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

Interim Report and Unaudited Financial Statements For the period from 1 July 2013 to 31 December 2013 MGI Funds plc Contents

Management and Administration 2

Investment Manager’s Report 3

Portfolio Statements 11

Unaudited Balance Sheet – as at 31 December 2013 228

Comparative Audited Balance Sheet – as at 30 June 2013 230

Comparative Unaudited Balance Sheet – as at 31 December 2012 232

Unaudited Profit and Loss Account – for the period ended 31 December 2013 234

Comparative Audited Profit and Loss Account – for the year ended 30 June 2013 236

Comparative Unaudited Profit and Loss Account – for the period ended 31 December 2012 238

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the period ended 31 December 2013 240

Comparative Audited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the year ended 30 June 2013 242

Comparative Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the period ended 31 December 2012 244

Notes to the Financial Statements 246

Supplemental Information 288

Significant Portfolio Movements 305

MGI Funds plc 1 MGI Funds plc Management and Administration

REGISTERED OFFICE DISTRIBUTOR 70 Sir John Rogerson’s Quay Mercer Global Investments Europe Limited Dublin 2 25/28 Adelaide Road Ireland Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 SPONSORING LISTING AGENT Investec INVESTMENT MANAGER AND PROMOTER The Harcourt Building Mercer Global Investments Europe Limited Harcourt Street 25/28 Adelaide Road Dublin 2 Dublin 2 Ireland Ireland CUSTODIAN ADMINISTRATOR, REGISTRAR & TRANSFER AGENT State Street Custodial Services (Ireland) Limited State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay 78 Sir John Rogerson’s Quay Dublin 2 Dublin 2 Ireland Ireland FACILITIES AGENT (in the UK) INDEPENDENT AUDITOR Mercer Limited KPMG 1 Tower Place West Chartered Accountants Tower Place Statutory Audit Firm London EC3R 5 BU 1 Harbourmaster Place UK 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 OF THE MANAGER Michael Dempsey Tom Finlay* Tom Geraghty** Paul Sullivan*

MANAGER Mercer Global Investments Management Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland

*Non-executive Directors independent of the Investment Manager. **Tom Geraghty was appointed to the Board of Directors of the Manager on 24 October 2013.

MGI Funds plc 2 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013

The Sub-Funds of MGI Funds plc (the “Company”) are managed using a proprietary multi-manager investment strategy. This strategy involves allocating portions of the Sub-Fund to specialist third party managers or sub-advisors (“Sub-Investment Managers”), who are selected by 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 six month period to 31 December 2013 the economic outlook for the developed world gradually improved. Despite the noise in the financial markets, market sentiment improved as the recovery of all major developed economies began to broaden. Optimism was called into question from time to time such as at the beginning of the year during the Italian elections in early 2013 as well as the EU-IMF bail-out of Cyprus in March and the speech by Mr Bernanke on the potential tapering of the US Quantitative Easing programme. However, fears of deflationary pressures and recession significantly diminished in the second half of the year, as central banks around the world demonstrated a concerted effort to maintain liquidity in the markets.

The overall positive performance to the end of the third quarter of the year was overshadowed by the US Government shutdown on 1 October 2013 and the rising confrontations between the two main US parties on fiscal policy and the Government’s debt ceiling issue. However, post the shutdown and this controversy, risky assets continued to rally. This momentum continued when the US Federal Reserve finally opted in December to start the tapering process as widely anticipated, particularly as the impact was sweetened with stronger forward rate guidance around interest rates. As a result, the US market finished the year at an all- time high.

With the positive economic data seen in most regions during the second half of the year, global recovery gained strong momentum, with the Eurozone finally emerging out of recession. Despite the well-received news of its reform plans and the country’s stabilising economic data, the markets expressed concerns over the growth prospect of the Chinese economy.

MGI Emerging Markets Equity Fund

The MGI Emerging Markets Equity Fund returned -1.44%* for the period under review, expressed in euro terms, -4.33%* in sterling terms), underperforming the MSCI Emerging Market Index’s return of 1.60% in euro terms -1.37% in sterling terms). There were no sub-investment manager changes over the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Dimensional 33.0% Vontobel 14.0% Schroders 23.0% Mondrian 30.0%

*Sub-Fund performance figures are gross of fees.

MGI Euro Bond Fund

The MGI Euro Bond Fund returned 2.02%* for the period under review, expressed in euro terms, performing in line with the Barclays Capital Euro Aggregate Index’s return of 2.04% in euro terms. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 84.0% PIMCO 16.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 3 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

MGI Euro Cash Fund

The MGI Euro Cash Fund returned 0.00% for the period under review, expressed in euro terms, underperforming the composite benchmark return of 0.05% in euro terms. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 100.0%

*Sub-Fund performance figures are gross of fees.

MGI Eurozone Equity Fund

The MGI Eurozone Equity Fund returned 20.92%* for the period under review, expressed in euro terms, (17.38%* in sterling terms), outperforming the MSCI EMU Index’s return of 20.06% in euro terms (16.55% in sterling terms). The Sub-Investment Advisor Cazenove was replaced by Hermes Sourcecap during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Linghor 33.0% Hermes 31.0% TT 36.0%

*Sub-Fund performance figures are gross of fees.

MGI Global Bond Fund

The MGI Global Bond Fund returned -4.91%* for the period under review, expressed in euro terms underperforming the Barclays Capital Global Aggregate Index’s return of -3.46% in euro terms. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 85.0% PIMCO 15.0%

*Sub-Fund performance figures are gross of fees.

MGI Global Equity Fund

The MGI Global Equity Fund returned 11.40%* for the period under review, expressed in euro terms, (8.14%* in sterling terms), outperforming the MSCI World Index’s return of 10.21% in euro terms (6.98% in sterling terms). There were no sub-investment manager changes over the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Arrowstreet 18.0% Edinburgh Partners 14.0% Franklin Templeton 16.0% Global Thematic Partners 12.0% Baillie Gifford 14.0% Hexavest 18.0% Irish Life Investment Managers 8.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 4 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

MGI Japanese Equity Fund

The MGI Japanese Equity Fund returned 2.75%* for the period under review, expressed in euro terms, (-0.26%* in sterling terms), underperforming the TOPIX Index’s return of 3.26% in euro terms (0.24% in sterling terms). There were no sub- investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund JP Morgan 100.0%

*Sub-Fund performance figures are gross of fees.

MGI Pacific Basin (Ex Japan) Equity Fund

The MGI Pacific Basin ex Japan Equity Fund returned 2.15%* for the period under review, expressed in euro terms (-0.83% in sterling terms), underperforming the MSCI Pacific ex Japan Index’s return of 4.37% in euro terms (1.32% in sterling terms). There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Schroders 100.0%

*Sub-Fund performance figures are gross of fees.

MGI UK Bond Fund

The MGI UK Bond Fund returned 0.78%* for the period under review, expressed in sterling terms, outperforming the composite benchmark return of 0.46% in sterling terms. Insight replaced Standard Life as a Sub-Investment Advisor during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Henderson 50.0% Insight 50.0%

*Sub-Fund performance figures are gross of fees.

MGI UK Cash Fund

The MGI UK Cash Fund returned 0.20%* for the period under review, expressed in sterling terms, performing in line with the Citigroup 1-Month GBP Deposit Index’s return of 0.20%, in sterling terms, over the period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Insight 20.0% Fidelity 20.0% JP Morgan 20.0% Blackrock 20.0% Goldman Sachs 20.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 5 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

MGI UK Equity Fund

The MGI UK Equity Fund returned 16.36%* for the period under review, expressed in euro terms (12.95%* in sterling terms), outperforming the FTSE All-Share Index’s return of 14.70% in euro terms (11.35% in sterling terms). There were no sub- investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Blackrock (passive) 17.0% GMO 22.0% Lindsell Train 20.0% Blackrock (active) 41.0%

*Sub-Fund performance figures are gross of fees.

MGI U.S. Equity Fund

The MGI US Equity Fund returned 10.83%* for the period under review, expressed in euro terms (7.59%* in sterling terms), outperforming the S&P 500 Index’s return of 9.37% in euro terms (6.17% in sterling terms) over the period. Robeco were added as Sub-Investment Advisors during the period while Eaton Vance and Irish Life Investment Managers were removed.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Robeco 65.0% Winslow 35.0%

*Sub-Fund performance figures are gross of fees.

MGI UK Inflation Linked Bond Fund

The MGI UK Inflation Linked Bond Fund returned -0.42%* expressed in sterling terms, performing within acceptable tracking relative to the benchmark it tracks of the FTSE Actuaries Index-Linked (Stocks over 5 Years) return of -0.41% in sterling terms. There were no fund manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Blackrock 100.0%

*Sub-Fund performance figures are gross of fees.

MGI UK Long Gilt Fund

The Mercer UK Long Gilt Fund returned -0.53%* for the period under review, expressed in sterling terms, performing within acceptable tracking relative to the benchmark it tracks of the FTA (Stocks over 15 years) index return of -0.48% in sterling terms. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Blackrock 100.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 6 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

MGI Emerging Markets Debt Fund

The MGI Emerging Market Debt Fund returned -10.69%* in sterling terms (-8.00%* in euro terms), for the period under review, underperforming the JP Morgan GBI-EM Global Diversified Index return of -10.22% in sterling terms (-7.52% in euro terms). There were no sub-investment manager changes over the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Wellington 19.0% Stone Harbor 31.0% JP Morgan 19.0% Investec 31.0%

*Sub-Fund performance figures are gross of fees.

Mercer Global Small Cap Equity Fund

The Mercer Global Small Cap Equity Fund returned 14.25%* for the period under review expressed in euro terms (10.91%* in sterling), outperforming the MSCI World Small Cap Index return of 13.09% in euro terms (9.78% in sterling). Allianz were added as Sub-Investment Advisors during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Arrowstreet 40.0% Pyramis 30.0% Allianz 30.0%

*Sub-Fund performance figures are gross of fees.

Mercer Low Volatility Equity Fund

The Mercer Low Volatility Equity Fund returned 5.46%* for the period under review expressed in euro terms (2.38%* in sterling), underperforming the MSCI World Index return of 10.21% in euro terms (6.98% in sterling). There were no sub-investment manager changes over the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Acadian 30.0% First Eagle 30.0% Veritas 20.0% Magellan 20.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 7 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

Mercer Diversified Growth Fund

The Mercer Diversified Growth Fund returned 0.76%* for the period under review expressed in unhedged sterling terms (7.67% in euro hedged terms), outperforming the Citigroup GBP 1 month Euro Deposit benchmark & Citigroup EUR 1 month Euro Deposit benchmark which returned 0.20% and 0.03% over the period, respectively. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Blackrock Developed World Index Sub Fund 18.0% Blackrock Emerging Markets Index Sub Fund 14.0% BlackRock US Corp Bond Index Fund 6.0% BlackRock UK Corp Bond Index Fund 5.0% BlackRock Euro Corp Bond Fund 5.0% ILIM Indexed Min Volatility Global Equity Fund 5.0% RIC-Acadian Global Managed Volatility Equity Fund 5.0% ILIM Indexed World Small Cap Equity Fund 6.0% iShares JP Morgan $ Emerging Markets Bond Fund 10.0% iShares FTSE EPRA / NAREIT UK Property Fund 3.0% iShares FTSE/EPRA European Property Index Fund 3.0% iShares FTSE EPRA / NAREIT US Property Yield Fund 3.0% ETFS Physical Gold 5.0% iShares Dow Jones-UBS Commodity Swap (DE) 5.0% ILIM Completion Portfolio 5.0% Cash 2.0%

*Sub-Fund performance figures are gross of fees.

MGI DAM Multi-Manager Global Equity Fund

The MGI DAM Multi-Manager Global Equity Fund returned 18.23%* in USD terms for the period under review, outperforming the MSCI World Index return of 16.83% in USD terms for the same period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Schroders 35.0% Arrowstreet 25.0% Neptune 20.0% Global Thematic Partners 20.0%

*Sub-Fund performance figures are gross of Mercer annual management charge and net of all other fees.

Mercer Global High Yield Bond Fund (hedged GBP)

The Mercer Global High Yield Bond Fund (hedged GBP) returned 6.74%* in sterling terms for the period under review, outperforming the ML Global High Yield Constrained Index return of 6.13% in sterling terms for the same period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund DDJ 20.0% Wellington 40.0% Franklin Templeton 40.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 8 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

Mercer Global High Yield Bond Fund (hedged EUR)

The Mercer Global High Yield Bond Fund (hedged EUR) returned 6.52%* in euro terms for the period under review, outperforming the ML Global High Yield Constrained Index return of 5.89% in euro terms for the same period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund DDJ 20.0% Wellington 40.0% Franklin Templeton 40.0%

*Sub-Fund performance figures are gross of fees

Mercer Short Duration Global Bond Fund 1

The Mercer Short Duration Global Bond Fund 1 returned 2.26%* in NOK hedged terms for the period, outperforming the JPM Government Bond 1-3 Year Index of 1.24% in NOK hedged terms for the same period. There were no sub-investment manager changes over the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Quoniam 100.0%

*Sub-Fund performance figures are gross of fees.

Mercer Short Duration Global Bond Fund 2

The Mercer Short Duration Global Bond Fund 2 returned 1.10%* in NOK hedged terms for the period, underperforming the JPM Government Bond 1-3 Year Index of 1.24% in NOK hedged terms for the same period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund PIMCO 100.0%

*Sub-Fund performance figures are gross of fees.

Mercer Global Buy & Maintain Credit Fund (hedged EUR)

The Mercer Global Buy and Maintain Credit Fund (hedged EUR) returned 1.56%* in euro terms for the period, underperforming the Merrill Lynch Global Broad Market Corporate Index of 1.95% in euro terms for the same period. There were no sub- investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Axa 50.0% Pramerica 50.0%

*Sub-Fund performance figures are gross of fees.

MGI Funds plc 9 MGI Funds plc Investment Manager’s Report for the period ended 31 December 2013 (continued)

Mercer Passive Global Equity Fund (unhedged)

The Mercer Passive Global Equity Fund (unhedged) returned 10.07%* in euro terms (6.85%* sterling), performing within acceptable tracking relative to the benchmark it tracks the MSCI world index return of 10.21% in euro terms (6.98% sterling) over the period under review. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 100%

*Sub-Fund performance figures are gross of fees.

Mercer Passive Global Equity Fund (hedged EUR)

The Mercer Passive Global Equity Fund (hedged EUR) returned 14.84%* in euro terms, performing within acceptable tracking relative to the benchmark it tracks of the MSCI world index (hedged EUR) return of 15.02% in euro terms over the period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 100%

*Sub-Fund performance figures are gross of fees.

Mercer Passive Global Equity Fund (hedged GBP)

The Mercer Passive Global Equity Fund (hedged GBP) returned 15.04%* in sterling terms, performing within acceptable tracking relative to the benchmark it tracks of the MSCI world index (hedged GBP) return of 15.35% in sterling terms over the period. There were no sub-investment manager changes during the period.

The target asset allocation for the Sub-Fund at the end of the period was:

% of Sub-Fund Irish Life Investment Managers 100%

*Sub-Fund performance figures are gross of fees.

Market Outlook

We maintain our preference for equities over fixed income assets and are mindful that potential risks exist in the near term. Most notably, questions remain over how investors will react to the Federal Reserve’s tapering of its bond purchases and the prospect of interest rate hikes in 2015 could also further undermine sentiment. However, in evaluating the investment environment, we believe that on balance, conditions should remain favourable for risk assets in the medium term.

We are encouraged by a number of observations which support our optimism. First, economic fundamentals have improved markedly in recent quarters. For a number of developed economies we are now seeing data consistent with a sustained recovery. We now expect key developed nations to exhibit trend or above trend growth in 2014, providing the necessary momentum to lift global growth. Second, the appetite for fiscal austerity continued to wane, especially in the US and Europe. Reduced fiscal tightening will also reduce the constraint on growth and further promote economic activity. Finally, even as the US Federal Reserve begins cutting its bond purchases, we expect key interest rates to remain exceptionally accommodative in the foreseeable future which should further benefit risk assets.

Mercer Global Investments Europe Limited

25/28 Adelaide Road Dublin 2 Ireland

January 2014

MGI Funds plc 10 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Bermuda Credicorp 48,100 6,380,465 0.56 Huabao International Holdings 4,484,000 2,457,778 0.21 –––––––––––– ––––––– 8,838,243 0.77 Brazil Abril Educacao 2,300 32,356 0.00 Aliansce Shopping Centers 13,885 107,702 0.01 ALL America Latina Logistica 56,400 156,823 0.01 AMBEV 12,700 93,073 0.01 AMBEV - ADR 1,734,140 12,728,588 1.10 Autometal 2,900 21,388 0.00 Banco ABC Brasil - Pref 30,364 160,363 0.01 Banco Bradesco 24,600 331,580 0.03 Banco Bradesco - ADR 63,640 797,409 0.07 Banco Bradesco - Pref 96,055 1,182,341 0.10 Banco Daycoval - Pref 35,444 119,586 0.01 Banco do Brasil 62,500 646,392 0.06 Banco do Estado do Rio Grande do Sul - Pref 53,038 283,034 0.02 Banco Industrial e Comercial - Pref 29,300 91,778 0.01 Banco Panamericano - Pref 37,900 71,165 0.01 Banco Pine - Pref 12,505 55,336 0.00 Banco Santander Brasil - ADR 199,138 1,212,750 0.11 BB Seguridade Participacoes 75,633 779,011 0.07 Bematech 21,000 80,644 0.01 BHG - Brazil Hospitality Group 6,400 37,436 0.00 BM&FBovespa 816,381 3,820,217 0.33 BR Malls Participacoes 133,200 959,797 0.08 Brasil Brokers Participacoes 14,300 35,458 0.00 Brasil Pharma 15,390 44,097 0.00 BrasilAgro - Co Brasileira de Propriedades Agricolas 2,300 9,105 0.00 Braskem - ADR 2,098 37,407 0.00 Braskem - Pref 11,300 100,583 0.01 BRF - Brasil Foods - ADR 99,002 2,064,192 0.18 Btg Pactual Participations 90,004 1,043,005 0.09 CCR 1,204,132 9,008,342 0.78 Cia Ferro Ligas da Bahia - Ferbasa - Pref 21,300 118,451 0.01 Cia Providencia Industria e Comercio 8,676 28,390 0.00 Cia Siderurgica Nacional 38,600 235,273 0.02 Cielo 334,410 9,282,828 0.81 Cosan Industria e Comercio 11,600 194,608 0.02 CPFL Energia 346,148 2,774,466 0.24 CPFL Energia - ADR 1,662 26,592 0.00 Cyrela Brazil Realty Empreendimentos e Participacoes 33,900 206,913 0.02 Diagnosticos da America 287,500 1,774,293 0.15 Direcional Engenharia 11,900 60,528 0.01 Duratex 21,500 119,290 0.01 EcoRodovias Infraestrutura e Logistica 542,200 3,378,336 0.29 Embraer 42,200 337,886 0.03 Embraer - ADR 3,194 102,719 0.01 Eternit 14,300 52,733 0.00 Eucatex Industria e Comercio - Pref 20,776 59,442 0.01 Even Construtora e Incorporadora 100,005 344,618 0.03 Fertilizantes Heringer 11,800 34,961 0.00 Fibria Celulose 62,319 730,368 0.06 Fibria Celulose - ADR 34,166 399,059 0.03

MGI Funds plc 11 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Brazil (continued) Fleury 11,500 89,348 0.01 Forjas Taurus - Pref 25,600 24,740 0.00 Gafisa 210,600 314,215 0.03 Gafisa - ADR 34,856 108,751 0.01 Gerdau 21,102 134,255 0.01 Gerdau - ADR 223,572 1,750,569 0.15 Gerdau - Pref 44,500 345,362 0.03 Helbor Empreendimentos 17,500 57,857 0.01 HRT Participacoes em Petroleo 26,800 10,337 0.00 Hypermarcas 29,700 222,191 0.02 Iguatemi Empresa de Shopping Centers 11,500 108,066 0.01 International Meal Holdings 7,200 55,177 0.00 Iochpe-Maxion 85,200 936,776 0.08 Itau Unibanco Holding 9,950 123,402 0.01 Itau Unibanco Holding - ADR 399,134 5,416,248 0.47 Itau Unibanco Holding - Pref 114,610 1,522,952 0.13 Itausa - Investimentos Itau - Pref 174,200 656,411 0.06 JBS 112,169 416,964 0.04 Klabin - Pref 46,800 243,001 0.02 LLX Logistica 180,628 82,687 0.01 Log-in Logistica Intermodal 6,800 23,635 0.00 Lojas Renner 27,005 698,118 0.06 Magnesita Refratarios 100,206 247,621 0.02 Marfrig Alimentos 116,015 196,698 0.02 MRV Engenharia e Participacoes 195,800 699,627 0.06 Parana Banco - Pref 2,341 11,471 0.00 Paranapanema 90,706 200,309 0.02 PDG Realty Empreendimentos e Participacoes 493,400 378,533 0.03 Petroleo Brasileiro 25,800 174,862 0.02 Petroleo Brasileiro - ADR 426,663 6,263,413 0.54 Petroleo Brasileiro - ADS 206,922 2,849,316 0.25 Petroleo Brasileiro - Pref 793,700 5,746,062 0.50 Porto Seguro 9,900 124,796 0.01 Positivo Informatica 10,500 12,773 0.00 Profarma Distribuidora de Produtos Farmaceuticos 5,200 40,511 0.00 QGEP Participacoes 17,395 71,888 0.01 Randon Participacoes - Pref 14,800 71,828 0.01 Rodobens Negocios Imobiliarios 11,401 63,305 0.01 Rossi Residencial 165,500 143,105 0.01 Sao Martinho 9,700 117,999 0.01 Saraiva Livreiros Editores - Pref 4,000 41,827 0.00 SLC Agricola 27,742 236,352 0.02 Souza Cruz 234,141 2,371,927 0.21 Sul America 36,000 225,529 0.02 Suzano Papel e Celulose - Pref 114,900 449,032 0.04 T4F Entretenimento 5,800 13,275 0.00 Tecnisa 56,300 213,340 0.02 Tereos Internacional 50,256 53,041 0.00 Totvs 28,800 450,082 0.04 TPI - Triunfo Participacoes e Investimentos 26,800 105,985 0.01 Transmissora Alianca de Energia Eletrica 268,200 2,068,980 0.18 Ultrapar Participacoes 80,300 1,901,264 0.16 Ultrapar Participacoes - ADR 12,322 291,169 0.03 Unipar Participacoes - Pref 293,641 64,721 0.01 Usinas Siderurgicas de Minas Gerais - Pref 150,800 908,284 0.08

MGI Funds plc 12 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Brazil (continued) Vale 103,700 1,569,620 0.14 Vale - ADR - non-voting 683,000 9,562,000 0.83 Vale - ADR - voting 247,200 3,767,328 0.33 Vale - Pref 212,000 2,941,087 0.26 Vanguarda Agro 101,644 147,344 0.01 –––––––––––– ––––––– 114,510,078 9.93 Cayman Islands Agile Property Holdings 382,883 408,376 0.04 Baidu - ADR 13,461 2,394,039 0.21 Bosideng International Holdings 230,000 43,308 0.00 China Great Star International 20,209 30,543 0.00 Dongyue Group 387,000 153,228 0.01 Integrated Memory Logic 26,000 56,705 0.01 KWG Property Holding 402,500 221,657 0.02 Li Ning 47,002 37,159 0.00 Mindray Medical International - ADR 229,300 8,341,934 0.72 Minth Group 148,000 305,401 0.03 NetEase.com - ADR 11,800 927,362 0.08 Regent Manner International 91,000 15,492 0.00 Renhe Commercial Holdings 3,742,000 236,477 0.02 Sands China 1,309,987 10,719,803 0.93 Soho China 712,500 610,156 0.05 Tencent Holdings 133,200 8,503,498 0.74 XTEP International Holdings 129,500 65,971 0.01 –––––––––––– ––––––– 33,071,109 2.87 Channel Islands Randgold Resources 16,080 1,009,105 0.09 Randgold Resources - ADR 15,239 957,009 0.08 –––––––––––– ––––––– 1,966,114 0.17 Chile AquaChile 69,161 36,328 0.00 Banco Santander Chile - ADR 122,177 2,877,268 0.25 Besalco 10,088 10,675 0.00 CAP 6,007 113,304 0.01 Cencosud 112,088 402,105 0.04 Cia Cervecerias Unidas 92,541 1,101,087 0.10 Cia Cervecerias Unidas - ADR 23,434 564,291 0.05 Cia General de Electricidad 37,008 197,207 0.02 Cia Sud Americana de Vapores 2,067,567 106,241 0.01 Corpbanca 27,131,833 372,291 0.03 Cruz Blanca Salud 131,870 115,444 0.01 Empresas CMPC 173,382 419,720 0.04 Empresas COPEC 23,188 306,702 0.03 Empresas Hites 77,435 54,527 0.00 Empresas Iansa 1,072,025 35,704 0.00 Empresas La Polar 97,987 12,867 0.00 Enersis - ADR 465,266 6,969,683 0.60 Gasco 19,388 199,249 0.02 Grupo Security 275,507 91,757 0.01 Inversiones Aguas Metropolitanas 173,501 293,874 0.03 Inversiones Aguas Metropolitanas - ADR 29,000 982,396 0.09 Latam Airlines Group - ADR 36,618 596,507 0.05

MGI Funds plc 13 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Chile (continued) Masisa 605,802 34,587 0.00 PAZ 60,550 34,801 0.00 Ripley 374,246 267,802 0.02 Salfacorp 85,082 79,342 0.01 Sigdo Koppers 46,597 70,066 0.01 Sociedad Matriz SAAM 1,287,196 116,361 0.01 Sociedad Quimica y Minera de Chile - ADR 28,197 729,174 0.06 Socovesa 168,002 40,606 0.00 Vina Concha y Toro 80,904 143,193 0.01 Vina Concha y Toro - ADR 301 11,137 0.00 –––––––––––– ––––––– 17,386,296 1.51 China AAC Technologies Holdings 363,500 1,765,052 0.15 Agricultural Bank of China 2,945,000 1,447,100 0.13 Air China 321,868 239,520 0.02 Aluminum of China 711,417 246,811 0.02 Angang Steel 378,723 280,364 0.02 Anhui Conch Cement 19,500 72,304 0.01 Asia Cement China Holdings 160,000 100,700 0.01 Bank of China 10,321,541 4,752,270 0.41 Bank of Communications 1,353,000 952,749 0.08 Baoye Group 98,000 66,987 0.01 BBMG 283,000 246,365 0.02 Beijing Capital International Airport 580,538 452,975 0.04 Beijing Capital Land 352,000 118,941 0.01 Beijing North Star 48,000 10,648 0.00 Central China Real Estate 199,000 61,339 0.01 Changshouhua Food 10,000 12,858 0.00 Chaowei Power Holdings 42,000 22,046 0.00 China Aoyuan Property Group 353,000 73,753 0.01 China Automation Group 152,000 34,306 0.00 China BlueChemical 4,502,000 2,827,631 0.25 China Citic Bank 1,108,338 600,357 0.05 China Coal Energy 611,431 343,813 0.03 China Communications Construction 639,000 515,073 0.04 China Communications Services 482,000 297,141 0.03 China Construction Bank 13,289,276 10,026,408 0.87 China COSCO Holdings 432,769 210,419 0.02 China Dongxiang Group 943,000 159,320 0.01 China Eastern Airlines 198,000 74,565 0.01 China Hongqiao Group 217,000 149,448 0.01 China Huiyuan Juice Group 192,000 123,563 0.01 China International Marine Containers Group 7,100 15,091 0.00 China ITS Holdings 82,000 19,353 0.00 China Life Insurance 594,000 1,857,746 0.16 China Merchants Bank 296,666 632,071 0.06 China Minsheng Banking 389,500 432,010 0.04 China National Building Material 622,000 669,029 0.06 China National Materials 340,000 72,791 0.01 China Pacific Insurance Group 1,009,600 3,958,322 0.34 China Petroleum & Chemical 9,216,400 7,524,077 0.65 China Petroleum & Chemical - ADR 15,384 1,263,026 0.11 China Railway Construction 313,000 311,638 0.03 China Railway Group 495,000 255,999 0.02

MGI Funds plc 14 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) China (continued) China Rare Earth Holdings 604,000 84,130 0.01 China Rongsheng Heavy Industries Group Holdings 1,022,500 159,565 0.01 China Sanjiang Fine Chemicals 91,000 46,241 0.00 China SCE Property Holdings 416,000 98,719 0.01 China Shanshui Cement Group 668,000 286,024 0.03 China Shenhua Energy 1,586,500 5,002,731 0.43 China Shipping Container Lines 1,208,680 314,884 0.03 China Shipping Development 426,897 330,341 0.03 China Southern Airlines 513,439 199,979 0.02 China Yurun Food Group 464,239 296,969 0.03 China ZhengTong Auto Services Holdings 274,500 175,949 0.02 China Zhongwang Holdings 541,200 167,516 0.01 Chinasoft International 162,000 41,786 0.00 Chongqing Machinery & Electric 234,000 29,575 0.00 Chongqing Rural Commercial Bank 620,000 299,055 0.03 Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 62,000 21,590 0.00 CITIC Securities 29,500 80,277 0.01 Comtec Solar Systems Group 68,000 12,716 0.00 Country Garden Holdings 180,000 108,412 0.01 Dalian Port PDA 298,000 75,713 0.01 Daphne International Holdings 60,000 27,006 0.00 Dongfang Electric 13,000 22,768 0.00 Dongfeng Motor Group 54,000 84,130 0.01 Evergrande Real Estate Group 1,419,000 539,874 0.05 Fantasia Holdings Group 625,500 108,099 0.01 First Tractor 50,000 39,013 0.00 Golden Eagle Retail Group 2,087,000 2,750,816 0.24 Greenland Hong Kong Holdings 80,000 38,794 0.00 Greentown China Holdings 187,500 286,313 0.03 Guangshen Railway 408,000 188,379 0.02 Guangshen Railway - ADR 1,812 41,930 0.00 Guangzhou Automobile Group 346,000 377,515 0.03 Guangzhou R&F Properties 195,680 286,186 0.03 Guodian Technology & Environment Group 163,000 41,414 0.00 Harbin Power Equipment 270,000 173,761 0.02 Hidili Industry International Development 365,000 55,547 0.01 Honghua Group 66,000 22,131 0.00 Huaneng Renewables 62,000 29,586 0.00 Hunan Nonferrous Metal 136,000 42,271 0.00 Industrial & Commercial Bank of China 6,613,000 4,469,079 0.39 Jiangsu Expressway 4,120,000 5,058,507 0.44 Jiangxi Copper 205,000 370,143 0.03 Jingwei Textile Machinery 112,000 87,679 0.01 Kaisa Group Holdings 667,000 217,638 0.02 Lianhua Supermarket Holdings 116,000 89,613 0.01 Longfor Properties 63,500 88,775 0.01 Lonking Holdings 691,000 134,568 0.01 Maanshan Iron & Steel 550,000 148,251 0.01 Maoye International Holdings 428,000 76,727 0.01 Metallurgical of China 855,000 155,480 0.01 NVC Lighting Holdings 383,000 91,876 0.01 Parkson Retail Group 418,000 128,304 0.01 Peak Sport Products 223,000 53,782 0.00 PetroChina 540,000 591,275 0.05 Powerlong Real Estate Holdings 351,000 75,146 0.01

MGI Funds plc 15 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) China (continued) Sany Heavy Equipment International Holdings 279,000 86,718 0.01 Semiconductor Manufacturing International 6,668,899 516,052 0.05 Semiconductor Manufacturing International - ADR 10,758 41,741 0.00 Shandong Chenming Paper Holdings 84,500 36,508 0.00 Shanghai Electric 122,000 44,056 0.00 Shanghai Jin Jiang International Hotels Group 450,000 151,475 0.01 Shanghai Pharmaceuticals Holding 31,200 76,292 0.01 Shui On Land 1,217,306 373,650 0.03 Sinopec Shanghai Petrochemical 194,000 55,545 0.01 Sinotrans 530,000 199,594 0.02 SITC International Holdings 97,000 42,659 0.00 Sunac China Holdings 366,000 217,134 0.02 Tiangong International 334,000 96,490 0.01 Tonly Electronics Holdings 15,925 11,563 0.00 Travelsky Technology 302,000 297,180 0.03 Tsingtao Brewery 250,514 2,111,377 0.18 Weichai Power 345,000 1,392,681 0.12 Weiqiao Textile 139,000 85,152 0.01 West China Cement 818,000 120,267 0.01 Winsway Coking Coal Holdings 616,000 38,531 0.00 Xiamen International Port 142,000 20,511 0.00 Xingda International Holdings 285,000 168,712 0.01 Xinhua Winshare Publishing and Media 150,000 82,412 0.01 Xinjiang Goldwind Science & Technology 131,600 149,188 0.01 Yanzhou Coal Mining 480,000 438,291 0.04 Yuanda China Holdings 514,000 45,078 0.00 Yuzhou Properties 255,000 63,144 0.01 Zhaojin Mining Industry 76,500 43,609 0.00 Zhengzhou Coal Mining Machinery Group 21,800 14,929 0.00 Zhong An Real Estate 225,000 40,626 0.00 Zoomlion Heavy Industry Science and Technology 293,600 273,389 0.02 –––––––––––– ––––––– 75,455,081 6.55 Colombia Almacenes Exito 25,991 403,587 0.04 Banco Davivienda - Pref 4,869 58,771 0.01 Bancolombia 9,636 117,208 0.01 Bancolombia - ADR 31,986 1,566,674 0.14 Cementos Argos 53,071 267,827 0.02 Ecopetrol - ADR 28,083 1,078,668 0.09 Grupo de Inversiones Suramericana 26,411 460,689 0.04 Grupo de Inversiones Suramericana - Pref 13,634 242,759 0.02 Grupo Nutresa 28,105 379,679 0.03 –––––––––––– ––––––– 4,575,862 0.40 Czech Republic CEZ 10,492 273,330 0.02 Komercni Banka 3,651 809,428 0.07 Telefonica Czech Republic 12,728 188,697 0.02 Unipetrol 14,169 119,474 0.01 –––––––––––– ––––––– 1,390,929 0.12 Egypt Commercial International Bank Egypt - GDR 103,468 450,086 0.04 –––––––––––– –––––––

MGI Funds plc 16 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Greece Mytilineos Holdings 4,729 37,013 0.00 –––––––––––– ––––––– Hong Kong 361 Degrees International 276,000 72,971 0.01 AIA Group 755,800 3,786,920 0.33 AMVIG Holdings 182,000 86,614 0.01 Asian Citrus Holdings 240,000 65,929 0.01 AVIC International Holding HK 518,000 23,048 0.00 Beijing Enterprises Holdings 618,500 6,110,218 0.53 Belle International Holdings 4,404,000 5,094,810 0.44 Brilliance China Automotive Holdings 1,712,000 2,786,450 0.24 BYD Electronic International 282,000 163,663 0.01 C C Land Holdings 413,079 101,755 0.01 Chaoda Modern Agriculture Holdings 262,710 37,270 0.00 Chigo Holding 572,000 13,426 0.00 China Aerospace International Holdings 678,000 75,200 0.01 China Agri-Industries Holdings 722,000 358,498 0.03 China Energine International Holdings 270,000 23,679 0.00 China Everbright 298,000 468,883 0.04 China Fiber Optic Network System Group 296,000 58,790 0.01 China Foods 124,000 52,455 0.00 China Gas Holdings 1,456,000 2,136,938 0.19 China Glass Holdings 194,000 21,768 0.00 China Haidian Holdings 810,000 79,394 0.01 China High Speed Transmission Equipment Group 430,077 232,961 0.02 China Household Holdings 190,000 24,259 0.00 China Lumena New Materials 978,000 190,460 0.02 China Merchants Holdings International 177,572 645,820 0.06 China Metal Recycling Holdings 166,800 202,860 0.02 China Mobile 1,509,000 15,617,892 1.36 China Ocean Resources 30,200 121,332 0.01 China Overseas Land & Investment 850,000 2,378,849 0.21 China Precious Metal Resources Holdings 1,216,000 185,056 0.02 China Resources Cement Holdings 153,078 102,858 0.01 China Resources Enterprise 104,000 344,711 0.03 China Resources Power Holdings 2,506,000 5,920,996 0.51 China South City Holdings 590,000 166,642 0.01 China Taiping Insurance Holdings 90,800 184,323 0.02 China Tianyi Holdings 52,000 7,578 0.00 China Travel International Inv HK 982,000 205,170 0.02 China Unicom Hong Kong - ADR 61,984 933,479 0.08 China Vanadium Titano - Magnetite Mining 301,000 41,537 0.00 China WindPower Group 710,000 55,857 0.01 CITIC Pacific 385,000 587,896 0.05 CITIC Resources Holdings 950,000 124,972 0.01 CNOOC 2,671,000 4,967,380 0.43 CNOOC - ADR 1,027 192,563 0.02 Comba Telecom Systems Holdings 309,000 106,404 0.01 Cosco International Holdings 240,000 102,144 0.01 Cosco Pacific 544,327 744,139 0.06 Coslight Technology International Group 72,000 45,686 0.00 CPMC Holdings 65,000 50,466 0.00 Dah Chong Hong Holdings 76,000 56,850 0.01 Dairy Farm International Holdings 60,300 572,850 0.05 Digital China Holdings 76,080 89,093 0.01

MGI Funds plc 17 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Hong Kong (continued) EVA Precision Industrial Holdings 228,000 32,052 0.00 Far East Horizon 414,000 352,931 0.03 Fosun International 524,500 519,511 0.05 Franshion Properties China 1,238,000 427,901 0.04 Fufeng Group 325,000 132,452 0.01 Galaxy Entertainment Group 48,658 436,141 0.04 GCL-Poly Energy Holdings 834,271 257,154 0.02 Global Bio-Chem Technology Group 478,000 36,372 0.00 Glorious Property Holdings 769,000 164,635 0.01 Golden Meditech Holdings 694,549 62,703 0.01 Goldlion Holdings 54,000 25,907 0.00 GOME Electrical Appliances Holding 3,542,000 653,240 0.06 Guangdong Land Holdings 138,000 30,256 0.00 Hanergy Solar Group 1,512,000 152,102 0.01 Hengan International Group 609,000 7,178,797 0.62 Hengdeli Holdings 168,000 39,650 0.00 HKC Holdings 844,000 27,757 0.00 Hopson Development Holdings 238,000 283,313 0.02 Hua Han Bio-Pharmaceutical Holdings 388,800 75,215 0.01 Hutchison Harbour Ring 540,000 42,483 0.00 Inspur International 63,000 12,431 0.00 Ju Teng International Holdings 292,000 192,815 0.02 Kai Yuan Holdings 840,000 21,342 0.00 Kingboard Chemical Holdings 230,200 598,231 0.05 Kingboard Laminates Holdings 267,000 112,258 0.01 Lai Fung Holdings 1,563,000 39,308 0.00 Lee & Man Paper Manufacturing 166,168 109,296 0.01 Link REIT 407,787 1,972,209 0.17 MIE Holdings 334,000 70,214 0.01 Mingfa Group International 258,000 67,547 0.01 Minmetals Land 288,000 37,886 0.00 MMG 536,000 112,678 0.01 New World China Land 739,330 358,521 0.03 New World Department Store China 140,000 78,543 0.01 Nine Dragons Paper Holdings 549,601 477,744 0.04 Overseas Chinese Town Asia Holdings 32,000 13,991 0.00 PAX Global Technology 5,000 2,005 0.00 Poly Property Group 695,000 370,189 0.03 Ports Design 31,500 24,253 0.00 Power Assets Holdings 567,612 4,513,078 0.39 Qingling Motors 232,000 67,322 0.01 Real Nutriceutical Group 254,000 65,189 0.01 REXLot Holdings 2,643,164 354,524 0.03 Rotam Global Agrosciences 14,000 31,003 0.00 Samson Holding 199,000 26,948 0.00 Shanghai Industrial Holdings 171,000 625,227 0.05 Shanghai Industrial Urban Development Group 682,000 168,878 0.01 Shenzhen International Holdings 2,825,000 349,766 0.03 Shenzhen Investment 1,005,839 377,494 0.03 Shimao Property Holdings 215,500 493,604 0.04 Shougang Concord International Enterprises 1,528,000 87,694 0.01 Shougang Fushan Resources Group 1,082,000 378,168 0.03 Silver Grant International 370,000 52,491 0.00 Sino Oil And Gas Holdings 3,475,000 112,043 0.01 Sino-Ocean Land Holdings 976,824 638,723 0.06

MGI Funds plc 18 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Hong Kong (continued) Sinofert Holdings 686,000 111,476 0.01 Sinolink Worldwide Holdings 706,000 65,558 0.01 Sinotrans Shipping 487,500 177,930 0.02 Sinotruk Hong Kong 229,000 127,883 0.01 Skyworth Digital Holdings 670,000 367,242 0.03 Solargiga Energy Holdings 236,000 11,566 0.00 SRE Group 1,726,000 57,877 0.01 Sun Art Retail Group 320,500 450,550 0.04 Superb Summit International Group 515,000 21,586 0.00 TCC International Holdings 361,057 176,949 0.02 TCL Multimedia Technology Holdings 159,258 73,737 0.01 Tian An China Investment 136,000 112,431 0.01 Tianjin Port Development Holdings 656,924 111,835 0.01 Tianneng Power International 258,000 94,832 0.01 Top Spring International Holdings 59,000 23,817 0.00 TPV Technology 258,369 52,982 0.00 VODone 1,004,000 134,665 0.01 Wasion Group Holdings 140,000 85,404 0.01 Yanchang Petroleum International 1,320,000 74,054 0.01 Yip's Chemical Holdings 49,155 41,968 0.00 Youyuan International Holdings 79,000 20,173 0.00 Yuexiu Property 1,805,794 444,826 0.04 –––––––––––– ––––––– 83,605,288 7.25 Hungary OTP Bank 236,677 4,502,079 0.39 Richter Gedeon 97,805 1,982,484 0.17 –––––––––––– ––––––– 6,484,563 0.56 India Aban Offshore 5,475 34,383 0.00 ABG Shipyard 2,525 11,128 0.00 ACC 6,017 107,641 0.01 Adani Enterprises 84,176 356,886 0.03 Adani Power 36,230 22,785 0.00 Aditya Birla Nuvo 14,638 293,269 0.03 Akzo Nobel India 421 5,840 0.00 Allahabad Bank 36,114 55,524 0.01 Alok Industries 391,081 53,109 0.01 Amara Raja Batteries 10,513 57,192 0.01 Ambuja Cements 40,536 119,599 0.01 Amtek Auto 41,277 49,682 0.00 Amtek India 19,375 20,157 0.00 Anant Raj 39,679 40,029 0.00 Andhra Bank 67,934 68,862 0.01 Apollo Tyres 154,989 267,607 0.02 Arvind 112,170 248,894 0.02 Ashok Leyland 606,771 168,725 0.02 Asian Paints 149,279 1,182,189 0.10 Atul 4,846 35,298 0.00 Aurobindo Pharma 28,542 180,905 0.02 Axis Bank 221,115 4,645,542 0.40 Axis Bank - GDR 153,661 3,203,832 0.28 Bajaj Finance 4,259 108,446 0.01 Bajaj Finserv 9,417 112,706 0.01

MGI Funds plc 19 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) India (continued) Bajaj Holdings and Investment 10,242 147,036 0.01 Balkrishna Industries 3,269 18,011 0.00 Balmer Lawrie & Co Ltd 3,673 18,972 0.00 Balrampur Chini Mills 37,759 28,080 0.00 Bank of Baroda 20,571 214,606 0.02 Bank of India 45,482 175,553 0.02 BGR Energy Systems 13,534 27,427 0.00 Bharat Electronics 4,739 79,373 0.01 Bharat Forge 7,941 42,051 0.00 Bharat Heavy Electricals 102,102 290,517 0.03 Bharti Airtel 28,609 152,862 0.01 Bhushan Steel 16,179 125,629 0.01 Biocon 9,456 70,475 0.01 Bombay Dyeing & Manufacturing 11,796 14,408 0.00 Cairn India 169,101 883,300 0.08 Canara Bank 36,507 166,880 0.02 Century Textiles & Industries 19,870 100,322 0.01 Chambal Fertilizers & Chemicals 50,669 32,889 0.00 Cipla 285,268 1,849,365 0.16 Colgate-Palmolive India 29,165 635,496 0.06 Container Of India 5,139 60,317 0.01 Coromandel International 3,611 13,853 0.00 Corp Bank 15,867 66,977 0.01 Cox & Kings 27,500 51,105 0.00 Crompton Greaves 120,421 250,362 0.02 DB Realty 10,375 9,972 0.00 Dena Bank 23,780 23,374 0.00 Development Credit Bank 67,212 59,274 0.01 Dewan Housing Finance 28,640 98,299 0.01 DLF 85,250 229,474 0.02 EID Parry India 16,887 38,494 0.00 Engineers India 11,650 31,227 0.00 Era Infra Engineering 30,814 7,547 0.00 Eros International Media 16,073 43,863 0.00 Escorts 30,542 67,597 0.01 Essar Oil 55,209 48,510 0.00 Essar Ports 25,425 25,485 0.00 Exide Industries 24,804 49,303 0.00 Federal Bank 349,755 475,255 0.04 Financial Technologies India 6,324 18,817 0.00 Firstsource Solutions 19,746 7,023 0.00 Fortis Healthcare 57,800 95,967 0.01 GAIL India 133,844 742,304 0.06 GAIL India - GDR 27,491 879,987 0.08 Gateway Distriparks 27,527 61,680 0.01 Gitanjali Gems 15,477 17,940 0.00 Godrej Industries 8,222 36,760 0.00 Godrej Properties 1,162 3,104 0.00 Great Eastern Shipping 30,982 158,529 0.01 Gujarat Alkalies & Chemicals 12,979 33,573 0.00 Gujarat Fluorochemicals 11,670 44,667 0.00 Gujarat Mineral Development 15,629 29,878 0.00 Gujarat NRE Coke 96,473 16,454 0.00 Gujarat Pipavav Port 31,327 31,907 0.00 Gujarat State Fertilisers & Chemicals 37,183 32,401 0.00

MGI Funds plc 20 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) India (continued) Gujarat State Petronet 78,116 77,289 0.01 Havells India 59,846 764,341 0.07 HCL Infosystems 54,065 18,312 0.00 HCL Technologies 4,377 89,521 0.01 HDFC Bank 704,835 7,606,133 0.66 HDFC Bank - ADR 61,400 2,113,388 0.18 Hexaware Technologies 31,983 68,123 0.01 Hindalco Industries 404,597 801,279 0.07 Hindustan Construction 186,091 44,977 0.00 Hindustan Unilever 463,427 4,278,018 0.37 Housing Development & Infrastructure 138,825 119,737 0.01 Housing Development Finance 787,145 10,132,798 0.88 ICICI Bank 37,794 670,889 0.06 IDBI Bank 163,966 176,146 0.02 Idea Cellular 464,747 1,253,626 0.11 IDFC 399,154 707,901 0.06 IFCI 357,240 149,006 0.01 IL&FS Transportation Networks 20,189 45,858 0.00 India Cements 130,917 127,097 0.01 India Infoline 82,854 83,383 0.01 Indiabulls Real Estate 110,700 123,487 0.01 Indian Bank 27,840 52,120 0.01 Indian Hotels 160,760 159,577 0.01 Indian Overseas Bank 70,204 58,508 0.01 IndusInd Bank 17,433 118,400 0.01 Infosys 8,935 502,761 0.04 Infosys - ADR 26,900 1,522,540 0.13 ING Vysya Bank 1,368 13,471 0.00 ITC 1,377,200 7,147,057 0.62 ITC - GDR 4,662 24,194 0.00 Jagran Prakashan 850 1,237 0.00 Jain Irrigation Systems 150,575 175,880 0.02 Jaiprakash Associates 446,273 392,486 0.03 Jammu & Kashmir Bank 10,862 252,168 0.02 Jaypee Infratech 104,924 39,184 0.00 Jindal Saw 26,942 21,386 0.00 Jindal Stainless 14,948 9,074 0.00 Jindal Steel & Power 99,125 418,102 0.04 JK Cement 6,229 19,295 0.00 JK Lakshmi Cement 13,497 17,336 0.00 JM Financial 199,049 93,322 0.01 JSW Energy 279,195 254,798 0.02 JSW Steel 31,700 520,740 0.05 Jubilant Life Sciences 5,696 12,505 0.00 Kalpataru Power Transmission 19,506 28,177 0.00 Karnataka Bank 78,717 141,323 0.01 Karur Vysya Bank 19,788 110,849 0.01 KEC International/India 40,737 37,507 0.00 Kotak Mahindra Bank 119,577 1,407,357 0.12 KPIT Cummins Infosystems 22,554 62,716 0.01 L&T Finance Holdings 33,885 40,867 0.00 Larsen & Toubro 166,342 2,879,219 0.25 Larsen & Toubro - GDR 259,302 3,863,600 0.34 LIC Housing Finance 121,185 429,746 0.04 Lupin 249,466 3,654,976 0.32

MGI Funds plc 21 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) India (continued) Madras Cements 6,039 18,672 0.00 Mahindra & Mahindra 14,241 216,890 0.02 Mahindra & Mahindra Financial Services 17,852 92,211 0.01 Maruti Suzuki India 1,991 56,716 0.01 MAX India 26,405 91,396 0.01 McLeod Russel India 6,922 35,816 0.00 MindTree 3,819 93,970 0.01 MOIL 19,704 76,500 0.01 Mphasis 10,332 72,911 0.01 MRF 291 91,061 0.01 Muthoot Finance 16,786 29,295 0.00 National Aluminium 89,567 54,735 0.01 Nestle India 19,898 1,695,616 0.15 NIIT Technologies 14,345 83,489 0.01 NTPC 73,510 162,576 0.01 Oberoi Realty 2,809 10,667 0.00 OMAXE 21,935 44,824 0.00 Oracle Financial Services Software 924 49,176 0.00 Oriental Bank of Commerce 34,578 127,819 0.01 Parsvnath Developers 36,618 15,392 0.00 Peninsula Land 30,059 19,317 0.00 Petronet LNG 31,436 62,308 0.01 Pfizer/India 1,430 26,702 0.00 Pipavav Defence & Offshore Engineering 38,677 27,638 0.00 Piramal Enterprises 27,258 241,182 0.02 Polaris Financial Technology 28,975 63,520 0.01 Power Finance 109,400 295,365 0.03 Prestige Estates Projects 26,138 68,393 0.01 PTC India 108,716 116,177 0.01 Punj Lloyd 89,861 41,840 0.00 Rain Commodities 16,306 9,490 0.00 Rajesh Exports 12,688 15,713 0.00 Ranbaxy Laboratories 11,050 80,881 0.01 Raymond 14,456 65,567 0.01 Redington India 46,815 56,196 0.01 REI Agro 295,142 31,492 0.00 Reliance Capital 64,467 376,401 0.03 Reliance Communications 159,603 335,307 0.03 Reliance Industries 298,576 4,315,366 0.38 Reliance Industries - GDR 17,400 505,296 0.04 Reliance Power 214,320 253,109 0.02 Rolta India 76,513 83,001 0.01 Rural Electrification 885,383 3,153,340 0.27 SE Investments 1,213 7,658 0.00 Sesa Goa 140,691 458,659 0.04 Sesa Sterlite - ADR 27,683 364,585 0.03 Shipping of India 47,910 32,996 0.00 Shree Renuka Sugars 271,454 87,552 0.01 Shrenuj & Co Ltd 14,826 23,909 0.00 Shriram Transport Finance 18,730 203,485 0.02 Sintex Industries 56,523 30,978 0.00 Sobha Developers 16,571 83,585 0.01 South Indian Bank 220,979 72,344 0.01 SREI Infrastructure Finance 73,462 28,088 0.00 SRF 3,362 12,069 0.00

MGI Funds plc 22 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) India (continued) State Bank of Bikaner & Jaipur 7,962 40,882 0.00 State Bank of India 21,799 620,719 0.05 Steel Authority of India 34,725 40,673 0.00 Strides Arcolab 2,650 15,387 0.00 Sun Pharmaceutical Industries 326,961 2,994,478 0.26 Sundaram Finance 4,832 48,316 0.00 Suzlon Energy 342,693 57,065 0.01 Syndicate Bank 62,813 96,014 0.01 Tata Chemicals 40,860 181,163 0.02 Tata Communications 7,927 39,574 0.00 Tata Consultancy Services 96,700 3,399,078 0.30 Tata Global Beverages 66,993 173,290 0.02 Tata Motors 156,576 953,049 0.08 Tata Motors - ADR 43,666 1,344,476 0.12 Tata Steel 106,143 725,953 0.06 Tech Mahindra 3,028 89,976 0.01 Thermax 3,542 40,256 0.00 Tube Investments of India 12,259 31,126 0.00 TV18 Broadcast 194,369 74,788 0.01 UCO Bank 83,971 102,495 0.01 Ultratech Cement 1,417 40,370 0.00 Union Bank of India 61,964 130,780 0.01 Unitech 581,249 142,834 0.01 United Bank of India 6,494 3,370 0.00 United Phosphorus 121,025 386,818 0.03 United Spirits 12,198 512,925 0.05 Videocon Industries 37,444 103,999 0.01 Vijaya Bank 51,199 32,571 0.00 Voltas 18,279 34,294 0.00 Westlife Development 49,800 298,695 0.03 Wipro 22,050 199,290 0.02 Yes Bank 12,811 76,798 0.01 Zee Entertainment Enterprises 275,708 1,232,674 0.11 Zensar Technologies 2,348 13,426 0.00 –––––––––––– ––––––– 103,365,391 8.97 Indonesia Adaro Energy 5,670,000 503,173 0.04 Adhi Karya Persero 607,000 74,815 0.01 Agis 2,811,000 101,630 0.01 Agung Podomoro Land 3,799,500 67,123 0.01 Alam Sutera Realty 5,677,500 200,602 0.02 Aneka Tambang Persero 2,192,500 196,370 0.02 Astra Agro Lestari 62,000 127,108 0.01 Astra International 8,497,500 4,747,987 0.41 Astra Otoparts 375,500 111,848 0.01 Bakrie and Brothers 26,919,500 110,598 0.01 Bakrieland Development 12,684,000 52,112 0.01 Bank Bukopin 2,296,000 116,970 0.01 Bank Bukopin - Rights 765,155 - 0.00 Bank Central Asia 1,588,370 1,246,420 0.11 Bank Danamon Indonesia 850,500 262,069 0.02 Bank Mandiri 8,654,500 5,546,845 0.48 Bank Negara Indonesia Persero 1,588,000 512,153 0.05 Bank Pan Indonesia 2,722,500 143,172 0.01

MGI Funds plc 23 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Indonesia (continued) Bank Pembangunan Daerah Jawa Barat Dan Banten 1,580,000 114,248 0.01 Bank Pembangunan Daerah Jawa Timur 456,500 13,879 0.00 Bank Rakyat Indonesia Persero 10,950,500 6,478,521 0.56 Bank Tabungan Negara Persero 2,292,500 163,885 0.02 Bank Tabungan Pensiunan Nasional 76,500 26,872 0.00 Bekasi Fajar Industrial Estate 1,209,500 44,226 0.00 Benakat Petroleum Energy 12,490,000 113,919 0.01 Berau Coal Energy 796,500 12,173 0.00 Bhakti Investama 13,576,500 373,716 0.03 Bisi International 658,000 30,278 0.00 Borneo Lumbung Energi & Metal 2,799,500 40,026 0.00 Bumi Resources Minerals 5,687,500 92,533 0.01 Bumi Serpong Damai 1,449,500 152,454 0.01 BW Plantation 874,500 94,133 0.01 Central Omega Resources 110,000 3,389 0.00 Ciputra Development 5,548,000 332,789 0.03 Ciputra Property 1,608,500 80,623 0.01 Ciputra Surya 373,000 39,844 0.00 Elnusa 733,000 19,575 0.00 Energi Mega Persada 19,118,500 108,396 0.01 Erajaya Swasembada 584,000 47,987 0.00 Exploitasi Energi Indonesia 2,806,000 65,712 0.01 Gajah Tunggal 996,500 136,742 0.01 Garuda Indonesia Persero 2,776,500 112,931 0.01 Global Mediacom 2,456,000 381,417 0.03 Gudang Garam 74,000 253,254 0.02 Harum Energy 429,000 96,939 0.01 Hexindo Adiperkasa 79,000 20,772 0.00 Holcim Indonesia 563,500 104,180 0.01 Indah Kiat Pulp & Paper 1,314,500 151,216 0.01 Indika Energy 755,000 36,602 0.00 Indo Tambangraya Megah 40,000 90,879 0.01 Indofood Sukses Makmur 763,000 410,653 0.04 Intiland Development 2,693,500 68,610 0.01 Japfa Comfeed Indonesia 971,029 96,544 0.01 Kawasan Industri Jababeka 10,090,172 160,017 0.01 Krakatau Steel Persero 1,122,500 45,656 0.00 Lippo Cikarang 176,000 70,140 0.01 Lippo Karawaci 8,147,000 602,490 0.05 Matahari Putra Prima 1,028,000 163,027 0.01 Medco Energi Internasional 852,000 145,267 0.01 MNC Land 655,000 69,967 0.01 Modernland Realty 5,533,000 175,037 0.02 Multipolar 4,060,500 120,113 0.01 Nusantara Infrastructure 2,535,000 52,075 0.01 Panin Financial 8,369,500 134,105 0.01 Panin Insurance 509,000 27,604 0.00 Pembangunan Perumahan Persero 65,500 6,243 0.00 Perusahaan Gas Negara Persero 10,399,500 3,802,611 0.33 Perusahaan Perkebunan London Sumatra Indonesia 1,579,000 247,813 0.02 Ramayana Lestari Sentosa 1,330,000 114,749 0.01 Salim Ivomas Pratama 2,394,000 153,436 0.01 Sampoerna Agro 315,500 51,849 0.01 Semen Gresik Persero 647,973 750,733 0.07 Sentul City 13,394,500 172,797 0.02

MGI Funds plc 24 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Indonesia (continued) Sinar Mas Multiartha 500,000 131,471 0.01 Sugih Energy 1,187,500 43,421 0.00 Summarecon Agung 1,796,500 115,141 0.01 Surya Semesta Internusa 2,436,500 112,115 0.01 Tambang Batubara Bukit Asam 68,500 57,130 0.01 Telekomunikasi Indonesia Persero 9,359,400 1,653,468 0.14 Tiga Pilar Sejahtera Food 973,500 114,388 0.01 Timah Persero 1,036,500 132,863 0.01 Tunas Ridean 701,000 30,528 0.00 Unilever Indonesia 614,500 1,312,818 0.11 United Tractors 273,500 419,127 0.04 Vale Indonesia 1,101,000 230,694 0.02 Visi Media Asia 879,500 19,512 0.00 XL Axiata 818,000 342,794 0.03 –––––––––––– ––––––– 36,312,111 3.15 Kazakhstan KazMunaiGas Exploration Production - GDR 149,180 2,342,126 0.20 –––––––––––– ––––––– Korea AK Holdings 2,000 77,605 0.01 AMOREPACIFIC Group 221 96,956 0.01 Asia Cement 1,097 86,380 0.01 ASIA Holdings 480 57,081 0.01 Asia Paper Manufacturing 2,440 49,593 0.00 Asiana Airlines 26,080 121,707 0.01 AtlasBX 1,394 53,034 0.01 BS Financial Group 49,040 741,165 0.06 Byucksan 17,160 43,252 0.00 Capro 13,500 81,869 0.01 Cheil Industries 3,638 304,732 0.03 Cheil Worldwide 58,980 1,534,090 0.13 Chosun Refractories 537 39,740 0.00 CJ 2,896 318,317 0.03 CJ CheilJedang 535 140,169 0.01 CJ E&M 4,333 125,225 0.01 CJ Korea Express 1,314 124,508 0.01 Dae Han Flour Mills 372 54,107 0.01 Dae Won Kang Up 1,320 9,306 0.00 Daeduck Electronics 9,630 75,919 0.01 Daeduck GDS 7,030 116,906 0.01 Daegu Department Store 1,820 34,060 0.00 Daehan Steel 5,220 28,688 0.00 Daekyo 7,160 49,391 0.00 Daelim Industrial 9,578 853,112 0.07 Daesang Holdings 4,950 39,024 0.00 Daewoo Engineering & Construction 35,660 249,030 0.02 Daewoo Securities 57,560 485,416 0.04 Daewoo Shipbuilding & Marine Engineering 7,540 249,345 0.02 Daewoong 420 15,859 0.00 Daishin Securities 19,760 146,981 0.01 Daou Data 7,895 37,405 0.00 Daou Technology 11,130 159,249 0.01 DGB Financial Group 142,310 2,224,965 0.19 Dong Ah Tire & Rubber 4,820 86,549 0.01

MGI Funds plc 25 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea (continued) Dong-A Socio Holdings 243 33,848 0.00 Dongbu HiTek 6,950 49,589 0.00 Dongbu Insurance 3,570 189,773 0.02 Dongbu Securities 7,230 22,813 0.00 Dongkuk Industries 9,167 29,924 0.00 Dongkuk Steel Mill 17,480 216,978 0.02 Dongkuk Structures & Construction 10,813 44,518 0.00 Dongwha Pharm 11,820 49,168 0.00 Dongwon F&B 188 23,425 0.00 Dongyang Mechatronics 4,800 50,940 0.01 Doosan 1,693 223,787 0.02 Doosan Engine 12,020 100,798 0.01 Doosan Heavy Industries & Construction 9,540 320,004 0.03 Doosan Infracore 45,600 542,266 0.05 E-Mart 2,819 710,526 0.06 Easy Bio 10,864 50,956 0.01 Eugene 17,273 46,401 0.00 Fila Korea 668 49,878 0.00 Global & Yuasa Battery 1,017 52,809 0.01 Green Cross Holdings 9,150 107,509 0.01 GS Engineering & Construction 18,470 533,790 0.05 GS Global 4,960 41,594 0.00 GS Holdings 17,449 945,736 0.08 GS Retail 1,540 40,858 0.00 Gwangju Shinsegae 65 15,398 0.00 Han Kuk Carbon 6,170 48,057 0.00 Hana Financial Group 135,070 5,612,185 0.49 Handok Pharmaceuticals 2,940 46,802 0.00 Handsome 3,180 94,766 0.01 Hanil Cement 1,323 106,306 0.01 Hanil E-Wha 4,250 68,461 0.01 Hanjin Heavy Industries & Construction 25,630 291,429 0.03 Hanjin Heavy Industries & Construction Holdings 3,040 27,538 0.00 Hanjin Kal 2,961 45,873 0.00 Hanjin Shipping 42,710 310,000 0.03 Hanjin Shipping Holdings 6,680 33,167 0.00 Hanjin Transportation 4,430 79,756 0.01 Hankook Tire 34,680 1,991,385 0.17 Hansol Chemical 620 16,068 0.00 Hansol Paper 18,070 192,626 0.02 Hanwha 14,590 540,550 0.05 Hanwha Chemical 27,660 563,500 0.05 Hanwha General Insurance 7,500 32,548 0.00 Hanwha Investment & Securities 22,900 73,776 0.01 Hanwha Life Insurance 42,320 304,362 0.03 Hite Jinro 3,600 75,046 0.01 Hitejinro Holdings 3,820 41,988 0.00 HMC Investment Securities 6,370 58,971 0.01 Humax 8,593 98,115 0.01 Husteel 1,390 24,366 0.00 Hwa Shin 4,170 44,847 0.00 Hyosung 12,595 838,990 0.07 Hyundai 2,170 72,584 0.01 Hyundai BNG Steel 3,910 47,794 0.00 Hyundai Department Store 17,446 2,644,961 0.23

MGI Funds plc 26 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea (continued) Hyundai Development 28,470 621,816 0.05 Hyundai Engineering & Construction 33,587 1,931,805 0.17 Hyundai Greenfood 5,710 90,626 0.01 Hyundai Heavy Industries 4,156 1,010,105 0.09 Hyundai Hy Communications & Networks 10,410 50,898 0.01 Hyundai Marine & Fire Insurance 4,600 141,223 0.01 Hyundai Mipo Dockyard 3,337 561,252 0.05 Hyundai Mobis 46,001 12,771,396 1.11 Hyundai Motor 49,188 10,999,543 0.96 Hyundai Motor - Pref 25,385 3,102,918 0.27 Hyundai Securities 59,050 326,766 0.03 Hyundai Steel 9,734 795,986 0.07 Il Dong Pharmaceutical 5,180 49,574 0.00 Iljin Electric 3,020 22,492 0.00 Ilshin Spinning 742 82,261 0.01 Industrial Bank of Korea 24,050 276,882 0.02 Interpark 5,966 60,206 0.01 INTOPS 3,200 59,127 0.01 IS Dongseo 2,660 40,076 0.00 ISU Chemical 5,060 61,131 0.01 IsuPetasys 9,420 60,786 0.01 JB Financial Group 20,220 121,663 0.01 JB Financial Group - Rights 6,826 4,094 0.00 Jeil Pharmaceutical 1,390 17,188 0.00 JW Pharmaceutical 1,165 17,718 0.00 Kangwon Land 167,970 4,918,058 0.43 KB Financial Group 27,130 1,084,840 0.09 KB Financial Group - ADR 23,460 949,661 0.08 KC Tech 8,990 43,615 0.00 KCC 1,514 669,956 0.06 Kia Motors 9,821 521,131 0.05 KISCO 440 10,235 0.00 KISWIRE 2,330 82,461 0.01 KIWOOM Securities 1,468 70,246 0.01 Kolon 3,270 52,520 0.01 Kolon Global 14,660 43,132 0.00 Kolon Industries 8,148 422,320 0.04 Korea Circuit 5,990 74,070 0.01 Korea Electric Terminal 3,210 125,924 0.01 Korea Investment Holdings 11,840 457,175 0.04 Korea Petrochemical Ind 1,684 139,143 0.01 Korea Zinc 580 174,492 0.02 Korean Air Lines 6,129 181,196 0.02 Korean Reinsurance 32,160 348,919 0.03 KPX Chemical 652 39,478 0.00 KTB Investment & Securities 26,320 54,119 0.01 Kukdo Chemical 1,660 87,141 0.01 Kunsul Chemical Industrial 1,940 51,287 0.01 Kwang Dong Pharmaceutical 8,370 59,086 0.01 Kyobo Securities 6,660 27,893 0.00 Kyungbang 213 21,798 0.00 LG 7,571 458,414 0.04 LG Chem 18,062 5,117,296 0.44 LG Display 13,700 329,080 0.03 LG Display - ADR 28,222 342,051 0.03

MGI Funds plc 27 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea (continued) LG Electronics 9,666 623,731 0.05 LG Fashion 4,280 136,468 0.01 LG Hausys 1,021 136,411 0.01 LG Household & Health Care 10,022 5,185,021 0.45 LG Innotek 1,934 153,386 0.01 LG International 20,580 560,643 0.05 LG Uplus 16,720 170,313 0.02 LIG Insurance 19,700 613,204 0.05 Livart Furniture 2,820 32,867 0.00 Lotte Chemical 3,770 826,982 0.07 Lotte Chilsung Beverage 278 401,452 0.04 Lotte Confectionery 232 418,781 0.04 LOTTE Himart 852 70,640 0.01 Lotte Non-Life Insurance 8,040 21,750 0.00 Lotte Samkang 28 19,739 0.00 Lotte Shopping 1,602 612,505 0.05 LS 2,663 204,138 0.02 Mando 1,855 219,714 0.02 MegaStudy 735 54,045 0.01 Meritz Finance Group 18,190 116,860 0.01 Meritz Fire & Marine Insurance 8,450 120,903 0.01 Meritz Securities 109,400 180,891 0.02 Mirae Asset Securities 12,790 464,771 0.04 MNTech 1,186 7,024 0.00 Moorim P&P 10,850 58,601 0.01 Namhae Chemical 10,620 69,334 0.01 Namyang Dairy Products 243 215,749 0.02 NAVER 2,331 1,599,132 0.14 Neowiz Games 3,059 51,160 0.01 NEPES 6,401 40,759 0.00 Nexen 594 43,677 0.00 NHN Entertainment 1,150 104,937 0.01 NICE Holdings 2,600 28,701 0.00 Nong Shim Holdings 484 36,185 0.00 NongShim 859 203,894 0.02 OCI 1,043 188,765 0.02 OCI Materials 2,965 83,582 0.01 Orion 1,690 1,518,094 0.13 Paik Kwang Industrial 8,450 22,659 0.00 Poongsan 9,630 260,973 0.02 Poongsan Holdings 1,620 45,130 0.00 Posco 2,317 715,727 0.06 Posco - ADR 24,115 1,879,764 0.16 Pyeong Hwa Automotive 2,872 58,101 0.01 S&T Dynamics 11,610 140,264 0.01 S&T Holdings 3,390 51,395 0.01 S&T Motiv 3,430 88,565 0.01 Sajo Industries 800 22,021 0.00 Sam Young Electronics 6,850 60,559 0.01 Sam Yung Trading 760 11,270 0.00 SAMHWA Paints Industrial 840 8,357 0.00 Samsung C&T 18,013 1,034,337 0.09 Samsung Card 10,820 382,932 0.03 Samsung Electro-Mechanics 3,299 227,884 0.02 Samsung Electronics 19,511 25,346,644 2.20

MGI Funds plc 28 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea (continued) Samsung Fine Chemicals 4,351 183,465 0.02 Samsung Fire & Marine Insurance 1,399 342,012 0.03 Samsung Heavy Industries 23,210 836,822 0.07 Samsung Life Insurance 4,296 421,316 0.04 Samsung SDI 5,752 880,227 0.08 Samsung Securities 8,528 355,552 0.03 Samyang Holdings 1,810 127,944 0.01 SBS Media Holdings 9,670 47,922 0.00 Seah Besteel 5,800 142,341 0.01 SeAH Steel 1,187 98,978 0.01 Sebang 4,770 84,295 0.01 Sejong Industrial 2,880 41,344 0.00 Seobu T&D 2,124 35,221 0.00 SG 61,470 36,287 0.00 Shinhan Financial Group 75,650 3,390,577 0.29 Shinhan Financial Group - ADR 20,392 931,303 0.08 Shinsegae 1,603 383,529 0.03 Shinsegae International 179 15,197 0.00 Shinyoung Securities 1,440 53,692 0.01 Silicon Works 2,304 52,396 0.01 Silla 1,680 38,603 0.00 Simm Tech 5,770 35,483 0.00 Sindoh 1,672 108,684 0.01 SK Broadband 20,021 82,903 0.01 SK Chemicals 6,700 349,808 0.03 SK Communications 8,765 44,683 0.00 SK Gas 1,760 123,743 0.01 SK Holdings 3,754 677,630 0.06 SK Hynix 86,880 3,029,501 0.26 SK Innovation 12,706 1,697,585 0.15 SK Networks 62,020 443,693 0.04 SK Securities 123,560 83,009 0.01 SKC 9,540 276,161 0.02 SL 6,190 95,605 0.01 Songwon Industrial 2,310 21,735 0.00 Ssangyong Cement Industrial 6,810 44,008 0.00 STX Offshore & Shipbuilding 1,680 10,650 0.00 STX Pan Ocean 48,200 34,802 0.00 Sungwoo Hitech 16,906 246,698 0.02 Taekwang Industrial 188 228,910 0.02 Taewoong 3,856 103,036 0.01 Taeyoung Engineering & Construction 15,870 83,309 0.01 Tailim Packaging Industrial 16,780 34,423 0.00 Tongyang Life Insurance 14,710 157,505 0.01 TONGYANG Securities 38,010 90,942 0.01 TS 1,370 36,543 0.00 Unid 1,120 62,827 0.01 Woongjin Chemical 5,700 58,871 0.01 Woongjin Thinkbig 4,220 27,511 0.00 Wooree ETI 15,938 43,570 0.00 Woori Finance Holdings 52,690 661,527 0.06 Woori Financial 1,480 31,133 0.00 Woori Investment & Securities 55,020 499,969 0.04 Yesco 1,150 40,427 0.00 Youlchon Chemical 3,620 40,133 0.00

MGI Funds plc 29 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea (continued) Young Poong 30 36,016 0.00 Young Poong Precision 4,744 43,693 0.00 –––––––––––– ––––––– 142,202,247 12.34 Luxembourg Kernel Holding 10,443 131,548 0.01 Pegas Nonwovens 1,821 54,269 0.01 Samsonite International 279,000 845,590 0.07 –––––––––––– ––––––– 1,031,407 0.09 Malaysia Affin Holdings 125,600 159,133 0.01 AirAsia 497,100 333,879 0.03 Alam Maritim Resources 118,000 56,199 0.01 Alliance Financial Group 108,600 157,819 0.01 Allianz Malaysia 10,200 36,870 0.00 AMMB Holdings 1,820,700 4,024,383 0.35 Ann Joo Resources 72,500 23,019 0.00 APM Automotive Holdings 51,400 89,917 0.01 Axiata Group 1,151,900 2,426,533 0.21 Batu Kawan 12,000 71,000 0.01 Benalec Holdings 147,400 38,251 0.00 Berjaya 1,486,300 256,376 0.02 BIMB Holdings 63,600 87,958 0.01 Boustead Holdings 175,300 300,774 0.03 British American Tobacco Malaysia 41,521 803,673 0.07 Cahya Mata Sarawak 90,535 187,123 0.02 Can-One 52,000 51,754 0.00 CB Industrial Product Holding 98,200 95,936 0.01 CIMB Group Holdings 1,107,310 2,552,340 0.22 Coastal Contracts 103,200 108,068 0.01 Crescendo 60,400 54,398 0.00 Daiman Development 87,800 82,560 0.01 DRB-Hicom 540,300 465,164 0.04 Eastern & Oriental 401,300 231,555 0.02 Eversendai 146,000 46,356 0.00 Faber Group 147,300 114,674 0.01 Genting 4,411,700 5,872,390 0.51 Genting 834,100 2,607,597 0.23 Genting Plantations 28,400 94,161 0.01 Glomac 274,500 93,860 0.01 Goldis 18,746 11,618 0.00 GuocoLand Malaysia 187,900 57,078 0.01 HAP Seng Consolidated 419,600 384,308 0.03 Hap Seng Plantations Holdings 154,600 126,021 0.01 Hiap Teck Venture 222,100 48,821 0.00 Hong Leong Bank 29,300 128,811 0.01 Hong Leong Financial Group 85,100 399,584 0.04 Hong Leong Industries 27,400 40,487 0.00 Hua Yang 87,900 51,256 0.00 HwangDBS Malaysia 87,500 112,197 0.01 IGB 447,100 369,910 0.03 IJM 480,200 860,563 0.08 IJM Land 284,400 221,407 0.02 IJM Plantations 49,400 52,635 0.00

MGI Funds plc 30 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Malaysia (continued) Insas 171,200 45,472 0.00 Integrax 80,300 50,747 0.00 Iris 234,900 20,080 0.00 Jaya Tiasa Holdings 154,600 95,814 0.01 JCY International 188,500 36,543 0.00 Keck Seng Malaysia 100,100 209,338 0.02 Kian JOO CAN Factory 123,900 118,018 0.01 Kimlun 15,900 8,883 0.00 KNM Group 701,000 95,236 0.01 Kretam Holdings 62,000 70,792 0.01 KSL Holdings 97,600 65,255 0.01 Kulim Malaysia 335,100 351,929 0.03 Kumpulan Fima 44,500 26,220 0.00 Kumpulan Perangsang Selangor 101,200 59,011 0.01 Landmarks 107,500 34,789 0.00 LBS Bina Group 117,800 55,385 0.01 Lion Industries 271,600 60,116 0.01 Mah Sing Group 161,600 111,499 0.01 Malayan Banking 1,817,281 5,514,814 0.48 Malayan Flour Mills 101,800 47,240 0.00 Malaysia Airports Holdings 150,000 411,235 0.04 Malaysian Airline System 809,800 76,641 0.01 Malaysian Bulk Carriers 184,300 99,591 0.01 Malaysian Pacific Industries 35,100 33,862 0.00 Malaysian Resources 1,013,900 399,307 0.03 MBM Resources 80,000 78,156 0.01 Media Prima 213,000 169,724 0.01 MISC 205,100 356,287 0.03 MKH 92,900 76,294 0.01 MMC 308,000 270,811 0.02 MNRB Holdings 47,900 51,329 0.00 Mudajaya Group 132,500 116,906 0.01 Muhibbah Engineering 113,500 79,005 0.01 Mulpha International 583,200 72,110 0.01 Multi-Purpose Holdings 427,600 408,606 0.04 Naim Holdings 43,100 48,028 0.00 NCB Holdings 20,000 21,249 0.00 Oriental Holdings 86,500 222,093 0.02 OSK Holdings 254,600 127,475 0.01 Pantech Group Holdings 103,600 30,838 0.00 Parkson Holdings 393,900 329,503 0.03 Perdana Petroleum 106,400 51,324 0.00 PJ Development Holdings 206,600 79,474 0.01 Plenitude 16,900 13,260 0.00 PPB Group 87,500 431,156 0.04 Press Metal 119,100 83,994 0.01 Public Bank 761,500 4,505,532 0.39 RHB Capital 140,391 338,601 0.03 Rimbunan Sawit 356,000 84,775 0.01 Sarawak Oil Palms 17,600 34,980 0.00 Scientex 26,500 45,791 0.00 Scomi Group 716,100 77,611 0.01 Selangor Properties 59,600 87,157 0.01 Sime Darby 404,700 1,176,231 0.10 SP Setia 287,300 263,135 0.02

MGI Funds plc 31 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Malaysia (continued) Star Publications Malaysia 167,400 113,968 0.01 Sunway 470,566 389,325 0.03 Supermax 312,500 263,319 0.02 Suria Capital Holdings 29,700 23,938 0.00 Ta Ann Holdings 122,900 155,337 0.01 TA Enterprise 659,600 157,072 0.01 TA Global 764,900 68,889 0.01 Tan Chong Motor Holdings 37,200 70,300 0.01 TDM 299,300 86,807 0.01 Tebrau Teguh 160,800 63,328 0.01 TH Plantations 186,380 105,836 0.01 Time dotCom 218,100 236,378 0.02 Tropicana 177,300 66,038 0.01 UEM Sunrise 184,500 132,369 0.01 Unisem M 292,100 88,731 0.01 UOA Development 288,500 169,991 0.02 Wah Seong 198,400 99,336 0.01 WCT 502,100 311,178 0.03 Wing Tai Malaysia 45,800 31,181 0.00 WTK Holdings 100,900 40,046 0.00 YNH Property 140,400 77,583 0.01 YTL 1,031,800 510,309 0.04 YTL Land & Development 78,400 22,379 0.00 –––––––––––– ––––––– 45,501,306 3.95 Malta Brait 184,637 923,736 0.08 –––––––––––– ––––––– Mexico Alfa 657,508 1,845,439 0.16 Alpek 144,832 326,441 0.03 America Movil - ADR 270,563 6,323,057 0.55 Arca Continental 73,400 455,067 0.04 Axtel 425,200 151,287 0.01 Banregio Grupo Financiero 27,500 162,768 0.01 Bio Pappel 43,316 104,444 0.01 Bolsa Mexicana de Valores 13,267 30,328 0.00 Cemex 1,071,900 1,253,005 0.11 Cemex - ADR 310,578 3,671,032 0.32 Cia Minera Autlan 71,410 54,687 0.00 Coca-Cola Femsa 7,844 94,406 0.01 Coca-Cola Femsa - ADR 13,213 1,608,947 0.14 Compartamos 895,100 1,665,522 0.14 Consorcio ARA 467,300 181,966 0.02 Controladora Comercial Mexicana 191,679 827,033 0.07 Corp GEO 192,500 24,251 0.00 Desarrolladora Homex - ADR 8,265 9,587 0.00 Empresas ICA 217,600 447,755 0.04 Empresas ICA - ADR 16,826 142,011 0.01 Fibra Uno Administracion REIT 2,588,500 8,314,648 0.72 Fomento Economico Mexicano 147,900 1,425,456 0.12 Fomento Economico Mexicano - ADR 66,558 6,512,700 0.57 Gruma 124,494 934,288 0.08 Gruma - ADR 2,021 61,358 0.01 Grupo Aeromexico 89,800 123,210 0.01

MGI Funds plc 32 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Mexico (continued) Grupo Aeroportuario del Centro Norte 70,084 234,378 0.02 Grupo Aeroportuario del Centro Norte - ADR 3,022 79,932 0.01 Grupo Aeroportuario del Pacifico 127,790 675,190 0.06 Grupo Aeroportuario del Pacifico - ADR 36,741 1,934,414 0.17 Grupo Aeroportuario del Sureste 78,879 979,156 0.09 Grupo Aeroportuario del Sureste - ADR 3,477 433,408 0.04 Grupo Carso 72,314 379,648 0.03 Grupo Cementos de Chihuahua 30,900 87,766 0.01 Grupo Comercial Chedraui 185,935 651,766 0.06 Grupo Elektra 11,694 396,441 0.03 Grupo Famsa 104,102 187,186 0.02 Grupo Financiero Banorte 649,461 4,526,885 0.39 Grupo Financiero Inbursa 320,250 901,296 0.08 Grupo Financiero Santander Mexico 147,300 398,359 0.03 Grupo Financiero Santander Mexico - ADR 732,763 9,987,560 0.87 Grupo Gigante 62,900 127,268 0.01 Grupo Industrial Saltillo 80,378 141,152 0.01 Grupo KUO 56,000 111,169 0.01 Grupo Mexico 587,603 1,939,961 0.17 Grupo Simec 64,330 266,807 0.02 Grupo Televisa 239,830 1,437,828 0.13 Grupo Televisa - ADR 85,020 2,572,705 0.22 Industrias Bachoco 129,657 436,178 0.04 Industrias Bachoco - ADR 3,774 151,979 0.01 Industrias CH 95,802 643,257 0.06 Industrias Penoles 92,781 2,302,320 0.20 Inmuebles Carso 117,800 117,826 0.01 Kimberly-Clark de Mexico 560,000 1,582,879 0.14 Megacable Holdings 72,975 245,996 0.02 Mexichem 155,726 639,805 0.06 Minera Frisco 52,402 107,628 0.01 OHL Mexico 288,618 733,161 0.06 Organizacion Cultiba 77,327 155,042 0.01 Organizacion Soriana 357,800 1,284,262 0.11 Promotora y Operadora de Infraestructura 18,641 220,453 0.02 TV Azteca 679,288 360,464 0.03 Vitro 60,900 155,771 0.01 Wal-Mart de Mexico 2,076,525 5,414,409 0.47 –––––––––––– ––––––– 79,752,398 6.92 Netherlands Cinema City International 1,790 18,449 0.00 Yandex 83,839 3,616,814 0.32 –––––––––––– ––––––– 3,635,263 0.32 Panama Avianca Holdings - Pref 39,939 75,454 0.01 –––––––––––– ––––––– Peru Cia de Minas Buenaventura - ADR 10,572 118,512 0.01 –––––––––––– ––––––– Philippines Alliance Global Group 712,200 412,404 0.04 Atlas Consolidated Mining & Development 425,200 139,298 0.01

MGI Funds plc 33 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Philippines (continued) Ayala 5,800 67,628 0.01 Ayala Land 2,241,600 1,247,510 0.11 Bank of the Philippine Islands 44,660 85,531 0.01 BDO Unibank 173,270 267,620 0.02 Belle 568,100 62,848 0.01 Cebu Air 98,520 103,997 0.01 Century Properties Group 912,000 27,124 0.00 China Banking 98,868 131,430 0.01 Cosco Capital 340,500 67,360 0.01 DMCI Holdings 64,330 81,169 0.01 East West Banking 102,000 55,846 0.00 EEI 72,700 15,643 0.00 Energy Development 1,044,000 124,673 0.01 Filinvest Land 5,549,000 175,037 0.01 First Philippine Holdings 134,972 162,395 0.01 Global-Estate Resorts 1,248,000 37,961 0.00 GT Capital Holdings 2,810 47,928 0.00 International Container Terminal Services 2,430 5,546 0.00 JG Summit Holdings 341,200 296,361 0.03 Lopez Holdings 1,252,600 112,327 0.01 LT Group 960,800 333,382 0.03 Megaworld 6,110,000 444,664 0.04 Metropolitan Bank & Trust 96,766 164,720 0.01 Pepsi-Cola Products Philippines 303,900 29,854 0.00 Petron 567,000 176,810 0.02 Philippine Long Distance Telephone - ADR 114,300 6,872,859 0.60 Philippine National Bank 175,990 340,619 0.03 Rizal Commercial Banking 187,650 176,308 0.02 Robinsons Land 780,400 349,912 0.03 Robinsons Retail Holdings 290,480 361,280 0.03 San Miguel 130,090 182,901 0.02 San Miguel Pure Foods 18,860 99,521 0.01 Security Bank 87,528 227,781 0.02 SM Investments 123,445 1,976,177 0.17 SM Prime Holdings 329,786 108,932 0.01 STI Education Systems Holdings 654,000 9,283 0.00 Top Frontier Investment Holdings 13,009 11,285 0.00 Trans Asia Oil Petroleum 19,227 17 0.00 Trans-Asia Oil & Energy Development 754,000 23,784 0.00 Union Bank Of Philippines 98,030 278,082 0.02 Universal Robina 40,840 104,073 0.01 Vista Land & Lifescapes 1,933,800 224,392 0.02 –––––––––––– ––––––– 16,224,272 1.41 Poland Agora 17,512 54,670 0.00 Asseco Poland 44,818 680,265 0.06 Bank Handlowy w Warszawie 2,945 100,722 0.01 Bank Millennium 88,482 206,730 0.02 Bank Pekao 5,496 325,303 0.03 BRE Bank 495 79,398 0.01 Ciech 12,624 127,895 0.01 Cyfrowy Polsat 104,914 687,037 0.06 Echo Investment 95,443 211,291 0.02

