80,929

MGI UK Bond Fund MGI UK Defensive Fund Z-1 £ 161,896 GB£ 26,495,955 432,242 823,975 MGI UK Growth Fund Z-1 £ 9,996 GB£ 1,635,897 781,616 2,883,688 MGI UK Moderate Growth Fund Z-1 £ 2,301 GB£ 376,510 181,185 655,618

Number of Investor Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2014 related party Investor (Sub-Fund of Mercer QIF Fund plc) Class 30 June 2014 Currency 30 June 2014 Purchases Sales

MGI UK Equity Fund MGI UK Growth Fund Z-1 £ 16,287 GB£ 2,199,890 671,003 3,822,237 MGI UK High Growth Fund Z-1 £ 49,282 GB£ 6,656,467 226,465 4,971,220 MGI UK Moderate Growth Fund Z-1 £ 1,785 GB£ 241,141 89,624 439,896

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 59,948 GB£ 8,646,371 324,376 452,357 MGI UK Moderate Growth Fund Z-1 £ 1,118 GB£ 161,204 93,224 293,665

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 10,387 US$ 2,945,667 160,936 133,843

MGI Diversified Growth Fund MGI Balanced Managed Fund Z-1 € 250,242 € 33,119,564 3,560,855 -

MGI Emerging Markets Debt Fund MGI Balanced Managed Fund Z-1 € 30,614 € 2,813,688 - - Mercer Enhanced Yield Fund Z-1 € 1,491,944 € 137,124,586 135,700,000 7,500,000

Mercer Global Buy & Maintain Credit Fund MGI Balanced Managed Fund Z-1 € Hedged 31,120 € 3,267,881 - - Mercer Enhanced Yield Fund Z-1 € Hedged 847,631 € 89,009,733 3,000,000 7,500,000

Mercer Global High Yield Bond Fund MGI Balanced Managed Fund Z-1 € Hedged 23,538 € 2,777,900 - - Mercer Enhanced Yield Fund Z-1 € Hedged 1,040,873 € 122,843,886 - 13,500,000

Mercer Passive Global Equity Fund MGI Balanced Managed Fund Z-1 € 1,829,708 € 19,376,603 18,315,391 -

MGI Funds plc 238 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties (continued)

Other related party transactions (continued)

30 June 2014 (continued)

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z-1 € 30,801 € 4,309,960 - 800,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z-1 € 132,722 € 15,832,449 - 1,350,000 Mercer Dynamic Asset Allocation Fund Z-1 £ 107,844 GB£ 13,219,550 11,320,000 28,498,285

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z-1 € 89,085 € 8,788,283 2,340,526 - Mercer Dynamic Asset Allocation Fund Z-1 £ 310,938 GB£ 32,346,916 28,050,000 63,558,384

MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z-1 £ 78,346 GB£ 7,337,909 7,870,000 14,109,229

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 62,767 € 6,381,520 6,283,020 -

Mercer Passive Global Equity Fund Mercer LS Managed Fund Z-1 € 299,463 € 3,171,309 3,096,831 100,000 Mercer LS Managed Fund Z-1 € Hedge 2,272,436 € 23,769,684 22,881,075 135,000

Number of Underlying Sub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2014 related party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2014 Currency 30 June 2014 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,073,252 - -

All of the above transactions are carried out on normal commercial terms, negotiated at arm’s length and in the best interest of the Shareholders.

During the month of May 2014 the following in-specie transfers occurred from Sub-Funds of Mercer PIF plc to MGI Funds plc

Sub-Fund of Mercer PIF plc Sub-Fund of MGI Funds plc In-Specie Transfer Mercer PIF Euro Nominal Bond Long Duration Fund Mercer Euro Nominal Bond Long Duration Fund € 611,358,442 Mercer Euro Over 5 Year Bond Fund Mercer Euro Over 5 Year Bond Fund € 164,555,727 Mercer Passive Global Equity Fund Mercer Passive Global Equity Fund USD$ 93,658,887

Shareholders of the Company

Please see Note 8 for details of significant Shareholders in the Company.

MGI Funds plc 239 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

3. Related parties (continued)

Cross holdings within the Company

The following table details the cross holdings within MGI Funds plc Sub-Funds at 30 June 2015 and 30 June 2014.

Cost of Market investment Underlying value Unrealised Share 30 June Sub-Fund 30 June appreciation/ Investing Sub-Fund Sub-Fund Class 2015 Currency 2015 Purchases Sales depreciation Mercer Diversified Growth Fund Mercer Passive Global Equity Fund Class Z-1 $ 141,641,484* US$ 160,593,346* - - 18,951,863* Mercer Diversified Retirement Fund MGI UK Inflation Linked Bond Fund Class Z-1 £ 2,820,000 GB£ 2,721,491 2,820,000 - 98,509 Mercer Diversified Retirement Fund MGI UK Cash Fund Class Z-1 £ 3,115,000 GB£ 3,118,141 3,115,000 - 3,141 Mercer Diversified Retirement Fund Mercer Passive Global Equity Fund Class Z-1 £ 4,095,597 GB£ 4,032,240 4,095,597 - (63,356)

Cost of Market investment Underlying value Unrealised Share 30 June Sub-Fund 30 June appreciation/ Investing Sub-Fund Sub-Fund Class 2014 Currency 2014 Purchases Sales depreciation Mercer Diversified Growth Fund Mercer Passive Global Equity Fund Class Z-1 $ 141,641,484 US$ 158,381,859 159,000,000 17,593,715 16,740,376

*These amounts have been eliminated on combination.

4. Taxation

The Company is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. Therefore, the Company will not be liable to Irish tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution payments to shareholders or any encashment, redemption or transfer of shares or the ending period for which the investment was held.

Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or the ending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of:

(i) a shareholder who is not an Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Company;

(ii) certain exempted Irish tax resident Investors who have provided the Company with the necessary signed statutory declarations;

(iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund;

(iv) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland;

(v) certain exchanges of shares between spouses and former spouses on the occasion of judicial separation and/or divorce;

(vi) an exchange by a Shareholder, effected by way of an arm’s length bargain where no payment is made to the Shareholder of Shares in the Company for other Shares in the Company.

Capital gains, dividends and interest (if any) received on investment made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of a chargeable event, and the Company reserves its right to withhold such taxes from the relevant shareholders.

MGI Funds plc 240 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks

Introduction and overview

The investments of a Sub-Fund in securities and derivatives is subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. In pursuing its investment objectives, the Company holds a number of investments, including:

• Equities, collective investment schemes, money market instruments; • Bonds, mortgage backed securities, asset backed securities and other debt instruments; • Cash and liquid resources; • Swaps, futures, warrants, options, swaptions, equity and credit linked notes and forwards; and • Reverse repurchase agreements and deposits with credit institutions.

The Company’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and equity price risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Sub-Funds’ financial performance.

The Company has maintained its aim of spreading investment risk.

Risk Management Framework

The Company’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the Prospectus and Supplements for a more detailed discussion of the risks inherent in investing in the Company.

The Board reviews reports from the Investment Manager in relation to the Sub-Funds’ performance and risk profile on a quarterly basis, or more frequently as required in relation to the Company’s performance and risk profile. The Investment Manager is also responsible for ensuring that the Sub-Funds of the Company are managed in accordance with the terms of each Sub-Fund’s investment objective, policy, guidelines and limits as set out in the Prospectus and relevant Supplement, as well as the Investment Manager’s own internal investment guidelines and limits. The Company delegates to the Manager, who in turn delegates to the Investment Manager, responsibility for the monitoring and risk oversight for the Sub-Funds.

The Company’s Custodian is responsible for independent day to day monitoring of compliance of each Sub-Fund’s investment guidelines and limits, reporting any breaches to the Manager, Investment Manager or Company, as appropriate. These guidelines and limits are set to ensure that the risk borne by each Sub-Fund is appropriate. In addition, the Investment Manager reviews and monitors risk, exposure and performance reports received from the individual Sub-Investment Managers, supplemented with internally generated analysis using data fed directly from the Custodian.

Role of the Investment Manager

The Investment Manager has responsibility for the selection and monitoring of Sub-Investment Managers. To that end, the Investment Manager follows a well defined and rigorous due diligence review of each Sub-Investment Manager. As part of this process the Investment Manager will review the proposed use of Financial Derivative Instruments (“FDIs”) and the Sub-Investment Managers’ risk management processes. Additionally, Sub-Investment Managers will agree with the Investment Managers that their use of FDIs will comply with the provisions of the Sub-Fund’s/Company’s Risk Management Process (“RMP”). Any material deviations to a Sub-Investment Manager’s use of FDI and risk management process require the prior notification of and approval of the Investment Manager. This is a condition of the investment or currency management agreements with the Sub-Investment Managers. Each Sub-Investment Manager must complete annual compliance questionnaires and are subject to periodic compliance reviews by the Compliance Group of the Investment Manager.

The portfolio managers within the Investment Manager monitor the Sub-Funds on an ongoing basis. Any inappropriate use of FDIs (such as a non-approved FDI) or excessive exposures will typically be picked up as part of their ongoing review. Apart from ongoing review of the portfolios and “sense checks”, the Investment Manager will receive a detailed FDI report monthly from each Sub-Investment Manager. The report will list out the FDI positions and give details of the various exposure levels. This is reviewed in detail by the Investment Manager and any issues arising are followed up with the relevant Sub-Investment Manager.

MGI Funds plc 241 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Role of the Administrator

The Administrator provides fund administration services and valuation of all assets and liabilities including FDIs used by the Sub-Funds at each valuation point. Any issues that are identified by the Administrator are immediately brought to the attention of the Investment Manager for further investigation.

Role of the Custodian - Independent Compliance Monitoring

The Company’s Custodian carries out a separate and independent compliance monitoring role to those carried out by the Investment Manager, Investment Service Providers, and Administrator. As part of its fiduciary role to a regulated fund, the Custodian reviews all of the investment objectives and limits (including FDI limits) on an ongoing basis. While not appointed by the Investment Manager (the Custodian is appointed by the Company), any breaches identified by the Custodian are immediately brought to the attention of the Investment Manager for investigation and resolution.

Role of Sub-Investment Managers

As mentioned above, discretionary investment management has been outsourced to the Sub-Investment Managers. In addition to the oversight and independent monitoring being carried out by the Investment Manager, Administrator and Custodian, each Sub-Investment Manager must have adequate controls and procedures in place to manage their respective portfolios within the limits prescribed under the UCITS Regulations and the Central Bank guidance in respect of FDIs.

Each Sub-Investment Manager must have a robust Risk Management Process (“RMP”) in place which is UCITS IV compliant. As outlined in the various Sub-Investment Managers’ RMP documents, each Sub-Investment Manager must manage its portfolio in accordance with the UCITS Regulations and the Central Bank’s guidance on FDIs. Furthermore, the Sub-Investment Managers will only use the FDIs outlined in their respective RMPs. If a Sub-Investment Manager wishes to use a FDI not covered by the existing RMP, this change will necessitate an amendment to their RMP document and, by implication, the Sub-Fund’s RMP. This will require the approval of the Central Bank before the FDI can be used.

Permanent Risk Management Function

The permanent risk management function is provided by the Investment Manager who is responsible for implementing and procuring the implementation by the delegates of their respective obligations under the risk management policy and procedures. The Investment Manager is responsible for ensuring compliance with the UCITS risk limit system, including statutory limits concerning global exposure and counterparty risk. The Investment Manager provides the relevant Designated Person and the Board with:

• Advice as regards the identification of the risk profile of each managed UCITS; • Reports on the consistency between the current levels of risk incurred by each managed UCITS and the risk profile agreed for that UCITS; • Reports on exceptions to the compliance of each managed UCITS with relevant investment guidelines and restrictions which are monitored by the Custodian and reported to the Compliance team daily; • Reports, where applicable, on the adequacy and effectiveness of the risk management process, indicating in particular whether appropriate remedial measures have been taken in the event of any deficiencies; and • Review and support of the arrangements and procedures for the valuation of OTC derivatives.

Market Price Risk

Market price risk results mainly from the uncertainty about the future prices of financial instruments held. It represents the potential loss a Sub-Fund may suffer through holding market positions in the face of market movements and changes in exchange rates.

All investments in securities present a risk of loss of capital. The Investment Manager and Sub-Investment Managers moderate this risk by ensuring careful selection of securities and other financial instruments within the specified limits as detailed in the Prospectus and approved by the Board of the Investment Manager.

Concentrations of risk are disclosed in more detail in the Portfolio Statements for each Sub-Fund.

MGI Funds plc 242 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Market Price Risk (continued)

Market risk is controlled and monitored through the application of pre-agreed portfolio control ranges which cover attributes such as asset allocation, duration, yield curve and liquidity. The Investment Manager uses historic data to measure market risk, which is controlled relative to the benchmark.

The majority of the assets held by the Company are equities, bonds and investments in collective investment schemes (“CIS”).

The following tables highlight the market price risk associated with the various financial instruments held by the Company other than financial derivative instruments, the market risk of which is shown separately by Sub-Fund.

30 June 2015

MGI Funds plc Impact of 5% Fair Value price increase €€ Transferable securities and CIS Equities 4,374,510,984 218,725,549 Government bonds 3,521,575,518 176,078,776 Municipal bonds 7,103,075 355,154 Corporate bonds 1,666,002,930 83,300,147 Asset backed securities 19,068,023 953,401 Mortgage backed securities 73,669,507 3,683,475 Convertible securities 857,938 42,897 CIS 1,653,613,624 82,680,681 ––––––––––––– ––––––––––––– Total 11,316,401,599 565,820,080 ––––––––––––– –––––––––––––

MGI Funds plc Impact of 5% Nominal price increase €€ Financial Derivative Instruments Futures MGI Emerging Markets Equity Fund 26,012,040 1,300,602 MGI Global Equity Fund 78,322,470 3,916,124 MGI UK Bond Fund (2,961,958) (148,098) MGI Emerging Markets Debt Fund 44,075,834 2,203,792 Mercer Diversified Growth Fund 37,853,621 1,892,681 Mercer Short Duration Global Bond Fund 1 3,170,918,705 158,545,935 Mercer Short Duration Global Bond Fund 2 31,881,812 1,594,091 Mercer Passive Global Equity Fund 9,622,201 481,110 Mercer Global Buy & Maintain Credit Fund 1,349,273 67,464

30 June 2014

MGI Funds plc Impact of 5% Fair Value price increase €€ Transferable securities and CIS Equities 3,979,968,922 198,998,446 Government bonds 2,791,091,767 139,554,588 Municipal bonds 7,045,748 352,287 Corporate bonds 1,471,057,790 73,552,890 Asset backed securities 16,205,999 810,300 Mortgage backed securities 57,933,773 2,896,689 Credit linked notes 18,395,201 919,760 Convertible securities 2,378,451 118,922 CIS 805,310,135 40,265,507 ––––––––––––– ––––––––––––– Total 9,149,387,786 457,469,389 ––––––––––––– –––––––––––––

MGI Funds plc 243 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Market Price Risk (continued)

30 June 2014

MGI Funds plc Impact of 5% Nominal price increase €€ Financial Derivative Instruments Futures MGI Emerging Markets Equity Fund 15,175,608 758,780 MGI Global Equity Fund 79,378,303 3,968,915 MGI UK Bond Fund (9,349,446) (467,472) MGI Emerging Markets Debt Fund (62,505,416) (3,125,271) Mercer Diversified Growth Fund 58,030,750 2,901,538 MGI DAM Multi-Manager Global Equity Fund 1,140,754 57,038 Mercer Short Duration Global Bond Fund 1 (5,283,121,571) (264,156,079) Mercer Short Duration Global Bond Fund 2 (17,141,570) (857,079) Mercer Passive Global Equity Fund 1,461,147 73,057

If the price of each of the Sub-Fund’s underlying investments to which the relevant Sub-Fund had exposure at 30 June 2015 and at 30 June 2014 had increased by 5%, (1% for cash funds), with all other variables held constant, the impact is as shown in the tables above. Conversely, if the price of each of the Sub-Fund’s underlying investments to which the relevant Sub-Fund has exposure had decreased by 5%, (1% for cash funds), this would have an equal but opposite effect on net assets attributable to holders of redeemable participating shares of the relevant Sub-Fund.

Liquidity Risk

The Company’s assets comprise mainly of realisable securities and investments in collective investment schemes which in normal circumstances can be readily sold. The investee funds have the ability to redeem daily and therefore in normal circumstances, can be readily sold. The Company’s main liability and exposure is to daily cash redemptions of redeemable shares. Assets from a Sub-Fund may need to be sold if insufficient cash is available to finance such redemptions. It therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of.

The Sub-Funds may, from time to time, invest in derivative contracts traded OTC, which are not traded in an organised market and may be less liquid. As a result, the Sub-Funds may not be able to liquidate these as quickly as its cash investments at an amount which represent their fair value. However, this will be managed as per the below and would always be a small proportion of a portfolio.

The majority of assets held by the Sub-Funds are negotiable securities. The ability to sell on demand ensures that the Investment Manager can efficiently alter the investment strategy as required. The ability to sell also permits the financing of any unexpected withdrawals from a portfolio. It is important that these assets are readily tradeable and the Investment Manager will ensure that assets are only held where an efficient secondary market is operating. From time to time the secondary market in any particular issue or market may become less liquid, so to minimise this risk the Manager will also ensure that a portfolio is well diversified. In some circumstances the markets in which the Sub-Funds trade can be illiquid, thereby making it difficult to acquire or dispose of investments at prices quoted on the relevant exchanges. In addition, suspension by an exchange of trading in a particular security could make it impossible for positions to be realised and thereby expose the Company to losses.

Investors in the Company may redeem daily. The Company may, if it receives a request for the repurchase of shares in respect of 10% or more of the outstanding shares of any Sub-Fund, elect to restrict the total number of shares repurchased to 10% or more of the outstanding shares, in which case, redemption requests will be scaled down pro rata and the balance of outstanding redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original request related have been redeemed. Redemption requests can also be met, following approval by the Directors and agreement with the relevant Shareholder, through a transfer of assets of the Sub-Fund in-specie to the relevant Shareholder.

MGI Funds plc 244 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Liquidity Risk (continued)

All liabilities of the Sub-Funds including the net assets attributable to redeemable participating shareholders are due within one month with the exception of the following:

30 June 2015

Sub-Fund Currency 1-3 Months 3 Months > 1 Year to 1 Year MGI Global Equity Fund US$ (1,946,912) - - MGI UK Bond Fund GB£ (30,408) - (51,486) MGI Emerging Markets Debt Fund US$ (13,356,446) (124,246) (3,381,769) Mercer Diversified Growth Fund US$ (1,050,726) - - MGI Global High Yield Bond Fund US$ (79,959) (15,615) - Mercer Short Duration Global Bond Fund 1 US$ (152,234) (50,875) (160,474) Mercer Short Duration Global Bond Fund 2 US$ (369,483) (143,856) (260,308) Mercer Global Buy & Maintain Credit Fund US$ (978,112) (4,398) (2,553,432) MGI Emerging Markets Equity Fund US$ (1,903,695) - - Mercer Passive Global Equity Fund US$ (506,529) - -

30 June 2014

Sub-Fund Currency 1-3 Months 3 Months > 1 Year to 1 Year MGI Global Equity Fund US$ (650,106) - - MGI UK Bond Fund GB£ (50,210) - (167,706) MGI Emerging Markets Debt Fund US$ (3,328,233) (184,130) (2,302,113) Mercer Diversified Growth Fund US$ (326,149) - - MGI Global High Yield Bond Fund US$ - (138,839) (19,304) Mercer Short Duration Global Bond Fund 1 US$ (554,978) (47,372) (50,036) Mercer Short Duration Global Bond Fund 2 US$ (1,796,775) (104,722) (2,808,926) Mercer Global Buy & Maintain Credit Fund US$ (1,473,786) (595) (1,567,085) MGI Emerging Markets Equity Fund US$ (44,653) (8,302) - Mercer Passive Global Equity Fund US$ (48,053) - -

Interest rate swaps and credit default swaps settle on a net basis and the net inflows/outflows are represented by the unrealised gain/(loss) as disclosed in the Portfolio Statements of the relevant Sub-Funds.

The tables below analyse each Sub-Fund’s financial derivative instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the year end date to the contractual maturity date.

30 June 2015

MGI Emerging Markets Equity Fund 1-3 Months US$ Open forward foreign currency contracts Inflows 374,503,280 Outflows (374,266,677)

MGI Global Equity Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 670,125,163 669,868,729 Outflows (666,618,979) (669,863,074)

MGI Funds plc 245 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Liquidity Risk (continued)

30 June 2015 (continued)

MGI UK Bond Fund < 1 Month 1-3 Months GB£ GB£ Open forward foreign currency contracts Inflows 4,452,133 844,868 Outflows (4,380,513) (844,043)

MGI Emerging Markets Debt Fund < 1 Month 1-3 Months 3 Months to 1 Year US$ US$ US$ Open forward foreign currency contracts Inflows 291,519,557 1,207,386,015 38,705,621 Outflows (289,557,686) (1,214,140,896) (37,621,661)

Mercer Low Volatility Equity Fund < 1 Month US$ Open forward foreign currency contracts Inflows 382,997,450 Outflows (378,038,063)

Mercer Diversified Growth Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 124,716,277 22,309,805 Outflows (123,754,487) (22,431,992)

Mercer Global High Yield Bond Fund < 1 Month 1-3 Months 3 Months to 1 Year US$ US$ US$ Open forward foreign currency contracts Inflows 438,390,740 50,103,625 9,436,009 Outflows (435,065,617) (50,067,728) (9,373,384)

Mercer Short Duration Global Bond Fund 1 < 1 Month US$ Open forward foreign currency contracts Inflows 598,499,501 Outflows (598,612,728)

Mercer Short Duration Global Bond Fund 2 < 1 Month 1-3 Months 3 Months to 1 Year US$ US$ US$ Open forward foreign currency contracts Inflows 1,053,311,785 253,102,131 51,018,520 Outflows (1,061,471,715) (252,004,880) (50,772,803)

MGI Funds plc 246 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Liquidity Risk (continued)

30 June 2015 (continued)

Mercer Global Buy & Maintain Credit Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 948,924,972 90,318,609 Outflows (934,899,851) (90,956,813)

Mercer Passive Global Equity Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 257,581,791 30,505,490 Outflows (256,338,678) (30,686,033)

30 June 2014

MGI Emerging Markets Equity Fund 1-3 Months US$ Open forward foreign currency contracts Inflows 28,426,493 Outflows (28,374,922)

MGI Global Equity Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 1,179,722,414 75,013,538 Outflows (1,174,492,109) (75,625,652)

MGI UK Bond Fund < 1 Month 1-3 Months GB£ GB£ Open forward foreign currency contracts Inflows 4,982,740 2,454,739 Outflows (4,928,410) (2,432,145)

MGI Emerging Markets Debt Fund < 1 Month 1-3 Months 3 Months > 1 year to 1 Year US$ US$ US$ US$ Open forward foreign currency contracts Inflows 600,416,939 608,853,309 69,605,154 1,009,364 Outflows (600,817,597) (609,797,114) (69,399,672) (986,960)

Mercer Global Small Cap Equity Fund < 1 Month US$ Open forward foreign currency contracts Inflows 78,649 Outflows (78,681)

Mercer Low Volatility Equity Fund < 1 Month US$ Open forward foreign currency contracts Inflows 288,993,498 Outflows (286,095,150)

MGI Funds plc 247 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Liquidity Risk (continued)

30 June 2014 (continued)

Mercer Diversified Growth Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 59,886,784 44,417,264 Outflows (59,922,228) (44,189,641)

Mercer Global High Yield Bond Fund < 1 Month 1-3 Months 3 Months to 1 Year US$ US$ US$ Open forward foreign currency contracts Inflows 894,745,814 30,112,560 32,136,994 Outflows (887,466,760) (29,993,562) (32,076,537)

Mercer Short Duration Global Bond Fund 1 < 1 Month US$ Open forward foreign currency contracts Inflows 536,071,370 Outflows (546,878,732)

Mercer Short Duration Global Bond Fund 2 < 1 Month 1-3 Months 3 Months to 1 Year US$ US$ US$ Open forward foreign currency contracts Inflows 662,439,179 219,116,573 17,268,846 Outflows (670,702,849) (220,174,714) (17,350,136)

Mercer Global Buy & Maintain Credit Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 955,586,555 112,200,342 Outflows (946,356,161) (113,507,017)

Mercer Passive Global Equity Fund < 1 Month 1-3 Months US$ US$ Open forward foreign currency contracts Inflows 150,249,676 7,540,207 Outflows (150,106,031) (7,527,155)

Credit Risk

The Company takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due.

Investments in equities are not exposed to credit risk except for exposure to the Custodian and Sub-Custodian. Periodic monitoring and an annual credit review is performed on the Custodian.

The Company has counterparty risk in relation to transactions it enters into with brokers, banks and other third parties if the counterparty was to fail to complete any transaction to which the Company is a party. The Investment Manager conducts periodic reviews of the counterparties with whom it conducts transactions. The counterparties for the financial derivative instruments are listed in the Portfolio Statements.

MGI Funds plc 248 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

The Company is exposed to credit risk on reverse repurchase agreements. Reverse repurchase agreements are collateralised by an individual security, details of which are disclosed as a footnote to the relevant Schedule of Investments. Securities purchased under agreements to resell are valued at fair value and adjusted for any movements in foreign exchange rates. Interest rates vary for each reverse repurchase agreement and are set at the initiation of the agreement. The Company will generally obtain additional collateral if the market value of the underlying securities is less than the face value of the reverse repurchase agreements plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counter-party to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.

All cash at bank balances and bank overdrafts are held by State Street Bank, London which had a credit rating of AA- at the year end (30 June 2014: A+).

Cash at broker balances held with counterparties at 30 June 2015 are disclosed in Note 6. This amount is the minimum required by the brokers and counterparties for collateral requirements and is as such restricted and is reported separately to the unrestricted cash on the Sub-Funds’ Balance Sheets. Collateral may be pledged by the Sub-Funds, generally by way of cash or cash equivalents, and held by the counterparties. Details of non-cash collateral held by counterparties at year end by counterparties are asterisked within the Portfolio Statments of the Sub-Funds. Amounts of cash collateral held at year end are disclosed on the Balance Sheet of the relevant Sub-Funds. See Note 6 to the financial statements for full details of cash collateral pledged to or by the relevant Sub-Funds as at 30 June 2015 and 30 June 2014.

The Mercer Global Buy & Maintain Credit Fund received collateral in the form of securities from Deutsche Bank which was valued at 30 June 2015 at US$ 659,998 (30 June 2014: US$ 849,847 with HSBC). Mercer Short Duration Global Bond Fund 2 received collateral in the form of securities which was valued at 30 June 2015 at US$ 949,127 (30 June 2014: Nil). This does not form part of the net asset value of the Sub-Funds and is recorded at the base of the Portfolio Statements for reference purposes only.

The Company is also exposed to counterparty risk on its derivative positions, being the risk that a counterparty will default on or be unable to pay in full its financial obligations. Controlling credit risk is paramount in the Investment Manager’s choice of counterparties. Credit risk arises from receivables from investee funds relating to redemptions or transactions awaiting settlement. Risk relating to unsettled receivables is considered small due to the short settlement period involved and the due diligence permitted on the investee funds. The maximum exposure related to unsettled trades equals the amount receivable for securities sold and payable for securities purchased as shown in the Balance Sheet. There are no past due or impaired assets as at 30 June 2015 (30 June 2014: Nil).

Credit linked notes are purchased from a trust or other special purpose vehicle that pays a fixed or floating coupon during the life of the note. At maturity, investors receive par unless the referenced credit defaults or declares bankruptcy, in which case they receive an amount equal to the recovery rate. The trust enters into a default swap with a counterparty, and in the event of default, the trust pays the counterparty par minus the recovery rate in exchange for an annual fee that is passed on to the investors in the form of a higher yield on the notes. These transactions involve certain risks, including the risk that the seller may be unable to fulfil the transaction.

The Sub-Funds may enter into credit derivatives to isolate and transfer the credit risk associated with a particular reference asset. Credit default swaps provide a measure of protection against defaults of debt issuers. The Sub-Funds’ use of credit default swaps does not assure their use will be effective or will have the desired result. A Sub-Fund may either be the buyer or seller in a credit default swap transaction. Credit default swaps are transactions under which the parties’ obligations depend on whether a credit event has occurred in relation to the reference asset. The credit events are specified in the contract and are intended to identify the occurrence of a significant deterioration in the creditworthiness of the reference asset. On settlement, credit default products may be cash settled or involve the physical delivery of an obligation of the reference entity following a default. The buyer in a credit default swap contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference asset has occurred. If a credit event occurs, the seller must pay the buyer the full notional value of the reference asset that may have little or no value. If the Sub-Fund is a buyer and no credit event occurs the Sub-Fund’s losses will be limited to the periodic stream of payments over the term of the contract. As a seller, the Sub- Funds will receive a fixed rate of income throughout the term of the contract, provided that there is no credit event. If a credit event occurs, the seller must pay the buyer the full notional value of the reference obligation. The counterparties to the credit default swaps are referenced in the Portfolio Statements of each relevant Sub-Fund. The credit rating of the counterparties can be found on pages 253 to 254.

MGI Funds plc 249 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

Credit spreads utilised in determining the fair value of credit default swap agreements on corporate issues as of year end, together with the period of expiration, serve as an indicator of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. For example, the Sub-Fund is least likely to pay or otherwise be required to perform where the credit spread on the underlying is below 250 basis point and the period of expiration is within the next 12 – 24 months. The likelihood of payment or performance is generally greater as the credit spread on the underlying and the period of expiration increases. The credit spreads are disclosed in the Portfolio Statements.

The notional amount of credit default swaps represents the maximum potential amount the Sub-Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. The notional amounts for purchased and sold protection are disclosed in the Portfolio Statements.

The Sub-Funds invest in financial assets, which are rated by one or more well known rating agencies. For unrated assets (“Not Rated”) a rating is assigned using an approach that is consistent with rating agencies.