MGI Funds plc 34 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Poland (continued) Emperia Holding 2,309 54,713 0.00 Enea 55,573 250,474 0.02 Farmacol 1,688 37,050 0.00 Getin Holding 106,884 133,895 0.01 Getin Noble Bank 284,763 251,973 0.02 Grupa Azoty 11,188 230,436 0.02 Grupa Kety 2,439 175,805 0.02 Grupa Lotos 35,855 415,889 0.04 Impexmetal 91,865 102,294 0.01 ING Bank Slaski 1,982 74,454 0.01 Jastrzebska Spolka Weglowa 9,213 162,219 0.01 KGHM Polska Miedz 12,309 471,156 0.04 Kopex 11,010 37,327 0.00 LC 116,865 61,580 0.01 Lubelski Wegiel Bogdanka 6,096 246,470 0.02 MCI Management 20,838 64,984 0.01 Midas 119,006 23,664 0.00 Netia 162,245 282,287 0.02 Orbis 9,570 125,625 0.01 Pelion 1,427 48,710 0.00 PGE 138,957 748,331 0.07 Polimex-Mostostal 152,567 6,573 0.00 Polski Koncern Naftowy Orlen 59,863 805,858 0.07 Powszechna Kasa Oszczednosci Bank Polski 251,607 3,262,815 0.28 Rovese 296,427 197,458 0.02 Tauron Polska Energia 424,085 614,178 0.05 Trakcja 135,849 57,627 0.01 –––––––––––– ––––––– 11,417,156 0.99 Portugal Jeronimo Martins 54,753 1,070,591 0.09 –––––––––––– ––––––– Romania Societatea Nationala de Gaze Naturale ROMGAZ - GDR 130,981 1,284,924 0.11 –––––––––––– ––––––– Russia Gazprom - ADR 1,088,199 9,195,282 0.80 Gazprom - ADR - UK listing 1,326,126 11,331,747 0.98 Lukoil - ADR 103,850 6,551,897 0.57 Lukoil - ADR - UK listing 26,022 1,623,773 0.14 Magnit OJSC 9,404 2,638,157 0.23 Magnitogorsk Iron & Steel Works - GDR 111,659 327,161 0.03 Mail.ru Group - GDR 9,053 403,673 0.03 Mail.ru Group - GDR - UK listing 22,246 991,949 0.09 Mechel - ADR 78,583 200,387 0.02 Mobile Telesystems - ADR 22,300 482,572 0.04 Mobile Telesystems OJSC 234,271 2,339,572 0.20 Moscow Exchange MICEX-RTS 380,902 750,560 0.06 Novatek - GDR 7,950 1,087,560 0.09 Novolipetsk Steel OJSC - GDR 4,369 73,792 0.01 Rosneft - GDR 59,757 454,452 0.04 RusHydro Management - ADR 445,566 769,047 0.07 Sberbank of Russia - ADR - UK listing 45,024 565,051 1.03 Sberbank of Russia - ADR – US listing 949,493 11,925,632 0.05

MGI Funds plc 35 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Russia (continued) Severstal - GDR 24,121 237,833 0.02 Tatneft - ADR 11,944 455,664 0.04 VTB Bank - GDR 256,470 767,102 0.07 –––––––––––– ––––––– 53,172,863 4.61 Singapore DBS Group Holdings 179,046 2,417,816 0.21 –––––––––––– ––––––– South Africa Adcorp Holdings 60,812 185,796 0.02 Advtech 4,702 2,949 0.00 Aeci 36,751 433,626 0.04 Afgri 137,872 85,958 0.01 African Bank Investments 313,294 360,443 0.03 African Oxygen 28,080 57,695 0.01 African Rainbow Minerals 42,945 772,897 0.07 Anglo American Platinum 8,794 328,905 0.03 AngloGold Ashanti - ADR 66,862 782,954 0.07 ArcelorMittal South Africa 104,563 371,979 0.03 Astral Foods 11,319 111,701 0.01 Aveng 232,561 582,860 0.05 Barclays Africa Group 59,386 749,855 0.06 Barloworld 140,399 1,340,619 0.12 Bidvest Group 119,913 3,072,316 0.27 Blue Label Telecoms 220,307 176,687 0.01 Business Connexion Group 122,446 63,013 0.01 Capitec Bank Holdings 5,110 101,612 0.01 Cashbuild 4,117 60,231 0.01 Caxton and CTP Publishers and Printers 45,466 77,746 0.01 Clicks Group 272,444 1,633,299 0.14 Clover Industries 100,590 174,793 0.01 Consolidated Infrastructure Group 5,026 10,869 0.00 DataTec 118,083 583,890 0.05 Discovery 28,119 225,784 0.02 DRDGOLD 194,100 69,310 0.01 Eqstra Holdings 190,826 141,930 0.01 Exxaro Resources 27,431 383,582 0.03 FirstRand 155,995 529,925 0.05 Foschini Group 35,750 326,823 0.03 Gold Fields 77,674 242,209 0.02 Gold Fields - ADR 53,685 171,255 0.01 Grand Parade Investments 135,567 61,093 0.01 Grindrod 225,663 603,923 0.05 Group Five 43,753 169,352 0.01 Harmony Gold Mining 42,942 106,189 0.01 Harmony Gold Mining - ADR 111,356 280,617 0.02 Hudaco Industries 8,686 87,078 0.01 Hulamin 5,022 2,407 0.00 Illovo Sugar 44,945 118,566 0.01 Impala Platinum Holdings 100,384 1,177,245 0.10 Imperial Holdings 36,905 711,761 0.06 Investec 45,869 326,267 0.03 Invicta Holdings 5,143 60,456 0.01 JD Group/South Africa 56,351 156,080 0.01

MGI Funds plc 36 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) South Africa (continued) JSE 16,278 139,129 0.01 Lewis Group 55,648 375,476 0.03 Liberty Holdings 34,207 397,142 0.03 Life Healthcare Group Holdings 427,019 1,706,649 0.15 Mediclinic International 63,196 458,444 0.04 Metair Investments 44,782 169,273 0.01 MMI Holdings 406,561 979,356 0.08 Mondi 6,431 110,338 0.01 Mpact 100,304 257,613 0.02 MTN Group 80,422 1,666,374 0.14 Murray & Roberts Holdings 256,689 656,810 0.06 Nampak 78,957 308,478 0.03 Naspers 31,950 3,332,043 0.29 Nedbank Group 38,378 767,505 0.07 Northam Platinum 198,558 782,763 0.07 Omnia Holdings 19,103 368,335 0.03 Peregrine Holdings 76,032 120,504 0.01 Pioneer Foods 16,568 145,215 0.01 PSG Group 35,585 290,490 0.02 Raubex Group 81,250 167,562 0.01 RCL Foods/South Africa 90,031 146,560 0.01 Remgro 138,601 2,750,119 0.24 Reunert 10,954 71,641 0.01 Royal Bafokeng Platinum 34,921 196,715 0.02 Sanlam 190,591 961,712 0.08 Sappi 288,423 899,932 0.08 Sasol 41,456 2,036,435 0.18 Sasol - ADR 27,837 1,375,983 0.12 Shoprite Holdings 15,451 240,327 0.02 Sibanye Gold 77,674 90,550 0.01 Sibanye Gold - ADR 92,345 443,256 0.04 Standard Bank Group 196,331 2,425,985 0.21 Stefanutti Stocks Holdings 23,503 23,046 0.00 Steinhoff International Holdings 428,918 1,848,151 0.16 Super Group 118,891 296,837 0.03 Telkom SOC 163,970 438,349 0.04 Tiger Brands 68,300 1,740,668 0.15 Tongaat Hulett 61,633 669,070 0.06 Trencor 60,987 401,776 0.03 Wilson Bayly Holmes-Ovcon 9,930 137,994 0.01 Woolworths Holdings 91,082 649,173 0.06 Zeder Investments 335,812 135,303 0.01 –––––––––––– ––––––– 49,253,626 4.27 Taiwan A-DATA Technology 21,000 49,464 0.00 Ability Enterprise 183,000 114,820 0.01 AcBel Polytech 35,000 35,994 0.00 Accton Technology 297,000 156,953 0.01 Acer 866,000 531,743 0.05 Achem Technology 101,000 56,763 0.01 Advanced International Multitech 10,000 10,636 0.00 Advanced Semiconductor Engineering 238,000 220,803 0.02 AGV Products 241,000 74,070 0.01 ALI 51,000 53,219 0.00

MGI Funds plc 37 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Alpha Networks 144,000 104,122 0.01 Altek 141,000 98,878 0.01 Ambassador Hotel 125,000 124,566 0.01 AmTRAN Technology 378,000 256,198 0.02 Arcadyan Technology 56,680 85,581 0.01 Ardentec 204,020 149,917 0.01 Asia Cement 73,440 94,993 0.01 Asia Optical 120,000 118,375 0.01 Asia Polymer 148,000 129,609 0.01 Asia Vital Components 148,000 100,807 0.01 Asustek Computer 155,000 1,393,794 0.12 AU Optronics 1,797,000 574,008 0.05 AU Optronics - ADR 75,640 235,240 0.02 Bank of Kaohsiung 177,132 56,462 0.01 BES Engineering 750,000 225,477 0.02 Capital Securities 829,000 307,362 0.03 Career Technology MFG. 149,000 140,983 0.01 Catcher Technology 26,000 168,806 0.01 Cathay Financial Holding 265,236 429,400 0.04 Cathay Financial Holding - GDR 486,401 7,874,525 0.68 Cathay Real Estate Development 187,000 117,646 0.01 Champion Building Materials 146,000 64,174 0.01 Chang Hwa Commercial Bank 566,030 347,555 0.03 Cheng Loong 463,000 222,929 0.02 Cheng Uei Precision Industry 192,000 385,243 0.03 Chia Chang 59,000 77,404 0.01 Chia Hsin Cement 204,000 107,464 0.01 Chien Kuo Construction 125,000 58,299 0.01 Chin-Poon Industrial 150,000 250,642 0.02 China Airlines 957,000 350,003 0.03 China Bills Finance 515,000 202,174 0.02 China Chemical & Pharmaceutical 115,000 90,484 0.01 China Development Financial Holding 1,638,000 494,640 0.04 China Electric Manufacturing 148,000 70,019 0.01 China General Plastics 148,400 84,150 0.01 China Life Insurance/Taiwan 670,320 676,989 0.06 China Man-Made Fiber 599,000 253,239 0.02 China Metal Products 31,620 43,552 0.00 China Motor 309,000 299,114 0.03 China Petrochemical Development 881,000 402,020 0.04 China Steel 1,042,480 942,669 0.08 China Steel - GDR 190,820 3,425,219 0.30 China Steel Structure 7,000 8,256 0.00 China Synthetic Rubber 195,000 183,854 0.02 China Wire & Cable 29,000 13,282 0.00 Chinese Maritime Transport 55,000 74,740 0.01 Chun Yuan Steel 39,000 14,918 0.00 Chung Hsin Electric & Machinery Manufacturing 202,000 153,177 0.01 Chung Hung Steel 377,000 108,280 0.01 Chung Hwa Pulp 257,000 80,885 0.01 Chunghwa Telecom - ADR 57,200 1,770,912 0.15 CMC Magnetics 1,374,000 225,439 0.02 Compal Electronics 1,417,000 1,084,020 0.09 Compeq Manufacturing 462,000 269,727 0.02 Concord Securities 262,000 73,932 0.01

MGI Funds plc 38 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Continental Holdings 216,000 77,910 0.01 Coretronic 350,000 345,849 0.03 Cosmos Bank Taiwan 20,000 10,099 0.00 Coxon Precise Industrial 46,000 72,542 0.01 CSBC Taiwan 182,000 116,943 0.01 CTBC Financial Holding 465,450 317,031 0.03 Cyberlink 6,000 17,112 0.00 CyberTAN Technology 64,000 70,972 0.01 D-Link 333,000 201,676 0.02 DA CIN Construction 57,000 53,742 0.00 Darfon Electronics 106,000 79,491 0.01 Depo Auto Parts Ind 14,000 55,195 0.01 Dynapack International Technology 19,000 52,913 0.00 E Ink Holdings 360,000 197,494 0.02 E-Ton Solar Tech 176,000 107,477 0.01 E.Sun Financial Holding 1,193,200 790,702 0.07 Eastern Media International 146,701 74,572 0.01 Elite Material 151,000 126,663 0.01 Elite Semiconductor Memory Technology 40,000 48,048 0.00 Elitegroup Computer Systems 170,500 97,540 0.01 EnTie Commercial Bank 183,000 91,489 0.01 Epistar 270,000 520,006 0.05 Eternal Chemical 167,000 162,218 0.01 Etron Technology 131,000 59,119 0.01 Eva Airways 137,000 76,306 0.01 Evergreen International Storage & Transport 222,000 154,935 0.01 Evergreen Marine Taiwan 569,000 347,469 0.03 Everlight Chemical Industrial 48,300 39,543 0.00 Everlight Electronics 57,000 131,008 0.01 Excelsior Medical 48,000 95,345 0.01 Far Eastern Department Stores 252,350 248,510 0.02 Far Eastern International Bank 698,833 291,928 0.03 Far Eastern New Century 124,440 143,214 0.01 Farglory Land Development 107,703 182,134 0.02 Federal 174,300 136,850 0.01 Feng Hsin Iron & Steel 17,000 31,030 0.00 First Financial Holding 843,480 523,575 0.05 First Insurance 103,000 67,564 0.01 First Steamship 170,000 113,795 0.01 Forhouse 152,000 57,631 0.01 Formosa Advanced Technologies 41,000 23,730 0.00 Formosa Chemicals & Fibre 97,850 275,458 0.02 Formosa Epitaxy 199,000 113,844 0.01 Formosa Plastics 143,000 386,247 0.03 Formosa Taffeta 271,000 325,980 0.03 Formosan Rubber Group 183,000 172,233 0.02 Formosan Union Chemical 84,000 40,304 0.00 Founding Construction & Development 81,320 51,979 0.00 Foxconn Technology 84,650 197,399 0.02 FSP Technology 70,000 63,768 0.01 Fubon Financial Holding 649,000 949,432 0.08 Fwusow Industry 65,000 32,060 0.00 G Shank Enterprise 52,000 35,593 0.00 G Tech Optoelectronics 63,000 79,375 0.01 Gemtek Technology 122,000 115,231 0.01

MGI Funds plc 39 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Genesis Photonics 86,000 47,035 0.00 Genius Electronic Optical 27,000 81,896 0.01 Getac Technology 192,000 99,532 0.01 Gigabyte Technology 275,000 332,176 0.03 Gigastorage 137,000 157,669 0.01 Gintech Energy 138,000 157,431 0.01 Global Brands Manufacture 207,000 72,580 0.01 Global Lighting Technologies 29,000 32,840 0.00 Global Mixed Mode Technology 7,000 19,612 0.00 Gloria Material Technology 282,450 206,600 0.02 Goldsun Development & Construction 602,000 249,457 0.02 Grand Pacific Petrochemical 447,000 347,209 0.03 Great China Metal Industry 27,000 33,112 0.00 Great Wall Enterprise 206,000 182,130 0.02 Green Energy Technology 130,000 136,964 0.01 Hannstar Board 172,000 64,637 0.01 HannStar Display 1,195,000 443,060 0.04 HannsTouch Solution 174,000 51,960 0.00 Hey Song 145,500 170,381 0.02 Highwealth Construction 47,000 99,035 0.01 Hiroca Holdings 11,000 38,016 0.00 Ho Tung Chemical 304,500 146,613 0.01 Holy Stone Enterprise 91,000 115,416 0.01 Hon Hai Precision Industry 418,400 1,123,090 0.10 Hon Hai Precision Industry - GDR 1,124,665 5,983,218 0.52 Horizon Securities 195,000 65,167 0.01 Hsin Kuang Steel 118,000 77,008 0.01 HTC 29,000 136,712 0.01 HUA ENG Wire & Cable 231,000 89,909 0.01 Hua Nan Financial Holdings 661,500 385,090 0.03 Huaku Development 26,000 73,367 0.01 Huang Hsiang Construction 15,000 26,876 0.00 Hung Poo Real Estate Development 122,000 123,214 0.01 Hung Sheng Construction 80,000 64,959 0.01 Hwa Fong Rubber 27,368 18,457 0.00 I-Sheng Electric Wire & Cable 15,000 21,315 0.00 Ichia Technologies 157,000 85,602 0.01 IEI Integration 35,700 49,711 0.00 Innolux 919,000 349,981 0.03 Inventec 623,000 550,809 0.05 ITE Technology 47,199 40,463 0.00 ITEQ 43,000 44,871 0.00 Jentech Precision Industrial 12,000 32,453 0.00 Jess-Link Products 17,000 15,173 0.00 Jih Sun Financial Holdings 506,132 146,727 0.01 Kaulin Manufacturing 41,000 31,985 0.00 KEE TAI Properties 104,000 69,442 0.01 Kindom Construction 30,000 34,325 0.00 King Yuan Electronics 530,000 363,665 0.03 King's Town Bank 111,000 105,587 0.01 King's Town Construction 49,000 47,679 0.00 Kinko Optical 61,000 60,379 0.01 Kinpo Electronics 612,000 223,826 0.02 Kinsus Interconnect Technology 15,000 49,675 0.00 Kung Sing Engineering 161,000 78,870 0.01

MGI Funds plc 40 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Kuoyang Construction 110,925 72,391 0.01 Kwong Fong Industries 100,800 65,783 0.01 L&K Engineering 55,000 52,594 0.00 LCY Chemical 121,000 156,916 0.01 Lealea Enterprise 288,000 106,779 0.01 Leofoo Development 73,000 30,372 0.00 Lextar Electronics 104,000 109,397 0.01 Li Peng Enterprise 264,612 128,739 0.01 Lien Hwa Industrial 255,000 165,987 0.01 Lingsen Precision Industries 160,000 86,433 0.01 Lite-On Semiconductor 151,000 98,037 0.01 Lite-On Technology 77,383 123,980 0.01 Long Bon International 59,000 37,613 0.00 Long Chen Paper 199,926 99,616 0.01 Lotes 32,000 70,113 0.01 Macronix International 1,761,000 396,474 0.03 Masterlink Securities 423,000 146,188 0.01 Mega Financial Holding 990,004 833,765 0.07 Mercuries & Associates 139,320 98,634 0.01 Mercuries Life Insurance 239,560 170,807 0.02 Micro-Star International 376,000 304,676 0.03 Motech Industries 148,000 303,414 0.03 Nan Ya Plastics 77,000 177,751 0.02 Nan Ya Printed Circuit Board 101,000 126,235 0.01 Nantex Industry 51,000 32,941 0.00 Neo Solar Power 138,592 204,841 0.02 Nien Hsing Textile 124,675 128,216 0.01 Ocean Plastics 48,000 54,920 0.01 OptoTech 193,000 82,242 0.01 Oriental Union Chemical 79,000 85,485 0.01 Pan Jit International 80,000 37,445 0.00 Pan-International Industrial 160,590 122,314 0.01 Pegatron 468,000 602,204 0.05 Phihong Technology 128,000 80,957 0.01 Pixart Imaging 44,000 74,260 0.01 Pou Chen 136,000 202,151 0.02 Power Quotient International 97,000 54,027 0.00 Powertech Technology 253,000 386,671 0.03 President Chain Store 312,356 2,158,986 0.19 President Securities 364,000 216,176 0.02 Prince Housing & Development 173,600 101,934 0.01 Promate Electronic 15,000 16,558 0.00 Qisda 850,000 208,767 0.02 Quanta Computer 837,000 1,946,218 0.17 Quanta Storage 113,000 116,778 0.01 Radium Life Tech 237,633 190,961 0.02 Rechi Precision 42,000 45,025 0.00 Rich Development 248,438 111,284 0.01 Ritek 1,187,000 200,731 0.02 Ruentex Industries 8,000 20,535 0.00 Sampo 215,000 85,124 0.01 Sanyang Industry 72,000 117,892 0.01 SDI 48,000 65,791 0.01 Shih Wei Navigation 85,000 60,035 0.01 Shihlin Electric & Engineering 134,000 170,852 0.02

MGI Funds plc 41 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Shin Kong Financial Holding 2,018,925 694,347 0.06 Shin Zu Shing 50,000 124,650 0.01 Shining Building Business 18,000 14,978 0.00 Shinkong Insurance 154,000 124,271 0.01 Shinkong Synthetic Fibers 650,000 226,819 0.02 Shuttle 111,000 47,672 0.00 Sigurd Microelectronics 143,000 136,506 0.01 Silicon Integrated Systems 280,000 83,520 0.01 Siliconware Precision Industries 93,000 110,932 0.01 Siliconware Precision Industries - ADR 293,900 1,754,583 0.15 Silitech Technology 51,080 60,757 0.01 Sinbon Electronics 34,000 45,575 0.00 Sincere Navigation 136,000 129,596 0.01 Sino-American Silicon Products 251,000 426,145 0.04 Sinon 118,000 66,120 0.01 SinoPac Financial Holdings 795,696 395,131 0.03 Sirtec International 28,000 52,893 0.00 Sitronix Technology 20,000 30,869 0.00 Soft-World International 16,000 38,707 0.00 Solar Applied Materials Technology 143,000 122,111 0.01 Solartech Energy 109,000 104,598 0.01 Southeast Cement 60,000 35,231 0.00 Sunplus Technology 237,000 91,051 0.01 Syncmold Enterprise 7,000 11,697 0.00 Synnex Technology International 89,000 141,099 0.01 Systex 71,000 159,850 0.01 T-Mac Techvest PCB 66,000 46,505 0.00 TA Chen Stainless Pipe 289,300 136,867 0.01 Ta Chong Bank 738,045 268,686 0.02 Tah Hsin Industrial 25,000 25,081 0.00 Taichung Commercial Bank 713,212 262,039 0.02 Taiflex Scientific 25,000 50,330 0.00 Tainan Enterprises 86,000 90,318 0.01 Tainan Spinning 527,800 372,781 0.03 Taishin Financial Holding 2,040,955 999,814 0.09 Taiwan Business Bank 1,146,080 348,783 0.03 Taiwan Cement 366,000 566,128 0.05 Taiwan Cogeneration 136,000 79,172 0.01 Taiwan Cooperative Financial Holding 629,640 344,360 0.03 Taiwan Fertilizer 224,000 507,323 0.04 Taiwan Fire & Marine Insurance 66,000 54,698 0.00 Taiwan FU Hsing Industrial 54,000 58,614 0.01 Taiwan Glass Industry 38,000 42,203 0.00 Taiwan Hon Chuan Enterprise 33,000 69,535 0.01 Taiwan Land Development 295,000 107,890 0.01 Taiwan Life Insurance 201,393 190,558 0.02 Taiwan Mobile 1,582,000 5,111,702 0.44 Taiwan Navigation 76,000 72,166 0.01 Taiwan Paiho 127,000 152,979 0.01 Taiwan PCB Techvest 107,441 128,157 0.01 Taiwan Prosperity Chemical 38,000 35,828 0.00 Taiwan Pulp & Paper 68,000 29,547 0.00 Taiwan Sakura 116,000 80,762 0.01 Taiwan Semiconductor 163,000 157,512 0.01 Taiwan Semiconductor Manufacturing - ADR 1,126,500 19,634,895 1.70

MGI Funds plc 42 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Taiwan Sogo Shin Kong SEC 39,000 49,987 0.00 Taiwan Styrene Monomer 238,000 168,098 0.01 Taiwan Surface Mounting Technology 101,850 153,441 0.01 Taiwan TEA 262,000 219,773 0.02 Taiwan Union Technology 54,000 41,401 0.00 Taiyen Biotech 70,479 72,717 0.01 Tatung 1,083,000 300,515 0.03 Teco Electric and Machinery 200,000 228,497 0.02 Test Research 4,000 5,577 0.00 Test-Rite International 67,000 49,794 0.00 Thye Ming Industrial 25,625 30,566 0.00 Tong Yang Industry 157,850 236,218 0.02 Tong-Tai Machine & Tool 91,560 82,640 0.01 Topco Scientific 26,517 52,850 0.00 Transasia Airways 23,000 9,801 0.00 Tripod Technology 153,000 273,622 0.02 Tsann Kuen Enterprise 16,000 22,065 0.00 Tung Ho Steel Enterprise 379,000 333,176 0.03 TXC 125,000 151,408 0.01 TYC Brother Industrial 32,000 18,146 0.00 U-Ming Marine Transport 23,000 41,287 0.00 Unimicron Technology 582,000 440,354 0.04 Union Bank Of Taiwan 487,989 179,290 0.02 Unitech Printed Circuit Board 317,000 127,104 0.01 United Integrated Services 50,000 61,905 0.01 United Microelectronics 1,775,000 735,526 0.06 Unity Opto Technology 119,000 119,385 0.01 Universal Cement 142,000 134,598 0.01 Unizyx Holding 181,000 113,567 0.01 UPC Technology 279,472 135,031 0.01 USI 118,000 81,957 0.01 Visual Photonics Epitaxy 33,000 33,660 0.00 Wafer Works 123,000 68,715 0.01 Wah Lee Industrial 98,000 155,532 0.01 Walsin Lihwa 1,627,000 521,343 0.05 Walsin Technology 304,000 81,499 0.01 Walton Advanced Engineering 138,000 49,545 0.00 Wan Hai Lines 409,000 212,024 0.02 Waterland Financial Holdings 838,420 280,753 0.02 Weikeng Industrial 24,000 18,441 0.00 Well Shin Technology 24,000 39,378 0.00 Win Semiconductors 224,000 208,566 0.02 Winbond Electronics 1,262,000 338,329 0.03 Wintek 932,000 325,224 0.03 Wisdom Marine Lines 70,350 82,380 0.01 Wistron 1,698,750 1,424,958 0.12 Wistron NeWeb 31,928 82,917 0.01 WPG Holdings 112,000 128,710 0.01 WT Microelectronics 142,000 167,712 0.01 Yageo 697,900 250,559 0.02 Yang Ming Marine Transport 666,000 310,615 0.03 YC INOX 172,000 131,870 0.01 Yem Chio 178,946 133,593 0.01 YFY 592,000 295,965 0.03 Yieh Phui Enterprise 415,000 134,790 0.01

MGI Funds plc 43 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Young Fast Optoelectronics 64,000 68,287 0.01 Youngtek Electronics 46,196 93,776 0.01 Yuanta Financial Holding 1,071,000 639,650 0.06 Yulon Motor 250,000 452,967 0.04 Yung Chi Paint & Varnish Manufacturing 16,000 41,767 0.00 Zig Sheng Industrial 230,280 79,970 0.01 Zinwell 146,000 169,007 0.02 –––––––––––– ––––––– 108,998,611 9.46 Thailand AAPICO Hitech 23,100 10,264 0.00 Advanced Info Service 214,600 1,302,882 0.11 AJ Plast 26,600 7,447 0.00 Amata 68,100 27,978 0.00 AP Thailand 796,400 106,639 0.01 Asia Aviation - NVDR 802,000 88,840 0.01 Bangchak Petroleum 306,500 258,835 0.02 Bangkok Bank 968,000 5,228,850 0.45 Bangkok Bank - NVDR 42,300 228,492 0.02 Bangkok Dusit Medical Services 55,100 197,025 0.02 Bangkok Expressway 197,000 200,837 0.02 Bangkok Insurance 9,000 101,613 0.01 Bangkokland 5,094,900 237,224 0.02 Banpu 432,000 397,687 0.04 CalComp Electronics Thailand 659,300 58,988 0.01 CH Karnchang 78,500 37,028 0.00 Charoen Pokphand Foods 135,500 129,892 0.01 Charoong Thai Wire & Cable 61,900 17,236 0.00 CP ALL 1,497,000 1,902,000 0.17 Delta Electronics Thailand 157,500 256,429 0.02 Eastern Water Resources Development and Management 86,200 31,741 0.00 Erawan Group 57,500 5,740 0.00 Esso Thailand 775,500 141,601 0.01 GFPT 59,800 23,112 0.00 Golden Land Property Development 199,600 37,357 0.00 Hana Microelectronics 162,100 124,559 0.01 Indorama Ventures 360,400 219,355 0.02 IRPC 3,328,200 330,187 0.03 Kasikornbank 346,600 1,671,821 0.15 Kasikornbank - NVDR 1,198,500 5,689,775 0.49 KGI Securities Thailand 323,300 27,745 0.00 Khon Kaen Sugar Industry 129,200 46,789 0.00 Khonburi Sugar 163,100 46,657 0.00 Kiatnakin Bank 184,300 208,922 0.02 Krung Thai Bank 829,100 416,316 0.04 Krungthai Card 25,600 22,982 0.00 Laguna Resorts & Hotels 25,000 20,922 0.00 Land and Houses Receipt - NVDR 1,913,600 512,467 0.05 Lanna Resources 58,600 20,687 0.00 LH Financial Group 2,420,500 89,866 0.01 Loxley 178,200 19,523 0.00 MBK 26,600 112,925 0.01 Nation Multimedia Group 1,071,700 43,703 0.00 Polyplex Thailand 152,500 42,928 0.00 Precious Shipping 198,100 127,806 0.01

MGI Funds plc 44 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Thailand (continued) Property Perfect 1,731,100 47,940 0.01 Pruksa Real Estate 139,400 76,785 0.01 PTT 1,278,200 11,124,930 0.97 PTT Chemical 1,298,400 3,111,656 0.27 PTT Exploration & Production 52,200 264,495 0.02 Quality Houses 1,493,900 119,112 0.01 Regional Container Lines 145,000 27,579 0.00 Rojana Industrial Park 116,500 24,463 0.00 Saha-Union 66,300 71,627 0.01 Sahaviriya Steel Industries 4,508,400 41,160 0.00 Sansiri 1,836,500 99,482 0.01 SC Asset 620,549 57,032 0.01 Siam Future Development 274,300 47,164 0.00 Siamgas & Petrochemicals 210,579 101,252 0.01 Somboon Advance Technology 79,300 34,510 0.00 Sri Ayudhya Capital 3,800 2,556 0.00 Sri Trang Agro-Industry 327,000 129,367 0.01 Srithai Superware 61,200 30,358 0.00 Supalai 73,400 32,389 0.00 Tata Steel Thailand 1,749,800 38,340 0.00 Thai Airways International 484,200 203,346 0.02 Thai Beverage 3,702,000 1,583,304 0.14 Thai Carbon Black 16,400 11,229 0.00 Thai Oil 176,200 300,280 0.03 Thai Stanley Electric 3,500 21,409 0.00 Thai Union Frozen Products 91,900 199,266 0.02 Thai Vegetable Oil 88,100 49,600 0.01 Thanachart Capital 294,300 284,359 0.03 Thoresen Thai Agencies 243,500 128,938 0.01 Ticon Industrial Connection 75,600 36,121 0.00 Tipco Asphalt 8,500 13,128 0.00 Tisco Financial Group 48,800 56,805 0.01 TMB Bank 4,280,400 268,339 0.02 Total Access Communication 10,500 30,915 0.00 TPI Polene 524,900 170,920 0.02 Univentures 74,800 15,593 0.00 Vinythai 230,200 72,857 0.01 –––––––––––– ––––––– 39,760,278 3.45 Turkey Adana Cimento Sanayii TAS 28,736 47,748 0.00 Akbank 298,940 929,448 0.08 Akenerji Elektrik Uretim 74,540 40,245 0.00 Akfen Holding 49,599 97,420 0.01 Aksa Akrilik Kimya Sanayii 38,084 142,161 0.01 Aksigorta 16,380 20,280 0.00 Alarko Holding 28,121 60,993 0.01 Albaraka Turk Katilim Bankasi 175,649 125,900 0.01 Altinyildiz Mensucat ve Konfeksiyon Fabrikalari 1,410 31,764 0.00 Anadolu Anonim Tuerk Sigorta Sirketi 98,149 60,758 0.01 Anadolu Cam Sanayii 77,909 69,623 0.01 Anadolu Efes Biracilik ve Malt Sanayii 8,110 87,007 0.01 Asya Katilim Bankasi 264,199 177,075 0.02 Aygaz 41,892 159,884 0.01

MGI Funds plc 45 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Turkey (continued) Baticim Bati Anadolu Cimento Sanayii 23,351 60,864 0.01 BIM Birlesik Magazalar 34,300 688,075 0.06 Bolu Cimento Sanayii 8,359 9,571 0.00 Borusan Mannesmann Boru Sanayi ve Ticaret 18,915 41,730 0.00 Cimsa Cimento Sanayi ve Ticaret 16,490 87,496 0.01 Coca-Cola Icecek 17,091 409,675 0.04 Deva Holding 31,226 26,888 0.00 Dogan Sirketler Grubu Holding 338,712 113,508 0.01 Dogan Yayin Holding 145,125 37,151 0.00 Dogus Otomotiv Servis ve Ticaret 23,778 74,151 0.01 Eczacibasi Yatirim Holding Ortakligi 12,738 30,830 0.00 EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret 74,050 72,723 0.01 Enka Insaat ve Sanayi 12,796 35,735 0.00 Eregli Demir ve Celik Fabrikalari 451,968 538,533 0.05 Global Yatirim Holding 152,634 83,119 0.01 Goltas Goller Bolgesi Cimento Sanayi ve Ticaret 1,913 42,383 0.00 Gozde Girisim Sermayesi Yatirim Ortakligi 22,182 55,339 0.00 GSD Holding 105,016 42,525 0.00 Hurriyet Gazetecilik 94,565 26,409 0.00 Ihlas Holding 264,810 50,534 0.00 Ipek Dogal Enerji Kaynaklari ve Uretim 9,925 14,413 0.00 Is Finansal Kiralama 95,941 42,422 0.00 Is Yatirim Menkul Degerler 14,795 8,745 0.00 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - A 80,325 71,408 0.01 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - B 45,602 71,741 0.01 Kardemir Karabuk Demir Celik Sanayi ve Ticaret - D 271,958 134,175 0.01 Karsan Otomotiv Sanayii ve Ticaret 69,939 28,972 0.00 KOC Holding 95,925 392,004 0.03 Koza Anadolu Metal Madencilik Isletmeleri 81,342 91,621 0.01 Mutlu Aku ve Malzemeleri Sanayi 11,698 44,865 0.00 Mutlu Yatirim Proje ve Gayrimenkul Gelistirme 1,469 14,051 0.00 Petkim Petrokimya Holding 133,706 169,272 0.01 Pinar Entegre Et ve Un Sanayi 5,730 20,002 0.00 Pinar SUT Mamulleri Sanayii 5,656 46,596 0.00 Polisan Holding 66,071 56,584 0.01 Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret 45,172 62,444 0.01 Sekerbank 186,325 179,517 0.02 Selcuk Ecza Deposu Ticaret ve Sanayi 65,400 55,705 0.01 Soda Sanayii 74,028 89,240 0.01 Tekfen Holding 79,477 184,959 0.02 Tekstil Bankasi 85,990 42,825 0.00 Tofas Turk Otomobil Fabrikasi 231,393 1,427,022 0.12 Trakya Cam Sanayi 146,228 174,235 0.02 Tupras Turkiye Petrol Rafinerileri 399,739 7,870,123 0.68 Turcas Petrol 51,517 59,706 0.01 Turk Hava Yollari 346,609 1,038,940 0.09 Turk Sise ve Cam Fabrikalari 185,981 233,721 0.02 Turk Telekomunikasyon 2,014,093 5,587,151 0.48 Turkcell Iletisim Hizmetleri 290,195 1,526,276 0.13 Turkcell Iletisim Hizmetleri - ADR 2,620 34,951 0.00 Turkiye Garanti Bankasi 530,951 1,720,000 0.15 Turkiye Halk Bankasi 115,626 653,878 0.06 Turkiye Is Bankasi 286,200 619,423 0.05 Turkiye Sinai Kalkinma Bankasi 278,576 234,686 0.02 Turkiye Vakiflar Bankasi Tao 377,483 671,159 0.06

MGI Funds plc 46 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Turkey (continued) Vestel Beyaz Esya Sanayi ve Ticaret 40,471 57,264 0.01 Vestel Elektronik Sanayi ve Ticaret 46,168 33,092 0.00 Yapi ve Kredi Bankasi 121,781 210,857 0.02 Zorlu Enerji Elektrik Uretim 122,983 58,959 0.01 –––––––––––– ––––––– 28,610,549 2.48 United Arab Emirates Emaar Properties 748,040 1,555,956 0.14 –––––––––––– ––––––– United Kingdom British American Tobacco 193,790 10,363,775 0.90 Etalon Group - GDR 13,954 73,956 0.01 HSBC Holdings 543,808 5,901,847 0.51 SABMiller 273,457 13,893,274 1.20 Standard Chartered 74,701 1,682,639 0.15 Unilever 190,949 7,849,550 0.68 –––––––––––– ––––––– 39,765,041 3.45 United States of America Yum! Brands 134,443 10,165,235 0.88 –––––––––––– –––––––

Total equities 1,126,727,531 97.76

Total transferable securities 1,126,727,531 97.76

Financial derivative instruments Warrants Malaysia Malaysian Resources, expires 16/09/2018 298,133 19,569 0.00 –––––––––––– –––––––

Total warrants 19,569 0.00

Open forward foreign currency contracts

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

USD 1* 809 PHP 35,852 02/01/2014 1 0.00 USD 2* 21,369 ZAR 223,753 06/01/2014 14 0.00 USD 2* 67,980 ZAR 704,568 03/01/2014 710 0.00 USD 2* 20,034 ZAR 209,161 07/01/2014 75 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 800 0.00

Total financial derivative instruments at positive fair value 20,369 0.00

Total financial assets at fair value through profit or loss 1,126,747,900 97.76

MGI Funds plc 47 MGI Funds plc Portfolio Statement MGI Emerging Markets Equity Fund as at 31 December 2013 (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 Open forward foreign currency contracts PHP 1* 219,203 USD 4,944 02/01/2014 (5) 0.00 ZAR 2* 210,525 USD 20,164 07/01/2014 (75) 0.00 –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (80) 0.00

Total financial derivative instruments at negative fair value (80) 0.00

Total financial liabilities at fair value through profit of loss (80) 0.00

Total financial derivative instruments 20,289 0.00

Total investments at fair value through profit and loss 1,126,747,820 97.76

Cash 24,759,922 2.15

Net current assets 1,097,373 0.09 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,152,605,115 100.00 –––––––––––– –––––––

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 97.60 Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regular market 0.00 OTC financial derivative instruments 0.00 Other current assets 2.40 ––––––– 100.00 –––––––

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

Reference Counterparty 1* State Street Bank and Trust 2* Goldman Sachs International

MGI Funds plc 48 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Government bonds Austria Austria (Government of) 3.50 15/07/2015 EUR 50,000 52,483 0.34 Austria (Government of) 3.20 20/02/2017 EUR 50,000 54,088 0.36 Austria (Government of) 4.65 15/01/2018 EUR 70,000 80,449 0.53 Austria (Government of) 4.35 15/03/2019 EUR 50,000 57,840 0.38 Austria (Government of) 3.50 15/09/2021 EUR 60,000 66,936 0.44 Austria (Government of) 4.85 15/03/2026 EUR 80,000 98,840 0.65 Austria (Government of) 4.15 15/03/2037 EUR 55,000 65,631 0.43 –––––––––––– ––––––– 476,267 3.13 Belgium Belgium (Government of) 8.00 28/03/2015 EUR 40,000 43,783 0.29 Belgium (Government of) 3.75 28/09/2015 EUR 50,000 53,011 0.35 Belgium (Government of) 3.25 28/09/2016 EUR 70,000 75,132 0.49 Belgium (Government of) 3.50 28/06/2017 EUR 70,000 76,416 0.50 Belgium (Government of) 5.50 28/09/2017 EUR 40,000 46,734 0.31 Belgium (Government of) 1.25 22/06/2018 EUR 50,000 50,138 0.33 Belgium (Government of) 4.00 28/03/2019 EUR 40,000 45,116 0.30 Belgium (Government of) 3.75 28/09/2020 EUR 55,000 61,581 0.40 Belgium (Government of) 4.00 28/03/2022 EUR 45,000 50,917 0.33 Belgium (Government of) 4.25 28/09/2022 EUR 50,000 57,372 0.38 Belgium (Government of) 5.50 28/03/2028 EUR 70,000 89,673 0.59 Belgium (Government of) 5.00 28/03/2035 EUR 60,000 75,039 0.49 Belgium (Government of) 4.25 28/03/2041 EUR 65,000 74,016 0.49 –––––––––––– ––––––– 798,928 5.25 Finland Finland (Government of) 3.88 15/09/2017 EUR 100,000 111,376 0.73 Finland (Government of) 3.50 15/04/2021 EUR 30,000 33,607 0.22 Finland (Government of) 4.00 04/07/2025 EUR 30,000 34,721 0.23 Finland (Government of) 2.63 04/07/2042 EUR 10,000 9,492 0.06 –––––––––––– ––––––– 189,196 1.24 France France (Government of) 3.50 25/04/2015 EUR 150,000 156,387 1.03 France (Government of) 3.00 25/10/2015 EUR 130,000 136,437 0.90 France (Government of) 2.25 25/02/2016 EUR 130,000 135,321 0.89 France (Government of) 3.25 25/04/2016 EUR 170,000 181,237 1.19 France (Government of) 5.00 25/10/2016 EUR 100,000 112,571 0.74 France (Government of) 1.75 25/02/2017 EUR 80,000 82,820 0.54 France (Government of) 3.75 25/04/2017 EUR 130,000 143,098 0.94 France (Government of) 4.25 25/10/2017 EUR 50,000 56,394 0.37 France (Government of) 4.00 25/04/2018 EUR 150,000 168,933 1.11 France (Government of) 4.25 25/10/2018 EUR 100,000 114,360 0.75 France (Government of) 4.25 25/04/2019 EUR 170,000 195,381 1.28 France (Government of) 3.50 25/04/2020 EUR 160,000 178,453 1.17 France (Government of) 3.75 25/04/2021 EUR 140,000 158,209 1.04 France (Government of) 3.00 25/04/2022 EUR 140,000 149,638 0.98 France (Government of) 2.25 25/10/2022 EUR 100,000 100,102 0.66 France (Government of) 4.25 25/10/2023 EUR 160,000 185,184 1.22 France (Government of) 3.50 25/04/2026 EUR 120,000 128,907 0.85 France (Government of) 5.50 25/04/2029 EUR 100,000 130,510 0.86 France (Government of) 5.75 25/10/2032 EUR 10,000 13,712 0.09 France (Government of) 4.75 25/04/2035 EUR 90,000 110,813 0.73

MGI Funds plc 49 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) France (continued) France (Government of) 4.50 25/04/2041 EUR 100,000 120,090 0.79 France (Government of) 4.00 25/04/2055 EUR 130,000 144,372 0.95 –––––––––––– ––––––– 2,902,929 19.08 Germany Bundesrepublik Deutschland 3.75 04/01/2015 EUR 125,000 129,485 0.85 Bundesrepublik Deutschland 0.25 13/03/2015 EUR 70,000 70,063 0.46 Bundesrepublik Deutschland 2.25 10/04/2015 EUR 100,000 102,427 0.67 Bundesrepublik Deutschland 3.25 04/07/2015 EUR 195,000 203,886 1.34 Bundesrepublik Deutschland 3.50 04/01/2016 EUR 120,000 127,851 0.84 Bundesrepublik Deutschland 2.75 08/04/2016 EUR 80,000 84,295 0.55 Bundesrepublik Deutschland 4.00 04/07/2016 EUR 110,000 119,978 0.79 Bundesrepublik Deutschland 3.75 04/01/2017 EUR 80,000 88,046 0.58 Bundesrepublik Deutschland 4.25 04/07/2017 EUR 90,000 101,520 0.67 Bundesrepublik Deutschland 4.00 04/01/2018 EUR 100,000 113,073 0.74 Bundesrepublik Deutschland 4.25 04/07/2018 EUR 100,000 115,256 0.76 Bundesrepublik Deutschland 3.75 04/01/2019 EUR 100,000 113,623 0.75 Bundesrepublik Deutschland 3.25 04/01/2020 EUR 50,000 55,975 0.37 Bundesrepublik Deutschland 3.00 04/07/2020 EUR 120,000 132,826 0.87 Bundesrepublik Deutschland 3.25 04/07/2021 EUR 70,000 78,657 0.52 Bundesrepublik Deutschland 1.75 04/07/2022 EUR 90,000 90,146 0.59 Bundesrepublik Deutschland 1.50 15/02/2023 EUR 100,000 97,125 0.64 Bundesrepublik Deutschland 6.50 04/07/2027 EUR 100,000 148,038 0.97 Bundesrepublik Deutschland 4.75 04/07/2028 EUR 40,000 51,068 0.34 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 60,000 89,030 0.59 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 50,000 69,637 0.46 Bundesrepublik Deutschland 4.75 04/07/2034 EUR 70,000 92,306 0.61 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 120,000 145,144 0.95 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 120,000 131,574 0.86 –––––––––––– ––––––– 2,551,029 16.77 Italy Italy Buoni Poliennali Del Tesoro 4.25 01/02/2015 EUR 210,000 217,302 1.43 Italy Buoni Poliennali Del Tesoro 3.00 15/06/2015 EUR 150,000 153,960 1.01 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2015 EUR 150,000 155,895 1.02 Italy Buoni Poliennali Del Tesoro 3.75 15/04/2016 EUR 90,000 94,471 0.62 Italy Buoni Poliennali Del Tesoro 4.75 15/09/2016 EUR 110,000 118,745 0.78 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2017 EUR 100,000 106,104 0.70 Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 115,000 126,914 0.83 Italy Buoni Poliennali Del Tesoro 4.50 01/02/2018 EUR 100,000 108,006 0.71 Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 110,000 119,130 0.78 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2019 EUR 285,000 308,156 2.02 Italy Buoni Poliennali Del Tesoro 4.25 01/03/2020 EUR 240,000 254,976 1.68 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 120,000 122,710 0.81 Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 85,000 95,442 0.63 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 130,000 138,821 0.91 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 50,000 51,805 0.34 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 130,000 139,484 0.92 Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 100,000 121,034 0.80 Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 100,000 107,968 0.71 Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 120,000 136,501 0.90 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 90,000 93,398 0.61 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 160,000 165,312 1.09 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 50,000 49,476 0.32 –––––––––––– ––––––– 2,985,610 19.62

MGI Funds plc 50 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Luxembourg Luxembourg (Government of) 3.38 18/05/2020 EUR 10,000 11,113 0.07 –––––––––––– ––––––– Netherlands Netherlands (Kingdom of) 2.75 15/01/2015 EUR 50,000 51,299 0.34 Netherlands (Kingdom of) 3.25 15/07/2015 EUR 120,000 125,523 0.83 Netherlands (Kingdom of) 2.50 15/01/2017 EUR 100,000 105,805 0.70 Netherlands (Kingdom of) 4.00 15/07/2018 EUR 80,000 90,450 0.59 Netherlands (Kingdom of) 4.00 15/07/2019 EUR 100,000 114,385 0.75 Netherlands (Kingdom of) 3.25 15/07/2021 EUR 60,000 66,105 0.43 Netherlands (Kingdom of) 3.75 15/01/2023 EUR 50,000 56,744 0.37 Netherlands (Kingdom of) 1.75 15/07/2023 EUR 30,000 28,769 0.19 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 35,000 46,725 0.31 Netherlands (Kingdom of) 2.50 15/01/2033 EUR 20,000 19,009 0.13 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 30,000 35,713 0.23 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 55,000 63,959 0.42 –––––––––––– ––––––– 804,486 5.29 Slovakia Slovakia (Government of) 3.50 24/02/2016 EUR 40,000 42,304 0.28 Slovakia (Government of) 4.35 14/10/2025 EUR 20,000 22,445 0.15 –––––––––––– ––––––– 64,749 0.43 Slovenia Slovenia (Government of) 4.13 26/01/2020 EUR 15,000 14,742 0.10 –––––––––––– ––––––– Spain Spain (Kingdom of) 3.00 30/04/2015 EUR 100,000 102,329 0.67 Spain (Kingdom of) 4.00 30/07/2015 EUR 80,000 83,304 0.55 Spain (Kingdom of) 3.15 31/01/2016 EUR 110,000 113,371 0.75 Spain (Kingdom of) 3.25 30/04/2016 EUR 70,000 72,360 0.48 Spain (Kingdom of) 4.25 31/10/2016 EUR 100,000 106,202 0.70 Spain (Kingdom of) 5.50 30/07/2017 EUR 90,000 99,865 0.66 Spain (Kingdom of) 4.10 30/07/2018 EUR 150,000 158,730 1.04 Spain (Kingdom of) 4.30 31/10/2019 EUR 120,000 127,666 0.84 Spain (Kingdom of) 4.85 31/10/2020 EUR 120,000 129,947 0.85 Spain (Kingdom of) 5.85 31/01/2022 EUR 85,000 96,526 0.63 Spain (Kingdom of) 4.80 31/01/2024 EUR 90,000 94,473 0.62 Spain (Kingdom of) 4.65 30/07/2025 EUR 100,000 102,600 0.67 Spain (Kingdom of) 6.00 31/01/2029 EUR 100,000 114,380 0.75 Spain (Kingdom of) 4.90 30/07/2040 EUR 110,000 109,334 0.72 –––––––––––– ––––––– 1,511,087 9.93

Total government bonds 12,310,136 80.91

Total transferable securities 12,310,136 80.91

MGI Funds plc 51 MGI Funds plc Portfolio Statement MGI Euro Bond Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss (continued) Collective investment schemes Ireland PIMCO Euro Credit Fund - Accumulation 181,990 2,453,227 16.13 –––––––––––– –––––––

Total collective investment schemes 2,453,227 16.13

Total financial assets at fair value through profit or loss 14,763,363 97.04

Total investments at fair value through profit and loss 14,763,363 97.04

Cash 134,021 0.88

Net current assets 316,921 2.08 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 15,214,305 100.00 –––––––––––– –––––––

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 80.86 Collective investment schemes 16.11 Other current assets 3.03 ––––––– 100.00 –––––––

MGI Funds plc 52 MGI Funds plc Portfolio Statement MGI Euro Cash Fund as at 31 December 2013

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

Financial assets at amortised cost Deposits with credit institutions Australia & New Zealand Banking Group 0.10 15/01/2014 EUR 12,000,000 12,000,000 5.85 Australia & New Zealand Banking Group 0.13 29/01/2014 EUR 12,629,385 12,629,385 6.16 Bank of Nova Scotia 0.06 15/01/2014 EUR 10,000,000 10,000,000 4.88 Bank of Nova Scotia 0.01 24/01/2014 EUR 6,700,000 6,700,000 3.27 Bank of Nova Scotia 0.06 18/02/2014 EUR 10,000,000 10,000,000 4.88 Commonwealth Bank of Australia 0.01 03/01/2014 EUR 13,000,448 13,000,448 6.34 DNB Bank 0.08 13/01/2014 EUR 15,000,000 15,000,000 7.31 DNB Bank 0.24 13/05/2014 EUR 7,000,000 7,000,000 3.41 HSBC Bank 0.03 13/01/2014 EUR 9,501,441 9,501,441 4.63 HSBC Bank 0.05 10/04/2014 EUR 15,306,210 15,306,210 7.46 Nordea Bank 0.10 13/01/2014 EUR 21,403,656 21,403,656 10.43 Rabobank International 0.02 03/01/2014 EUR 12,007,687 12,007,687 5.85 Rabobank International 0.08 22/04/2014 EUR 6,002,427 6,002,427 2.93 State Street Bank 0.00 06/01/2014 EUR 12,000,000 12,000,000 5.85 Svenska Nadelsbanken 0.07 21/01/2014 EUR 6,301,214 6,301,214 3.07 Svenska Nadelsbanken 0.08 11/03/2014 EUR 18,377,078 18,377,078 8.96 Toronto Dominion London 0.01 15/01/2014 EUR 6,000,000 6,000,000 2.93 Toronto Dominion London 0.06 22/01/2014 EUR 5,000,000 5,000,000 2.44

Total deposits with credit institutions 198,229,546 96.65

Total financial assets at amortised cost 198,229,546 96.65

Cash 6,723,388 3.28

Net current assets 141,357 0.07 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 205,094,291 100.00 –––––––––––– –––––––

Total assets comprised as follows: % of Total assets Deposits with credit institutions 96.63% Other current assets 3.37% ––––––– 100.00% –––––––

MGI Funds plc 53 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 31 December 2013

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Austria EVN 20,754 238,464 0.15 Immofinanz 236,519 - 0.00 OMV 6,717 232,476 0.14 Raiffeisen International Bank 19,687 502,609 0.31 Voestalpine 6,633 232,420 0.14 –––––––––––– ––––––– 1,205,969 0.74 Belgium Ageas 44,086 1,364,462 0.84 Anheuser-Busch 48,146 3,712,057 2.27 Barco 14,528 823,738 0.50 Belgacom 37,469 805,771 0.49 Delhaize Group 18,864 812,472 0.50 KBC Groep 7,071 290,865 0.18 –––––––––––– ––––––– 7,809,365 4.78 Cyprus TCS Group Holding - GDR 22,040 248,879 0.15 –––––––––––– ––––––– Denmark Novo Nordisk 5,880 783,043 0.48 –––––––––––– ––––––– Finland Fortum 14,071 234,001 0.14 Metso 8,247 255,822 0.16 Neste Oil 16,709 240,108 0.15 Nokia 180,805 1,051,381 0.64 Orion 12,596 257,210 0.16 Outotec 32,900 250,369 0.15 Stora Enso 33,123 241,632 0.15 Tieto 15,191 249,740 0.15 UPM-Kymmene 19,298 236,980 0.15 –––––––––––– ––––––– 3,017,243 1.85 France Alcatel-Lucent 203,338 662,475 0.41 Alstom 35,550 941,186 0.58 Alten 29,080 959,058 0.59 Arkema 3,823 323,961 0.20 AXA 133,866 2,705,432 1.66 BNP Paribas 47,175 2,670,577 1.63 Bureau Veritas 42,377 899,664 0.55 Cap Gemini 9,520 467,718 0.29 Carrefour 21,534 620,395 0.38 Casino Guichard Perrachon 16,152 1,352,730 0.83 Christian Dior 5,736 786,119 0.48 Cie Generale des Etablissements Michelin 11,777 909,773 0.56 CNP Assurances 68,086 1,011,418 0.62 Credit Agricole 107,540 1,000,660 0.61 Essilor International 15,801 1,221,101 0.75 Etablissements Maurel et Prom 82,846 1,003,265 0.61 Faurecia 18,348 508,240 0.31 Havas 147,070 878,890 0.54 Iliad 1,869 278,294 0.17 Ingenico 7,337 427,600 0.26

MGI Funds plc 54 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) France (continued) Legrand 35,542 1,423,813 0.87 Louis Vuitton Moet Hennessy 11,500 1,524,900 0.93 Metropole Television 59,774 995,237 0.61 Neopost 16,284 910,601 0.56 Orange 99,513 895,617 0.55 Peugeot 56,403 532,331 0.33 Renault 25,535 1,492,521 0.91 Rexel 21,639 411,574 0.25 Safran 20,154 1,017,979 0.62 Sanofi 28,946 2,232,315 1.37 Schneider Electric 15,398 976,233 0.60 Sodexo 15,580 1,147,000 0.70 Thales 21,500 1,001,792 0.61 Total 65,032 2,895,875 1.77 Valeo 33,379 2,684,339 1.64 Vivendi 50,466 963,648 0.59 Wendel 3,437 363,635 0.22 –––––––––––– ––––––– 41,097,966 25.16 Germany Adidas 17,445 1,615,407 0.99 Aixtron 34,006 356,723 0.22 Allianz 7,394 964,178 0.59 Aurubis 22,331 990,603 0.61 BASF 38,282 2,974,511 1.82 Bayer 46,917 4,790,226 2.93 Bayerische Motoren Werke 30,098 2,572,175 1.57 Bayerische Motoren Werke - Pref 12,717 789,344 0.48 Bechtle 19,990 989,405 0.61 Beiersdorf 8,002 589,587 0.36 Bilfinger 13,081 1,066,886 0.65 Commerzbank 79,229 926,979 0.57 Continental 13,198 2,104,421 1.29 Daimler 15,552 981,331 0.60 Deutsche Boerse 22,647 1,360,858 0.83 Deutsche Lufthansa 48,588 752,385 0.46 Deutsche Post 28,084 747,175 0.46 Deutsche Telekom 83,977 1,046,353 0.64 Dialog Semiconductor 24,893 388,455 0.24 Duerr 34,864 2,252,563 1.38 E.ON 110,546 1,486,291 0.91 Fresenius 12,640 1,413,152 0.87 Fresenius Medical Care 18,941 978,303 0.60 Gildemeister 41,002 951,246 0.58 Hugo Boss 4,253 440,824 0.27 Infineon Technologies 81,505 633,294 0.39 LEG Immobilien 7,796 334,448 0.20 Leoni 17,512 950,551 0.58 Linde 10,900 1,659,525 1.02 Merck 9,438 1,226,468 0.75 MTU Aero Engines Holding 17,665 1,263,578 0.77 Muenchener Rueckversicherungs 9,600 1,541,280 0.94 Porsche Automobil Holding - Pref 27,112 2,048,854 1.25

MGI Funds plc 55 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Germany (continued) Rheinmetall 21,059 941,653 0.58 SAP 57,586 3,600,853 2.20 Siemens 18,499 1,840,836 1.13 Software 33,436 849,943 0.52 Suedzucker 49,751 975,866 0.60 Talanx 38,825 955,483 0.59 ThyssenKrupp 31,933 565,534 0.35 Volkswagen 5,044 993,416 0.61 Volkswagen - Pref 5,110 1,044,484 0.64 Wirecard 18,695 535,799 0.33 –––––––––––– ––––––– 55,491,246 33.98 Greece Alpha Bank 655,325 412,855 0.25 Hellenic Exchanges - Athens Stock Exchange Holding 48,373 386,984 0.24 Hellenic Telecommunications Organization 73,077 706,654 0.43 OPAP 29,516 285,420 0.18 Piraeus Bank 290,541 438,717 0.27 –––––––––––– ––––––– 2,230,630 1.37 Ireland Ryanair Holdings 78,528 488,680 0.30 Smurfit Kappa Group 94,924 1,691,545 1.04 –––––––––––– ––––––– 2,180,225 1.34 Italy A2A 982,473 835,593 0.51 Assicurazioni Generali 37,021 632,689 0.39 Azimut Holding 36,772 729,189 0.45 Banca Generali 29,958 674,355 0.41 Enel 250,990 796,642 0.49 Enel Green Power 308,015 563,975 0.35 ENI 108,423 1,896,318 1.16 Pirelli 72,288 907,937 0.56 Societa Iniziative Autostradali e Servizi 109,365 789,068 0.48 Telecom Italia 781,014 562,721 0.34 UniCredit 168,412 906,057 0.56 Unipol Gruppo Finanziario 219,633 954,086 0.58 –––––––––––– ––––––– 10,248,630 6.28 Luxembourg ArcelorMittal 39,003 505,479 0.31 Eurofins Scientific 2,253 440,236 0.27 RTL Group 10,878 1,017,528 0.62 –––––––––––– ––––––– 1,963,243 1.20 Netherlands Aalberts Industries 36,668 848,681 0.52 Aegon 122,014 837,260 0.51 Airbus Group 17,511 977,289 0.60 Arcadis 33,316 853,556 0.52 ASM International 56,374 1,348,466 0.83 ASML Holding 24,720 1,681,949 1.03

MGI Funds plc 56 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Netherlands (continued) Delta Lloyd 79,965 1,436,571 0.88 Heineken Holding 17,164 788,772 0.48 ING Groep 468,723 4,720,040 2.89 Randstad Holding 15,455 728,703 0.45 –––––––––––– ––––––– 14,221,287 8.71 Poland Energa 118,473 449,058 0.27 –––––––––––– ––––––– Portugal EDP 295,461 786,222 0.48 Portucel Empresa Produtora de Pasta e Papel 287,494 836,607 0.51 Zon Optimus 110,195 592,739 0.37 –––––––––––– ––––––– 2,215,568 1.36 Russia Bank St Petersburg 394,861 366,175 0.23 MegaFon OAO - GDR 16,416.00 397,430 0.24 –––––––––––– ––––––– 763,605 0.47 Spain Amadeus IT Holding 48,885 1,515,435 0.93 Construcciones y Auxiliar de Ferrocarriles 2,157 815,346 0.50 Duro Felguera 173,949 850,611 0.52 Endesa 37,531 874,472 0.53 Iberdrola 174,980 809,807 0.50 Inditex 13,301 1,582,154 0.97 Mapfre 147,594 447,210 0.27 Repsol 74,834 1,364,972 0.84 Repsol - Rights 30,304 15,031 0.01 –––––––––––– ––––––– 8,275,038 5.07 Sweden Investment Kinnevik 31,556 1,060,778 0.65 Swedbank 42,722 873,265 0.53 –––––––––––– ––––––– 1,934,043 1.18 Switzerland UBS 54,740 755,340 0.46 –––––––––––– ––––––– Turkey Akcansa Cimento 82,828 323,140 0.20 Pegasus Hava Tasimaciligi 25,702 315,141 0.19 –––––––––––– ––––––– 638,281 0.39 United Arab Emirates DAMAC Real Estate Development - GDR 50,310 558,615 0.34 –––––––––––– –––––––

MGI Funds plc 57 MGI Funds plc Portfolio Statement MGI Eurozone Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings € Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom ARM Holdings 70,213 925,798 0.57 Globo 514,318 369,370 0.23 Jazztel 44,525 343,510 0.21 NMC Health 90,855 478,426 0.29 Royal Dutch Shell 32,463 840,954 0.51 Sports Direct International 103,137 886,366 0.54 –––––––––––– ––––––– 3,844,424 2.35

Total equities 159,931,698 97.93

Total transferable securities 159,931,698 97.93

Total financial assets at fair value through profit or loss 159,931,698 97.93

Cash 3,306,271 2.02

Net current assets 76,426 0.05 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 163,314,395 100.00 –––––––––––– –––––––

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 97.69 Other current assets 2.31 ––––––– 100.00 –––––––

MGI Funds plc 58 MGI Funds plc Portfolio Statement MGI Global Bond Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Government bonds France France (Government of) 4.00 25/10/2014 EUR 370,000 525,315 9.42 France (Government of) 4.25 25/04/2019 EUR 90,000 142,531 2.55 –––––––––––– ––––––– 667,846 11.97 Germany Bundesrepublik Deutschland 4.25 04/01/2014 EUR 70,000 96,456 1.73 Bundesrepublik Deutschland 3.50 04/07/2019 EUR 205,000 319,113 5.72 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 100,000 191,914 3.44 –––––––––––– ––––––– 607,483 10.89 Japan Japan Government Ten Year Bond 1.50 20/12/2017 JPY 65,000,000 650,289 11.66 Japan Government Ten Year Bond 1.50 20/09/2018 JPY 68,000,000 685,191 12.28 –––––––––––– ––––––– 1,335,480 23.94 Netherlands Netherlands (Kingdom of) 4.00 15/07/2019 EUR 140,000 220,664 3.96 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 50,000 91,978 1.65 –––––––––––– ––––––– 312,642 5.61 United Kingdom United Kingdom (Government of) 2.25 07/03/2014 GBP 50,000 83,102 1.49 United Kingdom (Government of) 4.75 07/03/2020 GBP 140,000 264,616 4.74 United Kingdom (Government of) 4.75 07/12/2038 GBP 50,000 98,572 1.77 –––––––––––– ––––––– 446,290 8.00 United States of America United States Treasury Bill 2.00 15/02/2022 USD 100,000 94,898 1.70 United States Treasury Bond 8.88 15/02/2019 USD 100,000 135,188 2.42 United States Treasury Bond 6.13 15/11/2027 USD 110,000 143,138 2.57 United States Treasury Bond 3.50 15/02/2039 USD 120,000 113,006 2.03 United States Treasury Bond 4.38 15/05/2040 USD 140,000 152,075 2.73 United States Treasury Bond 3.13 15/02/2042 USD 30,000 25,866 0.46 United States Treasury Note 2.38 31/08/2014 USD 40,000 40,589 0.73 United States Treasury Note 2.63 31/12/2014 USD 40,000 40,972 0.73 United States Treasury Note 1.25 30/09/2015 USD 30,000 30,486 0.55 United States Treasury Note 1.88 30/09/2017 USD 150,000 153,832 2.76 United States Treasury Note 3.75 15/11/2018 USD 100,000 109,742 1.97 United States Treasury Note 3.13 15/05/2019 USD 200,000 213,125 3.82 United States Treasury Note 3.63 15/02/2021 USD 80,000 86,331 1.55 United States Treasury Note 2.00 15/11/2021 USD 120,000 114,534 2.05 –––––––––––– ––––––– 1,453,782 26.07

Total government bonds 4,823,523 86.48

Total transferable securities 4,823,523 86.48

MGI Funds plc 59 MGI Funds plc Portfolio Statement MGI Global Bond Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Collective investment schemes Ireland PIMCO Global Investment Grade Credit Fund - Accumulation 44,711 683,635 12.26

Total collective investment schemes 683,635 12.26

Total financial assets at fair value through profit or loss 5,507,158 98.74

Total investments at fair value through profit or loss 5,507,158 98.74

Cash 19,899 0.36

Net current assets 50,133 0.90 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 5,577,190 100.00 –––––––––––– –––––––

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 86.41 Collective investment schemes 12.25 Other current assets 1.34 ––––––– 100.00 –––––––

MGI Funds plc 60 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Argentina Arcos Dorados Holdings 63,603 770,232 0.06 MercadoLibre 40,000 4,311,600 0.34 –––––––––––– ––––––– 5,081,832 0.40 Australia Asciano 51,918 267,543 0.02 Aurizon Holdings 66,899 292,074 0.02 Australia & New Zealand Banking Group 12,622 363,837 0.03 BHP Billiton 24,534 833,636 0.07 Brambles 222,065 1,817,834 0.14 Cochlear 90,000 4,744,148 0.38 Commonwealth Bank of Australia 7,922 551,401 0.04 CSL 75,000 4,621,760 0.37 Fortescue Metals Group 23,397 121,616 0.01 Goodman Group 6,087 25,758 0.00 Mesoblast 78,185 408,497 0.03 Mirvac Group 368,214 553,430 0.04 National Australia Bank 18,508 576,556 0.05 Newcrest Mining 5,519 38,513 0.00 Recall Holdings 44,412 161,317 0.01 Rio Tinto 8,493 517,441 0.04 Stockland REIT 106,553 344,133 0.03 Telstra 97,808 458,520 0.04 Wesfarmers 10,922 430,331 0.03 Westfield Group 50,438 455,304 0.04 Westpac Banking 14,934 432,486 0.04 Woolworths 8,915 269,901 0.02 –––––––––––– ––––––– 18,286,036 1.45 Austria Erste Group Bank 66,405 2,313,189 0.18 –––––––––––– ––––––– Belgium Anheuser-Busch 8,740 928,537 0.08 Belgacom 9,532 282,460 0.02 Umicore 100,000 4,678,138 0.37 –––––––––––– ––––––– 5,889,135 0.47 Bermuda Credicorp 13,368 1,773,265 0.14 Lazard 27,533 1,246,694 0.10 Marvell Technology Group 148,822 2,138,572 0.17 Nabors Industries 23,941 406,758 0.03 –––––––––––– ––––––– 5,565,289 0.44 Brazil ALL America Latina Logistica 105,358 292,953 0.02 AMBEV - ADR 559,695 4,108,161 0.33 Banco Bradesco - ADR 10,320 129,310 0.01 BM&FBovespa 237,800 1,112,774 0.09 BR Properties 33,106 261,003 0.02 Braskem - ADR 48,852 871,031 0.07 Diagnosticos da America 57,933 357,531 0.03 Embraer - ADR 25,574 822,460 0.06 Gol Linhas Aereas Inteligentes - ADR 51,088 232,450 0.02

MGI Funds plc 61 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Brazil (continued) Itau Unibanco Holding - ADR 92,656 1,257,342 0.10 Lojas Renner 29,182 754,397 0.06 Petroleo Brasileiro - ADR 61,724 906,108 0.07 –––––––––––– ––––––– 11,105,520 0.88 Canada Bank of Nova Scotia 80,000 4,999,529 0.40 Barrick Gold 15,792 278,088 0.02 BCE 25,528 1,104,251 0.09 Centerra Gold 3,400 13,824 0.00 CGI Group 11,397 381,008 0.03 Detour Gold 27,622 106,328 0.01 Domtar 6,451 608,587 0.05 Eldorado Gold 5,148 29,168 0.00 Fairfax Financial Holdings 4,840 1,931,444 0.15 Goldcorp 5,847 126,515 0.01 Magna International 12,874 1,055,002 0.08 Pan American Silver 12,500 144,706 0.01 Potash corp of Saskatchewan 47,226 1,556,569 0.12 Ritchie Bros Auctioneers 43,293 992,709 0.08 Tim Hortons 13,636 795,444 0.06 Yamana Gold 5,418 46,608 0.01 –––––––––––– ––––––– 14,169,780 1.12 Cayman Islands Baidu - ADR 13,800 2,454,330 0.19 Home Inns & Hotels Management - ADR 17,736 772,935 0.06 Li Ning 280,616 221,851 0.02 MGM China Holdings 59,200 251,574 0.02 Mindray Medical International - ADR 69,902 2,543,035 0.20 Sands China 22,800 186,575 0.02 –––––––––––– ––––––– 6,430,300 0.51 Channel Islands Randgold Resources 630 39,536 0.00 Shire 38,714 1,828,062 0.15 –––––––––––– ––––––– 1,867,598 0.15 Chile Latam Airlines Group - ADR 47,306 770,615 0.06 Latam Airlines Group - Rights 6,065 6,489 0.00 –––––––––––– ––––––– 777,104 0.06 China Bank of China 637,000 293,289 0.02 China Life Insurance 788,632 2,466,461 0.20 China Life Insurance - ADR 3,869 182,655 0.01 Dongfeng Motor Group 2,534,065 3,947,960 0.31 Industrial & Commercial Bank of China 2,203,000 1,488,792 0.12 Jiangxi Copper 372,000 671,675 0.05 Ping An Insurance Group of China 274,269 2,463,690 0.20 Shandong Weigao Group Medical Polymer 848,000 1,141,786 0.09 Tsingtao Brewery 128,000 1,078,807 0.09 –––––––––––– ––––––– 13,735,115 1.09

MGI Funds plc 62 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Denmark AP Moeller - Maersk - B 464 5,043,571 0.40 Carlsberg 19,043 2,110,379 0.17 Coloplast 3,082 204,305 0.02 Jyske Bank 20,479 1,106,390 0.09 Novo Nordisk 4,967 911,456 0.07 TDC 17,807 173,002 0.01 –––––––––––– ––––––– 9,549,103 0.76 Egypt Global Telecom Holding - GDR 199,984 659,947 0.05 –––––––––––– ––––––– Finland Sampo 20,215 994,154 0.08 –––––––––––– ––––––– France Alcatel-Lucent 257,000 1,153,765 0.09 Alstom 5,518 201,303 0.02 AXA 4,987 138,880 0.01 BNP Paribas 4,088 318,887 0.03 Casino Guichard Perrachon 215 24,812 0.00 Credit Agricole 50,786 651,169 0.05 Danone 4,320 311,447 0.02 Dassault Systemes 43,000 5,345,700 0.42 Essilor International 1,322 140,777 0.01 GDF Suez 15,998 376,299 0.03 L'Oreal 2,236 393,456 0.03 Louis Vuitton Moet Hennessy 12,798 2,338,401 0.19 Neopost 886 68,271 0.01 Orange 389,821 4,834,383 0.38 Sanofi 19,943 2,119,292 0.17 Schneider Electric 1,657 144,759 0.01 SCOR 12,390 451,746 0.04 Societe Generale 14,022 815,758 0.06 Sodexo 2,103 213,338 0.02 Total 28,698 1,760,912 0.14 Vivendi 15,310 402,836 0.03 –––––––––––– ––––––– 22,206,191 1.76 Germany Adidas 15,435 1,969,477 0.16 Allianz 15,512 2,787,268 0.22 Axel Springer 26,831 1,729,724 0.14 BASF 12,042 1,289,297 0.10 Bayer 11,808 1,661,252 0.13 Bayerische Motoren Werke 3,984 469,154 0.04 Daimler 4,081 354,837 0.03 Deutsche Bank 10,909 521,612 0.04 Deutsche Boerse 17,907 1,482,717 0.12 Deutsche Lufthansa 133,872 2,856,500 0.23 Deutsche Post 94,836 3,476,721 0.27 Deutsche Telekom 42,300 726,259 0.06 Deutsche Telekom - ADR 15,405 265,736 0.02 E.ON 26,713 494,899 0.04 Fraport Frankfurt Airport Services Worldwide 37,864 2,839,346 0.22 Infineon Technologies 323,458 3,463,157 0.27

MGI Funds plc 63 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Germany (continued) Merck 1,841 329,658 0.03 MTU Aero Engines Holding 43,600 4,297,422 0.34 Muenchener Rueckversicherungs 3,888 860,142 0.07 OSRAM Licht 990 55,931 0.01 ProSiebenSat.1 Media 11,653 577,820 0.04 RWE 4,781 175,636 0.01 SAP 12,771 1,100,390 0.09 Siemens 7,661 1,050,475 0.08 TAG Immobilien 20,196 244,256 0.02 Telefonica Deutschland Holding 135,105 1,116,076 0.09 Volkswagen - Pref 1,685 474,585 0.04 –––––––––––– ––––––– 36,670,347 2.91 Greece Public Power 17,649 262,650 0.02 –––––––––––– ––––––– Hong Kong AIA Group 71,000 355,744 0.03 China Mobile 123,000 1,273,029 0.10 China Mobile - ADR 3,095 161,838 0.01 China Resources Enterprise 484,000 1,604,230 0.13 Hengan International Group 400,000 4,715,138 0.37 Hutchison Whampoa 321,000 4,367,629 0.35 Jardine Matheson Holdings 24,000 1,255,200 0.10 Noble Group 5,500,001 4,639,236 0.37 SJM Holdings 121,431 405,618 0.03 Sun Hung Kai Properties 72,724 918,693 0.07 Swire Pacific - A 345,530 4,044,088 0.32 –––––––––––– ––––––– 23,740,443 1.88 India HDFC Bank - ADR 17,093 588,341 0.05 ICICI Bank - ADR 139,617 5,186,772 0.41 Larsen & Toubro - GDR 21,755 324,149 0.02 –––––––––––– ––––––– 6,099,262 0.48 Indonesia Bank Mandiri 2,841,500 1,821,175 0.15 Bank Negara Indonesia Persero 1,331,000 429,267 0.03 –––––––––––– ––––––– 2,250,442 0.18 Ireland Alkermes 100,000 4,063,000 0.32 Bank of Ireland 2,790,212 965,038 0.08 CRH 30,803 776,995 0.06 Dragon Oil 79,012 742,651 0.06 Eaton 7,372 560,935 0.04 Ryanair Holdings 345,726 2,964,593 0.24 Shire - ADR 1,623 229,314 0.02 –––––––––––– ––––––– 10,302,526 0.82 Israel Teva Pharmaceutical Industries 15,100 603,391 0.05 Teva Pharmaceutical Industries - ADR 44,812 1,796,065 0.14 –––––––––––– ––––––– 2,399,456 0.19

MGI Funds plc 64 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Italy Enel 44,459 194,446 0.02 ENI 164,614 3,967,253 0.31 Exor 21,506 856,724 0.07 Intesa Sanpaolo 1,468,283 3,629,656 0.29 Luxottica Group 92,234 4,946,491 0.39 Mediobanca 34,767 304,690 0.02 Telecom Italia 764,153 758,661 0.06 –––––––––––– ––––––– 14,657,921 1.16 Japan Aeon 18,800 254,351 0.02 Aeon Financial Service 34,600 926,354 0.07 Aisin Seiki 4,700 190,719 0.01 Amada 44,000 387,650 0.03 Asahi Group Holdings 1,100 30,958 0.00 Asahi Kasei 128,000 1,002,274 0.08 Astellas Pharmaceutical 25,200 1,491,309 0.12 Bank of Yokohama 33,000 183,359 0.01 Bridgestone 156,312 5,911,614 0.47 Canon - ADR 9,347 299,011 0.02 Casio Computer 4,100 50,126 0.00 Central Japan Railway 8,900 1,047,457 0.08 Chubu Electric Power 21,300 275,002 0.02 Chugai Pharmaceutical 9,000 198,744 0.02 Dai Nippon Printing 26,000 275,572 0.02 Dai-ichi Life Insurance 27,800 464,193 0.04 Daiichi Sankyo 15,500 282,998 0.02 Daikin Industries 8,900 553,789 0.04 Denso 29,200 1,539,108 0.12 Doutor Nichires Holdings 9,600 160,114 0.01 Duskin 8,100 153,361 0.01 East Japan Railway 18,000 1,433,424 0.11 Eisai 17,000 657,485 0.05 FamilyMart 4,500 205,509 0.02 FANUC 7,300 1,334,913 0.11 FANUC - ADR 5,967 183,247 0.01 Fuji Heavy Industries 54,700 1,566,500 0.12 Fujifilm Holdings 34,900 988,178 0.08 Fujitsu 986,941 5,108,181 0.40 Hamamatsu Photonics 8,100 323,676 0.03 Hino Motors 41,000 643,642 0.05 Hitachi 312,000 2,359,926 0.19 Honda Motor 29,300 1,205,675 0.10 Hoya 24,300 675,096 0.05 Inpex 145,000 1,856,905 0.15 Isuzu Motors 7,000 43,490 0.00 ITOCHU 102,500 1,265,829 0.10 Japan Exchange Group 43,000 1,221,207 0.10 Japan Tobacco 177,743 5,766,649 0.46 JX Holdings 46,400 238,390 0.02 Kansai Electric Power 17,800 204,411 0.02 Kao 33,783 1,062,298 0.08 KDDI 110,100 6,767,004 0.54 Keisei Electric Railway 26,000 238,714 0.02 Keyence 1,700 726,226 0.06

MGI Funds plc 65 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Kinden 24,000 250,721 0.02 Kirin Holdings 27,000 388,412 0.03 Komatsu 6,800 138,193 0.01 Konica Minolta Holdings 47,500 473,170 0.04 Kubota 36,000 594,263 0.05 Kyocera 26,900 1,338,538 0.11 Lawson 3,100 231,825 0.02 Makita 4,400 230,665 0.02 Marubeni 50,000 358,689 0.03 Mazda Motor 65,000 335,807 0.03 Minebea 167,000 1,221,854 0.10 Mitsubishi 260,846 5,000,758 0.40 Mitsubishi Electric 139,000 1,744,360 0.14 Mitsubishi Heavy Industries 135,000 834,879 0.07 Mitsubishi UFJ Financial Group 192,900 1,271,868 0.10 Mitsui 65,500 911,098 0.07 Mizuho Financial Group 382,900 826,966 0.07 Murata Manufacturing 10,200 905,437 0.07 Namco Bandai Holdings 68,700 1,523,616 0.12 NEC 184,000 413,149 0.03 Nidec 6,100 597,203 0.05 Nintendo 800 106,484 0.01 Nippon Telegraph & Telephone 12,400 666,571 0.05 Nissan Motor 64,700 543,553 0.04 Nitto Denko 7,700 324,542 0.03 NTT DoCoMo 58,700 962,277 0.08 Odakyu Electric Railway 8,000 72,309 0.01 Olympus 41,600 1,314,038 0.10 ORIX 31,300 549,436 0.04 ORIX - ADR 1,735 154,519 0.01 Osaka Gas 92,000 359,755 0.03 Otsuka Holdings 38,800 1,118,539 0.09 Panasonic 476,462 5,539,571 0.44 Rakuten 18,300 272,311 0.02 Resona Holdings 37,300 190,217 0.01 Rohm 20,900 1,016,117 0.08 Santen Pharmaceutical 3,800 176,975 0.01 Secom 3,500 210,456 0.02 Seven & I Holdings 114,700 4,550,678 0.36 Shin-Etsu Chemical 6,600 384,929 0.03 SMC 11,900 2,996,936 0.24 Softbank 14,204 1,241,946 0.10 Sony 9,800 170,070 0.01 Sony - ADR 24,960 431,558 0.03 Sumitomo 22,100 277,341 0.02 Sumitomo Chemical 79,000 308,920 0.02 Sumitomo Electric Industries 24,100 401,724 0.03 Sumitomo Mitsui Financial Group 118,800 6,114,914 0.48 Sumitomo Mitsui Trust Holdings 89,000 468,265 0.04 Suzuki Motor 13,400 359,909 0.03 T&D Holdings 18,400 256,817 0.02 Takeda Pharmaceutical 23,998 1,100,522 0.09 TDK 7,900 378,070 0.03 THK 69,200 1,724,980 0.14 Tobu Railway 12,000 58,113 0.00

MGI Funds plc 66 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Tokio Marine Holdings 9,100 303,896 0.02 Tokyo Electron 31,100 1,701,394 0.13 Tokyo Gas 127,000 623,491 0.05 Tokyu 41,000 265,259 0.02 Toppan Printing 58,000 462,985 0.04 Toyo Suisan Kaisha 7,000 209,790 0.02 Toyota Boshoku 8,000 99,786 0.01 Toyota Industries 10,900 491,566 0.04 Toyota Motor 137,600 8,391,761 0.66 Toyota Motor - ADR 4,159 506,816 0.04 Unicharm 4,200 239,361 0.02 West Japan Railway 16,300 706,403 0.06 Yahoo! Japan 154,100 856,233 0.07 Yamada Denki 29,800 97,249 0.01 Yamaha 29,700 470,487 0.04 Yamaha Motor 390,491 5,847,798 0.46 Yamato Holdings 42,400 856,835 0.07 Yaskawa Electric 350,000 5,531,136 0.44 –––––––––––– ––––––– 133,811,717 10.60 Korea Hyundai Engineering & Construction 6,979 401,407 0.03 Hyundai Motor 5,558 1,242,894 0.10 Hyundai Motor - GDR 16,889 987,162 0.08 KB Financial Group - ADR 13,683 553,888 0.04 Korea Electric Power - ADR 32,064 532,262 0.04 KT - ADR 19,326 287,378 0.02 LG Display - ADR 20,600 249,672 0.02 Posco - ADR 7,877 614,012 0.05 Samsung Electronics 6,284 8,163,514 0.65 Samsung Electronics - GDR 3,865 2,518,047 0.20 Samsung Electronics - GDR 1,335 869,753 0.07 Shinhan Financial Group - ADR 3,269 149,295 0.01 SK Telecom - ADR 10,090 248,315 0.02 –––––––––––– ––––––– 16,817,599 1.33 Luxembourg Millicom International Cellular 14,993 1,494,024 0.12 RTL Group 616 78,558 0.01 –––––––––––– ––––––– 1,572,582 0.13 Macau Wynn Macau 108,033 489,048 0.04 –––––––––––– ––––––– Mexico Grupo Televisa - ADR 52,490 1,588,348 0.12 Wal-Mart de Mexico - ADR 3,726 97,360 0.01 –––––––––––– ––––––– 1,685,708 0.13 Netherlands Aegon 70,563 667,208 0.05 Akzo Nobel 2,241 173,977 0.01 ASML Holding 50,000 4,687,784 0.37 Heineken 58,953 3,985,759 0.32 ING Groep 29,611 410,881 0.03

MGI Funds plc 67 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Netherlands (continued) Koninklijke Ahold 13,322 239,559 0.02 Koninklijke KPN 1,291,694 4,170,280 0.33 Koninklijke Philips 13,409 492,318 0.04 LyondellBasell Industries 17,067 1,369,968 0.11 QIAGEN 55,210 1,291,020 0.10 Qiagen 42,000 1,000,020 0.08 Reed Elsevier 34,687 736,073 0.06 Unilever - CVS 183,337 7,395,718 0.59 VistaPrint 7,008 398,054 0.03 X5 Retail Group - GDR 35,821 597,494 0.05 –––––––––––– ––––––– 27,616,113 2.19 Norway Norsk Hydro 158,722 708,210 0.06 REC Silicon 805,627 324,277 0.02 Schibsted 20,875 1,380,461 0.11 Statoil 27,657 669,674 0.05 Telenor 9,215 219,635 0.02 –––––––––––– ––––––– 3,302,257 0.26 Philippines SM Investments 18,594 297,663 0.02 –––––––––––– ––––––– Portugal Portugal Telecom SGPS 31,892 138,780 0.01 –––––––––––– ––––––– Russia Gazprom - ADR 824,507 6,967,084 0.55 Lukoil - ADR 20,425 1,288,613 0.10 Lukoill - ADR - UK listing 10,909 680,722 0.05 Rosneft Oil - GDR 126,555 962,451 0.08 Sberbank of Russia - ADR - UK listing 189,630 2,379,857 0.19 Sberbank of Russia - ADR - US listing 101,433 1,273,998 0.10 VTB Bank OJSC - GDR 828,973 2,479,458 0.20 –––––––––––– ––––––– 16,032,183 1.27 Singapore DBS Group Holdings 293,772 3,967,062 0.32 Flextronics International 22,558 175,050 0.01 Genting Singapore 3,348,000 3,937,732 0.31 Singapore Telecommunications 89,000 256,582 0.02 United Overseas Bank 293,000 4,928,972 0.39 –––––––––––– ––––––– 13,265,398 1.05 South Africa Gold Fields 98,918 308,453 0.02 MTN Group 36,243 750,969 0.06 MTN Group - ADR 12,122 253,592 0.02 Naspers 48,077 5,013,917 0.40 Naspers - ADR 9,791 1,011,410 0.08 Shoprite Holdings 73,356 1,140,988 0.09 –––––––––––– ––––––– 8,479,329 0.67 Spain Amadeus IT Holding 13,151 561,764 0.04

MGI Funds plc 68 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Spain (continued) Banco Bilbao Vizcaya Argentaria 37,514 461,096 0.04 Banco Santander 89,933 805,500 0.06 Distribuidora Internacional de Alimentacion 99,154 886,724 0.07 Gas Natural DG 23,916 612,964 0.05 Iberdrola 68,390 436,133 0.03 Inditex 1,148 188,165 0.02 Telefonica 46,399 754,439 0.06 –––––––––––– ––––––– 4,706,785 0.37 Sweden Assa Abloy 12,732 673,611 0.05 Atlas Copco 86,808 2,205,815 0.18 Elekta 325,000 4,976,762 0.39 Hennes & Mauritz 7,122 328,233 0.03 Intrum Justitia 16,793 470,641 0.04 Investor -B- 63,139 2,174,563 0.17 Nordea Bank 22,547 303,664 0.02 Sandvik 13,348 188,397 0.02 Securitas 43,971 467,602 0.04 Skandinaviska Enskilda Banken 66,059 871,173 0.07 Skanska 7,414 151,683 0.01 Svenska Cellulosa 15,753 485,153 0.04 Svenska Handelsbanken 88,302 4,343,195 0.34 Swedbank -A- 7,556 212,823 0.02 Swedish Match 4,238 136,327 0.01 Telefonaktiebolaget LM Ericsson 252,782 3,087,651 0.24 TeliaSonera 286,548 2,386,933 0.19 Volvo 97,360 1,279,417 0.10 –––––––––––– ––––––– 24,743,643 1.96 Switzerland ABB 190,667 5,031,714 0.40 Baloise Holding 4,945 631,087 0.05 Cie Financiere Richemont 22,791 2,273,078 0.18 Coca-Cola HBC 91,638 2,671,246 0.21 Credit Suisse Group 15,480 474,661 0.04 Glencore International 140,853 729,490 0.06 Julius Baer Group 65,091 3,134,702 0.25 Nestle 71,522 5,247,440 0.42 Novartis 61,970 4,957,739 0.39 Partners Group Holding 20,853 5,573,462 0.44 Roche 51,888 14,533,424 1.15 Roche Holding - ADR 16,406 1,158,920 0.09 Schindler Holding 15,266 2,252,093 0.18 Swatch Group BR 208 137,755 0.01 Swisscom 605 320,204 0.03 Syngenta 12,478 4,982,221 0.39 Tyco International 131,600 5,399,548 0.43 UBS 41,434 787,821 0.06 Wolseley 45,687 2,591,665 0.20 Zurich Insurance Group 1,928 559,962 0.04 –––––––––––– ––––––– 63,448,232 5.02 Taiwan Chunghwa Telecom - ADR 6,190 191,642 0.02

MGI Funds plc 69 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Taiwan (continued) Hon Hai Precision Industry - GDR 31,167 165,809 0.01 Taiwan Semiconductor Manufacturing - ADR 140,688 2,452,192 0.19 –––––––––––– ––––––– 2,809,643 0.22 Thailand Bangkok Bank 77,500 418,632 0.03 CP ALL 351,752 446,915 0.04 Kasikornbank 125,000 602,937 0.05 –––––––––––– ––––––– 1,468,484 0.12 Turkey Turkiye Garanti Bankasi 183,719 595,152 0.05 Turkiye Is Bankasi 56,313 121,878 0.01 –––––––––––– ––––––– 717,030 0.06 United Kingdom Aberdeen Asset Management 625,000 5,125,055 0.41 Aggreko 25,217 713,775 0.06 Anglo American 9,022 197,243 0.02 Aon 5,154 432,318 0.03 ARM Holdings 275,000 4,996,489 0.40 AstraZeneca 71,678 4,243,525 0.34 AstraZeneca - ADR 17,050 1,011,747 0.08 Aviva 25,447 189,491 0.01 Balfour Beatty 26,890 127,775 0.01 Barclays 169,473 763,054 0.06 BG Group 234,193 5,032,768 0.40 BHP Billiton 24,894 769,364 0.06 BP 237,512 1,919,886 0.15 British American Tobacco 51,043 2,735,712 0.22 British Sky Broadcasting Group 55,720 778,895 0.06 BT Group 302,723 1,900,248 0.15 Bunzl 62,845 1,506,138 0.12 Burberry Group 195,474 4,908,104 0.39 Centrica 63,986 367,951 0.03 Compass Group 25,675 411,422 0.03 Diageo 25,390 840,623 0.07 GlaxoSmithKline 89,044 2,376,624 0.19 GlaxoSmithKline - ADR 1,888 100,781 0.01 Hays 517,289 1,106,933 0.09 HSBC Holdings 469,712 5,152,429 0.41 Imperial Tobacco Group 16,847 652,089 0.05 InterContinental Hotels Group 29,499 983,505 0.08 J Sainsbury 127,059 767,480 0.06 London Stock Exchange Group 8,760 251,291 0.02 National Grid 35,586 464,441 0.04 Pearson 8,671 192,585 0.01 Prudential 284,969 6,319,807 0.50 QinetiQ Group 277,942 998,940 0.08 Reckitt Benckiser Group 67,663 5,365,757 0.42 Reed Elsevier 65,823 979,538 0.08 Rio Tinto 94,679 5,340,232 0.42 Rolls-Royce Holdings 161,008 3,394,700 0.27 Rolls-Royce Holdings (Non-voting rights) 13,846,689 22,934 0.00 Royal Bank of Scotland Group 698,258 3,910,089 0.31

MGI Funds plc 70 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Royal Dutch Shell - A Shares 107,138 3,836,408 0.30 Royal Dutch Shell - B Shares 36,133 1,364,172 0.11 SABMiller 61,201 3,139,246 0.25 Scottish & Southern Energy 14,149 320,581 0.02 Smith & Nephew 37,611 536,033 0.04 Standard Chartered 49,321 1,110,955 0.09 Tesco 97,936 542,337 0.04 Tullow Oil 54,473 771,388 0.06 Unilever 9,720 399,571 0.03 Vodafone Group 1,887,467 7,408,893 0.59 Vodafone Group - ADR 116,253 4,568,743 0.36 WM Morrison Supermarkets 100,250 433,196 0.03 –––––––––––– ––––––– 101,783,261 8.06 United States of America AAON 6,019 191,886 0.02 AbbVie 39,219 2,070,763 0.16 Actavis 2,894 486,221 0.04 Activision Blizzard 38,983 694,677 0.06 Adobe Systems 13,809 826,745 0.07 Advanced Energy Industries 18,134 414,362 0.03 Advent Software 8,508 297,525 0.02 AES 13,054 189,152 0.02 Aetna 7,922 543,212 0.04 Affiliated Managers Group 2,541 551,168 0.04 Aflac 12,872 859,721 0.07 Albany International 4,952 177,876 0.01 Alcoa 43,496 461,927 0.04 Allstate 32,196 1,755,648 0.14 Altera 28,869 938,820 0.07 Amazon.com 21,270 8,471,416 0.67 AMC Networks 12,438 847,028 0.07 Amerco 1,052 249,345 0.02 Ameren 16,660 602,426 0.05 American Electric Power 5,495 256,781 0.02 American Express 5,445 493,970 0.04 American International Group 68,952 3,520,000 0.28 American Tower REIT 60,000 4,787,400 0.38 Ameriprise Financial 10,532 1,211,601 0.10 Amgen 26,419 3,014,408 0.24 AOL 19,021 886,759 0.07 Apple 19,503 10,937,672 0.87 Archer-Daniels-Midland 58,100 2,521,540 0.20 Ashland 8,756 849,682 0.07 Assurant 13,453 892,607 0.07 AT&T 76,401 2,684,731 0.21 Athenahealth 35,000 4,707,500 0.37 AutoZone 1,362 650,900 0.05 Axiall Corp REIT 25,060 1,188,847 0.09 Baker Hughes 22,040 1,217,930 0.10 Bank of America 347,797 5,415,199 0.43 BE Aerospace 4,356 379,103 0.03 Bed Bath & Beyond 15,124 1,214,306 0.10 Benchmark Electronics 19,697 454,213 0.04 Berkshire Hathaway 5,791 686,349 0.05

MGI Funds plc 71 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Biogen Idec 11,189 3,129,004 0.25 BlackRock 2,086 660,156 0.05 Boeing 24,801 3,384,840 0.27 Boston Scientific 78,513 943,726 0.07 Broadcom 17,009 504,147 0.04 Brocade Communications Systems 40,252 356,633 0.03 Brooks Automation 23,736 248,753 0.02 CA 27,477 924,601 0.07 Cabot Oil & Gas 13,311 515,801 0.04 Calpine 168,223 3,278,666 0.26 Capital One Financial 5,817 445,640 0.04 Cardinal Health 18,281 1,221,171 0.10 CarMax 45,464 2,137,263 0.17 Carnival 98,424 3,953,692 0.31 Celgene 14,717 2,485,260 0.20 CenturyLink 32,181 1,024,965 0.08 Cerner 26,647 1,484,771 0.12 CF Industries Holdings 4,031 939,304 0.07 Chevron 28,064 3,505,474 0.28 Ciena 12,251 293,166 0.02 Cisco Systems 467,141 10,482,622 0.83 Citigroup 80,659 4,201,527 0.33 Citrix Systems 11,954 755,851 0.06 Cliffs Natural Resources 7,510 196,762 0.02 CME Group 20,951 1,643,606 0.13 Coach 6,086 341,425 0.03 Coca-Cola 53,114 2,193,077 0.17 Comcast 32,756 1,633,869 0.13 Comcast -A- 49,239 2,557,966 0.20 Comerica 28,544 1,357,553 0.11 comScore 13,391 382,715 0.03 Consolidated Edison 22,182 1,225,999 0.10 Constant Contact 7,912 245,826 0.02 Convergys 22,456 472,699 0.04 Corning 169,807 3,022,565 0.24 Cree 5,823 364,345 0.03 CSX 108,085 3,108,525 0.25 Cubist Pharmaceuticals 9,178 631,997 0.05 Cummins 5,886 829,749 0.07 Cyberonics 7,118 466,229 0.04 Danaher 62,000 4,785,780 0.38 Deere 27,577 2,518,607 0.20 Dick's Sporting Goods 6,877 399,691 0.03 DirecTV Group 39,731 2,744,617 0.22 Discover Financial Services 90,000 5,035,500 0.40 Discovery Communications 58,000 5,242,620 0.42 Dolby Laboratories 49,386 1,904,818 0.15 Dollar General 6,657 401,417 0.03 Dollar Tree 6,483 365,706 0.03 Domino's Pizza 3,551 247,292 0.02 Dow Chemical 70,681 3,136,823 0.25 DTE Energy 3,351 222,473 0.02 Duke Energy 19,041 1,314,019 0.10 eBay 65,644 3,601,886 0.29 Edison International 24,918 1,153,953 0.09

MGI Funds plc 72 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Eli Lilly 83,960 4,282,800 0.34 Energy Transfer Partners 7,079 405,344 0.03 Entergy 8,229 520,567 0.04 Envestnet 10,123 407,754 0.03 EOG Resources 15,267 2,561,650 0.20 Estee Lauder 20,200 1,521,060 0.12 Exelis 11,354 216,407 0.02 Exelon 8,765 240,073 0.02 Express 7,568 141,295 0.01 Exxon Mobil 53,789 5,443,447 0.43 Facebook 26,799 1,464,297 0.12 Family Dollar Stores 8,155 529,749 0.04 Federal Signal 16,461 240,989 0.02 FedEx 40,579 5,834,449 0.46 Fifth Third Bancorp 26,579 558,691 0.04 First Republic Bank 54,728 2,863,916 0.23 FLIR Systems 67,581 2,033,512 0.16 FMC Technologies 93,000 4,854,600 0.38 Ford Motor 131,265 2,022,794 0.16 Forest Laboratories 27,568 1,654,907 0.13 Franklin Resources 11,665 673,304 0.05 Freeport-McMoRan Copper & Gold 36,660 1,383,548 0.11 Fresh Market 19,484 789,102 0.06 FTD Cos 10,852 353,558 0.03 General Dynamics 59,379 5,673,070 0.45 General Electric 90,975 2,550,029 0.20 General Motors 98,688 4,033,379 0.32 Genworth Financial 114,330 1,774,402 0.14 Gilead Sciences 46,539 3,496,475 0.28 Global Cash Access Holdings 27,700 276,446 0.02 Goldman Sachs Group 1,657 293,720 0.02 Goodyear Tire & Rubber 31,307 746,672 0.06 Google 10,308 11,544,548 0.91 Graham Holdings 1,731 1,148,397 0.09 GSI Group 15,667 175,940 0.01 Harley-Davidson 45,856 3,175,528 0.25 Harmonic 51,730 381,250 0.03 Hartford Financial Services Group 23,421 848,543 0.07 HCA Holdings 13,230 631,336 0.05 Hewlett-Packard 118,485 3,315,210 0.26 HomeAway 16,660 680,728 0.05 Honeywell International 22,269 2,034,718 0.16 Hormel Foods 8,846 399,485 0.03 Hub Group 4,557 181,642 0.01 Illumina 14,210 1,571,342 0.12 Incyte 85,000 4,300,150 0.34 Informatica 120,000 4,980,000 0.39 Intel 86,339 2,240,497 0.18 IntercontinentalExchange Group 16,000 3,597,120 0.29 International Business Machines 5,383 1,009,097 0.08 International Game Technology 63,312 1,149,113 0.09 International Rectifier 21,326 555,969 0.04 Intuitive Surgical 1,221 468,730 0.04 Invesco 49,496 1,801,654 0.14 Johnson & Johnson 33,939 3,108,134 0.25

MGI Funds plc 73 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Johnson Controls 92,851 4,764,185 0.38 JPMorgan Chase 65,119 3,807,508 0.30 Key Corp 28,236 378,927 0.03 Kforce 8,507 173,798 0.01 Kimberly-Clark 3,454 360,805 0.03 Kinder Morgan 66,692 2,400,245 0.19 Kohl's 6,506 369,281 0.03 Laboratory of America 22,731 2,077,159 0.16 Legg Mason 13,323 579,284 0.05 Liberty Media 10,145 1,484,721 0.12 Lincoln Electric Holdings 27,778 1,981,682 0.16 Lincoln National 17,012 877,989 0.07 LinkedIn 5,960 1,290,996 0.10 Lionbridge Technologies 24,372 145,013 0.01 Lockheed Martin 10,414 1,547,937 0.12 Lorillard 14,616 740,739 0.06 M&T Bank 25,106 2,923,092 0.23 Manpowergroup 4,139 355,292 0.03 Marathon Petroleum 16,204 1,486,555 0.12 Markel 4,678 2,716,047 0.22 Marriott International 31,614 1,560,467 0.12 Mastercard 6,949 5,805,264 0.46 McKesson 5,375 867,256 0.07 Mentor Graphics 4,175 100,409 0.01 Merck 54,557 2,731,123 0.22 MetLife 55,505 2,992,275 0.24 MGM Resorts International 64,566 1,517,947 0.12 Micron Technology 72,035 1,566,761 0.12 Microsoft 227,378 8,508,485 0.67 Molson Coors Brewing 11,745 659,364 0.05 Mondelez International 34,649 1,222,763 0.10 Moody's 50,251 3,943,698 0.31 Moog 4,353 295,612 0.02 Mosaic 17,903 846,275 0.07 Multimedia Games Holding 5,704 178,820 0.01 Myriad Genetics 28,300 593,734 0.05 Nasdaq 10,855 431,920 0.03 National CineMedia 6,148 122,591 0.01 National Oilwell Varco 14,696 1,168,626 0.09 Navigant Consulting 8,286 158,925 0.01 Navistar International 35,299 1,348,422 0.11 NCR 73,577 2,506,033 0.20 NetApp 33,847 1,392,466 0.11 NetFlix 7,482 2,754,423 0.22 New York Community Bancorp 126,310 2,128,323 0.17 Newmont Mining 70,566 1,624,429 0.13 NextEra Energy 3,388 290,081 0.02 NIKE 9,536 750,102 0.06 Northern Trust 13,029 806,234 0.06 Northrop Grumman 19,819 2,271,456 0.18 NRG Energy 36,299 1,042,144 0.08 Nvidia 82,495 1,320,745 0.10 Occidental Petroleum 6,441 612,539 0.05 Omnicare 6,276 378,819 0.03 On Assignment 8,181 285,517 0.02

MGI Funds plc 74 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Oracle 171,736 6,572,337 0.52 Orbital Sciences 14,453 336,466 0.03 Panera Bread 3,094 546,648 0.04 PDL BioPharma 51,276 432,257 0.03 Peabody Energy 46,534 908,809 0.07 People's United Financial 9,605 145,132 0.01 PepsiCo 47,542 3,942,658 0.31 Pfizer 220,614 6,755,201 0.54 PG&E 14,191 571,472 0.05 PNC Financial Services Group 5,842 453,164 0.04 Polaris Industries 34,000 4,949,380 0.39 PPL 8,196 246,536 0.02 Praxair 46,871 6,094,167 0.48 priceline.com 4,414 5,129,024 0.41 Procter & Gamble 45,884 3,734,958 0.30 Progressive 34,746 947,176 0.08 Prudential Financial 29,734 2,742,069 0.22 Public Service Enterprise Group 9,216 295,188 0.02 Qualcomm 91,543 6,795,237 0.54 Raytheon 7,297 661,765 0.05 Regions Financial 64,639 639,280 0.05 Reynolds American 15,960 797,681 0.06 Rite Aid 355,280 1,797,717 0.14 Rockwell Automation 42,000 4,962,720 0.39 Royal Caribbean Cruises 85,729 4,065,269 0.32 Safeway 48,948 1,594,236 0.13 SanDisk 52,625 3,711,641 0.29 Sanmina 13,250 221,142 0.02 Schlumberger 55,000 4,956,050 0.39 Scientific Games 16,637 281,498 0.02 Seattle Genetics 29,100 1,160,217 0.09 SEI Investments 5,990 208,033 0.02 Silicon Graphics International 20,669 276,965 0.02 Southwest Airlines 30,876 581,704 0.05 Spirit Aerosystems Holdings 27,193 926,194 0.07 Stanley Black & Decker 14,058 1,134,199 0.09 Starwood Hotels & Resorts Worldwide 18,095 1,438,010 0.11 SunTrust Banks 9,373 345,114 0.03 SUPERVALU 82,096 598,480 0.05 Symetra Financial 4,879 92,408 0.01 Synaptics 1,556 80,616 0.01 Sysco 40,924 1,476,947 0.12 T-Mobile 45,833 1,541,364 0.12 TD Ameritrade Holding 110,660 3,390,622 0.27 Telephone & Data Systems 1,043 26,878 0.00 TeleTech Holdings 12,292 293,902 0.02 Teradata 15,440 702,211 0.06 Teradyne 50,327 886,762 0.07 Tesla Motors 11,323 1,701,620 0.13 Tesoro 29,409 1,720,426 0.14 Thermo Fisher Scientific 15,218 1,694,372 0.13 TJX 11,838 754,436 0.06 TripAdvisor 11,601 960,447 0.08 Tumi Holdings 33,534 755,856 0.06 Twitter 12,363 786,905 0.06

MGI Funds plc 75 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Tyson Foods 31,008 1,037,528 0.08 Ultra Petroleum 121,614 2,630,511 0.21 Union Pacific 4,961 833,299 0.07 Unisys 19,179 643,839 0.05 United Online 7,751 106,576 0.01 United Parcel Service 18,029 1,894,307 0.15 UnitedHealth Group 15,426 1,161,423 0.09 Universal 4,562 249,040 0.02 Unum Group 37,487 1,315,044 0.10 US Bancorp 29,722 1,200,472 0.10 Valero Energy 52,592 2,650,637 0.21 Verisk Analytics 60,000 3,943,200 0.31 Verizon Communications 33,606 1,650,727 0.13 VF 13,064 814,540 0.06 Visa 32,701 7,280,878 0.58 VMware 8,491 761,812 0.06 Wal-Mart Stores 51,732 4,070,274 0.32 Walt Disney 33,760 2,578,926 0.20 Waters 20,925 2,092,081 0.17 Weight Watchers International 14,900 490,359 0.04 WellPoint 18,289 1,689,355 0.13 Wells Fargo 61,672 2,799,292 0.22 Western Digital 17,722 1,486,876 0.12 Western Refining 17,094 724,956 0.06 Weyerhaeuser REIT 79,940 2,523,706 0.20 Xcel Energy 21,536 601,285 0.05 Xerox 155,355 1,890,670 0.15 Xilinx 39,058 1,793,152 0.14 Yum! Brands 20,742 1,568,302 0.12 –––––––––––– ––––––– 514,919,631 40.77

Total equities 1,153,118,426 91.32

Total transferable securities 1,153,118,426 91.32

Financial derivative instruments Open forward foreign currency contracts

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

CAD 2* 1,846,988 EUR 1,250,000 19/03/2014 6,354 0.00 CHF 1* 1,789,031 USD 2,003,666 06/01/2014 7,950 0.00 DKK 1* 1,392,913 USD 255,964 06/01/2014 1,317 0.00 DKK 2* 481,158 USD 88,555 19/03/2014 368 0.00 EUR 1* 84,702,414 USD 115,173,793 06/01/2014 1,541,692 0.12 EUR 2* 4,851,000 USD 6,678,372 19/03/2014 5,939 0.00 GBP 1* 394,717,037 USD 646,056,683 06/01/2014 7,680,352 0.62 GBP 2* 295,000 USD 482,473 19/03/2014 5,861 0.00 ILS 1* 352,700 USD 100,668 06/01/2014 940 0.00 JPY 3* 4,611,474 USD 43,849 08/01/2014 27 0.00 NOK 1* 1,099,584 USD 179,537 06/01/2014 1,688 0.00 SEK 1* 4,583,368 USD 701,130 07/01/2014 12,452 0.00 SEK 2* 1,537,000 USD 234,542 19/03/2014 4,461 0.00

MGI Funds plc 76 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Open forward foreign currency contracts (continued) USD 1* 24,005,396 AUD 26,428,776 06/01/2014 365,564 0.03 USD 2* 6,203,051 AUD 6,871,207 19/03/2014 85,996 0.01 USD 1* 8,998,868 HKD 69,760,671 06/01/2014 1,828 0.00 USD 1* 65,853,285 JPY 6,747,666,347 06/01/2014 1,653,995 0.12 USD 2* 20,021,393 JPY 2,074,692,193 19/03/2014 275,019 0.02 USD 2* 3,516,607 KRW 3,722,962,000 26/03/2014 6,937 0.00 USD 1* 4,742,216 SGD 5,951,470 06/01/2014 28,557 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 11,687,297 0.92

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

S&P 500 E Mini Index Future 4* 48,000 21/03/2014 USD 960 3,486,040 0.28 –––––––––––– ––––––– Unrealised gain on futures contracts 3,486,040 0.28

Total financial derivative instruments at positive fair value 15,173,337 1.20

Total financial assets at fair value through profit or loss 1,168,291,763 92.52

Financial liabilities at fair value through profit or loss Open forward foreign currency contracts

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

AUD 1* 1,869,475 USD 1,700,196 06/01/2014 (28,001) 0.00 CAD 1* 2,314,450 USD 2,179,194 06/01/2014 (1,096) 0.00 HKD 1* 4,945,276 USD 637,871 06/01/2014 (78) 0.00 HKD 2* 148,452,982 USD 19,149,612 19/03/2014 (2,266) 0.00 JPY 1* 477,505,519 USD 4,651,270 06/01/2014 (108,141) (0.01) NZD 1* 31,841 USD 26,244 06/01/2014 (37) 0.00 SGD 1* 420,210 USD 335,831 06/01/2014 (3,018) 0.00 SGD 2* 3,071,323 USD 2,452,037 19/03/2014 (19,440) 0.00 USD 1* 30,669,250 CAD 32,624,606 06/01/2014 (33,335) 0.00 USD 2* 3,450,435 CAD 3,681,562 19/03/2014 (8,131) 0.00 USD 1* 27,851,487 CHF 25,239,359 06/01/2014 (528,070) (0.04) USD 2* 1,207,579 CHF 1,075,796 19/03/2014 (2,790) 0.00 USD 1* 3,571,468 DKK 19,599,615 06/01/2014 (48,721) 0.00 USD 1* 97,590,329 EUR 71,795,401 06/01/2014 (1,339,969) (0.11) USD 2* 16,174,608 EUR 11,793,477 19/03/2014 (75,912) (0.01) USD 1* 118,409,331 GBP 72,277,038 06/01/2014 (1,297,123) (0.10) USD 2* 2,927,757 GBP 1,788,599 19/03/2014 (33,030) 0.00 USD 1* 1,410,733 ILS 4,979,469 06/01/2014 (23,777) 0.00 USD 2* 165,292 ILS 578,109 19/03/2014 (1,060) 0.00 USD 1* 2,545,193 NOK 15,605,892 06/01/2014 (26,840) 0.00 USD 2* 225,488 NOK 1,390,325 19/03/2014 (3,037) 0.00 USD 1* 364,367 NZD 449,069 06/01/2014 (5,239) 0.00 USD 1* 9,899,272 SEK 65,008,021 07/01/2014 (221,792) (0.03) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (3,810,903) (0.30)

MGI Funds plc 77 MGI Funds plc Portfolio Statement MGI Global Equity Fund as at 31 December 2013 (continued)

Unrealised % of loss US$ Net assets

Total financial derivative instruments at negative fair value (3,810,903) (0.30)

Total financial liabilities at fair value through profit of loss (3,810,903) (0.30)

Total financial derivative instruments 11,362,434 0.90

Total investments at fair value through profit and loss 1,164,480,860 92.22

Financial assets at amortised cost Deposits with Credit Institutions

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

Bank of Nova Scotia 0.04 06/01/2014 USD 10,509,118 10,509,117 0.83 Commonwealth Bank of Australia London 0.05 09/01/2014 USD 9,001,059 9,000,670 0.71 HSBC Bank 0.04 16/01/2014 USD 9,500,113 9,499,783 0.75 Nordea Bank London Branch 0.05 10/01/2014 USD 10,500,753 10,500,753 0.83 Rabobank International 0.10 13/01/2014 USD 15,009,324 15,009,324 1.19 Royal Bank of Canada 0.04 13/01/2014 USD 8,500,329 8,500,329 0.68 –––––––––––– ––––––– Total deposits with credit institutions 63,019,976 4.99

Total financial assets at amortised cost 63,019,976 4.99

Cash 41,604,250 3.29

Net current liabilities (6,310,849) (0.50) –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,262,794,237 100.00 –––––––––––– –––––––

Total assets comprised as follows: % of total assets Deposits with credit institutions 4.92 Transferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 89.98 Financial derivative instruments dealt in on a regulated market 0.27 OTC financial derivative instruments 0.91 Other assets 3.92 ––––––– 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* State Street Trust Canada 3* State Street Trust London 4* Goldman Sachs International

MGI Funds plc 78 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 31 December 2013

Nominal Fair value % of holdings ´ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Japan Airlines ANA Holdings 21,000 4,389,000 0.28 –––––––––––– ––––––– Basic Materials JFE Holdings 6,300 15,756,300 0.99 JSR 2,600 5,288,400 0.33 Mitsubishi Gas Chemical 24,000 18,552,000 1.17 Mitsui Chemicals 25,000 6,350,000 0.40 Nippon Steel 66,000 23,166,000 1.45 Nitto Denko 2,900 12,847,000 0.81 Sumitomo Bakelite 26,000 9,802,000 0.62 Sumitomo Chemical 26,000 10,686,000 0.67 Zeon 8,000 7,872,000 0.49 –––––––––––– ––––––– 110,319,700 6.93 Chemicals Air Water 1,000 1,419,000 0.09 –––––––––––– ––––––– Communications KDDI 2,300 14,858,000 0.93 Nippon Telegraph & Telephone 1,600 9,040,000 0.57 Softbank 6,100 56,059,000 3.52 –––––––––––– ––––––– 79,957,000 5.02 Consumer, Cyclical Aeon 6,200 8,816,400 0.55 Ajinomoto 11,000 16,731,000 1.05 Arcs 1,000 2,011,000 0.13 Daiwa House Industry 6,000 12,192,000 0.77 Fast Retailing 100 4,330,000 0.27 H2O Retailing 5,000 4,195,000 0.26 Honda Motor 11,100 48,007,500 3.02 Izumi 1,800 5,931,000 0.37 Kirin Holdings 7,000 10,584,000 0.66 Maruha Nichiro Holdings 53,000 9,699,000 0.61 Marui Group 11,100 11,821,500 0.74 Mazda Motor 40,000 21,720,000 1.36 Mitsui 19,500 28,509,000 1.79 NGK Spark Plug 1,000 2,484,000 0.16 Nippon Meat Packers 4,000 7,220,000 0.45 Nissan Motor 13,100 11,567,300 0.73 Onward Holdings 2,000 1,590,000 0.10 Panasonic 3,800 4,643,600 0.29 Ryohin Keikaku 100 1,135,000 0.07 Sanrio 3,000 13,245,000 0.83 Sega Sammy Holdings 3,800 10,157,400 0.64 Sekisui Chemical 9,000 11,592,000 0.73 Seven & I Holdings 5,900 24,603,000 1.55 Shimamura 300 2,952,000 0.19 Sony 9,700 17,692,800 1.11 Sumitomo 17,000 22,423,000 1.41 Sumitomo Electric Industries 10,600 18,571,200 1.17 Sumitomo Rubber Industries 7,700 11,480,700 0.72 Sundrug 600 2,817,000 0.18 Suzuki Motor 2,100 5,928,300 0.37

MGI Funds plc 79 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings ´ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Consumer, Cyclical (continued) Takashimaya 1,000 1,044,000 0.07 Toyota Motor 12,900 82,689,000 5.19 Yamaha Motor 7,200 11,332,800 0.71 –––––––––––– ––––––– 449,715,500 28.25 Consumer, Non-Cyclical Dentsu 5,900 25,281,500 1.59 Hisamitsu Pharmaceutical 2,700 14,283,000 0.90 Itoham Foods 4,000 1,828,000 0.11 Japan Airlines 2,000 10,360,000 0.65 Japan Tobacco 10,200 34,782,000 2.18 Kyowa Hakko Kirin 11,000 12,716,000 0.80 Medipal Holdings 300 416,100 0.03 Otsuka Holdings 8,000 24,240,000 1.52 Suzuken 4,800 16,320,000 1.03 –––––––––––– ––––––– 140,226,600 8.81 Electronics Keyence 300 13,470,000 0.85 –––––––––––– ––––––– Energy JX Holdings 35,300 19,062,000 1.20 –––––––––––– ––––––– Financial 77 Bank 2,000 1,016,000 0.06 Bank of Yokohama 2,000 1,168,000 0.07 Dai-ichi Life Insurance 13,200 23,166,000 1.46 Gunma Bank 12,000 7,032,000 0.44 Hachijuni Bank 8,000 4,888,000 0.31 Hokuhoku Financial Group 35,000 7,315,000 0.46 Mitsubishi Estate 2,000 6,270,000 0.39 Mitsubishi UFJ Financial Group 110,700 76,715,100 4.82 Mitsui Fudosan 10,000 37,750,000 2.37 Nishi-Nippon City Bank 33,000 9,306,000 0.58 Nomura Holdings 28,500 23,028,000 1.45 North Pacific Bank 18,300 7,814,100 0.49 ORIX 25,200 46,494,000 2.92 Resona Holdings 17,400 9,326,400 0.59 Sumitomo Mitsui Financial Group 6,900 37,329,000 2.35 Sumitomo Mitsui Trust Holdings 2,000 1,106,000 0.07 Tokio Marine Holdings 400 1,404,000 0.09 Tokyo Tatemono 14,000 16,310,000 1.02 –––––––––––– ––––––– 317,437,600 19.94 Industrial Amada 8,000 7,408,000 0.46 Central Japan Railway 1,500 18,555,000 1.17 Daikin Industries 5,400 35,316,000 2.22 Dainippon Screen Manufacturing 14,000 8,316,000 0.52 East Japan Railway 2,400 20,088,000 1.26 Furukawa Electric 18,000 4,734,000 0.30 Hitachi 48,000 38,160,000 2.40 Kajima 28,000 11,032,000 0.69 Kubota 13,000 22,555,000 1.42 Minebea 4,000 3,076,000 0.19

MGI Funds plc 80 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings ´ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Industrial (continued) Mitsubishi 2,600 5,239,000 0.33 Mitsubishi Electric 10,000 13,190,000 0.83 Mori Seiki 13,100 24,772,100 1.56 Nippon Express 1,000 508,000 0.03 Nippon Yusen KK 25,000 8,375,000 0.53 Rinnai 1,600 13,088,000 0.82 Taiyo Yuden 7,600 10,412,000 0.65 Yamato Holdings 6,100 12,956,400 0.81 –––––––––––– ––––––– 257,780,500 16.19 Machinery Kawasaki Heavy Industries 58,000 25,520,000 1.60 –––––––––––– ––––––– Media Fuji Media Holdings 1,200 2,578,800 0.16 –––––––––––– ––––––– Pharmaceuticals Sawai Pharmaceutical 1,300 8,814,000 0.56 Taisho Pharmaceutical Holdings 1,000 7,220,000 0.45 –––––––––––– ––––––– 16,034,000 1.01 Real estate Tokyu Fudosan Holdings 5,000 4,940,000 0.31 –––––––––––– ––––––– Technology Fujitsu 16,000 8,704,000 0.55 Hirose Electric 800 11,976,000 0.75 Itochu Techno-Solutions 900 3,834,000 0.24 Mabuchi Motor 1,400 8,722,000 0.55 Nidec 300 3,087,000 0.19 Nomura Research Institute 3,600 11,934,000 0.75 Omron 3,200 14,832,000 0.93 Otsuka 700 9,387,000 0.59 Ricoh 13,000 14,508,000 0.91 Seiko Epson 5,400 15,238,800 0.96 –––––––––––– ––––––– 102,222,800 6.42 Utilities Electric Power Development 4,000 12,240,000 0.77 Kansai Electric Power 5,400 6,517,800 0.41 Kyushu Electric Power 4,400 5,891,600 0.37 Tokyo Gas 16,000 8,256,000 0.51 –––––––––––– ––––––– 32,905,400 2.06

MGI Funds plc 81 MGI Funds plc Portfolio Statement MGI Japanese Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings ´ Net assets

Total equities 1,577,977,900 99.12

Total transferable securities 1,577,977,900 99.12

Total financial assets at fair value through profit or loss 1,577,977,900 99.12

Cash 14,143,843 0.89

Net current liabilities (106,840) (0.01) –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,592,014,903 100.00 –––––––––––– –––––––

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 99.02 Other current assets 0.98 ––––––– 100.00 –––––––

MGI Funds plc 82 MGI Funds plc Portfolio Statement MGI Pacific Basin (Ex Japan) Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Australia AGL Energy 16,831 225,416 1.69 Australia & New Zealand Banking Group 22,212 640,275 4.80 BHP Billiton 30,822 1,047,294 7.85 Brambles 50,753 415,466 3.11 Commonwealth Bank of Australia 10,573 735,920 5.51 Computershare 20,669 210,064 1.57 CSL 7,728 476,226 3.57 DuluxGroup 15,698 75,277 0.56 Incitec Pivot 62,617 149,574 1.12 Lend Lease Group 11,849 117,986 0.88 National Australia Bank 23,058 718,296 5.38 Newcrest Mining 8,560 59,734 0.45 Orica 8,163 174,250 1.31 QBE Insurance Group 15,663 161,288 1.21 Recall Holdings 26,727 97,080 0.73 Rio Tinto 6,755 411,553 3.08 Suncorp Group 20,167 236,355 1.77 Telstra 45,166 211,737 1.59 Wesfarmers 6,731 265,204 1.99 Westpac Banking 18,283 529,472 3.97 Woodside Petroleum 4,540 158,001 1.18 Woolworths 15,553 470,866 3.53 –––––––––––– ––––––– 7,587,334 56.85 Bermuda Hongkong Land Holdings 41,000 241,900 1.81 –––––––––––– ––––––– Hong Kong AIA Group 116,000 581,216 4.35 BOC Hong Kong Holdings 36,500 116,744 0.87 Cheung Kong Holdings 14,000 221,183 1.66 Hang Lung Group 20,000 100,983 0.76 Hutchison Whampoa 29,000 394,583 2.96 Jardine Matheson Holdings 4,000 209,200 1.57 Jardine Strategic Holdings 9,500 304,000 2.28 Kerry Logistics Network 750 1,064 0.01 Kerry Properties 29,500 101,964 0.76 Swire Pacific 32,500 72,932 0.55 Swire Pacific - A 21,500 251,636 1.89 Swire Properties 50,050 125,871 0.94 Television Broadcasts 13,000 86,681 0.65 Wing Hang Bank 10,500 158,169 1.18 –––––––––––– ––––––– 2,726,226 20.43 Ireland James Hardie Industries 26,847 309,600 2.32 –––––––––––– ––––––– Singapore CapitaLand 31,000 74,149 0.56 City Developments 8,000 60,637 0.45 DBS Group Holdings 9,000 121,535 0.91 Jardine Cycle & Carriage 6,000 170,838 1.28 Keppel 28,300 250,365 1.88 Sembcorp Industries 21,000 91,311 0.68 Singapore Telecommunications 106,000 305,592 2.29

MGI Funds plc 83 MGI Funds plc Portfolio Statement MGI Pacific Basin (Ex Japan) Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Singapore (continued) United Overseas Bank 22,000 370,093 2.77 UOL Group 24,000 117,472 0.88 –––––––––––– ––––––– 1,561,992 11.70 United Kingdom HSBC Holdings 11,600 125,893 0.94 –––––––––––– ––––––– United States of America ResMed 41,756 197,992 1.49 Twenty First Century Fox 4,891 172,535 1.29 –––––––––––– ––––––– 370,527 2.78

Total equities 12,923,472 96.83

Total transferable securities 12,923,472 96.83

Total financial assets at fair value through profit or loss 12,923,472 96.83

Cash 399,807 3.00

Net current assets 23,078 0.17 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 13,346,357 100.00 –––––––––––– –––––––

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 96.77 Other current assets 3.23 ––––––– 100.00 –––––––

MGI Funds plc 84 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Bonds Asset backed securities Annington Finance No 1 8.00 02/10/2021 GBP 241,121 293,987 0.26 Annington Finance No 4 0.00 07/12/2022 GBP 300,000 216,171 0.19 Aspire Defence Finance -A- 4.67 31/03/2040 GBP 80,000 78,874 0.07 Aspire Defence Finance -B- 4.67 31/03/2040 GBP 201,000 198,647 0.18 BL Superstores Finance 4.48 04/10/2025 GBP 200,000 208,084 0.18 Broadgate Financing 4.85 05/04/2031 GBP 100,000 105,662 0.09 Canary Wharf Finance II 6.46 22/04/2030 GBP 404,693 484,936 0.43 DWR Cymru Financing 6.91 31/03/2021 GBP 250,000 301,540 0.27 Freshwater Finance 4.61 17/10/2036 GBP 100,000 95,626 0.08 Greene King Finance 5.11 15/03/2034 GBP 260,000 271,523 0.24 Juturna European Loan Conduit No 16 5.06 10/08/2033 GBP 94,923 101,491 0.09 Telereal Secured Finance 4.01 10/12/2031 GBP 207,644 200,050 0.18 Telereal Securitisation 4.09 10/12/2033 GBP 300,000 297,705 0.26 –––––––––––– ––––––– 2,854,296 2.52 Corporate bonds AA Bond 6.27 31/07/2025 GBP 650,000 696,475 0.62 Abbey National Treasury Services 5.13 14/04/2021 GBP 100,000 111,405 0.10 Abbey National Treasury Services 5.75 02/03/2026 GBP 540,000 630,050 0.56 ABN AMRO Bank 4.88 16/01/2019 GBP 200,000 215,406 0.19 ABP Finance 6.25 14/12/2026 GBP 100,000 113,000 0.10 Achmea 2.50 19/11/2020 EUR 100,000 82,433 0.07 Affinity Sutton Capital Markets 4.25 08/10/2042 GBP 200,000 193,020 0.17 Affinity Water Programme Finance 4.50 31/03/2036 GBP 100,000 99,586 0.09 Altria Group 9.25 06/08/2019 USD 34,000 27,042 0.02 Altria Group 10.20 06/02/2039 USD 49,000 46,159 0.04 America Movil 5.75 28/06/2030 GBP 150,000 165,396 0.15 America Movil SAB de CV 4.38 07/08/2041 GBP 350,000 319,578 0.28 America Movil SAB de CV 4.38 16/07/2042 USD 200,000 100,324 0.09 American International Group 6.77 15/11/2017 GBP 100,000 115,316 0.10 American International Group 5.00 26/04/2023 GBP 550,000 590,425 0.52 Amgen 4.00 13/09/2029 GBP 250,000 230,551 0.20 Anglian Water Services Financing 4.50 22/02/2026 GBP 220,000 211,673 0.19 Anglian Water Services Financing 4.50 05/10/2027 GBP 100,000 100,492 0.09 Anglo American Capital 6.88 01/05/2018 GBP 120,000 136,336 0.12 Anheuser-Busch InBev 4.00 24/09/2025 GBP 500,000 495,480 0.44 Annington Repackaging No 1 5.32 10/01/2023 GBP 150,000 161,987 0.14 AP Moeller - Maersk 4.00 04/04/2025 GBP 280,000 265,943 0.24 APT Pipelines 4.25 26/11/2024 GBP 210,000 205,626 0.18 AT&T 5.88 28/04/2017 GBP 350,000 389,884 0.35 AT&T 4.25 01/06/2043 GBP 610,000 536,638 0.47 AT&T 4.88 01/06/2044 GBP 160,000 156,120 0.14 BAA Funding 6.25 10/09/2018 GBP 100,000 111,936 0.10 BAA Funding 6.00 20/03/2020 GBP 160,000 176,096 0.16 BAA Funding 7.13 14/02/2024 GBP 500,000 587,248 0.52 BAA Funding 6.75 03/12/2026 GBP 249,000 305,022 0.27 BAA Funding 5.88 13/05/2041 GBP 150,000 173,499 0.15 Bank of America 5.50 04/12/2019 GBP 338,000 376,837 0.33 Bank of America 6.13 15/09/2021 GBP 300,000 344,858 0.31 Bank of America 7.00 31/07/2028 GBP 150,000 186,878 0.17 Bank of Scotland 4.88 20/12/2024 GBP 85,000 92,650 0.08 Barclays Bank 4.25 12/01/2022 GBP 770,000 814,932 0.72 BAT International Finance 6.00 29/06/2022 GBP 150,000 174,275 0.15 BAT International Finance 6.00 24/11/2034 GBP 187,000 223,139 0.20 BG Energy Capital 5.13 07/12/2017 GBP 483,000 534,990 0.47

MGI Funds plc 85 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) BG Energy Capital 5.00 04/11/2036 GBP 230,000 243,330 0.22 BHP Billiton Finance 3.25 25/09/2024 GBP 100,000 93,007 0.08 BHP Billiton Finance 4.30 25/09/2042 GBP 284,000 270,118 0.24 BMW Finance 3.38 14/12/2018 GBP 140,000 145,060 0.13 British Telecommunications 8.63 26/03/2020 GBP 100,000 127,971 0.11 British Telecommunications 6.38 23/06/2037 GBP 136,000 163,124 0.14 Broadgate Financing 4.82 05/07/2033 GBP 220,000 232,533 0.21 BSKYB Finance UK 5.75 20/10/2017 GBP 220,000 246,319 0.22 Cellco Partnership 8.88 18/12/2018 GBP 100,000 127,502 0.11 Centrica 6.38 10/03/2022 GBP 268,000 314,136 0.28 Centrica 4.38 13/03/2029 GBP 103,000 100,817 0.09 Centrica 5.38 16/10/2043 USD 200,000 121,606 0.11 Centrica 4.25 12/09/2044 GBP 240,000 219,466 0.19 Channel Link Enterprises Finance 3.64 30/06/2050 EUR 1,000,000 794,531 0.70 Citigroup 7.63 03/04/2018 GBP 450,000 535,642 0.47 Citigroup 6.80 25/06/2038 GBP 328,000 424,205 0.38 Co-Operative Group 6.88 08/07/2020 GBP 150,000 154,163 0.14 Comcast German listing 5.50 23/11/2029 GBP 230,000 250,296 0.22 Comcast US listing 5.50 23/11/2029 GBP 100,000 108,824 0.10 Commonwealth Bank of Australia 3.00 04/09/2026 GBP 470,000 422,001 0.37 Continental 3.00 16/07/2018 EUR 55,000 48,160 0.04 Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.00 19/09/2022 GBP 100,000 102,194 0.09 Cooperatieve Centrale Raiffeisen-Boerenleenbank 5.25 23/05/2041 GBP 301,000 322,777 0.29 Coventry Building Society 5.88 28/09/2022 GBP 275,000 313,400 0.28 CPUK Finance 4.81 28/02/2017 GBP 110,000 116,438 0.10 CPUK Finance 7.24 28/02/2024 GBP 200,000 238,323 0.21 Credit Agricole 5.50 17/12/2021 GBP 300,000 333,405 0.30 Daily Mail & General Trust 6.38 21/06/2027 GBP 300,000 317,088 0.28 Deutsche Annington Finance 3.63 08/10/2021 EUR 430,000 366,352 0.32 Deutsche Telekom International Finance 6.50 08/04/2022 GBP 134,000 156,889 0.14 DONG Energy 4.88 12/01/2032 GBP 112,000 112,725 0.10 DONG Energy 5.75 09/04/2040 GBP 230,000 257,788 0.23 E.ON International Finance 6.00 30/10/2019 GBP 350,000 402,306 0.36 E.ON International Finance 5.88 30/10/2037 GBP 300,000 347,503 0.31 Eastern Power Networks 6.25 12/11/2036 GBP 225,000 271,399 0.24 EDF Energy Networks 6.13 02/06/2034 GBP 400,000 471,488 0.42 EDF Energy Networks 5.50 17/10/2041 GBP 500,000 550,729 0.49 Electricite de France 6.25 30/05/2028 GBP 100,000 116,529 0.10 Enel 6.25 20/06/2019 GBP 100,000 110,952 0.10 Enel Finance International 5.75 14/09/2040 GBP 331,000 308,625 0.27 European Investment Bank 3.88 08/06/2037 GBP 270,000 263,502 0.23 Eversholt Funding 6.70 22/02/2035 GBP 200,000 237,527 0.21 Experian Finance 4.75 23/11/2018 GBP 220,000 239,489 0.21 FCE Bank 3.25 19/11/2020 GBP 100,000 97,895 0.09 Firstgroup 5.25 29/11/2022 GBP 100,000 101,606 0.09 Firstgroup 6.88 18/09/2024 GBP 100,000 112,328 0.10 Gatwick Funding 6.13 02/03/2026 GBP 100,000 114,703 0.10 Gatwick Funding 5.75 23/01/2037 GBP 200,000 221,035 0.20 GDF Suez 7.00 30/10/2028 GBP 200,000 255,912 0.23 GDF Suez 5.00 01/10/2060 GBP 250,000 268,691 0.24 GE Capital UK Funding 4.38 31/07/2019 GBP 438,000 465,404 0.41 GE Capital UK Funding 5.13 24/05/2023 GBP 324,000 352,400 0.31 GE Capital UK Funding 5.88 18/01/2033 GBP 350,000 409,134 0.36 GE Capital UK Funding 8.00 14/01/2039 GBP 228,000 339,429 0.30 GKN Holdings 5.38 19/09/2022 GBP 200,000 208,008 0.18

MGI Funds plc 86 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) GlaxoSmithKline Capital 5.25 19/12/2033 GBP 197,000 220,429 0.20 GlaxoSmithKline Capital 6.38 09/03/2039 GBP 125,000 160,410 0.14 GlaxoSmithKline Capital 5.25 10/04/2042 GBP 150,000 167,576 0.15 Glencore Finance Europe 6.50 27/02/2019 GBP 100,000 112,270 0.10 Glencore Finance Europe 6.00 03/04/2022 GBP 100,000 109,812 0.10 Glencore Funding LLC 2.50 15/01/2019 USD 200,000 116,929 0.10 Glencore Funding LLC 4.13 30/05/2023 USD 700,000 394,965 0.35 Goldman Sachs Group 7.13 07/08/2025 GBP 100,000 123,616 0.11 Goodman Australia Finance 9.75 16/07/2018 GBP 320,000 403,297 0.36 Great Places Housing Group 4.75 22/10/2042 GBP 100,000 101,288 0.09 Great Rolling Stock 6.50 05/04/2031 GBP 170,000 198,023 0.18 Great Rolling Stock 6.88 27/07/2035 GBP 98,020 116,614 0.10 Hammerson 6.00 23/02/2026 GBP 250,000 285,200 0.25 Health Care REIT 4.80 20/11/2028 GBP 200,000 193,910 0.17 HeidelbergCement Finance 7.50 03/04/2020 EUR 300,000 304,281 0.27 High Speed Rail Finance 1 4.38 01/11/2038 GBP 110,000 109,204 0.10 Imperial Tobacco Finance German listing 7.75 24/06/2019 GBP 240,000 289,586 0.26 Imperial Tobacco Finance UK listing 7.75 24/06/2019 GBP 311,000 375,256 0.33 Imperial Tobacco Finance 9.00 17/02/2022 GBP 268,000 354,252 0.31 Imperial Tobacco Finance 5.50 28/09/2026 GBP 100,000 107,592 0.10 Intu SGS Finance 3.88 17/03/2023 GBP 100,000 96,255 0.09 Intu SGS Finance 4.63 17/03/2028 GBP 200,000 197,307 0.17 KFW 6.00 07/12/2028 GBP 190,000 241,147 0.21 Koninklijke KPN 5.00 18/11/2026 GBP 302,000 303,446 0.27 Koninklijke KPN 5.75 17/09/2029 GBP 100,000 106,172 0.09 Kreditanstalt fuer Wiederaufbau 3.75 07/09/2016 GBP 400,000 426,726 0.38 Land Securities Capital Markets 4.88 29/09/2025 GBP 308,000 335,249 0.30 Land Securities Capital Markets 5.40 31/07/2032 GBP 200,000 226,120 0.20 Lloyds TSB Bank 5.13 07/03/2025 GBP 280,000 309,559 0.27 Lloyds TSB Bank 4.88 30/03/2027 GBP 406,000 438,212 0.39 Lloyds TSB Bank 6.00 08/02/2029 GBP 170,000 205,022 0.18 Lloyds TSB Bank 6.50 17/09/2040 GBP 440,000 537,965 0.48 London & Quadrant Housing Trust 5.50 27/01/2040 GBP 60,000 70,243 0.06 Marks & Spencer 4.75 12/06/2025 GBP 100,000 98,464 0.09 Merrill Lynch 7.75 30/04/2018 GBP 350,000 417,934 0.37 MetLife 5.38 09/12/2024 GBP 200,000 220,947 0.20 Metropolitan Life Global Funding I 3.50 30/09/2026 GBP 100,000 94,627 0.08 Microsoft 3.13 06/12/2028 EUR 100,000 82,343 0.07 Motability Operations Group 4.38 08/02/2027 GBP 100,000 100,576 0.09 National Australia Bank 3.00 04/09/2026 GBP 200,000 179,680 0.16 National Express Group 6.63 17/06/2020 GBP 240,000 273,615 0.24 National Grid Electricity Transmission 7.38 13/01/2031 GBP 345,000 461,028 0.41 National Grid Gas 6.00 13/05/2038 GBP 100,000 120,698 0.11 Nationwide Building Society 5.63 28/01/2026 GBP 410,000 475,287 0.42 Network Rail Infrastructure Finance 4.38 09/12/2030 GBP 200,000 213,653 0.19 Network Rail Infrastructure Finance 4.75 29/11/2035 GBP 100,000 111,744 0.10 Northern Gas Networks Finance 4.88 30/06/2027 GBP 100,000 103,513 0.09 Northumbrian Water Finance 5.13 23/01/2042 GBP 100,000 106,549 0.09 Orange 5.25 05/12/2025 GBP 50,000 52,642 0.05 Petrobras Global Finance 5.38 01/10/2029 GBP 300,000 272,818 0.24 Petrobras International Finance 6.25 14/12/2026 GBP 120,000 124,082 0.11 Pfizer 6.50 03/06/2038 GBP 100,000 130,027 0.11 Porterbrook Rail Finance 5.50 20/04/2019 GBP 100,000 109,510 0.10 POSTNL 7.50 14/08/2018 GBP 240,000 280,335 0.25 QBE Insurance Group 6.13 28/09/2015 GBP 158,000 168,484 0.15

MGI Funds plc 87 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) Royal Bank of Scotland 6.63 17/09/2018 GBP 645,000 750,519 0.66 Royal Bank of Scotland 6.88 17/05/2025 GBP 200,000 239,906 0.21 RWE Finance 5.50 06/07/2022 GBP 200,000 218,359 0.19 RWE Finance 6.25 03/06/2030 GBP 150,000 171,355 0.15 RWE Finance 4.75 31/01/2034 GBP 300,000 289,284 0.26 Sanctuary Capital 5.00 26/04/2047 GBP 200,000 219,059 0.19 Sceptre Funding No. 1 5.25 09/02/2027 GBP 177,814 199,016 0.18 Segro 5.50 20/06/2018 GBP 70,000 77,067 0.07 Severn Trent Utilities Finance 3.63 16/01/2026 GBP 100,000 93,786 0.08 Siemens Financieringsmaatschappij 3.75 10/09/2042 GBP 200,000 176,201 0.16 Societe Generale 5.00 20/12/2018 GBP 100,000 109,398 0.10 South Eastern Power Networks 5.50 05/06/2026 GBP 247,000 270,894 0.24 Southern Water Services Finance 5.00 31/03/2021 GBP 100,000 107,368 0.09 Southern Water Services Finance 4.50 31/03/2038 GBP 600,000 590,992 0.52 Sovereign Housing Capital 4.77 01/06/2043 GBP 100,000 105,120 0.09 SP Manweb 4.88 20/09/2027 GBP 320,000 323,612 0.29 SPI Australia Assets 5.13 11/02/2021 GBP 160,000 173,170 0.15 SSE 6.25 27/08/2038 GBP 220,000 270,593 0.24 Standard Chartered 4.38 18/01/2038 GBP 230,000 215,075 0.19 Statoil ASA 4.25 10/04/2041 GBP 100,000 99,259 0.09 Statoil ASA 4.80 08/11/2043 USD 200,000 121,997 0.11 Sunderland SHG Finance 6.38 31/03/2042 GBP 200,000 238,414 0.21 Svenska Handelsbanken 2.75 05/12/2022 GBP 180,000 167,117 0.15 TDC 5.63 23/02/2023 GBP 100,000 109,513 0.10 Telefonica Emisiones 5.60 12/03/2020 GBP 500,000 533,417 0.47 Telefonica Emisiones 5.38 02/02/2026 GBP 66,000 66,447 0.06 TeliaSonera 4.38 05/12/2042 GBP 100,000 95,464 0.08 Temasek Financial I 5.13 26/07/2040 GBP 130,000 148,699 0.13 Tesco 6.00 14/12/2029 GBP 88,000 97,236 0.09 Thames Water Utilities Cayman Finance 5.75 13/09/2030 GBP 138,000 149,389 0.13 Time Warner Cable 5.75 02/06/2031 GBP 100,000 87,904 0.08 Transport for London 2.25 09/08/2022 GBP 220,000 201,581 0.18 Transport for London 3.88 23/07/2042 GBP 150,000 141,018 0.12 United Utilities Water 5.63 20/12/2027 GBP 200,000 223,560 0.20 Verizon Communications 5.15 15/09/2023 USD 140,000 90,757 0.08 Verizon Communications 6.40 15/09/2033 USD 200,000 138,883 0.12 Verizon Communications 6.55 15/09/2043 USD 330,000 233,109 0.21 Virgin Media Secured Finance 7.00 15/01/2018 GBP 110,000 113,970 0.10 Virgin Media Secured Finance 5.50 15/01/2021 GBP 152,000 152,380 0.13 Wal-Mart Stores 4.88 19/01/2039 GBP 595,000 646,135 0.57 Wales & West Utilities Finance 4.63 13/12/2023 GBP 237,000 247,352 0.22 Wells Fargo & Co 3.50 12/09/2029 GBP 100,000 90,617 0.08 Wells Fargo & Co 4.63 02/11/2035 GBP 100,000 101,569 0.09 Western Power Distribution East Midlands 5.25 17/01/2023 GBP 330,000 358,557 0.32 Western Power Distribution South West 5.75 23/03/2040 GBP 150,000 172,198 0.15 Western Power Distribution West Midlands 5.75 16/04/2032 GBP 301,000 338,908 0.30 Westfield UK & Europe Finance 4.25 11/07/2022 GBP 140,000 143,121 0.13 Xstrata Canada Financial 7.38 27/05/2020 GBP 122,000 144,075 0.13 Yorkshire Water Services Bradford Finance 3.63 01/08/2029 GBP 100,000 90,613 0.08 Yorkshire Water Services Bradford Finance 6.38 19/08/2039 GBP 170,000 213,224 0.19 –––––––––––– ––––––– 46,839,235 41.47 Government bonds United Kingdom (Government of) 4.75 07/09/2015 GBP 1,638,000 1,752,332 1.55 United Kingdom (Government of) 8.00 07/12/2015 GBP 357,000 408,015 0.36

MGI Funds plc 88 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Government bonds (continued) United Kingdom (Government of) 2.00 22/01/2016 GBP 1,047,000 1,073,489 0.95 United Kingdom (Government of) 4.00 07/09/2016 GBP 1,729,000 1,869,568 1.66 United Kingdom (Government of) 1.75 22/01/2017 GBP 1,160,000 1,179,488 1.04 United Kingdom (Government of) 8.75 25/08/2017 GBP 127,000 159,931 0.14 United Kingdom (Government of) 5.00 07/03/2018 GBP 380,304 431,569 0.38 United Kingdom (Government of) 1.25 22/07/2018 GBP 5,562,518 5,415,668 4.80 United Kingdom (Government of) 4.50 07/03/2019 GBP 1,314,753 1,472,655 1.30 United Kingdom (Government of) 3.75 07/09/2019 GBP 817,000 884,403 0.78 United Kingdom (Government of) 4.75 07/03/2020 GBP 2,861,535 3,265,584 2.89 United Kingdom (Government of) 3.75 07/09/2020 GBP 2,098,822 2,270,506 2.01 United Kingdom (Government of) 8.00 07/06/2021 GBP 1,172,748 1,604,437 1.42 United Kingdom (Government of) 3.75 07/09/2021 GBP 2,235,000 2,409,330 2.13 United Kingdom (Government of) 4.00 07/03/2022 GBP 427,000 467,181 0.41 United Kingdom (Government of) 1.75 07/09/2022 GBP 999,000 914,585 0.81 United Kingdom (Government of) 2.25 07/09/2023 GBP 1,615,000 1,510,994 1.34 United Kingdom (Government of) 5.00 07/03/2025 GBP 1,846,000 2,162,220 1.92 United Kingdom (Government of) 4.25 07/12/2027 GBP 808,000 885,649 0.78 United Kingdom (Government of) 6.00 07/12/2028 GBP 920,610 1,200,015 1.06 United Kingdom (Government of) 4.75 07/12/2030 GBP 1,639,925 1,910,021 1.69 United Kingdom (Government of) 4.25 07/06/2032 GBP 3,247,323 3,574,004 3.17 United Kingdom (Government of) 4.50 07/09/2034 GBP 1,227,196 1,395,445 1.24 United Kingdom (Government of) 4.25 07/03/2036 GBP 315,000 346,752 0.31 United Kingdom (Government of) 4.25 07/09/2039 GBP 204,000 225,644 0.20 United Kingdom (Government of) 4.25 07/12/2040 GBP 2,437,438 2,700,194 2.39 United Kingdom (Government of) 4.50 07/12/2042 GBP 874,287 1,013,036 0.90 United Kingdom (Government of) 3.25 22/01/2044 GBP 2,858,000 2,643,936 2.34 United Kingdom (Government of) 4.25 07/12/2046 GBP 745,000 834,996 0.74 United Kingdom (Government of) 4.25 07/12/2049 GBP 485,000 549,408 0.49 United Kingdom (Government of) 3.75 22/07/2052 GBP 503,000 518,241 0.46 United Kingdom (Government of) 4.25 07/12/2055 GBP 706,000 810,912 0.72 United Kingdom (Government of) 4.00 22/01/2060 GBP 484,000 531,819 0.47 United Kingdom (Government of) 3.50 22/07/2068 GBP 1,572,000 1,539,617 1.36 United Kingdom Gilt Inflation Linked 1.25 22/11/2017 GBP 1,209,279 1,336,253 1.18 United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 573,742 327,168 0.29 –––––––––––– ––––––– 51,595,065 45.68 Mortgage backed securities Chapel 0.59 17/07/2066 EUR 376,084 270,650 0.24 Equity Release Funding No 3 5.05 26/04/2033 GBP 200,000 207,485 0.18 Longstone Finance 4.79 19/04/2030 GBP 314,305 339,228 0.30 Meadowhall Finance 4.99 12/01/2032 GBP 89,773 97,670 0.09 PYME Bancaja 5 Fondo de Titulizacion de Activos 0.50 14/02/2039 EUR 400,000 314,302 0.28 Silverstone Master Issuer 5.06 21/10/2016 GBP 354,000 385,317 0.34 Tesco Property Finance 3 5.74 13/04/2040 GBP 277,368 297,661 0.26 Tesco Property Finance 4 5.80 13/10/2040 GBP 645,066 689,487 0.62 Tesco Property Finance 6 5.41 13/07/2044 GBP 200,000 203,509 0.18 Utrecht Funding 3.23 28/07/2016 EUR 350,263 289,951 0.26 Whinstone Capital Management 4.24 25/04/2045 USD 600,000 345,057 0.31 White City Property Finance 5.12 17/04/2035 GBP 97,216 102,492 0.09 –––––––––––– ––––––– 3,542,809 3.15

Total bonds 104,831,405 92.82

Total transferable securities 104,831,405 92.82

MGI Funds plc 89 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss (continued) Collective investment schemes Insight Global Funds II - Insight Emerging Markets Debt Fund 124,914 1,702,504 1.51 Insight Global Funds II - Short High Yield Bond Fund 154,579 1,703,647 1.51 Insight LIBOR Plus Fund 592,245 849,397 0.75 Insight Liquidity Funds - GBP Liquidity Fund 185,000 185,000 0.16 –––––––––––– ––––––– Total collective investment schemes 4,440,548 3.93

Financial derivative instruments Open forward foreign currency contracts

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

EUR 1* 1,163,000 GBP 967,495 15/01/2014 155 0.00 GBP 1* 275,004 EUR 329,000 31/01/2014 1,240 0.00 GBP 1* 1,409,280 EUR 1,683,000 12/02/2014 8,723 0.01 GBP 1* 474,680 EUR 566,026 20/03/2014 3,518 0.00 GBP 2* 137,688 USD 225,000 08/01/2014 1,835 0.00 GBP 1* 766,814 USD 1,258,000 29/01/2014 7,139 0.01 GBP 2* 439,653 USD 719,000 07/02/2014 5,440 0.00 GBP 1* 976,525 USD 1,603,036 20/03/2014 8,131 0.01 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 36,181 0.03

Interest rate swaps

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

Fixed 2.29% 6* EUR 12 Month FRCPI 14/05/2028 EUR 1,450,000 47,469 0.04 Fixed 1.57% 3* EUR 6 Month Eibor 27/06/2017 EUR 5,100,000 32,885 0.03 Fixed 1.89% 6* EUR 3 Month Libor 06/05/2023 EUR 700,000 12,032 0.01 GBP 12 Month UKRPI 1* Fixed 3.21% 12/06/2023 GBP 550,000 4,814 0.00 USD 3 Month Libor 6* Fixed 0.93% 10/12/2016 USD 4,500,000 10,808 0.01 USD 3 Month Libor 6* Fixed 0.93% 11/12/2016 USD 4,500,000 8,123 0.01 –––––––––––– ––––––– Interest rate swaps at positive fair value 116,131 0.10

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

10 Year US Treasury Notes Futures 4* 20/03/2014 USD (7) 10,598 0.01 10 Year US Treasury Notes Futures 4* 20/03/2014 USD (9) 7,472 0.01 Euro Bobl Futures 4* 06/03/2014 EUR (1) 1,065 0.00 Euro Bund Futures 4* 06/03/2014 EUR (3) 5,092 0.01 Euro Bund Futures 4* 06/03/2014 EUR (3) 1,706 0.00 US Long Bond Futures 5* 20/03/2014 USD (2) 868 0.00 US Ultra Bond Futures 4* 20/03/2014 USD (3) 4,755 0.00 US Ultra Bond Futures 4* 20/03/2014 USD (3) 1,245 0.00 –––––––––––– ––––––– Unrealised gain on futures contracts 32,801 0.03

Total financial derivative instruments at positive fair value 185,113 0.16

Total financial assets at fair value through profit or loss 109,457,066 96.91

MGI Funds plc 90 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (continued)

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

Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts GBP 3* 1,421,442 EUR 1,716,000 15/01/2014 (6,321) (0.01) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (6,321) (0.01)

Interest rate swaps

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

CHF 6 Month Libor 4* Fixed 1.04% 14/09/2017 CHF (8,300,000) (39,635) (0.03) Fixed 2.40% 7* CHF 6 Month MSF 19/11/2023 CHF (3,300,000) (18,124) (0.02) EUR 12 Month FRCPI 6* Fixed 2.10% 14/05/2023 EUR (1,450,000) (38,053) (0.02) EUR 6 Month Euribor 3* Fixed 3.05% 23/10/2043 EUR (2,370,000) (10,183) (0.01) GBP 6 Month Libor 3* Fixed 3.42% 22/08/2063 GBP (1,100,000) (8,722) (0.01) GBP 6 Month Libor 1* Fixed 3.46% 06/09/2063 GBP (550,000) (6,533) (0.01) Fixed 4.18% 6* USD 3 Month Libor 10/12/2020 USD (4,800,000) (5,736) (0.01) Fixed 4.17% 6* USD 3 Month Libor 11/12/2020 USD (4,800,000) (5,879) (0.01) USD 12 Month USCPI 1* Fixed 2.63% 23/09/2023 USD (1,000,000) (8,362) (0.01) Fixed 3.77% 6* USD 3 Month Libor 09/02/2044 USD (900,000) (10,248) (0.01) USD 3 Month Libor 3* Fixed 2.24% 13/03/2019 USD (3,800,000) (39,120) (0.03) –––––––––––– ––––––– Interest rate swaps at negative fair value (190,595) (0.17)

Futures contracts Maturity No. of Unrealised % of date Currency contracts loss GB£ Net assets

Long Gilt Future 4* 26/06/2014 GBP 2 (4,340) 0.00 Long Gilt Future 5* 27/03/2014 GBP 32 (29,760) (0.03) –––––––––––– ––––––– Unrealised loss on futures contracts (34,100) (0.03)

Total financial derivative instruments at negative fair value (231,016) (0.21)

Total financial liabilities at fair value through profit or loss (231,016) (0.21)

Total financial derivative instruments (45,903) (0.05)

Total investments at fair value through profit and loss 109,226,050 96.70

Cash 2,192,329 1.94

Net current assets 1,526,005 1.36 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 112,944,384 100.00 –––––––––––– –––––––

MGI Funds plc 91 MGI Funds plc Portfolio Statement MGI UK Bond Fund as at 31 December 2013 (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 92.10 Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regulated market 0.48 Collective investment schemes 3.92 Financial derivative instruments dealt in on a regulated market 0.03 OTC traded financial derivative instruments 0.13 Other assets 3.34 ––––––– 100.00 –––––––

The following is a list of the counterparty details for OTC derivatives and futures contracts.

Reference Counterparty 1* JP Morgan 2* Royal Bank of Scotland 3* Citibank 4* UBS 5* Goldman Sachs 6* Deutsche Bank 7* HSBC

MGI Funds plc 92 MGI Funds plc Portfolio Statement MGI UK Cash Fund as at 31 December 2013

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss Collective investment schemes Ireland Fidelity Institutional Cash Fund - The Sterling Fund 110 2,257,603 19.45 Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 162 2,261,567 19.48 Insight Liquidity Funds plc - Insight Liquid Reserve Liquidity Fund 2,248,067 2,248,067 19.37 Institutional Cash Series - Institutional Sterling Fund 22,249 2,259,324 19.46 –––––––––––– ––––––– 9,026,561 77.76 Luxembourg JP Morgan Liquidity Funds - Sterling Liquidity Fund 142 2,254,041 19.42 –––––––––––– –––––––

Total collective investment schemes 11,280,602 97.18

Total financial assets at fair value through profit or loss 11,280,602 97.18

Cash 324,123 2.79

Other net assets 3,379 0.03 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 11,608,104 100.00 –––––––––––– –––––––

Total assets comprised as follows: % of total assets Collective investment schemes 97.15 Other current assets 2.85 ––––––– 100.00 –––––––

MGI Funds plc 93 MGI Funds plc Portfolio Statement MGI UK Equity Fund as at 31 December 2013

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Bermuda Catlin Group 36,370 211,128 0.19 Hiscox 12,511 86,826 0.08 Lancashire Holdings 16,925 137,008 0.13 –––––––––––– ––––––– 434,962 0.40 Channel Islands Glencore International 191,206 597,901 0.55 Petrofac 11,704 142,555 0.13 Shire 21,700 618,667 0.57 Wolseley 45,216 1,548,648 1.42 –––––––––––– ––––––– 2,907,771 2.67 Isle Of Man Playtech 9,342 68,290 0.06 –––––––––––– ––––––– United Kingdom 3i Group 361,200 1,390,981 1.27 A.G.Barr 102,380 578,447 0.53 Admiral Group 12,005 157,145 0.14 Amlin 18,764 85,827 0.08 Anglo American 47,353 625,060 0.57 Antofagasta 13,010 107,202 0.10 ARM Holdings 6,058 66,456 0.06 Ashtead Group 196,926 1,495,653 1.37 Associated British Foods 5,881 143,790 0.13 AstraZeneca 62,916 2,248,932 2.06 Aviva 105,927 476,248 0.44 Babcock International Group 10,018 135,443 0.12 BAE Systems 74,303 322,847 0.30 Barclays 818,638 2,225,467 2.04 Barratt Developments 33,194 115,615 0.11 Bellway 5,215 81,876 0.07 Berkeley Group Holdings 58,100 1,540,231 1.41 BG Group 161,380 2,093,906 1.92 BHP Billiton 48,354 902,286 0.83 BP 832,171 4,061,411 3.72 Bradford Bingley 65,579 0.00 0.00 British American Tobacco 125,646 4,065,905 3.72 British Sky Broadcasting Group 77,777 656,438 0.60 BT Group 281,106 1,065,392 0.98 Bunzl 9,338 135,121 0.12 Burberry Group 68,329 1,035,868 0.95 Cable & Wireless Communications 254,807 143,329 0.13 Capital & Counties Properties 502,083 1,652,857 1.51 Centrica 132,924 461,512 0.42 Chemring Group 31,687 70,979 0.07 Compass Group 253,600 2,453,580 2.25 CSR 16,604 104,937 0.10 Daily Mail & General Trust 193,221 1,836,566 1.68 Debenhams 110,559 80,708 0.07 Diageo 234,902 4,695,691 4.30 Dixons Retail 149,841 72,643 0.07 Drax Group 16,179 129,432 0.12 EasyJet 7,385 113,286 0.10 Elementis 36,449 98,011 0.09

MGI Funds plc 94 MGI Funds plc Portfolio Statement MGI UK Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Enterprise Inns 88,043 134,266 0.12 Euromoney Institutional Investor 23,007 310,594 0.28 Fidessa Group 36,093 813,175 0.74 Filtrona 213,075 1,811,137 1.66 GKN 31,231 116,367 0.11 GlaxoSmithKline 190,268 3,066,169 2.81 Greene King 111,113 978,350 0.90 Hargreaves Lansdown 276,033 3,737,487 3.42 Home Retail Group 135,923 260,157 0.24 Howden Joinery Group 22,381 77,035 0.07 HSBC Holdings 780,249 5,167,589 4.73 Imperial Tobacco Group 21,935 512,621 0.47 Intermediate Capital Group 35,243 147,633 0.14 International Consolidated Airlines Group 50,125 201,102 0.18 International Personal Finance 20,042 99,408 0.09 Invensys 19,623 99,489 0.09 ITV 88,863 172,216 0.16 Jardine Lloyd Thompson Group 9,369 95,376 0.09 John Wood Group 12,983 88,804 0.08 Johnson Matthey 16,600 543,318 0.50 Kazakhmys 57,328 125,204 0.11 Kesa Electricals 49,538 58,207 0.05 Kingfisher 27,984 107,598 0.10 Legal & General Group 72,763 161,970 0.15 Lloyds Banking Group 3,017,443 2,373,219 2.17 London Stock Exchange Group 120,155 2,081,085 1.91 Man Group 136,231 115,728 0.11 Marks & Spencer Group 17,558 75,956 0.07 Melrose 232,129 709,618 0.65 Merlin Entertainments 59,307 210,481 0.19 Micro Focus International 9,879 75,673 0.07 Mitchells & Butlers 12,383 52,244 0.05 Mitie Group 37,806 119,732 0.11 Mondi 7,488 78,324 0.07 National Grid 71,482 563,278 0.52 Next 45,062 2,453,626 2.25 Old Mutual 82,029 155,035 0.14 Paragon Group 144,102 534,618 0.49 Pearson 163,881 2,197,644 2.01 Persimmon 8,331 103,221 0.09 Provident Financial 2,199 35,624 0.03 Prudential 62,266 833,742 0.76 Rathbone Brothers 74,833 1,207,805 1.11 Reckitt Benckiser Group 34,889 1,670,485 1.53 Reed Elsevier 226,200 2,032,407 1.86 Rightmove 21,439 585,928 0.54 Rio Tinto 76,474 2,604,322 2.39 Rolls-Royce Holdings 185,797 2,365,196 2.17 Rolls-Royce Holdings - C Shares 16,137,642 16,138 0.01 Rotork 5,433 155,927 0.14 Royal Bank of Scotland Group 48,699 164,651 0.15 Royal Dutch Shell - A Shares 132,804 2,871,222 2.63 Royal Dutch Shell - B Shares 168,881 3,849,642 3.53 SABMiller 25,651 794,411 0.73 Sage Group 460,177 1,857,735 1.70

MGI Funds plc 95 MGI Funds plc Portfolio Statement MGI UK Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings GB£ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Schroders 70,456 1,830,447 1.68 Scottish & Southern Energy 8,672 118,633 0.11 Shaftesbury 34,700 216,875 0.20 Smiths News 26,514 62,573 0.06 Spectris 3,429 87,474 0.08 Stagecoach Group 16,504 62,402 0.06 Standard Chartered 76,012 1,033,763 0.95 Standard Life 32,417 116,474 0.11 Taylor Wimpey 102,105 113,847 0.10 Tesco 221,020 738,980 0.68 Thomas Cook Group 74,970 125,275 0.11 Travis Perkins 6,451 120,569 0.11 TUI Travel 30,912 127,419 0.12 Tullow Oil 14,196 121,376 0.11 Unilever 108,857 2,701,831 2.47 Vedanta Resources 8,789 81,957 0.08 Victrex 47,642 875,184 0.80 Vodafone Group 2,125,549 5,037,551 4.61 Whitbread 2,559 95,835 0.09 Wincanton 10,466 13,187 0.01 WPP 14,145 195,060 0.18 Young & Co's Brewery 25,856 250,803 0.23 –––––––––––– ––––––– 103,684,582 94.97

Total equities 107,095,605 98.10

Total transferable securities 107,095,605 98.10

Total financial assets at fair value through profit or loss 107,095,605 98.10

Cash 1,830,855 1.68

Net current assets 242,855 0.22 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 109,169,315 100.00 –––––––––––– –––––––

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 98.01 Other current assets 1.99 ––––––– 100.00 –––––––

MGI Funds plc 96 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Bermuda Axis Capital Holdings 1,927 91,629 0.12 Validus Holdings 5,975 240,732 0.33 –––––––––––– ––––––– 332,361 0.45 Canada Catamaran 4,700 223,109 0.30 –––––––––––– ––––––– Cayman Islands Baidu - ADR 2,100 373,485 0.50 –––––––––––– ––––––– France Sanofi - ADR 13,731 735,570 0.99 –––––––––––– ––––––– Germany Siemens - ADR 2,666 369,081 0.50 –––––––––––– ––––––– Ireland Covidien 6,620 450,756 0.61 Seagate Technology 5,881 330,277 0.44 –––––––––––– ––––––– 781,033 1.05 Netherlands NXP Semiconductor 4,600 211,232 0.28 –––––––––––– ––––––– Singapore Avago Technologies 2,262 119,660 0.16 –––––––––––– ––––––– Switzerland ACE 5,670 586,902 0.79 TE Connectivity 5,529 304,592 0.41 Tyco International 6,140 251,924 0.34 –––––––––––– ––––––– 1,143,418 1.54 United Kingdom ARM Holdings - ADR 7,100 388,583 0.52 Liberty Global 7,704 649,601 0.87 Liberty Global -A- Shares 3,700 329,263 0.44 Royal Dutch Shell - ADR 8,312 591,981 0.80 –––––––––––– ––––––– 1,959,428 2.63 United States of America AbbVie 5,617 296,578 0.40 AES 41,689 604,074 0.81 AGCO 4,651 275,293 0.37 Agilent Technologies 5,162 295,215 0.40 Alexion Pharmaceuticals 2,500 332,475 0.45 Allstate 7,179 391,471 0.53 Amazon.com 2,460 979,769 1.32 American Capital Agency REIT 5,855 112,943 0.15 American Express 3,750 340,200 0.46 American Homes 4 Rent REIT 13,504 218,765 0.29 American Tower REIT 4,400 351,076 0.47 Amgen 8,856 1,010,470 1.36 Apple 1,295 726,262 0.98 Applied Materials 13,600 240,448 0.32

MGI Funds plc 97 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Bank of America 59,317 923,566 1.24 BB&T 10,223 381,522 0.51 Bed Bath & Beyond 4,584 368,049 0.50 Berkshire Hathaway 14,831 1,757,770 2.36 Biogen Idec 1,950 545,317 0.73 BlackRock 1,500 474,705 0.64 BorgWarner 5,800 324,336 0.44 Bristol-Myers Squibb 4,300 228,502 0.31 Brocade Communications Systems 54,585 483,623 0.65 Capital One Financial 12,831 982,983 1.32 CBS 9,975 635,507 0.86 Celgene 5,100 861,237 1.16 Cerner 5,200 289,744 0.39 Charles Schwab 7,400 192,400 0.26 Chipotle Mexican Grill 330 175,758 0.24 CIGNA 6,148 537,704 0.72 Cisco Systems 41,294 926,637 1.25 Citigroup 27,804 1,448,310 1.95 Cognizant Technology Solutions 3,500 353,430 0.48 Comcast 19,268 1,000,973 1.35 Costco Wholesale 2,000 238,000 0.32 Crown Holdings 8,827 393,331 0.53 CVS Caremark 18,547 1,327,223 1.79 Danaher 9,700 748,743 1.01 Delta Air Lines 6,600 181,302 0.24 Discover Financial Services 7,962 445,474 0.60 Dollar General 7,300 440,190 0.59 Dover 4,628 446,741 0.60 eBay 7,600 417,012 0.56 Ecolab 2,700 281,502 0.38 EOG Resources 1,767 296,485 0.40 Equity Residential REIT 5,979 310,071 0.42 Estee Lauder 3,800 286,140 0.38 Express Scripts Holdings 9,770 686,147 0.92 Exxon Mobil 23,984 2,427,181 3.27 Facebook 8,500 464,440 0.62 Fifth Third Bancorp 28,649 602,202 0.81 FirstEnergy 10,890 359,152 0.48 Gannett 11,244 332,598 0.45 Gilead Sciences 7,300 548,449 0.74 Global Payments 1,524 99,045 0.13 Goldman Sachs Group 2,461 436,237 0.59 Google 1,035 1,159,159 1.56 Hilton Worldwide Holdings 9,800 218,344 0.29 Honeywell International 3,450 315,226 0.42 IAC 8,853 608,113 0.82 International Paper 5,649 276,914 0.37 Johnson & Johnson 12,812 1,173,323 1.58 JPMorgan Chase 29,041 1,698,027 2.28 Kansas City Southern 900 111,411 0.15 Lear 7,267 588,336 0.79 Liberty Media 4,375 640,281 0.86 LinkedIn 1,020 220,942 0.30 Lockheed Martin 4,295 638,409 0.86 Lowe's 6,400 317,056 0.43

MGI Funds plc 98 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) LSI 37,818 417,133 0.56 Macy's 7,275 388,339 0.52 Marathon Oil 8,463 298,744 0.40 Marriott International 50,722 - 0.00 Mastercard 530 442,767 0.60 McKesson 6,077 980,524 1.32 MetLife 5,762 310,629 0.42 Microsoft 19,386 725,424 0.98 Monsanto 7,200 839,160 1.13 Morgan Stanley 12,300 385,605 0.52 NetApp 11,899 489,525 0.66 News 12,478 224,854 0.30 NIKE 5,200 409,032 0.55 Noble Energy 4,600 313,260 0.42 Norfolk Southern 5,572 517,137 0.70 Occidental Petroleum 10,143 964,599 1.30 Omnicare 9,132 551,207 0.74 Omnicom Group 2,985 221,994 0.30 ON Semiconductor 38,978 320,789 0.43 Parker Hannifin 2,954 380,032 0.51 Pfizer 48,201 1,475,915 1.99 Phillips 66 10,722 826,988 1.11 Precision Castparts 1,800 484,722 0.65 priceline.com 840 976,072 1.31 Qualcomm 11,159 828,333 1.11 Quest Diagnostics 4,293 229,847 0.31 Ralph Lauren 1,350 238,369 0.32 Range Resources 3,300 278,190 0.37 Raytheon 5,860 531,443 0.72 Rock-Tenn 3,442 361,376 0.49 Ross Stores 3,600 269,748 0.36 Salesforce.com 12,400 684,232 0.92 SBA Communications 3,400 305,286 0.41 Schlumberger 10,584 953,724 1.28 ServiceNow 3,200 179,232 0.24 Six Flags Entertainment 2,444 89,964 0.12 Starbucks 8,500 666,145 0.90 State Street 5,492 403,113 0.54 Symantec 5,050 119,028 0.16 Time Warner 11,748 819,071 1.10 Time Warner Cable 2,813 380,993 0.51 Travelers 2,372 214,713 0.29 Twenty-First Century Fox Class A 15,300 538,101 0.72 Tyson Foods 16,923 566,244 0.76 Ulta Salon Cosmetics & Fragrances 2,400 231,576 0.31 Union Pacific 6,000 1,007,820 1.36 United Technologies 3,200 364,096 0.49 UnitedHealth Group 4,764 358,682 0.48 Valero Energy 4,906 247,262 0.33 Visa 4,600 1,024,190 1.38 Walt Disney 4,100 313,199 0.42 Wells Fargo 37,368 1,696,133 2.28 Western Digital 3,593 301,453 0.41 Workday 500 41,580 0.06 Wynn Resorts 1,600 310,528 0.42