The overall credit exposures were as follows:

30 June 2015 30 June 2014

MGI Emerging Markets Debt Fund % Holding US$ MGI Emerging Markets Debt Fund % Holding US$ AAA 0.37% 4,734,775 AAA 0.98% 13,339,123 AA- 0.08% 1,059,675 AA 0.02% 259,990 A 21.53% 277,294,732 AA- 0.64% 8,792,523 A- 15.42% 198,700,596 A 29.54% 402,723,233 BBB+ 23.76% 306,030,180 A- 4.42% 60,235,357 BBB 14.40% 185,482,908 BBB+ 26.32% 358,868,317 BBB- 15.98% 205,819,593 BBB 18.60% 253,599,534 BB+ 6.98% 89,912,097 BBB- 9.86% 134,343,040 Not rated 1.48% 19,205,871 BB+ 0.03% 357,255 BB 4.58% 62,456,324 B- 1.14% 15,522,571 Not rated 3.87% 52,807,611 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 1,288,240,427 100.00% 1,363,304,878 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI Euro Bond Fund % Holding € MGI Euro Bond Fund % Holding € AAA 23.68% 5,967,390 AAA 27.54% 3,905,464 AA+ 28.00% 7,056,324 AA+ 27.47% 3,894,544 AA 3.68% 927,230 AA 2.33% 331,093 AA- 3.88% 978,100 AA- 4.44% 629,327 A+ 1.93% 485,179 A 0.55% 78,151 A 0.50% 125,727 A- 0.27% 38,598 A- 0.20% 50,895 BBB 37.40% 5,304,057 BBB 37.44% 9,436,640 Not rated 0.69% 174,678 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 25,202,163 100.00% 14,181,234 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 250 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

30 June 2015 30 June 2014

MGI Global Bond Fund % Holding US$ MGI Global Bond Fund % Holding US$ AAA 47.53% 2,155,600 AAA 50.90% 2,580,333 AA+ 15.49% 702,207 AA+ 16.85% 854,347 AA- 0.58% 26,237 AA- 27.51% 1,395,089 A+ 25.72% 1,166,559 BBB 4.74% 240,140 BBB 10.68% 484,261 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 4,534,864 100.00% 5,069,909 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Bond Fund % Holding GB£ MGI UK Bond Fund % Holding GB£ AAA 4.04% 2,730,303 AAA 7.17% 6,797,812 AA+ 47.40% 32,011,133 AA+ 45.54% 43,183,039 AA 1.53% 1,032,640 AA 1.49% 1,408,003 AA- 1.56% 1,051,881 AA- 1.31% 1,240,252 A+ 4.14% 2,794,502 A+ 3.90% 3,700,576 A 3.08% 2,080,465 A 4.98% 4,722,451 A- 8.24% 5,565,533 A- 11.90% 11,282,391 BBB+ 12.13% 8,195,110 BBB+ 6.54% 6,196,455 BBB 15.06% 10,173,095 BBB 12.61% 11,952,152 BBB- 1.99% 1,344,660 BBB- 2.74% 2,595,502 B 0.83% 558,841 BB+ 0.36% 343,436 BB 0.17% 163,598 BB- 0.37% 349,885 B 0.64% 605,981 Not rated 0.28% 266,354 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 67,538,163 100.00% 94,807,887 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Inflation Linked Bond Fund % Holding GB£ MGI UK Inflation Linked Bond Fund % Holding GB£ AAA 100.00% 669,558,516 AAA 100.00% 606,961,929 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 669,558,516 100.00% 606,961,929 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Long Gilt Fund % Holding GB£ MGI UK Long Gilt Fund % Holding GB£ AA+ 100.00% 167,519,280 AAA 100.00% 71,275,173 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 167,519,280 100.00% 71,275,173 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 251 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

30 June 2015 30 June 2014

Mercer Global High Yield Bond Fund % Holding US$ Mercer Global High Yield Bond Fund % Holding US$ BBB 0.11% 559,781 A 0.45% 3,291,140 BBB- 1.73% 8,722,107 A- 0.08% 599,500 BB+ 12.47% 62,673,779 BBB 0.56% 4,118,625 BB 15.69% 78,899,657 BBB- 1.15% 8,392,119 BB- 11.72% 58,897,627 BB+ 9.28% 67,864,281 B+ 19.90% 100,074,424 BB 13.65% 99,778,963 B 12.36% 62,152,280 BB- 12.55% 91,745,774 B- 11.91% 59,868,040 B+ 11.80% 86,331,522 CCC+ 10.62% 53,368,354 B 17.53% 128,177,368 CCC 2.10% 10,555,972 B- 13.61% 99,445,569 CCC- 0.35% 1,747,216 CCC+ 14.78% 108,025,373 D 0.24% 1,210,000 CCC 1.61% 11,773,163 Not rated 0.80% 4,019,480 CCC- 1.07% 7,805,100 Not Rated 1.88% 13,751,257 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 502,748,717 100.00% 731,099,754 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Short Duration Mercer Short Duration Global Bond Fund 1 % Holding US$ Global Bond Fund 1 % Holding US$ AAA 1.68% 7,268,994 AAA 2.01% 7,896,420 AA+ 2.80% 12,153,674 AA+ 2.47% 9,720,742 AA 2.54% 11,026,052 AA 4.15% 16,354,505 AA- 9.47% 41,060,663 AA- 12.04% 47,395,837 A+ 4.88% 21,135,172 A+ 8.43% 33,193,906 A 16.42% 71,163,716 A 13.27% 52,258,168 A- 10.64% 46,117,927 A- 14.12% 55,590,614 BBB+ 17.73% 76,876,781 BBB+ 13.11% 51,621,907 BBB 23.21% 100,623,825 BBB 19.82% 78,059,130 BBB- 10.45% 45,319,845 BBB- 10.16% 40,003,211 BB+ 0.18% 781,019 BB 0.42% 1,673,192 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 433,527,668 100.00% 393,767,632 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 252 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

30 June 2015 30 June 2014

Mercer Short Duration Mercer Short Duration Global Bond Fund 2 % Holding US$ Global Bond Fund 2 % Holding US$ AAA 31.35% 134,299,213 AAA 29.32% 107,704,728 AA+ 6.26% 26,824,129 AA+ 11.16% 40,961,965 AA 1.40% 5,958,704 AA 3.50% 12,856,380 AA- 2.00% 8,585,405 AA- 1.13% 4,135,038 A+ 5.82% 24,940,491 A+ 3.76% 13,813,968 A 10.65% 45,634,557 A 10.50% 38,561,131 A- 13.55% 58,042,641 A- 13.70% 50,304,363 BBB+ 5.03% 21,531,078 BBB+ 1.95% 7,177,372 BBB 8.96% 38,395,348 BBB 11.76% 43,210,452 BBB- 2.35% 10,081,276 BBB- 3.50% 12,861,111 BB+ 2.13% 9,126,803 BB+ 0.75% 2,747,759 BB 1.60% 6,873,218 BB 1.23% 4,523,986 BB- 0.05% 223,890 Not Rated 7.74% 28,446,846 not rated 8.85% 37,922,336 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 428,439,089 100.00% 367,305,099 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Global Buy Mercer Global Buy & Maintain Credit Fund % Holding US$ & Maintain Credit Fund % Holding US$ AAA 4.32% 29,969,079 AAA 4.45% 30,684,715 AA+ 1.14% 7,903,581 AA+ 1.19% 8,227,273 AA 3.11% 21,536,246 AA 3.05% 21,069,692 AA- 5.42% 37,605,243 AA- 6.14% 42,367,026 A+ 9.61% 66,632,537 A+ 8.57% 59,142,468 A 15.20% 105,412,776 A 13.71% 94,585,683 A- 19.79% 137,274,942 A- 20.77% 143,240,525 BBB+ 17.78% 123,320,573 BBB+ 19.22% 132,596,011 BBB 16.48% 114,267,924 BBB 17.20% 118,635,796 BBB- 5.04% 34,935,722 BBB- 5.24% 36,094,239 BB+ 1.66% 11,491,816 BB+ 0.36% 2,463,509 BB- 0.45% 3,112,611 BB- 0.10% 691,250 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 693,463,050 100.00% 689,798,187 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Low Volatility Equity Fund % Holding US$ Mercer Low Volatility Equity Fund % Holding US$ AAA 72.15% 1,770,756 AAA 100.00% 781,558 A 27.85% 683,562 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 2,454,318 100.00% 781,558 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 253 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

30 June 2015 30 June 2014

Mercer Euro Over 5 Year Bond Fund % Holding € Mercer Euro Over 5 Year Bond Fund % Holding € AAA 36.29% 68,920,548 AAA 40.67% 70,211,014 AA+ 26.56% 50,432,733 AA+ 25.87% 44,658,906 AA- 2.38% 4,511,040 AA- 4.03% 6,953,825 AA 2.76% 5,240,048 A 0.48% 836,642 A+ 1.93% 3,664,356 A- 2.41% 4,155,384 A 0.71% 1,340,684 BBB 26.54% 45,809,935 A- 0.91% 1,737,085 BBB 27.60% 52,417,186 Not rated 0.86% 1,634,919 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 189,898,599 100.00% 172,625,706 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Euro Nominal Bond Mercer Euro Nominal Bond Long Duration Fund % Holding € Long Duration Fund % Holding € AAA 78.58% 618,088,423 AAA 64.79% 404,149,000 AA+ 12.99% 102,204,431 AA+ 11.37% 70,883,409 Not rated 8.43% 66,335,867 A+ 23.84% 148,702,516 –––––––––––– –––––––––––– –––––––––––– –––––––––––– 100.00% 786,628,721 100.00% 623,734,925 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

The following are the credit ratings of the counterparties to the derivative contracts held by the Sub-Funds:

30 June 2015 30 June 2014

Bank of America A Bank of America A- Barclays Bank A- Barclays Bank A- BNP Paribas A+ BNP Paribas A+ Citibank A Citibank A Commonwealth Bank of Australia AA- Commonwealth Bank of Australia AA- Credit Suisse A Credit Suisse A Deutsche Bank BBB+ Deutsche Bank A Goldman Sachs A Goldman Sachs A HSBC AA- HSBC AA- JP Morgan A+ JP Morgan A+ Merrill Lynch A Merrill Lynch A- Morgan Stanley A Morgan Stanley A- Royal Bank of Canada AA- Royal Bank of Canada AA- Royal Bank of Scotland BBB+ Royal Bank of Scotland A- Societe Generale A Societe Generale A Standard Chartered Bank A+ Standard Chartered Bank AA- State Street Bank AA- State Street Bank A+ Toronto Dominion Bank AA- Toronto Dominion Bank AA- UBS A UBS A Westpac Banking Corporation AA- Westpac Banking Corporation AA-

MGI Funds plc 254 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Credit Risk (continued)

The following are the ratings of the financial institutions within which the deposits with credit institutions are invested.

30 June 2015 30 June 2014

Australia & New Zealand Banking Group Bank AA- Australia & New Zealand Banking Group AA- Bank of Nova Scotia A+ Bank of Nova Scotia A+ Commonwealth Bank of Australia London AA- Commonwealth Bank of Australia London AA- DNB Bank A+ DNB Bank A+ HSBC Bank AA- HSBC Bank AA- Nordea Bank AA- Nordea Bank AA- Rabobank International A Rabobank International AA- Societe Generale A Societe Generale A Svenska Hadelsbanken AA- Svenska Hadelsbanken AA- Toronto Dominion Bank AA- Toronto Dominion Bank AA-

Concentration Risk

The Investment Manager reviews the concentration of debt and equity securities held based on industries and geographical location. Details of the geographical locations can be found in the Portfolio Statements.

The concentration risk for investments in Collective Investment Schemes are also disclosed in the portfolio of investments.

At 30 June 2015 the Sub-Funds’ exposure to industries above 5% of the Net Asset Value (“NAV”) was as follows:

MGI Emerging MGI MGI MGI MGI MGI Markets Euro Bond Eurozone Global Global Japanese Equity Fund Fund Equity Fund Bond Fund Equity Fund Equity Fund % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV

Consumer Discretionary 10.62% - 16.74% - 14.66% 21.43% Consumer Staples 9.73% - 6.85% - 7.15% 7.90% Energy 5.35% - - - - - Financials 25.48% - 19.53% - 15.31% 19.02% Health Care - - 7.37% - 10.47% 5.32% Industrials 9.18% - 13.84% - 9.06% 19.07% Information Technology 13.33% - 10.79% - 14.18% 11.84% Materials 6.67% - 8.72% - 6.40% 6.62% Sovereign - 82.35% - 83.03% - - Telecommunication Services 5.93% - - - - - Utilities 5.29% - - - - -

MGI Funds plc 255 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Concentration Risk (continued)

MGI Pacific MGI MGI Basin MGI MGI MGI UK Inflation MGI Emerging (Ex Japan) UK Bond UK Equity U.S. Equity Linked UK Long Markets Equity Fund Fund Fund Fund Bond Fund Gilt Fund Debt Fund % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV

Communications - 5.86% - - - - - Consumer Discretionary - - 20.77% 13.76% - - - Consumer Staples - - 17.16% - - - - Energy - - 10.26% 5.38% - - - Financials 46.16% 25.17% 24.62% 19.96% - - - Health Care 5.76% - 8.88% 19.25% - - - Industrials 10.31% - - 8.08% - - - Information Technology - - - 22.52% - - - Materials 13.49% - 6.56% - - - - Sovereign - 50.09% - - 99.71% 98.99% 92.14% Telecommunication Services 6.21% ------Utilities - 11.49% - - - - -

MGI Mercer Mercer Mercer Mercer DAM Multi- Mercer Short Short Mercer Global Low Manager Global Duration Duration Global Buy Small Cap Volatility Global High Yield Global Bond Global Bond & Maintain Equity Fund Equity Fund Equity Fund Bond Fund Fund 1 Fund 2 Credit Fund % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV

Communications - - - 19.36% 15.26% - 10.54% Consumer Discretionary 18.08% - 14.33% - - - - Consumer Staples - - 7.20% - - - - Cyclical Services - 8.11% - 10.11% 6.13% - 5.97% Energy - - - 11.00% 6.77% - 10.06% Financials 17.68% 31.25% 16.03% 10.25% 19.89% 47.46% 24.00% General Industrials ------Health Care 13.74% - 15.29% - - - - Industrials 16.70% - 12.41% 7.50% 6.95% - 9.19% Information Technology 16.97% 6.63% 15.89% - - - - Materials 7.13% - 8.13% 7.06% 5.88% - - Non-Cyclical Consumer Goods - 12.26% - - 22.81% - 18.32% Non-Cyclical Services - 6.39% - 12.86% - - - Resources ------Sovereign - - - - - 37.60% - Technology - - - 6.62% 5.10% - - Utilities - - - - 7.12% - 9.39%

MGI Funds plc 256 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Concentration Risk (continued)

Mercer Mercer Mercer Euro Passive Euro Nominal Global Over 5 Bond Long Equity Year Duration Fund Bond Fund Fund % of NAV % of NAV % of NAV

Consumer Discretionary 13.03% - - Consumer Staples 9.12% - - Energy 7.13% - - Financials 20.35% - - Health Care 13.34% - - Industrials 10.04% - - Information Technology 13.09% - - Sovereign - 98.12% 98.60%

At 30 June 2014 the Sub-Funds’ exposure to industries above 5% of the NAV was as follows:

MGI MGI Pacific Emerging MGI MGI MGI MGI MGI Basin Markets Euro Bond Eurozone Global Global Japanese (Ex Japan) Equity Fund Fund Equity Fund Bond Fund Equity Fund Equity Fund Equity Fund % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV

Consumer Discretionary 10.81% - 18.70% - 10.47% 20.46% - Consumer Staples 9.01% - 5.82% - 8.04% 7.94% 6.90% Energy 8.87% - 5.19% - 9.03% - - Financials 24.14% - 16.95% - 15.13% 19.07% 42.76% Health Care - - 8.90% - 11.41% 5.63% - Industrials 10.65% - 12.45% - 8.58% 20.04% 13.95% Information Technology 10.02% - 9.22% - 13.40% 10.53% - Materials 8.78% - 7.17% - - 7.26% 16.17% Sovereign - 82.79% - 83.53% - - - Telecommunication Services 5.42% - 5.53% - - - -

MGI MGI Mercer MGI MGI MGI UK Inflation MGI Emerging Global UK Bond UK Equity U.S. Equity Linked UK Long Markets Small Cap Fund Fund Fund Bond Fund Gilt Fund Debt Fund Equity Fund % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV % of NAV

Consumer Discretionary - 18.28% 15.30% - - - 13.33% Consumer Staples - 14.58% - - - - - Energy - 13.17% 11.42% - - - 9.12% Financials 24.39% 27.06% 20.10% - - - 17.21% Health Care - 7.64% 14.54% - - - 10.79% Industrials - - 9.32% - - - 18.78% Information Technology - - 18.57% - - - 14.72% Materials - 7.10% - - - - 5.32% Sovereign 44.09% - - 99.29% 99.14% 90.16% - Utilities 9.83% ------

MGI Funds plc 257 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Concentration Risk (continued)

Mercer MGI Mercer Mercer Low DAM Multi- Mercer Short Short Mercer Volatility Manager Global Duration Duration Global Buy Equity Fund Global High Yield Global Bond Global Bond & Maintain % of NAV Equity Fund Bond Fund Fund 1 Fund 2 Credit Fund % of NAV % of NAV % of NAV % of NAV % of NAV

Communications - - 20.71% 11.02% - 10.48% Consumer Discretionary - 9.84% - - - - Consumer Staples - 6.56% 8.73% - - - Cyclical Services 8.81% - - - - 6.32% Energy - 10.71% 14.46% 6.83% - 9.71% Financials 33.77% 14.60% 12.33% 31.00% 40.54% 30.15% General Industrials - - 7.84% - - - Health Care - 15.90% - - - - Industrials - 9.34% - 5.27% - 8.95% Information Technology - 15.78% - - - - Materials - 5.04% 6.62% - - - Non-Cyclical Consumer Goods 13.35% - 13.63% 23.15% - 15.14% Resources 6.62% - - - - - Sovereign - - - - 55.47% - Telecommunication Services - 5.16% - - - - Utilities - - - 7.77% - 8.84%

Mercer Mercer Mercer Euro Passive Euro Nominal Global Over 5 Bond Long Equity Year Duration Fund Bond Fund Fund % of NAV % of NAV % of NAV

Consumer Discretionary 11.87% - - Consumer Staples 9.44% - - Energy 9.91% - - Financials 19.98% - - Health Care 11.47% - - Industrials 10.86% - - Information Technology 12.21% - - Materials 5.66% - - Sovereign - 97.81% 98.54%

Foreign Currency Risk

Foreign currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functional currency in which they are measured. The value of the Company’s investments can be affected by currency translation movements as some of the assets and income may be denominated in currencies other than the base or functional currency of that Company. Shares are issued and redeemed in Australian Dollar, British Pound, Euro, Norwegian Krone, Swedish Krona and US Dollar. A portion of the financial assets/net assets of the Sub-Funds are denominated in currencies other than base currency with the effect that the Balance Sheet and total returns can be significantly affected by currency movements. The Company is therefore exposed to currency risk, as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates.

The Investment Manager has identified three principal areas where foreign currency risk could impact the Company:

• movements in exchange rates affecting the value of investments; • movements in exchange rates affecting the income received; and • movements in exchange rates affecting the holders of redeemable participating shares in currencies other than the operational currency of the relevant Sub-Fund.

MGI Funds plc 258 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

Currency exposure is monitored closely and is considered to be part of the overall investment process. Currency forwards may be used to ensure that the currency exposure of a Sub-Fund is in line with its investment objectives. The Sub-Funds may receive income in currencies other than its base currency and the base value can be affected by movements in exchange rates. Sub-Funds with hedge share classes may receive subscriptions or pay redemptions in currencies other than its base currency.

Per FRS 29, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. However, it is the Company’s policy that foreign exchange risk is monitored and managed by the Sub-Investment Managers for both monetary and non-monetary assets and liabilities and that the overall exposure is reviewed by the Board.

In line with the Prospectus, in some cases the Company manages the Sub-Funds’ exposure to foreign exchange movements by entering into foreign exchange hedging transactions, while in others the Company elects not to hedge the foreign currency risk but take the effect of the exposure.

The tabled below summarises the foreign currency risk exposure of the Sub-Funds’ assets and liabilities, monetary and non-monetary, and reflects the way the risk is monitored and managed. The sensitivity details the effect of a 5% increase in relevant foreign currency exchange rate. A 5% decrease in exchange rates would have an equal and opposite effect. The tables show only the Sub-Funds and currencies with a significant foreign currency risk sensitivity greater than +/- 10,000 in the relevant currency of the Sub-Funds.

30 June 2015

MGI Emerging Markets Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Brazilian Real 2,605,269 63,484,987 - - 25,193,602 91,283,858 (4,346,850) Chilean Peso 99,500 6,444,780 - - 7,960,228 14,504,508 (690,691) Chinese Renminbi 586,411----586,411 (27,924) Colombian Peso 3,450 1,618,292 - - (5,607,388) (3,985,646) 189,793 Czech Koruna 130,989 530,104 - - 3,466,065 4,127,158 (196,531) Euro 83,221 965,505 (331,633,739) - - (330,585,013) 15,742,143 Hong Kong Dollar 1,247,501 177,606,062 - - 3,924,582 182,778,145 (8,703,721) Hungarian Forint 34,458 931,424 - - 11,051,702 12,017,584 (572,266) Indian Rupee 420,763 117,748,208 - - 15,343,103 133,512,074 (6,357,718) Indonesia Rupiah 26,751 39,735,171 - - (6,727,704) 33,034,218 (1,573,058) Israeli Shekel (124,791) - - - 11,746,629 11,621,838 (553,421) Malaysian Ringgit 2,258,220 46,514,386 - - 1,159,940 49,932,546 (2,377,740) Mexican Peso 245,926 44,797,997 - - (44,648,624) 395,299 (18,824) New Turkish Lira 10,277 22,553,226 - - 9,046,118 31,609,621 (1,505,220) Pakistani Rupee 15,754 1,072,761---1,088,515 (51,834) Philippine Peso 21,802 7,441,131 - - (3,732,538) 3,730,395 (177,638) Polish Zloty 293,065 13,465,686 - - 3,376,811 17,135,562 (815,979) Pound Sterling (11,766) 10,154,157 (809,751,336) - 58,939 (799,550,006) 38,073,810 Qatar Riyal - 9,267,411---9,267,411 (441,305) Singapore Dollar (50,441) 3,854,056 - - (14,919,634) (11,116,019) 529,334 South African Rand 433,064 85,288,757 - - 1,196,291 86,918,112 (4,138,958) South Korean Won 2,258,869 100,725,108 - - (10,150,459) 92,833,518 (4,420,644) Taiwan Dollar 2,897,581 116,082,823 - - 20,522,635 139,503,039 (6,643,002) Thai Baht 1,365,517 27,586,631 - - 2,678,717 31,630,865 (1,506,232) United Arab Emirates Dirham (62) 5,167,152---5,167,090 (246,052)

MGI Funds plc 259 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

MGI Eurozone Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity €€€€€€€ British Pound 32,940 1,576,152 (2,624,834) - - (1,015,742) 48,369 Swiss Franc 13,953 462,794---476,747 (22,702) US Dollar 6,945 207,343---214,288 (10,204)

MGI Global Bond Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Euro 1,232,120 - (2,279,196) - - (1,047,076) 49,861 British Pound 412,342 - (2,106,652) - - (1,694,310) 80,681 Japanese Yen 1,173,096----1,173,096 (55,862)

MGI Global Equity Fund

MGI Funds plc 260 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

MGI Japanese Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity ¥¥¥¥¥¥¥ Euro - - (1,628,344,014) - - (1,628,344,014) 77,540,191 Pound Sterling 180,602 - (155,864,426) - - (155,683,824) 7,413,515

MGI Pacific Basin (Ex Japan) Equity Fund

MGI UK Equity Fund

MGI U.S. Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Euro 60 - (65,822,254) - - (65,822,194) 3,134,390 Pound Sterling 287 - (2,946,375) - - (2,946,088) 140,290

MGI Funds plc 261 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

MGI Emerging Markets Debt Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Brazilian Real 142,965,349 - - - (28,950,938) 114,014,411 (5,429,258) Canadian Dollar - - - - (3,780,865) (3,780,865) 180,041 Chilean Peso 1,040,536 - - - 34,655,112 35,695,649 (1,699,793) Chinese Yuan Renminbi 320,392 - - - 20,440,053 20,760,445 (988,593) Colombian Peso 78,994,489 - - - 2,153,026 81,147,515 (3,864,167) Czech Koruna 405,063 - - - - 405,063 (19,289) Egyptian Pound - - - - 14,776,647 14,776,647 (703,650) Euro 11,409,515 - (523,918,542) - (15,950,046) (528,459,073) 25,164,718 British Pound 22,886 - (850,411,186) - (3,854,561) (854,242,861) 40,678,231 Hungarian Forint 75,025,750 - - - (147,161) 74,878,589 (3,565,647) Indonesian Rupiah 127,123,643 - - - 7,272,878 134,396,521 (6,399,834) Israeli Shekel 2,302 - - - - 2,302 (110) Indian Rupee (121,755) - - - 33,313,214 33,191,459 (1,580,546) Japanese Yen - - - 15,309,486 15,309,487 (729,023) Kenyan Shilling - - - - (73,356) (73,356) 3,493 South Korean Won 1,515,635 - - - (21,561,805) (20,046,170) 954,580 Kazakhstani Tenge - - - - 3,902,454 3,902,454 (185,831) Mexican Peso 180,409,616 - - - 11,305,775 191,715,391 (9,129,304) Malaysian Ringgit 122,874,424 - - - 29,323,193 152,197,617 (7,247,506) Nigerian Naira 20,353,767 - - - (3,286,580) 17,067,187 (812,723) New Zealand Dollar - - - - (3,561,354) (3,561,354) 169,588 Peruvian Nuevo Sol 81,784,793 - - - (58,422,874) 23,361,919 (1,112,472) Philippine Peso 2,318,784 - - - 30,081,491 32,400,275 (1,542,870) Polish Zloty 108,072,244 - - - 25,883,181 133,955,425 (6,378,830) Romanian Leu 22,542,385 - - - (399,315) 22,143,071 (1,054,432) Russian Ruble 78,038,399 - - - (9,336,589) 68,701,810 (3,271,515) Singapore Dollar 306,606 - - - (41,441,284) (41,134,678) 1,958,794 Thailand Baht 42,868,464 - - - 11,078,291 53,946,755 (2,568,893) Turkish Lira 109,944,088 - - - 45,040,320 154,984,408 (7,380,210) Taiwan New Dollar - - - - (23,818,725) (23,818,725) 1,134,225 Uruguayan Peso 5,074,970 - - - - 5,074,970 (241,665) South African Rand 142,535,508 - - - (51,663,126) 90,872,382 (4,327,256) Zambian Kwacha - - - - 7,809,828 7,809,828 (371,897)

MGI Funds plc 262 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

Mercer Global Small Cap Equity Fund

Mercer Low Volatility Equity Fund

MGI Funds plc 263 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

Mercer Diversified Growth Fund

MGI DAM Multi-Manager Global Equity Fund

MGI Funds plc 264 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

Mercer Global High Yield Bond Fund

Mercer Short Duration Global Bond Fund 1

Mercer Short Duration Global Bond Fund 2

MGI Funds plc 265 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2015 (continued)

Mercer Global Buy & Maintain Credit Fund

Mercer Passive Global Equity Fund

Mercer Diversified Retirement Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity GB£ GB£ GB£ GB£ GB£ GB£ GB£ Euro 64,495 3,206,863---3,271,358 (155,779) US Dollar 5,466 5,435,674---5,441,140 (259,102)

MGI Funds plc 266 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014

MGI Emerging Markets Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Brazilian Real 109,010 94,139,228 - 3,267,082 - 97,515,320 (4,643,587) Chilean Peso 71,850 8,386,428 - - 453,247 8,911,525 (424,358) Chinese Renminbi 516,949----516,949 (24,617) Colombian Peso 47,424 2,522,779---2,570,203 (122,391) Czech Koruna 2,185 828,148 - 134,779 - 965,112 (45,958) Euro 7,356 4,062,685 (327,865,882) - - (323,795,841) 15,418,850 Hong Kong Dollar 3,137,155 204,025,331 - 5,437,507 - 212,599,993 (10,123,809) Hungarian Forint 28,535 852,806 - - 92,629 973,970 (46,380) Indian Rupee 887,268 131,420,379---132,307,647 (6,300,364) Indonesia Rupiah 135,290 51,405,826 - 730,856 - 52,271,972 (2,489,142) Malaysian Ringgit (46,608) 66,659,539 - 1,179,457 - 67,792,388 (3,228,209) Mexican Peso 46,066 65,246,085 - 1,548,200 - 66,840,351 (3,182,874) Philippine Peso 68,365 7,459,454 - 297,388 - 7,825,207 (372,629) Polish Zloty 110,065 17,375,642 - - 527,649 18,013,356 (857,779) Pound Sterling 112,678 13,954,236 (1,156,156,369) - - (1,142,089,455) 54,385,212 Russian Rouble 14,427 - - 387,281 - 401,708 (19,129) Singapore Dollar (1,104) 4,168,054 - - 47,328 4,214,278 (200,680) South African Rand 345,848 101,887,302 - 2,220,773 - 104,453,923 (4,973,996) South Korean Won 458,256 151,308,713 - 4,652,675 - 156,419,644 (7,448,554) Taiwan Dollar 1,576,557 124,306,543 - 3,654,101 - 129,537,201 (6,168,438) Thai Baht 3,756 41,113,661 - - 650,960 41,768,377 (1,988,970) Turkish Lira 197,114 38,198,998 - 506,021 - 38,902,133 (1,852,483)

Eurozone Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity €€€€€€€ British Pound 22,882 848,441 (2,054,401) - - (1,183,078) 56,337 Danish Krone 1,776 829,792---831,568 (39,598) Hungarian Forint 14,624 484,272---498,896 (23,757) Swedish Krone 493 916,108---916,601 (43,648) Swiss Franc 8,180 1,381,725---1,389,905 (66,186) US Dollar 106,444 1,619,657---1,726,101 (82,195)

MGI Funds plc 267 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

MGI Global Bond Fund

MGI Global Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Australian Dollar 2,334,006 7,600,125 - (15,774,190) (6,205,867) (12,045,926) 573,616 Brazilian Real 36,972 2,884,352---2,921,324 (139,111) Canadian Dollar 5,716,813 13,311,304 - (20,268,705) (7,332,349) (8,572,938) 408,235 Chinese Renminbi 61,512----61,512 (2,929) Danish Krone 81,075 7,465,387 - (342,565) (2,586,447) 4,617,450 (219,879) Euro 2,175,131 123,871,915 (336,261,220) 75,466,142 (12,939,474) (147,687,505) 7,032,738 Hong Kong Dollar 457,244 28,199,212 - (5,540,989) 4,098,619 27,214,086 (1,295,909) Hungarian Forint - 1,361,058---1,361,058 (64,812) Indonesia Rupiah 13,087 3,159,996 - - 5,095,624 8,268,707 (393,748) Israeli Shekel (36,680) 848,093 - (1,007,950) (518,277) (714,814) 34,039 Japanese Yen 829,582 91,436,378 - (38,508,553) (1,284,547) 52,472,860 (2,498,708) Malaysian Ringgit 6----6(0) Mexican Peso 1,806----1,806 (86) New Turkish Lira ------New Zealand Dollar 270 - - (256,052) - (255,782) 12,180 Norwegian Krone 93,557 3,323,548 - (1,661,120) (523,984) 1,232,001 (58,667) Philippine Peso - 680,177---680,177 (32,389) Polish Zloty ------Pound Sterling 3,820,988 85,344,658 (734,718,405) 306,127,543 (5,057,027) (344,482,243) 16,403,916 Russian Rouble 5,833----5,833 (278) Singapore Dollar 204,888 7,627,025 - (2,949,529) 343,865 5,226,248 (248,869) South African Rand 7,868 8,517,051---8,524,919 (405,949) South Korean Won - 10,314,971---10,314,971 (491,189) Swedish Krona 481,319 13,851,103 - (6,122,744) (497,143) 7,712,535 (367,264) Swiss Fran 65,987 40,760,759 - (18,270,811) (3,166,330) 19,389,605 (923,315) Thai Baht - 5,827,531---5,827,531 (277,501)

MGI Funds plc 268 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

MGI Japanese Equity Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity ¥¥¥¥¥¥¥ Euro 275,767 - (1,441,865,265) - - (1,441,589,498) 68,647,119 Pound Sterling 162,560 - (131,608,385) - - (131,445,825) 6,259,325

MGI Pacific Basin (Ex Japan) Equity Fund

MGI UK Equity Fund

MGI U.S. Equity Fund

MGI Funds plc 269 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

MGI Emerging Markets Debt Fund

Net Monetary Non-monetary assets and assets Monetary liabilities Investments Investments and other and other Share class Hedge Non-Hedge Net assets/liabilities assets exposure Forwards Forwards exposure Sensitivity US$ US$ US$ US$ US$ US$ US$ Brazilian Real 142,965,349---(28,950,938) 114,014,411 (5,429,258) Canadian Dollar ----(3,780,865) (3,780,865) 180,041 Chilean Peso 1,040,536---34,655,112 35,695,649 (1,699,793) Chinese Yuan Renminbi 320,392---20,440,053 20,760,445 (988,593) Colombian Peso 78,994,489---2,153,026 81,147,515 (3,864,167) Czech Koruna 405,063----405,063 (19,289) Egyptian Pound ----14,776,647 14,776,647 (703,650) Euro 11,409,515 - (523,918,542) - (15,950,046) (528,459,073) 25,164,718 British Pound 22,886 - (850,411,186) - (3,854,561) (854,242,861) 40,678,231 Hungarian Forint 75,025,750---(147,161) 74,878,589 (3,565,647) Indonesian Rupiah 127,123,643---7,272,878 134,396,521 (6,399,834) Indian Rupee (121,755) - - - 33,313,214 33,191,459 (1,580,546) Japanese Yen ----15,309,486 15,309,486 (729,023) South Korean Won ----(21,561,805) (21,561,805) 1,026,753 Kazakhstani Tenge 180,409,616---3,902,454 184,312,070 (8,776,765) Mexican Peso 122,874,424---11,305,775 134,180,198 (6,389,533) Malaysian Ringgit 20,353,767---29,323,193 49,676,960 (2,365,570) Nigerian Naira ----(3,286,580) (3,286,580) 156,504 New Zealand Dollar 81,784,793---(3,561,354) 78,223,439 (3,724,926) Peruvian Nuevo Sol 2,318,784---(58,422,874) (56,104,090) 2,671,623 Philippine Peso 108,072,244---30,081,491 138,153,736 (6,578,749) Polish Zloty 22,542,385---25,883,181 48,425,567 (2,305,979) Romanian Leu 78,038,399---(399,315) 77,639,085 (3,697,099) Russian Ruble 306,606---(9,336,589) (9,029,983) 429,999 Singapore Dollar 42,868,464---(41,441,284) 1,427,180 (67,961) Thailand Baht 109,944,088---11,078,291 121,022,379 (5,762,970) Turkish Lira ----45,040,320 45,040,320 (2,144,777) Taiwan New Dollar 5,074,970---(23,818,725) (18,743,754) 892,560 Uruguayan Peso 142,535,508----142,535,508 (6,787,405) South African Rand ----(51,663,126) (51,663,126) 2,460,149 Zambian Kwacha ----7,809,828 7,809,828 (371,897)

MGI Funds plc 270 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

MGI Emerging Markets Debt Fund (continued)

Mercer Global Small Cap Equity Fund

MGI Funds plc 271 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

Mercer Global Small Cap Equity Fund (continued)

Mercer Diversified Growth Fund

MGI Funds plc 272 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

MGI DAM Multi-Manager Global Equity Fund

Mercer Global High Yield Bond Fund

MGI Funds plc 273 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

Mercer Short Duration Global Bond Fund 1

Mercer Short Duration Global Bond Fund 2

Mercer Global Buy & Maintain Credit Fund

MGI Funds plc 274 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Foreign Currency Risk (continued)

30 June 2014 (continued)

Mercer Passive Global Equity Fund

Interest Rate Risk

Interest rate risk profile of financial assets at 30 June 2015

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Company’s interest-bearing financial assets and liabilities expose it to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The Company invests some of its assets in equities, investee funds and open forward foreign currency contracts, none of which pay interest. As a result the Company is subject to limited risk due to fluctuations in the prevailing levels of market interest rates on these investments.

Current market conditions in Europe have led to negative interest rates on deposits in certain credit institutions. MGI Euro Cash Fund is exposed to such negative interest rates, however the effect of such rates on income for the year has been insignificant. Details of the interest rates applicable at 30 June 2015 can be found on the portfolio statements.

The Sub-Funds may invest in inflation-linked bonds. Inflation-linked bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Index-linked gilts differ from conventional gilts in that both the semi-annual coupon payments and the principal payment are adjusted in line with movements in a specified index. They are designed to cut out the inflation risk of a bond.

The inflation-linked bonds held by the Sub-Funds are linked to movements in the below indices; UK Government General Index of Retail Prices in UK Germany EU HICP ex Tobacco

MGI Funds plc 275 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

The interest bearing securities held by the Sub-Funds all earn a fixed interest rate with the following exceptions:

Fixed Floating 30 June 2015 MGI UK Bond Fund GB£ 64,244,511 GB£ 3,293,653 MGI Emerging Markets Debt Fund US$ 1,285,654,052 US$ 2,586,376 Mercer Global High Yield Bond Fund US$ 466,860,058 US$ 35,888,658 Mercer Short Duration Global Bond Fund 2 US$ 307,424,756 US$ 121,014,332 Mercer Global Buy & Maintain Credit Fund US$ 685,498,344 US$ 7,964,707

Fixed Floating 30 June 2014 MGI UK Bond Fund GB£ 90,537,033 GB£ 4,270,854 MGI Emerging Markets Debt Fund US$ 1,351,081,218 US$ 6,069,012 Mercer Global High Yield Bond Fund US$ 676,516,108 US$ 53,245,198 Mercer Short Duration Global Bond Fund 2 US$ 299,102,698 US$ 68,202,401 Mercer Global Buy & Maintain Credit Fund US$ 681,084,039 US$ 8,714,148

The following details the interest exposure arising in the Sub-Funds which focus on fixed income investments and the sensitivity of such exposures to a change in interest rates.