MGI Funds plc 99 MGI Funds plc Portfolio Statement MGI U.S. Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Zoetis 10,300 336,604 0.45 –––––––––––– ––––––– 66,635,044 89.65

Total equities 72,883,421 98.05

Total transferable securities 72,883,421 98.05

Total financial assets at fair value through profit or loss 72,883,421 98.05

Cash 1,398,208 1.88

Net current assets 48,976 0.07

–––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 74,330,605 100.00 –––––––––––– –––––––

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 97.95 Other assets 2.05 ––––––– 100.00 –––––––

MGI Funds plc 100 MGI Funds plc Portfolio Statement MGI UK Inflation Linked Bond Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Government bonds United Kingdom United Kingdom Gilt Inflation Linked 0.13 22/11/2019 GBP 5,509,188 5,804,481 1.14 United Kingdom Gilt Inflation Linked 2.50 16/04/2020 GBP 10,105,994 36,376,525 7.17 United Kingdom Gilt Inflation Linked 1.88 22/11/2022 GBP 28,831,214 34,392,755 6.78 United Kingdom Gilt Inflation Linked 0.13 22/03/2024 GBP 14,115,285 14,270,553 2.81 United Kingdom Gilt Inflation Linked 2.50 17/07/2024 GBP 10,502,078 33,746,327 6.65 United Kingdom Gilt Inflation Linked 1.25 22/11/2027 GBP 28,271,507 32,800,602 6.47 United Kingdom Gilt Inflation Linked 0.13 22/03/2029 GBP 20,822,885 20,747,922 4.09 United Kingdom Gilt Inflation Linked 4.13 22/07/2030 GBP 7,398,330 22,655,906 4.47 United Kingdom Gilt Inflation Linked 1.25 22/11/2032 GBP 22,345,071 27,176,076 5.36 United Kingdom Gilt Inflation Linked 0.75 22/03/2034 GBP 20,855,626 23,437,552 4.62 United Kingdom Gilt Inflation Linked 2.00 26/01/2035 GBP 13,786,533 27,431,065 5.41 United Kingdom Gilt Inflation Linked 1.13 22/11/2037 GBP 23,234,982 28,806,731 5.68 United Kingdom Gilt Inflation Linked 0.63 22/03/2040 GBP 19,978,947 22,596,189 4.46 United Kingdom Gilt Inflation Linked 0.63 22/11/2042 GBP 20,168,778 23,278,804 4.59 United Kingdom Gilt Inflation Linked 0.13 22/03/2044 GBP 20,122,105 20,144,239 3.97 United Kingdom Gilt Inflation Linked 0.75 22/11/2047 GBP 22,439,559 27,407,677 5.41 United Kingdom Gilt Inflation Linked 0.50 22/03/2050 GBP 21,154,603 24,365,872 4.81 United Kingdom Gilt Inflation Linked 0.25 22/03/2052 GBP 13,816,128 14,676,872 2.89 United Kingdom Gilt Inflation Linked 1.25 22/11/2055 GBP 20,954,394 31,427,401 6.20 United Kingdom Gilt Inflation Linked 0.38 22/03/2062 GBP 20,177,192 23,472,128 4.63 United Kingdom Gilt Inflation Linked 0.13 22/03/2068 GBP 7,596,696 7,952,222 1.57 –––––––––––– ––––––– 502,967,899 99.18

Total government bonds 502,967,899 99.18

Total transferable securities 502,967,899 99.18

Total financial assets at fair value through profit or loss 502,967,899 99.18

Cash 3,019,724 0.60

Net current assets 1,125,174 0.22 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 507,112,797 100.00 –––––––––––– –––––––

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 99.14 Other current assets 0.86 ––––––– 100.00 –––––––

MGI Funds plc 101 MGI Funds plc Portfolio Statement MGI UK Long Gilt Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Government bonds United Kingdom United Kingdom (Government of) 4.75 07/12/2030 GBP 3,874,924 4,513,124 8.65 United Kingdom (Government of) 4.25 07/06/2032 GBP 4,687,499 5,159,063 9.88 United Kingdom (Government of) 4.50 07/09/2034 GBP 3,450,585 3,923,660 7.52 United Kingdom (Government of) 4.25 07/03/2036 GBP 3,516,874 3,871,375 7.42 United Kingdom (Government of) 4.75 07/12/2038 GBP 3,334,235 3,968,740 7.60 United Kingdom (Government of) 4.25 07/09/2039 GBP 2,608,420 2,885,173 5.53 United Kingdom (Government of) 4.25 07/12/2040 GBP 3,286,000 3,640,231 6.97 United Kingdom (Government of) 4.50 07/12/2042 GBP 3,517,715 4,075,976 7.81 United Kingdom (Government of) 3.25 22/01/2044 GBP 2,948,000 2,727,195 5.23 United Kingdom (Government of) 4.25 07/12/2046 GBP 2,828,521 3,170,206 6.07 United Kingdom (Government of) 4.25 07/12/2049 GBP 2,622,337 2,970,583 5.69 United Kingdom (Government of) 3.75 22/07/2052 GBP 2,680,000 2,761,204 5.29 United Kingdom (Government of) 4.25 07/12/2055 GBP 3,184,969 3,658,255 7.01 United Kingdom (Government of) 4.00 22/01/2060 GBP 2,557,563 2,810,250 5.38 United Kingdom (Government of) 3.50 22/07/2068 GBP 1,297,000 1,270,282 2.43 –––––––––––– ––––––– 51,405,317 98.48

Total government bonds 51,405,317 98.48

Total transferable securities 51,405,317 98.48

Total financial assets at fair value through profit or loss 51,405,317 98.48

Total investments at fair value through profit and loss 51,405,317 98.48

Cash 457,996 0.88

Net current assets 334,487 0.64 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 52,197,800 100.00 –––––––––––– –––––––

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 98.42 Other current assets 1.58 ––––––– 100.00 –––––––

MGI Funds plc 102 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Government bonds Brazil Brazil Letras do Tesouro Nacional 0.00 01/01/2017 BRL 23,920,000 7,139,916 0.62 Brazil Notas do Tesouro Nacional 10.00 01/01/2015 BRL 8,786,000 3,703,646 0.32 Brazil Notas do Tesouro Nacional 6.00 15/05/2015 BRL 1,623,000 1,668,773 0.14 Brazil Notas do Tesouro Nacional 0.00 01/01/2017 BRL 25,600,000 10,257,568 0.89 Brazil Notas do Tesouro Nacional 10.00 01/01/2017 BRL 10,254,000 4,108,637 0.35 Brazil Notas do Tesouro Nacional 10.00 01/01/2018 BRL 30,000,000 11,726,735 1.01 Brazil Notas do Tesouro Nacional 10.00 01/01/2021 BRL 70,336,000 25,913,878 2.23 Brazil Notas do Tesouro Nacional 6.00 15/08/2022 BRL 2,074,000 2,071,218 0.18 Brazil Notas do Tesouro Nacional 0.00 01/01/2023 BRL 81,467,000 29,164,669 2.51 Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 11,872,000 4,250,098 0.38 Brazil Notas do Tesouro Nacional 6.00 15/08/2030 BRL 1,231,000 1,199,817 0.10 –––––––––––– ––––––– 101,204,955 8.73 Chile Bonos de la Tesoreria de la Republica en pesos 6.00 01/01/2018 CLP 2,045,000,000 4,172,898 0.36 Bonos de la Tesoreria de la Republica en pesos 6.00 01/01/2020 CLP 470,000,000 968,444 0.08 Bonos de la Tesoreria de la Republica en pesos 6.00 01/01/2022 CLP 1,270,000,000 2,630,878 0.23 Bonos del Banco Central de Chile en Pesos 6.00 01/05/2014 CLP 1,240,000,000 2,395,516 0.21 Bonos del Banco Central de Chile en Pesos 6.00 01/08/2016 CLP 1,280,000,000 2,578,757 0.22 Bonos del Banco Central de Chile en Pesos 6.00 01/05/2018 CLP 590,000,000 1,183,818 0.10 Chile (Government of) 6.00 01/01/2022 CLP 50,000,000 100,654 0.01 –––––––––––– ––––––– 14,030,965 1.21 Colombia Bogota Distrito Capital 9.75 26/07/2028 COP 500,000,000 291,278 0.03 Bogota Distrito Capital 9.75 26/07/2028 COP 3,500,000,000 2,038,949 0.17 Colombia (Government of) 12.00 22/10/2015 COP 3,810,000,000 2,222,500 0.19 Colombia (Government of) 7.25 15/06/2016 COP 7,573,700,000 4,121,629 0.36 Colombia (Government of) 4.25 17/05/2017 COP 2,223,867,670 1,207,703 0.10 Colombia (Government of) 11.00 24/07/2020 COP 2,801,400,000 1,771,320 0.15 Colombia (Government of) 7.75 14/04/2021 COP 3,700,000,000 2,113,328 0.18 Colombia (Government of) 9.85 28/06/2027 COP 878,000,000 569,337 0.05 Colombia (Government of) 7.00 04/05/2022 COP 5,779,500,000 3,021,374 0.26 Colombia (Government of) 7.50 26/08/2026 COP 4,543,600,000 2,392,210 0.21 Colombia (Government of) 6.00 28/04/2028 COP 9,766,000,000 4,509,951 0.39 –––––––––––– ––––––– 24,259,579 2.09 Hungary Hungary (Government of) 5.50 12/02/2014 HUF 525,990,000 2,445,358 0.21 Hungary (Government of) 6.75 22/08/2014 HUF 504,910,000 2,392,968 0.21 Hungary (Government of) 8.00 12/02/2015 HUF 367,690,000 1,794,533 0.15 Hungary (Government of) 7.75 24/08/2015 HUF 1,083,060,000 5,372,211 0.46 Hungary (Government of) 5.50 12/02/2016 HUF 240,210,000 1,156,288 0.10 Hungary (Government of) 5.50 22/12/2016 HUF 710,350,000 3,423,710 0.30 Hungary (Government of) 6.75 24/02/2017 HUF 1,257,740,000 6,261,268 0.54 Hungary (Government of) 6.75 24/11/2017 HUF 1,319,420,000 6,628,922 0.57 Hungary (Government of) 5.50 20/12/2018 HUF 2,210,400,000 10,600,264 0.91 Hungary (Government of) 6.50 24/06/2019 HUF 63,100,000 315,482 0.03 Hungary (Government of) 7.50 12/11/2020 HUF 293,600,000 1,531,311 0.13 Hungary (Government of) 7.00 24/06/2022 HUF 911,000,000 4,610,100 0.40 Hungary (Government of) 6.00 24/11/2023 HUF 126,620,000 601,878 0.05 Hungary (Government of) 6.75 22/10/2028 HUF 110,550,000 534,412 0.05 –––––––––––– ––––––– 47,668,705 4.11

MGI Funds plc 103 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Indonesia Indonesia (Government of) 7.38 15/09/2016 IDR 14,000,000,000 1,133,114 0.10 Indonesia (Government of) 6.25 15/04/2017 IDR 20,000,000,000 1,569,433 0.13 Indonesia (Government of) 5.25 15/05/2018 IDR 22,927,000,000 1,695,505 0.15 Indonesia (Government of) 7.88 15/04/2019 IDR 44,160,000,000 3,588,680 0.31 Indonesia (Government of) 7.00 15/05/2022 IDR 70,400,000,000 5,264,092 0.45 Indonesia (Government of) 5.63 15/05/2023 IDR 112,172,000,000 7,581,058 0.65 Indonesia (Government of) 8.38 15/03/2024 IDR 49,848,000,000 4,085,734 0.35 Indonesia (Government of) 7.00 15/05/2027 IDR 66,773,000,000 4,636,252 0.40 Indonesia (Government of) 6.13 15/05/2028 IDR 10,333,000,000 658,018 0.06 Indonesia (Government of) 9.00 15/03/2029 IDR 98,364,000,000 8,137,136 0.71 Indonesia (Government of) 9.50 15/07/2031 IDR 16,000,000,000 1,367,297 0.12 Indonesia (Government of) 8.25 15/06/2032 IDR 54,723,000,000 4,170,549 0.36 Indonesia (Government of) 6.63 15/05/2033 IDR 63,290,000,000 4,082,387 0.35 –––––––––––– ––––––– 47,969,255 4.14 Korea Korea Treasury Bond 3.50 10/06/2014 KRW 2,535,510,000 2,411,748 0.21 Korea Treasury Bond 3.25 10/12/2014 KRW 3,170,160,000 3,019,938 0.26 Korea Treasury Bond 4.50 10/03/2015 KRW 3,068,390,000 2,968,228 0.25 Korea Treasury Bond 5.25 10/09/2015 KRW 2,335,680,000 2,302,051 0.20 –––––––––––– ––––––– 10,701,965 0.92 Malaysia Malaysia (Government of) 3.43 15/08/2014 MYR 18,425,000 5,641,166 0.49 Malaysia (Government of) 3.74 27/02/2015 MYR 10,860,000 3,332,009 0.29 Malaysia (Government of) 3.84 12/08/2015 MYR 9,690,000 2,982,550 0.26 Malaysia (Government of) 3.17 15/07/2016 MYR 2,330,000 708,560 0.06 Malaysia (Government of) 4.26 15/09/2016 MYR 2,690,000 840,348 0.07 Malaysia (Government of) 4.01 15/09/2017 MYR 14,600,000 4,512,098 0.39 Malaysia (Government of) 3.31 31/10/2017 MYR 38,390,000 11,572,355 1.00 Malaysia (Government of) 3.26 01/03/2018 MYR 9,500,000 2,853,715 0.25 Malaysia (Government of) 3.58 28/09/2018 MYR 6,505,000 1,968,502 0.17 Malaysia (Government of) 4.38 29/11/2019 MYR 13,880,000 4,320,619 0.37 Malaysia (Government of) 3.49 31/03/2020 MYR 9,020,000 2,676,050 0.23 Malaysia (Government of) 3.89 31/07/2020 MYR 1,430,000 433,577 0.04 Malaysia (Government of) 4.16 15/07/2021 MYR 5,850,000 1,794,965 0.15 Malaysia (Government of) 3.42 15/08/2022 MYR 30,595,000 8,836,309 0.76 Malaysia (Government of) 3.48 15/03/2023 MYR 12,898,000 3,746,815 0.32 Malaysia (Government of) 4.39 15/04/2026 MYR 940,000 283,106 0.02 Malaysia (Government of) 3.73 15/06/2028 MYR 4,959,000 1,402,008 0.12 Malaysia (Government of) 3.84 15/04/2033 MYR 2,830,000 785,065 0.07 –––––––––––– ––––––– 58,689,817 5.06 Mexico Mexican (Government of) 7.00 19/06/2014 MXN 42,823,500 3,321,002 0.29 Mexican (Government of) 9.50 18/12/2014 MXN 155,506,200 12,513,612 1.08 Mexican (Government of) 6.00 18/06/2015 MXN 6,456,000 508,773 0.04 Mexican (Government of) 6.25 16/06/2016 MXN 32,487,000 2,604,687 0.22 Mexican (Government of) 7.25 15/12/2016 MXN 113,000,000 9,285,462 0.80 Mexican (Government of) 5.00 15/06/2017 MXN 2,330,000 179,071 0.02 Mexican (Government of) 4.75 14/06/2018 MXN 28,940,000 2,156,890 0.19 Mexican (Government of) 8.50 13/12/2018 MXN 10,270,000 886,492 0.08 Mexican (Government of) 8.00 11/06/2020 MXN 121,700,000 10,381,912 0.89

MGI Funds plc 104 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Mexico (continued) Mexican (Government of) 6.50 10/06/2021 MXN 59,780,000 4,682,870 0.40 Mexican (Government of) 6.50 09/06/2022 MXN 121,680,000 9,391,977 0.81 Mexican (Government of) 8.00 07/12/2023 MXN 270,152,100 22,942,142 1.98 Mexican (Government of) 10.00 05/12/2024 MXN 49,351,100 4,811,540 0.41 Mexican (Government of) 7.50 03/06/2027 MXN 64,217,000 5,228,347 0.45 Mexican (Government of) 8.50 31/05/2029 MXN 124,137,000 10,765,750 0.93 Mexican (Government of) 7.75 29/05/2031 MXN 175,431,000 14,022,291 1.21 Mexican (Government of) 10.00 20/11/2036 MXN 12,000,000 1,163,616 0.10 Mexican (Government of) 8.50 18/11/2038 MXN 29,405,200 2,479,901 0.21 Mexican (Government of) 4.00 15/11/2040 MXN 23,067,071 1,799,197 0.16 –––––––––––– ––––––– 119,125,532 10.27 Nigeria Nigeria (Government of) 4.00 23/04/2015 NGN 456,070,000 2,533,976 0.22 Nigeria (Government of) 16.00 29/06/2019 NGN 168,050,000 1,166,001 0.10 Nigeria (Government of) 16.39 27/01/2022 NGN 197,460,000 1,422,403 0.12 –––––––––––– ––––––– 5,122,380 0.44 Peru Peruvian (Republic of) 9.91 05/05/2015 PEN 3,400,000 1,312,125 0.11 Peruvian (Republic of) 8.60 12/08/2017 PEN 3,500,000 1,437,069 0.12 Peruvian (Republic of) 7.84 12/08/2020 PEN 14,840,000 6,041,170 0.52 Peruvian (Republic of) 5.20 12/09/2023 PEN 9,845,000 3,425,175 0.29 Peruvian (Republic of) 8.20 12/08/2026 PEN 7,775,000 3,261,291 0.28 Peruvian (Republic of) 6.95 12/08/2031 PEN 10,695,000 3,820,326 0.33 Peruvian (Republic of) 6.90 12/08/2037 PEN 7,135,000 2,494,057 0.23 Peruvian (Republic of) 6.85 12/02/2042 PEN 5,950,000 2,053,471 0.18 –––––––––––– ––––––– 23,844,684 2.06 Poland Poland (Government of) 5.75 25/04/2014 PLN 6,685,000 2,238,483 0.19 Poland (Government of) 0.00 25/07/2014 PLN 9,080,000 2,969,141 0.26 Poland (Government of) 5.50 25/04/2015 PLN 24,440,000 8,385,355 0.72 Poland (Government of) 0.00 25/01/2016 PLN 3,080,000 959,486 0.08 Poland (Government of) 5.00 25/04/2016 PLN 7,485,000 2,584,755 0.22 Poland (Government of) 3.00 24/08/2016 PLN 21,347,060 7,428,263 0.64 Poland (Government of) 4.75 25/10/2016 PLN 8,905,000 3,066,263 0.26 Poland (Government of) 4.75 25/04/2017 PLN 4,080,000 1,410,277 0.12 Poland (Government of) 5.25 25/10/2017 PLN 11,215,000 3,950,867 0.34 Poland (Government of) 3.75 25/04/2018 PLN 27,914,000 9,321,099 0.80 Poland (Government of) 2.50 25/07/2018 PLN 16,630,000 5,235,712 0.45 Poland (Government of) 5.50 25/10/2019 PLN 1,435,000 514,551 0.05 Poland (Government of) 5.25 25/10/2020 PLN 4,060,000 1,443,013 0.13 Poland (Government of) 5.75 25/10/2021 PLN 44,070,000 16,050,947 1.38 Poland (Government of) 5.75 23/09/2022 PLN 29,357,000 10,733,875 0.93 Poland (Government of) 4.00 25/10/2023 PLN 9,161,000 2,954,339 0.26 Poland (Government of) 5.75 25/04/2029 PLN 12,617,000 4,668,472 0.40 –––––––––––– ––––––– 83,914,898 7.23 Romania Romania (Goverment of) 5.85 28/07/2014 RON 6,910,000 2,165,785 0.19 Romania (Goverment of) 5.80 26/10/2015 RON 7,810,000 2,503,366 0.22 Romania (Goverment of) 5.90 26/07/2017 RON 5,900,000 1,908,667 0.16

MGI Funds plc 105 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Romania (continued) Romania (Goverment of) 5.95 11/06/2021 RON 3,070,000 988,416 0.09 Romania (Goverment of) 5.80 26/07/2027 RON 1,280,000 405,605 0.03 –––––––––––– ––––––– 7,971,839 0.69 Russia Russia (Goverment of) 7.35 20/01/2016 RUB 140,370,000 4,370,009 0.38 Russia (Goverment of) 6.90 03/08/2016 RUB 343,275,000 10,540,611 0.91 Russia (Goverment of) 7.40 14/06/2017 RUB 173,700,000 5,389,140 0.46 Russia (Goverment of) 6.20 31/01/2018 RUB 72,714,000 2,155,308 0.19 Russia (Goverment of) 7.85 10/03/2018 RUB 190,000,000 5,959,617 0.51 Russia (Goverment of) 7.50 15/03/2018 RUB 120,286,000 3,748,047 0.32 Russia (Goverment of) 7.50 27/02/2019 RUB 31,800,000 986,613 0.09 Russia (Goverment of) 6.80 11/12/2019 RUB 53,800,000 1,604,668 0.14 Russia (Goverment of) 6.40 27/05/2020 RUB 7,890,000 228,944 0.02 Russia (Goverment of) 7.60 14/04/2021 RUB 633,420,000 19,526,916 1.68 Russia (Goverment of) 7.00 24/11/2021 RUB 53,850,000 1,555,193 0.13 Russia (Goverment of) 7.60 20/07/2022 RUB 142,775,000 4,362,337 0.38 Russia (Goverment of) 7.00 25/01/2023 RUB 467,960,000 13,735,466 1.18 Russia (Goverment of) 7.00 16/08/2023 RUB 30,500,000 887,619 0.08 Russia (Goverment of) 8.15 03/02/2027 RUB 487,660,000 15,322,853 1.32 Russia (Goverment of) 7.05 19/01/2028 RUB 159,895,000 4,527,787 0.39 –––––––––––– ––––––– 94,901,128 8.18 Slovenia Slovenia Government International Bond 4.13 26/01/2020 EUR 710,000 961,566 0.08 Slovenia Government International Bond 4.38 18/01/2021 EUR 650,000 887,158 0.08 Slovenia Government International Bond 5.85 10/05/2023 USD 415,000 421,225 0.04 Slovenia Government International Bond 4.63 09/09/2024 EUR 1,960,000 2,605,578 0.22 –––––––––––– ––––––– 4,875,527 0.42 South Africa South Africa (Goverment of) 13.50 15/09/2015 ZAR 64,128,000 6,837,804 0.59 South Africa (Goverment of) 8.25 15/09/2017 ZAR 42,170,000 4,198,290 0.36 South Africa (Goverment of) 8.00 21/12/2018 ZAR 217,940,000 21,518,083 1.86 South Africa (Goverment of) 7.25 15/01/2020 ZAR 79,579,000 7,517,637 0.65 South Africa (Goverment of) 6.75 31/03/2021 ZAR 141,070,000 12,809,594 1.10 South Africa (Goverment of) 7.75 28/02/2023 ZAR 62,295,000 5,892,413 0.51 South Africa (Goverment of) 10.50 21/12/2026 ZAR 235,073,000 26,447,174 2.28 South Africa (Goverment of) 7.00 28/02/2031 ZAR 103,816,000 8,264,641 0.71 South Africa (Goverment of) 6.25 31/03/2036 ZAR 61,900,000 4,342,524 0.37 South Africa (Goverment of) 8.50 31/01/2037 ZAR 31,358,000 2,824,003 0.24 South Africa (Goverment of) 6.50 28/02/2041 ZAR 5,869,500 412,959 0.04 South Africa (Goverment of) 8.75 28/02/2048 ZAR 39,861,500 3,609,466 0.31 –––––––––––– ––––––– 104,674,588 9.02 Thailand Thailand (Goverment of) 3.13 11/12/2015 THB 37,000,000 1,136,140 0.10 Thailand (Goverment of) 3.25 16/06/2017 THB 335,775,000 10,301,140 0.89 Thailand (Goverment of) 2.80 10/10/2017 THB 70,000,000 2,104,614 0.18 Thailand (Goverment of) 3.45 08/03/2019 THB 40,000,000 1,217,749 0.11 Thailand (Goverment of) 3.88 13/06/2019 THB 171,745,000 5,347,196 0.46 Thailand (Goverment of) 1.20 14/07/2021 THB 118,651,688 3,366,122 0.29 Thailand (Goverment of) 3.65 17/12/2021 THB 281,980,000 8,519,005 0.73 Thailand (Goverment of) 3.63 16/06/2023 THB 478,675,000 14,257,581 1.23 Thailand (Goverment of) 3.58 17/12/2027 THB 94,630,000 2,713,724 0.23

MGI Funds plc 106 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Thailand (continued) Thailand (Goverment of) 4.88 22/06/2029 THB 74,140,000 2,411,096 0.21 Thailand (Goverment of) 3.78 25/06/2032 THB 18,100,000 512,578 0.04 –––––––––––– ––––––– 51,886,945 4.47 Turkey Turkey (Government of) 8.00 29/01/2014 TRY 17,750,000 8,264,056 0.71 Turkey (Government of) 9.00 05/03/2014 TRY 5,200,000 2,423,246 0.21 Turkey (Government of) 11.00 06/08/2014 TRY 2,334,000 1,096,985 0.10 Turkey (Government of) 7.50 24/09/2014 TRY 18,975,000 8,702,358 0.75 Turkey (Government of) 6.50 07/01/2015 TRY 19,387,000 8,742,414 0.76 Turkey (Government of) 4.50 11/02/2015 TRY 8,790,477 4,124,180 0.36 Turkey (Government of) 4.00 29/04/2015 TRY 5,201,439 2,433,068 0.21 Turkey (Government of) 8.30 07/10/2015 TRY 3,580,000 1,649,616 0.14 Turkey (Government of) 9.00 27/01/2016 TRY 3,075,000 1,405,326 0.12 Turkey (Government of) 2.50 04/05/2016 TRY 2,980,926 1,335,416 0.12 Turkey (Government of) 9.00 08/03/2017 TRY 28,520,000 12,901,367 1.11 Turkey (Government of) 6.30 14/02/2018 TRY 5,690,000 2,330,291 0.20 Turkey (Government of) 8.30 20/06/2018 TRY 1,370,000 599,459 0.05 Turkey (Government of) 4.00 01/04/2020 TRY 4,187,827 2,013,291 0.17 Turkey (Government of) 10.50 15/01/2020 TRY 8,368,000 3,980,496 0.34 Turkey (Government of) 9.50 12/01/2022 TRY 18,303,743 8,201,517 0.71 Turkey (Government of) 3.00 23/02/2022 TRY 7,812,006 3,514,596 0.30 Turkey (Government of) 8.50 14/09/2022 TRY 11,610,000 4,879,064 0.42 Turkey (Government of) 7.10 08/03/2023 TRY 17,071,286 6,506,715 0.56 –––––––––––– ––––––– 85,103,461 7.34 Venezuela Venezuela Government International Bond 12.75 23/08/2022 USD 1,370,000 1,263,825 0.11 –––––––––––– –––––––

Total government bonds 887,210,048 76.49

Corporate bonds Colombia Emgesa ESP 8.75 25/01/2021 COP 3,585,000,000 1,958,204 0.17 Empresa de Telecomunicaciones de Bogota 7.00 17/01/2023 COP 726,000,000 328,541 0.03 Empresas Publicas de Medellin ESP 8.38 01/02/2021 COP 1,244,000,000 666,751 0.06 –––––––––––– ––––––– 2,953,496 0.26 Germany Deutsche Bank 6.63 17/05/2033 IDR 7,900,000,000 507,950 0.04 –––––––––––– ––––––– Isle Of Man Sasol Financing International 4.50 14/11/2022 USD 200,000 186,000 0.02 –––––––––––– ––––––– Luxembourg European Investment Bank 0.00 31/12/2018 ZAR 3,035,000 203,411 0.01 –––––––––––– ––––––– Mexico Controladora Mabe 7.88 28/10/2019 USD 1,555,000 1,733,825 0.15 –––––––––––– ––––––– United Kingdom European Bank for Reconstruction & Development 0.00 31/12/2020 ZAR 3,750,000 207,051 0.02 –––––––––––– –––––––

MGI Funds plc 107 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) South Africa Eskom Holdings SOC 0.00 31/12/2018 ZAR 4,000,000 239,549 0.02 Eskom Holdings SOC 0.00 18/08/2027 ZAR 5,460,000 133,118 0.01 Transnet SOC 9.50 13/05/2021 ZAR 23,520,000 2,218,447 0.19 Transnet SOC 10.00 30/03/2029 ZAR 6,000,000 522,132 0.05 –––––––––––– ––––––– 3,113,246 0.27 United States of America Cemex Finance LLC 9.38 12/10/2022 USD 535,000 603,213 0.05 Citigroup 7.00 05/05/2022 COP 2,187,000,000 1,142,741 0.10 JPMorgan Chase Bank 7.00 07/04/2022 COP 1,770,000,000 935,113 0.08 –––––––––––– ––––––– 2,681,067 0.23 Venezuela Petroleos de Venezuela 8.50 02/11/2017 USD 5,115,000 4,258,238 0.37 –––––––––––– ––––––– Total corporate bonds 15,844,284 1.37

Total Bonds 903,054,332 77.86

Credit linked notes Citigroup Funding (Credit Event - Colombia (Government of)) 11.00 27/07/2020 COP 12,000,000,000 7,496,894 0.65 Deutsche Bank (Credit Event - Indonesia (Government of)) 5.63 17/05/2023 IDR 7,500,000,000 505,218 0.04 Deutsche Bank (Credit Event - Indonesia (Government of)) 7.00 18/05/2027 IDR 1,800,000,000 125,689 0.01 JPMorgan Chase Bank (Credit Event - Indonesia (Government of)) 5.25 17/05/2018 IDR 17,100,000,000 1,266,412 0.11 JPMorgan Chase Bank (Credit Event - Indonesia (Government of)) 7.00 17/05/2022 IDR 167,100,000,000 12,546,917 1.08 JPMorgan Chase Bank (Credit Event - Indonesia (Government of)) 5.63 17/05/2023 IDR 55,200,000,000 3,718,403 0.32 JPMorgan Chase Bank (Credit Event - Indonesia (Government of)) 6.13 17/05/2028 IDR 2,500,000,000 159,162 0.01 JPMorgan Chase Bank (Credit Event - Indonesia (Government of)) 6.63 17/05/2033 IDR 5,400,000,000 347,206 0.03 JPMorgan Chase Bank (Credit Event - Titulos de Tesoreria) 11.00 28/07/2020 COP 1,500,000,000 949,387 0.09 –––––––––––– ––––––– Total credit linked notes 27,115,288 2.34

Total transferable securities 930,169,620 80.20

Collective investment schemes Luxembourg Investec Global Strategy Fund - Emerging Markets Investment Grade Corporate Debt 580,302 11,159,210 0.96 JPMorgan Funds - Emerging Markets Local Currency Debt 1,059,417 149,033,323 12.85 –––––––––––– ––––––– Total collective investment schemes 160,192,533 13.81

Financial derivative instruments Open forward foreign currency contracts

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

ARS 4* 5,500,000 USD 762,829 19/02/2014 4,728 0.00 BRL 1* 1,160,000 USD 482,569 06/03/2014 1,749 0.00 BRL 7* 4,743,000 USD 1,962,350 06/03/2014 17,926 0.00 BRL 14* 2,840,000 USD 1,180,284 06/03/2014 5,460 0.00 CLP 4* 216,200,000 USD 402,682 13/02/2014 6,847 0.00 CLP 6* 4,077,430,000 USD 7,577,458 19/03/2014 117,024 0.01 CLP 12* 620,500,000 USD 1,154,633 19/03/2014 16,307 0.00 COP 1* 923,513,000 USD 473,742 19/03/2014 2,359 0.00

MGI Funds plc 108 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Open forward foreign currency contracts COP 10* 923,513,000 USD 472,712 19/03/2014 3,389 0.00 COP 12* 923,374,000 USD 472,435 19/03/2014 3,594 0.00 CZK 6* 221,000 USD 10,953 19/03/2014 180 0.00 EGP 7* 6,500,000 USD 916,784 15/01/2014 13,043 0.00 EUR 1* 246,000 USD 338,639 17/01/2014 335 0.00 EUR 7* 913,000 USD 1,248,674 19/03/2014 9,371 0.00 HUF 6* 207,109,000 USD 945,033 19/03/2014 11,600 0.00 HUF 7* 769,683,000 USD 3,461,266 19/03/2014 93,890 0.01 IDR 6* 15,556,000,000 USD 1,254,010 19/03/2014 6,820 0.00 IDR 7* 126,877,623,942 USD 10,227,942 19/03/2014 55,622 0.00 INR 12* 75,810,000 USD 1,191,045 04/03/2014 17,132 0.00 KRW 7* 10,268,500,000 USD 9,607,504 19/02/2014 92,114 0.01 MXN 4* 47,758,950 BRL 8,500,000 04/02/2014 31,998 0.00 NGN 7* 354,780,000 USD 2,142,391 19/03/2014 22,452 0.00 PEN 3* 803,000 USD 283,295 19/03/2014 615 0.00 PLN 2* 266,000 USD 87,262 19/03/2014 481 0.00 PLN 6* 5,243,000 USD 1,710,814 19/03/2014 18,635 0.00 PLN 7* 72,152,000 USD 23,248,216 19/03/2014 551,745 0.05 PLN 9* 5,889,000 USD 1,922,782 19/03/2014 19,756 0.00 RON 7* 8,198,000 USD 2,480,634 19/03/2014 42,701 0.00 RON 9* 836,000 USD 257,080 19/03/2014 239 0.00 RUB 7* 445,273,000 USD 13,150,413 15/01/2014 379,276 0.03 RUB 6* 35,553,000 USD 1,068,235 19/03/2014 885 0.00 RUB 7* 33,000,000 USD 975,177 19/03/2014 17,171 0.00 UGX 6* 2,500,000,000 USD 959,693 15/01/2014 27,923 0.00 USD 13* 2,437,067 CAD 2,590,000 19/03/2014 3,946 0.00 USD 4* 1,970,638 CLP 1,000,000,000 19/02/2014 77,710 0.01 USD 4* 1,020,431 CLP 530,318,000 19/03/2014 19,673 0.00 USD 6* 3,848,356 IDR 45,718,470,000 19/03/2014 142,826 0.02 USD 4* 8,358,529 KRW 8,826,690,000 19/03/2014 34,249 0.00 USD 9* 2,518,774 MXN 32,908,000 19/03/2014 21,384 0.00 USD 14* 2,012,633 MXN 26,288,000 19/03/2014 17,635 0.00 USD 4* 2,718,429 RON 8,830,000 19/03/2014 564 0.00 USD 4* 419,859 RUB 13,700,000 15/01/2014 3,582 0.00 USD 4* 10,482,534 RUB 346,278,000 19/03/2014 69,553 0.01 USD 6* 19,117,188 SGD 23,907,000 19/03/2014 181,996 0.03 USD 7* 9,095,636 THB 293,880,000 15/01/2014 157,399 0.02 USD 7* 5,372,370 THB 175,287,000 19/03/2014 56,327 0.00 USD 2* 1,048,898 ZAR 11,105,000 19/03/2014 231 0.00 USD 6* 10,589,231 ZAR 111,615,000 19/03/2014 49,200 0.00 UYU 4* 11,011,498 USD 502,467 29/01/2014 5,913 0.00 UYU 4* 9,988,502 USD 458,503 31/01/2014 1,796 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 2,437,351 0.20

Futures contracts

Maturity No. of Unrealised % of date Currency contracts gain US$ Net assets

US Long Bond Futures 7* 20/03/2014 USD (10) 26,412 0.00 5 year US Treasury Note Futures 7* 31/03/2014 USD (17) 26,563 0.01 10 year US Treasury Note Futures 7* 20/03/2014 USD (50) 126,766 0.01 –––––––––––– ––––––– Unrealised gain on futures contracts 179,741 0.02

MGI Funds plc 109 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

Fund Fund Maturity Nominal Unrealised % of receives pays date Currency holding gain $ Net assets

Financial assets at fair value through profit or loss (continued) Financial derivative instruments (continued) Interest rate swaps CZK 6 Month PRIBO 7* Fixed 2.63% 9/19/2023 CZK 767,600,000 537,194 0.05 –––––––––––– ––––––– Total interest rate swaps at positive fair value 537,194 0.05

Total financial derivative instruments at positive fair value 3,154,286 0.27

Total financial assets at fair value through profit or loss 1,093,516,439 94.28

Open forward foreign currency contracts

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

BRL 7* 28,783,580 USD 12,175,280 06/03/2014 (157,690) (0.02) BRL 10* 396,000 USD 167,704 06/03/2014 (2,368) (0.00) CLP 7* 4,950,809,000 USD 9,373,869 19/03/2014 (31,242) (0.00) COP 4* 10,941,000,000 USD 5,684,227 19/03/2014 (43,786) (0.00) EUR 6* 10,731,337 PLN 45,202,000 19/03/2014 (61,650) (0.01) IDR 1* 52,284,000,000 USD 4,242,110 19/03/2014 (4,436) (0.00) IDR 6* 12,127,100,000 USD 1,022,090 19/03/2014 (39,176) (0.00) IDR 7* 94,279,076,058 USD 8,066,314 19/03/2014 (424,896) (0.04) IDR 14* 19,195,000,000 USD 1,557,404 20/03/2014 (1,920) (0.00) MXN 7* 52,235,000 USD 3,979,144 19/03/2014 (15,026) (0.00) MXN 8* 22,203,000 USD 1,708,843 19/03/2014 (23,856) (0.00) MYR 6* 5,233,000 USD 1,623,992 19/02/2014 (30,993) (0.00) MYR 7* 53,840,530 USD 16,829,517 19/02/2014 (439,706) (0.04) MYR 7* 43,966,000 USD 13,609,131 19/03/2014 (247,328) (0.02) PEN 13* 5,226,000 USD 1,853,204 19/03/2014 (5,491) (0.00) PEN 4* 5,248,759 USD 1,890,763 21/01/2014 (19,821) (0.00) PHP 4* 257,436,970 USD 5,851,014 03/02/2014 (47,983) (0.00) PHP 7* 324,000,000 USD 7,427,785 15/01/2014 (126,274) (0.01) PHP 4* 97,086,000 USD 2,263,341 19/02/2014 (74,307) (0.01) PHP 4* 109,880,000 USD 2,491,610 19/03/2014 (13,179) (0.00) RUB 7* 296,600,000 USD 9,072,278 15/01/2014 (60,041) (0.01) THB 7* 576,520,000 USD 17,827,942 19/03/2014 (343,445) (0.03) TRY 6* 6,936,000 USD 3,356,154 19/03/2014 (179,791) (0.02) TRY 11* 5,736,000 USD 2,778,060 19/03/2014 (151,241) (0.02) TWD 4* 339,028,000 USD 11,631,660 19/02/2014 (241,931) (0.02) USD 10* 2,303,287 BRL 5,529,000 06/03/2014 (5,156) (0.00) USD 7* 24,731,304 CLP 13,396,700,000 16/04/2014 (475,338) (0.04) USD 12* 3,131,559 CLP 1,682,900,000 19/03/2014 (44,226) (0.00) USD 1* 3,805,481 COP 7,418,404,000 19/03/2014 (18,948) (0.00) USD 6* 8,024,565 COP 15,680,000,000 19/03/2014 (58,985) (0.01) USD 10* 3,797,202 COP 7,418,404,000 19/03/2014 (27,226) (0.00) USD 12* 3,794,982 COP 7,417,292,000 19/03/2014 (28,873) (0.00) USD 6* 207,282 CZK 4,130,000 19/03/2014 (755) (0.00) USD 7* 902,098 EGP 6,450,000 15/01/2014 (20,576) (0.00) USD 5* 1,418,248 EUR 1,030,000 19/03/2014 (1,014) (0.00) USD 6* 13,723,458 EUR 9,999,000 19/03/2014 (54,408) (0.00) USD 7* 3,126,691 EUR 2,300,000 19/03/2014 (42,535) (0.00) USD 10* 3,333,043 EUR 2,419,000 19/03/2014 (156) (0.00) USD 1* 8,748,831 HUF 1,922,818,000 19/03/2014 (132,642) (0.01) USD 7* 18,695,406 ILS 65,963,000 19/03/2014 (285,528) (0.02) USD 9* 2,446,863 KZT 382,200,000 24/02/2014 (12,218) (0.00) USD 7* 818,467 MXN 10,913,000 19/03/2014 (9,721) (0.00) USD 15* 4,900,341 NZD 5,990,000 19/03/2014 (3,889) (0.00)

MGI Funds plc 110 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial liabilities at fair value through profit or loss (continued) Financial derivative instruments (continued) Open forward foreign currency contracts (continued) USD 1* 2,838,414 PEN 8,054,000 19/03/2014 (9,171) (0.00) USD 3* 2,838,767 PEN 8,055,000 19/03/2014 (9,172) (0.00) USD 7* 2,742,756 PEN 7,762,000 19/03/2014 (1,589) (0.00) USD 14* 2,838,414 PEN 8,054,000 19/03/2014 (9,171) (0.00) USD 6* 790,249 PLN 2,415,000 19/03/2014 (6,360) (0.00) USD 7* 859,566 PLN 2,620,000 19/03/2014 (4,664) (0.00) USD 7* 1,015,608 RUB 34,000,000 19/03/2014 (6,812) (0.00) ZAR 1* 88,171,000 USD 8,411,337 19/03/2014 (85,171) (0.01) ZAR 7* 8,890,000 USD 847,837 19/03/2014 (8,337) (0.00) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (4,150,218) (0.34)

Interest rate swaps

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

Fixed 11.09% 1* BRL Less than 1 Month CETIP 01/02/2017 BRL (13,677,509) (159,314) (0.01) Fixed 11.41% 1* BRL Less than 1 Month CETIP 01/04/2021 BRL (6,173,137) (260,218) (0.03) Fixed 9.03% 7* BRL 12 Month BZDIO 01/02/2018 BRL (2,295,132) (120,065) (0.01) KRW 3 Month KSDA 1* Fixed 3.74% 20/03/2023 KRW (18,499,525,000) (21,133) 0.00 KRW 3 Month KSDA 6* Fixed 3.72% 23/09/2033 KRW (4,984,800,000) (61,944) (0.01) Fixed 6.65% 1* MXN 1 Month TIIE 06/12/2023 MXN (23,250,000) (19,015) 0.00 Fixed 8.65% 9* ZAR 3 Month JIBAR 18/09/2028 ZAR (13,475,000) (11,500) 0.00 Fixed 8.23% 9* ZAR 3 Month JIBAR 18/09/2023 ZAR (16,665,000) (77) 0.00 –––––––––––– ––––––– Total interest rate swaps at negative fair value (653,266) (0.06)

Total financial derivative instruments at negative fair value (4,803,484) (0.40)

Total financial liabilities at fair value through profit or loss (4,803,484) (0.40)

Total financial derivative instruments (1,649,198) (0.13)

Financial assets at amortised cost Money market instruments

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

Nigeria Nigeria (Government of) 0.00 24/04/2014 NGN 69,000,000 415,005 0.04 Nigeria (Government of) 0.00 16/01/2014 NGN 30,120,000 187,296 0.02 Nigeria (Government of) 0.00 13/02/2014 NGN 95,558,000 589,311 0.05 Nigeria (Government of) 0.00 10/04/2014 NGN 156,247,000 944,134 0.08 Nigeria (Government of) 0.00 04/09/2014 NGN 185,110,000 1,064,310 0.09 Nigeria (Government of) 0.00 23/01/2014 NGN 383,600,000 2,381,941 0.20 Nigeria (Government of) 0.00 06/02/2014 NGN 187,620,000 1,160,030 0.10 Nigeria (Government of) 0.00 20/02/2014 NGN 226,960,000 1,396,510 0.12 Nigeria (Government of) 0.00 08/05/2014 NGN 316,000,000 1,892,918 0.16 Nigeria (Government of) 0.00 22/05/2014 NGN 53,000,000 316,134 0.03 –––––––––––– ––––––– 10,347,589 0.89 Serbia Serbia Treasury Bills 0.00 23/01/2014 RSD 60,100,000 707,917 0.06 Serbia Treasury Bills 0.00 30/01/2014 RSD 11,350,000 133,454 0.01

MGI Funds plc 111 MGI Funds plc Portfolio Statement MGI Emerging Markets Debt Fund as at 31 December 2013 (continued)

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

Financial assets at amortised cost (continued) Money market instruments (continued) Serbia Treasury Bills 0.00 20/02/2014 RSD 25,100,000 293,561 0.02 Serbia Treasury Bills 0.00 21/02/2014 RSD 7,650,000 89,449 0.01 Serbia Treasury Bills 0.00 13/03/2014 RSD 8,460,000 98,423 0.01 –––––––––––– ––––––– 1,322,804 0.11

Total money market instruments 11,670,393 1.00

Total investments at fair value through profit and loss 1,100,383,348 94.88

Cash 42,341,077 3.65

Net current assets 17,085,297 1.47 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,159,809,722 100.00 –––––––––––– –––––––

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 80.65 Collective investment schemes 13.72 Financial derivative instruments dealt in on a regulated market 0.02 OTC financial derivative instruments 0.25 Other assets 5.36 ––––––– 100.00 –––––––

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

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* JP Morgan 10* Morgan Stanley 11* Royal Bank of Scotland 12* Standard Chartered Bank 13* State Street Bank 14* UBS 15* Westpac Banking Corporation

MGI Funds plc 112 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Australia Ainsworth Game Technology 66,209 259,444 0.03 Bluescope Steel 123,525 642,072 0.07 Goodman Group 175,973 744,664 0.09 REA Group 22,607 763,709 0.09 Spark Infrastructure Group 1,623,187 2,352,538 0.27 Treasury Wine Estates 477,752 2,051,619 0.24 Vocation 255,000 467,678 0.05 –––––––––––– ––––––– 7,281,724 0.84 Austria Schoeller-Bleckmann Oilfield Equipment 13,143 1,463,319 0.17 Wienerberger 60,867 971,234 0.11 –––––––––––– ––––––– 2,434,553 0.28 Belgium Barco 4,715 368,382 0.04 –––––––––––– ––––––– Bermuda Catlin Group 144,622 1,390,472 0.16 Emperor International Holdings 1,692,000 456,073 0.05 Future Bright Holdings 996,000 601,165 0.07 Helen of Troy 9,727 480,708 0.06 Orient-Express Hotels 22,623 341,381 0.04 –––––––––––– ––––––– 3,269,799 0.38 Brazil Tegma Gestao Logistica 129,500 985,830 0.11 –––––––––––– ––––––– Canada Celestica 89,003 924,793 0.11 Constellation Software 13,700 2,897,953 0.33 Copper Mountain Mining 137,600 217,570 0.03 Corus Entertainment 26,558 641,891 0.07 Davis + Henderson 37,691 1,054,639 0.12 Dominion Diamond 93,700 1,324,587 0.15 Dominion Diamond – US listing 2,000 28,700 0.00 Resolute Forest Products 25,004 400,314 0.05 Trican Well Service 65,275 796,816 0.09 –––––––––––– ––––––– 8,287,263 0.95 Cayman Islands Shenzhou International Group Holdings 641,000 2,397,421 0.28 Xinyi Glass Holdings 820,000 718,078 0.08 –––––––––––– ––––––– 3,115,499 0.36 Channel Islands Atrium European Real Estate 320,296 1,844,850 0.21 Beazley 149,400 671,067 0.08 –––––––––––– ––––––– 2,515,917 0.29 China China Machinery Engineering 983,000 789,823 0.09 Shenzhen Expressway 1,478,000 659,536 0.08 SPT Energy Group 608,000 358,351 0.04

MGI Funds plc 113 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) China (continued) Sunny Optical Technology Group 508,000 491,375 0.06 Tiangong International 1,270,000 366,894 0.04 –––––––––––– ––––––– 2,665,979 0.31 Denmark Jyske Bank 30,673 1,657,127 0.19 Pandora 87,915 4,772,394 0.55 SimCorp 53,269 2,100,614 0.24 Topdanmark 38,597 1,018,018 0.12 Vestas Wind Systems 64,572 1,910,647 0.22 –––––––––––– ––––––– 11,458,800 1.32 Finland Amer Sports 179,851 3,747,123 0.43 Konecranes 60,568 2,158,267 0.25 Sponda 81,467 382,798 0.04 Vacon 22,693 1,827,720 0.21 –––––––––––– ––––––– 8,115,908 0.93 France Alcatel-Lucent 430,733 1,933,715 0.22 Alcatel-Lucent - ADR 59,909 262,402 0.03 Alten 12,540 569,878 0.07 Euler Hermes 7,950 1,090,102 0.13 IPSOS 75,161 3,223,038 0.37 Sartorius Stedim Biotech 12,189 2,040,693 0.23 Virbac 6,382 1,356,046 0.16 –––––––––––– ––––––– 10,475,874 1.21 Germany Aareal Bank 55,000 2,191,009 0.25 Drillisch 45,830 1,328,074 0.15 ElringKlinger 46,598 1,890,333 0.22 Grammer 10,911 521,031 0.06 Kloeckner 27,863 381,251 0.04 KUKA 7,889 370,635 0.04 MTU Aero Engines Holding 11,935 1,176,370 0.14 QSC 68,591 406,509 0.05 Wirecard 38,654 1,526,525 0.18 –––––––––––– ––––––– 9,791,737 1.13 Greece Intralot SA-Integrated Lottery Systems & Services 71,586 180,515 0.02 Jumbo 29,362 469,328 0.05 Public Power 64,504 959,939 0.11 –––––––––––– ––––––– 1,609,782 0.18 Hong Kong China Everbright International 845,000 1,126,848 0.13 Ju Teng International Holdings 1,528,000 1,008,978 0.12 Techtronic Industries 1,014,000 2,863,982 0.33 Wing Hang Bank 83,964 1,264,807 0.14 –––––––––––– ––––––– 6,264,615 0.72

MGI Funds plc 114 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Ireland Alkermes 51,340 2,085,944 0.24 Bank of Ireland 9,740,414 3,368,872 0.39 C&C Group 368,600 2,158,627 0.25 FBD Holdings 17,300 427,186 0.05 Glanbia 84,280 1,307,664 0.15 ICON 37,629 1,520,588 0.17 Paddy Power 13,859 1,182,868 0.14 United Drug 533,756 2,864,266 0.33 –––––––––––– ––––––– 14,916,015 1.72 Isle Of Man Playtech 265,964 3,220,074 0.37 –––––––––––– ––––––– Israel Clicksoftware Technologies 140,053 1,050,397 0.12 EZchip Semiconductor 70,700 1,737,099 0.20 Mizrahi Tefahot Bank 137,798 1,803,959 0.21 NICE Systems - ADR 39,400 1,611,854 0.18 –––––––––––– ––––––– 6,203,309 0.71 Italy A2A 527,602 618,321 0.07 ASTM 63,727 1,008,967 0.12 Banca Generali 8,997 279,066 0.03 Banca IFIS 32,248 573,226 0.07 Credito Emiliano 106,834 852,357 0.10 De'Longhi 106,495 1,741,860 0.20 Fondiaria-Sai 1,402 346,580 0.04 Iren 195,088 298,392 0.03 Mediolanum 268,584 2,331,600 0.27 Safilo Group 15,404 358,930 0.04 Societa Cattolica di Assicurazioni 24,552 662,081 0.08 Societa Iniziative Autostradali e Servizi 52,990 526,821 0.06 Yoox 43,668 1,959,210 0.22 –––––––––––– ––––––– 11,557,411 1.33 Japan ADEKA 47,100 518,479 0.06 Aeon Financial Service 61,400 1,643,876 0.19 Ai Holdings 14,100 175,604 0.02 Aica Kogyo 57,100 1,126,734 0.13 Aichi Steel 89,000 367,499 0.04 Aida Engineering 53,900 583,590 0.07 Aiful 223,000 931,421 0.11 Alpen 18,900 339,141 0.04 Alpine Electronics 24,000 335,664 0.04 Alps Electric 97,900 1,111,219 0.13 Amano 53,600 490,587 0.06 Anritsu 76,800 844,687 0.10 Calsonic Kansei 88,000 453,794 0.05 Central Glass 160,000 529,756 0.06 Chiyoda 51,600 992,676 0.11 Chugoku Marine Paints 84,000 443,556 0.05 CKD 25,400 275,496 0.03 COOKPAD 34,100 1,065,777 0.12

MGI Funds plc 115 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Cosmo Oil 165,000 315,542 0.04 Daido Metal 15,000 149,707 0.02 Daiei 116,000 382,969 0.04 Daifuku 49,500 632,496 0.07 Daikoku Denki 10,800 221,025 0.03 DIC 196,000 594,872 0.07 Don Quijote Holdings 26,300 1,588,935 0.18 Doutor Nichires Holdings 42,400 707,171 0.08 Duskin 28,800 545,283 0.06 Eagle Industry 21,000 349,451 0.04 Ebara 62,000 398,173 0.05 Eizo Nanao 19,700 503,441 0.06 Exedy 60,300 1,761,296 0.20 Fields 30,700 590,019 0.07 Foster Electric 16,600 306,082 0.04 Fuji Machine Manufacturing 23,300 193,086 0.02 Fujikura 121,000 566,405 0.07 Fujitec 24,000 311,688 0.04 Fujitsu General 80,000 851,720 0.10 Furukawa Electric 264,000 660,597 0.08 Futaba 22,800 296,538 0.03 Glory 21,400 554,622 0.06 Gree 63,600 625,078 0.07 GS Yuasa 46,000 264,345 0.03 Gunze 268,000 670,606 0.08 Hanwa 145,000 775,320 0.09 Heiwa 16,700 270,111 0.03 Hitachi Koki 42,100 308,425 0.04 Hitachi Kokusai Electric 79,000 1,111,660 0.13 Hogy Medical 7,000 368,964 0.04 Horiba 10,500 358,142 0.04 Hoshizaki Electric 12,600 447,153 0.05 Hosiden 28,700 154,825 0.02 Hulic 145,900 2,157,163 0.25 Hyakugo Bank 68,000 271,728 0.03 Ichibanya 5,300 193,887 0.02 Iida Group Holdings 102,616 2,049,293 0.24 Inaba Denki Sangyo 31,000 965,939 0.11 Inabata 41,500 453,280 0.05 Internet Initiative Japan 23,000 615,784 0.07 Jafco 17,800 967,014 0.11 Japan Airport Terminal 66,000 1,491,366 0.17 Japan Digital Laboratory 21,800 305,310 0.04 Kakaku.com 118,300 2,075,498 0.24 Kandenko 155,000 870,082 0.10 Keihin 70,800 1,096,640 0.13 Kintetsu World Express 68,900 2,772,913 0.32 Kissei Pharmaceutical 13,100 322,187 0.04 Kokuyo 25,600 187,302 0.02 Komori 54,600 927,273 0.11 Kuroda Electric 24,800 372,336 0.04 Kusuri No Aoki 12,900 719,224 0.08 KYB 267,000 1,402,255 0.16 Kyoritsu Maintenance 10,600 380,714 0.04 Lintec 18,700 346,227 0.04

MGI Funds plc 116 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Makino Milling Machine 98,000 842,890 0.10 Mandom 8,800 277,970 0.03 Minebea 174,000 1,273,070 0.15 Mirait Holdings 35,200 312,465 0.04 MISUMI Group 20,300 637,363 0.07 Mitsuba 13,400 217,628 0.03 Mitsui Engineering & Shipbuilding 287,000 589,810 0.07 Mitsui Mining & Smelting 272,000 833,300 0.10 Mitsumi Electric 36,200 301,021 0.03 Mochida Pharmaceutical 4,100 243,024 0.03 Modec 10,100 289,725 0.03 Mori Seiki 36,400 654,892 0.08 Morinaga Milk Industry 100,000 295,895 0.03 Nagase 27,300 330,390 0.04 Nichiha 52,200 714,177 0.08 Nihon Parkerizing 124,000 2,578,983 0.30 Nippon Chemi-Con 121,000 463,946 0.05 Nippon Kayaku 36,000 511,374 0.06 Nippon Konpo Unyu Soko 33,100 595,205 0.07 Nippon Sheet Glass 957,000 1,247,410 0.14 Nippon Shokubai 203,000 2,242,358 0.26 Nippon Signal 28,900 244,167 0.03 Nissan Chemical Industries 24,300 385,406 0.04 Nissan Shatai 34,000 493,316 0.06 Nisshin Steel Holdings 28,500 341,116 0.04 Nisshinbo Holdings 131,000 1,256,344 0.14 Nissin Kogyo 28,900 612,343 0.07 Noritz 25,100 536,365 0.06 North Pacific Bank 75,100 305,102 0.04 NTN 152,000 686,932 0.08 Nuflare Technology 19,400 2,408,734 0.28 OSG 21,800 370,230 0.04 Paramount Bed Holdings 34,000 1,138,671 0.13 Piolax 9,800 385,082 0.04 Pioneer 346,700 722,395 0.08 Plenus 12,300 274,543 0.03 Ricoh Leasing 67,600 2,000,247 0.23 Riken 35,000 151,515 0.02 Riso Kagaku 13,000 267,038 0.03 Rohto Pharmaceutical 206,000 3,143,751 0.36 Ryobi 150,000 602,255 0.07 San-In Godo Bank 58,000 414,975 0.05 Sanwa Holdings 156,000 1,055,288 0.12 Seiko Epson 55,700 1,495,508 0.17 Seiko Holdings 62,000 304,971 0.03 Seino Holdings 103,000 1,078,950 0.12 Shima Seiki Manufacturing 26,100 490,686 0.06 Shindengen Electric Manufacturing 25,000 151,753 0.02 Shinko Electric Industries 50,100 415,176 0.05 Ship Healthcare Holdings 21,800 847,277 0.10 Showa 31,700 510,614 0.06 SKY Perfect JSAT Holdings 98,300 531,225 0.06 St Marc Holdings 7,800 371,800 0.04 Star Micronics 21,900 255,245 0.03 Sumitomo Bakelite 104,000 373,036 0.04

MGI Funds plc 117 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Sumitomo Forestry 64,400 749,970 0.09 Sumitomo Real Estate Sales 11,900 364,003 0.04 Sumitomo Warehouse 3,000 17,297 0.00 Sun 12,600 159,081 0.02 Tadano 71,000 949,774 0.11 Taiheiyo Cement 253,000 970,068 0.11 Takara Leben 429,300 1,454,077 0.17 Takata 30,500 872,009 0.10 Takuma 111,000 971,600 0.11 Tamron 20,000 484,658 0.06 THK 183,000 4,561,724 0.53 Toei 66,000 372,998 0.04 Tokai Carbon 74,000 257,685 0.03 Tokai Rika 28,800 572,684 0.07 Tokuyama 122,000 460,815 0.05 Tokyo Broadcasting System Holdings 49,700 615,664 0.07 Tokyo Ohka Kogyo 30,200 645,060 0.07 Tokyo Seimitsu 15,500 325,765 0.04 Tokyo Tatemono 168,000 1,862,138 0.21 Toshiba Machine 47,000 270,986 0.03 Toshiba Plant Systems & Services 84,000 1,250,749 0.14 Toshiba TEC 73,000 504,933 0.06 Tosoh 253,000 1,174,673 0.14 Toyo Ink SC Holdings 70,000 344,322 0.04 Toyo Tanso 8,400 159,840 0.02 Toyo Tire & Rubber 87,000 494,991 0.06 Toyobo 197,000 361,743 0.04 Transcosmos 15,300 292,884 0.03 TS Tech 72,700 2,448,580 0.28 Tsubakimoto Chain 33,000 251,491 0.03 TV Asahi 23,100 512,308 0.06 Ulvac 67,800 894,066 0.10 Union Tool 16,400 375,731 0.04 UT Holdings 83,200 453,581 0.05 Xebio 11,400 218,878 0.03 Yamazen 274,800 1,683,756 0.19 Yodogawa Steel Works 80,000 343,276 0.04 Yorozu 8,300 151,541 0.02 –––––––––––– ––––––– 119,939,069 13.82 Korea Duksan Hi-Metal 28,478 511,354 0.06 Grand Korea Leisure 11,180 426,394 0.05 Hyundai Department Store 2,815 426,778 0.05 KEPCO Plant Service & Engineering 20,672 1,069,495 0.12 Korea Investment Holdings 28,760 1,110,504 0.13 Magnachip Semiconductor 48,203 938,512 0.11 –––––––––––– ––––––– 4,483,037 0.52 Luxembourg Regus 1,110,913 3,983,488 0.46 –––––––––––– ––––––– Malta Unibet Group 9,266 447,964 0.05 –––––––––––– –––––––

MGI Funds plc 118 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Marshall Islands Scorpio Tankers 90,704 1,068,493 0.12 –––––––––––– ––––––– Netherlands AerCap Holdings 94,192 3,612,263 0.42 SNS REAAL 133,061 — 0.00 Unit4 27,046 1,429,415 0.16 USG People 45,707 608,406 0.07 VistaPrint 25,148 1,428,406 0.16 –––––––––––– ––––––– 7,078,490 0.81 New Zealand Fisher & Paykel Healthcare 169,001 535,520 0.06 Metlifecare 146,595 477,794 0.06 Trade Me 111,618 372,981 0.04 –––––––––––– ––––––– 1,386,295 0.16 Norway Aker 15,793 577,902 0.07 Austevoll Seafood 15,819 92,043 0.01 Norwegian Air Shuttle 17,234 534,333 0.06 Opera Software 26,616 361,937 0.04 REC Silicon 716,662 288,467 0.03 Schibsted 45,404 3,002,561 0.35 SpareBank 1 SMN 78,961 712,580 0.08 SpareBank 1 SR Bank 224,350 2,228,024 0.26 Storebrand 375,449 2,343,597 0.27 –––––––––––– ––––––– 10,141,444 1.17 Philippines Century Properties Group 7,272,000 216,280 0.02 –––––––––––– ––––––– Poland Warsaw Stock Exchange 61,102 840,356 0.10 –––––––––––– ––––––– Portugal Mota-Engil 82,703 492,651 0.06 Zon Optimus 119,628 886,682 0.10 –––––––––––– ––––––– 1,379,333 0.16 Puerto Rico First BanCorp 126,063 779,069 0.09 Popular 26,630 764,814 0.09 –––––––––––– ––––––– 1,543,883 0.18 Singapore Courts Asia 519,000 252,800 0.03 Fortune Real Estate Investment Trust 2,599,000 2,061,435 0.24 –––––––––––– ––––––– 2,314,235 0.27 South Africa Nampak 671,100 2,621,928 0.30 –––––––––––– ––––––– Spain Gamesa Tecnologica 259,952 2,695,461 0.31 Indra Sistemas 46,594 770,450 0.09

MGI Funds plc 119 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Spain (continued) Melia Hotels International 116,101 1,465,429 0.17 –––––––––––– ––––––– 4,931,340 0.57 Sweden Axis Communications 55,255 1,923,678 0.22 Betsson 81,726 2,595,850 0.30 Bilia 16,687 424,801 0.05 Castellum 176,089 2,741,709 0.31 Creades 5,703 138,965 0.02 Indutrade 17,527 732,725 0.08 Intrum Justitia 34,376 963,423 0.11 Net Entertainment 15,571 328,507 0.04 New Wave Group 33,313 170,647 0.02 Nibe Industrier 22,150 500,070 0.06 Saab 18,280 490,685 0.06 Trelleborg 61,539 1,224,533 0.14 Wallenstam 72,773 1,101,917 0.13 –––––––––––– ––––––– 13,337,510 1.54 Switzerland Burckhardt Compression Holding 3,085 1,353,709 0.16 GAM Holding 54,604 1,062,179 0.12 Georg Fischer 2,582 1,821,786 0.21 Lonza Group 15,286 1,453,232 0.17 –––––––––––– ––––––– 5,690,906 0.66 Taiwan Chipbond Technology 252,000 396,135 0.05 GeoVision 102,000 639,992 0.08 Hermes Microvision 17,000 551,579 0.06 Hermes Microvision - GDR 3,450 111,938 0.01 –––––––––––– ––––––– 1,699,644 0.20 Thailand AP Thailand 7,568,600 1,013,446 0.12 –––––––––––– ––––––– Turkey Asya Katilim Bankasi 467,139 313,093 0.03 Coca-Cola Icecek 100,000 2,397,021 0.28 –––––––––––– ––––––– 2,710,114 0.31 United Kingdom Ashmore Group 339,939 2,259,414 0.26 Ashtead Group 53,211 669,352 0.08 ASOS 7,018 710,432 0.08 Aveva Group 25,822 923,354 0.11 Barratt Developments 420,221 2,424,135 0.28 BBA Aviation 103,234 548,166 0.06 Bellway 23,320 606,392 0.07 BTG 134,133 1,274,074 0.15 Cable & Wireless Communications 1,444,941 1,346,165 0.16 Cineworld Group 48,002 300,721 0.03 CSR 41,576 435,196 0.05 Dairy Crest Group 50,843 454,727 0.05 De La Rue 140,800 2,031,170 0.23

MGI Funds plc 120 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Drax Group 217,500 2,881,873 0.33 Elementis 202,073 899,963 0.10 Firstgroup 335,762 687,346 0.08 Greene King 107,767 1,571,595 0.18 Hikma Pharmaceuticals 82,490 1,635,389 0.19 IG Group Holdings 137,826 1,398,179 0.16 Interserve 89,680 925,357 0.11 John Wood Group 160,700 1,820,529 0.21 Man Group 678,162 954,163 0.11 Michael Page International 221,147 1,786,687 0.21 Micro Focus International 30,037 381,075 0.04 Mitchells & Butlers 65,104 454,928 0.05 Ocado Group 112,861 823,409 0.09 Restaurant Group 224,905 2,205,192 0.25 Rotork 34,212 1,626,245 0.19 Senior 151,042 767,000 0.09 Spectris 21,146 893,438 0.10 Spirax-Sarco Engineering 38,791 1,920,359 0.22 Sthree 97,194 576,299 0.07 TalkTalk Telecom Group 311,003 1,576,201 0.18 Taylor Wimpey 2,754,601 5,086,970 0.59 Travis Perkins 64,023 1,981,851 0.23 Victrex 41,860 1,273,603 0.15 WH Smith 39,432 653,092 0.08 –––––––––––– ––––––– 48,764,041 5.62 United States of America AAR 40,656 1,137,961 0.13 Acadia Healthcare 53,075 2,509,917 0.29 Acorda Therapeutics 11,962 349,051 0.04 Acxiom 10,135 374,590 0.04 ADTRAN 32,623 880,821 0.10 Advanced Energy Industries 71,290 1,628,977 0.19 Advanced Micro Devices 219,051 845,537 0.10 Advent Software 28,609 1,000,457 0.12 AECOM Technology 19,553 575,445 0.07 Aeropostale 70,224 638,336 0.07 AFC Enterprises 15,898 612,073 0.07 Affymetrix 74,928 640,634 0.07 Air Lease 49,654 1,542,253 0.18 Air Methods 89,200 5,198,576 0.60 Akorn 50,708 1,247,924 0.14 Alaska Air Group 15,144 1,111,267 0.13 Albany International 19,867 713,623 0.08 Albemarle 22,332 1,415,402 0.16 Alere 29,629 1,072,570 0.12 AMC Networks 21,841 1,487,372 0.17 Amedisys 15,587 227,882 0.03 Amerco 3,621 858,249 0.10 American Axle & Manufacturing Holdings 97,462 1,992,123 0.23 American Capital 109,257 1,708,779 0.20 American Equity Investment Life Holding 22,154 583,979 0.07 American Financial Group 652 37,633 0.00 American National Insurance 2,503 286,619 0.03 AMN Healthcare Services 18,679 274,581 0.03

MGI Funds plc 121 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Amsurg 23,035 1,057,076 0.12 Andersons 7,647 681,654 0.08 AOL 38,734 1,805,779 0.21 Apollo Group 3,292 89,937 0.01 Arkansas Best 54,017 1,819,293 0.21 Armstrong World Industries 9,923 571,664 0.07 ARRIS Group 59,293 1,444,378 0.17 Ascena Retail Group 83,794 1,772,243 0.20 Ascent Capital Group 5,490 469,175 0.05 Ashland 31,332 3,040,457 0.35 Aspen Technology 142,334 5,945,291 0.69 Astoria Financial 113,441 1,568,889 0.18 Atmel 14,199 111,178 0.01 Atwood Oceanics 22,494 1,200,955 0.14 Avid Technology 30,726 249,802 0.03 Avis Budget Group 48,818 1,973,712 0.23 AVX 23,691 329,779 0.04 Babcock & Wilcox 22,864 781,720 0.09 BE Aerospace 21,836 1,900,387 0.22 Benchmark Electronics 33,755 778,390 0.09 Berkshire Hills Bancorp 6,506 177,223 0.02 Big 5 Sporting Goods 10,920 216,325 0.02 BioMarin Pharmaceutical 18,624 1,308,708 0.15 Boise Cascade 37,000 1,090,390 0.13 Bonanza Creek Energy 21,354 928,258 0.11 Boston Private Financial Holdings 210,300 2,649,780 0.31 Bottomline Technologies 14,417 521,751 0.06 Boyd Gaming 56,231 633,161 0.07 Bridgepoint Education 14,361 254,190 0.03 Briggs & Stratton 21,175 460,768 0.05 Brink's 16,410 560,073 0.06 Brocade Communications Systems 196,375 1,739,883 0.20 Brooks Automation 29,678 311,025 0.04 Brown & Brown 69,168 2,170,492 0.25 Brown Shoe 17,351 487,910 0.06 Bruker 131,900 2,608,982 0.30 Brunswick 67,200 3,093,888 0.36 Buffalo Wild Wings 5,747 845,614 0.10 Builders FirstSource 39,390 280,851 0.03 CACI International 8,456 618,895 0.07 Cadence Design Systems 79,198 1,110,356 0.13 Caesars Entertainment 44,902 967,189 0.11 Calix 45,793 440,987 0.05 Cantel Medical 14,158 480,098 0.06 Capella Education 6,357 421,787 0.05 Carlisle 47,346 3,758,799 0.43 Carrizo Oil & Gas 26,641 1,192,185 0.14 Cathay General Bancorp 88,909 2,374,759 0.27 Cavium 69,237 2,387,292 0.28 Celldex Therapeutics 34,471 834,543 0.10 Centene 11,145 656,886 0.08 Cepheid 7,522 351,277 0.04 Cheesecake Factory 29,543 1,426,041 0.16 Chemtura 47,892 1,337,145 0.15 Chiquita Brands International 46,236 540,499 0.06

MGI Funds plc 122 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Ciena 50,714 1,213,586 0.14 City National 36,100 2,860,203 0.33 CNO Financial Group 150,745 2,666,679 0.31 Cogent Communications Group 54,734 2,210,706 0.25 Colfax 54,250 3,454,098 0.40 Columbus McKinnon 6,404 173,676 0.02 Community Health Systems 33,223 1,304,999 0.15 CommVault Systems 8,292 620,822 0.07 Computer Programs & Systems 6,358 392,352 0.05 Compuware 117,451 1,316,626 0.15 comScore 40,339 1,152,889 0.13 Conn's 19,280 1,518,878 0.18 Constant Contact 28,285 878,815 0.10 Convergys 41,306 869,491 0.10 Cooper 15,355 1,901,870 0.22 Cooper Tire & Rubber 62,900 1,512,116 0.17 Core-Mark Holding 18,762 1,424,411 0.16 CoreLogic 22,374 794,948 0.09 CoStar Group 5,973 1,101,003 0.13 Crane 19,992 1,344,462 0.15 Cray 14,948 410,323 0.05 CubeSmart 152,900 2,437,226 0.28 Cubist Pharmaceuticals 44,019 3,031,148 0.35 Curtiss-Wright 22,287 1,386,251 0.16 CVB Financial 180,900 3,086,154 0.36 Cyberonics 17,234 1,128,827 0.13 Deckers Outdoor 12,900 1,089,276 0.13 Denny's 116,958 840,928 0.10 DexCom 24,714 874,381 0.10 Dice Holdings 22,904 165,825 0.02 Digital River 7,900 145,913 0.02 Domino's Pizza 26,361 1,835,780 0.21 Dorman Products 9,025 505,761 0.06 Douglas Emmett 22,735 529,498 0.06 Dril-Quip 20,300 2,231,579 0.26 Dyax 87,297 657,346 0.08 E*TRADE Financial 172,072 3,377,773 0.39 EarthLink 37,464 189,568 0.02 EchoStar 38,477 1,912,307 0.22 Electronics for Imaging 83,664 3,238,633 0.37 EMCOR Group 98,416 4,174,807 0.48 Emergent Biosolutions 14,002 321,626 0.04 Employers Holdings 25,559 808,942 0.09 Engility Holdings 17,268 576,579 0.07 Ennis 11,194 198,022 0.02 EnPro Industries 6,823 393,346 0.05 Envestnet 17,237 694,306 0.08 EPAM Systems 36,592 1,278,159 0.15 EPL Oil & Gas 19,654 559,942 0.06 Esterline Technologies 14,970 1,525,742 0.18 Ethan Allen Interiors 6,860 208,613 0.02 EverBank Financial 75,259 1,380,250 0.16 ExamWorks Group 66,240 1,976,602 0.23 Exelis 38,792 739,376 0.09 Express 172,604 3,222,517 0.37

MGI Funds plc 123 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Extreme Networks 198,930 1,388,531 0.16 FBL Financial Group 523 23,404 0.00 Fiesta Restaurant Group 27,415 1,430,515 0.16 Fifth & Pacific Cos 21,980 704,899 0.08 First Cash Financial Services 5,732 354,295 0.04 First Commonwealth Financial 29,114 256,494 0.03 First Financial Holdings 28,508 1,890,080 0.22 First Midwest Bancorp 17,184 300,892 0.03 First Niagara Financial Group 30,292 321,398 0.04 First Solar 7,920 432,590 0.05 FirstMerit 230,556 5,122,954 0.59 FleetCor Technologies 13,579 1,590,644 0.18 Fortress Investment Group 180,478 1,543,087 0.18 Fortune Brands Home & Security 37,836 1,729,105 0.20 Forum Energy Technologies 74,400 2,101,800 0.24 Freescale Semiconductor 22,860 366,674 0.04 FTI Consulting 25,624 1,053,659 0.12 GenCorp 19,007 342,316 0.04 Genesee & Wyoming 11,817 1,134,787 0.13 Genomic Health 12,164 355,797 0.04 Gentherm 54,112 1,450,202 0.17 Genworth Financial 315,731 4,900,145 0.56 Glacier Bancorp 23,346 695,010 0.08 Global Cash Access Holdings 53,522 534,150 0.06 GNC Holdings 43,685 2,552,515 0.29 Goodyear Tire & Rubber 55,977 1,335,051 0.15 GrafTech International 22,013 246,986 0.03 Graham Holdings 2,748 1,823,106 0.21 Greatbatch 14,232 629,339 0.07 GT Advanced Technologies 110,005 959,244 0.11 Guidewire Software 29,543 1,449,380 0.17 H&E Equipment Services 7,189 213,010 0.02 Hackett Group 112,236 694,741 0.08 Halozyme Therapeutics 49,613 743,699 0.09 Hanesbrands 28,196 1,981,051 0.23 Hanger 62,742 2,465,761 0.28 Hanover Insurance Group 10,218 610,015 0.07 Harman International Industries 8,733 714,883 0.08 Harmonic 141,408 1,042,177 0.12 Harte-Hanks 10,803 84,263 0.01 Haverty Furniture 6,140 191,998 0.02 HCC Insurance Holdings 32,991 1,522,205 0.18 Health Net 47,379 1,405,735 0.16 HealthSouth 14,427 480,419 0.06 HealthStream 7,823 255,577 0.03 Hexcel 12,842 573,909 0.07 hhgregg 33,760 471,290 0.05 Hilltop Holdings 75,466 1,744,774 0.20 HMS Holdings 123,800 2,811,498 0.32 HNI 13,270 515,141 0.06 HollyFrontier 19,056 946,702 0.11 HomeAway 24,492 1,000,743 0.12 Howard Hughes 21,300 2,556,852 0.29 Hub Group 82,016 3,269,158 0.38 Huntington Bancshares 205,220 1,978,321 0.23

MGI Funds plc 124 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Huntington Ingalls Industries 10,487 943,830 0.11 Hyster Yale Materials 4,803 445,766 0.05 Insulet 20,442 758,194 0.09 Integrated Device Technology 45,859 466,845 0.05 Interactive Brokers Group 182,435 4,440,468 0.51 Interactive Intelligence Group 8,296 557,657 0.06 International Rectifier 38,932 1,014,957 0.12 Intersil 35,490 407,070 0.05 Interval Leisure Group 109,800 3,388,428 0.39 Invacare 9,764 226,622 0.03 InvenSense 108,100 2,245,237 0.26 ITT Educational Services 9,878 331,703 0.04 Ixia 41,871 556,884 0.06 Jack Henry & Associates 12,407 734,494 0.08 Jarden 28,507 1,748,619 0.20 JDS Uniphase 54,786 711,122 0.08 Jones Lang LaSalle 29,107 2,979,975 0.34 Kaiser Aluminum 21,730 1,526,315 0.18 KapStone Paper and Packaging 26,019 1,453,682 0.17 KAR Auction Services 98,900 2,922,495 0.34 Kemper 10,604 433,385 0.05 Kindred Healthcare 29,397 580,003 0.07 Kirby 24,800 2,461,152 0.28 Knoll 20,307 371,618 0.04 Kodiak Oil & Gas 153,000 1,713,600 0.20 Korn/Ferry International 15,385 401,856 0.05 Kulicke & Soffa Industries 95,334 1,266,989 0.15 La-Z-Boy 16,834 521,517 0.06 Lear 18,762 1,518,972 0.18 Lennox International 5,783 491,902 0.06 Lexmark International 17,675 627,993 0.07 Liberty Ventures 9,449 1,158,353 0.13 Life Time Fitness 55,300 2,599,653 0.30 LifePoint Hospitals 24,558 1,297,890 0.15 Ligand Pharmaceuticals 16,378 861,319 0.10 Lions Gate Entertainment 34,800 1,102,464 0.13 Live Nation Entertainment 112,178 2,215,516 0.26 LivePerson 83,568 1,236,806 0.14 Macquarie Infrastructure 28,610 1,556,384 0.18 Magellan Health Services 14,774 884,667 0.10 Manhattan Associates 8,636 1,013,176 0.12 MarketAxess Holdings 2,132 142,503 0.02 Marriott Vacations Worldwide 32,238 1,700,555 0.20 Matador Resources 56,081 1,044,228 0.12 MAXIMUS 31,098 1,367,068 0.16 Medicines 49,474 1,909,696 0.22 Medivation 46,544 2,968,576 0.34 Mednax 37,800 2,017,008 0.23 Mentor Graphics 80,640 1,939,392 0.22 Meredith 7,311 378,783 0.04 Middleby 6,529 1,565,262 0.18 MKS Instruments 15,547 465,011 0.05 Mobile Mini 20,713 852,340 0.10 Modine Manufacturing 54,346 695,629 0.08 MoneyGram International 9,827 203,714 0.02

MGI Funds plc 125 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Monolithic Power Systems 48,600 1,683,504 0.19 Moog 9,058 615,129 0.07 Move 40,798 651,952 0.08 MRC Global 72,500 2,338,850 0.27 Mueller Water Products 58,007 542,946 0.06 Multimedia Games Holding 36,833 1,154,715 0.13 Murphy 18,329 761,753 0.09 Myriad Genetics 26,103 547,641 0.06 National CineMedia 14,173 282,610 0.03 Nationstar Mortgage Holdings 32,500 1,201,525 0.14 Navigators Group 3,355 211,600 0.02 Nelnet 15,578 656,301 0.08 Netgear 63,400 2,088,396 0.24 NeuStar 21,692 1,081,563 0.12 Newport 13,320 240,426 0.03 Nexteer Automotive Group 886,000 505,061 0.06 Nordson 7,239 537,713 0.06 NPS Pharmaceuticals 45,507 1,381,137 0.16 Oasis Petroleum 89,783 4,217,108 0.49 Ocwen Financial 25,915 1,436,468 0.17 Office Depot 93,291 492,576 0.06 Oil States International 12,131 1,233,844 0.14 Old Republic International 87,803 1,515,480 0.17 Omnicell 49,079 1,252,005 0.14 On Assignment 61,291 2,139,056 0.25 Orbital Sciences 54,449 1,267,573 0.15 Orbitz Worldwide 51,580 369,829 0.04 Oritani Financial 15,667 251,142 0.03 Oshkosh 23,203 1,169,199 0.13 Pandora Media 28,794 766,208 0.09 Pantry 20,258 339,524 0.04 PAREXEL International 10,670 481,964 0.06 Parker Drilling 147,616 1,200,118 0.14 PDL BioPharma 70,281 592,469 0.07 Pegasystems 6,815 335,162 0.04 PennantPark Investment 22,019 255,200 0.03 PerkinElmer 25,629 1,056,427 0.12 Pharmacyclics 9,951 1,052,517 0.12 Photronics 48,198 434,746 0.05 Pier 1 Imports 18,382 423,889 0.05 PMC - Sierra 111,343 715,936 0.08 Polaris Industries 9,018 1,312,750 0.15 Polycom 61,017 685,221 0.08 Portfolio Recovery Associates 35,213 1,859,246 0.21 Prestige Brands Holdings 30,654 1,096,800 0.13 Primerica 13,873 595,290 0.07 Primoris Services 58,569 1,822,082 0.21 PrivateBancorp 86,188 2,492,557 0.29 Progress Software 84,133 2,173,155 0.25 Protective Life 17,057 864,108 0.10 Proto Labs 10,900 775,862 0.09 Provident Financial Services 24,806 479,004 0.06 PTC 113,800 4,026,244 0.46 QLogic 43,677 516,262 0.06 Questcor Pharmaceuticals 11,024 600,147 0.07

MGI Funds plc 126 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) QuinStreet 19,369 168,317 0.02 Rambus 46,158 436,193 0.05 Raymond James Financial 45,100 2,353,769 0.27 Red Robin Gourmet Burgers 4,846 356,229 0.04 Redwood Trust 180,500 3,496,285 0.40 Regal-Beloit 39,400 2,904,962 0.33 Reinsurance Group of America 48,928 3,787,516 0.44 Republic Airways Holdings 37,151 397,144 0.05 Responsys 63,327 1,734,527 0.20 Rex Energy 51,416 1,012,895 0.12 RF Micro Devices 97,255 501,836 0.06 Rite Aid 892,097 4,514,011 0.52 Roadrunner Transportation Systems 54,842 1,477,443 0.17 Rock-Tenn 17,565 1,844,149 0.21 Roundy's 55,795 549,581 0.06 RPX 27,038 456,401 0.05 Ryder System 59,586 4,394,468 0.51 Ryland Group 68,400 2,969,244 0.34 Sagent Pharmaceuticals 20,777 526,905 0.06 Salix Pharmaceuticals 40,676 3,657,179 0.42 Sally Beauty Holdings 49,550 1,497,897 0.17 Sanchez Energy 42,605 1,044,249 0.12 Scientific Games 46,302 783,430 0.09 Selective Insurance Group 24,276 656,423 0.08 Silicon Graphics International 41,654 558,164 0.06 Silicon Image 46,621 286,253 0.03 Simpson Manufacturing 19,105 701,536 0.08 Six Flags Entertainment 41,153 1,514,842 0.17 SkyWest 42,001 622,455 0.07 Sonic 16,050 323,889 0.04 South Jersey Industries 28,800 1,610,784 0.19 Spirit Aerosystems Holdings 10,573 360,116 0.04 Splunk 4,773 327,619 0.04 Stamps.com 13,784 580,306 0.07 StanCorp Financial Group 43,700 2,896,436 0.33 Steelcase 28,979 459,607 0.05 Sterling Financial 49,896 1,699,458 0.20 Stewart Information Services 18,601 600,254 0.07 SunEdison 129,419 1,687,624 0.19 Super Micro Computer 26,834 460,203 0.05 Supervalu 245,600 1,790,424 0.21 SVB Financial Group 7,832 821,264 0.09 Swift Transportation 86,318 1,915,396 0.22 Symetra Financial 91,332 1,729,828 0.20 Symmetry Medical 41,053 413,814 0.05 Synaptics 25,604 1,326,543 0.15 Synchronoss Technologies 19,055 591,467 0.07 Synovus Financial 775,100 2,790,360 0.32 Tahoe Resources 61,900 1,028,851 0.12 Taser International 29,616 469,710 0.05 Team Health Holdings 26,251 1,195,471 0.14 Tech Data 15,927 821,833 0.09 TETRA Technologies 97,546 1,204,693 0.14 Tetragon Financial Group 50,204 502,542 0.06 TFS Financial 75,016 908,444 0.10

MGI Funds plc 127 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Thoratec 40,455 1,480,653 0.17 TIBCO Software 54,526 1,225,199 0.14 Timken 15,337 844,609 0.10 TiVo 46,778 613,727 0.07 Tootsie Roll Industries 10,505 341,728 0.04 Tower International 63,130 1,350,982 0.16 Trimas 39,287 1,565,980 0.18 Trinity Industries 13,182 718,551 0.08 TrueBlue 18,171 468,267 0.05 TTM Technologies 42,432 363,642 0.04 Tupperware Brands 18,200 1,720,446 0.20 Tutor Perini 83,332 2,191,632 0.25 Ubiquiti Networks 25,708 1,180,768 0.14 Ultimate Software Group 10,159 1,554,835 0.18 Unisys 24,931 836,934 0.10 United Community Banks 35,779 634,719 0.07 United Fire Group 7,557 216,432 0.02 United Rentals 23,427 1,826,135 0.21 United Stationers 18,609 853,595 0.10 United Therapeutics 33,735 3,814,754 0.44 US Silica Holdings 33,897 1,156,566 0.13 USANA Health Sciences 11,449 865,773 0.10 UTi Worldwide 30,980 543,699 0.06 VCA Antech 101,724 3,190,065 0.37 Vera Bradley 88,300 2,120,966 0.24 VeriFone Systems 24,739 663,005 0.08 Virtus Investment Partners 10,900 2,180,218 0.25 Vishay Intertechnology 21,430 283,948 0.03 Wabash National 53,075 655,476 0.08 Waddell & Reed Financial 25,772 1,678,530 0.19 WageWorks 41,983 2,495,470 0.29 Walter Energy 37,400 621,962 0.07 Washington Federal 39,793 926,779 0.11 Web.com Group 135,417 4,303,552 0.50 WebMD Health 15,052 594,554 0.07 Wendy's 83,720 730,038 0.08 WESCO International 40,453 3,684,055 0.42 Western Alliance Bancorp 80,442 1,918,542 0.22 WEX INC 12,749 1,262,533 0.15 Whiting Petroleum 28,300 1,751,487 0.20 WisdomTree Investments 89,515 1,584,416 0.18 World Acceptance 20,063 1,755,111 0.20 Worthington Industries 28,507 1,199,290 0.14 WSFS Financial 3,403 262,712 0.03 XO Group 17,205 255,666 0.03 Yelp 14,702 1,013,409 0.12 –––––––––––– ––––––– 504,349,309 58.11

Total equities 854,479,076 98.45

Total transferable securities 854,479,076 98.45

MGI Funds plc 128 MGI Funds plc Portfolio Statement Mercer Global Small Cap Equity Fund as at 31 December 2013 (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 (continued) Financial derivative instruments Open forward foreign currency contracts USD 1* 143,425 JPY 15,064,580 08/01/2014 95 0.00 USD 3* 445,641 JPY 46,681,768 06/01/2014 1,497 0.00 USD 2* 394,708 JPY 41,404,429 07/01/2014 774 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 2,366 0.00

Total financial derivative instruments at positive fair value 2,366 0.00

Total financial assets at fair value through profit or loss 854,481,442 98.45

Financial liabilities at fair value through profit of loss Financial derivative instruments Open forward foreign currency contracts

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

JPY 1* 49,264,673 USD 469,033 08/01/2014 (312) 0.00 –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (312) 0.00

Total financial liabilities at fair value through profit of loss (312) 0.00

Total financial derivative instruments 2,054 0.00

Total investments at fair value through profit and loss 854,481,130 98.45

Cash 19,037,495 2.19

Net current liabilities (5,604,320) (0.64) –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 867,914,305 100.00 –––––––––––– –––––––

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 regular market 96.96 OTC financial derivative instruments 0.00 Other assets 3.04 ––––––– 100.00 –––––––

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

Reference Counterparty 1* Bank of New York 2* Goldman Sachs 3* Barclays Capital

MGI Funds plc 129 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Australia Newcrest Mining 279,521 1,950,572 0.18 Sonic Healthcare 497,000 7,341,021 0.69 Telstra 519,222 2,434,094 0.23 WorleyParsons 311,000 4,615,936 0.43 –––––––––––– ––––––– 16,341,623 1.53 Austria EVN 16,600 262,822 0.03 Oesterreichische Post 3,041 144,860 0.01 OMV 24,960 1,190,363 0.11 Verbund 21,517 458,824 0.04 –––––––––––– ––––––– 2,056,869 0.19 Belgium Groupe Bruxelles Lambert 32,418 2,980,853 0.28 –––––––––––– ––––––– Bermuda Bunge 37,707 3,096,122 0.29 –––––––––––– ––––––– Brazil Cia de Saneamento de Minas Gerais-COPASA 437,000 6,890,495 0.65 –––––––––––– ––––––– Canada Agnico-Eagle Mines 53,893 1,420,239 0.13 Bank of Montreal 46,900 3,124,312 0.29 Barrick Gold 86,493 1,524,007 0.14 BCE 70,933 3,069,980 0.29 Bell Aliant 103,198 2,596,219 0.24 Canadian Imperial Bank of Commerce 39,900 3,406,052 0.32 Canadian Natural Resources 104,500 3,531,854 0.33 Canadian Tire 33,200 3,107,832 0.29 Cenovus Energy 102,919 2,947,600 0.28 E-L Financial 200 133,647 0.01 Empire 9,000 613,101 0.06 First Capital Realty 22,300 371,282 0.04 Fortis/Canada 49,200 1,409,088 0.13 George Weston 24,500 1,784,061 0.17 Goldcorp 109,959 2,382,812 0.22 Kinross Gold 320,506 1,400,611 0.13 Lassonde Industries 200 19,411 0.00 Manitoba Telecom Services 91,000 2,542,005 0.24 Manulife Financial 12,400 244,499 0.02 Metro 41,900 2,555,801 0.24 National Bank of Canada 3,400 282,816 0.03 North West 4,754 115,080 0.01 Penn West Petroleum 133,134 1,113,000 0.10 Potash corp of Saskatchewan 69,410 2,287,754 0.21 Power Financial 1,900 64,341 0.01 Rogers Sugar 21,387 107,891 0.01 Saputo 3,900 177,620 0.02 TELUS 51,300 1,765,203 0.17 Thomson Reuters 10,400 393,095 0.04

MGI Funds plc 130 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Canada (continued) Tim Hortons 1,285 74,993 0.01 Valener 30,716 440,287 0.04 –––––––––––– ––––––– 45,006,493 4.22 Denmark ALK-Abello 14,785 1,676,731 0.16 AP Moeller - Maersk 52 565,228 0.05 D/S Norden 14,485 762,495 0.07 GN Store Nord 27,585 678,658 0.06 Jyske Bank 2,540 137,225 0.01 Novo Nordisk 12,608 2,313,597 0.22 Royal Unibrew 15,776 2,141,697 0.20 SimCorp 6,070 239,365 0.02 Sydbank 9,699 257,966 0.03 TDC 381,146 3,702,976 0.35 Topdanmark 63,583 1,677,038 0.16 –––––––––––– ––––––– 14,152,976 1.33 France Bouygues 81,385 3,075,000 0.29 Carrefour 66,691 2,647,548 0.25 Cie de St-Gobain 45,454 2,503,767 0.24 Danone 71,245 5,136,360 0.48 Edenred 254,450 8,528,813 0.80 Legrand 14,415 795,718 0.08 Medica 10,588 276,621 0.03 Neopost 12,979 1,000,096 0.09 Safran 126,000 8,769,629 0.82 Sanofi 96,709 10,277,020 0.96 Societe Television Francaise 48,496 935,885 0.09 Sodexo 24,209 2,455,873 0.23 Total 55,340 3,395,667 0.32 Wendel 6,693 975,753 0.09 –––––––––––– ––––––– 50,773,750 4.77 Germany Adidas 27,082 3,455,612 0.32 Biotest - Pref 721 75,754 0.01 Daimler 18,850 1,638,981 0.15 Fielmann 28,099 3,281,823 0.31 Fraport Frankfurt Airport Services Worldwide 4,505 337,821 0.03 Fresenius Medical Care 13,380 952,269 0.09 HeidelbergCement 53,029 4,045,957 0.38 Hornbach Baumarkt 376 14,502 0.00 Interseroh 1,962 163,564 0.02 Merck 4,509 807,402 0.08 Rhoen Klinikum 5,345 156,767 0.01 Stada Arzneimittel 36,112 1,782,422 0.17 Wincor Nixdorf 1,311 90,885 0.01 –––––––––––– ––––––– 16,803,759 1.58 Hong Kong Aeon Stores 4,000 5,082 0.00 Chow Tai Fook Jewellery Group 502,800 748,323 0.07 CLP Holdings 383,500 3,029,421 0.29

MGI Funds plc 131 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Hong Kong (continued) Guoco Group 44,202 541,284 0.05 Jardine Matheson Holdings 30,900 1,616,070 0.15 Li & Fung 5,785,380 7,461,396 0.70 Regal REIT 265,000 75,873 0.01 –––––––––––– ––––––– 13,477,449 1.27 Ireland CRH 74,296 1,874,092 0.17 Greencore Group 26,544 97,599 0.01 ICON 25,396 1,026,252 0.10 Kerry Group 38,446 2,664,725 0.25 Paddy Power 2,415 206,121 0.02 Willis Group Holdings 31,168 1,395,703 0.13 –––––––––––– ––––––– 7,264,492 0.68 Israel Azrieli Group 75,304 2,479,760 0.23 Check Point Software Technologies 1,362 87,876 0.01 Israel Chemicals 116,925 973,533 0.09 Osem Investments 22,111 536,818 0.05 Strauss Group 6,614 126,525 0.01 Teva Pharmaceutical Industries 84,336 3,370,038 0.32 –––––––––––– ––––––– 7,574,550 0.71 Italy Ascopiave 19,319 47,677 0.00 Italcementi 120,263 1,030,756 0.10 Italmobiliare 15,555 526,205 0.05 –––––––––––– ––––––– 1,604,638 0.15 Japan Alpen 27,500 493,459 0.05 Astellas Pharmaceutical 54,114 3,202,408 0.30 Bic Camera 289 162,228 0.02 Chofu Seisakusho 11,300 266,521 0.02 Coca-Cola West 17,800 376,644 0.04 Doutor Nichires Holdings 4,600 76,721 0.01 Dydo Drinco 14,600 611,893 0.06 Earth Chemical 2,400 84,259 0.01 Fancl 99,400 1,074,339 0.10 FANUC 21,727 3,973,103 0.37 Fukuda Denshi 3,000 122,164 0.01 Hirose Electric 14,845 2,114,359 0.20 House Foods 96,700 1,461,931 0.14 Hoya 116,251 3,229,655 0.30 Ito En 29,400 615,385 0.06 KDDI 67,300 4,136,416 0.39 Kentucky Fried Chicken Japan 2,000 40,074 0.00 Kewpie 178,400 2,476,434 0.23 Keyence 11,239 4,801,209 0.45 Kose 71,300 2,258,970 0.21 Lion 453,000 2,525,646 0.24 Mandom 12,500 394,843 0.04 Matsumotokiyoshi Holdings 8,300 289,815 0.03 McDonald's 38,800 991,919 0.09

MGI Funds plc 132 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Megmilk Snow Brand 41,800 526,154 0.05 Ministop 22,500 350,863 0.03 MISUMI Group 30,296 951,209 0.09 Mitsubishi Estate 82,362 2,456,637 0.23 Morinaga & Co/Japan 132,000 270,016 0.03 Morinaga Milk Industry 84,000 248,551 0.02 MOS Food Services 33,800 641,237 0.06 MS&AD Insurance Group 119,797 3,210,772 0.30 Nippon Flour Mills 25,000 122,734 0.01 Nippon Telegraph & Telephone 17,000 913,848 0.09 Nisshin Oillio Group 58,000 187,622 0.02 Nissin Foods Holdings 33,300 1,405,123 0.13 NKSJ Holdings 111,303 3,095,368 0.29 Noevir Holdings 27,700 501,264 0.05 Nomura Research Institute 30,500 961,967 0.09 NTT DoCoMo 200,100 3,280,265 0.31 Ohsho Food Service 22,000 671,900 0.06 Okinawa Cellular Telephone 5,000 130,869 0.01 Ono Pharmaceutical 17,700 1,547,624 0.14 Plenus 24,400 544,621 0.05 Royal Holdings 38,700 579,552 0.05 Secom 77,715 4,673,030 0.44 Shimano 31,621 2,710,672 0.25 Shin-Etsu Chemical 6,028 351,569 0.03 Shinkin Central Bank - Pref 51 91,126 0.01 Showa Sangyo 16,000 48,561 0.00 SMC 16,771 4,223,666 0.40 Starbucks Coffee Japan 67,300 745,323 0.07 WATAMI 8,000 105,038 0.01 Yoshinoya Holdings 105,200 1,287,162 0.12 –––––––––––– ––––––– 72,614,738 6.81 Korea KT&G 29,275 2,063,827 0.19 Lotte Confectionery 200 361,018 0.04 Namyang Dairy Products 400 355,143 0.03 –––––––––––– ––––––– 2,779,988 0.26 Luxembourg Millicom International Cellular 83,000 8,270,794 0.77 SES - GDR 312,000 10,098,826 0.95 –––––––––––– ––––––– 18,369,620 1.72 Malaysia Genting 270,500 360,061 0.03 –––––––––––– ––––––– Mexico Grupo Televisa - ADR 121,654 3,681,250 0.35 Industrias Penoles 30,810 764,537 0.07 –––––––––––– ––––––– 4,445,787 0.42 Netherlands Constellium 6,797 157,826 0.02 Sligro Food Group 21,737 838,670 0.08

MGI Funds plc 133 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Netherlands (continued) TNT Express 113,594 1,056,243 0.10 Unilever -CVS- 98,621 3,978,319 0.37 –––––––––––– ––––––– 6,031,058 0.57 New Zealand Air New Zealand 90,762 122,511 0.01 Argosy Property 224,097 168,765 0.02 Auckland International Airport 67,205 195,255 0.02 Fisher & Paykel Healthcare 21,970 69,617 0.01 Infratil 818,906 1,529,981 0.14 Mainfreight 30,086 296,405 0.03 Port of Tauranga 57,223 638,641 0.06 Ryman Healthcare 461,916 2,984,413 0.28 Sky City Entertainment Group 115,622 354,957 0.03 Sky Network Television 300,747 1,445,574 0.13 –––––––––––– ––––––– 7,806,119 0.73 Norway Orkla 349,919 2,728,132 0.25 Statoil 135,031 3,269,580 0.31 Telenor 147,391 3,512,983 0.33 –––––––––––– ––––––– 9,510,695 0.89 Portugal EDP 852,739 3,126,758 0.29 Redes Energeticas Nacionais 10,689 32,963 0.00 Sonaecom 54,009 190,148 0.02 –––––––––––– ––––––– 3,349,869 0.31 Singapore China Yuchai International 6,540 136,490 0.01 ComfortDelGro 8,670 13,734 0.00 Great Eastern Holdings 14,000 194,709 0.02 Haw Par 27,300 174,922 0.02 Hong Leong Finance 18,000 39,062 0.00 M1 476,000 1,232,789 0.12 Sabana Shari'ah Compliant Industrial REIT 108,000 91,953 0.01 Singapore Post 1,346,000 1,412,522 0.13 Singapore Press Holdings 136,000 442,706 0.04 Singapore Telecommunications 82,000 237,051 0.02 StarHub 518,000 1,755,932 0.16 United Industrial 114,000 268,161 0.03 Yanlord Land Group 96,000 93,141 0.01 –––––––––––– ––––––– 6,093,172 0.57 South Africa AngloGold Ashanti - ADR 119,594 1,400,446 0.13 Gold Fields - ADR 184,342 588,051 0.05 Harmony Gold Mining - ADR 51,838 130,632 0.01 MTN Group 497,000 10,298,025 0.97 Sibanye Gold - ADR 11,402 54,729 0.01 –––––––––––– ––––––– 12,471,883 1.17

MGI Funds plc 134 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Spain Abengoa 335,567 975,652 0.09 Amadeus IT Holding 11,766 502,602 0.05 Red Electrica 25,267 1,671,199 0.16 –––––––––––– ––––––– 3,149,453 0.30 Sweden Axfood 7,332 368,278 0.04 Hennes & Mauritz 16,032 738,871 0.07 Investor -A- 33,047 1,106,781 0.10 Investor -B- 34,217 1,178,463 0.11 TeliaSonera 425,258 3,542,382 0.33 –––––––––––– ––––––– 6,934,775 0.65 Switzerland Allreal Holding 7,672 1,061,063 0.10 Alpiq Holding 1,688 232,127 0.02 Aryzta 1,309 100,528 0.01 Basler Kantonalbank 6,293 508,054 0.05 Berner Kantonalbank 685 158,666 0.01 Emmi 750 227,905 0.02 Galenica 3,053 3,080,978 0.29 Intershop Holdings 1,251 469,820 0.04 Kuehne & Nagel International 2,120 278,900 0.03 Luzerner Kantonalbank 299 115,233 0.01 Mobimo Holding 4,370 911,000 0.09 Nestle 149,883 10,996,644 1.03 Novartis 68,394 5,471,674 0.51 Pargesa Holding 28,644 2,315,740 0.22 Roche 27,000 7,562,489 0.71 Swisscom 6,171 3,266,082 0.31 Weatherford International 315,000 4,876,200 0.46 –––––––––––– ––––––– 41,633,103 3.91 Thailand Bangkok Bank - NVDR 205,984 1,112,665 0.10 –––––––––––– ––––––– United Kingdom Anglo American 24,179 528,613 0.05 Associated British Foods 106,686 4,320,280 0.41 AstraZeneca 61,103 3,617,457 0.34 Berkeley Group Holdings 52,967 2,325,630 0.22 BG Group 374,000 8,037,196 0.76 BP 1,000,000 8,083,323 0.76 British American Tobacco 44,251 2,371,686 0.22 Capita Group 669,000 11,468,116 1.08 Centrica 209,266 1,203,383 0.11 Cranswick 10,012 196,667 0.02 Dairy Crest Group 8,955 80,091 0.01 Diageo 56,582 1,873,340 0.18 Fresnillo 118,584 1,456,340 0.14 GlaxoSmithKline 595,149 15,884,795 1.49 Greggs 185,650 1,323,713 0.12 Imperial Tobacco Group 38,896 1,505,529 0.14 J Sainsbury 536,606 3,241,282 0.30 Next 26,416 2,382,268 0.22

MGI Funds plc 135 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Royal Dutch Shell 69,264 2,472,433 0.23 Scottish & Southern Energy 126,004 2,854,934 0.27 Synergy Health 54,562 1,087,130 0.10 Tate & Lyle 137,251 1,837,897 0.17 Tesco 1,495,373 8,280,879 0.78 Vodafone Group 1,718,800 6,746,823 0.63 WM Morrison Supermarkets 1,190,576 5,144,661 0.48 –––––––––––– ––––––– 98,324,466 9.23 United States of America 3M 32,340 4,535,038 0.43 Alleghany 877 350,932 0.03 Allergan 52,500 5,831,700 0.55 Alliant Techsystems 15,727 1,913,976 0.18 Altria Group 81,968 3,145,932 0.30 Amdocs 80,853 3,334,378 0.31 American Express 107,130 9,718,834 0.91 Apache 11,179 960,611 0.09 Archer-Daniels-Midland 60,613 2,630,604 0.25 Associated Banc 79,485 1,382,244 0.13 Astoria Financial 8,990 124,332 0.01 AT&T 12,471 438,231 0.04 Atrion 621 183,667 0.02 Automatic Data Processing 59,349 4,794,806 0.45 Bank of New York Mellon 330,439 11,542,234 1.08 BB&T 75,645 2,823,071 0.27 Becton Dickinson 29,534 3,262,621 0.31 Berkshire Hathaway 20 3,552,020 0.33 Brookline Bancorp 46,522 444,285 0.04 Cablevision Systems 188,690 3,381,325 0.32 CACI International 10,365 758,614 0.07 Capella Education 2,016 133,762 0.01 Capitol Federal Financial 240,465 2,909,626 0.27 Cardinal Health 46,952 3,136,394 0.29 Charles River Laboratories International 13,024 690,793 0.06 CIGNA 37,203 3,253,774 0.31 Cincinnati Financial 46,791 2,449,977 0.23 Cintas 70,350 4,190,749 0.39 Cisco Systems 202,566 4,545,581 0.43 Citigroup 96,900 5,047,521 0.47 Clorox 35,460 3,289,624 0.31 Coca-Cola 48,031 1,983,200 0.19 Coca-Cola Bottling 1,609 117,747 0.01 Colgate-Palmolive 50,115 3,267,498 0.31 Comcast 97,092 4,842,949 0.45 ConocoPhillips 86,807 6,133,783 0.58 CVS Caremark 110,700 7,921,692 0.74 Dealertrack Technologies 18,324 880,285 0.08 Deltic Timber 6,281 424,721 0.04 Devon Energy 36,979 2,288,261 0.21 DirecTV Group 116,073 8,018,323 0.75 DST Systems 38,577 3,500,863 0.33 eBay 220,789 12,114,692 1.14 Empire District Electric 98,489 2,233,731 0.21 Energizer Holdings 4,073 440,739 0.04

MGI Funds plc 136 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Entergy 21,613 1,367,238 0.13 Exxon Mobil 6,124 619,749 0.06 First American Financial 1,881 53,044 0.01 First Merchants 3,190 72,477 0.01 First Midwest Bancorp 5,124 89,721 0.01 FirstEnergy 21,186 698,714 0.07 Fresh Del Monte Produce 11,569 327,403 0.03 General Mills 65,002 3,244,250 0.30 Google 18,732 20,979,091 1.97 Great Plains Energy 31,704 767,871 0.07 H&R Block 32,391 940,635 0.09 Henry Schein 18,234 2,083,599 0.20 Hershey 30,481 2,963,058 0.28 Hill-Rom Holdings 63,340 2,618,476 0.25 ICU Medical 1,729 110,016 0.01 IDACORP 6,439 333,733 0.03 Intel 163,498 4,242,773 0.40 Intuit 9,436 720,061 0.07 Jack Henry & Associates 39,054 2,311,997 0.22 JM Smucker 10,555 1,093,920 0.10 Johnson & Johnson 80,842 7,403,510 0.69 Kaiser Aluminum 6,876 482,970 0.05 Kellogg 42,094 2,570,681 0.24 Kimberly-Clark 31,974 3,340,004 0.31 L-3 Communications 8,320 889,158 0.08 Laboratory of America 101,439 9,269,496 0.87 Liberty Interactive 113,901 3,342,994 0.31 Linear Technology 66,496 3,028,228 0.28 Lockheed Martin 86,054 12,791,067 1.20 Lorillard 84,679 4,291,532 0.40 Lowe's 186,268 9,227,717 0.87 Martin Marietta Materials 12,704 1,269,638 0.12 Mastercard 8,603 7,187,032 0.67 McDonald's 34,516 3,348,742 0.31 McKesson 22,721 3,666,033 0.34 Medtronic 53,977 3,097,740 0.29 MGE Energy 28,601 1,651,422 0.16 Microsoft 736,094 27,544,637 2.59 Monster Worldwide 19,620 139,694 0.01 National Healthcare 2,798 150,476 0.01 National Oilwell Varco 18,709 1,487,740 0.14 NetApp 9,629 396,137 0.04 Newmont Mining 19,107 439,843 0.04 NextEra Energy 27,885 2,387,514 0.22 Northrop Grumman 47,759 5,473,659 0.51 Northwest Bancshares 22,562 333,241 0.03 Nutrisystem 60,869 1,000,078 0.09 Omnicom Group 48,153 3,581,139 0.34 Oracle 575,027 22,006,283 2.07 Otter Tail 6,669 195,002 0.02 Owens & Minor 81,200 2,968,672 0.28 Patterson 4,999 205,859 0.02 PDL BioPharma 65,605 553,050 0.05 People's United Financial 30,892 466,778 0.04 PepsiCo 37,251 3,089,225 0.29

MGI Funds plc 137 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Philip Morris International 34,060 2,967,307 0.28 Plum Creek Timber REIT 47,648 2,214,679 0.21 Procter & Gamble 38,145 3,105,003 0.29 Provident Financial Services 63,663 1,229,333 0.12 Qualcomm 138,900 10,310,547 0.97 Quest Diagnostics 4,301 230,276 0.02 Rayonier REIT 19,024 800,720 0.08 San Juan Basin Royalty Trust 3,400 56,848 0.01 Scotts Miracle-Gro 29,831 1,856,383 0.17 State Street 46,584 3,419,266 0.32 Steel Dynamics 117,304 2,292,120 0.22 Sykes Enterprises 2,947 64,156 0.01 Sysco 119,300 4,305,537 0.40 Target 145,807 9,225,209 0.87 Teradata 39,136 1,779,905 0.17 Tyson Foods 61,075 2,043,569 0.19 Unifirst 1,179 126,082 0.01 UnitedHealth Group 135,000 10,164,150 0.95 Universal 14,301 780,692 0.07 UNS Energy 23,536 1,408,394 0.13 US Bancorp 272,652 11,012,414 1.03 Varian Medical Systems 98,110 7,624,128 0.72 Vector Group 119,964 1,963,811 0.18 VeriSign 20,324 1,214,969 0.11 Visa 45,210 10,066,006 0.94 Vulcan Materials 29,776 1,768,397 0.17 Wachovia Preferred Funding -Pref- 8,761 219,025 0.02 Wal-Mart Stores 97,064 7,636,995 0.72 Washington Federal 11,171 260,173 0.02 Waters 51,000 5,098,980 0.48 Weis Markets 11,308 593,218 0.06 WellPoint 24,790 2,289,852 0.22 Wells Fargo 164,398 7,462,025 0.70 Weyerhaeuser REIT 66,917 2,112,570 0.20 Wintrust Financial 2,467 113,704 0.01 WR Berkley 41,754 1,811,706 0.17 Yum! Brands 104,512 7,902,152 0.74 Zions Bancorporation 39,188 1,173,681 0.11 –––––––––––– ––––––– 472,544,539 44.35

Total equities 955,556,060 89.67

Total transferable securities 955,556,060 89.67

Collective investment schemes Channel Islands ETFS Physical Gold 111,290 13,013,140 1.21 –––––––––––– ––––––– Total collective investment schemes 13,013,140 1.21

MGI Funds plc 138 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial derivative instruments

Warrants United States of America JPMorgan - To Pur Co call expires 28/10/2018 38,748 737,762 0.07 –––––––––––– ––––––– Total warrants 737,762 0.07

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

Financial derivative instruments Open forward foreign currency contracts AUD 1* 69,537 USD 62,167 06/01/2014 32 0.00 CAD 1* 86,236 USD 81,138 06/01/2014 17 0.00 CHF 1* 66,706 USD 74,718 06/01/2014 287 0.00 DKK 1* 51,940 USD 9,551 06/01/2014 43 0.00 EUR 1* 184,996 USD 253,727 06/01/2014 1,188 0.00 GBP 1* 123,436,576 USD 202,030,440 06/01/2014 2,407,306 0.23 ILS 1* 13,149 USD 3,763 06/01/2014 25 0.00 NOK 1* 40,970 USD 6,672 06/01/2014 81 0.00 NZD 1* 1,188 USD 62,167 06/01/2014 4 0.00 SEK 1* 170,830 USD 81,138 07/01/2014 496 0.00 SGD 1* 15,639 USD 74,718 06/01/2014 13 0.00 USD 1* 6,462,563 AUD 9,551 06/01/2014 98,128 0.01 USD 1* 2,422,822 HKD 253,727 06/01/2014 492 0.00 USD 1* 17,728,109 JPY 202,030,440 06/01/2014 443,995 0.04 USD 1* 1,276,679 SGD 3,763 06/01/2014 7,677 0.00

Unrealised gain on open forward foreign currency contracts 2,959,784 0.28

Total financial derivative instruments at positive fair value 3,697,546 0.35

Total financial assets at fair value through profit or loss 972,266,746 91.23

Financial liabilities at fair value through profit or loss Open forward foreign currency contracts

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

HKD 1* 184,243 USD 23,762 06/01/2014 (0) 0.00 JPY 1* 17,798,254 USD 171,176 06/01/2014 (1,838) 0.00 USD 1* 8,257,121 CAD 8,783,807 06/01/2014 (9,204) 0.00 USD 1* 7,498,698 CHF 6,795,310 06/01/2014 (142,063) (0.01) USD 1* 961,602 DKK 5,277,219 06/01/2014 (13,138) 0.00 USD 1* 25,680,364 EUR 18,896,308 06/01/2014 (357,758) (0.03) USD 1* 20,222,770 GBP 12,354,011 06/01/2014 (238,151) (0.02) USD 1* 379,821 ILS 1,340,638 06/01/2014 (6,397) 0.00 USD 1* 685,175 NOK 4,201,311 06/01/2014 (7,250) 0.00

MGI Funds plc 139 MGI Funds plc Portfolio Statement Mercer Low Volatility Equity Fund as at 31 December 2013 (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 (continued) Open forward foreign currency contracts (continued) USD 1* 98,113 NZD 120,907 07/01/2014 (1,400) 0.00 USD 1* 2,665,020 SEK 17,500,622 06/01/2014 (59,643) (0.01) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (836,842) (0.07)

Total financial derivative instruments at negative fair value (836,842) (0.07)

Total financial liabilities at fair value through profit or loss (836,842) (0.07)

Total financial derivative instruments 2,860,704 0.28

Total investments at fair value through profit and loss 971,429,904 91.16

Cash 94,686,880 8.89

Net current liabilities (513,777) (0.05) –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 1,065,603,007 100.00 –––––––––––– –––––––

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 89.45 Collective investment schemes 1.22 Financial derivative instruments dealt in on a regulated market 0.07 OTC financial derivative instruments 0.28 Other assets 8.98 ––––––– 100.00 –––––––

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

Reference Counterparty 1* State Street Bank and Trust

MGI Funds plc 140 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Collective investment schemes Channel Islands ETFS Physical Gold 344,872 40,346,575 4.70 –––––––––––– ––––––– Ireland BlackRock Emerging Markets Index Sub-Fund 8,955,656 121,573,024 14.15 BlackRock Euro Corporate Bond Index Fund 1,621,431 45,149,716 5.26 BlackRock UK Corp Bond Index Fund 1,082,515 40,758,313 4.75 BlackRock US Corporate Bond Index Fund 2,402,140 53,034,444 6.18 Irish Life Investment Managers - Indexed Min Volatility Global Fund 32,765,147 48,942,565 5.70 Irish Life Investment Managers - World Small Cap Index Equity Fund 30,904,570 50,507,098 5.88 iShares FTSE/EPRA European Property Index Fund 569,272 21,530,119 2.51 iShares FTSE EPRA/NAREIT UK Property Fund 2,517,151 21,506,976 2.51 iShares FTSE EPRA/NAREIT US Property Yield Fund 961,930 21,683,390 2.53 iShares JPMorgan $ Emerging Markets Bond Fund 777,477 83,886,917 9.77 Mercer Passive Global Equity Fund 1,481,568 156,942,490 18.28 Russell Investment Company plc - Acadian Global Managed Volatility Fund 3,059,323 40,413,656 4.71 –––––––––––– ––––––– 705,928,708 82.23 Germany iShares Dow Jones - UBS Commodity Swap (DE) 1,288,670 42,226,674 4.92 –––––––––––– ––––––– Total collective investment schemes 788,501,957 91.85

Financial derivative instruments Open forward foreign currency contracts

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

CHF 1* 2,007,050 USD 2,224,801 24/01/2014 32,299 0.01 EUR 1* 1,122,641 USD 1,525,679 01/06/2014 21,261 0.00 EUR 1* 5,016,637 USD 6,849,734 24/01/2014 62,870 0.01 GBP 1* 3,229,557 USD 5,173,925 24/01/2014 174,304 0.02 NOK 1* 914 USD 149 01/06/2014 2 0.00 SEK 1* 3,543 USD 539 01/07/2014 13 0.00 USD 1* 49,957 AUD 55,058 01/06/2014 710 0.00 USD 1* 142,115 AUD 150,250 24/01/2014 7,879 0.00 USD 1* 162,198 CAD 170,180 24/01/2014 2,112 0.00 USD 1* 706,720 EUR 512,330 24/01/2014 762 0.00 USD 1* 73,708 JPY 7,554,253 01/06/2014 1,834 0.00 USD 1* 493,637 JPY 48,655,000 24/01/2014 30,680 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 334,726 0.04

MGI Funds plc 141 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 31 December 2013 (continued)

Maturity No. of Unrealised % of date Currency contracts gain US$ Net assets

Futures contracts Euro Stoxx 50 Index Futures 2* 21/03/2014 EUR 179 399,578 0.05 FTSE 100 Index Futures 2* 21/03/2014 GBP 49 204,108 0.02 S&P 60 Index Futures 2* 20/03/2014 CAD 17 106,080 0.01 S&P 500 E Mini Index Futures 2* 21/03/2014 USD 353 1,282,272 0.15 SPI 200 Futures 2* 20/03/2014 AUD 16 70,498 0.01 Swiss Market Index Futures 2* 21/03/2014 CHF 24 91,483 0.01 TOPIX Index Futures 2* 13/03/2014 JPY 42 181,818 0.02 –––––––––––– ––––––– Unrealised gain on futures contracts 2,335,837 0.27

Total financial derivative instruments at positive fair value 2,670,563 0.31

Total financial assets at fair value through profit or loss 791,172,520 92.16

Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts

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

AUD 1* 2,016,675 USD 1,925,074 24/01/2014 (123,344) (0.01) CAD 1* 2,500,120 USD 2,415,083 24/01/2014 (63,262) (0.01) JPY 1* 491,608,644 USD 4,985,440 24/01/2014 (307,734) (0.04) USD 1* 69,350 CAD 73,771 01/06/2014 (75) 0.00 USD 1* 26,399 CHF 23,923 01/06/2014 (501) 0.00 USD 1* 388,805 CHF 346,460 24/01/2014 (819) 0.00 USD 1* 293,647 EUR 216,107 01/06/2014 (4,137) 0.00 USD 1* 186,325 GBP 113,839 01/06/2014 (2,217) 0.00 USD 1* 493,401 GBP 304,070 24/01/2014 (10,147) 0.00 USD 1* 3,409 NOK 20,904 01/06/2014 (37) 0.00 USD 1* 858 NZD 1,057 1/6/2014 (12) 0.00 USD 1* 11,510 SEK 75,596 1/7/2014 (260) 0.00 –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (512,545) (0.06)

Total financial derivative instruments at negative fair value (512,545) (0.06)

Total financial liabilities at fair value through profit or loss (512,545) (0.06)

Total financial derivative instruments 2,158,018 0.25

Total investments at fair value through profit or loss 790,659,975 92.10

MGI Funds plc 142 MGI Funds plc Portfolio Statement Mercer Diversified Growth Fund as at 31 December 2013 (continued)

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

Financial assets at amortised cost Deposits with Credit Institutions Bank Of Nova Scotia 0.01 17/01/2014 USD 3,000,023 3,000,023 0.35 Commonwealth Bank of Australia London 0.05 01/06/2014 USD 7,001,425 7,001,425 0.82 Nordea Bank London Branch 0.05 01/06/2014 USD 1,000,886 1,000,886 0.12 Nordea Bank London Branch 0.05 17/01/2014 USD 3,000,134 3,000,134 0.35 Royal Bank Of Canada 0.04 01/10/2014 USD 2,000,060 2,000,060 0.23 Toronto Dominion Bank 0.09 01/06/2014 USD 9,001,996 9,001,996 1.05 Toronto Dominion Bank 0.09 01/10/2014 USD 2,000,120 2,000,120 0.23 State Street Bank 0.01 16/10/2013 USD 5,000,096 5,000,096 0.58 State Street Bank 0.01 01/03/2014 USD 10,000,039 10,000,039 1.16 State Street Bank 0.01 01/06/2014 USD 5,000,265 5,000,265 0.59 –––––––––––– ––––––– 47,005,044 5.48

Total deposits with credit institutions 47,005,044 5.48

Total financial assets at amortised cost 47,005,044 5.48

Cash 16,374,356 1.91

Net current assets 4,446,038 0.51 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 858,485,413 100.00 –––––––––––– –––––––

Total assets comprised as follows: % of total assets Deposits with credit institutions 5.47 Collective investment schemes 91.74 Financial derivative instruments dealt in on a regulated market 0.27 OTC financial derivative instruments 0.04 Other assets 2.48 ––––––– 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

MGI Funds plc 143 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Australia Adelaide Brighton 47,768 156,840 0.05 ALS 21,048 165,897 0.05 ARB 4,701 49,165 0.01 Cardno 10,992 67,756 0.02 CSL 3,331 205,268 0.07 Flight Centre 2,207 93,788 0.03 Macquarie Group 3,924 192,662 0.06 Mermaid Marine Australia 20,399 62,050 0.02 Mesoblast 34,175 178,556 0.06 Mineral Resources 19,703 209,236 0.07 Monadelphous Group 9,087 151,130 0.05 NRW Holdings 22,582 27,678 0.01 Resolute Mining 34,144 16,954 0.01 Sydney Airport 4,158 14,099 0.00 Telstra 76,878 360,401 0.11 TPG Telecom 24,362 115,952 0.04 Westfield Retail Trust REIT 37,990 100,604 0.03 Woolworths 17,070 516,793 0.17 WorleyParsons 2,530 37,551 0.01 Wotif.com Holdings 8,373 20,750 0.01 –––––––––––– ––––––– 2,743,130 0.88 Austria AMS 412 50,032 0.02 Erste Group Bank 29,338 1,021,976 0.33 Oesterreichische Post 2,875 136,953 0.04 OMV 9,632 459,358 0.15 –––––––––––– ––––––– 1,668,319 0.54 Belgium Barco 833 65,082 0.02 Belgacom 6,750 200,022 0.06 Colruyt 6,476 361,941 0.12 Mobistar 2,027 38,489 0.01 –––––––––––– ––––––– 665,534 0.21 Bermuda Arch Capital Group 4,900 292,236 0.09 Axis Capital Holdings 7,900 375,645 0.12 Catlin Group 8,761 84,233 0.03 Credicorp 5,639 748,013 0.24 Emperor International Holdings 174,000 46,901 0.02 Giordano International 86,000 76,531 0.02 Hiscox 28,774 330,739 0.11 Lancashire Holdings 8,496 113,909 0.04 Lazard 29,654 1,342,732 0.43 Marvell Technology Group 36,878 529,937 0.17 RenaissanceRe Holdings 2,700 262,845 0.09 SmarTone Telecommunications Holding 54,500 61,924 0.02 VTech Holdings 14,800 192,212 0.06 –––––––––––– ––––––– 4,457,857 1.44

MGI Funds plc 144 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Brazil AES Tiete - Pref 6,400 51,786 0.02 AMBEV - ADR 175,952 1,291,488 0.42 BR Properties 14,078 110,989 0.04 Braskem - ADR 21,788 388,480 0.12 Cia Energetica de Minas Gerais - ADR 7,300 56,794 0.02 Cia Hering 2,500 31,631 0.01 Diagnosticos da America 25,470 157,187 0.05 Embraer - ADR 10,392 334,207 0.11 Ez Tec Empreendimentos e Participacoes 8,100 99,325 0.03 Gol Linhas Aereas Inteligentes - ADR 20,401 92,825 0.03 Grendene 7,700 58,747 0.02 Itau Unibanco Holding - ADR 35,363 479,876 0.15 Lojas Renner 12,829 331,648 0.11 Santos Brasil Participacoes 8,600 69,004 0.02 Telefonica Brasil - ADR 2,000 38,400 0.01 Tractebel Energia 6,900 105,112 0.03 –––––––––––– ––––––– 3,697,499 1.19 Canada Alamos Gold 9,900 119,825 0.04 Canadian Oil Sands 5,300 99,615 0.03 Canadian Pacific Railway 4,800 725,856 0.23 Detour Gold 11,842 45,585 0.01 Evertz Technologies 1,700 24,512 0.01 Genworth MI 4,000 137,713 0.04 Jean Coutu Group 3,000 51,953 0.02 Magna International 3,300 270,429 0.09 Metro 2,000 121,995 0.04 Nevsun Resources 15,300 50,400 0.02 Pason Systems 7,500 162,000 0.05 Power Financial 3,500 118,522 0.04 Rogers Communications 5,200 235,260 0.08 Saputo 4,700 214,055 0.07 Tim Hortons 4,000 233,440 0.08 TransGlobe Energy 5,500 45,605 0.01 –––––––––––– ––––––– 2,656,765 0.86 Cayman Islands Anta Sports Products 29,000 35,868 0.01 Baidu - ADR 6,400 1,138,239 0.37 Bosideng International Holdings 128,000 24,102 0.01 Home Inns & Hotels Management - ADR 7,222 314,735 0.10 Li Ning 124,828 98,687 0.03 Mindray Medical International - ADR 6,437 234,178 0.08 NagaCorp 146,000 153,650 0.05 NetEase.com - ADR 2,500 196,475 0.06 Pacific Textile Holdings 49,000 74,697 0.02 Phoenix Satellite Television Holdings 192,000 69,582 0.02 Shenguan Holdings Group 246,000 109,457 0.04 Shenzhou International Group Holdings 20,000 74,803 0.03 Tencent Holdings 16,200 1,034,208 0.33 XTEP International Holdings 74,500 37,953 0.01 –––––––––––– ––––––– 3,596,634 1.16

MGI Funds plc 145 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Channel Islands Beazley 57,225 257,040 0.08 Centamin 74,091 54,669 0.02 Shire 300 14,166 0.01 –––––––––––– ––––––– 325,875 0.11 China China BlueChemical 84,000 52,759 0.01 China Life Insurance 374,931 1,172,603 0.38 China Lilang 36,000 22,007 0.01 China Shenhua Energy 47,000 148,206 0.05 Ping An Insurance Group of China 203,845 1,831,089 0.59 Travelsky Technology 40,000 39,362 0.01 –––––––––––– ––––––– 3,266,026 1.05 Cyprus Globaltrans - GDR 4,698 74,228 0.02 –––––––––––– ––––––– Czech Republic CEZ 5,196 135,363 0.04 –––––––––––– ––––––– Denmark AP Moeller - Maersk 20 217,395 0.07 Coloplast 1,824 120,913 0.04 Novozymes 1,376 58,175 0.02 SimCorp 2,289 90,265 0.03 TDC 22,514 218,732 0.07 –––––––––––– ––––––– 705,480 0.23 Finland Nokia - ADR 26,686 216,424 0.07 Nokian Renkaat 856 41,130 0.01 Orion 15,708 441,987 0.14 Sampo 5,090 250,321 0.08 Tikkurila 682 18,701 0.01 –––––––––––– ––––––– 968,563 0.31 France Alcatel-Lucent 66,286 297,582 0.10 Alten 1,012 45,990 0.01 AXA 29,500 821,527 0.26 AXA - ADR 10,609 295,673 0.10 BioMerieux 2,526 264,672 0.09 BNP Paribas 8,380 653,688 0.21 Cie Generale des Etablissements Michelin 3,953 420,783 0.14 CNP Assurances 20,670 423,103 0.14 Hermes International 1,750 633,840 0.20 Louis Vuitton Moet Hennessy 8,635 1,577,754 0.51 Metropole Television 10,119 232,159 0.07 Neopost 994 76,593 0.02 Orange 31,335 388,602 0.13 Sanofi - ADR 10,520 563,556 0.18 Schneider Electric 8,200 716,368 0.23 SEB 642 58,121 0.02 Societe BIC 2,274 278,063 0.09

MGI Funds plc 146 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) France (continued) Societe Generale 2,141 124,557 0.04 –––––––––––– ––––––– 7,872,631 2.54 Gabon Total Gabon 23 14,515 0.00 –––––––––––– ––––––– Germany Adidas 6,146 784,218 0.25 Allianz - ADR 19,269 347,227 0.11 Axel Springer 13,842 892,357 0.29 BASF 4,427 473,984 0.15 Bayerische Motoren Werke 6,700 788,989 0.26 Bertrandt 807 123,433 0.04 Continental 483 106,122 0.04 Daimler 10,100 878,181 0.28 Deutsche Lufthansa 58,188 1,241,589 0.40 Deutsche Post 23,862 874,789 0.28 Deutsche Post - ADR 5,888 216,090 0.07 Deutsche Telekom - ADR 2,878 49,646 0.02 Fielmann 854 99,743 0.03 Fraport Frankfurt Airport Services Worldwide 16,688 1,251,400 0.40 Fuchs Petrolub - Pref 1,249 122,436 0.04 Hannover Rueckversicherung 343 29,535 0.01 HeidelbergCement 8,700 663,784 0.21 Hugo Boss 617 88,123 0.03 Infineon Technologies 139,870 1,497,542 0.48 Muenchener Rueckversicherungs 1,287 284,723 0.09 ProSiebenSat.1 Media 4,570 226,606 0.07 Software 2,306 80,773 0.03 TAG Immobilien 8,720 105,462 0.04 Telefonica Deutschland Holding 61,172 505,330 0.16 –––––––––––– ––––––– 11,732,082 3.78 Gibraltar 888 Holdings 27,137 76,947 0.03 –––––––––––– ––––––– Greece OPAP 7,447 99,230 0.03 –––––––––––– ––––––– Hong Kong China Lumena New Materials 256,000 49,855 0.02 China Mobile 21,000 217,346 0.07 China Resources Enterprise 196,400 650,973 0.21 CNOOC 140,000 260,364 0.08 Dah Sing Financial Holdings 14,800 84,844 0.03 Guangdong Investment 154,000 150,549 0.05 Hutchison Telecommunications Hong Kong Holdings 98,000 37,159 0.01 Hysan Development 23,000 99,075 0.03 Kerry Logistics Network 10,000 14,187 0.00 Kerry Properties 20,000 69,128 0.02 Power Assets Holdings 2,500 19,877 0.01 Sino Biopharmaceutical 148,000 117,197 0.04 SJM Holdings 87,000 290,608 0.09 Sun Hung Kai Properties 41,397 522,952 0.17 Swire Properties 36,800 92,549 0.03

MGI Funds plc 147 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Hong Kong (continued) Television Broadcasts 19,000 126,687 0.04 Tibet 5100 Water Resources Holdings 121,000 47,596 0.02 Wharf Holdings 17,000 129,795 0.04 –––––––––––– ––––––– 2,980,741 0.96 India ICICI Bank - ADR 39,626 1,472,106 0.47 –––––––––––– ––––––– Indonesia Indo Tambangraya Megah 53,500 121,551 0.04 Perusahaan Gas Negara Persero 588,000 215,004 0.07 Tambang Batubara Bukit Asam 63,500 52,960 0.02 Telekomunikasi Indonesia Persero 1,087,500 192,122 0.06 United Tractors 66,000 101,142 0.03 –––––––––––– ––––––– 682,779 0.22 Ireland Accenture 6,800 559,164 0.18 Allegion 3,333 147,285 0.05 Eaton 9,400 715,246 0.23 Ingersoll-Rand 10,000 616,000 0.20 Paddy Power 2,444 208,596 0.07 Seagate Technology 2,000 112,320 0.03 Shire - ADR 1,824 257,713 0.08 –––––––––––– ––––––– 2,616,324 0.84 Isle Of Man Playtech 9,850 119,256 0.04 –––––––––––– ––––––– Israel Bezeq Israeli Telecommunication 222,706 377,593 0.12 Check Point Software Technologies 2,500 161,300 0.05 Israel Chemicals 32,974 274,546 0.09 Osem Investments 4,155 100,876 0.04 Teva Pharmaceutical Industries - ADR 49,768 1,994,701 0.64 –––––––––––– ––––––– 2,909,016 0.94 Italy Banca Monte dei Paschi di Siena 148,302 35,762 0.01 DiaSorin 8,204 384,925 0.13 Intesa Sanpaolo 91,882 227,135 0.07 Mediobanca 11,380 99,732 0.03 Recordati 23,068 330,898 0.11 Telecom Italia 325,343 323,005 0.10 –––––––––––– ––––––– 1,401,457 0.45 Japan ABC-Mart 2,200 96,075 0.03 Aisin Seiki 3,200 129,852 0.04 Asahi Kasei 12,000 93,963 0.03 Astellas Pharmaceutical 6,600 390,581 0.13 Bridgestone 9,800 370,629 0.12 Canon 4,900 155,012 0.05 Canon - ADR 7,094 226,937 0.07 Canon Electronics 2,600 47,817 0.02

MGI Funds plc 148 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Central Japan Railway 2,200 258,922 0.08 Chugai Pharmaceutical 4,500 99,372 0.03 Create SD Holdings 2,400 83,117 0.03 Dai-ichi Life Insurance 5,200 86,827 0.03 Daihatsu Motor 22,000 372,789 0.12 Daiichi Sankyo 13,600 248,309 0.08 Daiichikosho 4,400 124,417 0.04 Daikin Industries 2,100 130,669 0.04 Dainippon Sumitomo Pharmaceutical 2,700 42,181 0.01 Dena 2,700 56,720 0.02 Denso 10,100 532,363 0.17 Dr Ci:Labo 35 106,893 0.03 East Japan Railway 4,900 390,210 0.13 Eisai 4,800 185,643 0.06 FamilyMart 5,100 232,910 0.07 FANUC 4,100 749,745 0.24 FCC 5,500 109,524 0.04 Fuji Heavy Industries 21,000 601,399 0.19 Fujifilm Holdings 7,100 201,033 0.06 Fujitsu 47,000 243,262 0.08 Fujitsu General 13,000 138,405 0.04 Fukuoka Financial Group 11,000 48,142 0.02 Gree 1,000 9,828 0.00 Hankyu Hanshin Holdings 55,000 296,703 0.10 Hitachi - ADR 3,092 235,579 0.08 Hitachi Metals 27,000 381,476 0.12 Hogy Medical 1,300 68,522 0.02 Hoshizaki Electric 1,600 56,781 0.02 Hoya 10,400 288,930 0.09 Isuzu Motors 20,000 124,257 0.04 ITOCHU 39,800 491,512 0.16 JGC 8,000 313,591 0.10 Kaken Pharmaceutical 14,000 209,790 0.07 Kao 4,600 144,646 0.05 Kawasaki Heavy Industries 44,000 184,197 0.06 KDDI 4,900 301,165 0.10 Keyence 1,500 640,788 0.21 Kirin Holdings 35,500 510,689 0.16 Komatsu 25,500 518,225 0.17 Konica Minolta Holdings 26,000 258,998 0.08 Kubota 41,700 688,355 0.22 Kubota - ADR 3,926 328,174 0.11 Kurita Water Industries 5,800 120,409 0.04 KYORIN Holdings 3,000 64,107 0.02 Kyowa Exeo 11,000 145,264 0.05 Lawson 5,200 388,868 0.12 Maeda Road Construction 8,000 131,145 0.04 Marubeni 35,000 251,082 0.08 Maruichi Steel Tube 14,100 356,038 0.11 Miraca Holdings 6,200 292,289 0.09 Mitsubishi Electric 17,000 213,339 0.07 Mitsubishi Estate 25,200 751,648 0.24 Mitsubishi Heavy Industries 155,700 962,894 0.31 Mitsui 28,300 393,650 0.13 Mitsui Fudosan 21,700 779,387 0.25

MGI Funds plc 149 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Mochida Pharmaceutical 3,400 201,532 0.06 Moshi Moshi Hotline 6,500 69,511 0.02 Murata Manufacturing 5,500 488,226 0.16 Namco Bandai Holdings 11,200 248,392 0.08 Nexon 15,700 145,043 0.05 Nidec 7,500 734,266 0.24 Nihon Parkerizing 3,000 62,395 0.02 Nippon Konpo Unyu Soko 2,000 35,964 0.01 Nissan Chemical Industries 11,000 174,464 0.06 Nissan Motor 28,300 237,752 0.08 Nitori 1,300 123,067 0.04 Nomura Holdings 92,300 709,561 0.23 NTT Data 6,100 224,604 0.07 NTT DoCoMo 20,000 327,863 0.11 Nuflare Technology 300 37,248 0.01 Oracle 4,100 149,793 0.05 ORIX - ADR 373 33,219 0.01 Otsuka Holdings 24,700 712,059 0.23 Pal 1,200 29,205 0.01 Panasonic 20,900 242,993 0.08 Panasonic - ADR 7,543 87,951 0.03 Shimizu 68,000 342,248 0.11 Shionogi 4,800 103,896 0.03 SMC 1,700 428,134 0.14 Sony - ADR 22,934 396,529 0.13 Sony Financial Holdings 16,600 301,976 0.10 Sumitomo Electric Industries 10,300 171,691 0.06 Sumitomo Mitsui Financial Group 18,400 947,091 0.30 Sumitomo Mitsui Trust Holdings 110,000 578,755 0.19 Sundrug 3,300 147,410 0.05 Suzuken 2,500 80,872 0.03 Suzuki Motor 2,900 77,891 0.02 Sysmex 2,200 129,775 0.04 Taisei 175,000 795,871 0.26 Taiyo Holdings 1,200 37,677 0.01 Takeda Pharmaceutical 7,800 357,699 0.12 Tecmo Koei Holdings 5,100 59,926 0.02 Terumo 6,200 297,893 0.10 Toagosei 11,000 46,886 0.01 Tobu Railway 14,000 67,799 0.02 Toyota Industries 9,700 437,448 0.14 Toyota Motor - ADR 6,748 822,311 0.26 Trend Micro 4,500 157,129 0.05 TS Tech 5,700 191,979 0.06 Tsuruha Holdings 2,200 202,198 0.06 USS 12,000 164,521 0.05 West Japan Railway 3,900 169,017 0.05 Yahoo! Japan 26,500 147,243 0.05 Yamaha 13,500 213,859 0.07 Yamato Holdings 8,900 179,854 0.06 –––––––––––– ––––––– 30,586,730 9.85 Kazakhstan KazMunaiGas Exploration Production - GDR 8,119 127,468 0.04 –––––––––––– –––––––

MGI Funds plc 150 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Korea AMOREPACIFIC Group 221 96,956 0.03 CJ O Shopping 116 45,615 0.02 Dongsuh 3,315 52,771 0.02 Halla Climate Control 2,690 98,643 0.03 Hyundai Engineering & Construction 3,067 176,403 0.06 Hyundai Mobis 832 230,992 0.07 Hyundai Motor 2,483 555,255 0.18 Kia Motors 4,042 214,480 0.07 Korea Zinc 498 149,822 0.05 Samsung Electronics 504 654,744 0.21 Samsung Electronics - GDR 2,732 1,779,898 0.57 Samsung Electronics - GDR 950 618,925 0.20 –––––––––––– ––––––– 4,674,504 1.51 Luxembourg Millicom International Cellular 7,690 766,294 0.25 Oriflame Cosmetics 8,114 249,386 0.08 –––––––––––– ––––––– 1,015,680 0.33 Macau Wynn Macau 26,000 117,698 0.04 –––––––––––– ––––––– Malaysia Carlsberg Brewery Malaysia 23,100 85,757 0.03 Hartalega Holdings 7,800 17,098 0.01 Petronas Chemicals Group 65,400 138,167 0.04 UMW Holdings 31,000 113,949 0.03 –––––––––––– ––––––– 354,971 0.11 Malta Unibet Group 1,085 52,454 0.02 –––––––––––– ––––––– Mexico America Movil - ADR 13,700 320,169 0.10 Grupo Mexico 82,500 272,373 0.09 Grupo Televisa - ADR 22,855 691,592 0.22 –––––––––––– ––––––– 1,284,134 0.41 Netherlands Aegon 34,848 329,505 0.11 Aegon - ADR 4,279 40,522 0.01 Koninklijke Ahold 19,783 355,743 0.11 Koninklijke KPN 130,830 422,389 0.14 LyondellBasell Industries 6,600 529,782 0.17 QIAGEN 24,272 567,572 0.18 Unilever 44,577 1,798,213 0.58 VistaPrint 10,205 579,644 0.19 X5 Retail Group - GDR 15,836 264,144 0.08 –––––––––––– ––––––– 4,887,514 1.57 New Zealand Sky Network Television 24,440 117,474 0.04 –––––––––––– –––––––

MGI Funds plc 151 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Norway Fred Olsen Energy 1,275 51,783 0.02 Gjensidige Forsikring 11,768 224,426 0.07 Kongsberg Gruppen 2,616 54,762 0.02 Statoil 19,161 463,955 0.15 Storebrand 10,999 68,657 0.02 Telenor 9,525 227,023 0.07 TGS Nopec Geophysical 9,823 259,870 0.08 Yara International 7,763 333,970 0.11 –––––––––––– ––––––– 1,684,446 0.54 Philippines SM Investments 7,524 120,448 0.04 –––––––––––– ––––––– Poland KGHM Polska Miedz 5,708 218,487 0.07 PGE 25,246 135,958 0.04 –––––––––––– ––––––– 354,445 0.11 Portugal Portucel Empresa Produtora de Pasta e Papel 38,144 152,951 0.05 –––––––––––– ––––––– Russia CTC Media 3,900 54,171 0.02 Gazprom - ADR 108,734 918,802 0.30 Lukoil - ADR 17,442 1,100,417 0.35 Lukoill - ADR - UK listing 4,502 280,925 0.09 Rosneft Oil - GDR 59,031 448,931 0.15 Sberbank of Russia - ADR 94,808 1,190,788 0.38 Sberbank of Russia - ADR - UK listing 55,202 692,785 0.22 Tatneft - ADR 1,840 70,196 0.02 VTB Bank OJSC - GDR 362,852 1,085,290 0.35 –––––––––––– ––––––– 5,842,305 1.88 Singapore Avago Technologies 1,200 63,480 0.02 ComfortDelGro 97,000 153,651 0.05 Great Eastern Holdings 1,000 13,908 0.00 Hong Leong Finance 12,000 26,041 0.01 OSIM International 25,000 45,343 0.01 UOL Group 22,000 107,683 0.04 –––––––––––– ––––––– 410,106 0.13 South Africa AVI 20,827 114,100 0.04 Gold Fields 43,354 135,190 0.04 Kumba Iron Ore 2,238 93,804 0.03 Lewis Group 5,005 33,770 0.01 Life Healthcare Group Holdings 16,345 65,325 0.02 MTN Group 30,108 623,849 0.20 Reunert 11,933 78,044 0.03 Sanlam 15,804 79,746 0.03 Sasol 4,054 199,144 0.06 Shoprite Holdings 31,386 488,182 0.16 Spar Group 8,698 109,238 0.04 Sun International/South Africa 2,996 27,063 0.01

MGI Funds plc 152 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) South Africa (continued) Truworths International 17,605 129,023 0.04 Vodacom Group 18,129 230,210 0.07 –––––––––––– ––––––– 2,406,688 0.78 Spain Amadeus IT Holding 5,036 215,120 0.07 Banco Bilbao Vizcaya Argentaria 13,961 171,599 0.06 Bolsas y Mercados Espanoles 3,439 130,743 0.04 Enagas 11,274 293,766 0.09 Gas Natural DG 7,177 183,946 0.06 Red Electrica 5,565 368,078 0.12 Viscofan 4,923 278,129 0.09 –––––––––––– ––––––– 1,641,381 0.53 Sweden Alfa Laval 28,400 729,170 0.24 Atlas Copco 21,016 583,106 0.19 Axfood 3,929 197,349 0.06 Betsson 2,262 71,848 0.02 Clas Ohlson 1,278 24,027 0.01 Hexpol 953 71,223 0.02 Intrum Justitia 7,079 198,396 0.06 Nordea Bank 67,619 910,697 0.29 Skandinaviska Enskilda Banken 14,279 188,309 0.06 Svenska Handelsbanken 2,957 145,442 0.05 Swedbank 25,700 723,870 0.23 Telefonaktiebolaget LM Ericsson 58,380 713,093 0.23 Telefonaktiebolaget LM Ericsson - ADR 28,100 343,663 0.11 TeliaSonera 50,562 421,179 0.14 –––––––––––– ––––––– 5,321,372 1.71 Switzerland ACE 9,040 935,730 0.30 Actelion 4,707 398,535 0.13 Allied World Assurance Holdings 1,700 191,675 0.06 Cie Financiere Richemont 6,900 688,177 0.22 Garmin 3,600 166,356 0.05 Julius Baer Group 26,916 1,296,241 0.42 Novartis 15,505 1,240,435 0.40 Roche 8,929 2,500,944 0.81 Roche Holding - ADR 6,246 441,217 0.14 Syngenta 1,480 590,935 0.19 TE Connectivity 4,100 225,869 0.07 –––––––––––– ––––––– 8,676,114 2.79 Taiwan Chipbond Technology 46,000 72,310 0.02 Phison Electronics 12,000 76,501 0.03 Powertech Technology 48,000 73,361 0.02 Realtek Semiconductor 42,420 113,866 0.04 TPK Holding 18,000 106,296 0.04 Vanguard International Semiconductor 85,000 100,819 0.03 –––––––––––– ––––––– 543,153 0.18

MGI Funds plc 153 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Thailand Advanced Info Service 21,300 129,317 0.04 Bangkok Bank 32,300 174,475 0.06 BEC World 17,000 26,126 0.01 BEC World - NVDR 46,800 71,923 0.02 CP ALL 154,583 196,404 0.06 Delta Electronics Thailand 40,300 65,613 0.02 Delta Electronics Thailand - NVDR 23,600 38,424 0.01 Kasikornbank 50,400 243,104 0.08 MCOT 11,800 10,324 0.00 PTT Exploration & Production 11,400 57,763 0.02 PTT Exploration & Production - NVDR 39,500 200,145 0.07 Thai Tap Water Supply 231,700 70,511 0.02 –––––––––––– ––––––– 1,284,129 0.41 Turkey Koza Altin Isletmeleri 8,707 89,968 0.03 Koza Anadolu Metal Madencilik Isletmeleri 23,681 26,674 0.01 Turk Telekomunikasyon 11,765 32,636 0.01 Turk Traktor ve Ziraat Makineleri 1,436 41,105 0.01 –––––––––––– ––––––– 190,383 0.06 United Kingdom Aberdeen Asset Management 19,767 162,091 0.05 Admiral Group 16,107 349,205 0.11 Afren 65,496 183,435 0.06 AMEC 19,099 343,531 0.11 Amlin 31,056 235,270 0.08 Antofagasta 27,397 373,900 0.12 Ashmore Group 23,083 153,422 0.05 AstraZeneca 22,341 1,322,645 0.43 AstraZeneca - ADR 5,922 351,411 0.11 BP 37,252 301,120 0.10 British Sky Broadcasting Group 51,246 716,355 0.23 BT Group - ADR 8,341 526,234 0.17 Burberry Group 8,477 212,847 0.07 Centrica 86,620 498,108 0.16 Close Brothers Group 5,478 124,299 0.04 Cobham 59,526 270,333 0.09 CSR 5,392 56,441 0.02 Debenhams 37,299 45,097 0.01 Delphi Automotive 6,500 390,780 0.13 Devro 11,806 55,865 0.02 Diageo 20,800 688,655 0.22 Domino Printing Sciences 4,762 60,336 0.02 Dunelm Group 7,128 106,252 0.03 EnQuest 25,463 56,765 0.02 Fenner 12,131 97,406 0.03 Fidessa Group 1,022 38,136 0.01 Fresnillo 5,948 73,048 0.02 GlaxoSmithKline 75,992 2,028,261 0.65 GlaxoSmithKline - ADR 1,309 69,874 0.02 Greggs 2,927 20,870 0.01 Halfords Group 7,788 57,529 0.02 Halma 18,706 186,665 0.06

MGI Funds plc 154 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) HSBC Holdings 46,800 507,912 0.16 HSBC Holdings - UK listing 115,160 1,263,229 0.41 IMI 16,785 423,952 0.14 InterContinental Hotels Group 10,574 352,540 0.11 ITE Group 14,440 73,447 0.02 ITV 50,237 161,251 0.05 Jardine Lloyd Thompson Group 9,158 154,410 0.05 Johnson Matthey 15,000 813,135 0.26 Legal & General Group 242,536 894,184 0.29 Liberty Global 8,500 756,415 0.24 Micro Focus International 3,992 50,646 0.02 Mitie Group 32,652 171,271 0.06 Morgan Crucible 8,435 44,147 0.01 Next 3,021 272,442 0.09 PayPoint 816 13,637 0.00 Prudential 8,139 180,500 0.06 QinetiQ Group 52,742 189,558 0.06 Reckitt Benckiser Group 7,616 603,958 0.19 Reed Elsevier 22,692 337,689 0.11 Restaurant Group 12,043 118,082 0.04 Rolls-Royce Holdings 38,053 802,311 0.26 Rolls-Royce Holdings (Non-voting rights) 3,272,558 5,420 0.00 Royal Bank of Scotland Group 52,261 292,650 0.09 Royal Dutch Shell 34,723 1,243,365 0.40 Royal Dutch Shell - Netherland listing 11,045 394,260 0.13 SABMiller 21,882 1,122,416 0.36 Sage Group 32,244 215,592 0.07 Senior 36,623 185,974 0.06 Smith & Nephew 43,416 618,766 0.20 Smiths Group 3,616 88,577 0.03 Spectris 4,254 179,735 0.06 Spirax-Sarco Engineering 3,741 185,199 0.06 Spirent Communications 24,937 42,747 0.01 Standard Chartered 14,198 319,810 0.10 Standard Life 28,695 170,761 0.06 Stolt-Nielsen 6,654 183,162 0.06 Ultra Electronics Holdings 5,128 163,750 0.05 Unilever 9,818 403,599 0.13 Victrex 1,566 47,646 0.02 Vodafone Group 424,200 1,665,116 0.54 Vodafone Group - ADR 37,733 1,482,907 0.48 WH Smith 11,619 192,440 0.06 William Hill 28,635 190,560 0.06 WPP - ADR 347 39,853 0.01 WS Atkins 2,395 56,010 0.02 –––––––––––– ––––––– 27,831,217 8.96 United States of America 3M 3,500 490,805 0.16 AAR 10,245 286,758 0.09 Abbott Laboratories 12,100 463,793 0.15 AbbVie 28,642 1,512,298 0.49 Actavis 1,640 275,538 0.09 Activision Blizzard 29,911 533,014 0.17 Adobe Systems 16,508 988,334 0.32

MGI Funds plc 155 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) ADT 10,353 418,986 0.14 Advance Auto Parts 600 66,420 0.02 Aflac 9,500 634,505 0.20 AGCO 11,100 657,009 0.21 Alaska Air Group 4,100 300,858 0.10 Albany International 2,241 80,497 0.03 Albemarle 2,400 152,112 0.05 Allegiant Travel 1,100 115,918 0.04 Alliance Resource Partners 3,400 260,746 0.08 Allstate 13,592 741,172 0.24 Amazon.com 2,250 896,130 0.29 AMC Networks 2,686 182,917 0.06 Amerco 947 224,458 0.07 American Eagle Outfitters 9,100 130,949 0.04 American Equity Investment Life Holding 5,400 142,344 0.05 American Financial Group 6,000 346,320 0.11 American International Group 17,660 901,543 0.29 Ameriprise Financial 18,014 2,072,331 0.67 AmerisourceBergen 2,811 197,670 0.06 Amgen 11,478 1,309,640 0.42 Amsurg 4,000 183,560 0.06 Amtrust Financial Services 341 11,144 0.00 Analog Devices 2,500 127,300 0.04 ANN 800 29,248 0.01 AOL 6,774 315,804 0.10 Apple 4,233 2,373,951 0.76 Archer-Daniels-Midland 10,869 471,715 0.15 Ashland 3,894 377,874 0.12 Automatic Data Processing 1,400 113,106 0.04 AutoZone 685 327,362 0.11 Axiall 10,764 510,644 0.16 Bank of America 157,426 2,451,123 0.79 Baxter International 9,900 688,446 0.22 Becton Dickinson 4,900 541,303 0.17 Bed Bath & Beyond 3,300 264,957 0.09 Bio-Reference Labs 3,800 96,938 0.03 Biogen Idec 2,780 777,427 0.25 BlackRock 1,817 575,026 0.19 Blackstone Group 26,000 818,740 0.26 Boston Scientific 34,345 412,827 0.13 Bristol-Myers Squibb 200 10,628 0.00 Brocade Communications Systems 36,619 324,444 0.10 Buckle 2,000 105,080 0.03 C&J Energy Services 5,900 136,231 0.04 CA 9,200 309,580 0.10 CACI International 1,500 109,785 0.04 Calix 11,673 112,411 0.04 Calpine 64,397 1,255,098 0.40 Campbell Soup 13,400 579,818 0.19 Capital One Financial 3,800 291,118 0.09 Cash America International 3,700 141,599 0.05 Caterpillar 7,100 644,751 0.21 CBIZ 23,775 216,590 0.07 CBOE Holdings 2,100 109,095 0.04 Celgene 2,434 411,030 0.13

MGI Funds plc 156 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Cerner 8,422 469,274 0.15 CF Industries Holdings 3,468 808,113 0.26 Chemed 2,700 206,874 0.07 Chevron 4,200 524,622 0.17 Chico's FAS 5,800 109,272 0.04 Chiquita Brands International 11,905 139,169 0.04 Church & Dwight 5,200 344,656 0.11 Cisco Systems 88,685 1,990,091 0.64 Citigroup 35,850 1,867,427 0.60 Citrix Systems 5,260 332,590 0.11 CLARCOR 900 57,897 0.02 CME Group 10,845 850,790 0.27 Coach 2,200 123,420 0.04 Coca-Cola 6,800 280,772 0.09 Colgate-Palmolive 15,300 997,560 0.32 Colony Financial REIT 4,800 97,392 0.03 Comcast 14,818 769,795 0.25 Comcast (Non-voting rights) 16,007 798,429 0.26 comScore 10,113 289,030 0.09 Constant Contact 6,213 193,038 0.06 Corning 86,515 1,539,967 0.50 Corvel 2,500 116,525 0.04 CR Bard 2,300 308,085 0.10 Cree 3,977 248,841 0.08 CSX 51,341 1,476,567 0.48 Cubist Pharmaceuticals 3,728 256,710 0.08 Cummins 2,300 324,231 0.10 CVR Energy 1,400 60,788 0.02 Cyberonics 1,000 65,500 0.02 Delta Air Lines 7,705 211,656 0.07 Deluxe 4,400 229,548 0.07 Diamond Offshore Drilling 500 28,460 0.01 DirecTV Group 26,579 1,836,077 0.59 Discover Financial Services 10,968 613,660 0.20 Dolby Laboratories 2,600 100,282 0.03 Dollar Tree 1,800 101,538 0.03 Domino's Pizza 3,396 236,497 0.08 Dover 1,100 106,183 0.03 Dow Chemical 32,012 1,420,693 0.46 EI du Pont de Nemours 11,200 727,664 0.23 Eli Lilly 24,458 1,247,603 0.40 EMC 23,000 578,450 0.19 Emerson Electric 8,500 596,530 0.19 Energizer Holdings 2,900 313,809 0.10 Energy Transfer Partners 3,809 218,103 0.07 Estee Lauder 17,471 1,315,566 0.42 Express 2,400 44,808 0.01 Express Scripts Holdings 9,732 683,478 0.22 Exxon Mobil 5,800 586,960 0.19 Ezcorp 5,400 63,072 0.02 F5 Networks 1,800 163,530 0.05 Facebook 13,000 710,320 0.23 FactSet Research Systems 500 54,290 0.02 FedEx 8,659 1,244,991 0.40 Foot Locker 1,900 78,736 0.03

MGI Funds plc 157 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Ford Motor 40,000 616,400 0.20 Forward Air 2,500 109,600 0.04 Fossil Group 400 47,972 0.02 Franklin Resources 4,500 259,740 0.08 Freescale Semiconductor 3,408 54,664 0.02 Fresh Market 8,147 329,954 0.11 Gap 4,000 156,320 0.05 General Electric 54,804 1,536,156 0.49 General Motors 20,890 853,774 0.28 Genuine Parts 600 49,902 0.02 Genworth Financial 14,566 226,064 0.07 Gilead Sciences 16,882 1,268,345 0.41 Global Cash Access Holdings 15,545 155,139 0.05 Goldman Sachs Group 3,300 584,958 0.19 Google 2,026 2,269,039 0.73 Graham Holdings 593 393,414 0.13 Gran Tierra Energy 11,100 81,141 0.03 Grand Canyon Education 800 34,880 0.01 Guess? 5,300 164,671 0.05 Halliburton 14,100 715,575 0.23 Harris 3,400 237,354 0.08 Hartford Financial Services Group 25,074 908,431 0.29 HCA Holdings 11,552 551,261 0.18 HCC Insurance Holdings 2,700 124,578 0.04 Helmerich & Payne 5,000 420,250 0.14 Hershey 6,900 670,749 0.22 Hewlett-Packard 24,824 694,576 0.22 Hibbett Sports 1,600 107,424 0.03 HollyFrontier 4,600 228,528 0.07 Horace Mann Educators 2,600 81,926 0.03 Hormel Foods 5,000 225,800 0.07 Hubbell 2,400 261,624 0.08 ICU Medical 1,000 63,630 0.02 Illinois Tool Works 3,500 294,280 0.09 Intel 66,479 1,725,130 0.56 InterDigital 1,100 32,428 0.01 International Business Machines 4,300 806,078 0.26 International Game Technology 24,787 449,884 0.15 Intuit 2,300 175,513 0.06 Intuitive Surgical 100 38,389 0.01 J&J Snack Foods 100 8,833 0.00 j2 Global 2,500 125,025 0.04 Jack Henry & Associates 4,200 248,640 0.08 Johnson & Johnson 8,400 769,272 0.25 Joy Global 4,500 263,160 0.08 JPMorgan Chase 22,651 1,324,404 0.43 Kellogg 9,500 580,165 0.19 Key Corp 1,828 24,532 0.01 Kimberly-Clark 4,900 511,854 0.16 Kinder Morgan 28,252 1,016,789 0.33 KLA-Tencor 3,400 219,096 0.07 Kraft foods 10,900 587,619 0.19 Kroger 7,700 304,381 0.10 Kulicke & Soffa Industries 6,242 82,956 0.03 L-3 Communications 2,916 311,633 0.10

MGI Funds plc 158 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Laboratory of America 14,215 1,298,967 0.42 Lancaster Colony 4,400 387,596 0.12 Landstar System 3,100 178,095 0.06 Legg Mason 8,696 378,102 0.12 Leggett & Platt 1,900 58,786 0.02 Lexmark International 2,600 92,378 0.03 Liberty Media 3,387 495,687 0.16 Linear Technology 2,700 122,958 0.04 LinkedIn 4,469 968,030 0.31 LTC Properties REIT 700 24,766 0.01 Magellan Health Services 2,800 167,664 0.05 Manhattan Associates 400 46,928 0.02 Marathon Petroleum 3,100 284,394 0.09 MarketAxess Holdings 800 53,472 0.02 Marriott International 3,965 195,712 0.06 Masimo 2,000 58,420 0.02 Mastercard 757 632,405 0.20 Mattel 10,000 475,700 0.15 Maxim Integrated Products 8,400 234,360 0.08 McDonald's 11,000 1,067,220 0.34 McGraw-Hill 1,400 109,452 0.04 Mednax 7,600 405,536 0.13 Medtronic 13,600 780,504 0.25 Merck 12,100 605,726 0.20 Meredith 1,300 67,353 0.02 Meridian Bioscience 900 23,868 0.01 MetLife 14,633 788,865 0.25 MGM Resorts International 27,704 651,321 0.21 Micron Technology 7,635 166,061 0.05 Microsoft 37,400 1,399,508 0.45 Modine Manufacturing 14,725 188,480 0.06 Mondelez International 35,532 1,253,924 0.40 Monsanto 6,650 775,058 0.25 Monster Beverage 900 60,993 0.02 Morgan Stanley 24,000 752,400 0.24 Mosaic 9,926 469,202 0.15 MSC Industrial Direct 1,900 153,653 0.05 Murphy 1,457 60,553 0.02 Myriad Genetics 7,400 155,252 0.05 National CineMedia 15,394 306,956 0.10 Navistar International 15,507 592,367 0.19 NCR 32,119 1,093,973 0.35 NetApp 5,864 241,245 0.08 NetFlix 1,860 684,740 0.22 NeuStar 3,000 149,580 0.05 NewMarket 800 267,512 0.09 Newmont Mining 27,751 638,828 0.21 News 9,333 168,181 0.05 NIKE 13,919 1,094,869 0.35 NRG Energy 14,761 423,788 0.14 Nu Skin Enterprises 1,600 221,184 0.07 Nvidia 28,779 460,752 0.15 Occidental Petroleum 3,900 370,890 0.12 Oceaneering International 700 55,216 0.02 On Assignment 6,942 242,276 0.08

MGI Funds plc 159 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Oracle 70,936 2,714,721 0.87 Orbital Sciences 14,820 345,010 0.11 Pall 1,871 159,690 0.05 Panera Bread 1,315 232,334 0.07 Papa John's International 1,600 72,560 0.02 Parker Hannifin 3,600 463,140 0.15 Paychex 8,300 377,816 0.12 PDL BioPharma 15,800 133,194 0.04 Peabody Energy 19,438 379,624 0.12 PepsiCo 16,800 1,393,224 0.45 PetSmart 2,600 189,072 0.06 Pfizer 89,200 2,731,304 0.88 Polaris Industries 700 101,899 0.03 Portfolio Recovery Associates 1,600 84,480 0.03 Prestige Brands Holdings 10,372 371,110 0.12 priceline.com 258 299,793 0.10 Primerica 2,800 120,148 0.04 Principal Financial Group 17,871 881,040 0.28 ProAssurance 7,300 353,758 0.11 Procter & Gamble 13,300 1,082,620 0.35 Protective Life 5,800 293,828 0.09 Prudential Financial 10,183 939,076 0.30 Qualcomm 6,200 460,226 0.15 Quality Systems 9,700 204,185 0.07 Quest Diagnostics 4,800 256,992 0.08 Questcor Pharmaceuticals 5,700 310,308 0.10 Ralph Lauren 1,200 211,884 0.07 Rambus 11,315 106,927 0.03 Regions Financial 40,548 401,020 0.13 ResMed 8,482 399,417 0.13 Rite Aid 134,347 679,796 0.22 Rockwell Automation 6,000 708,960 0.23 Rockwell Collins 8,888 656,734 0.21 Rollins 3,900 118,170 0.04 Ross Stores 1,600 119,888 0.04 RPC 11,650 207,953 0.07 SanDisk 3,630 256,024 0.08 Sanmina 8,240 137,526 0.04 Schlumberger 8,200 738,902 0.24 Scripps Networks Interactive 2,900 250,531 0.08 Select Medical Holdings 9,600 111,456 0.04 Sigma-Aldrich 1,400 131,600 0.04 Sohu.com 900 65,601 0.02 Sonoco Products 1,300 54,236 0.02 Southwest Airlines 24,762 466,516 0.15 Spirit Aerosystems Holdings 2,545 86,683 0.03 St Jude Medical 12,700 786,638 0.25 Stamps.com 6,560 276,176 0.09 Stanley Black & Decker 6,021 485,774 0.16 Starbucks 9,100 713,167 0.23 Starwood Hotels & Resorts Worldwide 8,220 653,243 0.21 Steven Madden 2,900 105,937 0.03 Stryker 9,600 721,152 0.23 Supervalu 52,075 379,627 0.12 Symantec 6,000 141,420 0.05

MGI Funds plc 160 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) T Rowe Price Group 2,400 201,000 0.06 Techne 1,100 104,137 0.03 Teradata 3,600 163,728 0.05 Terra Nitrogen 1,300 183,430 0.06 Tesoro 11,201 655,259 0.21 Texas Instruments 2,600 114,140 0.04 Thermo Fisher Scientific 8,502 946,613 0.30 TJX 4,000 254,920 0.08 TrueBlue 7,829 201,753 0.07 Tumi Holdings 13,954 314,523 0.10 Tupperware Brands 2,700 255,231 0.08 Tyson Foods 20,533 687,034 0.22 Ultra Petroleum 8,333 180,243 0.06 Union Pacific 5,426 911,405 0.29 Unisys 15,975 536,281 0.17 United Online 3,388 46,585 0.02 United Parcel Service 5,855 615,185 0.20 United Therapeutics 3,300 373,164 0.12 UnitedHealth Group 9,417 709,006 0.23 Universal Health Services 3,300 268,125 0.09 Urban Outfitters 3,000 111,300 0.04 Valero Energy 24,206 1,219,982 0.39 Varian Medical Systems 3,000 233,130 0.08 VeriSign 4,005 239,419 0.08 VF 5,748 358,388 0.12 Viacom 2,200 192,104 0.06 Virtus Investment Partners 1,536 307,231 0.10 Wabtec 1,600 118,816 0.04 Waddell & Reed Financial 1,700 110,721 0.04 Walgreen 5,100 292,944 0.09 Walt Disney 16,165 1,234,844 0.40 Waters 1,500 149,970 0.05 Wells Fargo 14,900 676,311 0.22 Western Digital 6,963 584,196 0.19 Western Refining 10,089 427,874 0.14 Western Union 15,100 260,324 0.08 Weyerhaeuser REIT 33,339 1,052,511 0.34 Williams-Sonoma 1,900 110,694 0.04 World Acceptance 1,200 104,976 0.03 WW Grainger 3,300 842,490 0.27 Xerox 24,726 300,915 0.10 Xilinx 2,200 101,002 0.03 Yum! Brands 17,535 1,325,821 0.43 Zimmer 8,400 782,629 0.25 –––––––––––– ––––––– 151,238,817 48.71

Total equities 307,854,939 99.14

Total transferable securities 307,854,939 99.14

MGI Funds plc 161 MGI Funds plc Portfolio Statement MGI DAM Multi-Manager Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Collective investment schemes Switzerland BB Biotech 876 138,686 0.05 –––––––––––– –––––––

Total collective investment schemes 138,686 0.05

Total financial assets at fair value through profit or loss 307,993,625 99.19

Total investments at fair value through profit or loss 307,993,625 99.19

Cash 2,881,466 0.93

Net current liabilities (356,622) (0.12)

–––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 310,518,469 100.00 –––––––––––– –––––––

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 98.65 Collective investment schemes 0.04 Other assets 1.31 ––––––– 100.00 –––––––

MGI Funds plc 162 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Convertible securities Luxembourg Intelsat 5.75 01/05/2016 USD 7,132 468,972 0.06 –––––––––––– ––––––– Total convertible securities 468,972 0.06

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

Corporate bonds Australia Barminco Finance 9.00 01/06/2018 USD 1,499,987 1,380,000 0.16 Bluescope Steel 7.13 01/05/2018 USD 1,499,987 1,571,250 0.19 FMG Resources August 2006 8.25 01/11/2019 USD 3,499,986 3,928,750 0.46 –––––––––––– ––––––– 6,880,000 0.81 Bermuda Digicel 6.00 15/04/2021 USD 499,990 482,500 0.06 Digicel Group 8.25 30/09/2020 USD 1,599,990 1,658,000 0.19 Seadrill 5.63 15/09/2017 USD 199,990 207,000 0.03 Seadrill 5.63 15/09/2017 USD 679,990 703,800 0.08 –––––––––––– ––––––– 3,051,300 0.36 Brazil Banco BTG Pactual 5.75 28/09/2022 USD 799,987 692,000 0.08 Hypermarcas 6.50 20/04/2021 USD 449,987 472,500 0.05 Hypermarcas 6.50 20/04/2021 USD 1,599,986 1,680,000 0.20 –––––––––––– ––––––– 2,844,500 0.33 Canada Ainsworth Lumber 7.50 15/12/2017 USD 1,421,997 1,528,650 0.18 Eldorado Gold 6.13 15/12/2020 USD 2,999,997 2,887,500 0.34 Gibson Energy 6.75 15/07/2021 USD 2,179,997 2,305,350 0.27 Great Canadian Gaming 6.63 25/07/2022 CAD 3,447,997 3,388,646 0.40 Inmet Mining 8.75 01/06/2020 USD 2,199,997 2,387,000 0.28 Inmet Mining 7.50 01/06/2021 USD 199,998 209,000 0.02 Kinder Morgan Finance 5.70 05/01/2016 USD 214,998 230,938 0.03 Kodiak Oil & Gas 8.13 01/12/2019 USD 799,997 888,000 0.10 Kodiak Oil & Gas 5.50 15/01/2021 USD 799,997 798,000 0.09 Novelis 8.38 15/12/2017 USD 899,997 960,750 0.11 Novelis 8.75 15/12/2020 USD 879,997 979,000 0.11 Valeant Pharmaceuticals International 7.50 15/07/2021 USD 699,997 768,250 0.09 Valeant Pharmaceuticals International 5.63 01/12/2021 USD 999,997 1,005,000 0.12 VPII Escrow 6.75 15/08/2018 USD 1,009,997 1,109,738 0.13 –––––––––––– ––––––– 19,445,822 2.27 Cayman Islands Country Garden Holdings 7.25 04/04/2021 USD 4,214,995 4,183,388 0.49 Drill Rigs Holdings 6.50 01/10/2017 USD 999,995 1,080,000 0.13 Fibria Overseas Finance 7.50 04/05/2020 USD 658,996 720,781 0.08 Offshore Group Investment 7.50 01/11/2019 USD 1,299,995 1,413,750 0.16 Offshore Group Investment 7.13 01/04/2023 USD 499,996 510,000 0.06 UPCB Finance 7.63 15/01/2020 EUR 154,996 230,583 0.03 UPCB Finance III 6.63 01/07/2020 USD 149,996 159,375 0.02