MGI Euro Bond Fund 3 Months Non-Interest < 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total €€€€€€ Assets Financial assets at fair value through profit or loss - 60,301 10,074,516 15,067,346 4,886,945 30,089,108 Other assets ----479,218 479,218 Cash at bank 83,572--- 83,572 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 83,572 60,301 10,074,516 15,067,346 5,366,163 30,651,898 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities ----(49,505) (49,505) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities ----(49,505) (49,505) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 83,572 60,301 10,074,516 15,067,346 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 276 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

MGI Euro Cash Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year Bearing Total €€€€€ Assets Financial assets at amortised cost 98,995,196 98,646,647 54,996,058 - 252,637,901 Other assets - - - 616,534 616,534 Cash at bank 4,169,010---4,169,010 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 103,164,206 98,646,647 54,996,058 616,534 257,423,445 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - - (285,925) (285,925) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (285,925) (285,925) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 103,164,206 98,646,647 54,996,058 –––––––––––– –––––––––––– ––––––––––––

MGI Global Bond Fund 3 Months Non-Interest < 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 50,055 2,455,435 2,029,374 831,441 5,366,305 Other assets ----46,082 46,082 Cash at bank 58,673--- 58,673 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 58,673 50,055 2,455,435 2,029,374 877,523 5,471,060 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities ----(9,125) (9,125) Bank overdraft ----(103) (103) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities ----(9,228) (9,228) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 58,673 50,055 2,455,435 2,029,374 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 277 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

MGI Global Equity Fund Non-Interest < 1 Month Bearing Total US$ US$ US$ Assets Financial assets at amortised cost 63,031,314 - 63,031,314 Financial assets at fair value through profit or loss - 593,641,100 593,641,100 Derivative financial assets - 5,066,532 5,066,532 Other assets - 13,225,032 13,225,032 Cash at bank 30,860,859 - 30,860,859 Collateral and margin cash - 6,685,642 6,685,642 –––––––––––– –––––––––––– –––––––––––– Total assets 93,892,173 618,618,306 712,510,479 –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - (3,349,399) (3,349,399) Other liabilities - (19,063,985) (19,063,985) –––––––––––– –––––––––––– –––––––––––– Total liabilities - (22,413,384) (22,413,384) –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 93,892,173 ––––––––––––

MGI UK Bond Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total GB£ GB£ GB£ GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss 982,094 144,233 1,079,109 12,694,684 52,638,043 3,349,474 70,887,637 Derivative financial assets - - - 7,454 32,839 151,076 191,369 Other assets -----2,232,005 2,232,005 Cash at bank 732,634-----732,634 Collateral and margin cash -----144,208 144,208 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 1,714,728 144,233 1,079,109 12,702,138 52,670,882 5,876,763 74,187,853 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (51,486) - (36,448) (87,934) Other liabilities -----(8,347,505) (8,347,505) Bank overdraft -----(5,269) (5,269) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (51,486) - (8,389,222) (8,440,708) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 1,714,728 144,233 1,079,109 12,650,652 52,670,882 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 278 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

MGI UK Inflation Linked Bond Fund Non-Interest < 1 Month > 5 Years Bearing Total GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss - 669,558,516 - 669,558,516 Other assets - - 2,327,103 2,327,103 Cash at bank 733,963 - - 733,963 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 733,963 669,558,516 2,327,103 672,619,582 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - (1,144,152) (1,144,152) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (1,144,152) (1,144,152) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 733,963 669,558,516 –––––––––––– ––––––––––––

MGI UK Long Gilt Fund Non-Interest < 1 Month > 5 Years Bearing Total GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss - 167,519,280 - 167,519,280 Other assets - - 1,088,271 1,088,271 Cash at bank 711,427 - - 711,427 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 711,427 167,519,280 1,088,271 169,318,978 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - (77,824) (77,824) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (77,824) (77,824) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 711,427 167,519,280 –––––––––––– ––––––––––––

MGI Funds plc 279 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

MGI Emerging Markets Debt Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss 2,586,376 - 20,589,981 382,268,501 882,795,569 11,871,075 1,300,111,502 Derivative financial assets - - - 531,818 388,266 11,614,923 12,535,007 Other assets -----64,855,337 64,855,337 Cash at bank 53,168,153-----53,168,153 Collateral and margin cash -----3,336,215 3,336,215 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 55,754,529 - 20,589,981 382,800,319 883,183,835 91,677,550 1,434,006,214 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (1,063,855) (2,317,914) (15,274,263) (18,656,032) Other liabilities -----(23,521,660) (23,521,660) Bank overdraft -----(17,498,794) (17,498,794) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (1,063,855) (2,317,914) (56,294,717) (59,676,486) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 55,754,529 - 20,589,981 381,736,464 880,865,921 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Low Volatility Equity Fund Non-Interest < 1 Month 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 2,128,406 325,912 935,058,092 937,512,410 Derivative financial assets - - - 7,112,435 7,112,435 Other assets - - - 1,599,613 1,599,613 Cash at bank 93,788,639---93,788,639 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 93,788,639 2,128,406 325,912 943,770,140 1,040,013,097 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (1,618,671) (1,618,671) Other liabilities - - - (2,065,543) (2,065,543) Bank overdraft - - - (12,498) (12,498) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (3,696,712) (3,696,712) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 93,788,639 2,128,406 325,912 –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 280 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

Mercer Diversified Growth Fund Non-Interest < 1 Month Bearing Total US$ US$ US$ Assets Financial assets at amortised cost 32,008,796 - 32,008,796 Financial assets at fair value through profit or loss - 1,703,178,438 1,703,178,438 Derivative financial assets - 1,600,076 1,600,076 Other assets - 19,175,545 19,175,545 Cash at bank 29,583,366 29,583,366 Collateral and margin cash - 5,710,420 5,710,420 –––––––––––– –––––––––––– –––––––––––– Total assets 61,592,162 1,729,664,479 1,791,256,641 –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities (1,560,896) (1,560,896) Other liabilities (8,964,963) (8,964,963) Bank overdraft (2,790,518) (2,790,518) –––––––––––– –––––––––––– –––––––––––– Total liabilities - (13,316,377) (13,316,377) –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 61,592,162 ––––––––––––

Mercer Global High Yield Bond Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 1,680,367 1,062,947 86,590,785 413,414,618 3,690 502,752,407 Derivative financial assets - - - 1,292,529 - 4,711,368 6,003,897 Other assets -----12,504,612 12,504,612 Cash at bank 60,476,842-----60,476,842 Collateral and margin cash -----1,121,618 1,121,618 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 60,476,842 1,680,367 1,062,947 87,883,314 413,414,618 18,341,288 582,859,376 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities -----(1,287,723) (1,287,723) Other liabilities ------(11,139,995) (11,139,995) Bank overdraft -----(1,359,668) (1,359,668) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities -----(13,787,386) (13,787,386) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 60,476,842 1,680,367 1,062,947 87,883,314 413,414,618 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 281 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

Mercer Short Duration Global Bond Fund 1 3 Months 3 Months Non-Interest < 1 Month to 1 Year to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 2,109,545 18,587,540 238,827,755 174,002,828 - 433,527,668 Derivative financial assets -----4,042,098 4,042,098 Other assets -----9,915,425 9,915,425 Cash at bank 10,706,449-----10,706,449 Collateral and margin cash -----3,782,751 3,782,751 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 10,706,449 2,109,545 18,587,540 238,827,755 174,002,828 17,740,274 461,974,391 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities -----(4,199,188) (4,199,188) Other liabilities -----(10,276,334) (10,276,334) Bank overdraft -----(16,007) (16,007) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities -----(14,491,529) (14,491,529) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 10,706,449 2,109,545 18,587,540 238,827,755 174,002,828 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Short Duration Global Bond Fund 2 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at amortised cost 8,710,671-----8,710,671 Financial assets at fair value through profit or loss 27,662,521 122,866,063 57,254,310 111,777,335 108,878,860 - 428,439,089 Derivative financial assets - - - 16,800 696,298 4,657,575 5,370,673 Other assets -----2,835,301 2,835,301 Cash at bank 5,094,762-----5,094,762 Collateral and margin cash -----6,066,314 6,066,314 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 41,467,954 122,866,063 57,254,310 111,794,135 109,575,158 13,559,190 456,516,810 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (24,450) (235,858) (10,883,047) (11,143,355) Other liabilities -----(1,783,232) (1,783,232) Collateral and margin cash -----(405,115) (405,115) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (24,450) (235,858) (13,071,394) (13,331,702) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 41,467,594 122,866,063 57,254,310 111,769,685 109,339,300 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 282 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

Mercer Global Buy & Maintain Credit Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss 3,952,173 952,378 5,138,563 186,397,893 497,022,043 - 693,463,050 Derivative financial assets - - 39,523 599,483 1,856,401 17,980,625 20,476,032 Other assets -----8,896,367 8,896,367 Cash at bank 7,267,078-----7,267,078 Collateral and margin cash -----814,108 814,108 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 11,219,251 952,378 5,178,086 186,997,376 498,878,444 27,691,100 730,916,635 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial assets - - (4,398) (174,305) (2,379,127) (4,608,553) (7,166,383) Other liabilities -----(3,031,663) (3,031,663) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (4,398) (174,305) (2,379,127) (7,640,216) (10,198,046) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 11,219,251 952,378 5,173,688 186,823,071 496,499,317 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Euro Over 5 Year Bond Fund Non-Interest < 1 Month > 5 Years Bearing Total €€€€ Assets Financial assets at fair value through profit or loss - 189,898,599 - 189,898,599 Other assets - - 2,823,523 2,823,523 Cash at bank 915,202 - - 915,202 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 915,202 189,898,599 2,823,523 193,637,324 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - (93,896) (93,896) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (93,896) (93,896) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 915,202 189,898,599 –––––––––––– ––––––––––––

MGI Funds plc 283 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

Mercer Euro Nominal Bond Long Duration Fund Non-Interest < 1 Month 1-5 Years > 5 Years Bearing Total €€€€€ Assets Financial assets at fair value through profit or loss - 24,736,385 761,892,336 - 786,628,721 Other assets - - - 10,318,251 10,318,251 Cash at bank 1,459,185---1,459,185 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 1,459,185 24,736,385 761,892,336 10,318,251 798,406,157 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - - (596,330) (596,330) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (596,330) (596,330) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 1,459,185 24,736,385 761,892,336 –––––––––––– –––––––––––– ––––––––––––

Interest rate risk profile of financial assets at 30 June 2014

The following details the interest exposure arising in the Sub-Funds which focus on fixed income investments and the sensitivity of such exposures to a change in interest rates.

MGI Euro Bond Fund 3 Months Non-Interest < 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total €€€€€€ Assets Financial assets at fair value through profit or loss - 194,621 5,965,379 8,021,234 2,667,103 16,848,337 Other assets ----251,217 251,217 Cash at bank 93,671----93,671 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 93,671 194,621 5,965,379 8,021,234 2,918,320 17,193,225 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities ----(64,274) (64,274) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities ----(64,274) (64,274) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 93,671 194,621 5,965,379 8,021,234 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 284 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

MGI Euro Cash Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year Bearing Total €€€€€ Assets Financial assets at fair value through profit or loss 42,343,230 57,387,107 11,001,161 - 110,731,498 Other assets - - - 350,406 350,406 Cash at bank 2,917,853---2,917,853 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 45,261,083 57,387,107 11,001,161 350,406 113,999,757 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - - (271,995) (271,995) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (271,995) (271,995) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 45,261,083 57,387,107 11,001,161 –––––––––––– –––––––––––– ––––––––––––

MGI Global Bond Fund 3 Months Non-Interest < 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 382,222 2,216,157 2,471,530 901,011 5,970,920 Other assets ----57,831 57,831 Cash at bank 48,389----48,389 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 48,389 382,222 2,216,157 2,471,530 958,842 6,077,140 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities ----(7,829) (7,829) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities ----(7,829) (7,829) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 48,389 382,222 2,216,157 2,471,530 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 285 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

MGI Global Equity Fund Non-Interest < 1 Month Bearing Total US$ US$ US$ Assets Financial assets at fair value through profit or loss 66,534,881 928,980,336 995,515,217 Derivative financial assets - 8,959,451 8,959,451 Other assets - 43,723,914 43,723,914 Cash at bank 57,423,374 - 57,423,374 Margin cash - 14,177,060 14,177,060 –––––––––––– –––––––––––– –––––––––––– Total assets 123,958,255 995,840,761 1,119,799,016 –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - (2,801,270) (2,801,270) Other liabilities - (46,432,708) (46,432,708) –––––––––––– –––––––––––– –––––––––––– Total liabilities - (49,233,978) (49,233,978) –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 123,958,255 - –––––––––––– ––––––––––––

MGI UK Bond Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total GB£ GB£ GB£ GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss 1,318,689 948,841 1,304,888 19,711,748 71,523,721 3,101,435 97,909,322 Derivative financial assets - - - 63,529 10,822 98,481 172,832 Other assets -----15,606,114 15,606,114 Cash at bank 1,460,572-----1,460,572 Margin cash -----234,069 234,069 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 2,779,261 948,841 1,304,888 19,775,277 71,534,543 19,040,099 115,382,909 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (48,794) (118,912) (54,280) (221,986) Other liabilities -----(15,576,227) (15,576,227) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (48,794) (118,912) (15,630,507) (15,798,213) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 2,779,261 948,841 1,304,888 19,726,483 71,415,631 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 286 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

MGI UK Cash Fund Non-Interest < 1 Month Bearing Total GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss - 33,358,801 33,358,801 Other assets - 6,170 6,170 Cash at bank 4,113,601 - 4,113,601 –––––––––––– –––––––––––– –––––––––––– Total assets 4,113,601 33,364,971 37,478,572 –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - (10,988) (10,988) –––––––––––– –––––––––––– –––––––––––– Total liabilities - (10,988) (10,988) –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 4,113,601 - –––––––––––– ––––––––––––

MGI UK Inflation Linked Bond Fund Non-Interest < 1 Month > 5 Years Bearing Total GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss - 606,961,929 - 606,961,929 Other assets - - 1,406,946 1,406,946 Cash at bank 3,369,368 - - 3,369,368 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 3,369,368 606,961,929 1,406,946 611,738,243 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - (432,498) (432,498) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (432,498) (432,498) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 3,369,368 606,961,929 –––––––––––– ––––––––––––

MGI Funds plc 287 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

MGI UK Long Gilt Fund Non-Interest < 1 Month > 5 Years Bearing Total GB£ GB£ GB£ GB£ Assets Financial assets at fair value through profit or loss - 71,275,173 - 71,275,173 Other assets - - 482,630 482,630 Cash at bank 176,022 - - 176,022 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 176,022 71,275,173 482,630 71,933,825 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - (36,935) (36,935) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (36,935) (36,935) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 176,022 71,275,173 –––––––––––– ––––––––––––

MGI Emerging Markets Debt Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at amortised cost - 2,646,007 3,508,641---6,154,648 Financial assets at fair value through profit or loss 5,566,230 4,095,796 101,512,493 449,186,002 796,789,709 10,395,580 1,367,545,810 Derivative financial assets ----158,074 8,200,133 8,358,207 Other assets -----42,137,694 42,137,694 Cash at bank 43,645,400-----43,645,400 Margin cash -----4,042,616 4,042,616 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 49,211,630 6,741,803 105,021,134 449,186,002 796,947,783 64,776,023 1,471,884,375 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - - (105,902) (2,196,211) (8,521,130) (10,823,243) Other liabilities -----(7,738,347) (7,738,347) Bank overdraft -----(721,378) (721,378) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (105,902) (2,196,211) (16,980,855) (19,282,968) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 49,211,630 6,741,803 105,021,134 449,080,100 794,751,572 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 288 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

Mercer Low Volatility Equity Fund Non-Interest < 1 Month 1-5 Years Bearing Total US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 781,558 1,011,736,740 1,012,518,298 Derivative financial assets - - 4,489,829 4,489,829 Other assets - - 8,663,514 8,663,514 Cash at bank 84,232,815 - - 84,232,815 –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 84,232,815 781,558 1,024,890,083 1,109,904,456 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - (910,490) (910,490) Other liabilities - - (2,035,692) (2,035,692) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (2,946,182) (2,946,182) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 84,232,815 781,558 - –––––––––––– –––––––––––– ––––––––––––

Mercer Diversified Growth Fund Non-Interest < 1 Month Bearing Total US$ US$ US$ Assets Financial assets at amortised cost 44,511,379 - 44,511,379 Financial assets at fair value through profit or loss - 1,168,194,658 1,168,194,658 Derivative financial assets - 1,452,635 1,452,635 Other assets - 2,228,862 2,228,862 Cash at bank 26,097,323 - 26,097,323 Margin cash - 13,296,705 13,296,705 –––––––––––– –––––––––––– –––––––––––– Total assets 70,608,702 1,185,172,860 1,255,781,562 –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - (529,455) (529,455) Other liabilities - (1,425,288) (1,425,288) –––––––––––– –––––––––––– –––––––––––– Total liabilities - (1,954,743) (1,954,743) –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 70,608,702 - –––––––––––– ––––––––––––

MGI Funds plc 289 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

Mercer Global High Yield Bond Fund Non-Interest < 1 Month 1-3 Months 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss 2,490,964 485,000 142,973,598 583,811,744 1,338,448 731,099,754 Derivative financial assets ----9,262,591 9,262,591 Other assets ----11,581,627 11,581,627 Cash at bank 31,651,900----31,651,900 Margin cash ----2,784 2,784 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 34,142,864 485,000 142,973,598 583,811,744 22,185,450 783,598,656 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - (19,304) - (1,804,082) (1,823,386) Other liabilities ----(6,560,526) (6,560,526) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (19,304) - (8,364,608) (8,383,912) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 34,142,864 485,000 142,954,294 583,811,744 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Short Duration Global Bond Fund 1 3 Months Non-Interest < 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss - 10,196,257 263,184,336 120,387,039 - 393,767,632 Derivative financial assets ----274,844 274,844 Other assets ----4,627,525 4,627,525 Cash at bank 14,810,366----14,810,366 Margin cash ----2,508,354 2,508,354 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 14,810,366 10,196,257 263,184,336 120,387,039 7,410,723 415,988,721 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities ----(11,576,239) (11,576,239) Other liabilities ----(252,061) (252,061) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities ----(11,828,300) (11,828,300) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 14,810,366 10,196,257 263,184,336 120,387,039 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 290 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

Mercer Short Duration Global Bond Fund 2 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss 18,733,322 42,357,410 54,563,449 166,937,424 84,713,494 - 367,305,099 Derivative financial assets - - - 299,275 676,475 1,357,918 2,333,668 Other assets -----3,724,678 3,724,678 Cash at bank 5,718,582-----5,718,582 Margin cash -----2,821,404 2,821,404 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 24,451,904 42,357,410 54,563,449 167,236,699 85,389,969 7,904,000 381,903,431 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial liabilities - - (9,549) (105,814) (2,703,112) (10,971,949) (13,790,424) Other liabilities -----(3,582,491) (3,582,491) Bank overdraft -----(1,370,000) (1,370,000) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (9,549) (105,814) (2,703,112) (15,924,440) (18,742,915) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 24,451,904 42,357,410 54,553,900 167,130,885 82,686,857 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Global Buy & Maintain Credit Fund 3 Months Non-Interest < 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing Total US$ US$ US$ US$ US$ US$ US$ Assets Financial assets at fair value through profit or loss 2,671,819 2,799,849 19,486,501 196,309,654 468,530,364 - 689,798,187 Derivative financial assets - - 8,195 788,703 1,615,628 11,106,665 13,519,191 Other assets -----9,441,923 9,441,923 Cash at bank 9,768,727-----9,768,727 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 12,440,546 2,799,849 19,494,696 197,098,357 470,145,992 20,548,588 722,528,028 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Derivative financial assets - - (595) (178,547) (1,388,538) (3,182,946) (4,750,626) Other liabilities -----(685,764) (685,764) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - (595) (178,547) (1,388,538) (3,868,710) (5,436,390) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 12,440,546 2,799,849 19,494,101 196,919,810 468,757,454 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 291 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2014 (continued)

Mercer Euro Over 5 Year Bond Fund Non-Interest < 1 Month 1-5 Years > 5 Years Bearing Total €€€€€ Assets Financial assets at fair value through profit or loss - 845,617 171,780,089 - 172,625,706 Other assets - - - 2,907,054 2,907,054 Cash at bank 1,018,340---1,018,340 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 1,018,340 845,617 171,780,089 2,907,054 176,551,100 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - - (66,626) (66,626) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (66,626) (66,626) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 1,018,340 845,617 171,780,089 –––––––––––– –––––––––––– ––––––––––––

Mercer Euro Nominal Bond Long Duration Fund Non-Interest < 1 Month 1-5 Years > 5 Years Bearing Total €€€€€ Assets Financial assets at fair value through profit or loss - 21,873,669 601,861,256 - 623,734,925 Other assets - - - 8,933,215 8,933,215 Cash at bank 972,469---972,469 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total assets 972,469 21,873,669 601,861,256 8,933,215 633,640,609 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Liabilities Other liabilities - - - (686,669) (686,669) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total liabilities - - - (686,669) (686,669) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Total interest sensitivity gap 972,469 21,873,669 601,861,256 –––––––––––– –––––––––––– ––––––––––––

MGI Funds plc 292 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Interest Rate Risk (continued)

The table below summarises the Sub-Fund's relative sensitivity to interest rate changes. Effective duration, measured in years, indicates the sensitivity of a portfolio to a change in interest rates. The calculation is based on a semi-annually compounded spot rate term structure and calculated numerically based on an increase or a decrease of 25 basis points shock on interest rates for all fixed income securities.

30 June 2015 Effective Duration Sub Fund (Years) MGI UK Bond Fund 9.8 Mercer Global High Yield Bond Fund 4.0 MGI UK Inflation Linked Bond Fund 23.7 MGI UK Long Gilt 17.2 MGI Emerging Markets Debt Fund 5.3 Mercer Global Buy and Maintain Credit Fund 6.6 Mercer Short Duration Global Bond Fund 1 2.0 MGI Euro Bond Fund 6.9 MGI Global Bond Fund 6.6 Mercer Euro Over 5 Year Bond Fund 9.7 Mercer Euro Nominal Bond Long Duration Fund 14.2

30 June 2014 Effective Duration Sub Fund (Years) MGI UK Bond Fund 8.2 Mercer Global High Yield Bond Fund 3.8 MGI UK Inflation Linked Bond Fund 21.1 MGI UK Long Gilt 16.4 MGI Emerging Markets Debt Fund 4.1 Mercer Global Buy and Maintain Credit Fund 5.4 Mercer Short Duration Global Bond Fund 1 1.4 Mercer Short Duration Global Bond Fund 2 0.2 MGI Euro Bond Fund 6.5 MGI Global Bond Fund 9.4 Mercer Euro Over 5 Year Bond Fund 9.4 Mercer Euro Nominal Bond Long Duration Fund 14.2

The relevant benchmarks used are disclosed in the Investment Managers Report.

Fair Value of Financial Assets and Liabilities

The majority of the financial assets of the Company are held at fair value with the exception of Money Market Instruments and Deposits with Credit Institutions which are carried at amortised cost. All other assets and financial liabilities are stated at cost, which approximates fair value with the exception of redeemable participating shares which are stated at their redemption amount.

These financial assets are held at amortised cost as they are financial assets with fixed or determinable payments that are not quoted in an active market. The Company does not intend to sell immediately or in the near future and they are not designated as available for sale. The carrying amount of the loans and receivables held at amortised cost at the year end approximates their fair value.

FRS 29 requires the Company to classify assets and liabilities in a fair value hierarchy that reflects the significance of the inputs used in making the measurements. FRS 29 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FRS 29 are as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities;

MGI Funds plc 293 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Fair Value of Financial Assets and Liabilities (continued)

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices);

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes “observable” requires significant judgement by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Fair Value Measurements

The financial instruments at 30 June 2015 and 30 June 2014 are classified as follows:

Level Asset backed securities 2 Government bonds 2 Corporate bonds 2 Mortgage backed securities 2 Credit linked notes 2 Convertible securities 2 Municipal bonds 2 Collective investment schemes (CIS) 2 Credit default swaps 2 Equities 1 Futures contracts 1 Interest rate swaps 2 Total return swaps 2 Open forward foreign currency contracts 2 Swaptions 2 Rights 1 Warrants 1 Options purchased 2 Options written 2

MGI Funds plc 294 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Fair Value Measurements (continued)

The exceptions with respect to the above classification are listed below.

30 June 30 June 30 June 30 June Investment 2015 2015 2014 2014 Sub-Fund Security Type Level Currency Fair Value Level Currency Fair Value MGI Emerging Markets SK Broadband Equity 2 US$ 117,651 1 US$ 117,428 Equity Fund JD Group Equity 2 US$ 175,815 1 US$ 173,703 Kai Yuan Holdings Equity 2 US$ 35,405 1 US$ 16,041 REXLot Holdings Equity 2 US$ 125,893 1 US$ 228,155 Benakat Integra Equity 2 US$ 101,987 1 US$ 180,648 Welspun Enterprises Equity 2 US$ 11,925 2 US$ 371 Great Wall Motor Co Equity 2 US$ 1,414,115 - US$ - Air China Equity 2 US$ 2,274,121 1 US$ 362,673 Corp GEO Equity 3 US$ 1,444 3 US$ 3,609 African Bank Investments Equity 2 US$ 15,828 1 US$ 393,784 Wintek Equity 2 US$ 2,847 1 US$ 330,002 Bakrieland Development Equity 2 US$ 47,568 1 US$ 53,496 Woojeon & Handan Equity 2 US$ 3,420 1 US$ 9,137 Anxin-China Holdings Equity 2 US$ 65,354 1 US$ 138,745 Borneo Lumbung Energi & Metal Equity 2 US$ 10,499 2 US$ 22,906 Nirvikara Paper Mills Equity 2 US$ 666 - US$ - Arvind Infrastructure Equity 2 US$ - - US$ - Adani Transmissions Equity 3 US$ 4,517 - US$ - Bakrie and Brothers Equity 2 US$ 100,954 1 US$ 113,536 China Shanshui Cement Group Equity 2 US$ 189,553 1 US$ 330,403 NVC Lighting Holding Equity 2 US$ 87,938 1 US$ 84,997 China Lumena New Materials Equity 3 US$ 152,401 2 US$ 152,445 China Metal Recycling Holdings Equity 3 US$ - 3 US$ 202,949 Kaisa Group Holdings Equity 2 US$ 196,797 1 US$ 290,232 Central Omega Resources Equity 3 US$ 3,275 2 US$ 3,684 Chaoda Modern Agriculture Holdings Equity - US$ - 3 US$ 37,286 Trans Asia Oil Petroleum Equity - US$ - 3 US$ 403,005

MGI Eurozone Equity Fund Immofinanz Equity 3 US$ - 3 EUR - Let's GOWEX Equity 3 US$ - 1 EUR 465,088

MGI UK Equity Fund Bradford Bingley Equity 3 GB£ - 3 GB£ -

MGI U.S. Equity Fund Marriott International Equity 3 US$ - 3 US$ -

Mercer Global Small Cap SNS REAAL Equity 3 US$ - 3 US$ - Equity Fund Let's GOWEX Equity 3 US$ - 1 US$ 659,269 Mota Engil* Equity - US$ - - US$ -

Mercer Low Volatility ETFS Physical Gold CIS 1 US$ 18,885,576 1 US$ 15,522,309 Equity Fund

Mercer Diversified iShares $ Global High Yield Corporate Bond CIS 1 US$ 63,289,395 - - - Growth Fund iShares J.P. Morgan $ Emerging Markets Bond Fund CIS 1 US$ 196,529,081 1 US$ 136,824,469 iShares $ High Yield Corporate Bond CIS 1 US$ 23,206,980 - - - SPDR Thomson Reuters Global Convertible Bond CIS 1 US$ 58,351,484 - - - iShares European Property Yield CIS - US$ - 1 US$ 31,201,046 iShares US Property Yield CIS - US$ - 1 US$ 43,184,186 iShares UK Property CIS - US$ - 1 US$ 43,319,673 ETFS Physical Gold CIS - US$ - 1 US$ 38,844,019 iShares Dow Jones-UBS Commodity Swap CIS - US$ - 1 US$ 49,576,056

*These securities were sold during the year ended 30 June 2015.

MGI Funds plc 295 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Fair Value Measurements (continued)

The exceptions with respect to the above classification are listed below.

30 June 30 June 30 June 30 June Investment 2015 2015 2014 2014 Sub-Fund Security Type Level Currency Fair Value Level Currency Fair Value MGI DAM Multi-Manager Rolls-Royce Holdings Equity 2 US$ 12,810 - - - Global Equity Fund China Lumena New Materials Equity 3 US$ 35,085 3 US$ 35,095

MGI Global Equity Fund Rolls-Royce Holdings Equity 2 US$ 18,872 - - -

Mercer Global High Yield NewPage Bond 3 US$ - 3 US$ - Bond Fund CEVA Group* Bond - US$ - - US$ -

Mercer Short Duration Apollo Trust Asset backed security - - - 2 US$ 815,163 Global Bond Fund 2

Mercer Passive Global Banco Espirito Santo Equity 3 US$ - 1 US$ 6,591 Equity Fund

Mercer Deversified iShares Global Infrastructure Fund CIS 1 GB£ 978,768 - - - Retirement Fund iShares JP Morgan $ Emerging Markets Bond Fund CIS 1 GB£ 1,455,192 - - - iShares High Yield Corporate CIS 1 GB£ 1,675,205 - - - iShares $ High Yield Corporate CIS 1 GB£ 34,936 - - -

*These securities were sold during the year ended 30 June 2015.

MGI Eurozone Equity Fund

Immofinanz security is classified as Level 3 at 30 June 2015 and 30 June 2014 as these are escrow shares valued at zero. Lets's GOWEX transferred from Level 3 to Level 1 as this security was suspended from trading on 2 July 2014 following a report by Gotham City Research that the company has no value. The portfolio manager has determined that this security should be valued at zero.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended 30 June 2015 30 June 2014 Level 3 Level 3 €€ Closing value value 30 June 2014 -- Sales -- Realised -- Unrealised (465,088) - Tranfer into Level 3 465,088 - –––––––––––– –––––––––––– Closing value 30 June 2015 -- –––––––––––– –––––––––––– MGI Emerging Markets Equity Fund

Chaoda Modern Agriculture Holdings and Trans Asia Oil Petroleum, both classified as Level 3 at 30 June 2014 transferred to Level 1 during the year as a quoted price in an active market became available for these securities.

Air China, Benakat Integra, JD Group, Kai Yuan Holdings, REXLot Holdings, Kaisa Group Holdings and SK Broadband transferred from Level 1 to Level 2 during the year as these securities, were suspended from their respective exchanges where they traded.

MGI Funds plc 296 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

MGI Emerging Markets Equity Fund (continued)

Adani Transmissions was acquired through corporate actions on the Sub-Fund and this position has not yet been admitted to trading. This security is classified as Level 3 in the fair value hierarchy.

Central Omega Resources and Great Wall Motor are classified as Level 3 as these securities were suspended from trading from the respective exchanges where they trade. There is currently no further information regarding these securities and it is not known if trading will commence again.

Welspun Enterprise was classified as level 2 at 30 June 2014 and 30 June 2015 as there is no active market for this security at these dates.

China Lumena New Materials, China Metal Recycling Holdings and Corp GEO have been valued at fair value in accordance with the fair value measurement policy in the accounting policies.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended 30 June 2015 30 June 2014 Level 3 Level 3 €€ Closing value value 30 June 2014 243,861 - Purchases 4,517 17 Sales -- Realised -- Unrealised (242,417) - Transfer from Level 1 to Level 3 155,676 243,844 –––––––––––– –––––––––––– Closing value 30 June 2015 161,637 243,861 –––––––––––– ––––––––––––

MGI Global Equity Fund

Rolls-Royce Holdings non-voting security transferred from Level 1 to Level 2 during the year as there was no active market for this security during the year.

MGI Funds plc 297 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Mercer Global Small Cap Equity Fund

SNS REAAL continues to be classified as Level 3 in the fair value hierarchy and is valued at fair value in accordance with the fair value measurement policy in the accounting policies.

Let's GOWEX transferred from Level 1 to Level 3 during this year as this security was suspended from its stock exchange. There is currently no further information regarding this security.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended 30 June 2015 30 June 2014 Level 3 Level 3 €€ Closing value 30 June 2014 -- Purchases -- Sales -- Realised -- Unrealised (659,269) (145,459) Transfer into level 3: 659,269 145,459 –––––––––––– –––––––––––– Closing value 30 June 2015 -- –––––––––––– ––––––––––––

MGI Global High Yield Bond Fund

NewPage 11.38 31/12/2014 is classified as Level 3 at 30 June 2015 and 30 June 2014 as this security is in default.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended 30 June 2015 30 June 2014 Level 3 Level 3 €€ Closing value 30 June 2014 - 974,250 Purchases -- Sales - (830,000) Realised - (144,250) Unrealised -- Transfer into level 3 -- –––––––––––– –––––––––––– Closing value 30 June 2015 -- –––––––––––– ––––––––––––

MGI Funds plc 298 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Mercer Diversified Growth Fund, Mercer Diversified Retirement Fund and Mercer Low Volatility Equity Fund

The Collective Investment Schemes in Mercer Diversified Growth Fund, Mercer Diversified Retirement Fund and Mercer Low Volatility Equity Fund are exchange traded funds and are therefore valued using quoted prices in active markets. These securities are classified as Level 1 in the fair value hierarchy.

MGI DAM Multi-Manager Global Equity Fund

China Lumena New Materials is classified as Level 3 at 30 June 2015 and 30 June 2014 as it suspended trading following the announcement the annual results were to be postponed to a later date. A 15% discount has been applied to the last traded price.

Rolls-Royce Holdings -non-voting are classified as Level 2 as these are C Shares arising from a corporate action and may be redeemed for further C Shares or a cash equivalent.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended 30 June 2015 30 June 2014 Level 3 Level 3 €€ Closing value 30 June 2014 35,095 - Purchases - 47,957 Sales -- Realised -- Unrealised (10) (12,862) –––––––––––– –––––––––––– Closing value 30 June 2015 35,085 35,095 –––––––––––– ––––––––––––

Mercer Passive Global Equity Fund

Banco Espirito Santo transferred from level 1 to level 3 during the year as this security suspended trading during the year. Due to the significant period of time that this security has remained suspended, it has been fair valued at US$ 0.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 for the years ended 30 June 2015.

Year ended 30 June 2015 Level 3 € Closing value 30 June 2014 - Purchases - Sales - Realised - Unrealised (6,591) Transfer into Level 3 6,591 –––––––––––– Closing value 30 June 2015 - ––––––––––––

No sensitivity analysis with respect to securities falling into the Level 3 classification has been provided as there is no significant risk to the Sub-Funds for exposure to fluctuations resulting from a change in the underlying investments.

The collective investment schemes held by the Company are not quoted in active markets.

MGI Funds plc 299 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Mercer Passive Global Equity Fund (continued)

The collective investment schemes classified in Level 2 were fair valued using the net asset value of the investee funds, as reported by the respective collective investment schemes’ administrator. For these collective investment schemes, the Directors and Investment Manager believe the Company could have redeemed its investment at the net asset value per share at the Balance Sheet date.

Leverage Risk

Any leverage resulting from the use of financial derivative instruments and efficient portfolio management techniques are in accordance with the requirements of the Central Bank and will not exceed 100% of the net asset value of the Sub-Fund, with the exception of those Sub-Funds detailed on page 300.

Calculation of Global Exposure

The global exposure of the assets held within each Sub-Fund is monitored on a daily basis. In accordance with the regulatory requirements, global exposure can be calculated in 2 ways, either;

(1) the incremental exposure generated by the instruments held by a Sub Fund; or (2) where complex investment strategies are used, an advanced risk management methodology such as Value at Risk (“VaR”) will be employed.

The Board of the Investment Manager monitors the assets of each Sub-Fund to ensure that global exposure and leverage, at all times, remains within the limits set by the Central Bank. The commitment approach is used to calculate global exposure on all Sub-Funds which use derivatives, with the exception of Mercer Short Duration Global Bond Fund 1 and Mercer Short Duration Global Band Fund 2, both of which use the VaR method.

Where the relevant Sub-Fund has been classified as investing in non-sophisticated financial instruments and strategies, the Investment Manager will apply the Commitment Approach for the purposes of calculating both global exposure and leverage in accordance with the Regulations.

In accordance with the Commitment Approach, global exposure is broadly defined as the total market value of the equivalent underlying to all of the Financial Derivative Instruments (“FDIs”) entered into by a Sub-Fund (subject to all specific valuation rules described in the European Securities and Markets Authority guidelines).

As detailed above, two Sub-Funds use relative VaR as part of its investment management process. The table below provides the analysis for the relevant Sub-Funds at 30 June 2015 and 30 June 2014.

VaR represents an estimate of the potential loss which might arise from unfavourable market movements if the current positions were to be held unchanged for 1 month, measured at a confidence level of 99%.

VaR utilisation measures the Sub-Funds' VaR relative to the Sub-Funds' VaR limit. The below table details the approach for each Sub-Fund, the minimum, maximum and average daily VaR utilisation (relative VAR) that occurred during one year period ending 30 June 2015 and 30 June 2014 expressed as a percentage of the VaR limit and the VaR expressed as a percetage of the net asset value of the Sub-Fund at the year end.

Mercer Short Duration Global Bond Fund 1

30 June 2015 30 June 2014 Lowest utilisation of the VaR limit 97% 120% Highest utilisation of the VaR limit 152% 164% Average utilisation of the VaR limit 122% 148% VaR at year end 0.77% 0.74% Relative VaR 32.71% -

MGI Funds plc 300 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Calculation of Global Exposure (continued)

Mercer Short Duration Global Bond Fund 2

30 June 2015 30 June 2014 Lowest utilisation of the VaR limit 127% 113% Highest utilisation of the VaR limit 345% 376% Average utilisation of the VaR limit 206% 225% VaR at year end 0.86% 1.34% Relative VaR 37.61% -

The VaR calculation is a representation of the minimum expected loss, under normal market conditions at a given confidence level. Some limitations of this analysis are listed below:

• The models are based on historical data (1 year) and cannot take account of the possibility that the future market price movements, correlation between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; • The market price information represents a hypothetical outcome and is not intended to be predictive (in the case of probability-based methods, such as VaR, profits and losses are almost certain to exceed the reported amount with a frequency depending on the confidence interval chosen); and • Future market conditions could vary significantly from those experienced in the past.

Note: Value at Risk Methodology – For the purposes of calculating the above VaR, the Company has employed a historic measurement of volatility on the Sub-Funds’ prices and using an assumption of a normal distribution of returns. The Company therefore has the inputs required to generate a VaR figure as a measurement of the Sub-Funds’ Market Risk.

In accordance with the UCITS regulations, a Sub-Fund using VaR must disclose the level of leverage employed by the Sub-Fund during the year under review, calculated as the sum of the absolute value of notionals of the derivatives used. The leverage is calculated on a gross basis and does not take into account any netting and hedging arrangements that the Sub-Funds may have in place at any time, even though these arrangements may be used for risk reduction purposes. Therefore this calculation may not provide an accurate measure of the Sub-Funds' actual investment exposures. Below is the average daily level of leverage for each of the above Sub-Funds during the year ending 30 June 2015 and 30 June 2014.

Average leverage employed during the year as % of NAV 30 June 2015 30 June 2014 Mercer Short Duration Global Bond Fund 1 152% 140% Mercer Short Duration Global Bond Fund 2 345% 252%

Emerging Markets Risk

The Company invests in equities and bonds in emerging markets and also in collective investment schemes investing in emerging markets. It should be appreciated that liquidity and settlement risks may not provide the same degree of Shareholder protection or information to investors as would generally apply internationally.

MGI Funds plc 301 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

5. Financial Instruments and Associated Risks (continued)

Legal, Tax and Regulatory Risk

Legal, tax and regulatory changes could occur during the duration of the Company which may adversely affect the Company. See Note 4 for details of taxation.

Tax Risk Disclaimer for MGI Funds plc on MGI Emerging Markets Equity Fund, MGI Global Equity Fund, MGI Pacific Basin (ex Japan) Equity Fund, MGI U.S. Equity Fund, Mercer Global Small Cap Equity Fund , MGI DAM Multi-Manager Global Equity Fund, Mercer Short Duration Global Bond Fund 1 and Mercer Short Duration Global Bond Fund 2

Taxation in the People’s Republic of China (“PRC”)

PRC withholding tax has been enforced on payment of dividends and interest to Qualified Foreign Institutional Investors (“QFIIs”) from PRC listed companies at the rate of 10%. However, PRC tax authorities have generally not sought to collect such withholding tax to date on capital gains realised by QFIIs on selling of A-Shares although withholding tax is legally applicable to such capital gains. There is a risk that the PRC tax authorities would seek to collect this tax on capital gains realised by QFIIs on sales of A-Shares, on a retrospective basis, without giving any prior warning. In such a case, the Sub-Funds might be adversely impacted.

6. Cash and cash at broker balances

All cash and overdraft balances as at 30 June 2015 are held with State Street Bank, London which holds a credit rating of AA- at the year end (30 June 2014: A+). Cash held in U.S. Dollar bank accounts with State Street Bank, London automatically transfer into overnight deposit accounts held by State Street Cayman Trust Company Ltd., Cayman Islands.

Margin Cash

Margin cash balances at 30 June 2015 were as follows:

Counterparty Sub-Fund Amount Credit Suisse MGI Emerging Markets Equity Fund (US$ 71,352) Merrill Lynch MGI Emerging Markets Equity Fund (US$ 629,141) Barclays MGI Emerging Markets Equity Fund US$ 1,934,523 JPMorgan MGI Emerging Markets Equity Fund US$ 230,001 Societe Generale MGI Global Equity Fund US$ 2,539,588 Goldman Sachs MGI Global Equity Fund US$ 4,146,054 UBS MGI UK Bond Fund GB£ 360 Goldman Sachs MGI UK Bond Fund GB£ 143,848 Goldman Sachs MGI Emerging Markets Debt Fund US$ 882,524 Investec MGI Emerging Markets Debt Fund US$ 383,691 Goldman Sachs Mercer Diversified Growth Fund US$ 5,710,420 Deutsche Bank Mercer Global High Yield Bond Fund (US$ 1,359,668) JPMorgan Mercer Short Duration Global Bond 1 US$ 3,782,751 Credit Suisse Mercer Short Duration Global Bond 2 (US$ 405,115) Goldman Sachs Mercer Passive Global Equity Fund US$ 884,310 Royal Bank of Scotland Mercer Global Buy & Maintain Credit Fund US$ 204,108

MGI Funds plc 302 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

6. Cash and cash at broker balances (continued)

Margin Cash (continued)

Margin cash balances at 30 June 2014 were as follows:

Counterparty Sub-Fund Amount Goldman Sachs MGI Emerging Markets Equity Fund US$ 1,375 JPMorgan MGI Emerging Markets Equity Fund US$ 78,000 Barclays MGI Emerging Markets Equity Fund US$ 727,000 JPMorgan MGI Global Equity Fund US$ 1,594,509 Goldman Sachs MGI Global Equity Fund US$ 12,582,551 UBS MGI UK Bond Fund GB£ 101,790 Goldman Sachs MGI UK Bond Fund GB£ 132,279 Goldman Sachs MGI Emerging Markets Debt Fund US$ 636,238 Goldman Sachs Mercer Diversified Growth Fund US$ 13,296,705 UBS MGI DAM Multi-Manager Global Equity Fund US$ 49,286 Credit Suisse Mercer Global High Yield Bond Fund US$ 2,784 JPMorgan Mercer Short Duration Global Bond Fund 1 US$ 2,508,354 Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 2,516,404 Goldman Sachs Mercer Passive Global Equity Fund US$ 896,666

Collateral

Cash collateral

In addition to the above, the following amounts were pledged or held as cash collateral with the following counterparties at 30 June 2015:

Counterparty Sub-Fund Amount Citibank Collateral held MGI Emerging Markets Equity Fund (US$ 27,320,000) Bank of America Collateral pledged MGI Emerging Markets Equity Fund US$ 1,709,918 Goldman Sachs Collateral pledged MGI Emerging Markets Equity Fund US$ 26,852,841 Deutsche Bank Collateral pledged Mercer Global High Yield Bond Fund US$ 1,121,618 Credit Suisse Collateral pledged Mercer Global Buy & Maintain Credit Fund US$ 610,000 BNP Paribas Collateral pledged MGI Emerging Markets Debt Fund US$ 250,000 Bank of America Collateral pledged MGI Emerging Markets Debt Fund US$ 40,000 Deutsche Bank Collateral pledged MGI Emerging Markets Debt Fund US$ 1,320,000 Goldman Sachs Collateral pledged MGI Emerging Markets Debt Fund US$ 460,000 Citibank Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 311,976 Bank of America Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 841,221 HSBC Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 1,493,028 Goldman Sachs Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 570,000 Credit Suisse Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 1,898,562 UBS Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 951,527

The following amounts were pledged or held as cash collateral with the following counterparties at 30 June 2014:

Counterparty Sub-Fund Amount Goldman Sachs Collateral pledged MGI Emerging Markets Debt Fund US$ 2,130,000 Bank of America Collateral pledged MGI Emerging Markets Debt Fund US$ 300,000 Deutsche Bank Collateral pledged MGI Emerging Markets Debt Fund US$ 255,000 BNP Paribas Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 290,000 BNP Paribas Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 90,000) HSBC Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 280,000) Goldman Sachs Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 1,000,000) Credit Suisse Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 15,000

The margin cash and cash collateral is the minimum deemed by the brokers and counterparties for collateral requirements and is as such restricted and reported separately from the unrestricted cash on the Balance Sheet. The credit ratings attaching to each of the above counterparties are disclosed in Note 5. Amounts due to broker relate to amounts owing by the Sub-Fund to the relevant counterparty to maintain margin requirements and are shown as a liability on the Balance Sheet.

MGI Funds plc 303 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

7. Debtors and Creditors

All debtors and creditors amounts fall due within one year.

Trade and other creditors are payable at various dates in accordance with the suppliers' usual and customary credit terms.

8. Share capital

Authorised share capital

The authorised share capital of the Company is 500,000,000,002 shares of no par value divided into 2 subscriber shares of no par value and 500,000,000,000 unclassified shares of no par value. The proceeds from the issue of shares shall be applied in the books of the Company to the Sub-Funds and shall be used in acquisition on behalf of the relevant Sub- Fund of its investment. The subscriber share capital does not form part of Shareholders’ funds, and is disclosed in the financial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of the Company’s business as an investment fund. All share classes carry the same rights. The amounts relating to proceeds from redeemable participating shares issued and payment for redeemable participating shares redeemed are reflected in the functional currency of the Sub-Fund and are inclusive of the anti-dilution charges.

Capital Management

Subscriber shares entitle the holders to attend and vote at general meetings of the Company but do not entitle the holders to participate in the profits or assets of the Company except for a return of capital on a winding up. Shares entitle the holders to attend and vote at general meetings of the Company and to participate equally (subject to any differences between fees, charges and expenses applicable to different classes of shares) in the profits and assets of the Company on the terms and conditions set out in the relevant Supplement.

The Company may from time to time by ordinary resolution increase its capital, consolidate its shares into a smaller number of shares, sub-divide shares into a larger number of shares or cancel any shares not taken or agreed to be taken by any person. The Company may by special resolution from time to time reduce its share capital in any way permitted by law.

Share movement

30 June 2015

MGI Emerging Markets Equity Fund Class Class Class Class Class I-1 € M-1 € M-2 € M-4 € M-7 € Shares in issue as at 30 June 2014 131,608 350,453 391,980 42,612 915,241 Shares issued during the year 14,819 192,849 25,148 10,137 286,400 Shares redeemed during the year (23,499) (99,367) (52,264) (7,256) (192,016) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 122,928 443,935 364,864 45,493 1,009,625 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,711,578 34,461,163 4,015,645 1,679,458 46,944,392 Payment for redeemable participating shares redeemed (4,289,239) (17,282,724) (8,283,136) (1,245,712) (30,552,682)

MGI Emerging Markets Equity Fund Class Class Class Class Class (continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $ Shares in issue as at 30 June 2014 2,175,926 2,161,889 668,822 1,148,812 130,382 Shares issued during the year 1,241,061 1,186,396 232,470 221,154 221 Shares redeemed during the year (1,287,460) (1,908,840) (428,321) (547,187) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 2,129,527 1,439,445 472,971 822,779 130,603 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 232,008,660 187,127,618 35,761,648 38,566,906 33,724 Payment for redeemable participating shares redeemed (235,489,728) (293,799,920) (65,181,726) (93,814,029) -

MGI Funds plc 304 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI Emerging Markets Equity Fund Class Class Class (continued) Z-1 € Z-1 £ M-6 £ Shares in issue as at 30 June 2014 89,085 310,938 25,173 Shares issued during the year 55,378 - 7,549 Shares redeemed during the year (18,506) (310,938) (15,851) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 125,957 - 16,871 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,091,052 - 1,343,217 Payment for redeemable participating shares redeemed (2,432,300) (56,083,186) (2,776,181)

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Shares in issue as at 30 June 2014 89,421 35,369 10,013 2,604 Shares issued during the year 117,420 25 1,869 629 Shares redeemed during the year (11,764) (6,025) (2,195) (750) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 195,077 29,369 9,687 2,483 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,548,578 4,153 235,499 82,967 Payment for redeemable participating shares redeemed (1,547,798) (794,979) (272,285) (95,455)

MGI Euro Cash Fund Class Class Class Class Class I-1 € M-1 € M-5 € M-6 € M-7 € Shares in issue as at 30 June 2014 286,382 125,331 10,779 - 203,251 Shares issued during the year 105,444 1,262,720 95,198 139,535 47,749 Shares redeemed during the year (120,271) (100,036) (98,717) (99,239) (170,548) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 271,555 1,288,015 7,260 40,296 80,452 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 11,698,360 137,521,946 10,018,764 13,950,243 5,046,783 Payment for redeemable participating shares redeemed (13,348,951) (10,913,017) (10,339,029) (9,910,273) (18,049,996)

MGI Euro Cash Fund Class Class (continued) M-8 € Z-1 € Shares in issue as at 30 June 2014 372,238 72,407 Shares issued during the year 584,209 19,496 Shares redeemed during the year (311,116) (13,401) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 645,331 78,502 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 58,652,505 2,195,756 Payment for redeemable participating shares redeemed (31,226,377) (1,509,413)

MGI Funds plc 305 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI Eurozone Equity Fund Class Class Class Class Class Class I-1 € M-1 € M-2 € M-7 € Z-1 € Z-1 £ Shares in issue as at 30 June 2014 397,919 301,813 183,320 177,884 55,375 10,704 Shares issued during the year 26,539 5,073 8,087 65,143 2,812 2,213 Shares redeemed during the year (200,845) (190,978) (51,908) (8,889) (58,187) (1,292) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 223,613 115,908 139,499 234,138 - 11,625 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,464,043 669,855 1,132,323 9,473,755 373,059 435,771 Payment for redeemable participating shares redeemed (29,175,933) (25,451,875) (7,342,475) (1,254,409) (9,048,800) (294,521)

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Shares in issue as at 30 June 2014 4,866 9,414 10,785 11,741 Shares issued during the year 1,721 441 194 7 Shares redeemed during the year (641) - (1,589) (1,860) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 5,946 9,855 9,390 9,888 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 261,934 100,549 23,388 1,139 Payment for redeemable participating shares redeemed (97,739) - (189,849) (275,006)

MGI Global Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 € M-2 € M-7 € Hedged Shares in issue as at 30 June 2014 11,711 293,171 381,616 135,520 18,431 530,021 Shares issued during the year 157,783 26,520 1,137 10,020 2 18,231 Shares redeemed during the year (11,713) (13,699) (79,965) (36,587) (18,433) (12,412) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 157,781 305,992 302,788 108,953 - 535,840 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 18,059,245 6,736,023 243,511 1,911,796 910 3,316,178 Payment for redeemable participating shares redeemed (3,659,610) (3,474,198) (16,498,932) (6,796,796) (3,464,543) (2,294,255)

MGI Global Equity Fund Class Class Class Class Class (continued) M-7 € M-1 £ M-2 £ M-2 £ M-3 £ Hedged Hedged Hedged Shares in issue as at 30 June 2014 407,706 536,518 72,442 994,743 360,413 Shares issued during the year 95,010 166,951 41,867 45,337 119,060 Shares redeemed during the year (164,727) (381,811) (53,307) (661,075) (398,534) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 337,989 321,658 61,002 379,005 80,939 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 17,499,058 52,350,063 12,210,806 10,872,984 27,987,862 Payment for redeemable participating shares redeemed (28,924,300) (120,283,579) (15,435,982) (162,181,221) (93,782,131)

MGI Funds plc 306 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI Global Equity Fund Class Class Class Class Class Class (continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £ Hedged Hedged Shares in issue as at 30 June 2014 180,110 68,720 50,075 269,034 27,216 78,437 Shares issued during the year 841 35,164 94 83 359 11,618 Shares redeemed during the year (32,514) (89,514) (50,169) (46,195) (27,575) (5,742) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 148,437 14,370 - 222,922 - 84,313 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 141,302 8,135,307 22,413 40,663 77,144 2,867,607 Payment for redeemable participating shares redeemed (5,042,651) (20,666,049) (10,665,900) (13,897,218) (5,966,369) (1,411,899)

MGI Global Equity Fund Class (continued) Z-1 € Shares in issue as at 30 June 2014 50,115 Shares issued during the year - Shares redeemed during the year (50,115) –––––––––––– Shares in issue as at 30 June 2015 - ––––––––––––

Proceeds from redeemable participating shares issued 2,785 Payment for redeemable participating shares redeemed (14,333,466)

MGI Japanese Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Shares in issue as at 30 June 2014 121,637 8,956 7,895 Shares issued during the year 17,914 6 1,125 Shares redeemed during the year (30,554) (2,525) (1,737) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 108,997 6,437 7,283 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 206,984,239 83,205 20,434,625 Payment for redeemable participating shares redeemed (370,483,481) (32,229,101) (33,430,617)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class I-1 € Z-1 £ Shares in issue as at 30 June 2014 43,921 3,328 Shares issued during the year 5,825 633 Shares redeemed during the year (14,678) (480) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 35,068 3,481 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,449,030 219,365 Payment for redeemable participating shares redeemed (3,702,123) (173,784)

MGI Funds plc 307 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI UK Bond Fund Class Class Class Class Class I-1 £ M-1 £ M-2 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2014 13,387 64,453 172,227 226,617 174,192 Shares issued during the year 9,943 39 3,388 1,076 11,380 Shares redeemed during the year (1,605) (325) (19,889) (210,316) (44,900) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 21,725 64,167 155,726 17,377 140,672 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,741,667 20,755 539,098 194,361 2,039,562 Payment for redeemable participating shares redeemed (277,009) (51,000) (3,183,523) (33,987,888) (7,916,910)

MGI UK Cash Fund Class Class Class Class I-1 £ M-2 £ M-3 £ M-4 £ Shares in issue as at 30 June 2014 122,186 28,702 - 10,912 Shares issued during the year 25,474 2,767,836 2,399,974 492,861 Shares redeemed during the year (78,430) (1,990,360) (2,048,461) (356,249) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 69,230 806,178 351,513 147,524 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,897,005 288,964,270 239,997,028 49,170,502 Payment for redeemable participating shares redeemed (8,916,618) (211,817,596) (204,827,856) (35,491,810)

MGI UK Cash Fund (continued) Class Class Class M-6 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2014 - 171,442 - Shares issued during the year 200,187 856,781 3,206,535 Shares redeemed during the year (181,269) (885,826) (3,175,416) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 18,918 142,397 31,119 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 20,018,455 95,150,936 320,695,000 Payment for redeemable participating shares redeemed (18,111,552) (98,385,712) (317,820,428)

MGI UK Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ M-7 £ Shares in issue as at 30 June 2014 145,638 73,970 9,447 174,094 105,852 41,307 Shares issued during the year 8,951 - 6 5,431 16,512 2,205 Shares redeemed during the year (36,373) (5,359) (1,580) (136,880) (32,840) (14,218) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 118,216 68,611 7,873 42,645 89,524 29,294 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 863,664 2,535 821 694,935 3,227,055 340,837 Payment for redeemable participating shares redeemed (3,523,075) (696,000) (157,205) (17,523,740) (6,557,621) (2,226,094)

MGI Funds plc 308 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI UK Equity Fund Class (continued) Z-1 £ Shares in issue as at 30 June 2014 67,354 Shares issued during the year 12,575 Shares redeemed during the year (2,864) –––––––––––– Shares in issue as at 30 June 2015 77,065 ––––––––––––

Proceeds from redeemable participating shares issued 1,734,450 Payment for redeemable participating shares redeemed (404,621)

MGI U.S. Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Shares in issue as at 30 June 2014 357,509 20,671 10,387 Shares issued during the year 38,867 11 1,109 Shares redeemed during the year (99,206) (3,648) (1,865) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 297,170 17,034 9,631 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,879,896 3,245 329,506 Payment for redeemable participating shares redeemed (20,281,214) (750,709) (547,782)

MGI UK Inflation Linked Bond Fund Class Class Class Class Class Class M-1 £ M-1 £ M-4 £ M-6 £ M-7 £ Z-1 £ Distributing Shares in issue as at 30 June 2014 2,809,684 368,091 360,908 123,930 805,147 61,066 Shares issued during the year 801,416 69,203 244,876 92,557 836,706 16,946 Shares redeemed during the year (1,111,284) (437,294) (267,098) (45,343) (491,184) (5,129) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 2,499,816 - 338,686 171,144 1,150,669 72,883 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 127,849,942 7,748,327 37,156,149 10,112,162 130,854,972 2,923,526 Payment for redeemable participating shares redeemed (169,505,110) (50,461,521) (41,692,505) (4,748,410) (80,338,872) (845,836)

MGI UK Long Gilt Fund Class Class Class Class Class I-1 £ M-2 £ M-3 £ M-6 £ M-7 £ Shares in issue as at 30 June 2014 204,355 62,691 70,763 49,175 162,954 Shares issued during the year 814,785 34,149 6,554 34,118 222,800 Shares redeemed during the year (277,138) (39,351) (42,760) (58,645) (177,673) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 742,002 57,489 34,557 24,648 208,081 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 127,430,919 5,400,548 799,794 3,340,037 34,360,625 Payment for redeemable participating shares redeemed (44,271,090) (6,439,168) (5,125,287) (6,228,836) (29,074,183)

MGI Funds plc 309 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI Emerging Markets Debt Fund Class Class Class Class Class Class M-3 € M-2 £ M-2 £ M-3 £ M-4 £ Z-1 £ Distributing Shares in issue as at 30 June 2014 2,884,890 229,850 4,201,084 550,863 146,937 78,346 Shares issued during the year 1,685,288 148,627 1,455,412 472,627 80,336 - Shares redeemed during the year (585,700) - (666,207) (294,790) (63,053) (78,346) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 3,984,478 378,477 4,990,289 728,700 164,220 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 225,749,793 21,664,020 213,445,338 72,014,979 12,233,291 - Payment for redeemable participating shares redeemed (74,974,446) - (98,632,120) (43,131,526) (9,699,137) (12,431,372)

MGI Emerging Markets Debt Fund Class Class (continued) Z-1 € M-6 £ Shares in issue as at 30 June 2014 1,522,558 9,060 Shares issued during the year 104,984 4,674 Shares redeemed during the year (1,196,656) (3,246) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 430,886 10,488 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 12,084,662 765,728 Payment for redeemable participating shares redeemed (145,396,191) (518,556)

Mercer Global Small Cap Equity Fund Class Class Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € Z-1 CAD M-3 £ Distributing Shares in issue as at 30 June 2014 871,391 2,837,352 231,059 434,962 - 265,408 Shares issued during the year 334,704 947,910 66,464 133,681 2,030,755 1,288 Shares redeemed during the year (157,076) (1,102,490) (91,117) (525,887) (17,647) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,049,019 2,682,772 206,406 42,756 2,013,108 266,696 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 65,407,264 214,544,098 14,804,632 24,532,649 179,880,182 225,186 Payment for redeemable participating shares redeemed (32,131,004) (262,397,681) (21,101,494) (95,150,503) (1,717,789) -

Mercer Global Small Cap Equity Fund Class Class (continued) M-7 £ M-7 £ Distributing Shares in issue as at 30 June 2014 20,488 - Shares issued during the year 3,142 100,000 Shares redeemed during the year (5,871) - –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 17,759 100,000 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 534,723 10,000,000 Payment for redeemable participating shares redeemed (1,056,210) -

MGI Funds plc 310 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class M-3 € M-3 € M-3 £ M-3 £ M-3 £ M-5 £ Hedged Distributing Hedged Shares in issue as at 30 June 2014 2,114,038 - 1,532,905 312,197 910,218 89,251 Shares redeemed during the year 192,033 433,815 377,903 1,283 627,498 35,508 Shares redeemed during the year (580,127) (23,112) (546,651) - (565,340) (46,260) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,725,944 410,703 1,364,157 313,480 972,376 78,499 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 39,568,978 56,368,129 82,060,040 230,906 118,652,245 7,617,589 Payment for redeemable participating shares redeemed (120,473,069) (2,825,179) (121,064,094) - (107,766,811) (10,143,187)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class (continued) M-5 £ M-5 $ M-7 £ M-7 £ Z-1 € Z-1 £ Hedged Hedged Shares in issue as at 30 June 2014 69,706 138,072 5,751 5,629 132,722 107,844 Shares redeemed during the year 16,130 276,507 800 1,037 31,168 - Shares redeemed during the year (33,542) (276,308) (1,893) (2,062) (28,045) (107,844) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 52,294 138,271 4,658 4,604 135,845 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,991,035 35,181,243 145,303 182,231 5,193,117 - Payment for redeemable participating shares redeemed (6,383,244) (35,156,042) (344,103) (369,953) (4,598,706) (22,303,785)

Mercer Diversified Growth Fund Class Class Class Class Class Class M-4 € M-5 € M-6 € M-6 £ Z-1 € M-2 £ Hedged Hedged Shares in issue as at 30 June 2014 876,334 - 242,566 - 250,242 4,694,706 Shares issued during the year 850,389 324,464 290,583 60,454 9,184 2,344,751 Shares redeemed during the year (194,590) (7,421) (39,982) - (10,615) (689,052) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,532,133 317,043 493,167 60,454 248,811 6,350,405 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 149,686,821 40,903,099 42,669,875 9,136,779 1,620,423 456,938,971 Payment for redeemable participating shares redeemed (34,299,722) (947,607) (5,956,240) - (1,936,984) (134,006,160)

Mercer Diversified Growth Fund Class Class Class Class Class Class (continued) M-6 £ M-8 € M-8 € M-10 $ M-12 £ M-12 £ Hedged Hedged Shares in issue as at 30 June 2014 - - - 487,067 154,793 - Shares issued during the year 60,838 64,721 8,481 974,663 151,667 57,779 Shares redeemed during the year - - - (974,370) (53,939) (6,900) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 60,838 64,721 8,481 487,360 252,521 50,879 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 9,232,016 7,049,328 943,535 113,016,724 25,692,261 9,761,553 Payment for redeemable participating shares redeemed - - - (112,982,916) (9,281,331) (1,091,333)

MGI Funds plc 311 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Shares in issue as at 30 June 2014 1,327,924 270,606 Shares issued during the year 208,204 11,754 Shares redeemed during the year (68,277) (276,939) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,467,851 5,421 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 34,131,306 2,730,377 Payment for redeemable participating shares redeemed (10,904,329) (67,329,179)

Mercer Global High Yield Bond Fund Class Class Class Class Class Class M-1 £ M-1 £ M-1 AUD M-2 £ M-3 £ M-3 € Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2014 34,355 456,224 - 5,194 71,188 - Shares issued during the year 327,650 202,492 1,809,119 11,403 29,761 39,128 Shares redeemed during the year (81,119) (206,859) - (2,289) (37,102) (395) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 280,886 451,857 1,809,119 14,308 63,847 38,733 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 53,110,825 38,844,922 157,656,084 2,172,096 6,020,038 4,476,071 Payment for redeemable participating shares redeemed (13,463,303) (41,318,247) - (441,187) (7,289,929) (45,855)

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) M-3 € M-4 $ M-5 £ M-2 £ M-2 £ Hedged Hedge Distributing Distributing Shares in issue as at 30 June 2014 416,664 1,013,300 - 215,195 59,607 Shares issued during the year 347,398 3,180 4,452 46 109,512 Shares redeemed during the year (378,710) (350,972) (700) (215,241) (59,947) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 385,352 665,508 3,752 - 109,172 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 45,180,778 637,103 677,236 8,660 16,643,032 Payment for redeemable participating shares redeemed (56,034,289) (39,978,456) (107,898) (37,749,906) (9,429,926)

MGI Funds plc 312 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) M-1 £ M-4 £ Z-1 AUD Z-1 € M-2 £ Hedged Hedged Hedged Hedged Distributing Shares in issue as at 30 June 2014 360,312 26,646 1,675,275 1,064,411 6,444 Shares issued during the year 558 13,144 - 112,086 250,388 Shares redeemed during the year (360,870) (15,981) (1,675,275) (830,908) (42,807) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 - 23,809 - 345,589 214,025 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 236,689 2,529,518 216,228 16,066,003 40,323,927 Payment for redeemable participating shares redeemed (53,768,543) (3,200,027) (155,863,598) (124,012,737) (7,036,847)

Mercer Global High Yield Bond Fund Class Class (continued) M-3 £ M-4 £

Shares in issue as at 30 June 2014 20,811 28,647 Shares issued during the year 299,730 73,470 Shares redeemed during the year (94,685) (26,522) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 225,856 75,595 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 48,171,353 11,838,459 Payment for redeemable participating shares redeemed (15,553,628) (4,387,083)

Mercer Short Duration Global Bond Fund 1 Class Class Class Class M-1 NOK M-2 € M-3 € M-2 SEK Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2014 2,074,844 109,777 - 229,434 Shares issued during the year 360,690 608,556 89,998 41,940 Shares redeemed during the year - (10,752) (7,329) (48,521) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 2,435,534 707,581 82,669 222,853 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 50,771,970 76,482,151 10,626,642 6,252,456 Payment for redeemable participating shares redeemed - (1,323,073) (837,155) (5,761,750)

MGI Funds plc 313 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

Mercer Short Duration Global Bond Fund 2 Class Class Class Class Class M-1 NOK M-2 € M-1 € M-3 € M-2 SEK Hedged Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2014 1,754,556 159,647 62,767 - 229,414 Shares issued during the year 822,460 163,105 197,430 83,812 41,960 Shares redeemed during the year - (10,599) (1,963) (7,170) (70,549) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 2,577,016 312,153 258,234 76,642 200,825 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 116,240,055 19,447,134 26,237,613 9,919,653 6,256,582 Payment for redeemable participating shares redeemed - (1,287,149) (250,190) (814,846) (8,987,535)

Mercer Global Buy & Maintain Credit Fund Class Class Class Class Class M-1 £ M-1 € M-3 € M-3 £ Z-1 € Hedged Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2014 2,947,230 426,421 - - 878,751 Shares issued during the year 222,917 820,088 31,209 35,801 53,338 Shares redeemed during the year (45,896) (13,868) - - (641,888) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 3,124,251 1,232,641 31,209 35,801 290,201 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 37,259,346 108,739,627 3,875,394 5,968,256 6,806,958 Payment for redeemable participating shares redeemed (7,747,787) (1,820,225) - - (87,789,111)

Mercer Passive Global Equity Fund Class Class Class Class Class* Class M-1 € M-1 € M-2 £ M-2 £ M-2 € M-4 € Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2014 605,506 200,173 - 71,406 169,775 - Shares issued during the year 1,073,879 350,738 36,707 117,408 84,695 41,610 Shares redeemed during the year (310,898) (39,571) (3,761) (133,023) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,368,487 511,340 32,946 55,791 254,470 41,610 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 155,338,428 46,191,840 6,104,554 20,700,455 11,011,866 4,744,789 Payment for redeemable participating shares redeemed (44,939,433) (5,133,483) (630,398) (22,914,647) - -

*All of this share class is owed by Mercer Diversified Growth Fund and is eliminated on combination (See Note 3).