MGI Funds plc 163 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Cayman Islands (continued) UPCB Finance V 7.25 15/11/2021 USD 389,996 423,150 0.05 UPCB Finance VI 6.88 15/01/2022 USD 999,995 1,062,500 0.12 –––––––––––– ––––––– 9,783,527 1.14 Channel Islands Avis Budget Finance 6.00 01/03/2021 EUR 1,799,986 2,630,368 0.31 Galaxy Bidco 6.38 15/11/2020 GBP 164,987 274,306 0.03 Galaxy Finco 7.88 15/11/2021 GBP 144,987 239,856 0.03 –––––––––––– ––––––– 3,144,530 0.37 Equatorial Guinea Barclays 8.25 31/12/2049 USD 909,996 935,025 0.11 Infinis 7.00 15/02/2019 GBP 999,996 1,760,145 0.20 New Look Bondco I 8.75 14/05/2018 GBP 1,499,995 2,620,119 0.31 Royal Bank of Scotland 4.35 23/01/2017 EUR 299,996 431,964 0.05 Royal Bank of Scotland Group 6.99 31/12/2049 USD 1,379,996 1,469,700 0.17 Royal Bank of Scotland Group 7.64 31/12/2049 USD 1,999,995 1,950,000 0.23 Tullow Oil 6.00 01/11/2020 USD 1,919,995 1,948,800 0.23 Vedanta Resources 8.25 07/06/2021 USD 749,996 752,813 0.09 Virgin Media Finance 7.00 15/04/2023 GBP 1,999,995 3,437,346 0.40 –––––––––––– ––––––– 15,305,912 1.79 France BPCE 6.12 31/12/2049 EUR 749,996 1,091,160 0.13 BPCE 9.00 31/12/2049 EUR 99,997 145,718 0.02 Cegedim 6.75 01/04/2020 EUR 2,254,996 3,200,712 0.37 Cie Generale de Geophysique Veritas 6.50 01/06/2021 USD 2,499,996 2,562,500 0.30 Loxam SAS 7.38 24/01/2020 EUR 1,199,996 1,762,012 0.21 Societe Generale 4.20 31/12/2049 EUR 134,997 185,869 0.02 Societe Generale 7.00 31/12/2049 EUR 249,997 373,914 0.04 Societe Generale 7.88 31/12/2049 USD 1,534,996 1,545,745 0.18 Societe Generale 8.25 31/12/2049 USD 1,349,996 1,446,188 0.17 Societe Generale 8.88 31/12/2049 GBP 149,997 274,021 0.03 Societe Generale 9.38 31/12/2049 EUR 649,996 1,066,981 0.13 –––––––––––– ––––––– 13,654,820 1.60 Germany CeramTec Group 8.25 15/08/2021 EUR 2,675,996 3,982,384 0.47 Deutsche Raststaetten Gruppe IV 6.75 30/12/2020 EUR 1,099,997 1,582,058 0.18 Krauss Maffei Group 8.75 15/12/2020 EUR 1,199,997 1,843,697 0.22 Orion Engineered Carbons Bondco 10.00 15/06/2018 EUR 854,997 1,301,852 0.15 Techem 6.13 01/10/2019 EUR 629,997 946,525 0.11 Techem Energy Metering Service GmbH & Co KG 7.88 01/10/2020 EUR 1,384,997 2,140,338 0.25 Unitymedia 9.63 01/12/2019 EUR 349,997 533,226 0.06 Unitymedia 9.50 15/03/2021 EUR 399,997 639,793 0.07 Unitymedia 5.50 15/09/2022 EUR 1,554,996 2,197,629 0.26 Unitymedia 5.75 15/01/2023 EUR 2,469,996 3,505,641 0.41 Unitymedia 5.13 21/01/2023 EUR 675,997 926,445 0.11 Unitymedia 5.63 15/04/2023 EUR 1,499,996 2,097,928 0.25 –––––––––––– ––––––– 21,697,516 2.54 Ireland Ardagh Glass Finance 7.13 15/06/2017 EUR 874,997 1,243,927 0.15 Ardagh Packaging Finance 7.38 15/10/2017 USD 199,998 215,000 0.03 Ardagh Packaging Finance 7.38 15/10/2017 EUR 834,997 1,231,129 0.14

MGI Funds plc 164 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Ireland (continued) Ardagh Packaging Finance 9.13 15/10/2020 USD 1,499,997 1,642,500 0.19 Ardagh Packaging Finance 9.25 15/10/2020 EUR 1,119,997 1,680,349 0.20 Ardagh Packaging Finance 7.00 15/11/2020 USD 499,997 505,000 0.06 Ardagh Packaging Finance 5.00 15/11/2022 EUR 249,998 343,626 0.04 Baggot Securities 10.24 31/12/2049 EUR 240,998 349,132 0.04 Bank of Ireland 10.00 30/07/2016 EUR 1,074,997 1,580,054 0.18 Borets Finance 7.63 26/09/2018 USD 1,974,997 1,955,250 0.23 Nara Cable Funding 8.88 01/12/2018 USD 349,998 376,250 0.04 Nara Cable Funding 8.88 01/12/2018 EUR 1,494,997 2,229,987 0.26 Nara Cable Funding II 8.50 01/03/2020 EUR 1,364,997 2,179,588 0.25 Smurfit Kappa Acquisitions 4.13 30/01/2020 EUR 2,949,997 4,212,305 0.49 Vimpel Communications Via VIP Finance Ireland 6.49 02/02/2016 USD 279,998 298,900 0.04 –––––––––––– ––––––– 20,042,997 2.34 Israel Israel Electric 5.63 21/06/2018 USD 994,987 1,052,461 0.12 Israel Electric 7.25 15/01/2019 USD 1,479,986 1,644,650 0.19 Israel Electric 7.25 15/01/2019 USD 1,039,987 1,155,700 0.14 –––––––––––– ––––––– 3,852,811 0.45 Italy Intesa Sanpaolo 8.05 31/12/2049 EUR 1,699,987 2,472,875 0.29 Intesa Sanpaolo 8.38 31/12/2049 EUR 649,987 971,799 0.11 Telecom Italia 5.38 29/01/2019 EUR 2,499,986 3,667,929 0.43 –––––––––––– ––––––– 7,112,603 0.83 Japan eAccess 8.38 01/04/2018 EUR 449,987 682,860 0.08 Softbank 4.50 15/04/2020 USD 1,439,986 1,404,000 0.16 Softbank 4.63 15/04/2020 EUR 1,055,987 1,495,130 0.18 –––––––––––– ––––––– 3,581,990 0.42 Luxembourg Aguila 3 7.88 31/01/2018 USD 2,304,999 2,443,300 0.29 Aguila 3 7.88 31/01/2018 USD 149,999 159,000 0.02 ALROSA Finance 7.75 03/11/2020 USD 1,824,999 2,023,012 0.24 Altice Financing 8.00 15/12/2019 EUR 2,169,999 3,266,739 0.38 Altice Financing 6.50 15/01/2022 USD 1,199,999 1,212,000 0.14 Altice Finco 8.13 15/01/2024 USD 434,999 451,313 0.05 ArcelorMittal 6.13 01/06/2018 USD 199,999 219,500 0.03 ArcelorMittal 6.00 01/03/2021 USD 3,999,999 4,240,000 0.50 ARD Finance 11.13 01/06/2018 EUR 247,028 364,238 0.04 Capsugel Finance 9.88 01/08/2019 EUR 1,799,999 2,765,793 0.32 CHC Helicopter 9.25 15/10/2020 USD 1,999,999 2,155,000 0.25 CHC Helicopter 9.38 01/06/2021 USD 999,999 1,025,000 0.12 Expro Finance Luxembourg 8.50 15/12/2016 USD 1,599,999 1,668,000 0.20 Fiat Finance & Trade 6.38 01/04/2016 EUR 99,999 146,969 0.02 Fiat Industrial Finance Europe 6.25 09/03/2018 EUR 899,999 1,400,879 0.16 Fiat Industrial Finance Europe 6.25 09/03/2018 EUR 899,999 1,400,879 0.16 Findus Bondco 9.13 01/07/2018 EUR 1,199,999 1,823,110 0.21 INEOS Group Holdings 7.88 15/02/2016 EUR 1,839,082 2,548,938 0.30 INEOS Group Holdings 6.50 15/08/2018 EUR 3,389,999 4,800,175 0.56 Intelsat Jackson Holdings 7.50 01/04/2021 USD 2,609,999 2,877,525 0.34 Intelsat Jackson Holdings 6.63 15/12/2022 USD 2,959,999 3,048,800 0.36 Intelsat Jackson Holdings 6.63 15/12/2022 USD 214,999 221,450 0.03

MGI Funds plc 165 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Luxembourg (continued) Intelsat Jackson Holdings 5.50 01/08/2023 USD 499,999 475,625 0.06 Intelsat Luxembourg 6.75 01/06/2018 USD 194,999 207,188 0.02 Intelsat Luxembourg 7.75 01/06/2021 USD 4,399,998 4,719,000 0.55 International Automotive Components Group 9.13 01/06/2018 USD 699,999 729,750 0.09 KION Finance 7.88 15/04/2018 EUR 614,999 894,048 0.10 KION Finance 6.75 15/02/2020 EUR 314,999 473,445 0.06 Millicom International Cellular 6.63 15/10/2021 USD 1,499,999 1,551,750 0.18 Mobile Challenger Intermediate Group 8.75 15/03/2019 EUR 1,799,999 2,579,645 0.30 Nielsen Luxembourg SARL 5.50 01/10/2021 USD 599,999 609,000 0.07 NII International Telecom 7.88 15/08/2019 USD 1,139,999 860,700 0.10 Ontex IV 7.50 15/04/2018 EUR 949,999 1,373,457 0.16 Ontex IV 9.00 15/04/2019 EUR 1,899,999 2,834,359 0.33 Orion Engineered Carbons Finance 9.25 01/08/2019 USD 499,999 522,500 0.06 Wind Acquisition Finance 11.75 15/07/2017 USD 1,784,999 1,898,794 0.22 Wind Acquisition Finance 11.75 15/07/2017 USD 2,999,999 3,191,250 0.37 Wind Acquisition Finance 7.25 15/02/2018 USD 1,079,999 1,136,700 0.13 Wind Acquisition Finance 7.38 15/02/2018 EUR 2,874,999 4,182,068 0.49 –––––––––––– ––––––– 68,500,899 8.01 Mexico Cemex 9.00 11/01/2018 USD 1,499,992 1,646,250 0.19 Cemex 3.75 15/03/2018 USD 659,992 895,125 0.10 Cemex 5.88 25/03/2019 USD 3,449,992 3,458,625 0.40 Cemex 7.25 15/01/2021 USD 2,189,992 2,266,650 0.27 Tenedora Nemak de CV 5.50 28/02/2023 USD 2,139,992 2,097,200 0.25 –––––––––––– ––––––– 10,363,850 1.21 Netherlands Cable Communications Systems 7.50 01/11/2020 EUR 1,199,997 1,700,053 0.20 Carlson Wagonlit 7.50 15/06/2019 EUR 1,319,997 1,964,405 0.23 EDP Finance 4.75 26/09/2016 EUR 1,164,997 1,695,610 0.20 EDP Finance 5.75 21/09/2017 EUR 884,997 1,336,800 0.16 GMAC International Finance 7.50 21/04/2015 EUR 79,998 117,600 0.01 HeidelbergCement Finance 6.50 03/08/2015 EUR 404,997 600,064 0.07 HeidelbergCement Finance 8.00 31/01/2017 EUR 1,254,997 2,021,150 0.24 ING Groep 8.00 31/12/2049 EUR 1,314,997 1,857,902 0.22 InterGen 7.00 30/06/2023 USD 1,199,997 1,242,000 0.14 Nokia Siemens Networks Finance 7.13 15/04/2020 EUR 1,299,997 2,039,130 0.24 NXP Funding 3.75 01/06/2018 USD 374,997 377,812 0.04 UPC Holding 6.38 15/09/2022 EUR 1,879,997 2,631,087 0.31 VimpelCom Holdings 5.20 13/02/2019 USD 4,190,000 4,190,000 0.49 VimpelCom Holdings 7.50 01/03/2022 USD 199,997 208,924 0.02 VimpelCom Holdings 5.95 13/02/2023 USD 199,998 188,500 0.02 –––––––––––– ––––––– 22,171,037 2.59 Portugal Banco Espirito Santo 5.88 09/11/2015 EUR 1,199,960 1,733,736 0.20 –––––––––––– ––––––– South Africa Edcon 9.50 01/03/2018 EUR 1,799,980 2,545,541 0.30 Edcon Holdings 13.38 30/06/2019 EUR 199,980 290,417 0.03 –––––––––––– ––––––– 2,835,958 0.33

MGI Funds plc 166 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Spain Abengoa Finance 8.88 01/11/2017 USD 1,399,995 1,505,000 0.18 Abengoa Finance 7.75 01/02/2020 USD 1,504,995 1,550,150 0.18 Banco Bilbao Vizcaya Argentaria 9.00 31/12/2049 USD 1,199,995 1,290,000 0.15 BBVA International Preferred 5.92 31/12/2049 USD 3,005,995 2,893,275 0.34 BBVA International Preferred 8.50 31/12/2049 EUR 349,995 496,968 0.06 Empark Funding 6.75 15/12/2019 EUR 799,995 1,129,169 0.13 NH Hoteles 6.88 15/11/2019 EUR 1,949,995 2,831,428 0.33 Santander Finance Preffered 11.30 31/12/2049 GBP 549,995 944,623 0.11 –––––––––––– ––––––– 12,640,613 1.48 Sweden Eileme 2 11.75 31/01/2020 EUR 569,987 947,128 0.11 Perstorp Holding 8.75 15/05/2017 USD 1,199,987 1,290,000 0.15 TVN Finance III 7.38 15/12/2020 EUR 2,744,986 4,080,341 0.48 –––––––––––– ––––––– 6,317,469 0.74 Switzerland Credit Suisse Group 7.50 31/12/2049 USD 1,784,986 1,882,247 0.22 UBS 7.63 17/08/2022 USD 1,599,987 1,832,504 0.21 UBS 7.15 31/12/2049 EUR 99,987 152,378 0.02 –––––––––––– ––––––– 3,867,129 0.45 Turkey Arcelik 5.00 03/04/2023 USD 2,189,960 1,889,970 0.22 –––––––––––– ––––––– United Kingdom Algeco Scotsman Global Finance 8.50 15/10/2018 USD 799,997 866,000 0.10 Barclays Bank 6.00 14/01/2021 EUR 294,997 460,354 0.05 Barclays Bank 4.75 31/12/2049 EUR 549,997 644,775 0.08 Barclays Bank 14.00 31/12/2049 GBP 99,997 219,801 0.03 Boparan Finance 9.88 30/04/2018 GBP 1,099,997 2,000,909 0.23 CEVA Group 4.00 01/05/2018 USD 999,997 875,000 0.10 ConvaTec Healthcare 7.38 15/12/2017 EUR 539,997 785,293 0.09 Ineos Finance 8.38 15/02/2019 USD 1,534,997 1,707,687 0.20 Ineos Finance 8.38 15/02/2019 USD 799,997 890,000 0.11 Kerling 10.63 01/02/2017 EUR 999,997 1,464,140 0.17 Lloyds TSB Bank 6.50 24/03/2020 EUR 739,997 1,181,058 0.14 Royal Bank of Scotland 6.93 09/04/2018 EUR 2,199,996 3,437,961 0.40 Royal Bank of Scotland Group 6.13 15/12/2022 USD 1,499,997 1,533,002 0.18 –––––––––––– ––––––– 16,065,980 1.88 United States of America 99 Cents Only Stores 11.00 15/12/2019 USD 625,000 709,375 0.08 Acadia Healthcare 6.13 15/03/2021 USD 4,599,999 4,715,000 0.55 Activision Blizzard 5.63 15/09/2021 USD 4,344,999 4,497,075 0.53 AK Steel 7.63 15/05/2020 USD 55,000 54,863 0.01 AK Steel 8.38 01/04/2022 USD 155,000 155,388 0.02 Alcatel-Lucent USA 6.75 15/11/2020 USD 4,224,999 4,388,719 0.51 Alcatel-Lucent USA 6.50 15/01/2028 USD 270,000 236,250 0.03 Alcatel-Lucent USA 6.45 15/03/2029 USD 965,000 854,025 0.10 Alere 7.25 01/07/2018 USD 1,500,000 1,648,125 0.19 Alere 6.50 15/06/2020 USD 1,655,000 1,692,237 0.20 Ally Financial 8.00 31/12/2018 USD 150,000 177,000 0.02

MGI Funds plc 167 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) Ally Financial 8.00 15/03/2020 USD 690,000 827,138 0.10 Ally Financial 7.50 15/09/2020 USD 4,699,999 5,475,500 0.64 AMC Entertainment 8.75 01/06/2019 USD 280,000 299,250 0.03 AMC Entertainment 9.75 01/12/2020 USD 1,435,000 1,641,281 0.19 American Residential Services 12.00 15/04/2015 USD 830,000 850,750 0.10 AmeriGas Finance 6.25 20/08/2019 USD 350,000 376,250 0.04 AmeriGas Finance 6.75 20/05/2020 USD 375,000 409,688 0.05 Amsurg 5.63 30/11/2020 USD 350,000 364,000 0.04 Ancestry.com 11.00 15/12/2020 USD 3,599,999 4,176,000 0.49 Antero Resources Finance 6.00 01/12/2020 USD 1,610,000 1,690,500 0.20 Antero Resources Finance 5.38 01/11/2021 USD 1,165,000 1,176,650 0.14 ARAMARK 5.75 15/03/2020 USD 1,261,000 1,317,745 0.15 Ashland 4.75 15/08/2022 USD 300,000 285,000 0.03 Associated Materials 9.13 01/11/2017 USD 925,000 987,438 0.12 Aviv Healthcare Properties 6.00 15/10/2021 USD 500,000 508,750 0.06 Bank of America 8.13 31/12/2049 USD 3,999,999 4,475,000 0.52 Biomet 6.50 01/08/2020 USD 3,629,999 3,811,500 0.45 Biomet 6.50 01/10/2020 USD 1,050,000 1,081,500 0.13 Blackboard 7.75 15/11/2019 USD 1,100,000 1,091,750 0.13 BMC Software Finance 8.13 15/07/2021 USD 1,200,000 1,236,000 0.14 BOE Intermediate Holding 9.00 01/11/2017 USD 1,614,038 1,682,635 0.20 Bonanza Creek Energy 6.75 15/04/2021 USD 985,000 1,031,788 0.12 BreitBurn Energy Partners 8.63 15/10/2020 USD 280,000 301,000 0.04 BreitBurn Energy Partners 7.88 15/04/2022 USD 1,890,000 1,965,600 0.23 Caesars Entertainment Operating 11.25 01/06/2017 USD 5,099,999 5,189,250 0.61 Caesars Entertainment Operating 9.00 15/02/2020 USD 1,000,000 972,500 0.11 Caesars Entertainment Operating 9.00 15/02/2020 USD 1,000,000 972,500 0.11 Caesars Entertainment Resort Properties Entertainment Resort Prope 8.00 01/10/2020 USD 500,000 520,000 0.06 Calpine 7.88 31/07/2020 USD 285,000 312,075 0.04 Calpine 7.88 31/07/2020 USD 889,000 973,455 0.11 Calpine 7.50 15/02/2021 USD 533,000 581,636 0.07 Calpine 6.00 15/01/2022 USD 1,000,000 1,025,000 0.12 Calpine 7.88 15/01/2023 USD 178,000 194,465 0.02 Calpine 5.88 15/01/2024 USD 600,000 586,500 0.07 Calumet Specialty Products Partners LP 9.38 01/05/2019 USD 1,500,000 1,665,000 0.19 Carrizo Oil & Gas 8.63 15/10/2018 USD 400,000 433,000 0.05 Carrizo Oil & Gas 7.50 15/09/2020 USD 1,100,000 1,204,500 0.14 Case New Holland 7.88 01/12/2017 USD 660,000 778,800 0.09 Casella Waste Systems 7.75 15/02/2019 USD 455,000 466,375 0.05 CBRE Services 5.00 15/03/2023 USD 710,000 682,488 0.08 CCO Holdings Capital 8.13 30/04/2020 USD 175,000 189,875 0.02 CCO Holdings Capital 7.38 01/06/2020 USD 550,000 595,375 0.07 CCO Holdings Capital 5.25 30/09/2022 USD 1,895,000 1,769,456 0.21 CDW Finance 8.00 15/12/2018 USD 2,763,000 3,011,670 0.35 CDW Finance 8.50 01/04/2019 USD 1,310,000 1,447,550 0.17 Cemex Finance 9.38 12/10/2022 USD 2,500,000 2,818,750 0.33 Century Aluminum 7.50 01/06/2021 USD 3,009,999 2,934,750 0.34 CenturyLink 5.80 15/03/2022 USD 1,000,000 987,500 0.12 CenturyLink 6.75 01/12/2023 USD 2,000,000 2,025,000 0.24 Chesapeake Energy 6.63 15/08/2020 USD 2,500,000 2,793,750 0.33 Chesapeake Energy 5.75 15/03/2023 USD 1,000,000 1,030,000 0.12 CIT Group 5.00 15/05/2017 USD 50,000 53,375 0.01 CIT Group 5.50 15/02/2019 USD 1,000,000 1,072,500 0.13 CIT Group 5.38 15/05/2020 USD 1,915,000 2,034,687 0.24 CIT Group 5.00 15/08/2022 USD 2,500,000 2,437,500 0.28

MGI Funds plc 168 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) Citigroup Capital XIII 7.88 30/10/2040 USD 1,000 27,120 0.00 Claire's Stores 8.88 15/03/2019 USD 1,050,000 1,081,500 0.13 Claire's Stores 9.00 15/03/2019 USD 2,810,000 3,048,850 0.36 Claire's Stores 6.13 15/03/2020 USD 100,000 96,500 0.01 Clayton Williams Energy 7.75 01/04/2019 USD 1,500,000 1,541,250 0.18 Clear Channel Communications 9.00 01/03/2021 USD 2,999,999 3,030,000 0.35 Clear Channel Worldwide Holdings 7.63 15/03/2020 USD 1,760,000 1,830,400 0.21 Clear Channel Worldwide Holdings 7.63 15/03/2020 USD 2,500,000 2,628,125 0.31 Clear Channel Worldwide Holdings 6.50 15/11/2022 USD 4,309,999 4,369,262 0.51 Cleaver-Brooks 8.75 15/12/2019 USD 2,370,000 2,571,450 0.30 CNH Capital 3.88 01/11/2015 USD 20,000 20,650 0.00 CNH Capital 6.25 01/11/2016 USD 625,000 689,844 0.08 Cobalt International Energy 2.63 01/12/2019 USD 925,000 818,047 0.10 CommScope 8.25 15/01/2019 USD 1,100,000 1,205,875 0.14 CommScope Holding 6.63 01/06/2020 USD 200,000 208,000 0.02 Community Choice Financial 10.75 01/05/2019 USD 1,275,000 1,067,813 0.12 Community Health Systems 5.13 15/08/2018 USD 916,000 945,770 0.11 Community Health Systems 7.13 15/07/2020 USD 3,709,999 3,849,125 0.45 CONSOL Energy 8.25 01/04/2020 USD 2,000,000 2,165,000 0.25 Continental Rubber of America 4.50 15/09/2019 USD 805,000 853,139 0.10 Continental Rubber of America 4.50 15/09/2019 USD 150,000 158,970 0.02 Cricket Communications 7.75 15/10/2020 USD 800,000 912,000 0.11 Crosstex Energy Finance 8.88 15/02/2018 USD 1,500,000 1,576,875 0.18 Crown Castle International 5.25 15/01/2023 USD 2,850,000 2,793,000 0.33 CSC Holdings 6.75 15/11/2021 USD 3,499,999 3,771,250 0.44 Cubist Pharmaceuticals 1.13 01/09/2018 USD 263,000 302,614 0.04 Cubist Pharmaceuticals 1.88 01/09/2020 USD 366,000 418,384 0.05 CyrusOne 6.38 15/11/2022 USD 2,710,000 2,804,850 0.33 Darling Escrow 5.38 15/01/2022 USD 500,000 503,750 0.06 Del Monte 7.63 15/02/2019 USD 2,000,000 2,077,500 0.24 Deutsche Postbank Funding Trust IV 5.98 31/12/2049 EUR 1,200,000 1,686,610 0.20 Diamondback Energy 7.63 01/10/2021 USD 1,150,000 1,213,250 0.14 DISH DBS 7.13 01/02/2016 USD 300,000 332,250 0.04 DISH DBS 4.63 15/07/2017 USD 575,000 602,313 0.07 DISH DBS 6.75 01/06/2021 USD 2,635,000 2,793,100 0.33 DISH DBS 5.88 15/07/2022 USD 1,060,000 1,060,000 0.12 DISH DBS 5.00 15/03/2023 USD 5,109,999 4,765,075 0.56 Dole Food 7.25 01/05/2019 USD 1,500,000 1,496,250 0.17 E*TRADE Financial 6.38 15/11/2019 USD 1,800,000 1,932,750 0.23 Eagle Rock Energy Finance 8.38 01/06/2019 USD 1,500,000 1,635,000 0.19 El Paso 7.00 15/06/2017 USD 655,000 740,567 0.09 El Paso 7.25 01/06/2018 USD 2,365,000 2,699,979 0.32 El Paso 7.75 15/01/2032 USD 105,000 106,581 0.01 Emdeon 11.00 31/12/2019 USD 665,000 768,075 0.09 Endeavour International 12.00 01/03/2018 USD 1,716,000 1,763,190 0.21 Energy Transfer Equity 7.50 15/10/2020 USD 4,679,999 5,253,300 0.61 EP Energy 9.38 01/05/2020 USD 2,110,000 2,434,412 0.28 EPE Holdings 8.88 15/12/2017 USD 653,504 671,475 0.08 EPL Oil & Gas 8.25 15/02/2018 USD 1,500,000 1,612,500 0.19 Equinix 4.88 01/04/2020 USD 3,999,999 3,980,000 0.47 Equinix 5.38 01/04/2023 USD 3,499,999 3,421,250 0.40 Euramax International 9.50 01/04/2016 USD 300,000 300,750 0.04 Exelixis 4.25 15/08/2019 USD 305,000 373,434 0.04 Exopack Holding 10.00 01/06/2018 USD 400,000 434,000 0.05 Ferrellgas 6.50 01/05/2021 USD 320,000 326,400 0.04

MGI Funds plc 169 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) Ferrellgas 6.75 15/01/2022 USD 1,565,000 1,588,475 0.19 Ferro 7.88 15/08/2018 USD 595,000 627,725 0.07 Fiat Finance North America 5.63 12/06/2017 EUR 1,700,000 2,475,100 0.29 First Data 7.38 15/06/2019 USD 2,240,000 2,391,200 0.28 First Data 6.75 01/11/2020 USD 6,009,999 6,250,400 0.73 First Data 8.25 15/01/2021 USD 1,195,000 1,271,181 0.15 First Data 8.25 15/01/2021 USD 4,574,999 4,866,656 0.57 First Data 11.25 15/01/2021 USD 1,000,000 1,103,750 0.13 First Data 12.63 15/01/2021 USD 300,000 352,125 0.04 First Quality Finance 4.63 15/05/2021 USD 2,635,000 2,503,250 0.29 Foresight Energy 7.88 15/08/2021 USD 5,999,999 6,165,000 0.72 Forum Energy Technologies 6.25 01/10/2021 USD 1,310,000 1,375,500 0.16 Freescale Semiconductor 8.05 01/02/2020 USD 2,000,000 2,150,000 0.25 Freescale Semiconductor 6.00 15/01/2022 USD 3,104,999 3,143,812 0.37 Frontier Communications 7.13 15/01/2023 USD 800,000 790,000 0.09 Frontier Communications 7.63 15/04/2024 USD 200,000 199,500 0.02 Frontier Communications 7.88 15/01/2027 USD 2,000,000 1,920,000 0.22 Gannett 5.13 15/10/2019 USD 2,430,000 2,527,200 0.30 Gannett 5.13 15/07/2020 USD 1,000,000 1,012,500 0.12 Gannett 6.38 15/10/2023 USD 1,500,000 1,552,500 0.18 General Motors Financial 3.25 15/05/2018 USD 600,000 600,000 0.07 GLP Capital 4.38 01/11/2018 USD 195,000 199,388 0.02 GLP Capital 4.88 01/11/2020 USD 815,000 815,000 0.10 GLP Capital 5.38 01/11/2023 USD 190,000 186,675 0.02 GMAC Capital Trust I 8.13 15/02/2040 USD 95,400 2,537,640 0.30 Goodrich Petroleum 8.88 15/03/2019 USD 1,500,000 1,560,000 0.18 Goodyear Tire & Rubber 6.50 01/03/2021 USD 1,600,000 1,696,000 0.20 Gray Television 7.50 01/10/2020 USD 3,434,999 3,649,687 0.43 GRD Holdings III 10.75 01/06/2019 USD 175,000 190,750 0.02 GRD Holdings III 10.75 01/06/2019 USD 1,770,000 1,929,300 0.23 Greektown Superholdings 13.00 01/07/2015 USD 210,000 217,350 0.03 GXS Worldwide 9.75 15/06/2015 USD 5,069,999 5,234,775 0.61 Halcon Resources 8.88 15/05/2021 USD 1,500,000 1,515,000 0.18 Halcon Resources 9.25 15/02/2022 USD 600,000 610,500 0.07 Harbinger Group 7.88 15/07/2019 USD 6,189,999 6,646,512 0.78 Hartford Financial Services Group 8.13 15/06/2068 USD 2,815,000 3,280,882 0.38 HCA 6.50 15/02/2020 USD 1,330,000 1,461,337 0.17 HCA 7.88 15/02/2020 USD 270,000 289,913 0.03 HCA 6.25 15/02/2021 USD 4,854,999 5,079,544 0.59 HCA 7.50 15/02/2022 USD 275,000 301,813 0.04 HCA 5.88 15/03/2022 USD 1,500,000 1,548,750 0.18 HCA 5.88 01/05/2023 USD 4,089,999 4,038,875 0.47 HCA 7.50 15/11/2095 USD 170,000 147,050 0.02 Health Management Associates 7.38 15/01/2020 USD 565,000 632,094 0.07 Hertz 7.50 15/10/2018 USD 800,000 863,000 0.10 Hertz 6.25 15/10/2022 USD 1,100,000 1,135,750 0.13 Hexion US Finance 6.63 15/04/2020 USD 370,000 379,250 0.04 Hexion US Finance 9.00 15/11/2020 USD 115,000 114,713 0.01 Hillman Group 10.88 01/06/2018 USD 3,554,999 3,839,400 0.45 Hologic 6.25 01/08/2020 USD 210,000 221,550 0.03 Huntington Ingalls Industries 6.88 15/03/2018 USD 300,000 324,000 0.04 Huntington Ingalls Industries 7.13 15/03/2021 USD 125,000 137,188 0.02 IAC 4.88 30/11/2018 USD 610,000 623,725 0.07 Infor US 10.00 01/04/2019 EUR 1,130,000 1,753,665 0.20 International Lease Finance 5.75 15/05/2016 USD 885,000 948,056 0.11

MGI Funds plc 170 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) International Lease Finance 8.75 15/03/2017 USD 350,000 412,125 0.05 International Lease Finance 5.88 01/04/2019 USD 2,175,000 2,316,375 0.27 International Lease Finance 6.25 15/05/2019 USD 1,600,000 1,732,000 0.20 International Lease Finance 5.88 15/08/2022 USD 165,000 164,588 0.02 inVentiv Health 9.00 15/01/2018 USD 1,100,000 1,144,000 0.13 Jaguar Holding I 9.38 15/10/2017 USD 600,000 634,500 0.07 Jarden 7.50 15/01/2020 EUR 600,000 886,735 0.10 JBS USA Finance 8.25 01/02/2020 USD 1,800,000 1,953,000 0.23 JBS USA Finance 7.25 01/06/2021 USD 300,000 312,000 0.04 JM Huber 9.88 01/11/2019 USD 295,000 338,881 0.04 JPMorgan Chase & Co 6.00 31/12/2049 USD 2,999,999 2,868,750 0.34 K Hovnanian Enterprises 9.13 15/11/2020 USD 1,065,000 1,168,837 0.14 KB Home 8.00 15/03/2020 USD 995,000 1,099,475 0.13 KB Home 7.00 15/12/2021 USD 2,310,000 2,408,175 0.28 KB Home 7.50 15/09/2022 USD 2,375,000 2,499,687 0.29 Kinder Morgan 6.00 15/01/2018 USD 2,335,000 2,558,653 0.30 Kinder Morgan 5.00 15/02/2021 USD 1,000,000 984,986 0.12 Ladder Capital Finance Holdings 7.38 01/10/2017 USD 395,000 414,750 0.05 Landry's 9.38 01/05/2020 USD 2,000,000 2,180,000 0.25 Legacy Reserves 6.63 01/12/2021 USD 2,240,000 2,167,200 0.25 Lennar 4.75 15/12/2017 USD 390,000 408,525 0.05 Lennar 4.75 15/11/2022 USD 765,000 709,538 0.08 Level 3 Communications 8.88 01/06/2019 USD 1,045,000 1,141,662 0.13 Level 3 Financing 8.13 01/07/2019 USD 555,000 607,725 0.07 Level 3 Financing 7.00 01/06/2020 USD 130,000 137,800 0.02 Level 3 Financing 8.63 15/07/2020 USD 485,000 543,200 0.06 Level 3 Financing 6.13 15/01/2021 USD 250,000 252,500 0.03 Linn Energy 6.50 15/05/2019 USD 1,200,000 1,224,000 0.14 Linn Energy 7.00 01/11/2019 USD 2,000,000 2,020,000 0.24 LKQ 4.75 15/05/2023 USD 1,880,000 1,748,400 0.20 M/I Homes 3.00 01/03/2018 USD 219,000 242,543 0.03 Martin Midstream Partners 7.25 15/02/2021 USD 1,200,000 1,224,000 0.14 Memorial Production Partners Finance 7.63 01/05/2021 USD 3,809,999 3,914,775 0.46 Memorial Production Partners Finance 7.63 01/05/2021 USD 1,330,000 1,366,575 0.16 Meritor 10.63 15/03/2018 USD 1,400,000 1,491,000 0.17 Meritor 6.75 15/06/2021 USD 100,000 102,000 0.01 MetroPCS Wireless 7.88 01/09/2018 USD 465,000 499,294 0.06 MetroPCS Wireless 6.63 15/11/2020 USD 1,585,000 1,680,100 0.20 MGM Resorts International 6.63 15/07/2015 USD 400,000 429,000 0.05 MGM Resorts International 6.75 01/10/2020 USD 1,500,000 1,605,000 0.19 MGM Resorts International 7.75 15/03/2022 USD 800,000 894,000 0.10 Michaels Stores 7.75 01/11/2018 USD 830,000 900,550 0.11 Midstates Petroleum 9.25 01/06/2021 USD 700,000 731,500 0.09 Murray Energy 8.63 15/06/2021 USD 500,000 517,500 0.06 Nationstar Mortgage 6.50 01/08/2018 USD 1,790,000 1,821,325 0.21 Nationstar Mortgage 7.88 01/10/2020 USD 360,000 373,500 0.04 Nationstar Mortgage 6.50 01/07/2021 USD 1,755,000 1,671,637 0.20 Navistar International 8.25 01/11/2021 USD 1,000,000 1,035,000 0.12 NBCUniversal Enterprise 5.25 31/12/2049 USD 525,000 519,750 0.06 Neenah Paper 5.25 15/05/2021 USD 1,470,000 1,429,575 0.17 Neuberger Berman Finance 5.88 15/03/2022 USD 2,000,000 2,060,000 0.24 NewPage 11.38 31/12/2014 USD 698,813 0 0.00 Nexstar Broadcasting 6.88 15/11/2020 USD 1,035,000 1,107,450 0.13 NII Capital 8.88 15/12/2019 USD 210,000 90,300 0.01 NII Capital 7.63 01/04/2021 USD 585,000 239,850 0.03

MGI Funds plc 171 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) Nortek 8.50 15/04/2021 USD 820,000 908,150 0.11 North Atlantic Trading 11.50 15/07/2016 USD 1,010,000 1,095,850 0.13 Nuance Communications 5.38 15/08/2020 USD 3,909,999 3,822,025 0.45 Nuveen Investments 9.13 15/10/2017 USD 3,885,000 3,885,000 0.45 Nuveen Investments 9.50 15/10/2020 USD 1,425,000 1,428,562 0.17 Oasis Petroleum 7.25 01/02/2019 USD 1,180,000 1,268,500 0.15 Oasis Petroleum 6.88 15/03/2022 USD 3,179,999 3,370,800 0.39 Olin 5.50 15/08/2022 USD 1,500,000 1,496,250 0.17 ON Semiconductor 2.63 15/12/2026 USD 234,000 257,254 0.03 Par Pharmaceutical 7.38 15/10/2020 USD 700,000 723,625 0.08 Party City Holdings 8.88 01/08/2020 USD 635,000 711,200 0.08 PBF Holding 8.25 15/02/2020 USD 1,500,000 1,627,500 0.19 PC Nextco Holdings 8.75 15/08/2019 USD 1,915,000 1,965,269 0.23 Peabody Energy 6.00 15/11/2018 USD 2,970,000 3,163,050 0.37 Peabody Energy 6.25 15/11/2021 USD 4,019,999 4,060,200 0.47 Penn Virginia 8.50 01/05/2020 USD 1,000,000 1,075,000 0.13 Penn Virginia Resource Finance 8.38 01/06/2020 USD 1,103,000 1,216,057 0.14 Penn Virginia Resource Finance 6.50 15/05/2021 USD 300,000 310,500 0.04 Physio-Control International 9.88 15/01/2019 USD 1,188,000 1,330,560 0.16 Pinnacle Foods Finance 4.88 01/05/2021 USD 1,345,000 1,271,025 0.15 Pinnacle Merger Sub 9.50 01/10/2023 USD 1,565,000 1,666,725 0.19 Post Holdings 6.75 01/12/2021 USD 1,000,000 1,035,000 0.12 Post Holdings 7.38 15/02/2022 USD 1,000,000 1,070,000 0.12 Provident Funding Associates 6.75 15/06/2021 USD 3,334,999 3,318,325 0.39 QEP Resources 5.38 01/10/2022 USD 2,000,000 1,925,000 0.22 QR Energy 9.25 01/08/2020 USD 1,500,000 1,552,500 0.18 Quicksilver Resources 7.00 21/06/2019 USD 300,000 294,000 0.03 Quicksilver Resources 9.13 15/08/2019 USD 1,200,000 1,218,000 0.14 Radiation Therapy Services 8.88 15/01/2017 USD 1,410,000 1,424,100 0.17 Radio One 12.50 24/05/2016 USD 1,000,000 1,000,000 0.12 Rain CII Carbon 8.25 15/01/2021 USD 300,000 306,000 0.04 Rain CII Carbon 8.50 15/01/2021 EUR 1,800,000 2,498,911 0.29 RCN Telecom Services 8.50 15/08/2020 USD 5,869,999 5,928,700 0.69 ResCare 10.75 15/01/2019 USD 868,000 972,160 0.11 Reynolds Group Issuer 9.00 15/04/2019 USD 2,600,000 2,788,500 0.33 Reynolds Group Issuer 7.88 15/08/2019 USD 400,000 442,000 0.05 Reynolds Group Issuer 5.75 15/10/2020 USD 500,000 510,000 0.06 Reynolds Group Issuer 8.25 15/02/2021 USD 500,000 533,750 0.06 Rite Aid 8.00 15/08/2020 USD 1,000,000 1,125,000 0.13 Rite Aid 6.75 15/06/2021 USD 2,220,000 2,328,225 0.27 Rosetta Resources 9.50 15/04/2018 USD 400,000 428,000 0.05 Rosetta Resources 5.63 01/05/2021 USD 1,290,000 1,286,775 0.15 Rosetta Resources 5.88 01/06/2022 USD 730,000 724,525 0.08 Ryerson 9.00 15/10/2017 USD 2,430,000 2,575,800 0.30 Sabine Pass Liquefaction 5.63 01/02/2021 USD 1,400,000 1,368,500 0.16 Sabine Pass Liquefaction 6.25 15/03/2022 USD 400,000 397,000 0.05 Sabine Pass Liquefaction 5.63 15/04/2023 USD 700,000 654,500 0.08 Salix Pharmaceuticals 6.00 15/01/2021 USD 2,105,000 2,157,625 0.25 Samson Investment 10.50 15/02/2020 USD 1,200,000 1,308,000 0.15 Sanchez Energy 7.75 15/06/2021 USD 1,200,000 1,227,000 0.14 Savient Pharmaceuticals 4.75 01/02/2018 USD 407,000 4,579 0.00 SBA Telecommunications 5.75 15/07/2020 USD 1,620,000 1,684,800 0.20 Service Corp International 7.00 15/06/2017 USD 1,457,000 1,631,840 0.19 ServiceMaster 7.00 15/08/2020 USD 2,500,000 2,478,125 0.29 Shale-Inland Holdings 8.75 15/11/2019 USD 1,760,000 1,821,600 0.21

MGI Funds plc 172 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) Sirius XM Holdings 5.88 01/10/2020 USD 760,000 775,200 0.09 Sirius XM Holdings 5.75 01/08/2021 USD 1,000,000 1,010,000 0.12 Sirius XM Radio 4.25 15/05/2020 USD 715,000 675,675 0.08 Sirius XM Radio 5.25 15/08/2022 USD 2,370,000 2,393,700 0.28 Sirius XM Radio 4.63 15/05/2023 USD 720,000 651,600 0.08 Sitel Finance 11.00 01/08/2017 USD 100,000 106,750 0.01 SIWF Merger Sub 6.25 01/06/2021 USD 500,000 504,375 0.06 SLM 6.25 25/01/2016 USD 225,000 243,000 0.03 SLM 8.45 15/06/2018 USD 1,785,000 2,079,525 0.24 SLM 5.50 15/01/2019 USD 1,400,000 1,452,853 0.17 SLM 4.88 17/06/2019 USD 1,000,000 996,453 0.12 SLM 8.00 25/03/2020 USD 700,000 792,750 0.09 Spectrum Brands Escrow 6.38 15/11/2020 USD 2,215,000 2,364,512 0.28 Sprint 7.25 15/09/2021 USD 3,774,999 4,053,406 0.47 Sprint 7.88 15/09/2023 USD 1,975,000 2,123,125 0.25 Sprint 7.13 15/06/2024 USD 1,000,000 1,015,000 0.12 Sprint Nextel 8.38 15/08/2017 USD 700,000 810,250 0.09 Sprint Nextel 9.00 15/11/2018 USD 330,000 397,650 0.05 Sprint Nextel 9.00 15/11/2018 USD 900,000 1,084,500 0.13 Sprint Nextel 7.00 01/03/2020 USD 1,505,000 1,678,075 0.20 Sprint Nextel 6.00 15/11/2022 USD 3,000,000 2,925,000 0.34 SRA International 11.00 01/10/2019 USD 400,000 416,000 0.05 Standard Pacific 6.25 15/12/2021 USD 1,100,000 1,146,750 0.13 Sun Merger Sub 5.88 01/08/2021 USD 500,000 512,500 0.06 SunGard Data Systems 7.38 15/11/2018 USD 965,000 1,021,694 0.12 SunGard Data Systems 6.63 01/11/2019 USD 1,175,000 1,233,750 0.14 Symbion 8.00 15/06/2016 USD 220,000 233,200 0.03 Syniverse Holdings 9.13 15/01/2019 USD 2,195,000 2,398,037 0.28 T-Mobile USA 5.25 01/09/2018 USD 235,000 247,338 0.03 T-Mobile USA 6.46 28/04/2019 USD 910,000 966,875 0.11 T-Mobile USA 6.54 28/04/2020 USD 1,100,000 1,168,750 0.14 T-Mobile USA 6.63 28/04/2021 USD 375,000 394,688 0.05 T-Mobile USA 6.13 15/01/2022 USD 1,095,000 1,114,163 0.13 T-Mobile USA 6.73 28/04/2022 USD 1,905,000 1,985,962 0.23 T-Mobile USA 6.84 28/04/2023 USD 145,000 150,438 0.02 T-Mobile USA 6.50 15/01/2024 USD 435,000 440,438 0.05 Taylor Morrison Communities 7.75 15/04/2020 USD 72,000 79,200 0.01 Taylor Morrison Communities 7.75 15/04/2020 USD 647,000 711,700 0.08 Taylor Morrison Communities 5.25 15/04/2021 USD 600,000 583,500 0.07 Tenet Healthcare 6.00 01/10/2020 USD 1,970,000 2,056,187 0.24 Tenet Healthcare 8.13 01/04/2022 USD 3,709,999 3,997,525 0.47 Texas Competitive Electric 11.50 01/10/2020 USD 720,000 529,200 0.06 Texas Competitive Electric 11.50 01/10/2020 USD 5,624,999 4,134,375 0.48 TMX Finance 8.50 15/09/2018 USD 2,690,000 2,864,850 0.33 Toll Brothers Finance 5.63 15/01/2024 USD 2,000,000 2,015,000 0.24 Townsquare Radio 9.00 01/04/2019 USD 430,000 465,475 0.05 TransDigm 7.75 15/12/2018 USD 2,000,000 2,145,000 0.25 United Surgical Partners International 9.00 01/04/2020 USD 550,000 616,000 0.07 Univision Communications 6.88 15/05/2019 USD 1,275,000 1,362,656 0.16 Univision Communications 6.75 15/09/2022 USD 216,000 236,520 0.03 Univision Communications 5.13 15/05/2023 USD 1,000,000 998,750 0.12 US Coatings Acquisition 5.75 01/02/2021 EUR 2,000,000 2,880,190 0.34 Valeant Pharmacelticals International 6.38 15/10/2020 USD 1,400,000 1,475,250 0.17 Victor Technologies 9.00 15/12/2017 USD 3,250,999 3,478,570 0.41 Visant 10.00 01/10/2017 USD 400,000 388,000 0.05

MGI Funds plc 173 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) United States of America (continued) VWR Funding 7.25 15/09/2017 USD 3,369,999 3,614,325 0.42 W&T Offshore 8.50 15/06/2019 USD 1,200,000 1,269,000 0.15 WellCare Health Plans 5.75 15/11/2020 USD 630,000 644,175 0.08 WESCO Distribution 5.38 15/12/2021 USD 1,020,000 1,020,000 0.12 Windstream 8.13 01/09/2018 USD 560,000 602,000 0.07 Windstream 7.75 15/10/2020 USD 1,500,000 1,591,875 0.19 Windstream 6.38 01/08/2023 USD 25,000 23,375 0.00 –––––––––––– ––––––– 517,697,395 60.51 Venezuela Algeco Scotsman Global Finance 9.00 15/10/2018 EUR 699,987 1,046,553 0.12 Petroleos de Venezuela 8.50 02/11/2017 USD 2,119,986 1,764,900 0.21 Petroleos de Venezuela 9.00 17/11/2021 USD 1,209,987 898,426 0.10 –––––––––––– ––––––– 3,709,879 0.43

Total corporate bonds 798,192,243 93.30

Total transferable securities 798,661,215 93.36

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

Bank loans Faenza Acquisition 1.00 30/08/2020 EUR 20,703 28,966 0.00 –––––––––––– ––––––– Total bank loans 28,966 0.00

Financial derivative instruments Open forward foreign currency contracts Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets

CAD 4* 1,424,000 USD 1,336,479 22/01/2014 3,118 0.00 EUR 3* 179,784,129 USD 244,493,317 06/01/2014 3,239,786 0.38 EUR 2* 248,000 USD 321,234 16/01/2014 20,495 0.00 EUR 4* 343,000 USD 468,619 22/01/2014 4,014 0.00 EUR 5* 1,059,000 USD 1,454,092 22/01/2014 5,144 0.00 EUR 1* 1,323,000 USD 1,817,524 22/01/2014 5,487 0.00 EUR 2* 9,548,364 USD 13,138,992 22/01/2014 18,054 0.00 EUR 2* 216,882 USD 293,257 20/03/2014 5,590 0.00 EUR 2* 109,910 USD 144,026 09/05/2014 7,428 0.00 EUR 2* 288,306 USD 385,163 27/08/2014 12,202 0.00 EUR 2* 897,100 USD 1,190,604 11/09/2014 45,894 0.01 GBP 3* 215,027,448 USD 351,948,047 06/01/2014 4,184,052 0.49 GBP 2* 1,525,000 USD 2,499,368 22/01/2014 26,103 0.00 GBP 4* 7,340,000 USD 12,034,069 22/01/2014 121,313 0.01 GBP 2* 500,000 USD 773,060 09/05/2014 54,276 0.01 GBP 2* 986,000 USD 1,581,938 07/10/2014 47,316 0.01 USD 1* 4,423,896 EUR 3,208,000 22/01/2014 3,473 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 7,803,745 0.91

MGI Funds plc 174 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (continued)

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

Markit CDX.NA.HY 4* 1.00% 3 Month Event 20/12/2018 USD 2,000,000.00 168,052 0.02 Markit ITRAX XOVER 2* 1.00% 3 Month Event 20/12/2018 EUR 2,000,000.00 261,297 0.03 Markit CDX.NA.HY 4* 1.00% 3 Month Event 20/06/2018 USD 5,780,000.00 543,470 0.06

Credit default swaps at positive fair value 972,819 0.11

Total financial derivative instruments at positive fair value 8,776,564 1.02

Total financial assets at fair value through profit or loss 807,466,745 94.38

Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets

AUD 3* 138,000,000 USD 124,876,200 06/01/2014 (1,438,901) (0.17) CAD 3* 384,041 USD 361,625 06/01/2014 (209) 0.00 USD 3* 737,936 AUD 827,310 06/01/2014 (2,071) 0.00 USD 3* 4,393,352 CAD 4,670,417 06/01/2014 (1,916) 0.00 USD 3* 126,650,938 EUR 92,961,535 06/01/2014 (1,445,183) (0.17) USD 4* 468,004 EUR 342,550 07/01/2014 (4,012) 0.00 USD 2* 433,372 EUR 323,460 16/01/2014 (12,337) 0.00 USD 4* 369,873 EUR 272,000 17/01/2014 (4,927) 0.00 USD 2* 136,768 EUR 102,525 17/01/2014 (4,505) 0.00 USD 4* 15,652,166 EUR 11,398,000 22/01/2014 (53,562) (0.01) USD 2* 934,955 EUR 700,000 22/01/2014 (29,601) 0.00 USD 5* 858,819 EUR 625,000 22/01/2014 (2,392) 0.00 USD 2* 587,853 EUR 451,906 20/03/2014 (34,839) 0.00 USD 2* 393,810 EUR 300,000 10/04/2014 (19,569) 0.00 USD 2* 393,825 EUR 300,000 09/05/2014 (19,569) 0.00 USD 2* 1,571,880 EUR 1,200,000 15/07/2014 (81,857) (0.01) USD 2* 269,184 EUR 200,000 14/11/2014 (6,532) 0.00 USD 2* 2,584,813 EUR 1,906,485 18/11/2014 (43,459) (0.01) USD 2* 1,490,610 EUR 1,100,000 04/12/2014 (25,916) 0.00 USD 3* 67,940,411 GBP 41,426,142 06/01/2014 (670,267) (0.08) USD 2* 773,150 GBP 500,000 09/05/2014 (54,187) (0.01) USD 2* 1,602,546 GBP 986,000 07/10/2014 (26,709) 0.00 –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (3,982,520) (0.46)

Total financial liabilities at fair value through profit or loss (3,982,520) (0.46)

Total financial derivative instruments 4,794,044 0.56

Total investments at fair value through profit and loss 803,484,225 93.92

Cash 31,287,103 3.66

Net current assets 20,729,396 2.42 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 855,500,724 100.00 –––––––––––– –––––––

MGI Funds plc 175 MGI Funds plc Portfolio Statement Mercer Global High Yield Bond Fund as at 31 December 2013 (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 92.53 Over-the-counter financial derivative instruments 1.02 Current assets 6.45 ––––––– 100.00 –––––––

The following is a list of counterparties for the open forward foreign currency contracts and credit default swap indices:

Reference Counterparty 1* Barclays Bank 2* Deutsche Bank 3* State Street Bank and Trust 4* Credit Suisse 5* UBS

MGI Funds plc 176 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Corporate bonds 3i Group 5.63 17/03/2017 EUR 700,000 1,059,497 0.39 ABB Finance 2.63 26/03/2019 EUR 800,000 1,143,217 0.43 Abbey National Treasury Services 3.05 23/08/2018 USD 800,000 822,024 0.31 Actavis 1.88 01/10/2017 USD 400,000 395,828 0.15 ADIB Sukuk 3.75 04/11/2015 USD 1,400,000 1,453,900 0.54 Ahold Finance USA 6.50 14/03/2017 GBP 500,000 935,263 0.35 AIA Group 1.75 13/03/2018 USD 900,000 878,679 0.33 AIA Group 3.13 13/03/2023 USD 1,500,000 1,362,105 0.51 Air Liquide 2.91 12/10/2018 EUR 700,000 1,027,184 0.38 AKCB Finance 3.25 22/10/2018 USD 2,600,000 2,574,000 0.96 American Express Credit 2.80 19/09/2016 USD 400,000 417,952 0.16 American International Group 4.38 26/04/2016 EUR 400,000 589,073 0.22 Amgen 2.13 15/05/2017 USD 200,000 202,531 0.08 Amgen 5.85 01/06/2017 USD 800,000 907,678 0.34 Amgen 6.15 01/06/2018 USD 500,000 583,816 0.22 Amgen 3.45 01/10/2020 USD 500,000 507,337 0.19 Anheuser-Busch InBev 8.63 30/01/2017 EUR 1,500,000 2,530,402 0.94 Anheuser-Busch InBev 5.38 15/01/2020 USD 300,000 344,297 0.13 AT&T 2.50 15/08/2015 USD 300,000 308,009 0.12 AT&T 2.95 15/05/2016 USD 500,000 521,373 0.19 AT&T 5.50 01/02/2018 USD 700,000 787,976 0.29 AT&T 4.45 15/05/2021 USD 400,000 421,132 0.16 Atlantia 4.50 08/02/2019 EUR 400,000 605,812 0.23 Atlas Copco 2.63 15/03/2019 EUR 600,000 860,390 0.32 Atrium European Real Estate 4.00 20/04/2020 EUR 300,000 411,653 0.15 Australia & New Zealand Banking Group 3.75 10/03/2017 EUR 600,000 891,836 0.33 Australia & New Zealand Banking Group 1.45 15/05/2018 USD 1,200,000 1,161,336 0.43 Baidu 2.25 28/11/2017 USD 800,000 794,480 0.29 Baidu 3.25 06/08/2018 USD 1,800,000 1,819,436 0.68 Bancolombia 4.25 12/01/2016 USD 1,100,000 1,141,250 0.43 Bank of America 5.63 14/10/2016 USD 300,000 334,315 0.12 Bank of America 5.65 01/05/2018 USD 800,000 910,615 0.34 Bank of America 5.63 01/07/2020 USD 600,000 685,628 0.26 Bank of Montreal 2.50 11/01/2017 USD 800,000 824,072 0.31 Barclays Bank 4.13 15/03/2016 EUR 1,300,000 1,913,181 0.71 Barclays Bank 5.75 17/08/2021 GBP 100,000 187,711 0.07 Bear Stearns 7.25 01/02/2018 USD 300,000 359,211 0.13 Berkshire Hathaway 5.40 15/05/2018 USD 300,000 345,069 0.13 Berkshire Hathaway 3.75 15/08/2021 USD 1,400,000 1,443,443 0.54 BG Energy Capital 3.00 16/11/2018 EUR 800,000 1,163,679 0.43 BG Energy Capital 3.63 16/07/2019 EUR 500,000 747,020 0.28 BHP Billiton Finance 2.13 29/11/2018 EUR 1,000,000 1,407,685 0.52 BNP Paribas 2.00 28/01/2019 EUR 800,000 1,112,430 0.42 BP Capital Markets 2.18 16/02/2016 EUR 500,000 708,131 0.26 Bristol-Myers Squibb 4.38 15/11/2016 EUR 500,000 755,368 0.28 British Sky Broadcasting Group 3.13 26/11/2022 USD 300,000 279,311 0.10 British Telecommunications 8.50 07/12/2016 GBP 200,000 390,547 0.15 British Telecommunications 6.63 23/06/2017 GBP 700,000 1,321,557 0.49 BUPA Finance 7.50 04/07/2016 GBP 600,000 1,124,920 0.42 Cap Gemini 5.25 29/11/2016 EUR 1,000,000 1,519,405 0.57 Campbell Soup 2.50 02/08/2022 USD 800,000 705,734 0.26 Carrefour 5.13 10/10/2014 EUR 300,000 427,688 0.16 Casino Guichard Perrachon 4.73 26/05/2021 EUR 200,000 308,003 0.11 CBQ Finance 3.38 11/04/2017 USD 1,900,000 1,961,750 0.73 Cellco Partnership 8.75 18/12/2015 EUR 300,000 475,637 0.18 Centrica 7.00 19/09/2018 GBP 1,100,000 2,161,264 0.81

MGI Funds plc 177 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Charles Schwab 4.45 22/07/2020 USD 200,000 216,196 0.08 CIMB Bank Bhd 2.38 26/07/2017 USD 1,900,000 1,875,562 0.70 Citigroup 2.65 02/03/2015 USD 1,000,000 1,020,282 0.38 Citigroup 5.30 07/01/2016 USD 100,000 108,092 0.04 Citigroup 1.75 01/05/2018 USD 200,000 196,659 0.07 Citigroup 5.38 09/08/2020 USD 300,000 341,293 0.13 Citigroup 3.38 01/03/2023 USD 200,000 190,103 0.07 Citycon 3.75 24/06/2020 EUR 400,000 554,605 0.21 Clorox 3.80 15/11/2021 USD 800,000 805,077 0.30 CLP Power Hong Kong Financing 4.75 19/03/2020 USD 800,000 839,023 0.31 CLP Power Hong Kong Financing 2.88 26/04/2023 USD 2,000,000 1,766,216 0.66 Coca-Cola 1.50 15/11/2015 USD 1,400,000 1,426,403 0.53 Coca-Cola 5.35 15/11/2017 USD 400,000 455,434 0.17 Colgate-Palmolive 2.45 15/11/2021 USD 1,600,000 1,505,803 0.56 Colgate-Palmolive 1.95 01/02/2023 USD 1,200,000 1,043,064 0.39 Comcast 5.85 15/11/2015 USD 600,000 656,447 0.24 Comcast 5.88 15/02/2018 USD 200,000 229,399 0.09 Commonwealth Bank of Australia 1.95 16/03/2015 USD 700,000 711,698 0.27 Commonwealth Bank of Australia 3.88 14/12/2015 GBP 100,000 173,716 0.07 Commonwealth Bank of Australia 4.25 10/11/2016 EUR 200,000 300,416 0.11 Commonwealth Bank of Australia 4.25 06/04/2018 EUR 300,000 458,763 0.17 Compass Group 3.13 13/02/2019 EUR 600,000 873,538 0.33 Competition Team Technologies 2.13 13/12/2017 USD 1,800,000 1,745,437 0.65 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4.50 11/01/2021 USD 1,600,000 1,698,250 0.63 Corpbanca 3.13 15/01/2018 USD 1,100,000 1,052,352 0.39 CSX 6.25 01/04/2015 USD 700,000 748,191 0.28 CVS Caremark 5.75 01/06/2017 USD 147,000 166,714 0.06 Danone 2.50 29/09/2016 EUR 1,400,000 2,012,584 0.75 Danske Bank 3.88 28/02/2017 EUR 800,000 1,191,337 0.44 Delta Lloyd 4.25 17/11/2017 EUR 1,000,000 1,479,756 0.55 Diageo Capital 5.75 23/10/2017 USD 1,600,000 1,825,946 0.68 Doha Finance 3.50 14/03/2017 USD 1,900,000 1,963,270 0.73 Dominion Resources 6.40 15/06/2018 USD 1,000,000 1,166,194 0.43 EI du Pont de Nemours & Co 2.80 15/02/2023 USD 1,300,000 1,190,596 0.44 Embraer 5.15 15/06/2022 USD 1,000,000 1,000,000 0.37 Embraer Overseas 6.38 24/01/2017 USD 300,000 328,500 0.12 Enel Finance International 4.63 24/06/2015 EUR 100,000 144,565 0.05 Enel Finance International 6.25 15/09/2017 USD 300,000 335,047 0.13 Enel Finance International 4.88 11/03/2020 EUR 200,000 306,048 0.11 Entergy 3.63 15/09/2015 USD 800,000 825,222 0.31 Enterprise Products Operating 6.50 31/01/2019 USD 800,000 938,442 0.35 Enterprise Products Operating 4.05 15/02/2022 USD 800,000 810,714 0.30 EQT 4.88 15/11/2021 USD 1,300,000 1,333,163 0.50 Eutelsat 4.13 27/03/2017 EUR 600,000 892,190 0.33 Experian Finance 4.75 04/02/2020 EUR 900,000 1,402,652 0.52 Express Scripts Holding 3.13 15/05/2016 USD 800,000 834,970 0.31 Express Scripts Holding 3.90 15/02/2022 USD 600,000 600,570 0.22 FGB Sukuk 3.80 02/08/2016 USD 1,800,000 1,878,840 0.70 Ford Motor Credit 4.38 06/08/2023 USD 1,600,000 1,608,574 0.60 Gas Natural Capital Markets 5.00 13/02/2018 EUR 1,000,000 1,545,160 0.57 GE Capital European Funding 3.75 04/04/2016 EUR 500,000 730,725 0.27 GE Capital European Funding 5.38 23/01/2020 EUR 100,000 161,601 0.06 Gecina 4.25 03/02/2016 EUR 800,000 1,169,990 0.44 Genentech 4.75 15/07/2015 USD 800,000 850,802 0.32 General Electric 5.25 06/12/2017 USD 800,000 905,554 0.34 General Electric Capital 2.95 09/05/2016 USD 100,000 104,697 0.04

MGI Funds plc 178 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) General Electric Capital 5.63 01/05/2018 USD 500,000 574,184 0.21 General Electric Capital 5.50 08/01/2020 USD 700,000 801,614 0.30 General Electric Capital 4.65 17/10/2021 USD 200,000 217,890 0.08 General Mills 5.65 15/02/2019 USD 1,300,000 1,509,997 0.56 GlaxoSmithKline Capital 2.85 08/05/2022 USD 1,600,000 1,509,034 0.56 Global Switch Holdings 5.50 18/04/2018 EUR 1,000,000 1,552,407 0.58 Goldman Sachs Group 4.50 09/05/2016 EUR 100,000 147,772 0.06 Goldman Sachs Group 3.30 03/05/2015 USD 1,300,000 1,339,425 0.50 Goldman Sachs Group 5.13 23/10/2019 EUR 200,000 314,316 0.12 Heineken 2.50 19/03/2019 EUR 600,000 849,700 0.32 Hera 4.13 16/02/2016 EUR 1,000,000 1,460,079 0.54 HSBC Bank 3.88 24/10/2018 EUR 1,100,000 1,673,328 0.62 HSBC Finance 3.75 04/11/2015 EUR 900,000 1,300,968 0.49 HSBC Holdings 5.10 05/04/2021 USD 500,000 555,725 0.21 HSBC USA 1.63 16/01/2018 USD 200,000 197,211 0.07 Humana 6.45 01/06/2016 USD 200,000 223,483 0.08 Hutchison Whampoa International 5.75 11/09/2019 USD 1,800,000 2,036,297 0.76 Iberdrola Finanzas 4.63 07/04/2017 EUR 700,000 1,059,951 0.40 Intel 3.30 01/10/2021 USD 200,000 198,698 0.07 International Business Machines 2.00 05/01/2016 USD 400,000 410,544 0.15 International Business Machines 2.90 01/11/2021 USD 1,400,000 1,346,996 0.50 International Business Machines 3.38 01/08/2023 USD 500,000 487,152 0.18 Investec Bank 3.88 24/07/2017 USD 1,500,000 1,481,250 0.55 IOI Investment 4.38 27/06/2022 USD 1,400,000 1,314,631 0.49 JM Smucker 3.50 15/10/2021 USD 300,000 297,852 0.11 John Deere Capital 2.80 27/01/2023 USD 200,000 186,890 0.07 Johnson & Johnson 4.75 06/11/2019 EUR 1,600,000 2,595,121 0.97 JPMorgan Chase & Co 4.35 15/08/2021 USD 1,400,000 1,475,488 0.55 JPMorgan Chase & Co 3.20 25/01/2023 USD 300,000 284,408 0.11 Kinder Morgan Energy Partners 6.00 01/02/2017 USD 450,000 504,401 0.19 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 200,000 197,782 0.07 Kinder Morgan Energy Partners 4.15 01/02/2024 USD 600,000 580,483 0.22 Kinder Morgan Energy Partners 3.45 15/02/2023 USD 900,000 835,957 0.31 Kraft Foods Group 3.50 06/06/2022 USD 1,500,000 1,461,891 0.55 Kroger 3.40 15/04/2022 USD 1,300,000 1,260,971 0.47 Linde Finance 3.13 12/12/2018 EUR 700,000 1,035,799 0.39 Lloyds TSB Bank 4.63 02/02/2017 EUR 800,000 1,214,031 0.45 Lloyds Banking Group 4.88 21/01/2016 USD 500,000 533,316 0.20 Lloyds Banking Group 6.38 21/01/2021 USD 700,000 825,436 0.31 Lottomatica Group 5.38 05/12/2016 EUR 600,000 908,545 0.34 Lukoil International Finance 7.25 05/11/2019 USD 700,000 808,500 0.30 Luxottica Group 4.00 10/11/2015 EUR 300,000 435,726 0.16 Luxottica Group 3.63 19/03/2019 EUR 600,000 893,970 0.33 LVMH Moet Hennessy Louis Vuitton 3.38 07/04/2015 EUR 800,000 1,139,482 0.42 LYB International Finance 4.00 15/07/2023 USD 1,600,000 1,579,288 0.59 Macquarie Group 7.63 13/08/2019 USD 600,000 718,572 0.27 Malayan Banking Bhd 3.00 10/02/2017 USD 1,700,000 1,724,888 0.64 Markel 4.90 01/07/2022 USD 1,600,000 1,667,042 0.62 Marks & Spencer 6.25 01/12/2017 USD 1,300,000 1,463,163 0.55 Medtronic 4.45 15/03/2020 USD 900,000 986,326 0.37 Mondelez International 4.13 09/02/2016 USD 1,100,000 1,166,174 0.43 Mondelez International 5.38 10/02/2020 USD 500,000 564,695 0.21 Mondi Finance 5.75 03/04/2017 EUR 500,000 773,210 0.29 Motability Operations Group 5.25 28/09/2016 GBP 800,000 1,445,139 0.54 Murray Street Investment Trust I 4.65 09/03/2017 USD 200,000 215,377 0.08 National Australia Bank 4.75 15/07/2016 EUR 400,000 603,598 0.23

MGI Funds plc 179 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) National Australia Bank 2.75 09/03/2017 USD 700,000 725,452 0.27 National Australia Bank 2.30 25/07/2018 USD 700,000 704,588 0.26 National Grid 5.00 02/07/2018 EUR 900,000 1,419,628 0.53 News America 5.30 15/12/2014 USD 700,000 730,954 0.27 News America 3.00 15/09/2022 USD 600,000 564,032 0.21 Next 5.38 26/10/2021 GBP 800,000 1,446,562 0.54 Nisource Finance 6.13 01/03/2022 USD 200,000 221,752 0.08 Noble Energy 8.25 01/03/2019 USD 1,100,000 1,367,241 0.51 Nordea Bank 3.88 15/12/2015 GBP 1,300,000 2,254,980 0.84 Nordea Bank 3.75 24/02/2017 EUR 600,000 893,300 0.33 Northern Trust 3.38 23/08/2021 USD 100,000 101,475 0.04 Northumbrian Water Finance 6.00 11/10/2017 GBP 400,000 752,059 0.28 Novartis Capital 2.90 24/04/2015 USD 500,000 516,669 0.19 Novartis Capital 4.40 24/04/2020 USD 1,400,000 1,524,789 0.57 Novartis Finance 4.25 15/06/2016 EUR 500,000 746,903 0.28 Novartis Securities Investment 5.13 10/02/2019 USD 900,000 1,019,133 0.38 Omnicom Group 5.90 15/04/2016 USD 800,000 884,335 0.33 Oracle 5.25 15/01/2016 USD 1,000,000 1,091,604 0.41 PepsiCo 7.90 01/11/2018 USD 200,000 249,996 0.09 PepsiCo 2.75 05/03/2022 USD 1,800,000 1,710,176 0.64 Pfizer 4.75 03/06/2016 EUR 300,000 451,980 0.17 Plains All American Pipeline 5.00 01/02/2021 USD 600,000 660,488 0.25 Plains All American Pipeline 2.85 31/01/2023 USD 100,000 90,920 0.03 PNC Funding 3.63 08/02/2015 USD 800,000 827,540 0.31 Pohjola Bank 2.63 20/03/2017 EUR 700,000 1,005,573 0.37 PPL Energy Supply 6.50 01/05/2018 USD 1,500,000 1,668,593 0.62 Procter & Gamble 5.13 24/10/2017 EUR 1,600,000 2,531,501 0.94 Prudential 6.88 20/01/2023 GBP 1,100,000 2,233,888 0.83 QIB Sukuk Funding 3.86 07/10/2015 USD 800,000 830,001 0.31 Qwest 6.75 01/12/2021 USD 1,400,000 1,532,950 0.57 RCI Banque 4.00 16/03/2016 EUR 800,000 1,164,757 0.43 RCI Banque 1.75 06/07/2016 EUR 800,000 1,111,748 0.41 Repsol International Finance 4.38 20/02/2018 EUR 1,000,000 1,504,872 0.56 RHB Bank 3.25 11/05/2017 USD 1,400,000 1,413,017 0.53 Roche Holdings 5.63 04/03/2016 EUR 600,000 912,794 0.34 Roche Holdings 6.00 01/03/2019 USD 726,000 849,591 0.32 Royal Bank of Canada 0.85 08/03/2016 USD 200,000 199,722 0.07 Royal Bank of Scotland 3.95 21/09/2015 USD 700,000 733,193 0.27 Sampo 4.25 27/02/2017 EUR 600,000 891,340 0.33 Sanofi 2.63 29/03/2016 USD 316,000 328,594 0.12 Sanofi 4.13 11/10/2019 EUR 500,000 774,723 0.29 Santander International Debt 3.38 01/12/2015 EUR 400,000 572,051 0.21 Santander International Debt 4.50 18/05/2015 EUR 600,000 863,358 0.32 Sasol Financing International 4.50 14/11/2022 USD 1,600,000 1,488,000 0.55 Securitas 2.75 28/02/2017 EUR 600,000 854,913 0.32 SES 4.63 09/03/2020 EUR 800,000 1,235,527 0.46 Sime Darby Global 2.05 29/01/2018 USD 1,000,000 969,322 0.36 Skandinaviska Enskilda Banken 3.88 12/04/2017 EUR 200,000 298,338 0.11 Snam 4.38 11/07/2016 EUR 800,000 1,185,649 0.44 Snam 2.38 30/06/2017 EUR 500,000 707,688 0.26 Snam 3.88 19/03/2018 EUR 300,000 446,754 0.17 Sodexo 6.25 30/01/2015 EUR 100,000 145,748 0.05 Spectra Energy Capital 6.20 15/04/2018 USD 1,400,000 1,579,577 0.59 State Grid Overseas Investment 2013 1.75 22/05/2018 USD 2,100,000 2,036,971 0.76 Svenska Handelsbanken 3.75 24/02/2017 EUR 500,000 743,610 0.28 Symantec 2.75 15/09/2015 USD 600,000 616,378 0.23

MGI Funds plc 180 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) Telefonaktiebolaget LM Ericsson 4.13 15/05/2022 USD 1,400,000 1,360,758 0.51 Telefonica Emisiones 5.38 02/02/2018 GBP 600,000 1,068,360 0.40 Telefonica Emisiones 5.13 27/04/2020 USD 900,000 956,123 0.36 Telefonica Emisiones 5.46 16/02/2021 USD 600,000 633,086 0.24 Telstra 3.50 21/09/2022 EUR 800,000 1,171,044 0.44 Tencent Holdings 3.38 05/03/2018 USD 1,700,000 1,719,038 0.64 Terna Rete Elettrica Nazionale 4.13 17/02/2017 EUR 1,300,000 1,938,040 0.72 Thermo Fisher Scientific 1.85 15/01/2018 USD 400,000 397,898 0.15 Thermo Fisher Scientific 3.15 15/01/2023 USD 1,300,000 1,209,797 0.45 Time Warner Cable 3.50 01/02/2015 USD 700,000 719,215 0.27 Time Warner Cable 5.85 01/05/2017 USD 200,000 218,140 0.08 Time Warner Cable 5.00 01/02/2020 USD 200,000 203,072 0.08 Tingyi Cayman Islands Holding 3.88 20/06/2017 USD 1,900,000 1,961,750 0.73 Toronto-Dominion Bank 2.50 14/07/2016 USD 1,600,000 1,659,638 0.62 Toronto-Dominion Bank 2.38 19/10/2016 USD 1,000,000 1,038,228 0.39 Transocean 6.50 15/11/2020 USD 1,100,000 1,256,134 0.47 UBS AG 3.88 15/01/2015 USD 407,000 420,779 0.16 Unibail-Rodamco SE 3.00 22/03/2019 EUR 800,000 1,152,648 0.43 Unilever Capital 2.75 10/02/2016 USD 500,000 520,133 0.19 United Parcel Service 2.45 01/10/2022 USD 2,200,000 2,021,611 0.75 United Utilities Water 4.25 24/01/2020 EUR 1,300,000 1,996,263 0.74 Verizon Communications 3.00 01/04/2016 USD 1,000,000 1,042,804 0.39 Verizon Communications 3.50 01/11/2021 USD 900,000 893,526 0.33 Viacom 6.25 30/04/2016 USD 500,000 557,536 0.21 Vivendi 4.88 30/11/2018 EUR 400,000 616,329 0.23 Vodafone Group 5.13 10/04/2015 EUR 700,000 1,018,235 0.38 Vodafone Group 1.50 19/02/2018 USD 800,000 779,990 0.29 Vornado Realty 5.00 15/01/2022 USD 1,100,000 1,143,804 0.43 Wachovia 5.75 01/02/2018 USD 300,000 345,923 0.13 Walgreen 1.80 15/09/2017 USD 1,400,000 1,409,701 0.53 Washington Post 7.25 01/02/2019 USD 700,000 831,651 0.31 Wells Fargo 4.60 01/04/2021 USD 1,800,000 1,973,209 0.74 Westpac Banking 4.25 22/09/2016 EUR 100,000 149,618 0.06 Westpac Banking 4.88 19/11/2019 USD 600,000 665,784 0.25 Westpac Securities 3.88 20/03/2017 EUR 500,000 743,804 0.28 WR Berkley 4.63 15/03/2022 USD 1,300,000 1,314,895 0.49 Wyeth 5.50 15/02/2016 USD 300,000 329,436 0.12 –––––––––––– ––––––– Total corporate bonds 246,500,752 91.86

Total transferable securities 246,500,752 91.86

Financial derivative instruments Open forward foreign currency contracts

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

EUR 1* 8,019,199 USD 10,898,431 01/06/2014 151,605 0.06 NOK 1* 1,599,187,804 USD 260,797,211 01/06/2014 2,767,568 1.03 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 2,919,173 1.09

MGI Funds plc 181 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Financial derivative instruments (continued) Futures contracts 2 Year US Tresury Note Futures 2* 31/03/2014 USD (19) 7,703 0.00 3 Month Euro Euribor Interest Rate Futures 2* 14/09/2015 EUR (14) 2,980 0.00 3 Month Euroyen Futures 2* 16/03/2015 JPY (14) 24 0.00 5 Year US Treasury Note Futures 2* 31/03/2014 USD (327) 478,594 0.18 10 Year US Tresury Notes Futures 2* 20/03/2014 USD (228) 517,155 0.19 90 Day Australia Bank Bill Futures 2* 12/03/2015 AUD (9) 587 0.00 90 Day Australia Bank Bill Futures 2* 11/09/2014 AUD (41) 4,464 0.00 90 Day Eurodollar Futures 2* 16/03/2015 USD (86) 6,975 0.00 90 Day Eurodollar Futures 2* 14/09/2015 USD (38) 15,838 0.01 90 Day Sterling Futures 2* 19/03/2014 GBP 98 124 0.00 90 Day Sterling Futures 2* 18/03/2015 GBP (114) 47,803 0.02 90 Day Sterling Futures 2* 17/09/2014 GBP (36) 4,058 0.00 90 Day Sterling Futures 2* 16/09/2015 GBP (23) 17,028 0.01 Bank Accept Futures 2* 17/03/2014 CAD 20 259 0.00 Bank Accept Futures 2* 16/03/2015 CAD (90) 4,024 0.00 German Euro Bobl Futures 2* 16/03/2014 EUR (97) 145,071 0.05 German Euro Bund Futures 2* 16/03/2014 EUR (74) 191,811 0.07 Long Gilt Futures 2* 27/03/2014 GBP 4 14,906 0.01 –––––––––––– ––––––– Unrealised gain on futures contracts 1,459,404 0.54

Total financial derivative instruments at positive fair value 4,378,577 1.63

Total financial assets at fair value through profit or loss 250,879,329 93.49

Financial liabilities at fair value through profit or loss Open forward foreign currency contracts

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

USD 1* 84,991,680 EUR 61,800,000 13/01/2014 (165,201) (0.06) USD 1* 34,405 EUR 25,000 06/01/2014 (44) 0.00 USD 1* 16,935,414 GBP 10,300,000 13/01/2014 (122,853) (0.05) USD 1* 6,217,856 NOK 38,075,474 06/01/2014 (57,426) (0.02) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (345,524) (0.13)

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

3 Month Euribor Interest Rate Futures 2* 17/03/2014 EUR 10 (585) 0.00 3 Month Euribor Interest Rate Futures 2* 16/03/2015 EUR (38) (12,194) (0.01) 3 Month Euribor Interest Rate Futures 2* 15/09/2014 EUR (23) (6,873) 0.00 3 Month Euroyen Futures 2* 12/09/2014 JPY 10 (36) 0.00 3 Year Australian Treasury Bond Futures 2* 17/03/2014 AUD (30) (7,221) 0.00 10 Year Australian Treasury Bond Futures 2* 21/03/2014 AUD (6) (5,640) 0.00 10 Year Government of Canada Bond Futures 2* 20/03/2014 CAD 2 (3,878) 0.00

MGI Funds plc 182 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 1 as at 31 December 2013 (continued)

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

Financial liabilities at fair value through profit or loss (continued) Futures contracts (continued) 90 Day Australia Bank Bill Futures 2* 13/03/2014 AUD 142 (6,187) 0.00 90 Day Eurodollar Futures 2* 17/03/2014 USD 9 (63) 0.00 90 Day Eurodollar Futures 2* 15/09/2014 USD (52) (1,488) 0.00 Bank Accept Futures 2* 15/09/2014 CAD (59) (3,671) 0.00 German Euro Schatz Futures 2* 06/03/2014 EUR 15 (4,547) 0.00 Japan 10 Year Bond Futures 2* 11/03/2014 JPY 1 (6,470) (0.01) –––––––––––– ––––––– Unrealised loss on futures contracts (58,853) (0.02)

Total financial derivative instruments at negative fair value (404,377) (0.15)

Total financial derivative instruments 3,974,200 1.48

Total investments at fair value through profit and loss 250,474,952 93.34

Cash 14,259,302 5.31

Net current assets 3,618,858 1.35 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 268,353,112 100.00 –––––––––––– –––––––

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 91.65 Financial derivative instruments dealt in on a regulated market 0.54 OTC traded financial derivative instruments 1.09 Other assets 6.72 ––––––– 100.00 –––––––

The following is a list of the counterparty details for OTC derivatives and futures contracts:

Reference Counterparty 1* State Street Bank and Trust 2* JP Morgan

MGI Funds plc 183 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Asset backed securities Apollo Trust 3.55 24/06/2044 AUD 1,015,010 901,703 0.46 Bank of America Commercial Mortgage Trust 2006-6 5.31 10/10/2045 USD 33,436 33,509 0.02 Bilkreditt 3 0.75 26/04/2027 EUR 164,068 226,336 0.12 Bilkreditt 4 0.68 25/12/2027 EUR 629,020 868,027 0.44 CD 2005-CD1 Commercial Mortgage Trust 5.22 15/07/2044 USD 195,144 196,481 0.10 COBALT CMBS Commercial Mortgage Trust 2007-C3 5.77 15/05/2046 USD 792,459 874,393 0.45 Commercial Mortgage Trust 2005-GG5 5.22 10/04/2037 USD 1,200,000 1,265,494 0.65 Credit Suisse Commercial Mortgage Trust Series 2006-C3 5.79 15/06/2038 USD 425,011 460,334 0.24 E-CARAT 2012-1 1.30 18/06/2020 GBP 217,649 360,574 0.18 ECAR 2013-1 0.85 18/11/2020 EUR 397,306 547,113 0.28 Epic More London 0.77 15/07/2017 GBP 277,107 456,434 0.23 EuroMASTR 0.73 15/06/2040 GBP 387,304 575,575 0.29 Eurosail 0.68 10/06/2044 GBP 319,240 509,290 0.26 Eurosail 0.52 15/12/2044 EUR 900,000 1,111,343 0.56 Eurosail 0.39 13/03/2045 EUR 86,793 119,572 0.06 Great Hall Mortgages 0.66 18/03/2039 GBP 316,972 489,404 0.25 Great Hall Mortgages 0.42 18/03/2039 EUR 1,267,887 1,623,721 0.83 Landmark Mortgage Securities 0.73 17/06/2039 GBP 192,733 289,305 0.15 Leek Finance Number Eighteen 0.51 21/09/2038 USD 522,350 536,753 0.27 Lunet RMBS 2013-1 0.79 26/12/2045 EUR 841,176 1,159,915 0.59 Newgate Funding 0.53 01/12/2050 EUR 800,000 939,518 0.49 Opera Finance 0.72 02/02/2017 GBP 237,626 393,100 0.20 SLM Private Credit Student Loan Trust 2006 0.42 15/03/2024 USD 600,000 578,866 0.30 SLM Private Education Loan Trust 2013 0.82 15/07/2022 USD 519,605 519,345 0.27 Silver Arrow 0.47 20/10/2021 EUR 600,000 826,969 0.42 Uropa Securities 0.43 10/10/2040 EUR 964,655 1,277,051 0.64 –––––––––––– ––––––– 17,140,125 8.75 Corporate bonds Abbey National Treasury Services 3.38 08/06/2015 EUR 300,000 430,124 0.22 AbbVie 2.00 06/11/2018 USD 600,000 593,526 0.30 American Tower 7.00 15/10/2017 USD 1,100,000 1,267,852 0.65 BA Covered Bond Issuer 4.25 05/04/2017 EUR 200,000 302,620 0.16 Baidu 3.25 06/08/2018 USD 1,200,000 1,212,958 0.62 Banco de Sabadell 3.25 15/06/2015 EUR 900,000 1,272,367 0.65 Banco Santander 3.13 28/09/2015 EUR 900,000 1,280,910 0.65 Bank Nederlandse Gemeenten 2.25 12/01/2017 EUR 500,000 720,110 0.37 Bank of America 7.38 15/05/2014 USD 500,000 512,444 0.26 Bank of Nova Scotia 1.65 29/10/2015 USD 900,000 917,640 0.47 Banque PSA Finance 4.25 25/02/2016 EUR 400,000 573,519 0.29 BP Capital Markets 6.00 17/03/2015 AUD 1,600,000 1,472,993 0.75 Burlington Northern Santa Fe 5.65 01/05/2017 USD 1,200,000 1,345,813 0.69 CaixaBank 3.25 05/10/2015 EUR 1,000,000 1,426,705 0.73 Citigroup 5.50 15/10/2014 USD 64,000 66,377 0.03 Council of Europe Development Bank 5.63 14/12/2015 AUD 1,200,000 1,122,111 0.57 Council of Europe Development Bank 1.13 22/10/2018 EUR 2,300,000 3,169,728 1.62 Depfa ACS Bank 4.38 15/01/2015 EUR 700,000 994,849 0.51 Depfa ACS Bank 3.88 14/11/2016 EUR 400,000 578,511 0.30 Dexia Credit Local 2.75 10/01/2014 USD 1,600,000 1,600,720 0.82 Dexia Credit Local 0.41 04/11/2015 EUR 1,200,000 1,652,250 0.84 Dexia Credit Local 0.62 07/11/2016 USD 2,600,000 2,598,521 1.33 Eurofima 5.63 24/10/2016 AUD 500,000 472,311 0.24 Eurofima 6.25 28/12/2018 AUD 200,000 194,699 0.10 European Investment Bank 6.25 08/06/2021 AUD 1,600,000 1,546,185 0.79 European Union 2.75 03/06/2016 EUR 500,000 727,387 0.37 European Union 3.25 04/04/2018 EUR 300,000 453,652 0.23