MGI Funds plc 314 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

Mercer Passive Global Equity Fund Class Class Class Class Class (continued) M-5 € Z-1 £ Z-1 $ Z-1 € Z-1 € Hedged Shares in issue as at 30 June 2014 - - 1,408,590 2,129,170 2,272,436 Shares issued during the year 41,610 40,961 55,255 199,298 886,530 Shares redeemed during the year - - (55,255) (253,940) (260,370) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 41,610 40,961 1,408,590 2,074,528 2,898,596 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,744,517 6,502,084 6,428,905 2,906,166 11,439,336 Payment for redeemable participating shares redeemed - - (6,460,451) (3,805,405) (3,501,009)

Mercer Euro Over 5 Year Bond Fund Class Class M-6 € M-7 € Shares in issue as at 30 June 2014 1,614,447 43,959 Shares issued during the year 260,310 - Shares redeemed during the year (162,441) (43,959) –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 1,712,316 - –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 29,771,801 - Payment for redeemable participating shares redeemed (18,647,815) (4,920,970)

Mercer Euro Nominal Bond Class Class Class Class Class Long Duration Fund M-1 € M-3 € M-4 € M-6 € M-7 € Shares in issue as at 30 June 2014 448,505 44,706 1,410,878 1,949,067 1,719,869 Shares issued during the year 428,123 193,150 567,110 370,456 220,637 Shares redeemed during the year (311,034) (8,358) (279,263) (168,941) (171,993) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 565,594 229,498 1,698,725 2,150,582 1,768,513 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 49,807,119 21,195,716 65,387,955 40,661,838 25,601,807 Payment for redeemable participating shares redeemed (36,961,920) (952,903) (33,067,809) (19,056,772) (19,707,540)

Mercer Euro Nominal Bond Class Class Long Duration Fund (continued) M-8 € Z-1 € Shares in issue as at 30 June 2014 435,350 132,532 Shares issued during the year 66,685 - Shares redeemed during the year (32,732) - –––––––––––– –––––––––––– Shares in issue as at 30 June 2015 469,303 132,532 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,429,654 - Payment for redeemable participating shares redeemed (3,740,591) -

MGI Funds plc 315 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2015 (continued)

Mercer Diversified Retirement Fund Class M-1 £

Shares in issue as at 30 June 2014 - Shares issued during the year 313,079 Shares redeemed during the year (23,525) –––––––––––– Shares in issue as at 30 June 2015 289,554 ––––––––––––

Proceeds from redeemable participating shares issued 30,899,775 Payment for redeemable participating shares redeemed (2,298,181)

30 June 2014

MGI Emerging Markets Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-2 € M-4 € M-7 € Shares in issue as at 30 June 2013 105,491 15,787 311,256 361,536 40,216 741,621 Shares issued during the year 28,129 1,998 78,310 87,796 10,381 245,658 Shares redeemed during the year (2,012) (17,785) (39,113) (57,352) (7,985) (72,038) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 131,608 - 350,453 391,980 42,612 915,241 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,898,144 616,247 13,364,167 13,042,342 1,708,840 37,679,706 Payment for redeemable participating shares redeemed (356,316) (5,517,699) (6,768,723) (8,615,543) (1,374,830) (11,670,417)

MGI Emerging Markets Equity Fund Class Class Class Class Class (continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $ Shares in issue as at 30 June 2013 1,103,355 1,318,232 392,005 555,187 38,034 Shares issued during the year 1,427,250 1,183,917 415,598 694,805 92,348 Shares redeemed during the year (354,679) (340,260) (138,781) (101,180) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,175,926 2,161,889 668,822 1,148,812 130,382 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 258,765,453 179,900,100 62,050,953 114,934,962 9,577,742 Payment for redeemable participating shares redeemed (63,594,774) (50,507,847) (20,191,394) (18,138,446) -

MGI Emerging Markets Equity Fund Class Class Class (continued) Z-1 € Z-1 £ M-6 £ Shares in issue as at 30 June 2013 63,511 686,189 - Shares issued during the year 25,574 270,937 26,918 Shares redeemed during the year - (646,188) (1,745) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 89,085 310,938 25,173 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,041,642 43,146,548 4,420,119 Payment for redeemable participating shares redeemed - (104,512,026) (295,687)

MGI Funds plc 316 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Shares in issue as at 30 June 2013 32,576 43,627 10,461 2,370 Shares issued during the year 59,715 137 2,239 302 Shares redeemed during the year (2,870) (8,395) (2,687) (68) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 89,421 35,369 10,013 2,604 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,087,609 17,362 254,796 35,905 Payment for redeemable participating shares redeemed (349,442) (996,729) (305,881) (8,009)

MGI Euro Cash Fund Class Class Class Class Class Class I-1 € M-1 € M-5 € M-7 € M-8 € Z-1 € Shares in issue as at 30 June 2013 300,896 112,769 21,411 1,001,247 142,715 61,160 Shares issued during the year 1,269,107 151,183 5,091 223,047 333,696 30,370 Shares redeemed during the year (1,283,621) (138,621) (15,723) (1,021,043) (104,173) (19,123) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 286,382 125,331 10,779 203,251 372,238 72,407 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 141,133,916 16,562,204 538,587 23,653,532 33,528,024 3,419,694 Payment for redeemable participating shares redeemed (142,660,546) (15,184,474) (1,663,678) (108,330,583) (10,467,289) (2,153,308)

MGI Eurozone Equity Fund Class Class Class Class Class Class I-1 € M-1 € M-2 € M-7 € Z-1 € Z-1 £ Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746 62,664 11,841 Shares issued during the year 129,326 1,614 1,565 1,093 1,453 - Shares redeemed during the year (116,959) (70,626) (21,694) (28,955) (8,742) (1,137) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 397,919 301,813 183,320 177,884 55,375 10,704 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 14,846,691 201,901 217,908 121,299 185,483 244 Payment for redeemable participating shares redeemed (14,179,010) (8,983,024) (2,799,691) (3,706,601) (1,043,310) (199,333)

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Shares in issue as at 30 June 2013 4,008 8,289 9,768 15,392 Shares issued during the year 1,647 1,844 2,795 46 Shares redeemed during the year (789) (719) (1,778) (3,697) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 4,866 9,414 10,785 11,741 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 254,439 418,625 340,032 7,198 Payment for redeemable participating shares redeemed (120,906) (163,261) (212,608) (558,238)

MGI Funds plc 317 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

MGI Global Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 € M-2 € M-7 € Hedged Shares in issue as at 30 June 2013 13,856 92,716 447,259 1,139,883 20,125 643,164 Shares issued during the year 3 389,498 18,849 3,492 8 139,194 Shares redeemed during the year (2,148) (189,043) (84,492) (1,007,855) (1,702) (252,337) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 11,711 293,171 381,616 135,520 18,431 530,021 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,606 90,668,063 3,700,998 678,241 3,920 21,725,894 Payment for redeemable participating shares redeemed (592,446) (43,279,277) (15,893,298) (181,578,757) (305,991) (38,773,171)

MGI Global Equity Fund Class Class Class Class Class Class (continued) M-7 € M-1 £ M-2 £ M-2 £ M-3 £ M-4 £ Hedged Hedged Hedged Shares in issue as at 30 June 2013 468,223 435,987 104,168 2,053,107 1,221,844 18,011 Shares issued during the year 50,502 425,502 204,958 215,732 235,602 49,545 Shares redeemed during the year (111,019) (324,971) (236,684) (1,274,096) (1,097,033) (67,556) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 407,706 536,518 72,442 994,743 360,413 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 9,404,765 121,330,840 53,028,335 42,834,027 46,836,960 11,367,366 Payment for redeemable participating shares redeemed (18,896,665) (95,551,362) (63,110,391) (279,835,426) (234,097,616) (16,202,492)

MGI Global Equity Fund Class Class Class Class Class Class (continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £ Hedged Hedged Shares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466 146,928 Shares issued during the year 148,167 79,804 26,834 138,668 750 7,656 Shares redeemed during the year (2,178) (351,796) (33,380) (182,373) - (76,147) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 180,110 68,720 50,075 269,034 27,216 78,437 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 23,153,477 15,589,793 5,232,910 36,483,240 159,663 1,766,165 Payment for redeemable participating shares redeemed (339,988) (74,518,421) (6,779,797) (49,894,730) - (17,852,002)

MGI Global Equity Fund Class (continued) Z-1 € Shares in issue as at 30 June 2013 48,877 Shares issued during the year 2,127 Shares redeemed during the year (889) –––––––––––– Shares in issue as at 30 June 2014 50,115 ––––––––––––

Proceeds from redeemable participating shares issued 552,894 Payment for redeemable participating shares redeemed (233,717)

MGI Funds plc 318 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

MGI Japanese Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Shares in issue as at 30 June 2013 112,292 14,263 7,089 Shares issued during the year 21,715 14 1,259 Shares redeemed during the year (12,370) (5,321) (453) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 121,637 8,956 7,895 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 228,185,746 160,126 19,147,184 Payment for redeemable participating shares redeemed (129,634,036) (55,490,447) (6,998,991)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class I-1 € Z-1 £ Shares in issue as at 30 June 2013 50,972 3,026 Shares issued during the year 3,038 524 Shares redeemed during the year (10,089) (222) –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 43,921 3,328 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 726,269 169,183 Payment for redeemable participating shares redeemed (2,483,058) (80,940)

MGI UK Bond Fund Class Class Class Class Class I-1 £ M-1 £ M-2 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2013 14,318 88,239 190,734 306,801 192,358 Shares issued during the year 961 4,648 3,426 25,979 8,778 Shares redeemed during the year (1,892) (28,434) (21,933) (106,163) (26,944) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 13,387 64,453 172,227 226,617 174,192 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 149,773 677,339 481,679 3,853,017 1,395,042 Payment for redeemable participating shares redeemed (290,157) (4,050,989) (3,076,978) (16,211,752) (4,363,280)

MGI UK Cash Fund Class Class Class Class I-1 £ M-2 £ M-4 £ M-7 £ Shares in issue as at 30 June 2013 89,617 - 3,047 3,523 Shares issued during the year 46,963 508,947 202,323 840,635 Shares redeemed during the year (14,394) (480,245) (194,458) (672,716) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 122,186 28,702 10,912 171,442 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 5,330,925 61,712,293 20,128,450 93,267,021 Payment for redeemable participating shares redeemed (1,633,541) (58,228,498) (19,341,797) (74,633,472)

MGI Funds plc 319 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

MGI UK Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ M-7 £ Shares in issue as at 30 June 2013 163,606 100,310 12,456 279,247 113,606 116,874 Shares issued during the year 1,809 - 12 53 83,270 1,876 Shares redeemed during the year (19,777) (26,340) (3,021) (105,206) (91,024) (77,443) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 145,638 73,970 9,447 174,094 105,852 41,307 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 176,461 1,955 1,319 10,454 16,149,517 273,575 Payment for redeemable participating shares redeemed (1,792,665) (3,289,008) (279,741) (12,572,013) (17,900,294) (11,020,912)

MGI UK Equity Fund Class (continued) Z-1 £ Shares in issue as at 30 June 2013 128,458 Shares issued during the year 7,520 Shares redeemed during the year (68,624) –––––––––––– Shares in issue as at 30 June 2014 67,354 ––––––––––––

Proceeds from redeemable participating shares issued 988,930 Payment for redeemable participating shares redeemed (9,239,023)

MGI U.S. Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Shares in issue as at 30 June 2013 358,733 29,502 10,286 Shares issued during the year 15,106 323 616 Shares redeemed during the year (16,330) (9,154) (515) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 357,509 20,671 10,387 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,784,937 55,019 160,920 Payment for redeemable participating shares redeemed (3,007,579) (1,664,241) (133,857)

MGI UK Inflation Linked Bond Fund Class Class Class Class Class Class M-1 £ M-1 £ M-4 £ M-6 £ M-7 £ Z-1 £ Distributing Shares in issue as at 30 June 2013 1,803,997 - 280,312 45,072 684,029 63,221 Shares issued during the year 1,658,724 376,312 174,335 115,969 501,411 3,004 Shares redeemed during the year (653,037) (8,221) (93,739) (37,111) (380,293) (5,159) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,809,684 368,091 360,908 123,930 805,147 61,066 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 222,171,577 37,945,785 23,036,449 11,283,488 69,121,821 418,149 Payment for redeemable participating shares redeemed (88,867,965) (840,234) (12,380,982) (3,514,601) (51,556,049) (746,022)

MGI Funds plc 320 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

MGI UK Long Gilt Fund Class Class Class Class Class I-1 £ M-2 £ M-3 £ M-6 £ M-7 £ Shares in issue as at 30 June 2013 602,231 53,408 12,157 48,232 134,957 Shares issued during the year 136,193 32,938 66,803 1,579 89,212 Shares redeemed during the year (534,069) (23,655) (8,197) (636) (61,215) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 204,355 62,691 70,763 49,175 162,954 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 18,471,610 4,431,056 6,761,678 147,361 11,892,489 Payment for redeemable participating shares redeemed (71,525,690) (3,063,570) (836,105) (58,560) (8,086,160)

MGI Emerging Markets Debt Fund Class Class Class Class Class Class M-3 € M-2 £ M-2 £ M-3 £ M-4 £ Z-1 £ Distributing Shares in issue as at 30 June 2013 2,868,080 - 3,911,072 624,334 110,527 152,657 Shares issued during the year 536,268 229,850 1,223,623 209,266 111,358 77,725 Shares redeemed during the year (519,458) - (933,611) (282,737) (74,948) (152,036) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,884,890 229,850 4,201,084 550,863 146,937 78,346 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 74,072,052 37,461,968 191,603,369 32,426,454 17,602,978 12,109,715 Payment for redeemable participating shares redeemed (72,078,894) - (142,652,009) (43,181,624) (11,688,452) (23,257,216)

MGI Emerging Markets Debt Fund Class Class (continued) Z-1 € M-6 £ Shares in issue as at 30 June 2013 30,614 - Shares issued during the year 1,575,396 12,927 Shares redeemed during the year (83,452) (3,867) –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 1,522,558 9,060 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 186,048,483 2,126,652 Payment for redeemable participating shares redeemed (10,341,408) (646,959)

Mercer Global Small Cap Equity Fund Class Class Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € M-3 £ M-7 £ Distributing Shares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036 - - Shares issued during the year 378,460 1,809,834 152,003 215,801 265,408 22,418 Shares redeemed during the year (106,885) (852,425) (68,418) (123,875) - (1,930) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 871,391 2,837,352 231,059 434,962 265,408 20,488 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 67,684,564 383,477,155 32,001,891 37,895,607 43,262,028 3,665,121 Payment for redeemable participating shares redeemed (18,882,633) (184,238,987) (14,966,756) (21,028,303) - (334,063)

MGI Funds plc 321 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class M-3 € M-3 £ M-3 £ M-3 £ M-5 £ M-5 £ Distributing Hedged Hedged Shares in issue as at 30 June 2013 2,035,574 2,923,492 - - 249,057 - Shares redeemed during the year 361,279 658,229 312,197 1,425,050 61,793 102,907 Shares redeemed during the year (282,815) (2,048,816) - (514,832) (221,599) (33,201) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,114,038 1,532,905 312,197 910,218 89,251 69,706 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 66,958,022 133,748,096 50,883,335 228,712,933 12,463,978 16,485,491 Payment for redeemable participating shares redeemed (53,454,693) (392,992,619) - (93,040,039) (41,884,614) (5,988,352)

Mercer Low Volatility Equity Fund Class Class Class Class Class (continued) M-5 $ M-7 £ M-7 £ Z-1 € Z-1 £ Hedged Shares in issue as at 30 June 2013 137,886 - - 144,932 255,576 Shares redeemed during the year 138,131 7,342 7,350 - 95,425 Shares redeemed during the year (137,945) (1,591) (1,721) (12,210) (243,157) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 138,072 5,751 5,629 132,722 107,844 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,957,513 1,199,416 1,198,576 5,603 17,430,293 Payment for redeemable participating shares redeemed (15,931,311) (273,413) (301,356) (1,843,164) (46,714,806)

Mercer Diversified Growth Fund Class Class Class Class Class Class M-4 € M-6 € Z-1 € M-2 £ M-10 $ M-12 £ Hedged Shares in issue as at 30 June 2013 142,172 9,104 221,551 2,686,606 486,906 149,172 Shares issued during the year 774,707 241,312 28,691 2,305,636 487,135 8,590 Shares redeemed during the year (40,545) (7,850) - (297,536) (486,974) (2,969) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 876,334 242,566 250,242 4,694,706 487,067 154,793 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 128,962,526 38,545,747 4,894,031 423,469,996 52,902,696 1,366,737 Payment for redeemable participating shares redeemed (6,866,502) (1,271,535) - (55,591,789) (52,885,366) (493,133)

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Shares in issue as at 30 June 2013 1,738,999 199,415 Shares issued during the year 118,986 107,070 Shares redeemed during the year (530,061) (35,879) –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 1,327,924 270,606 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 16,532,052 21,985,374 Payment for redeemable participating shares redeemed (77,621,614) (7,880,516)

MGI Funds plc 322 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

Mercer Global High Yield Bond Fund Class Class Class Class Class Class M-1 £ M-1 £ M-2 £ M-3 £ M-3 € M-4 $ Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2013 - 1,510,264 259,494 376,033 288,960 172,721 Shares issued during the year 74,591 74,828 41,432 96,790 179,983 1,013,402 Shares redeemed during the year (40,236) (1,128,868) (295,732) (401,635) (52,279) (172,823) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 34,355 456,224 5,194 71,188 416,664 1,013,300 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,514,932 11,477,038 8,071,882 19,346,047 26,641,286 115,285,596 Payment for redeemable participating shares redeemed (226,262,032) (6,634,850) (55,038,462) (73,929,033) (7,828,234) (19,119,382)

Mercer Global High Yield Bond Fund Class Class Class Class Class Class (continued) M-5 £ M-2 £ M-2 £ M-5 £ M-1 £ M-4 £ Hedged Hedge Distributing Hedged Hedged Distributing Distributing Shares in issue as at 30 June 2013 -----62,273 Shares issued during the year 2,137 302,055 111,913 5,434 360,312 41,101 Shares redeemed during the year (2,137) (86,860) (52,306) (5,434) - (76,728) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 - 215,195 59,607 - 360,312 26,646 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 349,066 49,794,401 17,337,523 886,760 58,828,591 8,085,256 Payment for redeemable participating shares redeemed (380,817) (14,724,132) (8,334,357) (914,599) - (14,190,273)

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) Z-1 AUD Z-1 € M-2 £ M-3 £ M-4 £ Hedged Hedged Shares in issue as at 30 June 2013 - 1,183,226--- Shares issued during the year 1,675,275 - 284,934 314,901 79,800 Shares redeemed during the year - (118,815) (278,490) (294,090) (51,153) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 1,675,275 1,064,411 6,444 20,811 28,647 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 154,345,934 478,461 44,679,325 49,000,487 12,590,650 Payment for redeemable participating shares redeemed - (18,446,859) (46,684,221) (49,054,123) (8,498,047)

MGI Funds plc 323 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

Mercer Short Duration Global Bond Fund 1 Class Class Class M-1 NOK M-2 € M-2 SEK Hedged Hedged Hedged Shares in issue as at 30 June 2013 1,062,056 60,860 - Shares issued during the yer 1,012,788 53,444 229,434 Shares redeemed during the year - (4,527) - –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,074,844 109,777 229,434 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 170,840,231 7,451,940 35,346,795 Payment for redeemable participating shares redeemed - (633,097) -

Mercer Short Duration Global Bond Fund 2 Class Class Class Class M-1 NOK M-2 € M-1 € M-2 SEK Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2013 663,178 60,799 - - Shares issued during the year 1,091,378 103,400 62,767 229,414 Shares redeemed during the year - (4,552) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 1,754,556 159,647 62,767 229,414 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 184,517,263 13,895,388 8,113,856 35,351,891 Payment for redeemable participating shares redeemed - (626,904) - -

Mercer Global Buy & Maintain Credit Fund Class Class Class M-1 £ M-1 € Z-1 € Hedged Hedged Hedged Shares in issue as at 30 June 2013 1,384,822 127,962 922,971 Shares issued during the year 1,569,040 313,878 29,173 Shares redeemed during the year (6,632) (15,419) (73,393) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 2,947,230 426,421 878,751 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 255,660,503 42,984,856 4,181,401 Payment for redeemable participating shares redeemed (1,134,691) (2,027,287) (10,264,505)

Mercer Passive Global Equity Fund Class Class Class Class Class* Class M-1 € M-1 € M-2 £ M-2 € Z-1 $ Z-1 € Hedged Hedged Hedged Shares in issue as at 30 June 2013 ------Shares issued during the year 657,388 231,459 71,406 169,775 1,581,216 2,139,081 Shares redeemed during the year (51,882) (31,286) - - (172,626) (9,911) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 605,506 200,173 71,406 169,775 1,408,590 2,129,170 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 92,711,485 32,446,532 11,984,342 23,107,742 159,000,000 29,560,769 Payment for redeemable participating shares redeemed (7,492,203) (4,432,355) - - (17,593,715) (138,670)

MGI Funds plc 324 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

Mercer Passive Global Equity Fund Class (continued) Z-1 € Hedged Shares in issue as at 30 June 2013 - Shares issued during the year 2,285,819 Shares redeemed during the year (13,383) –––––––––––– Shares in issue as at 30 June 2014 2,272,436 ––––––––––––

Proceeds from redeemable participating shares issued 31,588,643 Payment for redeemable participating shares redeemed (187,061)

*All of this share class is owed by Mercer Diversified Growth Fund and is eliminated on combination (See Note 3).

Mercer Euro Over 5 Year Bond Fund Class Class M-6 € M-7 € Shares in issue as at 30 June 2013 - - Shares issued during the year 1,629,517 58,602 Shares redeemed during the year (15,070) (14,643) –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 1,614,447 43,959 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 163,100,909 5,865,467 Payment for redeemable participating shares redeemed (1,578,180) (1,493,852)

Mercer Euro Nominal Bond Class Class Class Class Class Long Duration Fund M-1 € M-3 € M-4 € M-6 € M-7 € Shares in issue as at 30 June 2013 ----- Shares issued during the year 459,789 47,414 1,542,949 1,988,174 1,736,826 Shares redeemed during the year (11,284) (2,708) (132,071) (39,107) (16,957) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 448,505 44,706 1,410,878 1,949,067 1,719,869 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 46,265,447 4,742,556 154,434,107 198,992,683 174,745,690 Payment for redeemable participating shares redeemed (1,145,439) (275,376) (13,358,218) (4,005,335) (1,714,066)

MGI Funds plc 325 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

8. Share capital (continued)

Share movement (continued)

30 June 2014 (continued)

Mercer Euro Nominal Bond Class Class Long Duration Fund (continued) M-8 € Z-1 € Shares in issue as at 30 June 2013 - - Shares issued during the year 435,546 132,532 Shares redeemed during the year (196) - –––––––––––– –––––––––––– Shares in issue as at 30 June 2014 435,350 132,532 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 43,555,266 13,253,098 Payment for redeemable participating shares redeemed (19,600) -

Significant Shareholders

The following table details the number of Shareholders with significant holdings of at least 20% of the relevant Sub-Funds and the percentage of that holding as at 30 June 2015.

Aggregate Aggregate Shareholding Shareholding Total as a % of the Total as a % of the Number of Holding Sub-Fund Holding Sub-Fund Significant as at 30 June as at 30 June as at 30 June as at 30 June Fund Shareholders 2015 2015 2014 2014 MGI Euro Bond Fund 2 155,295 65.63% 117,278 85.35% MGI Euro Cash Fund 2 1,740,914 72.19% 295,059 27.57% MGI Eurozone Equity Fund 2 348,913 48.14% 228,521 20.28% MGI Global Bond Fund 2 35,079 100.00% 36,806 100.00% MGI Japanese Equity Fund 2 108,997 88.82% 121,637 87.83% MGI Pacific Basin (Ex Japan) Equity Fund 1 32,045 83.10% 40,920 86.61% MGI UK Bond Fund 2 207,064 51.81% 317,404 42.21% MGI UK Cash Fund 1 411,711 26.28% 167,570 50.28% MGI U.S. Equity Fund 1 242,617 74.92% 301,741 77.65% MGI UK Long Gilt Fund 2 546,649 51.24% - - MGI Emerging Markets Debt Fund *1 - - 2,062,561 21.43% Mercer Diversified Growth Fund 1 2,405,554 24.23% 3,022,979 45.08% Mercer Diversified Retirement Fund 2 264,517 93.38% - - MGI DAM Multi-Manager Global Equity Fund 1 1,467,852 99.63% 1,592,415 99.62% Mercer Euro Over 5 Year Bond Fund 1 660,344 38.56% - - Mercer Global High Yield Bond Fund 1 1,809,119 38.43% 1,675,275 30.71% Mercer Global Small Cap Equity Fund 1 2,013,108 31.56% - - Mercer Short Duration Global Bond Fund 1 1 914,714 26.52% 736,117 30.49% Mercer Short Duration Global Bond Fund 2 1 824,974 24.09% 739,109 33.50% Mercer Global Buy & Maintain Credit Fund 2 2,533,743 53.75% 3,281,281 77.16% Mercer Passive Global Equity 2 4,071,270 46.64% 5,810,197 84.73%

* Number of shareholders relates to prior year.

9. Directors’ fees

The Directors earned € 78,099 for the year ended 30 June 2015 (30 June 2014: € 64,948) of which € 5,706 was payable as at 30 June 2015 (30 June 2014: € 6,689). There were no Fund related expenses paid to the Directors.

MGI Funds plc 326 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

10. Financial derivative instruments

The Company may employ investment techniques and instruments for efficient portfolio management of the assets of the Company or of any Sub-Fund and for short-term investment purposes under the conditions and limits set out by the Central Bank under the UCITS Regulations, 2011 and in the Prospectus. The Company may, for the purposes of hedging, enter into put and call options, spot and forward contracts, interest rate swaps, credit default swaps, financial futures, stock and bond index futures contracts, repurchase and reverse repurchase agreements and securities lending agreements. In particular, a Sub-Fund may seek to hedge its investments against currency fluctuations which are adverse to its base currency by utilising currency options, futures contracts and forward foreign currency contracts. For financial derivative instruments that were entered into during the year, please refer to the Portfolio Statements.

A Sub-Fund may also from time to time make use of exchange traded stock index and other futures contracts for the purpose of efficient portfolio management to enable it to maintain the appropriate exposure to stock markets in accordance with the relevant Investment Manager’s recommended overall asset allocation. The use of exchange traded stock index and other futures contracts by the Company will be subject to the conditions and limits laid down by the Central Bank under the UCITS Regulations, 2011.

Certain Sub-Funds utilise FDIs for investment purposes and/or for efficient portfolio management (“EPM”) purposes. In addition to investment in FDIs set down in the Prospectus, and subject to the conditions and within the limits laid down by the Central Bank, certain Sub-Funds may employ techniques and instruments for EPM of the assets of the Sub-Fund relating to transferable securities and money market instruments. Transactions for the purposes of EPM may be undertaken with a view to achieving a reduction in risk and/ or a reduction in costs and may not be speculative in nature. These techniques and instruments may include investment in FDIs. New techniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager may employ such techniques and instruments. Investment in FDIs are subject to the conditions and limits laid down by the Central Bank.

The Company enters into repurchase agreements and reverse repurchase agreements for the purpose of efficient portfolio management. There are no material revenues arising from the use of repurchase agreements or reverse repurchase agreements.

11. Dividends

The following Sub-Funds paid dividends during the year ended 30 June 2015:

Sub Fund Share Class Dividend per Share Ex-Date MGI UK Inflation Linked Bond Fund Class M - 1 £ Distributing GB£ 0.5266 1 July 2014 Class M - 1 £ Distributing GB£ 0.2127 1 October 2014 Class M - 1 £ Distributing GB£ 0.5737 2 January 2015

MGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 1.5170 1 July 2014 Class M - 2 £ Distributing GB£ 1.1159 1 October 2014 Class M - 2 £ Distributing GB£ 1.5053 2 January 2015 Class M - 2 £ Distributing GB£ 0.9709 1 April 2015

Mercer Low Volatility Equity Fund Class M - 3 £ Distributing GB£ 0.4879 1 July 2014 Class M - 3 £ Distributing GB£ 0.1312 1 October 2014 Class M - 3 £ Distributing GB£ 0.0646 2 January 2015 Class M - 3 £ Distributing GB£ 0.1250 1 April 2015

Mercer Global High Yield Bond Fund Class M - 2 £ Hedged Distributing GB£ 1.5146 1 July 2014 Class M - 1 £ Hedged Distributing GB£ 1.3844 1 July 2014 Class M - 2 £ Distributing GB£ 1.2504 1 July 2014 Class M - 1 £ Hedged Distributing GB£ 1.4975 1 October 2014 Class M - 1 £ Hedged Distributing GB£ 1.4908 2 January 2015 Class M - 1 £ Hedged Distributing GB£ 1.4391 1 April 2015 Class M - 2 £ Distributing GB£ 1.1710 1 April 2015

Mercer Global Small Cap Equity Fund Class M - 3 £ Distributing GB£ 0.0745 1 July 2014

MGI Funds plc 327 MGI Funds plc Notes to the Financial Statements for the year ended 30 June 2015 (continued)

11. Dividends (continued)

The following Sub-Funds paid dividends during the year ended 30 June 2014 :

Sub Fund Share Class Dividend per Share Ex-Date MGI UK Inflation Linked Bond Fund Class M - 1 £ Distributing GB£ 0.1585 02 Jan 2014 Class M - 1 £ Distributing GB£ 0.3221 01 Apr 2014

MGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 0.6576 01 Apr 2014

Mercer Low Volatility Equity Fund Class M - 3£ Distributing GB£ 0.3366 01 Apr 2014

Mercer Global High Yield Bond Fund Class M - 2 £ Distributing GB£ 1.2830 01 Oct 2013 Class M - 2 £ Hedged Distributing GB£ 1.3215 01 Oct 2013 Class M - 2 £ Distributing GB£ 0.8701 02 Jan 2014 Class M - 2 £ Hedged Distributing GB£ 2.3959 02 Jan 2014 Class M - 1 £ Hedged Distributing GB£ 0.9760 01 Apr 2014 Class M - 2 £ Distributing GB£ 2.1189 01 Apr 2014 Class M - 2 £ Hedged Distributing GB£ 0.7822 01 Apr 2014

Mercer Global Small Cap Equity Fund Class M - 2£ Distributing GB£ 0.1210 01 Apr 2014

12. Subsequent events

The following distributions have been declared since the year end date:

Sub-Fund Share Class Distribution per share Ex date MGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 1.2685 1 July 2015

Mercer Low Volatility Equity Fund Class M - 3 £ Distributing GB£ 0.4504 1 July 2015

Mercer Global High Yield Bond Fund Class M - 2 £ Distributing GB£ 1.2707 1 July 2015

Mercer Global Small Cap Equity Fund Class M – 3 £ Distributing GB£ 0.035 1 July 2015

A decision has been made by the Investment Manager to de-list the following share classes from the Irish Stock Exchange. The de-listing was effective from 13 October 2015.

Sub-Fund Share Class MGI UK Equity Fund Class M-1€, Class I-1€, Class Z-1£ MGI Eurozone Equity Fund Class M-1€, Class I-1€, Class Z-1€ (inactive class) MGI UK Bond Fund Class I-1£, Class Z-1£ MGI Euro Bond Fund Class M-1€, Class M-5€, Class I-1€ MGI US Equity Fund Class M-1€, Class I-1€, Class Z-1£ MGI Japanese Equity Fund Class M-1€, Class I-1€, Class Z-1£ MGI Pacific Basin (ex Japan) Equity Fund Class I-1€, Class Z-1£ MGI Emerging Markets Equity Fund Class M-1€, Class I-1€ MGI Global Bond Fund Class M-1€, Class I-1€, Class I-1£, Class I-1$ MGI Euro Cash Fund Class M-1€, Class M-5€, Class I-1€, Class Z-1€ MGI UK Cash Fund Class I-1£ MGI UK Inflation Linked Bond Fund Class M-7£

13. Approval of financial statements

The financial statements were approved by the Board of MGI Funds plc on 20 October 2015.

MGI Funds plc 328 MGI Funds plc Unaudited Information in Respect of Underlying Investments as at year ended 30 June 2015

Underlying Fund Jurisdiction/ Fund Manager Share class Perf fee Redemption Regulatory management fee % % fee % Status*

Acadian Global Managed Volatility Equity Ireland Russell Investments Ireland Limited 0.75% n/a Not specified

BlackRock Developed Real Estate Index Ireland BlackRock Asset Management Ireland Limited 0.00% n/a None Sub-Fund

BlackRock Developed World Index Sub-Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified

BlackRock Emerging Markets Index Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified Euro Credit Bond Index Fund

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified UK Credit Bond Index Fund Flexible

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified US Corporate Bond Index Fund

BlackRock GiltTrak Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a None

BlackRock UK Index Sub Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a None

ETFS Physical Gold Jersey ETFS Management Company (Jersey) Limited 0.39% n/a Not specified

Fidelity Institutional Liquidity Fund Ireland Fidelity Investment Management (Ireland) Limited0.15% n/a Not specified

Goldman Sachs Funds Ireland Goldman Sachs Asset Management International0.15% n/a Not specified

Insight Global Funds II Ireland Insight Investment Management (Global) Limited0.15% n/a Not specified

Insight Liquidity Funds Ireland Insight Investment Funds Management Limited 0.15% n/a Not specified

Institutional Cash Series - Institutional Ireland BlackRock Asset Management Ireland Limited 0.15% n/a Not specified Sterling Liquidity Fund

Investec Global Strategy Fund - Emerging Luxembourg Investec Asset Management 0.75% n/a Not specified Markets Investment Grade Corporate Debt

Irish Life Investment Managers - Indexed Ireland Irish Life Investment Managers Limited 0.07% n/a None Minimum Volatility Global Equity Fund

Irish Life Investment Managers - Indexed World Ireland Irish Life Investment Managers Limited 0.04% n/a None Small Cap Equity Fund iShares Global High Yield Corp Ireland BlackRock Asset Management Ireland Limited 0.50% n/a None Bond GBP Hedged iShares Global Infrastructure Fund Ireland BlackRock Asset Management Ireland Limited 0.65% n/a None iShares JP Morgan $ Emerging Markets Ireland BlackRock Asset Management Ireland Limited 0.45% n/a Not specified Bond Fund

MGI Funds plc 329 MGI Funds plc Unaudited Information in Respect of Underlying Investments as at year ended 30 June 2015 (continued)

Underlying Fund Jurisdiction/ Fund Manager Share class Perf fee Redemption Regulatory management fee % % fee % Status* iShares $ High Yield Corporate Bond Ireland BlackRock Asset Management Ireland Limited 0.50% n/a None iShares $ High Yield Corporate Ireland BlackRock Asset Management Ireland Limited 0.50% n/a None Bond Fund - GBP Class iShares $ High Yield Corporate Ireland BlackRock Asset Management Ireland Limited 0.50% n/a None Bond Fund - USD Class

JPMorgan Liquidity Funds - Sterling Liquidity Fund Luxembourg JP Morgan 0.20% n/a Not specified

Mercer Passive Global Equity Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

MGI UK Cash Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

MGI UK Inflation Linked Bond Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

PIMCO Euro Credit Fund - Accumulation Ireland Pimco Europe Limited 0.30% n/a Not specified

PIMCO Global Investment Grade Credit Fund - Ireland Pimco Europe Limited 0.30% n/a Not specified Accumulation

SPDR Thomson Reuters Global Ireland Blackrock Asset Management Ireland Limited 0.50% n/a Not specified Convertible Bond

*The funds are regulated in the jurisdiction noted above.

MGI Funds plc 330 MGI Funds plc Supplemental Unaudited Information

General

MGI Funds plc is an open-ended umbrella fund investment company with variable capital and with segregated liability between Sub-Funds. The share capital of the Company is divided into different series of shares with each series of shares representing a portfolio of assets which comprises a separate fund (each a “Sub-Fund”). The Company is authorised by the Central Bank of Ireland as an Undertaking for the Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011.

The investment objective of the Company is the collective investment of its Sub-Funds in financial assets with the aim of spreading its investment risk and giving the Shareholders of the Company the benefit of the results of the management of Sub- Funds. The Company’s objective to spread investment risk has been maintained during the year.

The Company comprises of thirty-three Sub-Funds, twenty-seven of which are in operation at the year end.

Functional Functional Currency Launch Name Currency Symbol Date

MGI Bond Fund Euro € n/a MGI Emerging Markets Equity Fund US Dollar US$ 19/09/2006 MGI Euro Bond Fund Euro € 25/09/2006 MGI Euro Cash Fund Euro € 21/09/2006 MGI Euro Long Bond Fund Euro € n/a MGI Eurozone Equity Fund Euro € 19/09/2006 MGI Global Bond Fund US Dollar US$ 19/09/2006 MGI Global Equity Fund US Dollar US$ 18/02/2008 MGI Japanese Equity Fund Japanese Yen ¥ 19/09/2006 MGI Pacific Basin (Ex Japan) Equity Fund US Dollar US$ 18/12/2006 MGI UK Bond Fund British Pound GB£ 05/10/2006 MGI UK Cash Fund British Pound GB£ 10/10/2006 MGI UK Equity Active Fund British Pound GB£ n/a MGI UK Equity Fund British Pound GB£ 19/09/2006 MGI UK Equity High Alpha Fund British Pound GB£ n/a MGI UK Inflation Linked Bond Fund British Pound GB£ 01/09/2009 MGI US Equity Growth Fund US Dollar US$ n/a MGI U.S. Equity Fund US Dollar US$ 19/09/2006 MGI US Equity Value Fund US Dollar US$ n/a MGI UK Long Gilt Fund British Pound GB£ 09/03/2010 MGI Emerging Markets Debt Fund US Dollar US$ 19/10/2010 Mercer Global Small Cap Equity Fund US Dollar US$ 29/03/2011 Mercer Low Volatility Equity Fund US Dollar US$ 23/05/2011 Mercer Diversified Growth Fund US Dollar US$ 08/06/2011 MGI DAM Multi-Manager Global Equity Fund US Dollar US$ 22/11/2011 Mercer Global High Yield Bond Fund US Dollar US$ 21/06/2012 Mercer Short Duration Global Bond Fund 1 US Dollar US$ 23/10/2012 Mercer Short Duration Global Bond Fund 2 US Dollar US$ 19/10/2012 Mercer Global Buy & Maintain Credit Fund US Dollar US$ 30/01/2013 Mercer Passive Global Equity Fund US Dollar US$ 08/10/2013 Mercer Euro Over 5 Year Bond Fund Euro € 06/02/2014 Mercer Euro Nominal Bond Long Duration Fund Euro € 09/05/2014 Mercer Diversified Retirement Fund British Pound GB£ 23/03/2015

Where it is appropriate to its investment objective and policies a Sub-Fund may also invest in other Sub-Funds of this Company. A Sub-Fund may only invest in another Sub-Fund of this Company if the Sub-Fund in which it is investing does not itself hold Shares in any other Sub-Fund of this Company. Any commission received by the Manager or Investment Manager in respect of such investment will be paid into the assets of the Sub-Fund. Any Sub-Fund that is invested in another Sub-Fund of this Company or any other fund to which the Manager or the Investment Manager has been appointed will be invested in a share class for which no management or investment management fee is charged. No subscription, conversion or redemption fees will be charged on any such cross investments by a Sub-Fund.

Collective investment schemes

Collective investment schemes held by the Sub-Funds meet the requirements of UCITS Regulations.

MGI Funds plc 331 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value

The dealing net asset value per share for the Sub-Funds at the 30 June 2015 is determined by dividing the value of the net assets of each Sub-Fund by the total number of redeemable participating shares in issue in each Sub-Fund at the year end.

MGI Emerging Markets Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-2 € M-4 € Total net asset value 30 June 2015 € 19,085,971 - € 67,754,342 € 50,020,404 € 6,709,140 30 June 2014 € 18,046,578 - € 47,332,882 € 47,600,738 € 5,577,894 30 June 2013 € 13,592,573 GB£ 3,194,311 € 39,582,373 € 41,377,792 € 4,971,463 Net asset value per share 30 June 2015 € 155.26 - € 152.62 € 137.09 € 147.48 30 June 2014 € 137.12 - € 135.06 € 121.44 € 130.90 30 June 2013 € 128.85 GB£ 202.34 € 127.17 € 114.45 € 123.62

MGI Emerging Markets Equity Fund Class Class Class Class Class (continued) M-7 € M-1 £ M-3 £ M-5 £ M-6 £ Total net asset value 30 June 2015 € 139,899,969 GB£ 243,738,880 GB£ 137,067,351 GB£ 44,494,898 GB£ 1,852,143 30 June 2014 € 112,120,519 GB£ 249,118,982 GB£ 206,336,527 GB£ 63,191,399 GB£ 2,786,453 30 June 2013 € 85,456,989 GB£ 127,316,158 GB£ 127,037,972 GB£ 37,471,796 - Net asset value per share 30 June 2015 € 138.57 GB£ 114.46 GB£ 95.22 GB£ 94.08 GB£ 109.78 30 June 2014 € 122.50 GB£ 114.49 GB£ 95.44 GB£ 94.48 GB£ 110.69 30 June 2013 € 115.23 GB£ 115.39 GB£ 96.37 GB£ 95.59 -

MGI Emerging Markets Equity Fund Class Class Class Class (continued) M-7 £ M-5 $ Z-1 £ Z-1 € Total net asset value 30 June 2015 GB£ 87,726,305 US$ 12,954,680 - € 14,173,113 30 June 2014 GB£ 122,392,915 US$ 14,119,506 GB£ 32,348,308 € 8,788,071 30 June 2013 GB£ 59,549,387 US$ 3,696,187 GB£ 71,260,751 € 5,843,020 Net asset value per share 30 June 2015 GB£ 106.62 US$ 99.19 - € 112.52 30 June 2014 GB£ 106.54 US$ 108.29 GB£ 104.03 € 98.65 30 June 2013 GB£ 107.26 US$ 97.18 GB£ 103.85 € 92

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Total net asset value 30 June 2015 € 25,351,416 € 3,750,223 € 1,180,736 € 320,018 30 June 2014 € 11,243,896 € 4,378,652 € 1,187,970 € 325,064 30 June 2013 € 3,782,436 € 4,997,441 € 1,153,096 € 273,525 Net asset value per share 30 June 2015 € 129.96 € 127.69 € 121.89 € 128.89 30 June 2014 € 125.74 € 123.80 € 118.65 € 124.83 30 June 2013 € 116.11 € 114.55 € 110.23 € 115.39

MGI Funds plc 332 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

MGI Euro Cash Fund Class Class Class Class Class I-1 € M-1 € M-5 € M-6 € M-7 € Total net asset value 30 June 2015 € 30,091,594 € 140,239,064 € 759,663 € 4,007,968 € 8,489,411 30 June 2014 € 31,813,389 € 13,706,839 € 1,137,402 - € 21,521,259 30 June 2013 € 6,886,043 € 14,348,550 € 106,292,370 - € 2,276,580 Net asset value per share 30 June 2015 € 110.81 € 108.88 € 104.63 € 99.46 € 105.52 30 June 2014 € 111.09 € 109.37 € 105.52 - € 105.89 30 June 2013 € 112.59 € 100.54 € 106.16 - € 106.33

MGI Euro Cash Fund Class Class (continued) M-8 € Z-1 € Total net asset value 30 June 2015 € 64,711,580 € 8,838,240 30 June 2014 € 37,392,925 € 8,155,948 30 June 2013 € 12,377,563 € 33,477,698 Net asset value per share 30 June 2015 € 100.28 € 112.59 30 June 2014 € 100.45 € 112.64 30 June 2013 € 109.76 € 111.26

MGI Eurozone Equity Fund Class Class Class Class I-1 € M-1 € M-2 € M-7 € Total net asset value 30 June 2015 € 36,285,518 € 16,530,747 GB£ 9,254,321 € 1,081,182 30 June 2014 € 55,161,314 € 41,192,584 € 26,328,109 € 23,478,874 30 June 2013 € 42,086,900 € 39,934,168 € 23,079,212 € 21,405,843 Net asset value per share 30 June 2015 € 162.27 € 159.45 € 167.62 € 154.36 30 June 2014 € 138.62 € 136.48 € 143.62 € 131.99 30 June 2013 € 109.16 € 107.69 € 113.44 € 104.04

MGI Eurozone Equity Fund Class Class (continued) Z-1 € Z-1 £ Total net asset value 30 June 2015 - GB£ 5,358,646 30 June 2014 € 7,577,841 GB£ 1,645,048 30 June 2013 € 6,718,826 GB£ 1,526,131 Net asset value per share 30 June 2015 - GB£ 159.96 30 June 2014 € 136.84 GB£ 153.68 30 June 2013 € 107.22 GB£ 128.88

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Total net asset value 30 June 2015 € 776,301 GB£ 1,339,512 € 1,075,984 € 1,269,289 30 June 2014 € 556,679 GB£ 1,267,074 US$ 1,330,439 € 1,323,002 30 June 2013 € 460,282 GB£ 1,198,878 US$ 1,148,469 € 1,744,794 Net asset value per share 30 June 2015 € 130.57 GB£ 135.92 US$ 114.59 € 128.36 30 June 2014 € 114.39 GB£ 134.59 US$ 123.36 € 112.68 30 June 2013 € 114.85 GB£ 144.63 US$ 117.58 € 113.36

MGI Funds plc 333 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

MGI Global Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 € M-2 € Hedged Total net asset value 30 June 2015 € 16,545,272 GB£ 50,238,988 € 57,007,078 € 17,676,075 - 30 June 2014 € 2,685,484 GB£ 43,462,467 € 57,456,639 € 20,260,537 € 2,648,277 30 June 2013 € 2,709,311 GB£ 12,547,297 € 57,477,229 € 141,049,156 € 2,469,344 Net asset value per share 30 June 2015 € 104.86 GB£ 164.18 € 188.27 € 162.24 - 30 June 2014 € 229.32 GB£ 148.25 € 150.56 € 149.50 € 143.69 30 June 2013 € 195.53 GB£ 135.33 € 128.51 € 123.74 € 122.70

MGI Global Equity Fund Class Class Class Class Class (continued) M-7 € M-7 € M-1 £ M-2 £ M-2 £ Hedged Hedged Total net asset value 30 June 2015 € 89,680,545 € 53,174,041 GB£ 65,611,435 GB£ 11,662,147 GB£ 60,168,311 30 June 2014 € 70,830,571 € 59,080,554 GB£ 98,929,201 GB£ 12,524,481 GB£ 145,159,435 30 June 2013 € 73,249,987 € 56,275,677 GB£ 73,446,435 GB£ 16,463,710 GB£ 248,035,815 Net asset value per share 30 June 2015 € 167.36 € 157.32 GB£ 203.98 GB£ 191.18 GB£ 158.75 30 June 2014 € 133.64 € 144.91 GB£ 184.39 GB£ 172.89 GB£ 145.93 30 June 2013 € 113.89 € 120.19 GB£ 168.46 GB£ 158.05 GB£ 120.81

MGI Global Equity Fund Class Class Class Class Class (continued) M-3 £ M-4 £ M-4 £ M-5 £ M-7 £ Hedged Hedged Total net asset value 30 June 2015 € 20,008,113 - GB£ 2,180,039 - GB£ 42,637,348 30 June 2014 GB£ 52,428,204 - GB£ 9,635,512 GB£ 6,381,787 GB£ 46,443,289 30 June 2013 GB£ 147,195,532 GB£ 2,474,208 GB£ 39,754,236 GB£ 6,608,851 GB£ 49,247,062 Net asset value per share 30 June 2015 GB£ 158.21 - GB£ 151.70 - GB£ 191.27 30 June 2014 GB£ 145.47 - GB£ 140.21 GB£ 127.45 GB£ 172.63 30 June 2013 GB£ 120.47 GB£ 137.37 GB£ 116.68 GB£ 116.72 GB£ 157.47

MGI Global Equity Fund Class Class Class Class (continued) M-3 € M-9 £ Z-1 £ Z-1 € Hedged Total net asset value 30 June 2015 € 20,008,113 - € 13,479,913.00 - 30 June 2014 € 22,393,274 GB£ 3,483,006 GB£ 11,250,471 € 10,243,133 30 June 2013 € 3,525,384 GB£ 3,111,110 GB£ 19,106,546 € 8,462,472 Net asset value per share 30 June 2015 € 134.79 - GB£ 159.88 - 30 June 2014 € 124.33 GB£ 127.98 GB£ 143.43 € 204.39 30 June 2013 € 103.32 GB£ 117.55 GB£ 130.04 € 173.14

MGI Japanese Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Total net asset value 30 June 2015 € 11,287,500 € 655,841 GB£ 809,923 30 June 2014 € 9,691,922 € 703,513 GB£ 759,792 30 June 2013 € 8,634,172 € 1,083,395 GB£ 700,987 Net asset value per share 30 June 2015 € 103.56 € 101.89 GB£ 111.21 30 June 2014 € 79.68 € 78.55 GB£ 96.23 30 June 2013 € 76.89 € 75.96 GB£ 98.89

MGI Funds plc 334 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class I-1 € Z-1 £ Total net asset value 30 June 2015 € 7,583,222 GB£ 751,041 30 June 2014 € 8,355,527 GB£ 710,339 30 June 2013 € 8,829,488 GB£ 626,278 Net asset value per share 30 June 2015 € 216.24 GB£ 215.75 30 June 2014 € 190.24 GB£ 213.46 30 June 2013 € 173.22 GB£ 206.98

MGI UK Bond Fund Class Class Class Class I-1 £ M-1 £ M-2 £ M-7 £ Total net asset value 30 June 2015 GB£ 3,665,811 GB£ 10,154,851 GB£ 24,253,962 GB£ 2,850,305 30 June 2014 GB£ 2,102,338 GB£ 9,512,386 GB£ 25,040,947 GB£ 34,639,392 30 June 2013 GB£ 2,144,545 GB£ 12,445,333 GB£ 26,529,271 GB£ 44,771,443 Net asset value per share 30 June 2015 GB£ 168.74 GB£ 158.26 GB£ 155.75 GB£ 164.03 30 June 2014 GB£ 157.05 GB£ 147.59 GB£ 145.39 GB£ 152.85 30 June 2013 GB£ 149.78 GB£ 141.04 GB£ 139.09 GB£ 145.93

MGI UK Bond Fund Class (continued) Z-1 £ Total net asset value 30 June 2015 GB£ 24,822,217 30 June 2014 GB£ 28,507,871 30 June 2013 GB£ 29,919,388 Net asset value per share 30 June 2015 GB£ 176.46 30 June 2014 GB£ 163.66 30 June 2013 GB£ 155.54

MGI UK Cash Fund Class Class Class Class Class I-1 £ M-2 £ M-3 £ M-4 £ M-6 £ Total net asset value 30 June 2015 € 7,880,196 € 80,611,301 € 35,142,703 € 14,738,805 € 1,888,949 30 June 2014 GB£ 13,876,905 GB£ 3,478,395 - GB£ 1,084,435 - 30 June 2013 GB£ 10,157,185 - - GB£ 303,405 - Net asset value per share 30 June 2015 € 113.83 € 99.99 € 99.98 € 99.91 € 99.85 30 June 2014 GB£ 113.57 GB£ 121.19 - GB£ 99.38 - 30 June 2013 GB£ 113.34 - - GB£ 99.58 -

MGI UK Cash Fund Class Class (continued) M-7 £ Class Z-1 £ Total net asset value 30 June 2015 € 15,823,766 € 3,118,024 30 June 2014 GB£ 19,027,849 - 30 June 2013 GB£ 390,669 - Net asset value per share 30 June 2015 € 111.12 € 100.20 30 June 2014 GB£ 110.99 - 30 June 2013 GB£ 110.87 -

MGI Funds plc 335 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

MGI UK Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ Total net asset value 30 June 2015 € 16,530,747 GB£ 9,254,321 € 1,081,182 GB£ 5,358,646 GB£ 18,296,230 30 June 2014 € 17,263,704 GB£ 9,558,214 € 1,101,922 GB£ 21,000,690 GB£ 20,787,441 30 June 2013 € 16,023,605 GB£ 11,461,448 € 1,202,909 GB£ 29,845,931 GB£ 19,787,794 Net asset value per share 30 June 2015 € 139.84 134.88 € 137.33 GB£ 125.66 GB£ 204.37 30 June 2014 € 118.54 GB£ 129.22 € 116.64 GB£ 120.63 GB£ 196.38 30 June 2013 € 97.94 GB£ 114.26 € 96.57 GB£ 106.88 GB£ 174.18

MGI UK Equity Fund Class Class (continued) M-7 £ Z-1 £ Total net asset value 30 June 2015 GB£ 4,535,933 GB£ 10,919,615 30 June 2014 GB£ 6,133,528 GB£ 9,097,274 30 June 2013 GB£ 15,360,703 GB£ 15,264,644 Net asset value per share 30 June 2015 GB£ 154.84 GB£ 141.69 30 June 2014 GB£ 148.49 GB£ 135.07 30 June 2013 GB£ 131.43 GB£ 118.83

MGI U.S. Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Total net asset value 30 June 2015 € 55,926,622 € 3,149,182 GB£ 1,873,450 30 June 2014 € 51,009,148 € 2,903,013 GB£ 1,722,812 30 June 2013 € 44,145,725 € 3,581,005 GB£ 1,566,983 Net asset value per share 30 June 2015 € 188.20 € 184.88 GB£ 194.53 30 June 2014 € 142.68 € 140.44 GB£ 165.85 30 June 2013 € 123.06 € 121.38 GB£ 152.34

MGI UK Inflation Linked Bond Fund Class Class Class Class Class M-1 £ M-1 £ M-4 £ M-6 £ M-7 £ Distributing Total net asset value 30 June 2015 GB£ 399,784,349 - GB£ 53,166,020 GB£ 19,393,787 GB£ 186,969,018 30 June 2014 GB£ 389,730,836 GB£ 37,619,739 GB£ 49,285,364 GB£ 12,278,059 GB£ 113,584,083 30 June 2013 GB£ 240,923,796 - GB£ 36,967,503 GB£ 4,334,124 GB£ 93,007,525 Net asset value per share 30 June 2015 GB£ 159.93 - GB£ 156.98 GB£ 113.32 GB£ 162.49 30 June 2014 GB£ 138.71 GB£ 102.20 GB£ 136.56 GB£ 99.07 GB£ 141.07 30 June 2013 GB£ 133.55 - GB£ 131.88 GB£ 96.16 GB£ 135.97

MGI UK Inflation Linked Bond Fund Class (continued) Z-1 £ Total net asset value 30 June 2015 GB£ 12,162,256 30 June 2014 GB£ 8,807,664 30 June 2013 GB£ 8,748,487 Net asset value per share 30 June 2015 GB£ 166.87 30 June 2014 GB£ 144.23 30 June 2013 GB£ 138.38

MGI Funds plc 336 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

MGI UK Long Gilt Fund Class Class Class Class Class I-1 £ M-2 £ M-3 £ M-6 £ M-7 £ Total net asset value 30 June 2015 GB£ 119,906,134 GB£ 9,085,261 GB£ 4,194,477 GB£ 2,679,080 GB£ 33,376,202 30 June 2014 GB£ 28,555,397 GB£ 8,592,544 GB£ 7,456,656 GB£ 4,668,709 GB£ 22,623,584 30 June 2013 GB£ 80,229,204 GB£ 6,999,155 GB£ 1,226,223 GB£ 4,409,406 GB£ 17,879,145 Net asset value per share 30 June 2015 GB£ 161.60 GB£ 158.03 GB£ 121.38 GB£ 108.69 GB£ 160.40 30 June 2014 GB£ 139.73 GB£ 137.06 GB£ 105.38 GB£ 94.94 GB£ 138.83 30 June 2013 GB£ 133.22 GB£ 131.05 GB£ 100.86 GB£ 91.42 GB£ 132.48

MGI Emerging Markets Debt Fund Class Class Class Class Class M-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Total net asset value 30 June 2015 € 429,200,724 GB£ 429,316,736 GB£ 62,263,979 GB£ 14,240,732 - 30 June 2014 € 303,327,634 GB£ 398,144,399 GB£ 51,931,210 GB£ 14,079,327 GB£ 7,338,082 30 June 2013 € 312,305,251 GB£ 410,232,322 GB£ 65,242,901 GB£ 11,757,899 GB£ 15,676,351 Net asset value per share 30 June 2015 € 107.72 GB£ 86.03 GB£ 85.45 GB£ 86.72 - 30 June 2014 € 105.14 GB£ 94.77 GB£ 94.27 GB£ 95.82 GB£ 93.66 30 June 2013 € 108.89 GB£ 104.89 GB£ 104.50 GB£ 106.38 GB£ 102.69

MGI Emerging Markets Debt Fund Class Class Class (continued) Z-1 € M-2 £ M-6 £ Distributing Total net asset value 30 June 2015 € 41,018,787 GB£ 33,929,150 GB£ 982,505 30 June 2014 € 139,930,913 GB£ 23,889,399 GB£ 940,550 30 June 2013 € 2,881,650 - - Net asset value per share 30 June 2015 € 95.20 GB£ 89.65 GB£ 93.68 30 June 2014 € 91.91 GB£ 103.93 GB£ 103.82 30 June 2013 € 94.13 - -

Mercer Global Small Cap Equity Fund Class Class Class Class Class M-4 € M-3 £ M-3 £ M-5 £ M-7 £ Distributing Total net asset value 30 June 2015 € 196,682,896 GB£ 416,711,348 GB£ 31,330,253 GB£ 31,792,674 GB£ 2,080,039 30 June 2014 € 128,434,981 GB£ 391,233,432 GB£ 27,694,341 GB£ 31,658,164 GB£ 2,139,759 30 June 2013 € 74,671,140 GB£ 234,128,155 - GB£ 18,285,307 - Net asset value per share 30 June 2015 € 187.49 GB£ 155.33 GB£ 117.48 GB£ 154.03 GB£ 117.13 30 June 2014 € 147.39 GB£ 137.89 GB£ 104.35 GB£ 137.01 GB£ 104.44 30 June 2013 € 124.49 GB£ 124.54 - GB£ 123.99 -

Mercer Global Small Cap Equity Fund Class Class Class (continued) Z-1 CAD Z-1 € M-8 $ Total net asset value 30 June 2015 CA$ 240,306,704 € 7,701,200 US$ 9,915,143 30 June 2014 - € 60,864,181 - 30 June 2013 - € 40,059,662 - Net asset value per share 30 June 2015 CA$ 119.37 € 180.12 US$ 99.15 30 June 2014 - € 139.93 - 30 June 2013 - € 116.78 -

MGI Funds plc 337 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

Mercer Low Volatility Equity Fund Class Class Class Class Class M-3 € M-3 € M-3 £ M-3 £ M-3 £ Hedged Distributing Hedged Total net asset value 30 June 2015 € 325,492,595 € 44,304,047 GB£ 193,730,766 GB£ 36,432,272 GB£ 122,279,440 30 June 2014 € 319,151,428 - GB£ 196,974,414 GB£ 33,071,786 GB£ 105,384,784 30 June 2013 € 272,359,919 - GB£ 356,373,571 - - Net asset value per share 30 June 2015 € 188.59 € 107.87 GB£ 142.01 GB£ 116.22 GB£ 125.75 30 June 2014 € 150.97 - GB£ 128.50 GB£ 105.93 GB£ 115.78 30 June 2013 € 133.80 - GB£ 121.90 - -

Mercer Low Volatility Equity Fund Class Class Class Class Class (continued) M-5 £ M-5 £ M-5 $ M-7 £ M-7 £ Hedged Hedged Total net asset value 30 June 2015 GB£ 11,055,133 GB£ 6,550,860 US$ 17,817,165 GB£ 543,631 GB£ 547,977 30 June 2014 GB£ 11,396,896 GB£ 8,054,862 US$ 17,535,897 GB£ 609,711 GB£ 619,194 30 June 2013 GB£ 30,233,164 - US$ 14,764,874 - - Net asset value per share 30 June 2015 GB£ 140.83 GB£ 125.27 US$ 128.86 GB£ 116.70 GB£ 119.01 30 June 2014 GB£ 127.69 GB£ 115.55 US$ 127.01 GB£ 106.02 GB£ 110.00 30 June 2013 GB£ 121.39 - US$ 107.08 - -

Mercer Low Volatility Equity Fund Class Class (continued) Z-1 € Z-1 £ Total net asset value 30 June 2015 € 20,444,863 - 30 June 2014 € 15,832,259 GB£ 13,219,314 30 June 2013 € 15,170,047 GB£ 29,421,913 Net asset value per share 30 June 2015 € 150.50 - 30 June 2014 € 119.29 GB£ 122.58 30 June 2013 € 104.67 GB£ 115.12

Mercer Diversified Growth Fund Class Class Class Class Class M-4 € M-5 € M-6 € M-6 £ M-2 £ Hedged Hedged Total net asset value 30 June 2015 € 240,226,116 € 35,530,892 € 62,146,676 GB£ 5,848,669 GB£ 779,277,549 30 June 2014 € 114,615,475 - € 29,684,977 - GB£ 542,831,707 30 June 2013 € 16,625,674 - € 975,642 - GB£ 297,084,843 Net asset value per share 30 June 2015 € 156.79 € 112.07 € 126.02 GB£ 96.75 GB£ 122.71 30 June 2014 € 130.79 - € 122.38 - GB£ 115.63 30 June 2013 € 116.94 - € 107.17 - GB£ 110.58

Mercer Diversified Growth Fund Class Class Class Class Class (continued) M-6 £ M-8 € M-8 € M-10 $ M-12 £ Hedged Total net asset value 30 June 2015 GB£ 5,706,368 € 6,283,062 € 820,489 US$ 55,448,672 GB£ 26,736,300 30 June 2014 - - - US$ 57,096,326 GB£ 15,571,036 30 June 2013 - - - US$ 48,700,312 GB£ 14,477,139 Net asset value per share 30 June 2015 GB£ 93.80 € 97.08 € 96.74 US$ 113.77 GB£ 105.88 30 June 2014 - - - US$ 117.22 GB£ 100.59 30 June 2013 - - - US$ 100.02 GB£ 97.05

MGI Funds plc 338 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

Mercer Diversified Growth Fund Class Class (continued) M-12 £ Z-1 € Hedged Total net asset value 30 June 2015 GB£ 5,203,217 € 39,589,406 30 June 2014 - € 33,119,797 30 June 2013 - € 26,140,820 Net asset value per share 30 June 2015 GB£ 102.27 € 159.11 30 June 2014 - € 132.35 30 June 2013 - € 117.99

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Total net asset value 30 June 2015 US$ 233,146,658 NOK 10,048,082 30 June 2014 US$ 207,100,035 NOK 388,829,815 30 June 2013 US$ 219,148,671 NOK 233,100,742 Net asset value per share 30 June 2015 US$ 158.84 NOK 1,853.52 30 June 2014 US$ 155.96 NOK 1,436.88 30 June 2013 US$ 126.02 NOK 1,168.92

Mercer Global High Yield Bond Fund Class Class Class Class Class M-1 AUD M-1 £ M-1 £ M-1 £ M-2 £ Hedged Hedged Hedged Distributing Total net asset value 30 June 2015 AUD 184,357,972 GB£ 29,077,598 GB£ 56,021,217 - GB£ 22,121,436 30 June 2014 - GB£ 3,458,620 GB£ 57,336,383 GB£ 37,551,489 GB£ 648,137 30 June 2013 - - GB£ 168,787,064 - - Net asset value per share 30 June 2015 AUD 101.90 GB£ 103.52 GB£ 123.98 GB£ 103.36 30 June 2014 - GB£ 100.67 GB£ 125.68 GB£ 104.22 GB£ 100.58 30 June 2013 - - GB£ 111.76 - -

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) M-2 £ M-2 £ M-2 £ M-3 € M-3 £ Distributing Hedged Hedged Distributing Total net asset value 30 June 2015 GB£ 10,567,992 GB£ 1,769,183 - € 3,995,884 GB£ 23,265,782 30 June 2014 GB£ 5,652,748 GB£ 651,575 GB£ 22,867,913 - GB£ 2,090,197 30 June 2013 - GB£ 28,993,296--- Net asset value per share 30 June 2015 GB£ 96.80 GB£ 123.65 - € 103.16 GB£ 103.01 30 June 2014 GB£ 94.83 GB£ 125.44 GB£ 106.27 - GB£ 100.44 30 June 2013 - GB£ 111.73---

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) M-3 £ M-3 € M-4 £ M-4 $ M-4 £ Hedged Hedged Hedged Total net asset value 30 June 2015 GB£ 7,868,657 € 44,268,668 GB£ 2,916,091 US$ 74,273,632 GB£ 7,756,946 30 June 2014 GB£ 8,915,427 € 48,676,452 GB£ 3,322,752 US$ 120,034,588 GB£ 2,871,015 30 June 2013 GB£ 41,953,963 € 30,176,095 GB£ 6,930,979 US$ 18,056,288 - Net asset value per share 30 June 2015 GB£ 123.24 € 114.88 GB£ 122.48 US$ 111.60 GB£ 102.61 30 June 2014 GB£ 125.24 € 116.82 GB£ 124.70 US$ 118.46 GB£ 100.21 30 June 2013 GB£ 111.57 € 104.43 GB£ 111.30 US$ 104.54 -

MGI Funds plc 339 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

Mercer Global High Yield Bond Fund Class Class Class (continued) M-5 £ Z-1 AUD Z-1 € Hedged Hedged Total net asset value 30 June 2015 GB£ 366,137 - € 40,360,818 30 June 2014 - AUD 181,051,106 € 125,618,847 30 June 2013 - - € 123,599,73 Net asset value per share 30 June 2015 GB£ 97.59 - € 116.79 30 June 2014 - AUD 108.07 € 118.02 30 June 2013 - - € 104.46

Mercer Short Duration Global Bond Fund 1 Class Class Class Class M-1 NOK M-2 € M - 2 SEK M-3 € Hedged Hedged Hedged Hedged Total net asset value 30 June 2015 NOK 2,592,057,442 € 73,150,508 SEK 226,857,669 € 8,233,855 30 June 2014 NOK 2,174,426,087 € 11,354,347 SEK 233,290,930 - 30 June 2013 NOK 1,062,353,278 € 6,100,608 - - Net asset value per share 30 June 2015 NOK 1,064.27 € 103.38 SEK 1,017.97 € 99.60 30 June 2014 NOK 1,047.99 € 103.43 SEK 1,016.81 - 30 June 2013 NOK 1,000.28 € 100.24 - -

Mercer Short Duration Global Bond Fund 2 Class Class Class Class Class M-1 NOK M-1 € M-2 € M-2 SEK M-3 € Hedged Hedged Hedged Hedged Hedged Total net asset value 30 June 2015 NOK 2,719,237,752 € 26,223,525 € 31,662,976 € 203,856,521 SEK 7,620,125 30 June 2014 NOK 1,826,712,484 € 6,381,724 € 16,237,243 SEK 233,101,219 - 30 June 2013 NOK 669,384,922 - € 6,087,211 - - Net asset value per share 30 June 2015 NOK 1,055.19 € 101.55 € 101.43 € 1,015.10 SEK 99.43 30 June 2014 NOK 1,041.12 € 101.67 € 101.71 SEK 1,016.07 - 30 June 2013 NOK 1,009.36 - € 100.12 - -

Mercer Global Buy & Maintain Credit Fund Class Class Class Class Class M-1 £ M-1 € M-3 € M-3 £ Z-1 € Hedged Hedged Hedged Hedged Hedged Total net asset value 30 June 2015 GB£ 337,668,981 € 130,854,132 € 3,117,704 GB£ 3,628,642 € 31,132,887 30 June 2014 GB£ 310,785,865 € 44,441,682 - - € 92,279,672 30 June 2013 GB£ 137,000,422 € 12,554,350 - - € 90,958,802 Net asset value per share 30 June 2015 GB£ 108.08 € 106.16 € 99.90 GB£ 101.36 € 107.28 30 June 2014 GB£ 105.45 € 104.22 - - € 105.01 30 June 2013 GB£ 98.93 € 98.11 - - € 98.55

MGI Funds plc 340 MGI Funds plc Supplemental Unaudited Information (continued)

Net asset value (continued)

Mercer Passive Global Equity Fund Class Class Class Class Class M-1 € M-1 € M-2 £ M-2 £ M-2 € Hedge Hedge Hedge Total net asset value 30 June 2015 € 180,407,755 € 57,623,168 GB£ 3,530,944 GB£ 6,258,128 € 29,932,614 30 June 2014 € 64,198,082 € 20,933,759 - GB£ 7,422,696 € 18,549,132 Net asset value per share 30 June 2015 € 131.83 € 112.69 GB£ 107.17 GB£ 112.17 € 117.63 30 June 2014 € 106.02 € 104.58 - GB£ 103.95 € 109.26

Mercer Passive Global Equity Fund Class Class Class (continued) Z-1 $* Z-1 € Z-1 € Hedged Total net asset value 30 June 2015 US$ 160,597,346 € 27,384,436 € 32,740,808 30 June 2014 US$ 158,386,346 € 22,557,164 € 23,764,885 Net asset value per share 30 June 2015 US$ 114.01 € 13.20 € 11.30 30 June 2014 US$ 112.44 € 10.59 € 10.46

Mercer Euro Over 5 Year Bond Fund Class Class M-6 € M-7 € Total net asset value 30 June 2015 € 193,543,428 - 30 June 2014 € 171,901,037 € 4,679,645 Net asset value per share 30 June 2015 € 113.03 - 30 June 2014 € 106.48 € 106.45

Mercer Euro Nominal Bond Long Duration Fund Class Class Class Class Class M - 1 € M - 3 € M - 4 € M - 6 € M - 7 € Total net asset value 30 June 2015 € 64,544,708 € 25,811,192 € 193,522,105 € 244,707,810 € 200,894,598 30 June 2014 € 46,319,913 € 4,554,929 € 145,676,819 € 201,210,219 € 177,515,688 Net asset value per share 30 June 2015 € 114.12 € 112.47 € 113.92 € 113.79 € 113.60 30 June 2014 € 103.28 € 101.89 € 103.25 € 103.23 € 103.21

Mercer Euro Nominal Bond Long Duration Fund Class Class (continued) M - 8 € Z - 1 € Total net asset value 30 June 2015 € 53,188,014 € 15,141,400 30 June 2014 € 44,920,903 € 13,689,149 Net asset value per share 30 June 2015 € 113.33 € 114.25 30 June 2014 € 103.18 € 103.29

Mercer Diversified Retirement Fund Class M-1 £

Total net asset value 30 June 2015 GB£ 27,130,337 30 June 2014 - Net asset value per share 30 June 2015 GB£ 93.70 30 June 2014 -

*All of this share class is owned by Mercer Diversified Growth Fund.