MGI Funds plc 184 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Corporate bonds (continued) European Union 2.75 04/04/2022 EUR 500,000 730,567 0.37 FMS Wertmanagement AoeR 1.63 22/02/2017 EUR 800,000 1,130,073 0.58 FMS Wertmanagement AoeR 1.00 18/07/2017 EUR 500,000 693,769 0.35 Ford Motor Credit 2.38 16/01/2018 USD 1,200,000 1,211,952 0.62 General Electric Capital Australia Funding 6.00 15/04/2015 AUD 500,000 462,746 0.24 General Electric Capital Australia Funding 4.50 30/01/2018 AUD 700,000 629,444 0.32 German Postal Pensions Securitisation 3.38 18/01/2016 EUR 3,200,000 4,658,174 2.38 HBOS 5.37 30/06/2021 EUR 100,000 141,540 0.07 HSH N Finance Guernsey 0.74 21/12/2015 EUR 400,000 553,500 0.28 International Lease Finance 5.75 15/05/2016 USD 500,000 535,625 0.27 KFW 2.00 30/11/2015 EUR 800,000 1,135,463 0.58 KFW 3.75 07/09/2016 GBP 2,100,000 3,710,518 1.90 KFW 0.88 25/06/2018 EUR 300,000 410,747 0.21 Landwirtschaftliche Rentenbank 4.25 24/01/2023 AUD 600,000 505,923 0.26 Lloyds TSB Bank 1.50 02/05/2017 GBP 500,000 827,321 0.42 Morgan Stanley 6.25 28/08/2017 USD 1,000,000 1,144,229 0.58 Nykredit Realkredit 2.00 01/01/2015 DKK 2,200,000 413,368 0.21 Petrobras Global Finance 1.86 20/05/2016 USD 1,200,000 1,197,000 0.61 Realkredit Danmark 2.00 01/01/2015 DKK 1,600,000 300,605 0.15 Royal Bank of Scotland 1.02 14/10/2016 USD 800,000 768,031 0.39 Royal Bank of Scotland 3.36 17/02/2017 AUD 1,000,000 795,737 0.41 SLM 6.00 25/01/2017 USD 1,100,000 1,190,750 0.61 Stadshypotek 3.69 10/10/2017 AUD 500,000 449,946 0.23 Stadshypotek 1.88 02/10/2019 USD 900,000 867,420 0.44 Svensk Exportkredit 1.13 05/04/2018 USD 1,000,000 975,540 0.50 VeriSign 4.63 01/05/2023 USD 300,000 286,500 0.15 Verizon Communications 1.99 14/09/2018 USD 900,000 946,348 0.48 Westpac Banking 1.85 26/11/2018 USD 500,000 491,050 0.25 –––––––––––– ––––––– 55,670,768 28.42 Government bonds Australia Government Bond 4.50 21/04/2033 AUD 1,600,000 1,377,030 0.70 Autonomous Community of Madrid Spain 4.20 24/09/2014 EUR 400,000 561,509 0.29 Bundesobligation 1.00 12/10/2018 EUR 800,000 1,106,464 0.56 France Government Bond 3.50 25/04/2015 EUR 3,700,000 5,315,488 2.71 France Government Bond 1.00 25/11/2018 EUR 400,000 545,371 0.28 Instituto de Credito Oficial 5.00 15/05/2015 NOK 1,000,000 166,511 0.08 Italy Buoni Poliennali Del Tesoro 4.50 15/07/2015 EUR 500,000 723,295 0.37 Italy Buoni Poliennali Del Tesoro 3.00 01/11/2015 EUR 1,100,000 1,564,119 0.80 Italy Buoni Poliennali Del Tesoro 4.75 01/05/2017 EUR 200,000 298,850 0.15 Italy Buoni Poliennali Del Tesoro 4.75 01/06/2017 EUR 3,000,000 4,481,468 2.29 Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 1,000,000 1,520,704 0.78 Italy Buoni Poliennali Del Tesoro 3.50 01/11/2017 EUR 600,000 862,900 0.44 Junta de Castilla y Leon 6.51 01/03/2019 EUR 300,000 471,891 0.24 Kommunalbanken 1.38 08/06/2017 USD 1,100,000 1,105,830 0.56 Mexican Government Bond 7.00 19/06/2014 MXN 150,000,000 11,632,638 5.94 Mexican Government Bond 10.00 05/12/2024 MXN 2,400,000 233,991 0.12 Mexican Bonos 7.75 14/12/2017 MXN 1,600,000 133,914 0.07 Mexico Cetes 0.00 06/03/2014 MXN 570,000,000 4,327,416 2.21 Mexico Cetes 0.00 20/03/2014 MXN 600,000,000 4,546,837 2.32 New Zealand Government Bond 5.00 15/03/2019 NZD 8,500,000 7,244,770 3.70 New Zealand Government Bond 5.50 15/04/2023 NZD 1,000,000 870,499 0.44 New Zealand Government Bond 2.00 20/09/2025 NZD 500,000 385,138 0.20 New Zealand Government Bond 3.00 20/09/2030 NZD 2,000,000 1,647,812 0.84 Province of Ontario Canada 4.30 08/03/2017 CAD 1,600,000 1,628,205 0.83 Province of Quebec Canada 4.50 01/12/2017 CAD 1,600,000 1,643,625 0.84

MGI Funds plc 185 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Government bonds (continued) Slovenia Government International Bond 4.70 01/11/2016 EUR 1,000,000 1,414,038 0.72 Spain Government Bond 3.30 30/07/2016 EUR 1,500,000 2,138,450 1.09 Spain Government Bond 3.80 31/01/2017 EUR 2,000,000 2,897,939 1.48 Spain Government Bond 5.50 30/07/2017 EUR 2,700,000 4,128,264 2.11 Spain Government Bond 4.50 31/01/2018 EUR 5,800,000 8,605,057 4.39 Spain Government Bond 3.75 31/10/2018 EUR 1,800,000 2,594,159 1.32 Spain Government Bond 4.40 31/10/2023 EUR 100,000 140,289 0.07 United Kingdom Gilt 1.25 22/07/2018 GBP 1,000,000 1,612,524 0.82 United Kingdom Gilt 4.75 07/12/2038 GBP 200,000 394,287 0.20 United States Treasury Bill 0.00 16/01/2014 USD 400,000 399,998 0.20 United States Treasury Bill 0.00 06/02/2014 USD 505,000 504,992 0.26 United States Treasury Bill 0.00 13/11/2014 USD 300,000 299,738 0.15 United States Treasury Inflation Indexed Bonds 0.13 15/04/2018 USD 7,274,952 7,419,884 3.79 United States Treasury Inflation Indexed Bonds 0.13 15/07/2022 USD 101,567 97,290 0.05 United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 1,011,890 955,683 0.49 United States Treasury Inflation Indexed Bonds 2.38 15/01/2025 USD 743,460 854,572 0.44 United States Treasury Note 0.38 15/11/2014 USD 8,200,000 8,215,695 4.19 United States Treasury Note 0.38 15/03/2015 USD 13,500,000 13,527,945 6.91 United States Treasury Note 1.75 31/10/2020 USD 3,100,000 2,974,063 1.52 United States Treasury Note 2.00 30/11/2020 USD 1,300,000 1,265,469 0.66 United States Treasury Note 2.00 15/02/2022 USD 300,000 284,695 0.15 United States Treasury Note 1.63 15/11/2022 USD 500,000 451,328 0.23 United States Treasury Note 2.50 15/08/2023 USD 11,500,000 11,043,586 5.64 –––––––––––– ––––––– 126,616,220 64.64

Total transferable securities 199,427,113 101.81

Financial derivative instruments Open forward foreign currency contracts

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

AUD 7* 9,734,000 USD 8,626,981 06/01/2014 79,821 0.04 EUR 9* 18,659,796 USD 25,359,422 06/01/2014 352,798 0.18 EUR 4* 25,011,673 USD 34,178,451 02/01/2014 286,371 0.15 EUR 8* 22,583,327 USD 31,052,075 02/01/2014 66,610 0.03 GBP 10* 5,281,000 USD 8,650,595 02/01/2014 96,055 0.05 GBP 10* 126,000 USD 204,935 04/02/2014 3,710 0.00 NOK 9* 1,057,053,764 USD 172,388,240 06/01/2014 1,826,534 0.94 NZD 4* 12,696,000 USD 10,362,285 06/01/2014 87,158 0.04 USD 12* 7,601,996 AUD 8,326,000 06/01/2014 154,612 0.09 USD 6* 1,286,853 AUD 1,408,000 06/01/2014 27,435 0.01 USD 6* 717,285 DKK 3,870,000 01/04/2014 1,999 0.00 USD 4* 129,031 JPY 12,800,000 18/02/2014 7,222 0.00 USD 11* 11,739,776 MXN 152,570,123 06/03/2014 150,210 0.08 USD 1* 4,335,618 MXN 56,271,981 06/03/2014 61,073 0.03 USD 8* 4,453,902 MXN 58,426,286 20/03/2014 20,252 0.01 USD 8* 216,791 MXN 2,824,000 06/03/2014 2,273 0.00 USD 5* 74,827 MXN 981,882 20/03/2014 318 0.00 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 3,224,451 1.65

MGI Funds plc 186 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (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 (continued) Transferable securities (continued) Interest rate swaps 6 Month LIBOR 1* Fixed 3.50% 19/03/2044 GBP 1,500,000 855 0.00 6 Month LIBOR 1* Fixed 3.00% 19/03/2024 GBP 400,000 4,538 0.00 Fixed 5.51% 2* Less than 1 Month TIIE 11/09/2018 MXN 12,200,000 5,436 0.00 3 Month LIBOR 1* Fixed 3.00% 18/12/2023 USD 4,600,000 5,006 0.00 3 Month LIBOR 1* Fixed 3.50% 18/12/2043 USD 800,000 53,395 0.03 –––––––––––– ––––––– Total interest rate swaps at positive fair value 69,230 0.03

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

3 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR (3) 1,964 0.00 3 Year Australian TBond Futures 1* 17/03/2014 AUD 18 4,039 0.00 10 Year Canadian TBond Futures 1* 20/03/2014 CAD (46) 34,869 0.02 10 Year Japan Bond Futures 1* 11/03/2014 JPY (1) 6,375 0.00 10 Year US Treasury Notes Futures 1* 20/03/2014 USD (98) 88,780 0.05 90 Day Euro Futures 1* 16/06/2014 USD 60 825 0.00 90 Day Sterling Futures 1* 17/12/2014 GBP 209 17,856 0.01 Euro Bobl Futures 1* 06/03/2014 EUR (28) 49,386 0.03 Euro BTP Futures 1* 06/03/2014 EUR 5 1,998 0.00 Euro Bund Futures 1* 06/03/2014 EUR (82) 100,301 0.05 Long Gilt Futures 1* 27/03/2014 GBP (89) 257,083 0.12 US Long Bond Futures 1* 20/03/2014 USD (70) 167,922 0.09 –––––––––––– ––––––– Unrealised gain on futures contracts 731,398 0.37

Options - purchased

Expired Notional Fair value % of Currency date amount US$ Net assets

Call at 128.50 10 Year US Treasury Note Future Option 1* USD 24/01/2014 8,000 125 0.00 –––––––––––– ––––––– Unrealised gain on options purchased 125 0.00

Total financial derivative instruments at positive fair value 4,025,204 2.05

Total financial assets at fair value through profit or loss 203,452,317 103.86

MGI Funds plc 187 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (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 Financial derivative instruments (continued) Open forward foreign currency contracts BRL 11* 131,238 USD 59,163 03/01/2014 (3,536) (0.00) MXN 7* 1,854,000 USD 142,118 06/03/2014 (1,284) (0.00) USD 8* 1,165,228 AUD 1,319,000 04/02/2014 (12,336) (0.01) USD 7* 8,610,356 AUD 9,734,000 04/02/2014 (79,873) (0.04) USD 10* 3,212,580 CAD 3,424,000 20/03/2014 (3,943) (0.00) USD 1* 624,121 EUR 453,000 04/02/2014 (81) (0.00) USD 9* 38,468 EUR 27,984 06/01/2014 (93) (0.00) USD 11* 1,329,688 EUR 966,000 04/02/2014 (1,392) (0.00) USD 7* 360,173 EUR 264,000 04/02/2014 (3,600) (0.00) USD 10* 1,458,410 EUR 1,075,000 02/01/2014 (22,886) (0.01) USD 13* 1,433,356 EUR 1,064,000 02/01/2014 (32,782) (0.02) USD 8* 31,051,398 EUR 22,583,327 04/02/2014 (66,835) (0.03) USD 4* 37,162,005 EUR 27,187,673 04/02/2014 (300,691) (0.15) USD 11* 26,200,292 EUR 19,470,839 02/01/2014 (629,541) (0.32) USD 7* 35,171,175 EUR 25,985,161 02/01/2014 (635,065) (0.32) USD 10* 8,648,694 GBP 5,281,000 04/02/2014 (96,150) (0.06) USD 1* 8,552,273 GBP 5,281,000 02/01/2014 (194,377) (0.11) USD 8* 162,095 NOK 995,000 03/01/2014 (1,911) (0.00) USD 9* 4,276,480 NOK 26,187,324 06/01/2014 (39,496) (0.02) USD 6* 10,421,245 NZD 12,696,000 06/01/2014 (28,198) (0.01) USD 4* 10,340,892 NZD 12,696,000 04/02/2014 (87,261) (0.04) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (2,241,331) (1.14)

Interest rate swaps

Fund Fund Maturity Nominal Fair value % of receives pays date Currency holdings US$ Net assets

Fixed 1.50% 1* 6 Month LIBOR 19/06/2033 JPY (280,000,000) (73,665) (0.04) 6 Month LIBOR 1* Fixed 1.00% 18/09/2023 JPY (150,000,000) (17,149) (0.01) Fixed 5.00% 6* 1 Month TIIE 11/06/2018 MXN (6,000,000) (5,556) (0.00) Fixed 5.24% 10* 1 Month TIIE 05/10/2018 MXN (500,000) (275) (0.00) Fixed 5.24% 5* 1 Month TIIE 05/10/2018 MXN (300,000) (177) (0.00) Fixed 3.00% 1* 3 Month LIBOR 20/06/2023 USD (8,100,000) (505,428) (0.26) –––––––––––– ––––––– Total interest rate swaps at negative fair value (602,250) (0.31)

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

3 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR (3) (258) 0.00 3 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR 23 (2,773) 0.00 3 Month Euribor Interest Rate Futures 1* 15/09/2014 EUR 10 (861) 0.00 90 Day Euro Futures 1* 15/12/2014 USD 127 (6,758) 0.00 90 Day Euro Futures 1* 16/03/2015 USD 11 (1,788) 0.00 90 Day Euro Futures 1* 15/09/2014 USD 65 (1,288) 0.00 90 Day Sterling Futures 1* 18/06/2014 GBP 108 (2,236) 0.00 90 Day Sterling Futures 1* 17/09/2014 GBP 78 (9,006) (0.01) –––––––––––– ––––––– Unrealised loss on futures contracts (24,968) (0.01)

MGI Funds plc 188 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (continued)

Expired Notional Fair value % of Currency date amount US$ Net assets

Financial liabilities at fair value through profit or loss (continued) Financial derivative instruments (continued) Swaptions written

Put at 0.40 on 1 year interest rate swap 3* EUR 12/03/2014 (2,800,000) (566) 0.00 Call at 0.40 on 1 year interest rate swap 3* EUR 12/03/2014 (2,800,000) (4,516) 0.00 Call at 2.50 on 10 year interest rate swap 3* USD 03/03/2014 (2,600,000) (259) 0.00 Call at 2.50 on 10 year interest rate swap 1* USD 27/01/2014 (5,200,000) (10) 0.00 –––––––––––– ––––––– Unrealised loss on swaptions written (5,351) (0.00)

Options - written

Expired Notional Fair value % of Currency date amount US$ Net assets

Call at 124.00 10 Year US Treasury Note Future Option 1* USD 24/01/2014 (8,000) (1,875) 0.00 Call at 124.50 10 Year US Treasury Note Future Option 1* USD 24/01/2014 (9,000) (1125) 0.00 Call at 99.75 Eurodollar Future Option 1* USD 16/06/2014 (57,500) (1,150) 0.00 Put at 99.75 Eurodollar Future Option 1* USD 16/06/2014 (57,500) (4,888) (0.01) –––––––––––– ––––––– Unrealised loss on options written (9,038) (0.01)

Total financial derivative instruments at negative fair value (2,882,938) (1.47)

Total financial liabilities at fair value through profit or loss (2,882,938) (1.47)

Total financial derivative instruments 1,142,266 0.58

Total investments at fair value through profit and loss 200,569,379 102.39

Cash (4,212,789) (2.15)

Net current liabilities (470,001) (0.24) –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 195,886,589 100.00 –––––––––––– –––––––

MGI Funds plc 189 MGI Funds plc Portfolio Statement Mercer Short Duration Global Bond Fund 2 as at 31 December 2013 (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 94.12 Financial derivative instruments dealt in on a regulated market 0.35 OTC financial derivative instruments 1.55 Other current assets 3.98 ––––––– 100.00 –––––––

Reference Counterparty 1* Credit Suisse 2* Morgan Stanley 3* Royal Bank of Scotland 4* UBS 5* Goldman Sachs 6* HSBC 7* Bank of America 8* BNP Paribas 9* State Street Bank 10* Deutsche Bank 11* JP Morgan Chase 12* Societe Generale 13* Westpac Banking Corporation

MGI Funds plc 190 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013

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

Financial assets at fair value through profit or loss Transferable securities Bonds Corporate bonds Australia BHP Billiton Finance 3.25 21/11/2021 USD 1,200,000 1,192,889 0.20 BHP Billiton Finance 3.85 30/09/2023 USD 250,000 251,085 0.04 Rio Tinto Finance 9.00 01/05/2019 USD 710,000 926,992 0.15 Telstra 4.80 12/10/2021 USD 1,520,000 1,636,690 0.27 Wesfarmers 2.75 02/08/2022 EUR 2,090,000 2,881,066 0.48 –––––––––––– ––––––– 6,888,722 1.14 Belgium Anheuser-Busch InBev 9.75 30/07/2024 GBP 175,000 433,276 0.07 Anheuser-Busch InBev 4.00 24/09/2025 GBP 220,000 361,081 0.06 Brussels Airport Holding 3.25 01/07/2020 EUR 400,000 570,528 0.09 Eandis 2.88 09/10/2023 EUR 1,900,000 2,605,649 0.43 Elia System Operator 3.25 04/04/2028 EUR 600,000 817,747 0.14 –––––––––––– ––––––– 4,788,281 0.79 Bermuda Holcim GB Finance 8.75 24/04/2017 GBP 500,000 990,364 0.16 Novartis Securities Investment 5.13 10/02/2019 USD 1,415,000 1,602,304 0.27 Qtel International Finance 4.75 16/02/2021 USD 1,200,000 1,260,000 0.21 Qtel International Finance 4.75 16/02/2021 USD 1,350,000 1,417,500 0.23 –––––––––––– ––––––– 5,270,168 0.87 Brazil Vale Overseas 6.25 23/01/2017 USD 1,300,000 1,441,878 0.24 Votorantim Cimentos 5.25 28/04/2017 EUR 1,250,000 1,850,758 0.30 –––––––––––– ––––––– 3,292,636 0.54 British Virgin Islands CNOOC 4.25 26/01/2021 USD 2,600,000 2,640,274 0.43 –––––––––––– ––––––– Canada Canadian National Railway 5.55 01/03/2019 USD 1,200,000 1,377,012 0.23 Cenovus Energy 3.00 15/08/2022 USD 1,700,000 1,594,156 0.26 Thomson Reuters 1.30 23/02/2017 USD 860,000 856,207 0.14 –––––––––––– ––––––– 3,827,375 0.63 Cayman Islands Hutchison Whampoa 6.25 24/01/2014 USD 1,300,000 1,303,601 0.22 Hutchison Whampoa 7.63 09/04/2019 USD 1,500,000 1,826,880 0.30 Petrobras International Finance - Pifco 5.75 20/01/2020 USD 2,550,000 2,623,794 0.43 Tencent Holdings 4.63 12/12/2016 USD 2,550,000 2,747,569 0.45 Yorkshire Water Services Bradford Finance 6.00 21/08/2019 GBP 800,000 1,521,893 0.25 –––––––––––– ––––––– 10,023,737 1.65 Channel Islands Annington Repackaging No 1 5.32 10/01/2023 GBP 1,550,000 2,772,329 0.46 Heathrow Funding 5.23 15/02/2023 GBP 500,000 894,568 0.15 Heathrow Funding 4.63 31/10/2046 GBP 600,000 962,082 0.16 Porterbrook Rail Finance 5.50 20/04/2019 GBP 1,660,000 3,010,850 0.49 –––––––––––– ––––––– 7,639,829 1.26 Czech Republic CEZ 4.25 03/04/2022 USD 2,650,000 2,647,207 0.44 –––––––––––– –––––––

MGI Funds plc 191 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) France Aeroports de Paris 2.75 05/06/2028 EUR 500,000 654,080 0.11 Areva 3.88 23/09/2016 EUR 600,000 879,054 0.15 Areva 4.63 05/10/2017 EUR 1,500,000 2,271,632 0.37 Banque Federative du Credit Mutuel 3.00 28/11/2023 EUR 600,000 834,043 0.14 BNP Paribas 5.00 15/01/2021 USD 1,910,000 2,095,245 0.35 BNP Paribas 3.25 03/03/2023 USD 800,000 756,914 0.12 Casino Guichard Perrachon 4.47 04/04/2016 EUR 700,000 1,033,785 0.17 Casino Guichard Perrachon 4.48 12/11/2018 EUR 600,000 915,499 0.15 Casino Guichard Perrachon 3.16 06/08/2019 EUR 600,000 855,327 0.14 Cie de St-Gobain 5.63 15/12/2016 GBP 850,000 1,542,753 0.25 Danone 2.25 15/11/2021 EUR 2,000,000 2,737,069 0.45 Electricite de France 5.88 18/07/2031 GBP 1,625,000 3,051,435 0.50 Eutelsat 3.13 10/10/2022 EUR 700,000 949,990 0.16 France Telecom 8.00 20/12/2017 GBP 550,000 1,096,252 0.18 GDF Suez 6.13 11/02/2021 GBP 850,000 1,652,116 0.27 Kering 1.88 08/10/2018 EUR 2,200,000 3,020,700 0.50 Klepierre 4.75 14/03/2021 EUR 1,800,000 2,820,980 0.47 Orange 7.25 10/11/2020 GBP 200,000 400,512 0.07 RCI Banque 5.63 13/03/2015 EUR 500,000 725,344 0.12 RCI Banque 2.88 22/01/2018 EUR 600,000 852,839 0.14 Total Capital 3.88 14/12/2018 GBP 1,660,000 2,935,416 0.48 Total Capital 4.25 15/12/2021 USD 1,680,000 1,778,030 0.29 Total Capital 2.88 19/11/2025 EUR 1,100,000 1,503,289 0.25 Unibail-Rodamco 4.63 23/09/2016 EUR 1,200,000 1,805,936 0.30 Unibail-Rodamco 2.38 25/02/2021 EUR 700,000 956,838 0.16 WPP Finance 5.25 30/01/2015 EUR 1,000,000 1,442,204 0.24 –––––––––––– ––––––– 39,567,282 6.53 Germany Bertelsmann 4.75 26/09/2016 EUR 1,850,000 2,793,751 0.46 Daimler 1.50 19/11/2018 EUR 500,000 687,960 0.11 Deutsche Post 2.75 09/10/2023 EUR 2,200,000 3,028,165 0.50 Metro 7.63 05/03/2015 EUR 850,000 1,260,817 0.21 Vier Gas Transport 3.13 10/07/2023 EUR 1,950,000 2,746,147 0.45 –––––––––––– ––––––– 10,516,840 1.73 Hong Kong Li & Fung 5.50 16/05/2017 USD 1,360,000 1,469,736 0.24 –––––––––––– ––––––– Ireland GE Capital UK Funding 5.88 04/11/2020 GBP 1,470,000 2,795,352 0.46 GE Capital UK Funding 4.13 13/09/2023 GBP 200,000 333,733 0.06 Russian Railways via RZD Capital 5.74 03/04/2017 USD 2,650,000 2,871,937 0.47 Willow No.2 Ireland for Zurich Insurance 3.38 27/06/2022 EUR 1,500,000 2,176,017 0.36 –––––––––––– ––––––– 8,177,039 1.35 Italy Atlantia 6.25 09/06/2022 GBP 1,610,000 2,941,610 0.49 Eni 4.88 11/10/2017 EUR 1,930,000 2,979,001 0.49 Intesa Sanpaolo 3.63 12/08/2015 USD 950,000 977,498 0.16 Intesa Sanpaolo 4.00 09/11/2017 EUR 1,930,000 2,800,659 0.46 Intesa Sanpaolo 3.00 28/01/2019 EUR 550,000 763,700 0.13 Luxottica Group 4.00 10/11/2015 EUR 1,750,000 2,541,735 0.42 Luxottica Group 3.63 19/03/2019 EUR 900,000 1,340,954 0.22

MGI Funds plc 192 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) Italy (continued) Snam 3.88 19/03/2018 EUR 1,900,000 2,829,446 0.47 UniCredit 2.63 31/10/2015 EUR 1,980,000 2,810,977 0.46 –––––––––––– ––––––– 19,985,580 3.30 Japan Nomura Holdings 2.00 13/09/2016 USD 400,000 403,307 0.07 –––––––––––– ––––––– Korea Korea Gas 2.25 25/07/2017 USD 2,850,000 2,844,542 0.47 Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 1,300,000 1,193,767 0.19 Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 1,370,000 1,258,046 0.21 KT 3.88 20/01/2017 USD 2,610,000 2,718,683 0.45 –––––––––––– ––––––– 8,015,038 1.32 Luxembourg Gazprom Via Gaz Capital 5.88 01/06/2015 EUR 1,250,000 1,822,295 0.30 Glencore Finance Europe 6.50 27/02/2019 GBP 600,000 1,115,682 0.18 Schlumberger Investment 3.30 14/09/2021 USD 1,700,000 1,690,137 0.28 Schlumberger Investment 3.65 01/12/2023 USD 1,300,000 1,288,681 0.21 SES 3.60 04/04/2023 USD 500,000 465,860 0.08 Telecom Italia Capital 5.25 01/10/2015 USD 1,680,000 1,766,100 0.29 Tyco International Finance 3.38 15/10/2015 USD 1,400,000 1,452,576 0.24 –––––––––––– ––––––– 9,601,331 1.58 Mexico America Movil 5.00 16/10/2019 USD 2,020,000 2,206,850 0.37 America Movil 5.00 30/03/2020 USD 2,500,000 2,707,657 0.45 Grupo Bimbo 4.50 25/01/2022 USD 2,650,000 2,627,714 0.43 Petroleos Mexicanos 3.13 27/11/2020 EUR 364,000 506,584 0.08 –––––––––––– ––––––– 8,048,805 1.33 Netherlands ABN AMRO Bank 4.25 02/02/2017 USD 770,000 825,503 0.14 Achmea 2.50 19/11/2020 EUR 3,087,000 4,214,660 0.70 BMW Finance 3.25 14/01/2019 EUR 1,940,000 2,871,719 0.47 Daimler International Finance 3.50 06/06/2019 GBP 2,900,000 4,942,307 0.82 Delta Lloyd 4.25 17/11/2017 EUR 1,840,000 2,722,752 0.45 Deutsche Annington Finance 2.13 25/07/2016 EUR 1,300,000 1,817,486 0.30 Deutsche Annington Finance 3.63 08/10/2021 EUR 900,000 1,269,985 0.21 Deutsche Telekom International Finance 7.38 04/12/2019 GBP 700,000 1,417,032 0.23 Enel Finance International 3.88 07/10/2014 USD 1,440,000 1,471,226 0.24 ING Bank 3.75 07/03/2017 USD 770,000 810,979 0.13 LANXESS Finance 4.13 23/05/2018 EUR 1,900,000 2,855,733 0.47 RWE Finance 6.50 20/04/2021 GBP 350,000 670,895 0.11 RWE Finance 5.50 06/07/2022 GBP 500,000 904,143 0.15 Shell International Finance 2.00 15/11/2018 USD 1,210,000 1,210,763 0.20 Shell International Finance 6.38 15/12/2038 USD 810,000 1,006,011 0.17 Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 3,370,000 3,888,744 0.64 Urenco Finance 5.38 22/05/2015 EUR 1,200,000 1,752,328 0.29 Urenco Finance 4.00 05/05/2017 EUR 700,000 1,034,978 0.17 –––––––––––– ––––––– 35,687,244 5.89

MGI Funds plc 193 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) Norway Schlumberger Norge 1.95 14/09/2016 USD 1,570,000 1,601,800 0.26 Statoil 4.80 08/11/2043 USD 2,500,000 2,525,728 0.42 –––––––––––– ––––––– 4,127,528 0.68 Singapore PSA International Pte 3.88 11/02/2021 USD 2,840,000 2,867,752 0.47 –––––––––––– ––––––– Spain Banco Bilbao Vizcaya Argentaria 3.00 09/10/2014 EUR 1,900,000 2,655,412 0.44 Banco Santander 3.50 06/02/2014 EUR 2,000,000 2,760,722 0.46 Enagas 4.38 06/07/2015 EUR 1,200,000 1,734,699 0.29 Gas Natural Capital Markets 5.25 09/07/2014 EUR 1,950,000 2,744,907 0.45 Iberdrola Finanzas 4.75 25/01/2016 EUR 1,900,000 2,812,943 0.46 Telefonica Emisiones 4.95 15/01/2015 USD 2,520,000 2,619,696 0.43 –––––––––––– ––––––– 15,328,379 2.53 Sweden TeliaSonera 3.63 14/02/2024 EUR 1,950,000 2,856,796 0.47 TeliaSonera 4.38 05/12/2042 GBP 450,000 711,502 0.12 –––––––––––– ––––––– 3,568,298 0.59 Turkey Akbank 5.13 22/07/2015 USD 2,610,000 2,680,731 0.44 –––––––––––– ––––––– United Arab Emirates Abu Dhabi National Energy 4.75 15/09/2014 USD 2,780,000 2,845,052 0.47 Dolphin Energy 5.50 15/12/2021 USD 1,100,000 1,195,183 0.20 Dolphin Energy 5.50 15/12/2021 USD 1,200,000 1,311,000 0.21 –––––––––––– ––––––– 5,351,235 0.88 United Kingdom Aggregate Industries 7.25 31/05/2016 GBP 328,000 605,877 0.10 Anglian Water Services Financing 5.84 30/07/2022 GBP 500,000 952,121 0.16 Anglo American Capital 5.88 17/04/2015 EUR 1,880,000 2,750,193 0.45 Aviva 9.50 20/06/2016 GBP 350,000 684,016 0.11 BAE Systems 3.50 11/10/2016 USD 820,000 857,187 0.14 Barclays Bank 6.75 22/05/2019 USD 1,540,000 1,856,117 0.31 Barclays Bank 5.13 08/01/2020 USD 2,380,000 2,639,018 0.44 BAT International Finance 7.25 12/03/2024 GBP 775,000 1,618,694 0.27 BAT International Finance 2.75 25/03/2025 EUR 700,000 935,519 0.15 BAT International Finance 4.00 04/09/2026 GBP 350,000 564,495 0.09 BG Energy Capital 5.13 01/12/2025 GBP 700,000 1,253,773 0.21 BP Capital Markets 4.50 01/10/2020 USD 1,000,000 1,080,415 0.18 British Sky Broadcasting Group 3.13 26/11/2022 USD 700,000 651,725 0.11 British Telecommunications 9.63 15/12/2030 USD 600,000 895,346 0.15 BUPA Finance 7.50 04/07/2016 GBP 2,320,000 4,349,691 0.72 Coventry Building Society 6.00 16/10/2019 GBP 1,520,000 2,876,108 0.47 Ensco 4.70 15/03/2021 USD 1,400,000 1,480,837 0.24 Experian Finance 4.75 23/11/2018 GBP 550,000 991,633 0.16 FCE Bank 1.88 12/05/2016 EUR 700,000 976,608 0.16 FCE Bank 2.88 03/10/2017 EUR 500,000 716,262 0.12 FCE Bank 3.25 19/11/2020 GBP 450,000 729,623 0.12 GlaxoSmithKline Capital 2.80 18/03/2023 USD 800,000 740,914 0.12 GlaxoSmithKline Capital 3.38 20/12/2027 GBP 500,000 749,608 0.12

MGI Funds plc 194 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) United Kingdom (continued) GlaxoSmithKline Capital 6.38 09/03/2039 GBP 400,000 850,171 0.14 Great Rolling Stock 6.25 27/07/2020 GBP 1,530,000 2,896,618 0.48 Greene King Finance 5.32 15/09/2031 GBP 1,602,760 2,863,020 0.47 Hammerson 4.88 19/06/2015 EUR 1,960,000 2,850,566 0.47 Hammerson 2.75 26/09/2019 EUR 900,000 1,264,970 0.21 Hammerson 6.88 31/03/2020 GBP 1,000,000 1,959,958 0.32 High Speed Rail Finance 1 4.38 01/11/2038 GBP 700,000 1,150,986 0.19 HSBC Bank 4.75 19/01/2021 USD 880,000 955,177 0.16 HSBC Holdings 6.10 14/01/2042 USD 160,000 190,613 0.03 Imperial Tobacco Finance 8.38 17/02/2016 EUR 350,000 554,604 0.09 Imperial Tobacco Finance 5.50 22/11/2016 GBP 350,000 635,186 0.10 Imperial Tobacco Finance 9.00 17/02/2022 GBP 780,000 1,707,643 0.28 Imperial Tobacco Finance 8.13 15/03/2024 GBP 300,000 639,564 0.11 Lloyds Bank 2.30 27/11/2018 USD 200,000 199,481 0.03 Lloyds TSB Bank 6.75 24/10/2018 GBP 750,000 1,462,766 0.24 Lloyds TSB Bank 7.50 15/04/2024 GBP 1,390,000 2,904,339 0.48 National Grid Electricity Transmission 5.88 02/02/2024 GBP 650,000 1,241,614 0.20 Pearson 7.00 27/10/2014 GBP 400,000 692,782 0.11 Places for People Homes 5.09 31/07/2024 GBP 1,710,000 2,975,970 0.49 Rio Tinto Finance 2.25 14/12/2018 USD 1,200,000 1,194,079 0.20 Rolls-Royce 6.75 30/04/2019 GBP 550,000 1,081,165 0.18 Royal Bank of Scotland Group 1.50 28/11/2016 EUR 800,000 1,106,690 0.18 Royal Bank of Scotland Group 6.40 21/10/2019 USD 2,830,000 3,261,080 0.54 Scotland Gas Networks 4.75 21/02/2017 GBP 1,620,000 2,880,895 0.47 SSE 2.00 17/06/2020 EUR 1,000,000 1,356,040 0.22 SSE 2.38 10/02/2022 EUR 1,500,000 2,038,752 0.34 Tesco 6.13 24/02/2022 GBP 2,090,000 3,919,536 0.65 Tesco 5.00 24/03/2023 GBP 900,000 1,550,721 0.26 Tesco Property Finance 6 5.41 13/07/2044 GBP 250,000 421,327 0.07 THFC Funding No 3 5.20 11/10/2043 GBP 300,000 539,320 0.09 Vodafone Group 2.88 16/03/2016 USD 500,000 518,542 0.09 Vodafone Group 5.63 27/02/2017 USD 1,333,000 1,491,206 0.25 Vodafone Group 7.88 15/02/2030 USD 1,970,000 2,466,927 0.41 Western Power Distribution South Wales 9.25 09/11/2020 GBP 350,000 775,533 0.13 Western Power Distribution West Midlands 3.88 17/10/2024 GBP 950,000 1,521,198 0.25 Westfield UK & Europe Finance 4.25 11/07/2022 GBP 600,000 1,015,901 0.17 WPP 6.00 04/04/2017 GBP 550,000 1,011,791 0.17 –––––––––––– ––––––– 87,102,511 14.37 United States of America AbbVie 2.00 06/11/2018 USD 3,180,000 3,145,688 0.52 ACE INA Holdings 2.70 13/03/2023 USD 1,680,000 1,539,421 0.25 ADT 2.25 15/07/2017 USD 700,000 688,844 0.11 Aetna 6.50 15/09/2018 USD 340,000 400,499 0.07 Alabama Power 3.55 01/12/2023 USD 1,685,000 1,653,763 0.27 American Express 6.15 28/08/2017 USD 2,065,000 2,382,374 0.39 American International Group 4.38 26/04/2016 EUR 950,000 1,399,049 0.23 American International Group 6.40 15/12/2020 USD 170,000 200,916 0.03 Ameriprise Financial 5.30 15/03/2020 USD 2,450,000 2,762,983 0.46 Amgen 4.00 13/09/2029 GBP 1,300,000 1,985,621 0.33 Anadarko Petroleum 6.95 15/06/2019 USD 900,000 1,071,208 0.18 Anadarko Petroleum 6.45 15/09/2036 USD 500,000 561,468 0.09 Anheuser-Busch InBev Worldwide 4.38 15/02/2021 USD 450,000 481,161 0.08 Anheuser-Busch InBev Worldwide 8.20 15/01/2039 USD 540,000 789,782 0.13

MGI Funds plc 195 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) United States of America (continued) Apache 3.63 01/02/2021 USD 1,000,000 1,029,538 0.17 Apache 2.63 15/01/2023 USD 2,990,000 2,772,173 0.46 Arrow Electronics 3.00 01/03/2018 USD 550,000 550,283 0.09 AT&T 2.63 01/12/2022 USD 3,040,000 2,742,877 0.45 AT&T 2.50 15/03/2023 EUR 300,000 399,653 0.07 AT&T 5.35 01/09/2040 USD 1,000,000 989,432 0.16 AvalonBay Communities 2.95 15/09/2022 USD 2,900,000 2,662,771 0.44 Bank of America 2.50 27/07/2020 EUR 400,000 552,936 0.09 Bank of America 5.00 13/05/2021 USD 300,000 327,832 0.05 Bank of America 5.88 07/02/2042 USD 1,430,000 1,635,477 0.27 Bear Stearns 7.25 01/02/2018 USD 1,585,000 1,897,833 0.31 Berkshire Hathaway 4.50 11/02/2043 USD 800,000 739,557 0.12 Boeing 4.88 15/02/2020 USD 2,330,000 2,597,801 0.43 Boston Properties 3.85 01/02/2023 USD 2,880,000 2,813,898 0.46 Bristol-Myers Squibb 2.00 01/08/2022 USD 1,900,000 1,681,785 0.28 Burlington Northern Santa Fe 4.70 01/10/2019 USD 1,660,000 1,821,037 0.30 Cameron International 6.38 15/07/2018 USD 700,000 814,061 0.13 Capital One Bank 1.15 21/11/2016 USD 800,000 796,511 0.13 Capital One Financial 2.15 23/03/2015 USD 420,000 426,964 0.07 Capital One Financial 4.75 15/07/2021 USD 3,690,000 3,923,758 0.65 Cigna 5.38 15/03/2017 USD 380,000 421,096 0.07 Cisco Systems 4.45 15/01/2020 USD 2,580,000 2,813,923 0.46 Citigroup 1.70 25/07/2016 USD 400,000 403,769 0.07 Citigroup 6.00 15/08/2017 USD 915,000 1,042,880 0.17 Citigroup 8.50 22/05/2019 USD 1,220,000 1,563,539 0.26 Citigroup 8.13 15/07/2039 USD 150,000 210,403 0.03 Comcast 5.70 01/07/2019 USD 1,770,000 2,045,706 0.34 Comcast 5.50 23/11/2029 GBP 300,000 540,720 0.09 Comcast 6.95 15/08/2037 USD 320,000 393,376 0.07 ConocoPhillips 5.75 01/02/2019 USD 700,000 808,342 0.13 Continental Airlines 2007-1 Class A Pass Through Trust 5.98 19/04/2022 USD 644,974 704,634 0.12 CSX 6.25 15/03/2018 USD 1,000,000 1,155,669 0.19 CSX 3.70 30/10/2020 USD 1,175,000 1,210,306 0.20 CVS Caremark 2.25 05/12/2018 USD 540,000 539,842 0.09 CVS Caremark 4.13 15/05/2021 USD 1,190,000 1,233,521 0.20 CVS Caremark 6.25 01/06/2027 USD 2,230,000 2,591,282 0.43 Delta Air Lines 2007-1 Class A Pass Through Trust 6.82 10/08/2022 USD 504,562 568,894 0.09 Devon Energy 1.88 15/05/2017 USD 1,000,000 1,007,284 0.17 DIRECTV Holdings 3.55 15/03/2015 USD 900,000 929,669 0.15 Discovery Communications 5.63 15/08/2019 USD 1,540,000 1,729,178 0.29 Dow Chemical 8.55 15/05/2019 USD 820,000 1,058,779 0.17 Duke Energy 2.10 15/06/2018 USD 1,630,000 1,620,642 0.27 Eastman Chemical 2.40 01/06/2017 USD 1,280,000 1,293,717 0.21 Eastman Chemical 3.60 15/08/2022 USD 1,540,000 1,478,491 0.24 EI du Pont de Nemours 5.75 15/03/2019 USD 1,340,000 1,525,396 0.25 EMC 1.88 01/06/2018 USD 1,600,000 1,581,824 0.26 Enterprise Products Operating 5.25 31/01/2020 USD 965,000 1,075,904 0.18 ERP Operating 4.63 15/12/2021 USD 1,620,000 1,707,898 0.28 Express Scripts Holding 3.50 15/11/2016 USD 1,180,000 1,247,515 0.21 FedEx 2.70 15/04/2023 USD 755,000 678,624 0.11 Fiserv 3.13 01/10/2015 USD 485,000 502,142 0.08 Fiserv 3.13 15/06/2016 USD 410,000 427,837 0.07 Florida Power & Light 5.63 01/04/2034 USD 220,000 249,642 0.04 Ford Motor Credit 8.13 15/01/2020 USD 750,000 937,838 0.15

MGI Funds plc 196 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) United States of America (continued) General Electric Capital 4.63 07/01/2021 USD 450,000 490,701 0.08 General Electric Capital 5.50 07/06/2021 GBP 525,000 974,572 0.16 General Electric Capital 6.75 15/03/2032 USD 500,000 619,153 0.10 General Electric Capital 5.88 14/01/2038 USD 1,000,000 1,139,114 0.19 General Mills 2.10 16/11/2020 EUR 1,988,000 2,703,430 0.45 Genzyme 5.00 15/06/2020 USD 860,000 954,542 0.16 Georgia-Pacific 5.40 01/11/2020 USD 1,400,000 1,564,221 0.26 Gilead Sciences 4.50 01/04/2021 USD 2,500,000 2,662,628 0.44 Goldman Sachs Group 6.13 14/02/2017 GBP 425,000 781,382 0.13 Goldman Sachs Group 5.25 27/07/2021 USD 350,000 383,195 0.06 Goldman Sachs Group 6.13 15/02/2033 USD 1,935,000 2,176,563 0.36 Halliburton 4.75 01/08/2043 USD 500,000 491,024 0.08 Hartford Financial Services Group 4.00 15/10/2017 USD 400,000 425,448 0.07 Hewlett-Packard 2.35 15/03/2015 USD 430,000 436,729 0.07 Hewlett-Packard 3.30 09/12/2016 USD 1,000,000 1,046,626 0.17 Hewlett-Packard 2.60 15/09/2017 USD 500,000 508,023 0.08 Home Depot 2.70 01/04/2023 USD 2,300,000 2,120,255 0.35 Home Depot 5.88 16/12/2036 USD 2,400,000 2,769,355 0.46 Intel 1.35 15/12/2017 USD 930,000 919,155 0.15 International Business Machines 3.38 01/08/2023 USD 2,230,000 2,172,698 0.36 International Paper 7.95 15/06/2018 USD 400,000 485,877 0.08 International Paper 7.50 15/08/2021 USD 820,000 1,005,233 0.17 Intuit 5.75 15/03/2017 USD 1,500,000 1,677,129 0.28 Jabil Circuit 4.70 15/09/2022 USD 400,000 384,000 0.06 Jefferies Group 5.13 13/04/2018 USD 1,680,000 1,816,500 0.30 John Deere Capital 7.50 24/01/2014 EUR 1,050,000 1,451,896 0.24 Johns Hopkins University 4.08 01/07/2053 USD 350,000 300,544 0.05 Johnson & Johnson 4.38 05/12/2033 USD 570,000 573,711 0.09 Johnson & Johnson 5.95 15/08/2037 USD 2,550,000 3,015,921 0.50 Johnson & Johnson 4.50 05/12/2043 USD 570,000 565,820 0.09 JPMorgan Chase 6.30 23/04/2019 USD 350,000 413,089 0.07 JPMorgan Chase 4.40 22/07/2020 USD 800,000 859,967 0.14 JPMorgan Chase 4.50 24/01/2022 USD 2,540,000 2,686,637 0.44 JPMorgan Chase 5.40 06/01/2042 USD 170,000 183,014 0.03 KeyCorp 5.10 24/03/2021 USD 2,480,000 2,710,424 0.45 Kimberly-Clark 6.63 01/08/2037 USD 2,200,000 2,757,586 0.45 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 1,415,000 1,399,308 0.23 Kinder Morgan Energy Partners 6.85 15/02/2020 USD 220,000 261,510 0.04 Kroger 2.30 15/01/2019 USD 230,000 228,847 0.04 Kroger 3.30 15/01/2021 USD 1,200,000 1,192,091 0.20 Laboratory of America Holdings 3.75 23/08/2022 USD 2,690,000 2,605,647 0.43 LG&E and KU Energy 3.75 15/11/2020 USD 1,200,000 1,214,052 0.20 Lincoln National 6.25 15/02/2020 USD 1,070,000 1,233,526 0.20 Lorillard Tobacco 2.30 21/08/2017 USD 1,550,000 1,553,418 0.26 Markel 4.90 01/07/2022 USD 1,000,000 1,041,901 0.17 Maxim Integrated Products 2.50 15/11/2018 USD 1,295,000 1,284,057 0.21 Merck 3.88 15/01/2021 USD 1,080,000 1,139,107 0.19 Merrill Lynch 7.75 30/04/2018 GBP 1,950,000 3,856,558 0.64 MetLife 7.72 15/02/2019 USD 1,030,000 1,276,692 0.21 MetLife 4.37 15/09/2023 USD 1,200,000 1,225,063 0.20 Microsoft 5.20 01/06/2039 USD 2,900,000 3,071,390 0.51 MidAmerican Energy Holdings 3.75 15/11/2023 USD 1,300,000 1,267,881 0.21 MidAmerican Energy Holdings 3.75 15/11/2023 USD 1,400,000 1,365,410 0.23 Mondelez International 1.13 26/01/2017 EUR 1,000,000 1,375,139 0.23

MGI Funds plc 197 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) United States of America (continued) Mondelez International 6.50 11/08/2017 USD 350,000 406,690 0.07 Morgan Stanley 5.75 14/02/2017 GBP 400,000 728,410 0.12 Morgan Stanley 5.50 24/07/2020 USD 2,260,000 2,527,586 0.42 National Oilwell Varco 1.35 01/12/2017 USD 1,700,000 1,670,206 0.28 NBCUniversal Media 2.88 15/01/2023 USD 1,950,000 1,805,263 0.30 News America 6.90 01/03/2019 USD 1,470,000 1,763,463 0.29 Nisource Finance 5.45 15/09/2020 USD 1,000,000 1,111,991 0.18 Nisource Finance 4.80 15/02/2044 USD 195,000 175,942 0.03 Noble Energy 8.25 01/03/2019 USD 1,355,000 1,684,192 0.28 Norfolk Southern 5.90 15/06/2019 USD 1,850,000 2,139,386 0.35 Northern States Power 6.20 01/07/2037 USD 210,000 251,323 0.04 NYU Hospitals Center 5.75 01/07/2043 USD 1,450,000 1,467,177 0.24 ONEOK Partners 3.38 01/10/2022 USD 2,950,000 2,757,692 0.46 Oracle 5.75 15/04/2018 USD 1,020,000 1,178,679 0.19 Oracle 2.25 10/01/2021 EUR 400,000 553,987 0.09 Pemex Project Funding Master Trust 6.38 05/08/2016 EUR 1,150,000 1,780,547 0.29 Penske Truck Leasing 2.50 15/03/2016 USD 780,000 799,123 0.13 Pfizer 6.20 15/03/2019 USD 910,000 1,078,741 0.18 Pfizer 3.00 15/06/2023 USD 1,000,000 939,571 0.16 Philip Morris International 2.88 30/05/2024 EUR 2,050,000 2,814,060 0.46 Pioneer Natural Resources 6.65 15/03/2017 USD 1,000,000 1,140,193 0.19 Precision Castparts 2.50 15/01/2023 USD 300,000 271,795 0.04 Qwest 6.75 01/12/2021 USD 590,000 646,029 0.11 Realty Income 5.95 15/09/2016 USD 1,050,000 1,166,819 0.19 Realty Income 5.75 15/01/2021 USD 300,000 331,762 0.05 Reliance Holdings 4.50 19/10/2020 USD 1,280,000 1,264,754 0.21 Reliance Holdings 4.50 19/10/2020 USD 1,350,000 1,333,920 0.22 Roche Holdings 6.00 01/03/2019 USD 929,000 1,087,148 0.18 Roper Industries 2.05 01/10/2018 USD 1,700,000 1,652,099 0.27 SABMiller Holdings 3.75 15/01/2022 USD 2,810,000 2,820,481 0.47 Simon Property Group 6.13 30/05/2018 USD 1,120,000 1,296,752 0.21 Starbucks 2.00 05/12/2018 USD 430,000 426,281 0.07 State Street 3.70 20/11/2023 USD 2,000,000 1,984,276 0.33 SunTrust Bank 2.75 01/05/2023 USD 700,000 634,673 0.10 Target 4.00 01/07/2042 USD 3,000,000 2,602,227 0.43 Time Warner 4.70 15/01/2021 USD 1,580,000 1,677,465 0.28 Union Pacific 3.65 15/02/2024 USD 1,759,000 1,699,621 0.28 United Technologies 6.13 01/02/2019 USD 1,150,000 1,357,465 0.22 United Technologies 6.13 15/07/2038 USD 2,400,000 2,861,419 0.47 UnitedHealth Group 6.00 15/02/2018 USD 1,500,000 1,732,971 0.29 UnitedHealth Group 4.70 15/02/2021 USD 1,170,000 1,276,531 0.21 Verizon Communications 4.60 01/04/2021 USD 2,070,000 2,186,560 0.36 Verizon Communications 6.40 15/09/2033 USD 300,000 345,036 0.06 Verizon Communications 5.85 15/09/2035 USD 1,320,000 1,401,400 0.23 Verizon Communications 6.55 15/09/2043 USD 1,995,000 2,334,068 0.39 Viacom 2.50 15/12/2016 USD 1,400,000 1,447,865 0.24 Viacom 3.50 01/04/2017 USD 700,000 739,913 0.12 Viacom 3.13 15/06/2022 USD 750,000 692,843 0.11 Wachovia 5.75 15/06/2017 USD 940,000 1,072,253 0.18 Wal-Mart Stores 7.55 15/02/2030 USD 690,000 928,875 0.15 Wal-Mart Stores 6.50 15/08/2037 USD 2,350,000 2,939,686 0.49 WEA Finance 6.75 02/09/2019 USD 1,070,000 1,272,235 0.21 WEA Finance 6.75 02/09/2019 USD 1,100,000 1,307,906 0.22 WellPoint 7.00 15/02/2019 USD 840,000 996,658 0.16

MGI Funds plc 198 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (continued)

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

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Bonds (continued) Corporate bonds (continued) United States of America (continued) Wells Fargo 4.60 01/04/2021 USD 1,810,000 1,984,171 0.33 Wells Fargo 2.25 02/05/2023 EUR 200,000 265,844 0.04 Westar Energy 4.13 01/03/2042 USD 280,000 255,197 0.04 Western Union 2.38 10/12/2015 USD 800,000 818,649 0.14 Wisconsin Public Service 4.75 01/11/2044 USD 1,000,000 1,009,234 0.17 WM Wrigley Jr 3.38 21/10/2020 USD 405,000 400,349 0.07 WR Berkley 4.63 15/03/2022 USD 1,000,000 1,011,458 0.17 Xerox 4.25 15/02/2015 USD 910,000 944,060 0.16 Xerox 6.75 01/02/2017 USD 800,000 908,598 0.15 Xylem 3.55 20/09/2016 USD 700,000 735,249 0.12 –––––––––––– ––––––– 243,253,812 40.12

Total Corporate bonds 552,770,677 91.17

Government bonds Bundesobligation 0.50 13/10/2017 EUR 400,000 545,990 0.09 Bundesrepublik Deutschland 2.00 15/08/2023 EUR 330,000 457,611 0.08 United States Treasury Note 3.63 15/08/2043 USD 965,000 911,322 0.15 –––––––––––– ––––––– 1,914,923 0.32

Mortgage backed securities CD 2007-CD4 Commercial Mortgage Trust 5.32 11/12/2049 USD 1,500,000 1,642,662 0.27 Citigroup Commercial Mortgage Trust 2.96 10/11/2046 USD 1,300,000 1,324,235 0.22 Citigroup Commercial Mortgage Trust 2007-6 5.71 10/12/2049 USD 2,300,000 2,572,283 0.43 COMM 2013-CCRE11 Mortgage Trust 3.98 10/10/2046 USD 2,300,000 2,305,329 0.38 JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8 5.40 15/05/2045 USD 1,500,000 1,634,162 0.27 JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 3.14 15/06/2045 USD 700,000 705,362 0.12 JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 3.07 15/12/2046 USD 1,500,000 1,540,275 0.25 ML-CFC Commercial Mortgage Trust 2006-3 5.41 12/07/2046 USD 699,193 757,915 0.13 ML-CFC Commercial Mortgage Trust 2006-4 5.17 12/12/2049 USD 1,500,000 1,626,236 0.27 Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 2.86 15/12/2048 USD 800,000 749,236 0.12 Wachovia Bank Commercial Mortgage Trust Series 2005-C22 5.29 15/12/2044 USD 700,000 745,151 0.12 Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.72 15/05/2043 USD 2,850,000 3,116,091 0.51 Wachovia Bank Commercial Mortgage Trust Series 2006-C27 5.77 15/07/2045 USD 1,265,906 1,359,562 0.22 Wachovia Bank Commercial Mortgage Trust Series 2006-C28 5.57 15/10/2048 USD 700,000 766,078 0.13 –––––––––––– ––––––– 20,844,577 3.44 Municipal Bonds Bay Area Toll Authority 6.92 01/04/2040 USD 500,000 598,405 0.10 Los Angeles Department of Water & Power 6.57 01/07/2045 USD 500,000 613,695 0.10 Maryland State Transportation Authority 5.89 01/07/2043 USD 560,000 630,398 0.10 Missouri Highway & Transportation Commission 5.45 01/05/2033 USD 300,000 322,968 0.05 New Jersey State Turnpike Authority 7.41 01/01/2040 USD 500,000 658,325 0.11 Port Authority of New York & New Jersey 5.65 01/11/2040 USD 600,000 645,876 0.11 Port Authority of New York & New Jersey 4.93 01/10/2051 USD 800,000 748,528 0.12 State of California 7.63 01/03/2040 USD 500,000 653,935 0.11 –––––––––––– ––––––– 4,872,130 0.80

Total bonds 580,402,307 95.73

Total transferable securities 580,402,307 95.73

MGI Funds plc 199 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (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 (continued) Financial derivative instruments Open forward foreign currency contracts CAD 9* 28,434 USD 26,716 06/01/2014 42 0.00 EUR 9* 113,646,765 USD 154,470,332 06/01/2014 2,128,952 0.36 EUR 7* 813,808 USD 1,117,277 21/02/2014 4,093 0.00 EUR 10* 1,106,653 USD 1,506,897 21/02/2014 17,993 0.00 EUR 4* 1,674,335 USD 2,258,449 21/02/2014 48,666 0.01 EUR 3* 24,348,753 USD 32,935,511 21/02/2014 615,354 0.10 GBP 2* 1,385,863 EUR 1,650,000 21/02/2014 10,495 0.00 GBP 9* 274,394,566 USD 449,108,904 06/01/2014 5,348,018 0.88 GBP 5* 88,356 USD 144,589 21/02/2014 1,702 0.00 GBP 10* 249,935 USD 409,164 21/02/2014 4,654 0.00 GBP 4* 1,037,210 USD 1,686,901 21/02/2014 30,408 0.01 USD 9* 5,744,483 AUD 6,324,704 06/01/2014 87,205 0.01 USD 9* 20,257,864 JPY 2,075,752,523 06/01/2014 508,542 0.08 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 8,806,124 1.45

Interest Rate Swaps

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

Fixed 3.21% 7* AUD 3 Month BBSW 09/07/2016 AUD 800,000 3,202 0.00 Fixed 3.66% 7* AUD 6 Month BBSW 02/07/2018 AUD 700,000 2,761 0.00 Fixed 3.28% 4* AUD 6 Month BBSW 01/02/2017 AUD 800,000 2,454 0.00 Fixed 1.75% 5* CAD 3 Month Libor 30/09/2016 CAD 700,000 3,753 0.00 Fixed 2.26% 5* CAD 3 Month Libor 30/09/2018 CAD 800,000 4,009 0.00 Fixed 2.24% 7* CAD 3 Month Libor 08/07/2018 CAD 800,000 6,972 0.00 Fixed 1.54% 7* CAD 6 Month Libor 07/02/2016 CAD 1,000,000 3,497 0.00 Fixed 1.56% 5* CAD 3 Month Libor 31/01/2016 CAD 2,900,000 11,691 0.00 EUR 6 Month Libor 4* Fixed 0.63% 06/12/2016 EUR 1,000,000 3,001 0.00 EUR 6 Month Libor 4* Fixed 1.84% 05/12/2022 EUR 1,300,000 24,689 0.00 EUR 6 Month Libor 4* Fixed 2.02% 04/12/2023 EUR 340,000 5,453 0.00 Fixed 0.56% 4* EUR 6 Month Libor 07/10/2015 EUR 4,040,000 11,247 0.00 EUR 6 Month Libor 4* Fixed 1.57% 14/11/2020 EUR 1,000,000 6,705 0.00 EUR 6 Month Libor 4* Fixed 1.12% 14/11/2018 EUR 500,000 2,910 0.00 Fixed 0.76% 5* EUR 6 Month Libor 04/10/2016 EUR 2,700,000 13,183 0.00 Fixed 2.70% 3* EUR 6 Month Euribor 03/09/2033 EUR 200,000 1,237 0.00 EUR 6 Month Euribor 4* Fixed 1.42% 22/07/2020 EUR 400,000 4,033 0.00 Fixed 1.13% 7* EUR 6 Month Euribor 10/07/2018 EUR 1,000,000 4,560 0.00 EUR 6 Month Libor 7* Fixed 0.90% 02/05/2019 EUR 500,000 12,297 0.00 Fixed 0.49% 4* EUR 6 Month Libor 29/04/2016 EUR 1,000,000 792 0.00 EUR 6 Month Euribor 7* Fixed 1.74% 08/03/2023 EUR 200,000 4,012 0.00 Fixed 1.42% 7* EUR 6 Month Euribor 11/02/2020 EUR 2,400,000 19,279 0.00 Fixed 1.07% 7* EUR 6 Month Euribor 11/02/2018 EUR 1,700,000 23,182 0.00 Fixed 1.88% 5* EUR 6 Month Euribor 07/02/2023 EUR 800,000 2,451 0.00 Fixed 1.15% 5* EUR 6 Month Euribor 07/02/2018 EUR 1,300,000 24,885 0.00 Fixed 0.49% 5* EUR 6 Month Euribor 07/02/2014 EUR 5,000,000 21,471 0.00 Fixed 0.65% 5* EUR 6 Month Euribor 07/02/2015 EUR 1,900,000 19,108 0.00 Fixed 0.77% 7* EUR 6 Month Euribor 06/02/2016 EUR 1,000,000 14,567 0.00 Fixed 0.78% 7* EUR 6 Month Euribor 06/02/2016 EUR 1,300,000 19,475 0.00 Fixed 1.15% 4* EUR 6 Month Euribor 05/02/2018 EUR 1,500,000 28,703 0.00 Fixed 1.49% 5* EUR 6 Month Euribor 05/02/2020 EUR 1,600,000 24,039 0.00 GBP 6 Month Libor 4* Fixed 3.30% 02/06/2032 GBP 650,000 13,253 0.00 GBP 6 Month Libor 4* Fixed 2.28% 12/11/2020 GBP 400,000 9,934 0.00 GBP 6 Month Libor 4* Fixed 3.28% 24/10/2043 GBP 530,000 24,474 0.00 GBP 6 Month Libor 4* Fixed 2.73% 10/10/2023 GBP 1,000,000 26,324 0.00

MGI Funds plc 200 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Interest Rate Swaps (continued) GBP 6 Month Libor 4* Fixed 1.12% 02/10/2016 GBP 300,000 1,842 0.00 GBP 6 Month Libor 4* Fixed 3.08% 02/10/2028 GBP 500,000 18,285 0.01 GBP 6 Month Libor 4* Fixed 2.21% 02/10/2020 GBP 550,000 14,746 0.00 GBP 6 Month Libor 4* Fixed 2.99% 02/09/2025 GBP 400,000 5,176 0.00 GBP 6 Month Libor 7* Fixed 2.49% 11/07/2023 GBP 300,000 14,688 0.00 GBP 6 Month Libor 7* Fixed 2.82% 23/04/2038 GBP 120,000 20,724 0.01 GBP 6 Month Libor 7* Fixed 1.66% 08/04/2022 GBP 400,000 54,642 0.02 GBP 6 Month Libor 4* Fixed 2.20% 13/02/2023 GBP 750,000 63,262 0.01 GBP 6 Month Libor 4* Fixed 1.65% 13/02/2020 GBP 750,000 49,254 0.01 GBP 6 Month Libor 7* Fixed 2.69% 12/02/2028 GBP 600,000 61,635 0.01 GBP 6 Month Libor 7* Fixed 1.58% 07/02/2020 GBP 1,400,000 100,647 0.03 GBP 6 Month Libor 7* Fixed 2.13% 07/02/2023 GBP 400,000 37,866 0.01 GBP 6 Month Libor 7* Fixed 1.17% 07/02/2018 GBP 1,200,000 48,223 0.01 GBP 6 Month Libor 7* Fixed 0.82% 07/02/2016 GBP 600,000 3,670 0.00 GBP 6 Month Libor 7* Fixed 3.19% 07/02/2043 GBP 380,000 23,869 0.00 GBP 6 Month Libor 5* Fixed 2.15% 05/02/2023 GBP 1,400,000 128,208 0.02 GBP 6 Month Libor 5* Fixed 1.60% 05/02/2020 GBP 600,000 41,865 0.01 GBP 6 Month Libor 5* Fixed 1.20% 05/02/2018 GBP 1,700,000 65,198 0.01 GBP 6 Month Libor 5* Fixed 0.85% 05/02/2016 GBP 1,300,000 6,195 0.00 GBP 6 Month Libor 7* Fixed 2.97% 05/02/2033 GBP 600,000 54,846 0.01 GBP 6 Month Libor 7* Fixed 0.84% 04/02/2016 GBP 1,000,000 4,876 0.00 GBP 6 Month Libor 7* Fixed 2.11% 04/02/2023 GBP 1,000,000 96,983 0.02 GBP 6 Month Euribor 7* Fixed 1.37% 04/02/2019 GBP 600,000 34,736 0.01 GBP 6 Month Libor 4* Fixed 1.20% 01/02/2018 GBP 1,100,000 40,919 0.01 GBP 6 Month Libor 5* Fixed 1.58% 01/02/2020 GBP 1,300,000 92,827 0.03 Fixed 0.39% 4* JPY 6 Month Libor 02/10/2018 JPY 65,000,000 678 0.00 Fixed 0.28% 4* JPY 6 Month Libor 02/10/2016 JPY 125,000,000 1,367 0.00 Fixed 0.34% 7* JPY 6 Month Libor 10/07/2016 JPY 70,000,000 2,193 0.00 Fixed 0.50% 7* JPY 6 Month Libor 05/06/2018 JPY 80,000,000 5,243 0.00 Fixed 0.29% 4* JPY 6 Month Libor 30/04/2016 JPY 70,000,000 1,069 0.00 Fixed 1.75% 4* JPY 6 Month Libor 14/02/2033 JPY 10,000,000 2,591 0.00 USD 3 Month Libor 4* Fixed 1.57% 14/11/2018 USD 1,200,000 4,908 0.00 USD 3 Month Libor 4* Fixed 3.69% 12/11/2043 USD 400,000 11,369 0.00 USD 3 Month Libor 4* Fixed 2.23% 12/11/2020 USD 1,300,000 10,046 0.00 USD 3 Month Libor 4* Fixed 1.54% 12/11/2018 USD 1,500,000 8,087 0.00 USD 3 Month Libor 4* Fixed 0.71% 05/11/2016 USD 9,500,000 13,818 0.00 USD 3 Month Libor 4* Fixed 3.68% 07/10/2043 USD 730,000 18,351 0.00 USD 3 Month Libor 5* Fixed 1.54% 04/10/2018 USD 1,000,000 1,662 0.00 Fixed 0.78% 5* USD 3 Month Libor 03/10/2016 USD 11,500,000 25,802 0.01 Fixed 1.78% 5* USD 3 Month Libor 19/09/2018 USD 1,000,000 11,852 0.00 Fixed 1.77% 7* USD 3 Month Libor 03/09/2018 USD 600,000 7,754 0.00 Fixed 1.56% 4* USD 3 Month Libor 26/07/2018 USD 600,000 3,721 0.00 USD 3 Month Libor 5* Fixed 3.60% 15/07/2043 USD 500,000 16,075 0.01 USD 3 Month Libor 5* Fixed 1.93% 13/06/2020 USD 800,000 16,188 0.01 USD 3 Month Libor 4* Fixed 1.36% 12/06/2018 USD 400,000 2,877 0.00 USD 3 Month Libor 4* Fixed 2.06% 24/05/2023 USD 530,000 38,947 0.01 USD 3 Month Libor 4* Fixed 1.94% 08/05/2023 USD 1,200,000 97,665 0.02 USD 3 Month Libor 4* Fixed 0.90% 08/05/2018 USD 2,500,000 58,192 0.01 USD 3 Month Libor 4* Fixed 1.85% 03/05/2023 USD 1,000,000 89,376 0.01 USD 3 Month Libor 5* Fixed 2.88% 11/04/2043 USD 100,000 17,558 0.01 USD 3 Month Libor 5* Fixed 1.87% 09/04/2023 USD 1,700,000 143,918 0.02 USD 3 Month Libor 7* Fixed 1.53% 19/02/2020 USD 5,300,000 171,120 0.03 USD 3 Month Libor 4* Fixed 1.55% 15/02/2020 USD 3,700,000 113,148 0.02 USD 3 Month Libor 4* Fixed 2.06% 14/02/2023 USD 1,400,000 85,974 0.01

MGI Funds plc 201 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Interest Rate Swaps (continued) USD 3 Month Libor 4* Fixed 0.98% 11/02/2018 USD 6,600,000 79,849 0.01 USD 3 Month Libor 4* Fixed 2.09% 07/02/2023 USD 300,000 17,542 0.00 –––––––––––– ––––––– Interest rate swaps at positive fair value 2,567,725 0.42

Total financial derivative instruments at positive fair value 11,373,849 1.87

Total financial assets at fair value through profit or loss 591,776,156 97.60

Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts

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

AUD 7* 3,016,902 USD 2,820,150 06/01/2014 (129,772) (0.02) AUD 6* 3,000,000 USD 2,700,498 06/01/2014 (28,888) 0.00 AUD 4* 120,858 USD 110,013 06/01/2014 (2,236) 0.00 CAD 7* 13,274,428 USD 12,673,764 06/01/2014 (195,284) (0.03) CAD 8* 14,000,000 USD 13,164,997 06/01/2014 (11,347) 0.00 CAD 4* 515,668 USD 488,487 06/01/2014 (3,739) 0.00 CAD 10* 267,661 USD 252,322 06/01/2014 (710) 0.00 JPY 7* 963,086,653 USD 9,616,730 06/01/2014 (451,581) (0.08) JPY 6* 1,000,000,000 USD 9,767,361 06/01/2014 (249,889) (0.04) JPY 4* 30,410,377 USD 299,991 06/01/2014 (10,593) 0.00 JPY 10* 19,777,175 USD 193,310 06/01/2014 (5,101) 0.00 JPY 9* 18,908,248 USD 183,541 06/01/2014 (3,643) 0.00 USD 9* 26,584,752 CAD 28,279,666 21/02/2014 (28,868) 0.00 USD 9* 155,850,194 EUR 114,675,017 06/01/2014 (2,165,967) (0.37) USD 1* 3,385,460 EUR 2,500,000 06/01/2014 (59,364) (0.01) USD 3* 1,647,111 EUR 1,214,938 06/01/2014 (26,988) 0.00 USD 5* 1,709,109 EUR 1,250,000 06/01/2014 (13,303) (0.01) USD 4* 1,149,230 EUR 834,884 06/01/2014 (1,181) 0.00 USD 6* 5,508,520 EUR 4,000,000 14/03/2014 (3,184) 0.00 USD 4* 36,809,308 GBP 22,876,067 06/01/2014 (1,066,603) (0.18) USD 9* 39,705,085 GBP 24,259,386 06/01/2014 (473,721) (0.08) USD 8* 28,671,370 GBP 17,500,000 06/01/2014 (298,714) (0.05) USD 1* 648,312 GBP 400,000 06/01/2014 (13,968) 0.00 USD 3* 1,190,033 GBP 726,034 06/01/2014 (12,062) 0.00

Unrealised loss on open forward foreign currency contracts (5,256,706) (0.87) –––––––––––– –––––––

Interest Rate Swaps

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

Fixed 3.92% 4* AUD 6 Month Libor 01/10/2020 AUD 300,000 (3,375) 0.00 Fixed 3.59% 5* CAD 3 Month Libor 29/11/2038 CAD 300,000 (4,777) 0.00 Fixed 2.06% 4* CAD 3 Month Libor 18/11/2018 CAD 640,000 (4,132) 0.00 Fixed 1.59% 4* CAD 3 Month Libor 18/11/2016 CAD 1,000,000 (579) 0.00

MGI Funds plc 202 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Interest Rate Swaps (continued) Fixed 3.67% 5* CAD 3 Month Libor 08/11/2033 CAD 200,000 (1,278) 0.00 Fixed 2.59% 5* CAD 3 Month Libor 08/11/2020 CAD 450,000 (1,155) 0.00 Fixed 3.55% 5* CAD 3 Month Libor 30/09/2043 CAD 400,000 (4,096) 0.00 Fixed 3.49% 5* CAD 3 Month Libor 30/09/2028 CAD 500,000 (3,875) 0.00 Fixed 3.31% 7* CAD 3 Month Libor 08/07/2043 CAD 100,000 (5,035) 0.00 Fixed 1.83% 7* CAD 6 Month Libor 05/04/2020 CAD 250,000 (9,665) 0.00 Fixed 2.92% 4* CAD 6 Month Libor 12/02/2033 CAD 200,000 (19,067) 0.00 Fixed 2.84% 7* CAD 6 Month Libor 07/02/2043 CAD 150,000 (19,012) 0.00 Fixed 2.40% 7* CAD 6 Month Libor 07/02/2023 CAD 500,000 (22,691) 0.00 Fixed 1.80% 7* CAD 6 Month Libor 07/02/2018 CAD 300,000 (1,771) 0.00 Fixed 2.95% 4* CAD 6 Month Libor 04/02/2033 CAD 160,000 (14,645) 0.00 Fixed 1.82% 5* CAD 3 Month Libor 31/01/2018 CAD 800,000 (3,651) 0.00 Fixed 2.88% 5* CAD 3 Month Libor 31/01/2038 CAD 450,000 (51,728) (0.01) Fixed 2.41% 5* CAD 6 Month Libor 31/01/2023 CAD 1,000,000 (43,743) (0.01) Fixed 1.12% 4* EUR 6 Month Libor 06/12/2018 EUR 1,060,000 (7,852) 0.00 Fixed 2.69% 4* EUR 6 Month Libor 13/11/2038 EUR 100,000 (1,388) 0.00 Fixed 1.10% 4* EUR 6 Month Libor 13/11/2018 EUR 400,000 (2,949) 0.00 EUR 6 Month Libor 5* Fixed 2.10% 04/10/2023 EUR 2,300,000 (5,980) 0.00 EUR 6 Month Libor 4* Fixed 2.11% 03/10/2023 EUR 500,000 (1,432) 0.00 EUR 6 Month Libor 4* Fixed 1.83% 03/10/2021 EUR 500,000 (2,723) 0.00 EUR 3 Month Euribor 4* Fixed 0.44% 19/01/2016 EUR 1,300,000 (4,306) 0.00 Fixed 0.49% 7* EUR 6 Month Libor 10/07/2016 EUR 2,500,000 (8,665) 0.00 EUR 6 Month Euribor 4* Fixed 1.74% 04/07/2021 EUR 300,000 (1,456) 0.00 EUR 6 Month Euribor 3* Fixed 2.02% 03/07/2023 EUR 800,000 (2,492) 0.00 Fixed 1.51% 4* EUR 6 Month Libor 29/04/2023 EUR 600,000 (33,645) (0.01) Fixed 0.77% 4* EUR 6 Month Libor 29/04/2018 EUR 600,000 (7,685) 0.00 Fixed 2.30% 7* EUR 6 Month Euribor 14/02/2028 EUR 600,000 (10,174) 0.00 Fixed 2.36% 7* EUR 6 Month Euribor 11/02/2033 EUR 130,000 (6,526) 0.00 Fixed 2.27% 5* EUR 6 Month Euribor 07/02/2028 EUR 230,000 (5,088) 0.00 EUR 6 Month Euribor 7* Fixed 0.80% 07/02/2016 EUR 700,000 (11,112) 0.00 Fixed 1.85% 7* EUR 6 Month Euribor 06/02/2023 EUR 1,100,000 (1,695) 0.00 Fixed 3.25% 4* GBP 6 Month Libor 25/11/2033 GBP 300,000 (11,874) 0.00 Fixed 3.31% 4* GBP 6 Month Libor 11/11/2033 GBP 100,000 (2,176) 0.00 Fixed 3.32% 4* GBP 6 Month Libor 30/09/2043 GBP 500,000 (14,141) (0.01) GBP 6 Month Libor 4* Fixed 3.00% 17/09/2024 GBP 360,000 (755) 0.00 GBP 6 Month Libor 4* Fixed 2.94% 11/09/2023 GBP 110,000 (952) 0.00 Fixed 2.57% 7* GBP 6 Month Libor 08/07/2023 GBP 300,000 (11,200) 0.00 GBP 6 Month Libor 5* Fixed 0.74% 05/02/2015 GBP 700,000 (818) 0.00 Fixed 0.22% 5* JPY 6 Month Libor 03/12/2016 JPY 80,000,000 (660) 0.00 Fixed 0.57% 4* JPY 6 Month Libor 02/10/2020 JPY 65,000,000 (722) 0.00 Fixed 0.83% 4* JPY 6 Month Libor 12/02/2023 JPY 30,000,000 (158) 0.00 Fixed 0.29% 4* JPY 6 Month Libor 12/02/2018 JPY 30,000,000 (300) 0.00 Fixed 0.80% 5* JPY 6 Month Libor 04/02/2023 JPY 45,000,000 (1,415) 0.00 Fixed 0.28% 5* JPY 6 Month Libor 04/02/2018 JPY 70,000,000 (887) 0.00 Fixed 0.21% 5* JPY 6 Month Libor 04/02/2016 JPY 190,000,000 (188) 0.00 Fixed 3.30% 4* USD 3 Month Libor 21/11/2028 USD 500,000 (12,244) (0.01) USD 3 Month Libor 4* Fixed 2.89% 14/11/2023 USD 600,000 (4,277) 0.00 Fixed 0.43% 4* USD 3 Month Libor 12/11/2015 USD 3,000,000 (88) 0.00 Fixed 3.57% 4* USD 3 Month Libor 05/11/2038 USD 640,000 (23,156) 0.00 Fixed 1.49% 4* USD 3 Month Libor 05/11/2018 USD 3,400,000 (25,642) (0.01) Fixed 3.47% 4* USD 3 Month Libor 05/11/2033 USD 1,300,000 (42,989) (0.01) Fixed 3.31% 4* USD 3 Month Libor 04/10/2028 USD 400,000 (7,117) 0.00 Fixed 3.63% 4* USD 3 Month Libor 04/10/2038 USD 1,100,000 (26,362) 0.00 USD 3 Month Libor 5* Fixed 1.58% 03/10/2018 USD 7,600,000 (336) 0.00 USD 3 Month Libor 4* Fixed 3.87% 13/09/2043 USD 545,000 (7,670) 0.00 USD 3 Month Libor 4* Fixed 1.56% 07/08/2018 USD 2,200,000 (10,848) (0.01)

MGI Funds plc 203 MGI Funds plc Portfolio Statement Mercer Global Buy & Maintain Credit Fund as at 31 December 2013 (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 (continued) Financial derivative instruments (continued) Interest Rate Swaps (continued) Fixed 3.63% 5* USD 3 Month Libor 05/08/2038 USD 400,000 (6,441) 0.00 Fixed 2.83% 5* USD 3 Month Libor 05/08/2023 USD 300,000 (170) 0.00 Fixed 3.65% 3* USD 3 Month Libor 31/07/2043 USD 1,000,000 (23,607) 0.00 Fixed 3.29% 4* USD 3 Month Libor 12/06/2043 USD 500,000 (52,060) (0.01) Fixed 2.27% 5* USD 3 Month Libor 05/06/2023 USD 1,400,000 (78,258) (0.01) Fixed 3.05% 4* USD 3 Month Libor 24/05/2043 USD 240,000 (35,768) (0.01) Fixed 0.86% 4* USD 3 Month Libor 09/04/2018 USD 800,000 (18,254) 0.00 Fixed 2.95% 7* USD 3 Month Libor 03/04/2038 USD 350,000 (48,105) (0.01) Fixed 3.08% 5* USD 3 Month Libor 19/03/2043 USD 760,000 (103,316) (0.02) Fixed 2.91% 5* USD 3 Month Libor 05/03/2043 USD 400,000 (66,383) (0.01) Fixed 2.97% 7* USD 3 Month Libor 19/02/2038 USD 850,000 (105,359) (0.02) –––––––––––– ––––––– Interest rate swaps at negative fair value (1,074,139) (0.17)

Total financial derivative instruments at negative fair value (6,330,845) (1.04)

Total financial liabilities at fair value through profit or loss (6,330,845) (1.04)

Total financial derivative instruments 5,043,004 0.83

Total investments at fair value through profit and loss 585,445,311 96.56

Cash 12,367,102 2.04

Net current assets 8,491,434 1.40 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 606,303,847 100.00 –––––––––––– –––––––

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 94.57 OTC financial derivative instruments 1.85 Other assets 3.58 ––––––– 100.00 –––––––

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

Reference Counterparty 1* Barclays 2* BNP Paribas 3* Citibank 4* Credit Suisse 5* Deutsche Bank 6* Goldman Sachs 7* HSBC 8* JP Morgan 9* State Street Bank and Trust 10* Toronto Dominion Bank

MGI Funds plc 204 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss Transferable securities Equities Australia AGL Energy 4,600 61,607 0.04 Amcor 7,000 65,882 0.04 Amp 16,000 62,840 0.04 Asciano 12,300 63,384 0.04 ASX 2,100 69,063 0.04 Aurizon Holdings 15,500 67,671 0.04 Australia & New Zealand Banking Group 13,210 380,786 0.24 BHP Billiton 14,100 479,101 0.31 Brambles 7,900 64,670 0.04 Coca-Cola Amatil 5,800 62,423 0.04 Commonwealth Bank of Australia 7,200 501,147 0.32 Crown 4,600 69,344 0.05 CSL 2,500 154,059 0.10 Dexus Property Group 68,200 61,320 0.04 Fortescue Metals Group 14,500 75,370 0.05 Goodman Group 14,600 61,783 0.04 GPT Group 19,900 60,532 0.04 Insurance Australia Group 12,400 64,454 0.04 Lend Lease Group 6,900 68,706 0.04 Macquarie Group 1,415 69,474 0.05 Mirvac Group 41,900 62,976 0.04 National Australia Bank 11,238 350,083 0.22 Newcrest Mining 7,200 50,244 0.03 Orica 3,600 76,847 0.05 Origin Energy 5,100 64,152 0.04 Orora 7,000 7,265 0.01 QBE Insurance Group 5,100 52,517 0.03 Rio Tinto 1,900 115,759 0.07 Santos 5,000 65,399 0.04 Stockland 13,058 42,173 0.03 Suncorp Group 5,700 66,804 0.04 Sydney Airport 1,500 5,086 0.00 Telstra 22,900 107,354 0.07 Transurban Group 10,300 62,938 0.04 Wesfarmers 4,345 171,195 0.11 Westfield Group 7,000 63,189 0.04 Westfield Retail Trust 16,573 43,888 0.03 Westpac Banking 13,600 393,853 0.25 Woodside Petroleum 2,900 100,926 0.07 Woolworths 5,700 172,567 0.11 –––––––––––– ––––––– 4,638,831 2.96 Austria Erste Group Bank 2,100 73,152 0.05 OMV 1,450 69,152 0.04 Voestalpine 1,450 70,011 0.04 –––––––––––– ––––––– 212,315 0.13 Belgium Ageas 2,000 85,295 0.05 Anheuser-Busch 3,500 371,840 0.24 Belgacom 2,000 59,266 0.04 Groupe Bruxelles Lambert 1,000 91,950 0.06 KBC Groep 1,000 56,682 0.03 Solvay 309 48,859 0.03

MGI Funds plc 205 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Belgium (continued) UCB 1,000 74,327 0.05 Umicore 1,000 46,781 0.03 –––––––––––– ––––––– 835,000 0.53 Bermuda Arch Capital Group 1,200 71,568 0.04 Bunge 900 73,899 0.05 Everest Re Group 500 77,890 0.05 Nabors Industries 2,800 47,572 0.03 Seadrill 1,500 61,218 0.04 –––––––––––– ––––––– 332,147 0.21 British Virgin Islands Michael Kors Holdings 900 73,062 0.05 –––––––––––– ––––––– Canada Agrium 800 73,148 0.05 Alimentation Couche Tard 1,000 75,040 0.05 ARC Resources 2,609 72,487 0.05 Bank of Montreal 2,700 179,864 0.11 Bank of Nova Scotia 6,173 385,776 0.25 Barrick Gold 4,100 72,199 0.05 BCE 1,600 69,210 0.04 Bombardier 14,300 62,045 0.04 Brookfield Asset Management 3,516 136,007 0.09 Brookfield Office Properties 3,600 69,255 0.04 Cameco 3,900 80,900 0.05 Canadian Imperial Bank of Commerce 1,600 136,584 0.09 Canadian National Railway 4,000 227,915 0.15 Canadian Natural Resources 4,800 162,229 0.10 Canadian Oil Sands 3,500 65,784 0.04 Canadian Pacific Railway 700 105,774 0.07 Canadian Tire 800 74,888 0.05 Catamaran 1,400 66,423 0.04 Cenovus Energy 3,500 100,141 0.06 CGI Group - A 1,900 63,518 0.04 Crescent Point Energy 1,800 69,831 0.04 Enbridge 3,200 139,656 0.09 Encana 3,900 70,292 0.04 First Quantum Minerals 3,800 68,382 0.04 Fortis Inc/Canada 2,200 63,008 0.04 Franco-Nevada 1,700 68,752 0.04 Goldcorp 2,900 62,749 0.04 Great-West Lifeco 2,300 70,829 0.05 Husky Energy 2,400 76,100 0.05 Imperial Oil 1,600 70,792 0.05 Intact Financial 1,100 71,808 0.05 Magna International 800 65,559 0.04 Manulife Financial 8,700 171,543 0.11 Metro 1,100 67,097 0.04 National Bank of Canada 800 66,545 0.04 Open Text 796 73,045 0.05 Pembina Pipeline 2,108 74,221 0.05 Potash of Saskatchewan 3,900 128,434 0.08 Power Financial 2,200 74,500 0.05