MGI Funds plc 341 MGI Funds plc Supplemental Unaudited Information (continued)

Soft commissions arrangements

Sub-Investment Managers appointed by the Investment Manager may be entitled to effect transactions with or through the agency of another person with whom the Sub-Investment Manager has an arrangement under which that person will from time to time provide to or procure for the Sub-Investment Manager services or other benefits, the nature of which are such that they are lawful and appropriate aids to the Sub Investment Manager in carrying out its investment decision making responsibilities and in the provision of investment services to the Company and for which it makes no direct payment. Any such arrangements shall be provided for best execution standards. Such benefits may not directly accrue to the Company.

One Sub-Investment manager appointed by the Investment Manager entered into soft commission agreements during the period ended 30 June 2014, the benefit to the MGI Emerging Markets Equity Fund of which is the provision of assistance to analysts and portfolio managers. All services for which soft commissions are used are research related.

There were no other soft commission arrangements in place during the year ended 30 June 2015.

Exchange rates

The applicable year end exchange rates were as follows:

As at As at 30 June 2015 30 June 2014 Exchange Rate Exchange Rate to € to €

Australian Dollar 1.4496 1.4506 Brazilian Real 3.4612 3.0177 British Pound 0.7085 0.8007 Canadian Dollar 1.3910 1.4584 Chilean Peso 712.5643 758.0574 Chinese Yuan Renimbi 6.9092 - Colombian Peso 2,896.4741 2,573.6603 Czech Koruna 27.2595 27.4500 Danish Krone 7.4599 7.4553 Hong Kong Dollar 8.6379 10.6114 Hungarian Forint 315.2700 309.5101 Indian Rupee 70.9523 82.3475 Indonesian Rupiah 14,855.0704 16,231.2769 Israeli Shekel 4.2032 4.6945 Japanese Yen 136.3391 138.7018 Kenyan Shilling 110.5843 119.9786 Korean Won 1,242.8343 1,385.3063 Malaysian Ringitt 4.2039 4.3963 Mexican Peso 17.4825 17.7620 New Romanian Leu 4.4780 4.3837 New Zealand Dollar 1.6475 1.5638 Nigerian Naira 221.6144 222.9661 Norwegian Krone 8.7660 8.4015 Pakistani Rupee 1.6475 - Peruvian Nouveau Sol 3.5405 3.8240 Philippines Peso 50.2393 59.7634 Polish Zloty 4.1904 4.1577 Qatari Rial 4.0571 4.9845 Russian Ruble 62.0775 46.6229 Serbian Dinar - 115.8370 Singapore Dollar 1.5003 1.7069 South African Rand 13.5239 14.5660 Swedish Krone 9.2451 9.1532 Swiss Franc 1.0413 1.2142

MGI Funds plc 342 MGI Funds plc Supplemental Unaudited Information (continued)

Exchange rates (continued)

The applicable year end exchange rates were as follows:

As at As at 30 June 2015 30 June 2014 Exchange Rate Exchange Rate to € to €

Taiwan Dollar 34.3781 40.8801 Thailand Baht 37.6327 44.4358 Turkish Lira 2.9849 2.9030 United Arab Emirates Dirham 4.0924 - Uruguayan Peso 30.0388 - US Dollar 1.1142 1.3692

The applicable average exchange rates were as follows:

Year ended Year ended 30 June 2015 30 June 2014

British Pound 0.7564 0.8317 Japanese Yen 137.3687 137.4999 US Dollar 1.1903 1.3606

MGI Funds plc 343 - - MGI GB£ UK Long Gilt Fund 71,896,890 71,896,890 ––––––––––––– ––––––––––––– ––––––––––––– (continued) - - MGI GB£ Linked Bond Fund 611,305,745 611,305,745 UK Inflation ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ Fund 13,789 76,759,598 76,745,809 U.S. Equity ––––––––––––– ––––––––––––– ––––––––––––– - Supplemental Unaudited Information MGI GB£ Fund 32,714 UK Equity 81,283,303 81,250,589 ––––––––––––– ––––––––––––– ––––––––––––– - - MGI GB£ Fund UK Cash 37,467,584 37,467,584 ––––––––––––– ––––––––––––– ––––––––––––– MGI GB£ Fund 218,238 UK Bond 99,584,696 15,458,361 115,261,295 ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ 4,543 Basin Pacific 12,654,544 12,650,001 (Ex Japan) Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– - ¥ MGI the accounting policy for purpose of compliance with Irish GAAP and reporting purposes, markets or by market makers are stated at the last traded price on valuation day for purpose of m bid market prices to last traded prices” on the tables below. 1,481,900 Japanese between the valuation of investments stated in financial statements and methodology indicated Equity Fund 1,573,473,650 1,571,991,750 ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ Global 414,586 Equity Fund 1,070,979,624 1,070,565,038 ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ 1,198 Global 6,070,509 6,069,311 Bond Fund ––––––––––––– ––––––––––––– ––––––––––––– - € MGI 16,824 Eurozone 155,793,124 155,776,300 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– - - € MGI Fund Euro Cash 113,727,762 113,727,762 ––––––––––––– ––––––––––––– ––––––––––––– - € MGI Fund 6,631 17,135,582 17,128,951 Euro Bond ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ Markets 2,739,612 Emerging Equity Fund 1,498,141,757 1,495,402,145 ––––––––––––– ––––––––––––– ––––––––––––– MGI Funds plc 30 June 2014 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) Adjustments from bid market prices to last traded market prices Adjustment for share capital activity 30 June 2014 Net assets attributable to redeemable participating shareholders (at last traded market prices) determining Net Asset Value per Share for subscriptions and redemptions various fee calculations. However as stated in Company values its investments at the relevant bid market prices on Balance Sheet date. As 30 June 2014, difference in the Prospectus, results changes value of investments. The differences described above are shown as “Adjustment fro Adjustment from bid market prices to last traded In accordance with the provisions of Prospectus, listed investments and prices quoted by over counter

MGI Funds plc 344 € MGI Funds plc 11,973,878 19,306,058 9,754,304,453 9,723,024,517 ––––––––––––– ––––––––––––– ––––––––––––– (continued) - € Fund Mercer 933,680 Duration Bond Long 633,887,620 632,953,940 Euro Nominal ––––––––––––– ––––––––––––– ––––––––––––– - € Fund 96,208 Mercer Euro Over 176,580,682 176,484,474 5 Year Bond 5 Year ––––––––––––– ––––––––––––– ––––––––––––– - Supplemental Unaudited Information US$ Global Mercer 113,200 Passive 376,454,720 376,341,520 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– - US$ Buy & Global Mercer Maintain 1,497,315 718,588,953 717,091,638 Credit Fund ––––––––––––– ––––––––––––– ––––––––––––– - US$ Short Mercer Fund 2 365,283 Duration 363,525,799 363,160,516 Global Bond ––––––––––––– ––––––––––––– ––––––––––––– - US$ Short Mercer Fund 1 635,823 Duration 404,796,244 404,160,421 Global Bond ––––––––––––– ––––––––––––– ––––––––––––– - US$ Global Mercer 2,895,790 High Yield Bond Fund 778,110,534 775,214,744 ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ Global 129,063 Manager DAM Multi- 270,465,551 270,336,488 Equity Fund ––––––––––––– ––––––––––––– ––––––––––––– - US$ Fund Mercer Growth 968,812 Diversified 1,254,795,631 1,253,826,819 ––––––––––––– ––––––––––––– ––––––––––––– - US$ Low Mercer 720,776 Volatility Equity Fund 1,107,679,050 1,106,958,274 ––––––––––––– ––––––––––––– ––––––––––––– - US$ Global Mercer 1,085,401 Small Cap Equity Fund 1,033,271,536 1,032,186,135 ––––––––––––– ––––––––––––– ––––––––––––– - MGI US$ Markets 2,923,447 Emerging Debt Fund 1,455,524,854 1,452,601,407 ––––––––––––– ––––––––––––– ––––––––––––– MGI Funds plc 30 June 2014 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) Adjustments from bid market prices to last traded market prices Adjustment for share capital activity 30 June 2014 Net assets attributable to redeemable participating shareholders (at last traded market prices) Adjustment from bid market prices to last traded prices (continued)

MGI Funds plc 345 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Emerging Markets Equity Fund

Cost Proceeds Purchases US$’000 Sales US$’000

Housing Development Finance 11,766 Sanlam 12,357 Cairn India 11,430 MTN Group 12,324 Infosys - ADR 10,884 China Mobile 11,321 Taiwan Semiconductor Manufacturing - ADR 10,880 PTT 10,930 MediaTek 9,644 Infosys - ADR 10,308 Tenaga Nasional 9,394 Taiwan Semiconductor Manufacturing - ADR 9,120 Ambev - ADR 8,935 America Movil - ADR 7,874 China Mobile - ADR 8,743 SABMiller 7,790 Bajaj Auto 8,506 Housing Development Finance 7,622 Tencent Holdings 8,025 China Mobile - ADR 7,582 MTN Group 7,960 Samsung Electronics 7,541 Itau Unibanco Holding - ADR 7,282 Itau Unibanco Holding - ADR 7,450 Tata Motors - ADR 6,775 Yum! Brands 7,308 Inotera Memories 6,530 Tupras Turkiye Petrol Rafinerileri 7,191 Cielo 6,038 Tata Motors - ADR 6,768 Qatar Electricity & Water 6,010 Bank of China 6,374 First Gulf Bank 5,997 China Shenhua Energy 6,246 Naspers 5,954 Belle International Holdings 6,208 Sands China 4,859 Hyundai Mobis 5,991 Samsung Electronics - GDR 4,789 MediaTek 5,818

MGI Funds plc MGI Euro Bond Fund

Cost Proceeds Purchases €’000 Sales €’000

PIMCO Euro Credit Fund - Accumulation 2,575 PIMCO Euro Credit Fund - Accumulation 400 Italy Buoni Poliennali Del Tesoro 4.25% due 01/09/2019 207 Italy Buoni Poliennali Del Tesoro 3.75% due 01/08/2015 227 France (Government of) 5.75% due 25/10/2032 200 Italy Buoni Poliennali Del Tesoro 3.75% due 15/04/2016 207 Italy Buoni Poliennali Del Tesoro 6.00% due 01/05/2031 199 Bundesrepublik Deutschland 3.50% due 04/01/2016 207 France (Government of) 2.50% due 25/10/2020 192 Bundesrepublik Deutschland 3.25% due 04/07/2015 201 France (Government of) 4.00% due 25/10/2038 182 Bundesrepublik Deutschland 2.75% due 08/04/2016 196 Italy Buoni Poliennali Del Tesoro 5.00% due 01/03/2022 178 Italy Buoni Poliennali Del Tesoro 3.00% due 15/06/2015 195 France (Government of) 2.25% due 25/05/2024 173 France (Government of) 3.25% due 25/04/2016 176 Bundesrepublik Deutschland 6.25% due 04/01/2024 164 France (Government of) 3.00% due 25/10/2015 155 France (Government of) 2.75% due 25/10/2027 163 Bundesrepublik Deutschland 1.75% due 09/10/2015 142 France (Government of) 6.00% due 25/10/2025 156 France (Government of) 2.25% due 25/02/2016 133 Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 155 Spain (Kingdom of) 3.15% due 31/01/2016 123 Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 154 Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 123 France (Government of) 1.75% due 25/11/2024 152 Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 123 Italy Buoni Poliennali Del Tesoro 6.50% due 01/11/2027 147 Netherlands (Kingdom of) 3.25% due 15/07/2015 113 France (Government of) 2.50% due 25/05/2030 144 Spain (Kingdom of) 3.25% due 30/04/2016 103 Bundesrepublik Deutschland 1.50% due 15/05/2023 141 Spain (Kingdom of) 4.00% due 30/07/2015 83 Spain (Kingdom of) 5.90% due 30/07/2026 133 Italy Buoni Poliennali Del Tesoro 4.50% due 15/07/2015 62 Spain (Kingdom of) 2.75% due 31/10/2024 133 Austria (Government of) 3.50% due 15/07/2015 62 Italy Buoni Poliennali Del Tesoro 4.50% due 01/03/2026 126 Belgium (Government of) 3.75% due 28/09/2015 52 Italy Buoni Poliennali Del Tesoro 4.50% due 01/03/2019 46 Finland (Government of) 3.86% due 15/09/2017 44 Slovakia (Government of) 3.50% due 24/02/2016 41 Belgium (Kingdom of) 2.75% due 28/03/2016 41

MGI Funds plc 346 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Euro Cash Fund (continued)

Cost Proceeds Purchases €’000 Sales €’000

BNP Paribas, 0.00% due 18/12/2014 75,744 Lloyds Bank, 0.00% due 27/10/2014 71,999 Lloyds Bank, 0.00% due 27/10/2014 71,999 BNP Paribas, 0.00% due 18/12/2014 61,496 Calyon Corporate and Investment Bank, 0.02% due 19/12/2014 62,003 Calyon Corporate and Investment Bank, 0.02% due 19/12/2014 54,003 Nordea Bank, (0.23)% due 19/03/2015 55,002 Nordea Bank, (0.23)% due 19/03/2015 50,008 Svenska Handelsbanken, 0.09% due 14/11/2014 51,595 DNB Bank, 0.01% due 14/10/2014 49,998 DNB Bank, 0.01% due 14/10/2014 44,998 Svenska Handelsbanken, 0.09% due 14/11/2015 49,583 Standard Chartered, 0.01% due 30/03/2016 40,000 ING Bank, 0.02% due 24/11/2014 30,001 Bank of Tokyo, 0.00% due 24/07/2015 32,001 BNP Paribas, (0.06)% due 18/12/2014 27,499 ING Bank, 0.02% due 24/11/2014 30,001 Australia & New Zealand Banking Group, 0.05% due 18/09/2014 25,634 Pohjola Bank, 0.03% due 14/07/2015 30,000 Standard Chartered, (0.05)% due 12/06/2015 20,000 Australia & New Zealand Banking Group, (0.25)% due 29/09/2015 28,000 Rabobank International, (0.11)% due 09/03/2015 15,000 BNP Paribas, 0.06% due 18/12/2014 27,499 Pohjola Bank, 0.05% due 14/01/2015 15,000 Commonwealth Bank of Australia, (0.10)% due 30/07/2015 26,000 Credit Industrail et Commercia, (0.08)% due 26/06/2015 12,000 Bank Nederlandse Gemeenten, (0.30)% due 29/07/2015 22,000 Commonwealth Bank of Australia, 0.16% due 24/11/2014 11,001 Bank of Nova Scotia, (0.24)% due 29/09/2015 22,000 Toronto Dominion Bank, 0.03% due 03/07/2014 11,000 Rabobank International Utrecht, (0.11)% due 09/03/2015 15,000 Bank of Tokyo, 0.02% due 24/02/2015 11,000 Rabobank International Utrecht, 0.00% due 09/12/2015 14,999 Bank of Nova Scotia, 0.14% due 21/07/2014 10,005 Credit Industrail et Commercia, (0.08)% due 26/06/2015 12,000 Standard Chartered, 0.01% due 12/03/2015 10,000 Standard Chartered, 0.01% due 12/03/2015 10,000 Bank of Nova Scotia, 0.18% due 22/07/2014 8,705 Pohjola Bank, 0.03% due 14/07/2015 10,000 Societe Generale, 0.09% due 11/08/2014 7,000 Societe Generale, 0.05% due 12/01/2015 6,001 Societe Generale, (0.25)% due 12/02/2015 6,001 Calyon Corporate and Investment Bank, 0.11% due 18/06/2015 6,000 Societe Generale, 0.09% due 11/11/2014 6,000 Societe Generale, (0.06)% due 12/05/2015 5,999

MGI Funds plc MGI Eurozone Equity Fund

Cost Proceeds Purchases €’000 Sales €’000

Nokia 2,499 SAP 3,237 Allianz 1,977 Total 2,766 Gamesa 1,914 Bayer 2,723 Daimler 1,848 ING Groep 2,565 Zodiac Aerospace 1,604 Allianz 2,542 SAP 1,591 UniCredit 2,514 Sanofi 1,528 Muenchener Rueckversicherungs 2,472 Societe Generale 1,351 Anheuser-Busch 2,343 Muenchener Rueckversicherungs 1,345 Duerr 2,184 Thales 1,307 BNP Paribas 2,102 Groupe Eurotunnel 1,300 BASF 2,049 Intesa Sanpaolo 1,247 Renault 2,021 Deutsche Telekom 1,235 Sanofi 2,010 Rocket Internet 1,217 Merck 1,991 UniCredit 1,186 Valeo 1,920 Airbus Group 1,181 E.ON 1,857 Royal Dutch Shell 1,174 Fresenius 1,802 AXA 1,152 Continental 1,619 Duerr 1,137 Arcadis 1,548 Deutsche Boerse 1,044 Deutsche Boerse 1,534

MGI Funds plc 347 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Global Bond Fund (continued)

Cost Proceeds Purchases* US$’000 Sales* US$’000

PIMCO Global Investment Grade Credit Fund - Accumulation 235 PIMCO Global Investment Grade Credit Fund - Accumulation 325 France (Government of) 5.75% due 25/10/2032 80 United States Treasury Note 1.25% due 30/09/2015 90 United States Treasury Note 2.00% due 15/02/2025 60 United States Treasury Note 2.63% due 31/12/2014 90 France (Government of) 3.25% due 25/10/2021 60 Netherlands (Kingdom of) 4.00% due 15/07/2019 90 Spain (Kingdom of) 6.00% due 31/01/2029 53 Bundesrepublik Deutschland 3.50% due 04/07/2019 38 United States Treasury Note 0.38% due 31/03/2016 50 Italy Buoni Poliennali Del Tesoro 4.75% due 01/08/2023 47 France (Government of) 4.00% due 25/04/2055 36 Belgium (Government of) 3.75% due 28/09/2020 30 Spain (Kingdom of) 4.20% due 31/01/2037 29 Spain (Kingdom of) 5.50% due 30/07/2017 29 Italy Buoni Poliennali Del Tesoro 4.00% due 01/02/2037 28 Italy Buoni Poliennali Del Tesoro 4.50% due 01/08/2018 28 Austria (Government of) 3.50% due 15/09/2021 28 Japan Government Thirty Year Bond 2.00% due 20/09/2040 21

*The above represents all purchase and sale transactions during the year.

MGI Funds plc MGI Global Equity Fund

Cost Proceeds Purchases US$’000 Sales US$’000

Apple 8,266 Apple 16,336 Taiwan Semiconductor Manufacturing - ADR 4,854 Roche Holding 13,054 Novartis 4,729 Novartis 11,401 Citigroup 4,721 Unilever 8,297 Roche Holding 4,442 Vodafone Group 7,826 Bayer 4,420 Microsoft 7,248 Micron Technology 4,353 AstraZeneca 7,037 Freeport-McMoRan 4,271 Taiwan Semiconductor Manufacturing - ADR 6,889 Itau Unibanco Holding - ADR 4,050 KDDI 6,149 Assa Abloy 4,044 Gazprom - ADR 6,127 Volkswagen 3,804 Amazon.com 5,981 American International Group 3,790 Samsung Electronics 5,966 General Motors 3,789 Bayer 5,813 Bayerische Motoren Werke 3,529 Sanofi 5,805 Toshiba 3,364 Yamaha Motor 5,699 Procter & Gamble 3,330 Johnson & Johnson 5,665 Bank of America 3,289 Qualcomm 5,516 Philip Morris International 3,267 Mitsubishi 5,491 Comcast -B Shares 3,233 Philip Morris International 5,334 Teva Pharmaceutical Industries - ADR 3,182 East Japan Railway 5,332

MGI Funds plc 348 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Japanese Equity Fund (continued)

Cost Proceeds Purchases JP¥’000 Sales JP¥’000

Mitsubishi 29,794 Kubota 29,392 Sysmex 17,761 Mitsui 25,863 Nomura Real Estate Holdings 17,618 Toyota Motor 24,416 Bridgestone 17,542 Central Japan Railway 21,737 Sumitomo Realty & Development 16,456 SoftBank 20,079 Sompo Japan Nipponkoa Holdings 15,907 Tokyo Tatemono 19,946 Nidec 15,841 Kyowa Hakko Kirin 18,504 Fast Retailing 15,602 Tokyu Fudosan Holdings 18,199 Toyota Motor 15,077 Mitsubishi Gas Chemical 17,660 Nippon Shokubai 14,660 Mitsubishi UFJ Financial Group 17,177 DIC 14,507 JFE Holdings 16,671 Shimadzu 13,889 Sumitomo 16,618 JCR Pharmaceuticals 13,489 Nissan Motor 16,560 Sawai Pharmaceutical 12,916 Bridgestone 15,370 Mitsui OSK Lines 12,618 Unicharm 15,313 Otsuka Holdings 12,322 Japan Tobacco 14,936 Oriental Land 12,125 Fujitsu 14,339 Nissan Motor 11,630 Sawai Pharmaceutical 13,768 Japan Airlines 11,565 Seven & I Holdings 13,456 Mitsubishi Materials 11,483 Suzuken Japan 13,433 Bandai Namco Holdings 10,500 MS&AD Insurance Group Holdings 13,334 Nippon Telegraph & Telephone 10,026 Hirose Electric 13,272 Sumitomo Mitsui Financial Group 9,706 ORIX 12,644 Suzuki Motor 9,636 Otsuka Holdings 12,337 Tokyu Fudosan Holdings 9,587 Sumitomo Electric Industries 11,934 Toppan Printing 9,581 Nitto Denko 11,830 Sumitomo Electric Industries 8,965 Honda Motor 11,798 H2O Retailing 8,938 Sekisui Chemical 11,205 DENA 8,217 Dentsu 10,446 Sumitomo 8,148 Yamaha Motor 10,314 Konica Minolta 7,840 J Front Retailing 10,239 Sumco 7,735 Hitachi 10,180 Haseko 7,596 Mitsui Fudosan 10,148 Tokyo Gas 9,792 Nomura Real Estate Holdings 9,747

MGI Funds plc 349 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Pacific Basin (Ex Japan) Equity Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

National Australia Bank 149 Commonwealth Bank of Australia 247 Galaxy Entertainment Group 135 Cheung Kong Holdings 237 Techtronic Industries 134 BHP Billiton 209 Medibank Private 126 AIA Group 208 StarHub 120 Keppel 180 ComfortDelGro 118 United Overseas Bank 178 Venture 107 Singapore Telecommunications 161 BHP Billiton 99 Australia & New Zealand Banking Group 152 CK Hutchison Holdings 99 National Australia Bank 150 Westpac Banking 95 Woolworths 140 Singapore Telecommunications 93 Westpac Banking 138 Sands China 92 CSL 132 AIA Group 84 Wing Hang Bank 129 HKT Trust & HKT 82 Jardine Cycle & Carriage 127 Telstra 81 Brambles 123 Orica 74 Swire Pacific 119 Keppel Land 67 Incitec Pivot 118 Hang Seng Bank 67 Woodside Petroleum 107 Brambles 64 Hutchison Whampoa 104 CSL 59 Rio Tinto 97 Cheung Kong Holdings 54 AGL Energy 97 Swire Pacific 53 Wesfarmers 95 China Pacific Insurance Group 50 Hongkong Land Holdings 95 Commonwealth Bank of Australia 49 Telstra 92 Woolworths 49 Jardine Strategic Holdings 89 Australia & New Zealand Banking Group 48 Keppel Land 87 AGL Energy 45 Newcrest Mining 85 Woodside Petroleum 44 Capitaland 75 UOL Group 43 Sands China 71 Hongkong Land Holdings 41 James Hardie Industries 69 Hutchison Whampoa 40 DBS Group Holdings 69 United Overseas Bank 36 Sembcorp Industries 64 Jardine Cycle & Carriage 32 CK Hutchison Holdings 59 Incitec Pivot 27 Television Broadcasts 50 Jardine Matheson Holdings 48

MGI Funds plc 350 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI UK Bond Fund (continued)

Cost Proceeds Purchases GB£’000 Sales GB£’000

United Kingdom (Government of) 3.50% due 22/01/2045 8,499 United Kingdom (Government of) 3.50% due 22/01/2045 6,456 United Kingdom (Government of) 1.25% due 22/07/2018 5,757 United Kingdom (Government of) 1.25% due 22/07/2018 4,178 United Kingdom (Government of) 3.25% due 22/01/2044 4,947 United Kingdom (Government of) 4.25% due 07/06/2032 3,897 United Kingdom (Government of) 4.25% due 07/06/2032 4,422 Insight Liquidity Funds - GBP Liquidity Fund 3,745 United Kingdom (Government of) 4.25% due 07/09/2039 4,406 United Kingdom (Government of) 3.25% due 22/01/2044 3,451 Insight Liquidity Funds - GBP Liquidity Fund 3,930 Italy Buoni Poliennali Del Tesoro 4.75% due 01/09/2044 3,383 Italy Buoni Poliennali Del Tesoro 4.75% due 01/09/2044 3,053 United Kingdom (Government of) 4.00% due 22/01/2060 2,067 United Kingdom (Government of) 1.75% due 07/09/2022 2,394 United Kingdom (Government of) 2.75% due 22/01/2015 2,041 United Kingdom (Government of) 2.75% due 22/01/2015 1,957 United Kingdom (Government of) 1.75% due 07/09/2022 1,953 United Kingdom (Government of) 4.25% due 07/12/2040 1,933 United Kingdom (Government of) 3.50% due 22/07/2068 1,923 United Kingdom (Government of) 4.00% due 07/09/2016 1,412 United Kingdom (Government of) 5.00% due 07/03/2025 1,685 United Kingdom (Government of) 4.25% due 07/12/2055 1,347 United Kingdom (Government of) 4.25% due 07/12/2040 1,549 United Kingdom (Government of) 1.75% due 22/01/2017 1,184 United Kingdom (Government of) 4.00% due 07/09/2016 1,413 Insight Global Funds II - Insight Emerging Markets Debt Fund 1,165 United Kingdom (Government of) 4.25% due 07/12/2055 1,347 United Kingdom (Government of) 4.50% due 07/03/2019 1,131 United Kingdom (Government of) 4.25% due 07/09/2039 1,228 Kennedy Wilson Europe Real Estate 3.95% due 30/06/2022 1,053 United Kingdom (Government of) 1.75% due 22/01/2017 1,185 United Kingdom (Government of) 4.75% due 07/12/2030 1,013 United Kingdom (Government of) 4.50% due 07/03/2019 1,133 Royal Bank of Scotland 7.50% due 29/04/2024 865 United Kingdom (Government of) 4.75% due 07/12/2030 1,017 Bankia 3.50% due 17/01/2019 847 Barclays Bank 4.25% due 12/01/2022 872 Eastern Power Networks 6.25% due 12/11/2036 845 Bankia 3.50% due 17/01/2019 855 United Kingdom (Government of) 4.50% due 07/09/2034 844

MGI Funds plc MGI UK Cash Fund

Cost Proceeds Purchases* GB£’000 Sales* GB£’000

JPMorgan Liquidity Funds - Sterling Liquidity Fund 110,962 Fidelity Institutional Liquidity Fund Plc - The Sterling Fund 88,100 Fidelity Institutional Liquidity Fund Plc - The Sterling Fund 110,950 Goldman Sachs Funds Plc - Sterling Liquid Reserves Fund 88,100 Goldman Sachs Funds Plc - Sterling Liquid Reserves Fund 110,950 JPMorgan Liquidity Funds - Sterling Liquidity Fund 88,100 Insight Liquidity Funds Plc - GBP Liquidity Fund 110,950 Institutional Cash Series Plc - Institutional Sterling Liquidity Fund 88,100 Institutional Cash Series Plc - Institutional Sterling Liquidity Fund 110,950 Insight Liquidity Funds Plc - GBP Liquidity Fund 88,050

*The above represents all purchases and sales transactions during the year.

MGI Funds plc 351 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI UK Equity Fund (continued)

Cost Proceeds Purchases GB£’000 Sales GB£’000

Royal Dutch Shell - B Shares 1,643 HSBC Holdings 2,281 BHP Billiton 1,260 Royal Dutch Shell - B Shares 1,995 HSBC Holdings 1,234 Diageo 1,821 Reed Elsevier 1,143 Reed Elsevier 1,610 Shire 1,095 BG Group 1,579 Vodafone Group 1,073 BP 1,369 Carnival 1,034 AstraZeneca 1,355 BP 969 Rio Tinto 1,256 Rio Tinto 964 Hargreaves Lansdown 1,103 GlaxoSmithKline 917 Essentra 1,100 British American Tobacco 891 Vodafone Group 1,079 Imperial Tobacco Group 868 Compass Group 1,065 Unilever 724 Ashtead Group 1,053 BG Group 626 GlaxoSmithKline 1,039 ITV 618 British American Tobacco 1,035 CRH 584 Berkeley Group Holdings 1,020 Auto Trader Group 569 Unilever 1,008 Dixons Carphone 560 Wolseley 972 Lloyds Banking Group 465 Next 968 Compass Group 463 Schroders 896 Wolseley 425 Pearson 872 SSP Group 413 London Stock Exchange Group 846 Reckitt Benckiser Group 396 Barclays 793 Tesco 363 BHPBilliton 758 Hargreaves Lansdown 343 3i Group 743 AstraZeneca 343 Sage Group 634 Rightmove 297 Royal Dutch Shell - A Shares 597 Foxtons Group 295 Shire 588 Booker Group 281 Paragon Group Companies 509 Patisserie Holdings 268 Rathbone Brothers 495 Standard Chartered 268 Reckitt Benckiser Group 481 Greene King 477 Lloyds Banking Group 470 Standard Chartered 470 Daily Mail & General Trust 467

MGI Funds plc 352 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI U.S. Equity Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Merck 955 Exxon Mobil 2,065 United Technologies 840 Apple 1,285 Gilead Sciences 756 Comcast 1,079 Alibaba Group Holding - ADR 667 Citigroup 951 Apple 629 Time Warner 900 Occidental Petroleum 622 AbbVie 884 American International Group 606 Schlumberger 860 Citigroup 601 Union Pacific 853 Adobe Systems 600 Twenty First Century Fox 753 Delta Air Lines 580 Monsanto 736 Teva Pharmaceutical Industries Ltd - ADR 550 Amgen 711 LinkedIn 535 McKesson 676 Comcast 534 Dollar General 658 Honeywell International 530 CVS Health 612 Canadian Natural Resources 528 Occidental Petroleum 590 Netflix 509 CBS 541 Dollar General 490 Home Depot 541 Activision Blizzard 486 Fifth Third Bancorp 524 Hewlett-Packard 480 Starbucks 498 AbbVie 465 Gilead Sciences 496 Halliburton 458 Target 452 Anthem 436 Gap 409 eBay 396 Twenty-First Century Fox 394 Williams 394

MGI Funds plc 353 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI UK Inflation Linked Bond Fund (continued)

Cost Proceeds Purchases GB£’000 Sales GB£’000

United Kingdom Gilt Inflation Linked 0.13% due 22/03/2058 21,901 United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 45,946 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 21,048 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 21,860 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 20,365 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 18,665 United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 18,760 United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 16,678 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 16,863 United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 15,899 United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 15,727 United Kingdom Gilt Inflation Linked 0.13% due 22/11/2019 15,799 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 15,103 United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 14,912 United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 14,817 United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 14,501 United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 14,621 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 14,277 United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 14,615 United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 14,223 United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 13,691 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 14,139 United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 13,670 United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 14,109 United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 13,417 United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 13,775 United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 12,704 United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 13,687 United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 12,193 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 13,526 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 12,022 United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 12,013 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 10,565 United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 11,965 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 8,792 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 11,542 United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 7,114 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 9,933 United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 7,026 United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 8,383 United Kingdom Gilt Inflation Linked 0.13% due 03/22/2046 6,352 United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 8,023 United Kingdom Gilt Inflation Linked 7.74% due 04/16/2020 5,589 United Kingdom Gilt Inflation Linked 0.13% due 03/22/2058 3,543 United Kingdom Gilt Inflation Linked 0.13% due 11/22/2019 3,626

MGI Funds plc MGI UK Long Gilt Fund

Cost Proceeds Purchases* GB£’000 Sales* GB£’000

United Kingdom (Government of) 4.75% due 07/12/2030 14,904 United Kingdom (Government of) 4.25% due 07/06/2032 7,549 United Kingdom (Government of) 4.25% due 07/06/2032 14,242 United Kingdom (Government of) 4.75% due 07/12/2030 6,991 United Kingdom (Government of) 4.50% due 07/09/2034 13,071 United Kingdom (Government of) 4.50% due 07/09/2034 6,703 United Kingdom (Government of) 4.25% due 07/12/2055 11,907 United Kingdom (Government of) 4.25% due 07/12/2055 6,638 United Kingdom (Government of) 4.50% due 07/12/2042 11,492 United Kingdom (Government of) 4.25% due 07/12/2040 6,383 United Kingdom (Government of) 4.25% due 07/12/2040 11,214 United Kingdom (Government of) 4.50% due 07/12/2042 6,076 United Kingdom (Government of) 4.75% due 07/12/2038 10,790 United Kingdom (Government of) 4.25% due 07/03/2036 5,790 United Kingdom (Government of) 3.25% due 22/01/2044 10,126 United Kingdom (Government of) 3.25% due 22/01/2044 5,408 United Kingdom (Government of) 4.00% due 22/01/2060 9,416 United Kingdom (Government of) 4.75% due 07/12/2038 5,229 United Kingdom (Government of) 4.25% due 07/12/2046 8,921 United Kingdom (Government of) 4.25% due 07/12/2049 4,816 United Kingdom (Government of) 4.25% due 07/12/2049 8,604 United Kingdom (Government of) 4.25% due 07/12/2046 4,698 United Kingdom (Government of) 3.75% due 22/07/2052 8,557 United Kingdom (Government of) 4.00% due 22/01/2060 4,634 United Kingdom (Government of) 3.50% due 22/01/2045 8,067 United Kingdom (Government of) 4.25% due 07/09/2039 4,355 United Kingdom (Government of) 4.25% due 07/09/2039 8,003 United Kingdom (Government of) 3.75% due 22/07/2052 4,205 United Kingdom (Government of) 4.25% due 07/03/2036 7,878 United Kingdom (Government of) 3.50% due 22/07/2068 3,041 United Kingdom (Government of) 3.50% due 22/07/2068 6,954 United Kingdom (Government of) 3.50% due 22/01/2045 2,301 United Kingdom (Government of) 4.25% due 07/03/2036 3,593 United Kingdom (Government of) 4.25% due 07/03/2036 334

*The above represents all purchases and sales transactions during the year.

MGI Funds plc 354 MGI Funds plc (Unaudited) Significant Portfolio Movements MGI Emerging Markets Debt Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Brazil Notas do Tesouro Nacional 10.00% due 01/01/2025 76,849 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2025 41,247 Mexican (Government of) 10.00% due 05/12/2024 48,222 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 40,720 Colombia (Government of) 10.00% due 24/07/2024 46,734 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 36,010 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 45,833 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 30,272 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 43,390 Russia (Government of) 7.50% due 31/03/2030 27,630 Poland (Government of) 3.25% due 25/07/2025 42,603 Poland (Government of) 3.25% due 25/07/2025 26,901 Indonesia (Government of) 9.00% due 15/03/2029 32,581 Turkey (Government of) 9.00% due 27/01/2016 26,435 Indonesia (Government of) 8.38% due 15/03/2024 29,093 South Africa (Government of) 6.75% due 31/03/2021 25,904 South Africa (Government of) 6.25% due 31/03/2036 28,378 South Africa (Government of) 7.25% due 15/01/2020 24,525 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 27,681 South Africa (Government of) 6.25% due 31/03/2036 24,163 South Africa (Government of) 6.75% due 31/03/2021 26,373 South Africa (Government of) 7.75% due 28/02/2023 21,130 Russia (Government of) 7.50% due 31/03/2030 26,326 Hungary (Government of) 6.00% due 24/11/2023 20,729 Brazil Letras do Tesouro Nacional 0.00% due 01/01/2018 25,026 Brazil Letras do Tesouro Nacional 0.00% due 01/01/2016 19,962 Colombia (Government of) 6.00% due 28/04/2028 24,115 Indonesia (Government of) 9.00% due 15/03/2029 19,602 Turkey (Government of) 10.40% due 20/03/2024 23,350 Mexican (Government of) 7.25% due 15/12/2016 19,499 Russia (Government of) 8.15% due 03/02/2027 23,033 Indonesia (Government of) 8.38% due 15/03/2024 19,109 Mexican (Government of) 8.00% due 11/06/2020 22,984 Colombia (Government of) 10.00% due 24/07/2024 18,789 Poland (Government of) 5.50% due 25/10/2019 21,582 Malaysia (Government of) 3.74% due 27/02/2015 18,780 Mexican (Government of) 8.50% due 13/12/2018 20,914 Singapore (Government of) 3.00% due 01/09/2024 18,582 Mexican (Government of) 8.50% due 18/11/2038 20,869 Turkey (Government of) 10.50% due 15/01/2020 18,505 Mexican (Government of) 6.25% due 16/06/2016 20,171 Turkey (Government of) 7.10% due 08/03/2023 18,382 Mexican (Government of) 10.00% due 05/12/2024 18,372 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 17,609

MGI Funds plc 355 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Global Small Cap Equity Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Amsurg 9,116 Amsurg 6,607 Assured Guaranty 7,381 Phoen-Klinikum 6,538 Phoen-Klinikum 7,220 Cubist Pharmaceuticals 6,368 Acuity Brands 5,846 Rite Aid 6,048 Brookdale Senior Living 5,631 Aspen Technology 6,042 Cypress Semiconductor 5,509 Skyworks Solutions 5,797 Starz 5,349 Incyte 5,735 Centene 5,290 Abengoa -B Shares 5,478 Freescale Semiconductor 5,240 Pacira Pharmaceuticals 5,391 Taser International 5,028 Alaska Air Group 5,304 AMC Networks 4,958 Rock Tenn 5,171 Domino's Pizza 4,801 Freescale Semiconductor 5,129 Berry Plastics Group 4,659 Cypress Semiconductor 5,052 DexCom 4,601 AMC Networks 5,046 PTC 4,581 Salix Pharmaceuticals 4,680 Moncler 4,459 Interactive Brokers Group 4,673 Liberty Ventures 4,443 Hikma Pharmaceuticals 4,625 Springleaf Holdings 4,430 Centene 4,542 Cogent Communications Holdings 4,421 E*TRADE Financial 4,476 Rite Aid 4,315 Old Dominion Freight Line 4,457

MGI Funds plc Mercer Low Volatility Equity Fund

Cost Proceeds Purchases US$’000 Sales US$’000

International Business Machines 10,110 Wal-Mart Stores 13,203 Intel 10,025 Laboratory of America Holdings 12,631 Home Depot 9,712 DIRECTV Holdings 12,541 Lloyds Banking Group 8,536 Target 8,074 American Express 8,338 SAP 7,991 SAP 7,101 Microsoft 7,984 Taiwan Semiconductor Manufacturing - ADR 6,864 Novartis 7,214 Wal-Mart Stores 6,789 Danone 7,092 Woolworths 6,611 BG Group 6,663 Google Class A 6,212 Lowe's 6,652 London Stock Exchange Group 6,198 Unilever 6,411 Microsoft 5,376 US Bancorp 6,000 ETFS Physical Gold 5,283 Nestle 5,971 Halliburton 5,173 Oracle 5,869 Unilever 5,065 McDonald's 5,811 Oracle 4,910 Allergan 5,767 Comcast 4,830 QUALCOMM 5,543 Airbus Group 4,536 Li & Fung 5,511 Time Warner Cable 4,514 UnitedHealth Group 5,304 eBay 4,507 Johnson & Johnson 5,190 QUALCOMM 3,945 Omnicare 5,171 Fiserv 5,136 Citigroup 5,131 Wells Fargo 5,021 Cisco Systems 4,717

MGI Funds plc 356 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Diversified Growth Fund (continued)

Cost Proceeds Purchases* US$’000 Sales* US$’000

BlackRock Developed Real Estate Index Sub-Fund 167,000 BlackRock Emerging Markets Index Fund 67,500 BlackRock Emerging Markets Index Fund 97,000 iShares Diversified Commodity Swap 52,262 BlackRock Developed World Index Sub-Fund 97,000 ETFS Physical Gold 51,130 BlackRock - Euro Credit Bond Index Fund 92,041 iShares UK Property 49,088 Irish Life Investment Managers - iShares US Property Yield 48,737 Indexed World Small Cap Equity Fund 74,224 iShares European Property Yield 34,192 iShares J.P. Morgan $ Emerging Markets Bond Fund 68,220 BlackRock Developed World Index Sub-Fund 29,000 BlackRock - US Corporate Bond Index Fund 67,000 iShares Global High Yield Corp Bond GBP Hedged 63,022 SPDR Thomson Reuters Global Convertible Bond 57,233 BlackRock - UK Credit Bond Index Fund Flexible 24,978 iShares $ High Yield Corporate Bond 24,072 Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 20,898 iShares Diversified Commodity Swap 19,477 ETFS Physical Gold 17,876 iShares UK Property 7,026 iShares European Property Yield 6,989 iShares US Property Yield 4,023 Acadian Global Managed Volatility Equity 485

*The above represents all purchase and sale transactions during the year

MGI Funds plc MGI DAM Multi-Manager Global Equity Fund

Cost Proceeds Purchases US$’000 Sales US$’000

Apple 2,711 Apple 5,234 Roche Holding 2,206 AbbVie 2,581 Johnson & Johnson 1,975 Roche Holding 2,288 Commerzbank 1,834 Johnson & Johnson 2,241 Precision Castparts 1,827 Goldman Sachs Group 2,078 Vale - ADR 1,815 Amazon.com 2,046 Volkswagen 1,801 Vale - ADR 1,929 ICICI Bank - ADR 1,781 Pfizer 1,899 Itau Unibanco Holding - ADR 1,766 Kinder Morgan 1,700 Exxon Mobil 1,673 Eli Lilly 1,693 AstraZeneca 1,649 ICICI Bank - ADR 1,684 Westlake Chemical 1,628 Merck 1,626 Syngenta 1,623 Occidental Petroleum 1,589 Citigroup 1,560 Syngenta 1,565 LVMH Moet Hennessy Louis Vuitton 1,494 Discover Financial Services 1,565 UniCredit 1,446 Shire 1,557 Bank of America 1,436 Ping An Insurance Group of China 1,548 Procter & Gamble 1,425 ConocoPhillips 1,520 General Motors 1,395 Unilever 1,518 Canadian National Railway 1,388 Allstate 1,484

MGI Funds plc 357 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Global High Yield Bond Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Wind Acquisition Finance 4.00% due 15/07/2020 5,300 Foresight Energy 7.88% due 15/08/2021 7,378 US Foods 8.50% due 30/06/2019 4,526 Ancestry.com 11.00% due 15/12/2020 6,558 New Red Finance 6.00% due 01/04/2022 4,349 HRG Group 7.75% due 15/01/2022 6,399 FMG Resources August 2006 6.88% due 01/04/2022 4,153 Crown Castle International 5.25% due 15/01/2023 6,059 CDW Finance 6.00% due 15/08/2022 3,956 BreitBurn Energy Partners 7.88% due 15/04/2022 4,890 MPH Acquisition Holdings 6.63% due 01/04/2022 3,910 Acadia Healthcare 6.13% due 15/03/2021 4,773 Zayo Group 6.00% due 01/04/2023 3,827 RCN Telecom Services 8.50% due 15/08/2020 4,662 Energy Transfer Equity 5.50% due 01/06/2027 3,516 Clear Channel Worldwide Holdings 6.50% due 15/11/2022 4,518 Fiat Chrysler Automobiles 4.50% due 15/04/2020 3,500 US Foods 8.50% due 30/06/2019 4,488 First Data 8.25% due 15/01/2021 3,281 Memorial Production Partners 7.63% due 01/05/2021 4,453 Iglo Foods Bondco 4.49% due 15/06/2020 3,201 FMG Resources August 2006 8.25% due 01/11/2019 4,398 Steel Dynamics 5.13% due 01/10/2021 3,138 Peabody Energy 6.25% due 15/11/2021 4,286 Sprint 7.25% due 15/09/2021 3,118 Caesars Entertainment Operating 11.25% due 01/06/2017 4,219 Ardagh Packaging Finance 6.00% due 30/06/2021 3,054 Alcatel-Lucent 6.75% due 15/11/2020 4,104 FMG Resources August 2006 9.75% due 01/03/2022 2,987 Ally Financial 7.50% due 15/09/2020 4,073 Matterhorn Telecom 3.88% due 01/05/2022 2,945 Royal Bank of Scotland Group 7.64% due 31/12/2049 4,028 Jaguar Holding 9.38% due 15/10/2017 2,792 Nuance Communications 5.38% due 15/08/2020 3,933 Building Materials of America 5.38% due 15/11/2024 2,730 Hillman Group 10.88% due 01/06/2018 3,751 Infor US 5.75% due 15/05/2022 2,725 CyrusOne Finance 6.38% due 15/11/2022 3,743 New Look Secured Issuer 6.50% due 01/07/2022 2,705 VWR Funding 7.25% due 15/09/2017 3,547

MGI Funds plc 358 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Short Duration Global Bond Fund 1 (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Wyndham Worldwide 4.25% due 01/03/2022 4,364 AKCB Finance 3.25% due 22/10/2018 3,566 Mastercard 2.00% due 01/04/2019 4,285 Abbott Laboratories 5.13% due 01/04/2019 3,481 Priceline Group 2.38% due 23/09/2024 4,242 Siemens Financieringsmaatschappij 5.13% due 20/02/2017 2,608 Time Warner Cable 4.00% due 01/09/2021 4,211 Merck 0.70% due 18/05/2016 2,605 EMC 2.65% due 01/06/2020 4,188 Air Lease 4.50% due 15/01/2016 2,473 Dollar General 3.25% due 15/04/2023 3,435 Kellogg 1.75% due 17/05/2017 2,015 Illinois Tool Works 1.75% due 20/05/2022 3,272 Diageo Capital 1.50% due 11/05/2017 1,909 Bharti Airtel International Netherlands 5.13% due 11/03/2023 3,240 Lukoil International Finance 6.36% due 07/06/2017 1,872 Amphenol 2.55% due 30/01/2019 3,240 FGB Sukuk 3.80% due 02/08/2016 1,861 LyondellBasell Industries 5.75% due 15/04/2024 3,140 Barclays Bank 4.13% due 15/03/2016 1,843 Gap 5.95% due 12/04/2021 3,110 BPCE 3.00% due 19/07/2024 1,831 China Mengniu Dairy 3.50% due 27/11/2018 3,084 Diageo Capital 5.75% due 23/10/2017 1,798 Tencent Holdings 3.38% due 02/05/2019 3,070 Svenska Handelsbanken 3.75% due 24/02/2017 1,736 Valero Energy 3.65% due 15/03/2025 3,034 Ford Motor Credit 4.38% due 06/08/2023 1,723 APT Pipelines 1.38% due 22/03/2022 2,961 Markel 4.90% due 01/07/2022 1,710 McKesson 2.28% due 15/03/2019 2,780 Bancolombia 5.95% due 03/06/2021 1,667 Comcast 5.15% due 01/03/2020 2,762 LYB International Finance 4.00% due 15/07/2023 1,658 Mondelez International 1.00% due 07/03/2022 2,718 Talen Energy Supply 6.50% due 01/05/2018 1,615 Kinder Morgan Energy Partners 3.50% due 01/03/2021 2,701 ICICI Bank 4.80% due 22/05/2019 1,581 Western Union 5.93% due 01/10/2016 2,638 Transocean 6.00% due 15/03/2018 1,549 American Express Credit 2.80% due 19/09/2016 2,574 Repsol International Finance 4.38% due 20/02/2018 1,493 CVS Health 2.25% due 05/12/2018 2,420 ADIB Sukuk 3.75% due 04/11/2015 1,430 International Paper 3.65% due 15/06/2015 2,360 International Business Machines 2.90% due 01/11/2021 1,422 Albemarle 1.88% due 15/06/2024 2,266 Coca-Cola 1.50% due 15/11/2015 1,415 Eli Lilly 1.00% due 02/06/2022 2,199 Walgreen 1.80% due 15/09/2017 1,409 PPG Industries 0.88% due 13/03/2022 2,137 Motability Operations 5.25% due 28/09/2016 1,376 Kering 2.50% due 15/07/2020 2,132 Goldman Sachs Group 3.30% due 03/05/2015 1,317 China Merchants Finance 5.00% due 04/05/2022 2,128 Transocean 6.50% due 15/11/2020 1,226 Telefonaktiebolaget LM Ericsson 4.13% due 15/05/2022 2,100 Vornado Realty 5.00% due 15/01/2022 1,199 Amazon.com 3.30% due 05/12/2021 2,096 Allegheny Technologies 6.38% due 15/08/2023 1,170 Norfolk Southern 3.85% due 15/01/2024 2,092 Kinder Morgan Energy Partners 5.95% due 15/02/2018 1,129 Tingyi Cayman Islands Holding 3.88% due 20/06/2017 2,077 Agilent Technologies 3.88% due 15/07/2023 1,127 Adobe Systems 3.25% due 01/02/2025 2,036 International Business Machines 5.70% due 14/09/2017 1,121 EI du Pont de Nemours 2.80% due 15/02/2023 2,019 Colgate-Palmolive 1.95% due 01/02/2023 1,118 Mylan 2.55% due 28/03/2019 1,997 Oracle 5.25% due 15/01/20169 1,053 Apple 2.15% due 09/02/2022 1,964 RCI Banque 4.00% due 16/03/2016 1,052 Canadian Pacific Railway 2.90% due 01/02/2025 1,950 Moet Hennessy 3.38% 07/04/2015 1,037 AbbVie 2.90% due 06/11/2022 1,934 RCI Banque 1.75% due 06/07/2016 1,024 Boston Scientific 2.65% due 01/10/2018 1,931 Poly Real Estate Finance 4.50% due 06/08/2018 1,013 Telstra 3.75% due 16/05/2022 1,868 Citigroup 2.65% due 02/03/2015 1,007 International 4.75% due 15/02/2022 1,848 GTECH 5.38% due 05/12/2016 871 AusNet Services Holdings 3.38% due 24/07/2020 1,796 Genentech 4.75% due 15/07/2015 824 Embraer 5.15% due 15/06/2022 1,698 PNC Funding 3.63% due 08/02/2015 806 Gas Natural Fenosa Finance 1.38% due 21/01/2025 1,652 Becton Dickinson 3.13% due 08/11/2021 1,646 Tencent Holdings 2.00% due 02/05/2017 1,611

MGI Funds plc 359 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Short Duration Global Bond Fund 2 (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

France (Government of) 1.75% due 25/11/2024 29,287 France (Government of) 1.75% due 25/11/2024 26,649 Italy Buoni Ordinari del Tesoro BOT 0.00% due 14/09/2015 19,974 United States Treasury Note 0.38% due 31/08/2015 14,928 Federal Home Loan Bank Discount Notes 0.00% due 14/11/2014 14,399 Federal Home Loan Bank Discount Notes 0.00% due 14/11/2014 14,400 Federal Home Loan Bank Discount Notes 0.00% due 12/01/2015 14,395 Federal Home Loan Bank Discount Notes 0.00% due 12/01/2015 14,398 Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 12,671 Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 12,341 Federal Home Loan Bank Discount Notes 0.00% due 09/09/2015 11,897 Federal Home Loan Bank Discount Notes 0.00% due 29/04/2015 10,999 Federal Home Loan Bank Discount Notes 0.00% due 29/04/2015 10,999 Spain (Government of) 4.50% due 31/01/2018 10,490 Federal Home Loan Bank Discount Notes 0.00% due 12/08/2015 10,997 Spain (Government of) 3.80% due 30/04/2024 9,986 Spain (Government of) 3.80% due 30/04/2024 10,518 Federal Home Loan Bank Discount Notes 0.00% due 01/10/2014 9,899 WM Covered Bond Program 4.00% due 27/09/2016 9,850 Spain (Government of) 5.40% due 31/01/2023 9,848 United States Treasury Note 2.50% due 15/05/2024 9,843 Federal Home Loan Bank Discount Notes 0.00% due 01/05/2015 9,499 Federal Home Loan Bank Discount Notes 0.00% due 01/05/2015 9,499 Bundesrepublik Deutschland 0.50% due 15/02/2025 9,334 Bundesrepublik Deutschland 0.50% due 15/02/2025 9,214 Federal Home Loan Bank Discount Notes 0.00% due 03/06/2015 9,199 Federal Home Loan Bank Discount Notes 0.00% due 03/06/2015 9,199 United States Treasury Note/Bond 2.50% due 15/05/2024 8,867 Poland (Government of) 3.25% due 25/07/2025 9,080 Federal Home Loan Bank Discount Notes 0.00% due 05/06/2015 8,499 Federal Home Loan Bank Discount Notes 0.00% due 17/12/2014 8,699 Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 8,348 Spain (Government of) 5.40% due 31/01/2023 8,667 Poland (Government of) 3.25% due 25/07/2025 8,053 Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 8,656 Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 7,908 Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 8,581 Federal Home Loan Bank Discount Notes 0.00% due 29/07/2015 7,899 Federal Home Loan Bank Discount Notes 0.00% due 05/06/2015 8,499 Spain (Government of) 1.60% due 30/04/2025 7,729 Spain (Government of) 1.60% due 30/04/2025 8,271 Federal Home Loan Bank Discount Notes 0.00% due 16/04/2015 7,599 Federal Home Loan Bank Discount Notes 0.00% due 29/07/2015 7,898 Federal Home Loan Bank Discount Notes 0.00% due 09/09/2015 7,299 Italy Buoni Poliennali Del Tesoro 3.00% due 01/11/2015 7,621 Federal Home Loan Bank Discount Notes 0.00% due 12/08/2015 6,699 Federal Home Loan Bank Discount Notes 0.00% due 16/04/2015 7,597 Dexia Credit Local 2.25% due 30/01/2019 6,692 Nykredit Realkredit 2.00% due 01/10/2015 7,251 Federal Home Loan Bank Discount Notes 0.00% due 03/11/2014 6,399 Federal Home Loan Bank Discount Notes 0.00% due 17/09/2015 6,999 Federal Home Loan Bank Discount Notes 0.00% due 17/12/2014 6,299 Bundesrepublik Deutschland 4.25% due 04/07/2039 6,547 Bundesrepublik Deutschland 4.25% due 04/07/2039 5,914 United States Treasury Note 1.00% due 15/12/2017 6,485 United States Treasury Note 1.00% due 15/12/2017 5,124 Spain (Government of) 5.50% due 30/07/2017 5,118 Federal Home Loan Bank Discount Notes 0.00% due 12/06/2015 5,000 United Mexican States 0.00% due 16/10/2014 4,993

MGI Funds plc 360 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Global Buy & Maintain Credit Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

United States Treasury Bond 3.13% due 15/08/2044 14,122 United States Treasury Bond 3.13% due 15/08/2044 14,063 United States Treasury Note 2.00% due 15/02/2025 12,664 United States Treasury Note 2.00% due 15/02/2025 12,473 United States Treasury Bond 3.38% due 15/05/2044 7,693 United States Treasury Bond 3.38% due 15/05/2044 7,723 United States Treasury Bond 3.00% due 15/11/2044 6,652 United States Treasury Bond 3.00% due 15/11/2044 5,980 Bundesrepublik Deutschland 2.00% due 04/01/2022 4,938 Bundesrepublik Deutschland 2.00% due 04/01/2022 4,940 United States Treasury Note 1.38% due 31/03/2020 4,245 United States Treasury Note 1.38% due 31/03/2020 4,244 United States Treasury Note 1.38% due 29/02/2020 4,174 United States Treasury Note 1.38% due 29/02/2020 4,184 United States Treasury Note 1.50% due 31/10/2019 4,047 United States Treasury Note 1.50% due 31/10/2019 4,050 Bundesrepublik Deutschland 1.50% due 15/05/2023 4,020 Bundesrepublik Deutschland 1.50% due 15/05/2023 4,018 State Grid Europe Development 2014 1.50% due 26/01/2022 3,899 Bundesrepublik Deutschland 1.50% due 15/05/2024 3,833 Bundesrepublik Deutschland 1.50% due 15/05/2024 3,829 Bundesrepublik Deutschland 2.50% due 04/01/2021 2,917 Novartis Capital 4.40% due 06/05/2044 3,768 Kering 1.88% due 08/10/2018 2,882 Danone 3.00% due 15/06/2022 3,716 Annington Repackaging No 1 5.32% due 10/01/2023 2,760 JM Smucker 3.50% due 15/03/2025 3,673 Barclays Bank 5.13% due 08/01/2020 2,702 Roche Holdings 7.00% due 01/03/2039 3,657 BMW Finance 3.25% due 14/01/2019 2,695 Scentre Group Trust 1 3.88% due 16/07/2026 3,592 United States Treasury Note 1.25% due 31/01/2020 2,666 Adobe Systems 3.25% due 01/02/2025 3,532 Bundesrepublik Deutschland 1.00% due 15/08/2024 2,588 Electricite de France 6.95% due 26/01/2039 3,515 United Kingdom Gilt 1.25% due 22/07/2018 2,549 Lowe's Cos 3.13% due 15/09/2024 3,501 Bundesrepublik Deutschland 2.25% due 04/09/2020 2,444 Alibaba Group Holding 3.13% due 28/11/2021 3,501 Daimler International Finance 3.50% due 06/06/2019 2,070 Sydney Airport Finance 3.38% due 30/04/2025 3,388 Bundesrepublik Deutschland 0.50% due 15/02/2025 2,044 Agrium 4.90% due 01/06/2043 3,217 Hammerson 6.88% due 30/03/2020 1,811 Medtronic 4.63% due 15/03/2015 2,799 United Kingdom Gilt 4.75% due 07/03/2020 1,771 Bundesrepublik Deutschland 2.50% due 04/01/2021 2,789 Morgan Stanley 5.50% due 24/07/2020 1,707 Ryder System 2.65% due 02/03/2020 2,785 Manchester Airport Group Funding 4.13% due 02/04/2024 1,693 Devon Energy 7.95% due 15/04/2032 2,750 Vonovia Finance 2.13% due 25/07/2016 1,653 Kering 1.38% due 01/10/2021 2,740 Schlumberger Norge 1.95% due 14/09/2016 1,601 Scentre Group Trust 1 2.25% due 16/07/2024 2,699 United States Treasury Note 0.50% due 31/01/2017 1,598 United States Treasury Note 1.25% due 31/01/2020 2,665 Bundesrepublik Deutschland 1.00% due 15/08/2024 2,601 Credit Suisse 3.63% due 09/09/2024 2,581 Actavis Funding 3.80% due 15/03/2025 2,572 LYB International Finance 4.88% due 15/03/2044 2,556 United Kingdom Gilt 1.25% due 22/07/2018 2,536 Morgan Stanley 6.38% due 24/07/2042 2,447 Bundesrepublik Deutschland 2.25% due 04/09/2020 2,445 Kraft Heinz Foods 2.00% due 30/06/2023 2,438

MGI Funds plc 361 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Passive Global Equity Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Apple 3,281 Kinder Morgan 272 Exxon Mobil 1,989 Apple 251 Microsoft 1,869 TRW Automotive 211 Johnson & Johnson 1,538 Salix Pharmaceuticals 167 General Electric 1,385 Travelers 166 Wells Fargo 1,349 General Growth Properties REIT 148 Nestle 1,291 Ameriprise Financial 146 Procter & Gamble 1,207 Exxon Mobil 128 JPMorgan Chase 1,171 Petsmart 101 Novartis 1,161 Concur Technologies 100 Chevron 1,150 Rockwell Automation 99 Roche Holding 1,086 Keysight Technologies 96 Verizon Communications 1,083 Wal-Mart Stores 85 Pfizer 978 Safeway 83 Berkshire Hathaway 907 Klepierre REIT 78 Google Class C 906 MS&AD Insurance Group Holdings 62 HSBC Holdings 905 CDK Global 60 Facebook 886 Owens-Illinois 55 Bank of America 881 Superior Energy Services 54 Google Class A 857 SPX 52 Peabody Energy 48 Joy Global 45 KBR 45 Genworth Financial 44 Noble 43 Celesio 43 Pengrowth Energy 41 Fossil Group 40 Cree 40 QEP Resources 39 Immofinanz 37

MGI Funds plc 362 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Euro Over 5 Year Bond Fund (continued)

Cost Proceeds Purchases US$’000 Sales US$’000

Bundesrepublik Deutschland 0.50% due 15/02/2025 1,952 Bundesrepublik Deutschland 3.50% due 04/07/2019 2,682 France (Government of) 1.75% due 25/11/2024 1,912 Bundesrepublik Deutschland 3.25% due 04/01/2020 2,632 Bundesrepublik Deutschland 1.00% due 15/08/2024 1,886 France (Government of) 3.50% due 25/04/2020 2,476 Bundesrepublik Deutschland 1.50% due 15/05/2024 1,721 France (Government of) 3.75% due 25/10/2019 2,063 Spain (Kingdom of) 2.75% due 31/10/2024 1,327 Spain (Kingdom of) 4.00% due 30/04/2020 1,462 France (Government of) 2.50% due 25/05/2030 1,322 Italy Buoni Poliennali Del Tesoro 4.25% due 01/03/2020 1,246 Spain (Kingdom of) 3.80% due 30/04/2024 1,253 Spain (Kingdom of) 4.30% due 31/10/2019 1,187 France (Government of) 0.50% due 25/05/2025 1,036 Netherlands (Kingdom of) 4.00% due 15/07/2019 1,128 Spain (Kingdom of) 1.60% due 30/04/2025 932 Italy Buoni Poliennali Del Tesoro 4.25% due 01/09/2019 1,097 Netherlands (Kingdom of) 2.00% due 15/07/2024 930 Italy Buoni Poliennali Del Tesoro 4.50% due 01/02/2020 1,081 Italy Buoni Poliennali Del Tesoro 2.50% due 01/12/2024 918 Spain (Kingdom of) 4.60% due 30/07/2019 1,014 Italy Buoni Poliennali Del Tesoro 2.15% due 15/12/2021 881 Bundesrepublik Deutschland 2.50% due 04/01/2021 966 France (Government of) 4.25% due 25/10/2023 842 Bundesrepublik Deutschland 4.00% due 04/01/2037 938 Bundesrepublik Deutschland 4.00% due 04/01/2037 792 Bundesrepublik Deutschland 5.66% due 04/01/2028 742 Bundesrepublik Deutschland 2.50% due 15/08/2046 788 Ireland (Government of) 4.50% due 18/04/2020 724 Bundesrepublik Deutschland 2.50% due 04/01/2021 715 Bundesrepublik Deutschland 4.75% due 04/07/2040 722 Italy Buoni Poliennali Del Tesoro 3.50% due 01/03/2030 700 Bundesrepublik Deutschland 6.25% due 04/01/2030 713 Lithuania (Government of) 2.13% due 29/10/2026 682 France (Government of) 8.50% due 25/10/2019 675 Spain (Kingdom of) 5.85% due 31/01/2022 677 Bundesrepublik Deutschland 4.25% due 04/07/2039 580 Bundesrepublik Deutschland 4.75% due 04/07/2040 661 Bundesrepublik Deutschland 1.50% due 04/09/2022 577 Bundesrepublik Deutschland 5.63% due 04/01/2028 656 Bundesrepublik Deutschland 2.00% due 04/01/2022 571 Spain (Kingdom of) 5.15% due 31/10/2044 647 Bundesrepublik Deutschland 1.75% due 04/07/2022 556 Spain (Kingdom of) 6.00% due 31/01/2029 639 Finland (Government of) 3.38% due 15/04/2020 546 France (Government of) 2.75% due 25/10/2027 616 France (Government of) 4.50% due 25/04/2041 523 Italy Buoni Poliennali Del Tesoro 1.35% due 15/04/2022 610 Bundesrepublik Deutschland 5.50% due 04/01/2031 501 Netherlands (Kingdom of) 0.25% due 15/07/2025 605 France (Government of) 5.75% due 25/10/2032 493 Bundesrepublik Deutschland 6.25% due 04/01/2024 599 Bundesrepublik Deutschland 0.00% due 17/04/2020 480 Bundesrepublik Deutschland 6.25% due 04/01/2030 598 Bundesrepublik Deutschland 6.25% due 04/01/2024 478 Ireland (Government of) 4.40% due 18/06/2019 468

MGI Funds plc 363 MGI Funds plc (Unaudited) Significant Portfolio Movements Mercer Euro Nominal Bond Long Duration Fund (continued)

Cost Proceeds Purchases* €’000 Sales* €’000

Netherlands (Kingdom of) 3.75% due 15/01/2042 19,245 Netherlands (Kingdom of) 3.75% due 15/01/2042 6,359 Netherlands (Kingdom of) 4.00% due 15/01/2037 17,415 Netherlands (Kingdom of) 4.00% due 15/01/2037 5,740 Bundesrepublik Deutschland 3.25% due 04/07/2042 14,115 Bundesrepublik Deutschland 3.25% due 04/07/2042 4,666 Bundesrepublik Deutschland 4.00% due 04/01/2037 12,511 Bundesrepublik Deutschland 4.00% due 04/01/2037 4,107 France (Government of) 4.25% due 25/10/2023 11,058 Bundesrepublik Deutschland 6.25% due 04/01/2024 3,570 Bundesrepublik Deutschland 6.25% due 04/01/2024 11,019 France (Government of) 4.25% due 25/10/2023 3,536 France (Government of) 0.00% due 25/10/2025 10,684 France (Government of) 0.00% due 25/10/2025 3,463 Bundesrepublik Deutschland 6.25% due 04/01/2030 10,201 Bundesrepublik Deutschland 6.25% due 04/01/2030 3,343 Netherlands (Kingdom of) 5.50% due 15/01/2028 8,968 Netherlands (Kingdom of) 5.50% due 15/01/2028 2,924 France (Government of) 0.00% due 25/10/2038 8,721 France (Government of) 0.00% due 25/10/2038 2,888 France (Government of) 0.00% due 25/10/2032 8,311 France (Government of) 0.00% due 25/10/2032 2,727 France (Government of) 0.00% due 25/04/2029 7,651 France (Government of) 0.00% due 25/04/2029 2,482 France (Government of) 0.00% due 25/04/2055 5,002 France (Government of) 0.00.% due 25/04/2055 1,753 Bundesrepublik Deutschland 3.00% due 04/07/2020 4,117 France (Government of) 3.50% due 25/04/2026 1,410 France (Government of) 3.50% due 04/25/2026 3,460 Bundesrepublik Deutschland 3.00% due 04/07/2020 1,265 France (Government of) 3.50% due 25/04/2026 2,821 Netherlands (Kingdom of) 4.00% due 15/07/2018 800 Netherlands (Kingdom of) 4.00% due 15/07/2018 2,546 Netherlands (Kingdom of) 4.50% due 15/07/2017 771 Netherlands (Kingdom of) 4.50% due 15/07/2017 2,481 France (Government of) 3.50% due 04/25/2026 611

*The above represents all purchase and sale transactions during the year.

MGI Funds plc 364 MGI Funds plc Mercer Diversified Retirement Fund

Cost Proceeds Purchases GB£’000 Sales GB£’000

Mercer Passive Global Equity Fund (Mercer PIF Fund Plc) 4,286 Mercer Passive Global Equity Fund (Mercer PIF Fund Plc) 4,069 Mercer Passive Global Equity Fund (MGI Funds Plc) 4,096 BlackRock - US Corporate Bond Index Fund - MGI UK Cash Fund 3,115 USD Institutional Class 60 BlackRock GiltTrak Fund 2,875 BlackRock UK Index Sub Fund - Institutional Accumulating Class 48 MGI UK Inflation Linked Bond Fund 2,820 BlackRock - Euro Credit Bond Index Fund - Irish Life Investment Managers - EUR Institutional Accumulation Class 40 Indexed Minimum Volatility Global Equity Fund 2,364 BlackRock - UK Credit Bond Index Fund Flexible - iShares $ High Yield Corporate Bond Fund - USD Class 1,832 GBP Institutional Accumulating Class 40 BlackRock UK Index Sub Fund 1,778 BlackRock Developed Real Estate Index Sub-Fund - BlackRock - US Corporate Bond Index Fund - USD Accumulation Class 37 USD Accumulation Class 1,690 iShares JP Morgan $ Emerging Markets Bond Fund 1,577 BlackRock Developed Real Estate Index Sub-Fund - USD Flexible Accumulation Class 1,364 BlackRock - UK Credit Bond Index Fund 1,100 iShares Global Infrastructure Fund 1,082 BlackRock - Euro Credit Bond Index Fund - EUR Flexible Accumulation Class 1,069 BlackRock - US Corporate Bond Index Fund - USD Institutional Class 60 BlackRock UK Index Sub Fund - Institutional Accumulating Class 50 BlackRock - Euro Credit Bond Index Fund - EUR Institutional Accumulation Class 40 BlackRock - UK Credit Bond Index Fund Flexible - GBP Institutional Accumulating Class 40 BlackRock Developed Real Estate Index Sub-Fund - USD Accumulation Class 37 iShares $ High Yield Corporate Bond Fund - GBP Class 35

*The above represents all purchases and sales transactions during the year.

MGI Funds plc 365