MGI Funds plc 206 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Canada (continued) Power of Canada 2,400 72,102 0.05 Rogers Communications 1,600 72,388 0.05 Royal Bank of Canada 6,300 423,241 0.27 Saputo 1,400 63,761 0.04 Shaw Communications 2,800 68,096 0.04 Shoppers Drug Mart 1,200 65,675 0.04 Silver Wheaton 3,100 62,525 0.04 SNC-Lavalin Group 1,600 71,861 0.05 Sun Life Financial 2,700 95,320 0.06 Suncor Energy 6,800 238,144 0.15 Talisman Energy 5,600 65,039 0.04 Teck Resources 2,600 67,563 0.04 TELUS 2,000 68,819 0.04 Thomson Reuters 2,000 75,595 0.05 Tim Hortons 1,200 70,001 0.04 Toronto-Dominion Bank 4,000 376,809 0.24 TransCanada 3,200 146,010 0.09 Valeant Pharmaceuticals International 1,200 140,747 0.09 Yamana Gold 7,500 64,518 0.04 –––––––––––– ––––––– 6,140,544 3.91 Cayman Islands Sands China 12,000 98,198 0.06 –––––––––––– ––––––– Channel Islands Experian 3,800 69,986 0.04 Randgold Resources 690 43,301 0.03 Resolution 12,700 74,399 0.05 Shire 2,200 103,883 0.07 –––––––––––– ––––––– 291,569 0.19 Colombia Pacific Rubiales Energy 3,100 53,335 0.03 –––––––––––– ––––––– Denmark AP Moeller - Maersk - B 6 65,219 0.04 Carlsberg 700 77,575 0.05 Coloplast 1,200 79,548 0.05 Danske Bank 3,100 71,172 0.04 Novo Nordisk 1,700 311,954 0.20 Novozymes 1,900 80,329 0.05 TDC 7,700 74,808 0.05 –––––––––––– ––––––– 760,605 0.48 Finland Fortum 3,000 68,746 0.04 Kone 1,500 67,774 0.04 Metso 1,750 74,802 0.05 Nokia 17,000 136,217 0.09 Sampo 1,500 73,769 0.05 UPM-Kymmene 4,750 80,376 0.05 Wartsila 1,500 73,934 0.05 –––––––––––– ––––––– 575,618 0.37

MGI Funds plc 207 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) France Accor 1,550 73,152 0.05 Air Liquide 1,558 220,696 0.14 Alstom 2,000 72,962 0.05 Arkema 600 70,061 0.04 Atos Origin 810 73,286 0.05 AXA 8,400 233,926 0.15 BNP Paribas 4,600 358,826 0.23 Bouygues 1,800 68,010 0.04 Bureau Veritas 2,300 67,284 0.04 Cap Gemini 1,150 77,854 0.05 Carrefour 3,400 134,976 0.09 Casino Guichard Perrachon 611 70,511 0.04 Christian Dior 350 66,097 0.04 Cie de St-Gobain 1,750 96,396 0.06 Cie Generale des Etablissements Michelin 850 90,480 0.06 Credit Agricole 5,650 72,443 0.05 Danone 2,350 169,422 0.11 Dassault Systemes 600 74,591 0.05 Edenred 2,100 70,389 0.04 EDF 2,000 70,785 0.04 Essilor International 850 90,515 0.06 GDF Suez 6,100 143,482 0.09 Kering 300 63,517 0.04 L'Oreal 1,138 200,247 0.13 Lafarge 1,000 75,057 0.05 Legrand 1,200 66,241 0.04 Louis Vuitton Moet Hennessy 1,200 219,259 0.14 Natixis 12,553 73,825 0.05 Orange 9,300 115,334 0.07 Pernod-Ricard 750 85,581 0.05 Publicis Groupe 850 77,900 0.05 Renault 900 72,487 0.05 Safran 1,100 76,560 0.05 Sanofi 5,796 615,926 0.39 Schneider Electric 2,450 214,037 0.14 Scor 2,050 74,744 0.05 Societe Generale 3,300 191,984 0.12 Sodexo 700 71,011 0.04 Technip 600 57,758 0.04 Total 9,900 607,465 0.39 Unibail-Rodamco REIT 500 128,322 0.08 Vallourec 826 45,072 0.03 Vinci 1,900 124,936 0.08 Vivendi 5,600 147,347 0.09 –––––––––––– ––––––– 5,870,754 3.74 Germany Adidas 750 95,699 0.06 Allianz 2,100 377,338 0.24 BASF 4,150 444,327 0.28 Bayer 3,959 556,986 0.36 Bayerische Motoren Werke 1,700 200,191 0.13 Beiersdorf 750 76,145 0.05 Brenntag 400 74,079 0.05

MGI Funds plc 208 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Germany (continued) Commerzbank 5,500 88,671 0.06 Continental 500 109,857 0.07 Daimler 4,550 395,616 0.25 Deutsche Bank 4,700 224,730 0.14 Deutsche Boerse 900 74,521 0.05 Deutsche Lufthansa 3,600 76,815 0.05 Deutsche Post 3,500 128,311 0.08 Deutsche Telekom 13,100 224,917 0.14 E.ON 8,150 150,991 0.10 Fresenius 550 84,730 0.05 Fresenius Medical Care 1,050 74,730 0.05 GEA Group 1,650 78,781 0.05 Hannover Rueckversicherung 950 81,803 0.05 HeidelbergCement 850 64,853 0.04 Henkel 800 83,228 0.05 Henkel - Pref 700 81,515 0.05 Infineon Technologies 6,850 73,341 0.05 Linde 907 190,282 0.12 Merck 450 80,579 0.05 Muenchener Rueckversicherungs 750 165,922 0.11 Porsche Automobil Holding - Pref 800 83,305 0.05 ProSiebenSat.1 Media 1,550 76,858 0.05 RWE 2,350 86,330 0.06 SAP 4,100 353,269 0.23 Siemens 3,600 493,631 0.31 ThyssenKrupp 2,700 65,889 0.04 Volkswagen 266 72,189 0.05 Volkswagen - Pref 750 211,240 0.13 –––––––––––– ––––––– 5,801,669 3.70 Hong Kong AIA Group 56,000 280,587 0.18 BOC Hong Kong Holdings 21,000 67,168 0.04 Cheung Kong 7,000 110,592 0.07 CLP Holdings 8,000 63,195 0.04 Galaxy Entertainment Group 10,000 89,634 0.06 Hang Lung Properties 20,000 63,066 0.04 Hang Seng Bank 4,000 64,691 0.04 Henderson Land Development 11,000 62,705 0.04 Hong Kong & China Gas 29,000 66,500 0.04 Hong Kong Exchanges and Clearing 5,000 83,250 0.05 Hutchison Whampoa 10,000 136,063 0.09 Li & Fung 50,000 64,485 0.04 Link REIT 14,000 67,709 0.04 Power Assets Holdings 8,000 63,608 0.04 SJM Holdings 14,000 46,765 0.03 Sun Hung Kai Properties 9,000 113,693 0.07 Swire Pacific - A 6,000 70,224 0.05 Wharf Holdings 8,000 61,080 0.04 –––––––––––– ––––––– 1,575,015 1.00 Ireland Accenture 2,900 238,467 0.15 Actavis 700 117,607 0.07 Bank of Ireland 141,165 48,824 0.03

MGI Funds plc 209 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Ireland (continued) Covidien 2,000 136,180 0.09 CRH 3,000 75,401 0.05 Eaton 2,000 152,180 0.10 Ingersoll-Rand 1,200 73,920 0.05 Kerry Group 1,000 69,311 0.04 Perrigo 736 112,917 0.07 Seagate Technology 1,400 78,624 0.05 Willis Group Holdings 1,600 71,648 0.05 XL Group 2,200 70,048 0.04 –––––––––––– ––––––– 1,245,127 0.79 Israel Bank Hapoalim BM 13,000 72,846 0.05 Bank Leumi Le-Israel BM 18,300 74,497 0.05 Teva Pharmaceutical Industries 3,600 143,855 0.09 –––––––––––– ––––––– 291,198 0.19 Italy Assicurazioni Generali 5,300 124,811 0.08 Atlantia 3,200 71,874 0.05 Enel 29,200 127,709 0.08 ENI 12,700 306,074 0.19 Fiat 7,900 64,716 0.04 Intesa Sanpaolo 54,100 133,737 0.09 Luxottica Group 1,300 69,719 0.04 Snam Rete Gas 9,637 53,967 0.03 Telecom Italia 72,900 72,376 0.05 Terna Rete Elettrica Nazionale 14,800 74,070 0.05 UniCredit 20,800 154,198 0.10 –––––––––––– ––––––– 1,253,251 0.80 Japan Aeon 5,000 67,647 0.04 Aisin Seiki 2,000 81,157 0.05 Ajinomoto 5,000 72,356 0.05 Asahi Glass 11,000 68,341 0.04 Asahi Group 2,000 56,287 0.04 Asahi Kasei 9,000 70,472 0.05 Astellas Pharmaceutical 2,000 118,358 0.08 Bank of Yokohama 12,000 66,676 0.04 Bridgestone 3,800 143,713 0.09 Canon 4,000 126,540 0.08 Central Japan Railway 1,000 117,692 0.08 Chiba Bank 9,000 60,625 0.04 Chubu Electric Power 5,000 64,554 0.04 Chugai Pharmaceutical 3,000 66,248 0.04 Chugoku Electric Power 4,000 62,147 0.04 Dai Nippon Printing 6,000 63,594 0.04 Dai-ichi Life Insurance 4,400 73,469 0.05 Daiichi Sankyo 4,000 73,032 0.05 Daikin Industries 1,000 62,223 0.04 Daito Trust Construction 1,000 93,430 0.06 Daiwa House Industry 4,000 77,332 0.05 Daiwa Securities Group 8,000 79,844 0.05 Denso 2,000 105,418 0.07

MGI Funds plc 210 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Dentsu 1,600 65,230 0.04 East Japan Railway 1,000 79,635 0.05 Eisai 2,000 77,351 0.05 FANUC 1,000 182,865 0.12 Fast Retailing 300 123,591 0.08 Fuji Heavy Industries 2,000 57,276 0.04 Fujifilm Holdings 3,000 84,944 0.05 Fujitsu 18,000 93,164 0.06 Hankyu Hanshin Holdings 12,000 64,735 0.04 Hitachi 18,000 136,150 0.09 Honda Motor 7,000 288,045 0.18 Hoya 3,000 83,345 0.05 IHI 17,000 73,431 0.05 Inpex 6,000 76,837 0.05 Isetan Mitsukoshi Holdings 5,000 71,024 0.05 Isuzu Motors 11,000 68,341 0.04 Itochu 6,000 74,097 0.05 Japan Exchange Group 3,000 85,201 0.05 Japan Tobacco 4,000 129,775 0.08 JFE Holdings 3,000 71,386 0.05 JGC 2,000 78,398 0.05 JX Holdings 14,000 71,928 0.05 Kansai Electric Power 5,000 57,419 0.04 Kao 2,000 62,889 0.04 Kawasaki Heavy Industries 16,000 66,981 0.04 KDDI 2,400 147,510 0.09 Keikyu 7,000 57,609 0.04 Keyence 200 85,438 0.05 Kintetsu 18,000 63,023 0.04 Kirin Holdings 5,000 71,928 0.05 Kobe Steel 38,000 65,078 0.04 Komatsu 3,000 60,968 0.04 Kubota 5,000 82,537 0.05 Kyocera 1,000 49,760 0.03 Kyushu Electric Power 5,000 63,698 0.04 Lawson 1,000 74,782 0.05 LIXIL Group 3,000 82,232 0.05 Makita 1,000 52,424 0.03 Marubeni 9,000 64,564 0.04 Mazda Motor 16,000 82,660 0.05 Mitsubishi 6,000 115,028 0.07 Mitsubishi Chemical Holdings 15,000 69,216 0.04 Mitsubishi Electric 6,000 75,296 0.05 Mitsubishi Estate 5,000 149,137 0.10 Mitsubishi Heavy Industries 11,000 68,027 0.04 Mitsubishi Motors 7,000 75,058 0.05 Mitsubishi UFJ Financial Group 59,000 389,011 0.25 Mitsui 7,000 97,369 0.06 Mitsui Fudosan 3,000 107,749 0.07 Mitsui OSK Lines 15,000 67,504 0.04 Mizuho Financial Group 105,000 226,773 0.14 MS&AD Insurance Group 3,000 80,405 0.05 Murata Manufacturing 1,000 88,768 0.06 NEC 29,000 65,116 0.04 Nidec 300 29,371 0.02

MGI Funds plc 211 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Nikon 4,000 76,381 0.05 Nintendo 1,000 133,105 0.09 Nippon Building Fund 12 69,530 0.04 Nippon Steel 39,000 130,241 0.08 Nippon Telegraph & Telephone 2,000 107,512 0.07 Nippon Yusen KK 21,000 66,933 0.04 Nissan Motor 10,000 84,011 0.05 Nitto Denko 1,000 42,148 0.03 NKSJ Holdings 3,000 83,431 0.05 Nomura Holdings 13,000 99,938 0.06 NSK 6,000 74,497 0.05 NTT DoCoMo 7,500 122,948 0.08 Odakyu Electric Railway 7,000 63,270 0.04 Olympus 2,000 63,175 0.04 Omron 2,000 88,198 0.06 Ono Pharmaceutical 100 8,744 0.01 ORIX 7,800 136,920 0.09 Osaka Gas 16,000 62,566 0.04 Otsuka Holdings 3,000 86,485 0.06 Panasonic 7,000 81,385 0.05 Rakuten 6,000 89,282 0.06 Resona Holdings 13,000 66,296 0.04 Ricoh 6,000 63,708 0.04 Secom 1,000 60,130 0.04 Sega Sammy Holdings 2,000 50,863 0.03 Sekisui House 5,000 69,835 0.04 Seven & I Holdings 3,000 119,024 0.08 Shimano 1,000 85,724 0.05 Shin-Etsu Chemical 1,900 110,813 0.07 Shionogi 3,000 64,935 0.04 Shiseido 4,000 64,241 0.04 Shizuoka Bank 6,000 63,936 0.04 Softbank 4,300 375,976 0.24 Sony 4,000 69,416 0.04 Sumitomo 5,000 62,747 0.04 Sumitomo Chemical 18,000 70,387 0.05 Sumitomo Electric Industries 5,000 83,345 0.05 Sumitomo Metal Mining 5,000 65,411 0.04 Sumitomo Mitsui Financial Group 6,000 308,834 0.20 Sumitomo Mitsui Trust Holdings 13,000 68,398 0.04 Sumitomo Realty & Development 2,000 99,329 0.06 Suzuki Motor 3,000 80,577 0.05 Sysmex 1,000 58,989 0.04 T&D Holdings 6,000 83,745 0.05 Taiheiyo Cement 16,000 61,348 0.04 Taisei 14,000 63,670 0.04 Takeda Pharmaceutical 3,000 137,577 0.09 TDK 2,000 95,714 0.06 Terumo 1,000 48,047 0.03 Tobu Railway 13,000 62,956 0.04 Tohoku Electric Power 5,000 56,134 0.04 Tokio Marine Holdings 3,000 100,186 0.06 Tokyo Electric Power 13,000 63,822 0.04 Tokyo Electron 1,000 54,707 0.04 Tokyu Fudosan Holdings 7,000 65,801 0.04

MGI Funds plc 212 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Japan (continued) Toppan Printing 8,000 63,860 0.04 Toray Industries 10,000 69,074 0.04 Toshiba 16,000 67,285 0.04 Toyota Industries 2,000 90,196 0.06 Toyota Motor 13,100 798,925 0.51 Unicharm 1,000 56,991 0.04 West Japan Railway 500 21,669 0.01 Yahoo! Japan 13,000 72,233 0.05 Yamato Holdings 3,000 60,625 0.04 –––––––––––– ––––––– 13,131,411 8.37 Luxembourg ArcelorMittal 4,500 80,362 0.05 SES 2,400 77,684 0.05 Tenaris 3,000 65,604 0.04 –––––––––––– ––––––– 223,650 0.14 Macau Wynn Macau 12,000 54,322 0.03 –––––––––––– ––––––– Netherlands Aegon 8,800 83,208 0.05 Airbus Group 2,600 199,949 0.13 Akzo Nobel 1,000 77,634 0.05 ASML Holding 1,500 140,634 0.09 Chicago Bridge & Iron 882 73,303 0.05 Core Laboratories 400 76,392 0.05 Gemalto 600 66,150 0.04 Heineken 1,000 67,609 0.04 Heineken Holding 1,100 69,656 0.04 ING Groep 17,300 240,054 0.15 Koninklijke Ahold 5,000 89,911 0.06 Koninklijke DSM 900 70,887 0.04 Koninklijke KPN 21,400 69,091 0.04 Koninklijke Philips 4,000 146,862 0.09 LyondellBasell Industries 1,900 152,513 0.10 QIAGEN 3,300 77,167 0.05 Randstad Holding 1,200 77,964 0.05 Reed Elsevier 3,400 72,149 0.05 Unilever -CVS- 7,617 307,266 0.20 Wolters Kluwer 2,600 74,322 0.05 –––––––––––– ––––––– 2,232,721 1.42 New Zealand Fletcher Building 8,700 60,721 0.04 –––––––––––– ––––––– Norway DNB 4,300 76,760 0.05 Orkla 9,300 72,507 0.05 Statoil 3,900 94,433 0.06 Telenor 2,900 69,120 0.04 Yara International 1,700 73,135 0.05 –––––––––––– ––––––– 385,955 0.25

MGI Funds plc 213 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Portugal EDP 20,100 73,701 0.05 Galp Energia 4,000 65,590 0.04 Jeronimo Martins 3,500 68,436 0.04 –––––––––––– ––––––– 207,727 0.13 Singapore Avago Technologies 1,500 79,350 0.05 CapitaLand 27,000 64,581 0.04 DBS Group Holdings 8,000 108,031 0.07 Genting Singapore 59,000 69,392 0.04 Global Logistic Properties 29,000 66,379 0.04 Keppel 8,000 70,775 0.05 Oversea-Chinese Banking 12,000 96,943 0.06 Singapore Exchange 12,000 69,000 0.04 Singapore Press Holdings 21,000 68,359 0.04 Singapore Technologies Engineering 21,000 65,365 0.04 Singapore Telecommunications 38,000 109,853 0.07 United Overseas Bank 6,000 100,935 0.07 Wilmar International 26,000 70,220 0.05 –––––––––––– ––––––– 1,039,183 0.66 Spain Abertis Infraestructuras 3,300 73,301 0.05 Amadeus IT Holding 2,000 85,433 0.05 Banco Bilbao Vizcaya Argentaria 25,000 307,283 0.20 Banco de Sabadell 26,300 68,566 0.04 Banco Popular Espanol 12,300 73,897 0.05 Banco Santander 51,800 463,956 0.30 CaixaBank 13,594 70,375 0.04 Ferrovial 3,700 71,378 0.05 Gas Natural DG 3,000 76,889 0.05 Iberdrola 18,300 116,702 0.07 Inditex 1,111 182,101 0.12 Red Electrica 1,100 72,756 0.05 Repsol 3,400 85,455 0.05 Repsol - Rights 3,400 2,324 0.00 Telefonica 18,400 299,180 0.19 –––––––––––– ––––––– 2,049,596 1.31 Sweden Alfa Laval 2,900 74,457 0.05 Assa Abloy 1,500 79,360 0.05 Atlas Copco -A- Shares 2,300 63,815 0.04 Atlas Copco -B- Shares 2,600 66,067 0.04 Autoliv 800 73,400 0.05 Hennes & Mauritz 4,300 198,175 0.13 Hexagon 2,400 75,969 0.05 Investor -B- 2,200 75,770 0.05 Kinnevik Investment 2,000 92,642 0.06 Nordea Bank 13,200 177,779 0.11 Sandvik 4,800 67,748 0.04 Skandinaviska Enskilda Banken 6,400 84,402 0.05 Skanska 3,600 73,653 0.05 SKF 2,500 65,667 0.04 Svenska Cellulosa 2,800 86,233 0.05

MGI Funds plc 214 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) Sweden (continued) Svenska Handelsbanken 2,100 103,290 0.07 Swedbank -A- 4,100 115,481 0.07 Swedish Match 2,000 64,335 0.04 Telefonaktiebolaget LM Ericsson 13,500 164,898 0.10 TeliaSonera 12,300 102,459 0.07 Volvo 6,600 86,731 0.06 –––––––––––– ––––––– 1,992,331 1.27 Switzerland ABB 9,250 244,108 0.16 ACE 1,500 155,265 0.10 Actelion 1,000 84,669 0.05 Adecco 950 75,361 0.05 Aryzta 1,000 76,798 0.05 Baloise Holding 600 76,573 0.05 Cie Financiere Richemont 2,200 219,419 0.14 Credit Suisse Group 6,650 203,908 0.13 Geberit 250 76,039 0.05 Givaudan 50 71,569 0.05 Glencore International 50,900 263,616 0.17 Holcim 950 71,302 0.04 Julius Baer Group 1,450 69,830 0.04 Kuehne & Nagel International 550 72,356 0.05 Nestle 15,080 1,106,392 0.70 Novartis 10,756 860,504 0.55 Pentair 1,000 77,640 0.05 Roche 3,285 920,103 0.59 Schindler Holding 450 66,386 0.04 SGS 50 115,196 0.07 Sonova Holding 550 74,211 0.05 Swatch Group 600 67,465 0.04 Swatch Group BR 100 66,228 0.04 Swiss Life Holding 324 67,398 0.04 Swiss Re 1,300 119,863 0.08 Swisscom 150 79,389 0.05 Syngenta 476 190,057 0.12 TE Connectivity 1,800 99,162 0.06 Transocean 1,550 75,552 0.05 Tyco International 2,200 90,266 0.06 UBS 16,550 314,680 0.20 Weatherford International 4,300 66,564 0.04 Wolseley 1,258 71,362 0.05 Zurich Insurance Group 600 174,262 0.11 –––––––––––– ––––––– 6,463,493 4.12 United Kingdom 3i Group 12,000 76,538 0.05 Aberdeen Asset Management 10,800 88,561 0.06 Aggreko 225 6,369 0.00 AMEC 3,584 64,465 0.04 Anglo American 6,900 150,851 0.10 Aon 1,100 92,268 0.06 ARM Holdings 5,600 101,747 0.07 Associated British Foods 2,200 89,090 0.06 AstraZeneca 5,700 337,455 0.22

MGI Funds plc 215 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Aviva 12,800 95,315 0.06 Babcock International Group 3,600 80,613 0.05 BAE Systems 12,900 92,833 0.06 Barclays 70,800 318,778 0.20 BG Group 15,900 341,688 0.22 BHP Billiton 10,300 318,328 0.20 BP 88,376 714,372 0.46 British American Tobacco 8,800 471,647 0.30 British Land 7,200 75,008 0.05 British Sky Broadcasting Group 4,900 68,496 0.04 BT Group 36,000 225,979 0.14 Bunzl 2,274 54,498 0.03 Burberry Group 2,700 67,794 0.04 Capita Group 4,200 71,997 0.05 Centrica 18,500 106,384 0.07 CNH Industrial 5,400 61,611 0.04 Compass Group 7,300 116,977 0.07 Delphi Automotive 1,200 72,144 0.05 Diageo 11,400 377,436 0.24 Ensco 1,200 68,592 0.04 G4S 12,353 53,625 0.03 GKN 11,900 73,437 0.05 GlaxoSmithKline 22,400 597,866 0.38 Hammerson 8,500 70,672 0.05 HSBC Holdings 86,279 946,423 0.60 IMI 2,900 73,248 0.05 Imperial Tobacco Group 4,500 174,179 0.11 InterContinental Hotels Group 2,400 80,017 0.05 Intertek Group 1,300 67,630 0.04 ITV 23,100 74,147 0.05 J Sainsbury 11,000 66,444 0.04 Johnson Matthey 1,400 75,893 0.05 Kingfisher 11,400 72,598 0.05 Land Securities Group 3,663 58,454 0.04 Legal & General Group 23,700 87,377 0.06 Liberty Global 900 75,888 0.05 Liberty Global -A- Shares 900 80,091 0.05 Lloyds Banking Group 206,900 269,516 0.17 Marks & Spencer Group 9,000 64,484 0.04 Meggitt 7,900 69,020 0.04 Melrose 10,008 50,672 0.03 National Grid 15,000 195,769 0.12 Next 900 81,164 0.05 Noble 1,800 67,428 0.04 Old Mutual 22,400 70,119 0.04 Pearson 3,300 73,294 0.05 Prudential 11,800 261,691 0.17 Reckitt Benckiser Group 2,700 214,113 0.14 Reed Elsevier 5,100 75,895 0.05 Rexam 6,140 53,898 0.03 Rio Tinto 6,200 349,702 0.22 Rolls-Royce Holdings 7,400 156,022 0.10 Rolls-Royce Holdings - Pref 636,400 1,054 0.00 Royal Bank of Scotland Group 11,500 64,397 0.04 Royal Dutch Shell - A Shares 18,094 647,912 0.41

MGI Funds plc 216 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United Kingdom (continued) Royal Dutch Shell - B Shares 11,600 437,949 0.28 RSA Insurance Group 35,900 54,346 0.03 SABMiller 4,500 230,823 0.15 Scottish & Southern Energy 3,800 86,098 0.06 Severn Trent 2,400 67,774 0.04 Smith & Nephew 5,400 76,961 0.05 Smiths Group 3,100 75,937 0.05 Standard Chartered 11,400 256,785 0.16 Standard Life 12,000 71,411 0.05 Subsea 7 3,300 63,151 0.04 Tesco 40,114 222,138 0.14 Travis Perkins 2,400 74,293 0.05 Tullow Oil 4,300 60,892 0.04 Unilever 5,700 234,316 0.15 United Utilities Group 6,100 67,842 0.04 Vodafone Group 221,000 867,493 0.55 Weir Group 1,800 63,560 0.04 Whitbread 1,300 80,634 0.05 WM Morrison Supermarkets 15,300 66,114 0.04 WPP 5,300 121,050 0.08 –––––––––––– ––––––– 13,581,540 8.65 United States of America 3M 3,000 420,690 0.27 Abbott Laboratories 7,100 272,143 0.17 AbbVie 7,100 374,880 0.24 Activision Blizzard 3,800 67,716 0.04 Adobe Systems 2,000 119,740 0.08 ADT 1,700 68,799 0.04 Advance Auto Parts 500 55,350 0.04 AES 5,000 72,450 0.05 Aetna 1,500 102,855 0.07 Affiliated Managers Group 400 86,764 0.06 Aflac 2,300 153,617 0.10 Agilent Technologies 1,400 80,066 0.05 Air Products & Chemicals 1,000 111,770 0.07 Airgas 600 67,086 0.04 Akamai Technologies 1,300 61,334 0.04 Alcoa 8,100 86,022 0.05 Alexion Pharmaceuticals 900 119,691 0.08 Alleghany 100 40,015 0.03 Allergan 1,400 155,512 0.10 Alliance Data Systems 300 78,882 0.05 Allstate 2,200 119,966 0.08 Altera 1,800 58,536 0.04 Altria Group 9,300 356,934 0.23 Amazon.com 1,800 716,904 0.46 Ameren 1,900 68,704 0.04 American Capital Agency 3,100 59,799 0.04 American Electric Power 2,200 102,806 0.07 American Express 4,400 399,168 0.25 American International Group 6,500 331,825 0.21 American Tower 1,800 143,622 0.09 American Water Works 1,200 50,688 0.03 Ameriprise Financial 900 103,536 0.07

MGI Funds plc 217 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) AmerisourceBergen 1,100 77,352 0.05 AMETEK 1,500 78,975 0.05 Amgen 3,400 387,940 0.25 Amphenol 900 80,253 0.05 Anadarko Petroleum 2,300 182,390 0.12 Analog Devices 1,400 71,288 0.05 Annaly Capital Management 5,900 58,823 0.04 ANSYS 800 69,744 0.04 Apache 1,800 154,674 0.10 Apple 4,400 2,467,608 1.57 Applied Materials 4,200 74,256 0.05 Archer-Daniels-Midland 2,400 104,160 0.07 AT&T 25,900 910,126 0.58 Autodesk 1,700 85,544 0.05 Automatic Data Processing 2,100 169,659 0.11 AutoZone 200 95,580 0.06 Avalonbay Communities 700 82,740 0.05 Avon Products 3,300 56,826 0.04 Baker Hughes 1,700 93,942 0.06 Bank of America 49,600 772,272 0.49 Bank of New York Mellon 5,200 181,636 0.12 Baxter International 2,400 166,896 0.11 BB&T 3,200 119,424 0.08 BE Aerospace 784 68,231 0.04 Beam 1,000 68,030 0.04 Becton Dickinson 700 77,329 0.05 Bed Bath & Beyond 900 72,261 0.05 Berkshire Hathaway 4,900 580,748 0.37 Best Buy 1,700 67,762 0.04 Biogen Idec 1,100 307,615 0.20 BioMarin Pharmaceutical 1,000 70,270 0.04 BlackRock 600 189,882 0.12 Boeing 3,200 436,736 0.29 BorgWarner 1,400 78,288 0.05 Boston Properties 800 80,256 0.05 Boston Scientific 5,900 70,918 0.05 Bristol-Myers Squibb 7,500 398,550 0.25 Broadcom 2,600 77,064 0.05 Brown-Forman 1,000 75,530 0.05 CA 2,300 77,395 0.05 Cabot Oil & Gas 1,900 73,625 0.05 Cameron International 1,100 65,483 0.04 Campbell Soup 1,700 73,559 0.05 Capital One Financial 2,600 199,186 0.13 Cardinal Health 1,400 93,520 0.06 CareFusion 1,800 71,676 0.05 CarMax 1,400 65,814 0.04 Carnival 2,100 84,357 0.05 Caterpillar 3,000 272,430 0.17 CBRE Group 2,200 57,838 0.04 CBS 2,400 152,904 0.10 Celanese 1,300 71,929 0.05 Celgene 1,900 320,853 0.20 CenterPoint Energy 2,800 64,876 0.04 CenturyLink 2,900 92,365 0.06

MGI Funds plc 218 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Cerner 1,200 66,864 0.04 CF Industries Holdings 300 69,906 0.04 CH Robinson Worldwide 1,200 70,008 0.04 Charles Schwab 5,400 140,400 0.09 Charter Communications 500 68,350 0.04 Chesapeake Energy 2,600 70,564 0.04 Chevron 8,900 1,111,699 0.71 Chipotle Mexican Grill 200 106,520 0.07 Chubb 1,100 106,260 0.07 Church & Dwight 1,100 72,908 0.05 CIGNA 1,100 96,206 0.06 Cimarex Energy 700 73,437 0.05 Cincinnati Financial 1,400 73,304 0.05 Cisco Systems 24,300 545,292 0.35 CIT Group 1,400 72,996 0.05 Citigroup 14,000 729,260 0.46 Citrix Systems 1,200 75,876 0.05 Clorox 800 74,216 0.05 CME Group 1,600 125,520 0.08 Coach 1,300 72,930 0.05 Cobalt International Energy 2,200 36,168 0.02 Coca-Cola 19,100 788,639 0.50 Coca-Cola Enterprises 1,700 75,038 0.05 Cognizant Technology Solutions 1,300 131,274 0.08 Colgate-Palmolive 3,900 254,280 0.16 Comcast 2,600 129,688 0.08 Comcast -A- Shares 10,300 535,085 0.34 Comerica 1,700 80,852 0.05 Computer Sciences 1,300 72,657 0.05 ConAgra Foods 2,200 74,118 0.05 Concho Resources 600 64,818 0.04 ConocoPhillips 5,300 374,498 0.24 Consol Energy 1,800 68,454 0.04 Consolidated Edison 1,300 71,851 0.05 Constellation Brands 1,100 77,418 0.05 Continental Resources 400 45,028 0.03 Corning 6,500 115,700 0.07 Costco Wholesale 1,800 214,200 0.14 CR Bard 600 80,370 0.05 Cree 900 56,313 0.04 Crown Castle International 1,400 102,802 0.07 CSX 4,500 129,420 0.08 Cummins 800 112,776 0.07 CVS Caremark 5,500 393,580 0.25 Danaher 2,500 192,975 0.12 DaVita 1,200 76,044 0.05 Deere 1,700 155,261 0.10 Denbury Resources 2,700 44,361 0.03 Dentsply International 1,406 68,149 0.04 Devon Energy 1,800 111,384 0.07 Digital Realty Trust 900 44,181 0.03 DirecTV Group 2,100 145,068 0.09 Discover Financial Services 1,900 106,305 0.07 Discovery Communications 900 75,465 0.05

MGI Funds plc 219 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Discovery Communications -A- Shares 700 63,273 0.04 DISH Network 1,400 81,060 0.05 Dollar General 1,200 72,360 0.05 Dollar Tree 1,200 67,692 0.04 Dominion Resources 2,700 174,636 0.11 Dover 800 77,224 0.05 Dow Chemical 5,600 248,528 0.16 Dr Pepper Snapple Group 1,600 77,936 0.05 DTE Energy 1,000 66,390 0.04 Duke Energy 3,200 220,832 0.14 Eastman Chemical 900 72,630 0.05 eBay 5,300 290,811 0.19 Ecolab 1,100 114,686 0.07 Edison International 1,400 64,834 0.04 Edwards Lifesciences 900 59,193 0.04 EI du Pont de Nemours 4,400 285,868 0.18 Electronic Arts 2,800 64,204 0.04 Eli Lilly 4,700 239,747 0.15 EMC 9,200 231,380 0.15 Emerson Electric 3,300 231,594 0.15 Energen 600 42,444 0.03 Entergy 1,100 69,586 0.04 EOG Resources 1,200 201,348 0.13 EQT 800 71,824 0.05 Equifax 1,100 75,988 0.05 Equinix 400 70,980 0.05 Equity Residential 1,800 93,348 0.06 Estee Lauder 1,000 75,300 0.05 Exelon 4,400 120,516 0.08 Expeditors International of Washington 1,600 70,784 0.04 Express Scripts Holdings 3,700 259,851 0.17 Exxon Mobil 20,800 2,104,960 1.34 Facebook 7,500 409,800 0.26 Family Dollar Stores 1,000 64,960 0.04 Fastenal 1,400 66,500 0.04 Federal Realty Investment Trust 500 50,700 0.03 FedEx 1,300 186,914 0.12 Fidelity National Information Services 1,500 80,505 0.05 Fifth Third Bancorp 3,700 77,774 0.05 FirstEnergy 2,100 69,258 0.04 Fiserv 1,400 82,670 0.05 Flowserve 1,100 86,746 0.06 Fluor 1,000 80,290 0.05 FMC 900 67,905 0.04 FMC Technologies 1,200 62,640 0.04 Ford Motor 16,100 248,101 0.16 Forest Laboratories 1,600 96,048 0.06 Franklin Resources 2,000 115,440 0.07 Freeport-McMoRan Copper & Gold 4,700 177,378 0.11 Gap 1,900 74,252 0.05 General Dynamics 1,300 124,202 0.08 General Electric 48,400 1,356,652 0.86 General Growth Properties 3,400 68,170 0.04 General Mills 3,200 159,712 0.10 General Motors 3,100 126,697 0.08

MGI Funds plc 220 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Genuine Parts 900 74,853 0.05 Gilead Sciences 6,800 510,884 0.33 Goldman Sachs Group 2,000 354,520 0.23 Google 1,300 1,455,948 0.94 Green Mountain Coffee Roasters 1,000 75,580 0.05 H&R Block 2,500 72,600 0.05 Halliburton 3,600 182,700 0.12 Harley-Davidson 1,000 69,250 0.04 Harris 1,039 72,532 0.05 Hartford Financial Services Group 2,100 76,083 0.05 HCA Holdings 1,500 71,580 0.05 HCP 2,400 87,144 0.06 Health Care 1,200 64,272 0.04 Helmerich & Payne 900 75,645 0.05 Henry Schein 600 68,562 0.04 Hershey 700 68,047 0.04 Hertz Global Holdings 2,900 82,969 0.05 Hess 1,300 107,900 0.07 Hewlett-Packard 8,800 246,224 0.16 HollyFrontier 1,600 79,488 0.05 Home Depot 6,600 543,378 0.35 Honeywell International 3,300 301,521 0.19 Hospira 1,728 71,297 0.05 Host Hotels & Resorts 4,000 77,720 0.05 Humana 700 72,247 0.05 IHS 601 71,940 0.05 Illinois Tool Works 1,900 159,752 0.10 Illumina 800 88,464 0.06 Intel 23,600 612,420 0.39 IntercontinentalExchange Group 656 147,482 0.09 International Business Machines 4,800 899,808 0.57 International Flavors & Fragrances 762 65,486 0.04 International Paper 1,900 93,138 0.06 Interpublic Group 4,000 70,800 0.04 Intuit 1,000 76,310 0.05 Intuitive Surgical 200 76,778 0.05 Invesco 2,000 72,800 0.05 Jacobs Engineering Group 800 50,376 0.03 JB Hunt Transport Services 923 71,339 0.05 JM Smucker 600 62,184 0.04 Johnson & Johnson 13,507 1,236,971 0.79 Johnson Controls 3,000 153,930 0.10 JPMorgan Chase 17,300 1,011,531 0.64 Juniper Networks 3,300 74,481 0.05 Kansas City Southern 600 74,274 0.05 Kellogg 1,100 67,177 0.04 Key Corp 5,700 76,494 0.05 Kimberly-Clark 1,500 156,690 0.10 Kimco Realty 3,300 65,175 0.04 Kinder Morgan 2,900 104,371 0.07 Kinder Morgan Management LLC 915 69,275 0.04 KLA-Tencor 1,100 70,884 0.05 Kohl's 1,300 73,788 0.05 Kraft foods 2,300 123,993 0.08 Kroger 1,700 67,201 0.04

MGI Funds plc 221 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) L Brands 1,200 74,196 0.05 L-3 Communications 700 74,809 0.05 Laboratory of America 700 63,966 0.04 Lam Research 1,300 70,785 0.04 Las Vegas Sands 1,600 126,176 0.08 Leucadia National 2,400 67,968 0.04 Liberty Media 500 73,175 0.05 Liberty Media - Interactive - A 2,700 79,245 0.05 Life Technologies 900 68,211 0.04 Lincoln National 1,600 82,576 0.05 Linear Technology 1,700 77,418 0.05 LinkedIn 400 86,644 0.06 LKQ 2,100 69,090 0.04 Lockheed Martin 1,100 163,504 0.10 Loews 1,400 67,522 0.04 Lorillard 1,500 76,020 0.05 Lowe's 4,800 237,792 0.15 Lululemon Athletica 900 53,118 0.03 M&T Bank 600 69,858 0.04 Macerich 1,200 70,644 0.04 Macy's 1,600 85,408 0.05 Marathon Oil 3,100 109,430 0.07 Marathon Petroleum 1,400 128,436 0.08 Marriott International 1,600 78,976 0.05 Marsh & McLennan 2,100 101,556 0.06 Masco 3,054 69,539 0.04 Mastercard 500 417,705 0.27 Mattel 1,600 76,112 0.05 Maxim Integrated Products 2,300 64,170 0.04 McCormick 1,000 68,910 0.04 McDonald's 4,600 446,292 0.28 McGraw-Hill 1,000 78,180 0.05 McKesson 900 145,215 0.09 Mead Johnson Nutrition 900 75,375 0.05 Medtronic 4,500 258,255 0.16 Merck 13,900 695,834 0.44 MetLife 4,500 242,595 0.15 Mettler-Toledo International 266 64,532 0.04 MGM Resorts International 3,300 77,583 0.05 Microchip Technology 1,700 76,041 0.05 Micron Technology 4,100 89,175 0.06 Microsoft 36,200 1,354,604 0.87 Mohawk Industries 500 74,450 0.05 Molson Coors Brewing 900 50,526 0.03 Mondelez International 7,300 257,617 0.16 Monsanto 2,500 291,375 0.19 Monster Beverage 1,200 81,324 0.05 Moody's 1,000 78,480 0.05 Morgan Stanley 6,700 210,045 0.13 Mosaic 1,500 70,905 0.05 Motorola Solutions 1,100 74,250 0.05 Murphy Oil 1,100 71,368 0.05 Mylan 1,700 73,746 0.05 National Oilwell Varco 1,800 143,136 0.09 NetApp 1,600 65,824 0.04

MGI Funds plc 222 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) NetFlix 200 73,628 0.05 New York Community Bancorp 4,400 74,140 0.05 Newell Rubbermaid 2,500 81,025 0.05 Newmont Mining 2,700 62,154 0.04 NextEra Energy 1,900 162,678 0.10 Nielsen Holdings 1,800 82,584 0.05 NIKE 3,600 283,176 0.18 NiSource 2,200 72,314 0.05 Noble Energy 1,400 95,340 0.06 Nordstrom 1,200 74,148 0.05 Norfolk Southern 1,400 129,934 0.08 Northeast Utilities 1,600 67,792 0.04 Northern Trust 1,200 74,256 0.05 Northrop Grumman 900 103,149 0.07 NRG Energy 2,500 71,775 0.05 Nucor 1,800 96,084 0.06 Nvidia 4,400 70,444 0.04 O'Reilly Automotive 500 64,325 0.04 Occidental Petroleum 3,700 351,870 0.22 Oceaneering International 800 63,104 0.04 OGE Energy 1,788 60,613 0.04 Omnicom Group 1,100 81,807 0.05 Oneok 1,200 74,604 0.05 Oracle 16,900 646,763 0.41 Paccar 1,300 76,908 0.05 Pall 900 76,815 0.05 Parker Hannifin 600 77,190 0.05 Paychex 1,700 77,384 0.05 Peabody Energy 2,700 52,731 0.03 PepsiCo 7,300 605,389 0.39 PetSmart 900 65,448 0.04 Pfizer 30,100 921,662 0.59 PG&E 2,000 80,540 0.05 Philip Morris International 7,500 653,400 0.42 Phillips 66 2,600 200,538 0.13 Pioneer Natural Resources 600 110,412 0.07 Plum Creek Timber REIT 1,400 65,072 0.04 PNC Financial Services Group 2,300 178,411 0.11 Polaris Industries 500 72,785 0.05 PPG Industries 600 113,796 0.07 PPL 2,300 69,184 0.04 Praxair 1,400 182,028 0.12 Precision Castparts 600 161,574 0.10 priceline.com 200 232,398 0.15 Principal Financial Group 1,600 78,880 0.05 Procter & Gamble 12,500 1,017,500 0.65 Progressive 2,600 70,876 0.05 ProLogis 2,600 96,044 0.06 Prudential Financial 2,200 202,884 0.13 Public Service Enterprise Group 2,500 80,075 0.05 Public Storage 700 105,315 0.07 PVH 600 81,600 0.05 QEP Resources 1,600 49,040 0.03 Qualcomm 7,900 586,417 0.37 Quest Diagnostics 1,200 64,248 0.04

MGI Funds plc 223 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Ralph Lauren 400 70,628 0.04 Range Resources 900 75,870 0.05 Rayonier REIT 900 37,881 0.02 Raytheon 1,300 117,897 0.07 Realty Income 1,700 63,427 0.04 Red Hat 1,600 89,664 0.06 Regeneron Pharmaceuticals 300 82,521 0.05 Regions Financial 7,000 69,230 0.04 Republic Services 2,100 69,741 0.04 ResMed 1,200 56,508 0.04 Reynolds American 1,500 74,970 0.05 Rock-Tenn 600 62,994 0.04 Rockwell Automation 600 70,896 0.05 Rockwell Collins 1,000 73,890 0.05 Roper Industries 500 69,315 0.04 Ross Stores 900 67,437 0.04 Safeway 2,100 68,397 0.04 Salesforce.com 2,300 126,914 0.08 SanDisk 1,100 77,583 0.05 SBA Communications 900 80,811 0.05 Schlumberger 6,000 540,660 0.34 Sempra Energy 900 80,784 0.05 Sherwin-Williams 400 73,352 0.05 Sigma-Aldrich 800 75,200 0.05 Simon Property Group 1,500 228,210 0.15 Sirius XM Holdings 17,400 60,552 0.04 SL Green Realty 700 64,638 0.04 SLM 2,700 70,902 0.05 Southern 4,200 172,620 0.11 Southwestern Energy 1,900 74,727 0.05 Spectra Energy 2,700 96,174 0.06 Sprint 7,900 84,846 0.05 St Jude Medical 1,200 74,328 0.05 Stanley Black & Decker 700 56,476 0.04 Staples 4,500 71,505 0.05 Starbucks 3,400 266,458 0.17 Starwood Hotels & Resorts Worldwide 1,000 79,470 0.05 State Street 2,100 154,140 0.10 Stericycle 600 69,684 0.04 Stryker 1,200 90,144 0.06 SunTrust Banks 2,400 88,368 0.06 Symantec 2,900 68,353 0.04 Sysco 2,100 75,789 0.05 T Rowe Price Group 1,400 117,250 0.07 Target 2,600 164,502 0.10 TD Ameritrade Holding 1,800 55,152 0.03 Teradata 1,300 59,124 0.04 Tesla Motors 400 60,112 0.04 Tesoro 1,020 59,670 0.04 Texas Instruments 5,200 228,280 0.15 Textron 2,500 91,900 0.06 Thermo Fisher Scientific 1,400 155,876 0.10 Tiffany 900 83,484 0.05 Time Warner 4,300 299,796 0.19 Time Warner Cable 1,200 162,528 0.10

MGI Funds plc 224 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) TJX 3,600 229,428 0.15 Torchmark 700 54,705 0.03 Tractor Supply 1,000 77,580 0.05 TransDigm Group 464 74,681 0.05 Travelers 1,600 144,832 0.09 Trimble Navigation 2,300 79,810 0.05 TripAdvisor 900 74,511 0.05 TRW Automotive Holdings 900 66,969 0.04 Twenty-First Century Fox Class A 6,700 235,639 0.15 Twenty-First Century Fox Class B 2,000 69,200 0.04 Tyson Foods 2,300 76,958 0.05 UDR 2,000 46,660 0.03 Ulta Salon Cosmetics & Fragrances 400 38,596 0.02 Union Pacific 2,100 352,737 0.23 United Parcel Service 3,200 336,224 0.21 United Technologies 3,900 443,742 0.28 UnitedHealth Group 4,500 338,805 0.22 Universal Health Services 843 68,494 0.04 Unum Group 2,200 77,176 0.05 US Bancorp 8,600 347,354 0.22 Valero Energy 2,300 115,920 0.07 Varian Medical Systems 900 69,939 0.04 Ventas 1,400 80,220 0.05 VeriSign 1,300 77,714 0.05 Verisk Analytics 1,000 65,720 0.04 Verizon Communications 13,500 663,120 0.42 Vertex Pharmaceuticals 1,000 74,290 0.05 VF 1,200 74,820 0.05 Viacom 1,900 165,908 0.11 Visa 2,300 512,095 0.33 Vornado Realty Trust 900 79,884 0.05 Vulcan Materials 1,194 70,912 0.05 Wal-Mart Stores 7,500 590,100 0.39 Walgreen 4,000 229,760 0.15 Walt Disney 7,800 595,842 0.38 Waste Management 1,600 71,776 0.05 Waters 700 69,986 0.04 WellPoint 1,200 110,844 0.07 Wells Fargo 23,100 1,048,509 0.67 Western Digital 1,000 83,900 0.05 Western Union 3,700 63,788 0.04 Weyerhaeuser REIT 2,900 91,553 0.06 Whirlpool 500 78,410 0.05 Whiting Petroleum 800 49,512 0.03 Whole Foods Market 1,500 86,700 0.06 Williams 3,000 115,740 0.07 Windstream Holdings 5,900 46,964 0.03 Wisconsin Energy 1,700 70,278 0.04 WW Grainger 300 76,590 0.05 Wyndham Worldwide 1,100 81,081 0.05 Wynn Resorts 400 77,632 0.05 Xcel Energy 2,400 67,008 0.04 Xerox 6,400 77,888 0.05 Xilinx 1,400 64,274 0.04 Xylem 1,946 67,332 0.04

MGI Funds plc 225 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (continued)

Nominal Fair value % of holdings US$ Net assets

Financial assets at fair value through profit or loss (continued) Transferable securities (continued) Equities (continued) United States of America (continued) Yahoo! 4,200 169,890 0.11 Yum! Brands 1,900 143,659 0.09 Zimmer 800 74,536 0.05 Zoetis 2,100 68,628 0.04 –––––––––––– ––––––– 79,179,759 50.51

Total equities 150,650,647 96.04

Total transferable securities 150,650,647 96.04

Financial assets at fair value through profit or loss Open forward foreign currency contracts

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

CHF 1* 239,950 USD 265,175 24/01/2014 4,670 0.00 EUR 1* 849,030 USD 1,151,892 24/01/2014 18,017 0.01 GBP 1* 527,585 USD 851,946 24/01/2014 21,748 0.01 USD 1* 148,467 AUD 162,525 24/01/2014 3,264 0.00 USD 1* 166,018 CAD 175,360 24/01/2014 1,060 0.00 USD 1* 269,836 JPY 27,340,000 24/01/2014 9,693 0.01 –––––––––––– ––––––– Unrealised gain on open forward foreign currency contracts 58,452 0.03

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

Euro Stoxx 50 Index Futures 2* 21/03/2014 EUR 18 39,134 0.02 FTSE 100 Index Futures 2* 21/03/2014 GBP 5 20,827 0.01 S&P 500 E Mini Index Futures 2* 21/03/2014 USD 37 129,183 0.08 S&P 60 Index Futures 2* 20/03/2014 CAD 2 12,480 0.01 SPI 200 Futures 2* 20/03/2014 AUD 2 8,812 0.01 Swiss Market Index Futures 2* 21/03/2014 CHF 3 9,535 0.01 TOPIX Index Futures 2* 13/03/2014 JPY 4 17,316 0.01 –––––––––––– ––––––– Total futures contracts 237,287 0.15

Total financial derivative instruments at positive fair value 295,739 0.18

Total financial assets at fair value through profit or loss 150,946,386 96.22

MGI Funds plc 226 MGI Funds plc Portfolio Statement Mercer Passive Global Equity Fund as at 31 December 2013 (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 Open forward foreign currency contracts AUD 1* 397,775 USD 366,991 24/01/2014 (11,613) (0.01) CAD 1* 456,160 USD 433,361 24/01/2014 (4,259) (0.00) JPY 1* 73,755,000 USD 733,359 24/01/2014 (31,573) (0.02) USD 1* 33,297 CHF 30,000 24/01/2014 (440) (0.00) USD 1* 492,953 EUR 363,640 24/01/2014 (8,119) (0.01) USD 1* 370,411 GBP 229,165 24/01/2014 (9,092) (0.01) –––––––––––– ––––––– Unrealised loss on open forward foreign currency contracts (65,096) (0.05)

Total financial derivative instruments at negative fair value (65,096) (0.05)

Total financial derivative instruments 230,643 0.13

Total investments at fair value through profit and loss 150,881,290 96.17

Cash 5,834,557 3.72

Net current assets 151,817 0.11 –––––––––––– ––––––– Net assets attributable to holders of redeemable participating shares 156,867,664 100.00 –––––––––––– –––––––

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 95.90 OTC financial derivative instruments 0.19 Other current assets 3.91 ––––––– 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* Goldman Sachs

MGI Funds plc 227 ------MGI GB£ 81,194 Linked (215,748) (215,748) 3,019,724 1,259,728 Bond Fund 507,112,797 507,328,545 502,967,899 UK Inflation –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ Fund 86,263 40,538 (41,865) (35,960) (77,825) 1,398,208 74,408,430 74,330,605 72,883,421 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– as at 31 December 2013 Unaudited Balance Sheet ------MGI GB£ Fund 7,868 (66,813) (35,842) 337,642 (102,655) 1,830,855 UK Equity 109,271,970 107,095,605 109,169,315 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 6,967 (3,588) (3,588) 324,123 UK Cash 11,611,692 11,608,104 11,280,602 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 1,847 (51,855) 242,586 185,113 (231,016) (282,871) UK Bond 1,949,743 1,576,013 4,440,548 113,227,255 112,944,384 104,831,405 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ Basin (7,968) (7,968) 19,949 11,097 Pacific 399,807 (Ex Japan) 13,354,325 13,346,357 12,923,472 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------´ MGI 767,113 654,881 (415,791) Japanese (1,113,043) (1,528,834) 14,143,843 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,577,977,900 1,593,543,737 1,592,014,903 ------MGI US$ Global (949,347) 7,272,820 1,328,266 (3,810,903) (1,500,744) 21,229,071 20,375,179 63,019,976 15,173,337 (12,461,844) (18,722,838) Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,153,118,426 1,281,517,075 1,262,794,237 ------MGI US$ (5,071) (5,071) 19,899 55,204 Global 683,635 5,582,261 5,577,190 4,823,523 Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI 2,871 198,336 273,042 (397,823) (105,506) (292,317) 3,306,271 Eurozone 163,314,395 163,712,218 159,931,698 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund 27,404 (52,838) (52,838) 166,791 6,723,388 Euro Cash 205,147,129 205,094,291 198,229,546 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund (9,737) (9,737) 79,357 134,021 247,301 2,453,227 15,224,042 15,214,305 12,310,136 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------(80) MGI US$ 20,369 529,089 Markets (720,283) 1,126,736 1,280,891 Emerging (1,119,060) (1,839,423) 24,759,922 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,152,605,115 1,126,727,531 1,154,444,538 Notes MGI Funds plc

Assets Cash at bankCash at brokerReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments institutions - Deposits with credit Financial assets at fair value or loss profit through 6 6 securities - Transferable - Bank loans - Collective investment schemes - Financial derivative instruments assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersBank overdraft Expenses payable 9 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 228 € MGI 21,021 8,469,391 Funds plc (1,369,989) (4,926,812) (5,798,779) (4,196,346) 23,579,231 15,372,417 11,711,400 42,920,871 39,097,945 (17,426,300) (24,757,589) (58,475,815) 222,304,314 278,076,463 605,977,229 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 6,470,277,662 7,717,807,944 7,659,332,129 (continued) ------US$ Global (65,096) (36,491) 376,789 130,874 176,896 295,739 *Mercer Passive (119,462) (221,049) 5,457,768 156,867,664 157,088,713 150,650,647 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– as at 31 December 2013 Unaudited Balance Sheet ------US$ Mercer 339,000 (609,000) (478,521) 8,969,955 (6,330,845) (7,418,366) 12,637,102 11,373,849 & Maintain Global Buy 580,402,307 613,722,213 606,303,847 Credit Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Short Mercer Fund 2 662,324 (250,254) (250,413) Duration 2,091,464 3,832,624 1,840,490 4,025,204 (2,882,938) (6,716,323) (5,892,702) (15,992,630) 211,879,219 199,427,113 195,886,589 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Short Mercer Fund 1 (404,377) (168,320) (572,697) Duration 1,519,743 3,787,178 4,378,577 12,739,559 268,353,112 268,925,809 246,500,752 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - US$ 28,966 Global Mercer (72,575) 297,419 (485,151) (211,168) 9,216,789 8,776,564 (1,909,909) (7,663,103) (3,982,520) (1,001,780) High Yield 32,064,039 14,118,835 Bond Fund 855,500,724 798,661,215 863,163,827 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ 26,343 Global (26,742) 138,686 793,526 378,259 (331,972) (207,605) (988,830) Manager 2,881,865 (1,555,149) DAM Multi- 312,073,618 310,518,469 307,854,939 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Fund Mercer Growth 469,085 (246,948) (266,015) (512,545) 6,317,085 4,489,916 2,670,563 (1,025,508) 10,057,271 47,005,044 Diversified 858,485,413 788,501,957 859,510,921 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Low 73,863 Mercer (979,328) (808,813) (836,842) Volatility 1,200,501 3,697,546 (2,624,983) 94,686,880 13,013,140 955,556,060 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,065,603,007 1,068,227,990 ------US$ (312) 2,366 Global Mercer 424,498 (872,766) 7,371,248 (2,067,725) Small Cap 19,037,495 (10,459,575) (13,400,378) 881,314,683 867,914,305 854,479,076 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - MGI US$ 746,184 778,531 823,605 Markets 3,154,286 Emerging (4,803,484) (1,164,839) (1,780,308) (7,748,631) Debt Fund 41,594,893 18,428,308 11,670,393 930,169,620 160,192,533 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,167,558,353 1,159,809,722 ------MGI GB£ (30,399) (30,399) 364,886 457,996 UK Long Gilt Fund 52,228,199 52,197,800 51,405,317 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Assets Cash at bankCash at brokerReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments institutions - Deposits with credit Financial assets at fair value or loss profit through 6 6 securities - Transferable - Bank loans - Collective investment schemes - Financial derivative instruments assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersBank overdraft Expenses payable 9 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares *This Sub-Fund launched on 8 October 2013. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 229 ------MGI US$ Fund (8,503) 56,344 (18,975) (34,321) 131,676 240,257 (214,642) (276,441) 2,933,560 64,379,182 61,293,786 64,655,623 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 6,298 as at 30 June 2013 (1,659) (59,988) (35,768) (97,415) 419,527 1,602,353 UK Equity 104,501,374 106,529,552 106,432,137 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 2,227 (2,920) (2,920) 170,040 UK Cash Comparative Audited Balance Sheet 10,682,274 10,854,541 10,851,621 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - MGI GB£ Fund 1,500 94,165 (51,084) 220,808 103,489 (234,134) (300,192) (190,464) (775,874) UK Bond 4,985,216 1,470,951 116,315,944 115,540,070 109,439,815 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ Basin (7,430) (7,430) 73,568 Pacific 204,011 (Ex Japan) 12,412,305 12,142,156 12,419,735 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------´ MGI (318,786) 5,657,936 1,662,694 Japanese (1,092,824) (4,440,094) (5,851,704) 18,639,167 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,337,698,950 1,357,807,043 1,363,658,747 - - - - MGI US$ 89,801 Global (980,563) (364,890) 2,728,737 5,669,115 (4,926,639) (9,977,088) 87,522,941 33,057,414 12,296,307 10,415,846 (16,249,180) Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,249,467,563 1,401,247,724 1,384,998,544 ------MGI US$ (4,641) (5,622) 75,872 61,924 Global (10,263) 751,167 4,952,983 5,841,946 5,831,683 Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI 2,871 (8,961) (94,731) 537,215 (179,311) (283,003) 2,966,775 Eurozone 134,914,345 135,197,348 131,690,487 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund 16,892 22,589 (50,774) 9,653,711 Euro Cash (12,200,427) (12,251,201) 187,911,752 178,218,560 175,660,551 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund 1,620 (7,126) (11,717) (18,843) 186,549 166,606 8,354,016 1,509,074 10,217,865 10,199,022 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ Markets (825,220) 1,964,610 3,854,397 3,249,841 Emerging (3,407,115) (3,088,309) (7,320,644) 24,311,774 894,828,027 868,768,049 902,148,671 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Assets Cash at bankCash at brokerReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments institutions - Deposits with credit Financial assets at fair value 6 or loss profit through 6 securities - Transferable - Bank loans - Collective investment schemes - Financial derivative instruments assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersExpenses payable 9 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 230 € MGI (316,226) 1,928,452 Funds plc (4,819,905) 17,264,119 11,508,833 38,768,687 16,781,928 36,078,503 10,582,917 (18,939,859) (37,294,718) (89,734,130) (28,363,422) 779,960,145 239,210,865 249,402,208 (continued) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 6,680,050,372 5,368,297,845 6,769,784,502 ------US$ as at 30 June 2013 (1,030) 110,040 (266,535) (518,915) ***Mercer 5,769,919 4,993,130 3,686,176 (3,894,760) (4,681,240) & Maintain Global Buy 331,662,507 346,221,772 341,540,532 Credit Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - US$ Short 70,999 Fund 2 466,424 (410,000) (196,164) **Mercer Duration Comparative Audited Balance Sheet 2,113,793 9,042,092 7,905,409 1,997,943 (6,357,219) (6,250,469) (13,213,852) 117,446,034 109,063,226 130,659,886 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Short Fund 1 885,565 *Mercer (129,546) Duration 2,421,003 1,113,825 7,913,322 2,261,820 2,706,047 (6,823,860) (6,953,406) 171,246,049 188,547,631 181,594,225 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - US$ Global Mercer 978,019 169,293 (883,806) (348,033) 2,506,602 1,953,597 9,790,259 (6,714,110) (1,625,272) (3,856,999) High Yield 27,131,490 Bond Fund 553,691,748 596,221,008 589,506,898 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ Global (14,910) 535,575 102,903 (244,831) Manager 7,163,573 2,546,243 (2,322,598) (2,582,339) DAM Multi- 257,023,815 259,606,154 249,257,860 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Fund 91,178 Mercer Growth 881,595 274,735 359,296 (404,597) (172,677) (114,518) (691,792) 5,001,565 37,502,094 Diversified 578,788,462 578,096,670 534,677,999 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------US$ Low Mercer 199,387 (842,181) (995,171) Volatility 1,999,672 11,852,477 88,772,460 12,267,040 (14,714,326) (16,551,678) 920,124,255 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,035,215,291 1,018,663,613 ------US$ Global Mercer 102,896 460,034 (493,836) 2,998,513 (5,193,309) (1,625,998) (3,073,475) Small Cap 12,960,079 536,356,411 531,163,102 519,834,889 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - MGI US$ (3,926) 265,240 Markets 7,640,190 1,103,666 7,154,463 Emerging (1,031,505) (3,837,966) Debt Fund 35,838,066 13,601,058 13,755,675 (18,060,299) (13,186,902) 661,522,803 448,347,402 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,171,168,264 1,189,228,563 ------MGI GB£ 39,649 (45,935) (37,121) (83,056) 476,341 637,882 UK Long Gilt Fund 110,823,720 110,740,664 109,669,848 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Linked (42,658) 954,795 (155,259) (197,917) 1,889,202 Bond Fund 381,340,256 384,184,253 383,986,336 UK Inflation –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Assets Cash at bankCash at brokerReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost - Money market instruments institutions - Deposits with credit Financial assets at fair value or loss profit through 6 6 securities - Transferable - Bank loans - Collective investment schemes - Financial derivative instruments assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersExpenses payable 9 Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. ***This Sub-Fund launched on 30 January 2013. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 231 ------MGI US$ Fund 5,325 69,811 63,884 42,849 (36,213) (30,351) (66,564) 1,978,235 58,148,914 60,309,018 60,242,454 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 47,619 (62,811) (51,808) 291,126 (114,619) 1,138,141 UK Equity as at 31 December 2012 100,379,181 101,856,067 101,741,448 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI GB£ Fund 1,561 5,137 (6,349) (6,349) 583,977 UK Cash 14,448,837 15,039,512 15,033,163 Comparative Unaudited Balance Sheet –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI (870) GB£ Fund 98,864 59,616 (64,693) 206,106 404,980 (152,600) (218,163) UK Bond 3,268,703 1,945,114 131,371,712 125,388,329 131,153,549 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------MGI US$ 9,493 Basin (8,824) (8,824) Pacific 236,899 (Ex Japan) 14,501,402 14,747,794 14,738,970 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------´ MGI (968,249) 6,331,377 1,244,375 Japanese (6,359,026) (7,327,275) 26,190,973 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,021,452,150 1,047,891,600 1,055,218,875 - - - - - MGI US$ Global 1,977,750 1,763,446 2,182,108 5,917,442 (3,117,080) (1,119,203) (2,892,293) (7,128,576) 67,287,907 11,502,391 98,691,436 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 1,448,835,610 1,638,158,090 1,631,029,514 ------MGI US$ (2,063) (2,063) 86,206 54,745 Global 5,551,394 1,067,721 6,760,066 6,758,003 Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI 1,558 2,871 (1,558) 390,889 (138,221) (139,779) 2,377,910 1,009,917 Eurozone 190,715,888 194,499,033 194,359,254 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund 13,436 (42,085) (42,085) 1,023,198 Euro Cash 135,274,052 135,231,967 134,237,418 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------€ MGI Fund (7,286) (7,286) 261,840 192,005 9,829,325 1,766,908 12,050,078 12,042,792 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ------507 MGI US$ 476,951 857,846 Markets (812,747) (445,881) Emerging (1,258,628) 18,651,227 933,282,951 538,676,436 375,878,612 934,541,579 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Assets Cash at bankCash at brokerReceivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost: - Money market instruments institutions - Deposits with credit Financial assets at fair value 6 or loss profit through 6 securities - Transferable - Collective investment schemes - Financial derivative instruments assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersBank overdraft 9 Expenses payable Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares The accompanying notes form an integral part of these financial statements.

MGI Funds plc 232 € MGI (10,216) (561,285) 8,808,715 Funds plc (4,542,741) (4,438,145) (2,194,863) 10,358,600 16,864,986 26,913,979 19,245,745 (25,007,607) (36,754,857) 257,636,978 515,295,337 (continued) 6,199,771,626 6,163,016,769 4,320,937,921 1,023,709,365 ------US$ Short Fund 2 (72,672) 388,830 (773,476) (620,000) **Mercer Duration 5,011,293 6,378,203 1,879,999 78,109,967 91,768,292 77,551,831 (12,750,313) (14,216,461) as at 31 December 2012 Global Bond ------US$ Short Fund 1 (13,469) 109,201 *Mercer (436,654) (121,403) (571,526) Duration 5,295,641 1,733,491 2,894,435 Comparative Unaudited Balance Sheet 191,053,748 190,482,222 181,020,980 Global Bond - - - - US$ Global Mercer 486,664 (881,338) (120,000) (309,435) 7,244,389 6,812,757 (7,135,474) (8,446,247) High Yield 20,741,386 10,000,000 Bond Fund 412,471,192 404,024,945 367,185,996 ------98 MGI US$ Global 525,707 274,984 (263,160) (692,716) (955,876) Manager 5,926,828 DAM Multi- 246,454,666 245,498,790 239,727,049 Equity Fund - - - - - US$ Fund Mercer Growth 734,264 165,758 (301,173) (106,370) 1,814,677 (5,994,630) (6,402,173) 30,925,456 15,252,374 27,582,664 Diversified 438,883,570 432,481,397 362,408,377 ------US$ Low 4,154 Mercer 524,594 (786,980) Volatility 1,308,016 (2,116,648) (2,903,628) 10,000,000 14,800,848 764,876,936 123,906,113 915,420,661 912,517,033 Equity Fund ------US$ 2,410 Global Mercer 305,071 (383,703) 6,101,112 2,851,403 (3,024,961) (3,408,664) Small Cap 378,860,854 375,452,190 369,600,858 Equity Fund - - - - - MGI US$ 234,048 514,041 Markets (231,386) (619,245) 1,458,364 3,446,341 Emerging (1,040,641) (1,891,272) Debt Fund 33,369,756 198,716,178 942,052,589 1,179,791,317 1,177,900,045 ------MGI GB£ (44,070) (44,070) 603,842 UK Long Gilt Fund 1,072,300 111,869,072 111,825,002 110,192,930 ------MGI GB£ 31,000 Linked 998,909 (147,721) (147,721) 3,176,428 Bond Fund 374,958,224 379,164,561 379,016,840 UK Inflation Notes MGI Funds plc

Assets Cash at bankMargin cashReceivable for securities sold Subscriptions receivable Other assets Financial assets at fair value or loss profit through securities - Transferable - Money market instruments 6 - Collective investment schemes - Financial derivative instruments 6 assets Total 9 Liabilities Financial liabilities at fair value or loss profit through - Financial derivative instrumentsDue to brokersBank overdraft 9 Expenses payable Redemptions payable Payable for securities purchased liabilities (excluding net assets Total attributable to holders of redeemable participating shares) 6 Net assets attributable to holders of redeemable participating shares *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 233 - - - - 939 148 MGI (957) GB£ Linked (974,269) (2,784,428) (2,784,428) (1,810,289) (1,809,202) (2,783,471) Bond Fund ––––––––––– UK Inflation –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - MGI US$ Fund 500,421 (225,037) (143,489) 11,416,879 11,048,353 10,916,458 11,191,842 11,048,353 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - 499 MGI (121) GB£ Fund (377,493) 1,789,744 UK Equity Unaudited Profit and Loss Account 12,880,399 12,880,399 11,467,770 13,258,013 12,880,520 ––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - for the period ended 31 December 2013 197 197 712 MGI (515) GB£ Fund 6,099 13,771 22,742 42,612 (41,900) UK Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - 595 MGI (320) GB£ Fund 3,417 697,872 697,552 697,552 984,308 988,320 (290,448) UK Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - MGI US$ (921) Basin Pacific (41,639) 957,110 204,765 794,905 999,670 958,031 957,110 (Ex Japan) Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - ´ MGI (13,263) (810,405) Japanese (4,851,147) 10,841,098 198,402,301 209,243,399 204,392,252 203,568,584 203,568,584 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - MGI US$ 1,245 (1,653) Global (1,852,895) (5,775,871) 11,031,488 272,790,366 272,790,366 269,388,052 280,420,785 274,644,914 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - t. All results are from continuing activities. from are t. All results MGI US$ 1,104 2,643 37,347 37,347 50,513 54,260 37,347 Global (16,913) Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - € MGI (1,484) (73,728) 778,896 (575,525) Eurozone 27,759,617 27,759,617 27,631,458 28,410,354 27,834,829 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - € (77) MGI (402) Fund 38,751 38,674 (239,544) (200,870) (201,272) (201,272) Euro Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - € (57) MGI Fund 1,612 2,757 (43,208) 245,054 249,423 206,215 206,158 206,158 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 17 MGI US$ (3,920) (95,001) Markets Emerging (1,274,397) (5,895,044) 37,689,110 12,083,794 32,873,661 44,957,472 39,062,428 37,689,110 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest DistributionWithholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 10 participating shares 4 4 and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised The accompanying notes form an integral part of these financial statements.

MGI Funds plc 234 € MGI 6,593 (25,983) (70,379) 512,897 (232,747) Funds plc (5,411,855) 35,584,731 (29,921,472) 619,804,393 655,908,614 625,987,142 620,246,178 620,246,178 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– (continued) - - - - - US$ Global (44,800) 588,500 *Mercer Passive (122,399) 7,946,363 8,534,863 8,490,063 8,367,664 8,367,664 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - 774 US$ (272) 49,594 Mercer (22,036) (1,102,436) Unaudited Profit and Loss Account 39,652,070 39,652,070 40,726,446 40,776,814 39,674,378 & Maintain Global Buy Credit Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - for the period ended 31 December 2013 55 US$ (711) (680) Short 23,856 Mercer Fund 2 (472,055) Duration 2,887,264 2,887,264 3,336,799 3,360,710 2,888,655 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - 330 US$ (215) Short Mercer Fund 1 (514,474) Duration 5,484,143 5,484,143 5,998,502 5,998,832 5,484,358 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - US$ Global Mercer 511,400 (314,174) (134,308) (2,431,940) High Yield 82,018,443 82,529,843 80,097,903 79,649,421 79,649,421 Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - MGI US$ (389) Global (514,079) Manager 2,809,923 (1,846,103) 46,350,573 49,160,496 47,314,393 46,799,925 46,799,925 DAM Multi- Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– t. All results are from continuing activities. from are t. All results - - - (30) 106 US$ Fund Mercer Growth 607,991 2,238,700 (1,198,518) 64,273,160 64,273,160 62,624,911 65,471,708 64,273,190 Diversified –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - 556 US$ Low (194) Mercer Volatility 9,569,018 (5,318,760) (1,950,941) ––––––––––– 118,215,126 127,784,700 122,465,940 120,514,805 120,514,805 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - 63 US$ (525) Global Mercer (716,426) 4,069,545 (4,543,551) Small Cap 137,441,111 138,632,005 142,701,613 138,158,062 137,441,111 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - MGI US$ 3,525 57,534 (20,726) 262,447 Markets (465,001) Emerging (6,810,757) Debt Fund (38,450,354) (38,450,354) (31,477,376) (31,153,870) (37,964,627) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - 154 MGI (394) GB£ 33,808 33,962 (160,466) (126,504) (126,898) (126,898) UK Long Gilt Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes

launched on 8 October 2013. MGI Funds plc Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest DistributionWithholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable 10 participating shares 4 4 The Company has no recognised gains or losses in the financial period other than those dealt with in the Profit and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised *This Sub-Fund The accompanying notes form an integral part of these financial statements.

MGI Funds plc 235 - - - MGI US$ Fund (3,164) (449,875) (370,629) 1,331,663 12,117,600 11,609,605 12,941,268 12,491,393 12,117,600 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - MGI GB£ Fund 1,774 (1,132) (14,894) (799,236) 4,139,871 UK Equity 17,018,192 21,159,837 20,360,601 20,344,575 20,344,575 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 164 MGI (288) GB£ for the year ended 30 June 2013 Fund 24,056 41,367 84,294 34,304 34,016 34,016 149,881 (115,577) UK Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - Comparative Audited Profit and Loss Account MGI GB£ Fund 2,825 1,883 (1,505) (3,016) (713,035) UK Bond 3,441,388 3,441,388 4,154,236 4,158,944 3,445,909 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - MGI US$ (977) Basin (1,968) Pacific 597,615 (114,166) 2,221,843 2,819,458 2,705,292 2,702,347 2,702,347 (Ex Japan) Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - ´ MGI (23,132) Japanese (2,026,447) (9,073,754) 28,649,091 429,132,675 429,132,675 411,606,917 440,256,008 431,182,254 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - MGI US$ 1,918 (3,241) (2,173) Global t. All results are from continuing activities. from are t. All results (4,646,156) 33,145,889 (12,585,284) 248,116,646 214,968,839 235,531,362 230,879,792 230,879,792 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - MGI US$ 3,041 Global (43,725) (359,718) (356,677) (400,402) (400,402) (400,402) Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - € MGI 37,253 (38,379) (855,400) 5,728,519 Eurozone (1,573,186) 44,589,068 50,354,840 48,781,654 47,887,875 47,887,875 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - € (67) (82) 140 MGI Fund 105,885 105,812 (520,989) (415,104) (415,186) (415,186) Euro Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - € MGI (106) Fund 3,318 5,326 (80,822) 722,625 794,803 803,447 722,519 722,519 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 636 MGI US$ (8,497) Markets (115,170) 3,030,353 Emerging (9,565,406) (1,413,494) 14,713,523 19,523,622 37,268,134 27,702,728 26,165,567 26,165,567 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest Withholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable participating shares 4 4 and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised The accompanying notes form an integral part of these financial statements.

MGI Funds plc 236 € MGI 62,125 (86,740) (205,186) 5,586,084 Funds plc 80,613,717 (51,212,609) (10,785,272) 451,956,116 427,983,997 514,245,923 463,033,314 451,956,116 (continued) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - 452 US$ (1,830) (629,140) ***Mercer & Maintain Global Buy (18,450,129) (18,449,677) (19,078,817) (19,080,647) (19,080,647) Credit Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - US$ for the year ended 30 June 2013 1,070 Short (2,375) (1,367) 28,614 Fund 2 (390,075) **Mercer Duration (8,592,194) (8,562,510) (8,952,585) (8,956,327) (8,956,327) Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - Comparative Audited Profit and Loss Account US$ Short (7,595) 13,150 35,948 Fund 1 (22,004) *Mercer (580,985) Duration (9,947,779) (9,898,681) (10,479,666) (10,509,265) (10,509,265) Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - US$ 1,631 (1,150) Global Mercer (81,785) 530,951 8,679,459 9,212,041 5,876,872 5,793,937 5,793,937 (3,335,169) High Yield Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - 966 MGI US$ (3,648) Global (14,355) Manager 6,724,580 (2,971,065) (1,018,493) 33,955,104 40,680,650 37,709,585 36,673,089 36,673,089 DAM Multi- Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 692 US$ (109) Fund Mercer Growth 559,074 853,681 853,572 853,572 (777,688) 2,198,344 1,980,422 (1,126,741) Diversified t. All results are from continuing activities. from are t. All results –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - US$ Low 1,829 Mercer (72,182) Volatility (3,896,872) (9,140,210) 23,076,130 93,415,357 116,493,316 107,353,106 103,384,052 103,384,052 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - 827 US$ (2,289) Global Mercer (62,117) 7,697,373 (4,863,419) (1,194,768) Small Cap 90,142,951 97,841,151 92,977,732 91,718,558 91,718,558 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 952 MGI US$ (7,957) Markets (186,813) 3,244,805 3,244,805 3,577,426 3,439,575 Emerging Debt Fund 11,559,278 15,137,656 (11,698,081) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - 213 800 MGI GB£ (501,947) UK Long Gilt Fund (5,399,604) (5,398,591) (5,900,538) (5,900,538) (5,900,538) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - 787 444 MGI GB£ (1,399) Linked (1,682,221) 11,821,835 11,820,604 10,139,614 10,138,215 10,138,215 Bond Fund UK Inflation –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest Withholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable participating shares 4 4 and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. ***This Sub-Fund launched on 30 January 2013. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 237 - - - MGI US$ Fund (3,163) 775,809 (250,774) (216,578) 4,584,420 5,360,229 5,109,455 4,889,714 4,889,714 U.S. Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - MGI (645) GB£ Fund 1,417 (11,868) (437,518) 2,066,691 7,729,427 9,797,535 9,360,017 9,347,504 9,347,504 UK Equity –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - MGI (148) GB£ Fund 19,456 30,883 66,614 25,284 25,136 25,136 (91,669) 116,953 UK Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2012 - - - (36) 871 MGI GB£ Fund (1,961) Comparative Unaudited Profit and Loss Account (397,572) UK Bond 6,970,283 6,971,154 6,573,582 6,571,585 6,571,585 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - MGI US$ (920) (888) Basin Pacific (65,883) 331,532 3,025,025 3,356,557 3,290,674 3,288,866 3,288,866 (Ex Japan) Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - ´ MGI (23,132) Japanese (1,095,053) (4,923,429) 75,673,117 15,643,591 75,673,117 66,071,140 81,714,731 76,791,302 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 65 MGI US$ (719) Global t. All results are from continuing activities. from are t. All results (2,222,614) (6,369,991) 14,109,196 150,298,219 164,407,480 158,037,489 155,814,156 155,814,156 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - MGI US$ 1,632 38,375 38,375 38,375 60,023 61,655 Global (23,280) Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - € MGI 37,253 (37,494) (272,420) (931,178) 1,516,783 Eurozone 37,228,162 37,228,162 36,915,218 38,469,254 37,538,076 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - € (42) 140 MGI (104) Fund 73,794 73,758 (250,742) (176,948) (176,990) (176,990) Euro Cash –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - € MGI (106) Fund 2,788 (41,410) 731,120 769,742 772,530 731,014 731,014 Euro Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– 503 MGI US$ (164) (90,336) Markets (169,996) 2,361,257 2,229,407 Emerging (4,471,041) 112,467,662 107,876,495 107,996,621 107,736,125 107,736,125 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest Withholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable participating shares 4 4 and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised The accompanying notes form an integral part of these financial statements.

MGI Funds plc 238 € MGI 43,857 (58,395) (173,432) 3,887,256 Funds plc (4,505,971) 29,786,450 (24,244,746) 473,088,561 506,806,124 482,561,378 477,823,580 477,823,580 (continued) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - (41) US$ Short (1,369) Fund 2 (88,854) **Mercer Duration 2,293,324 2,293,324 2,204,470 2,203,060 2,203,060 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - US$ 4,590 Short Fund 1 (15,326) *Mercer (161,295) Duration 6,389,051 6,389,051 6,561,082 6,565,672 6,404,377 Global Bond –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2012 - - 269 US$ (811) (9,887) 24,998 Global Comparative Unaudited Profit and Loss Account Mercer (1,325,469) High Yield 31,297,811 31,272,544 29,972,342 29,961,644 29,961,644 Bond Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - MGI US$ (463) Global (10,827) (495,313) Manager 2,687,822 (1,440,838) 19,072,985 21,760,807 20,319,969 19,813,366 19,813,366 DAM Multi- Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 497 US$ (109) Fund Mercer Growth 424,114 172,665 (269,573) 14,694,254 15,291,530 15,021,957 15,021,848 15,021,848 Diversified –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - US$ Low (847) 1,938 Mercer (85,678) Volatility 8,556,821 (4,262,013) (1,484,505) 47,154,923 42,892,910 41,321,880 41,321,880 38,596,164 t. All results are from continuing activities. from are t. All results Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - 40 US$ (927) Global Mercer (33,955) (731,446) 3,100,008 (2,079,156) Small Cap 38,546,528 41,646,576 39,567,420 38,801,092 38,801,092 Equity Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - 110 MGI US$ 6,674 (23,042) Markets 2,492,435 Emerging (5,305,806) Debt Fund 99,424,380 99,424,380 99,447,422 102,254,009 104,753,228 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - - 482 MGI GB£ 796,782 797,264 566,667 566,667 566,667 (230,597) UK Long Gilt Fund –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– - - - - 249 MGI GB£ Linked (810,987) 1,200,435 6,020,499 5,209,512 5,209,512 5,209,512 4,819,815 Bond Fund UK Inflation –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Notes MGI Funds plc

Income investments Income from Bank interest Rebate income Net gain/(loss) on financial assets and liabilities at fair value or loss profit through Net investment income/(expense) Expenses Net income/(loss) from operations before finance costs/taxation expense Bank interest Withholding taxCapital gains taxNet income/(loss) from operations after finance costs/taxation Change in net assets attributable to holders of redeemable participating shares 4 4 and Loss Accoun gains or losses in the financial period other than those dealt with Profit The Company has no recognised *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 239 MGI US$ Fund 520,440 (1,617,370) 64,379,182 11,048,353 74,330,605 U.S. Equity –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 7,516,965 UK Equity 12,880,399 (17,660,186) 106,432,137 109,169,315 –––––––––––– –––––––––––– –––––––––––– 197 MGI GB£ Fund UK Cash 11,608,104 10,851,621 74,042,586 (73,286,300) –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2013 MGI GB£ Fund to Holders of Redeemable Participating Shares 697,552 UK Bond 4,221,808 (7,515,046) 115,540,070 112,944,384 –––––––––––– –––––––––––– –––––––––––– MGI Unaudited Statement of Changes in Net Assets Attributable US$ Basin Pacific 851,819 957,110 (874,877) (Ex Japan) 13,346,357 12,412,305 Equity Fund –––––––––––– –––––––––––– –––––––––––– ´ MGI Japanese 148,681,442 203,568,584 Equity Fund (118,042,166) –––––––––––– –––––––––––– –––––––––––– 1,357,807,043 1,592,014,903 MGI US$ Global 256,679,683 272,790,366 Equity Fund (651,674,356) –––––––––––– –––––––––––– –––––––––––– 1,384,998,544 1,262,794,237 MGI US$ 5,456 37,347 Global (297,296) 5,577,190 5,831,683 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI Eurozone 15,200,509 27,759,617 (14,560,076) 134,914,345 163,314,395 Equity Fund –––––––––––– –––––––––––– –––––––––––– € MGI Fund (201,272) Euro Cash 205,094,291 175,660,551 176,653,878 (147,018,866) –––––––––––– –––––––––––– –––––––––––– € MGI Fund 206,158 (603,858) 5,412,983 15,214,305 10,199,022 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging 37,689,110 894,828,027 331,214,280 Equity Fund (111,126,302) –––––––––––– –––––––––––– –––––––––––– 1,152,605,115 Note MGI Funds plc

Net assets attributable to holders of redeemable participating shares at beginning of period redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares Net assets attributable to holders of redeemable participating shares at end of period The accompanying notes form an integral part of these financial statements.

MGI Funds plc 240 - - US$ Global *Mercer Passive 8,367,664 148,500,000 156,867,664 (continued) Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Mercer (1,838,654) 39,652,070 & Maintain Global Buy 341,540,532 226,949,899 606,303,847 Credit Fund –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 2 (34,406) Duration 2,887,264 75,587,697 117,446,034 195,886,589 Global Bond –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2013 US$ Short to Holders of Redeemable Participating Shares Mercer Fund 1 (34,406) Duration 5,484,143 81,309,150 268,353,112 181,594,225 Global Bond –––––––––––– –––––––––––– –––––––––––– Unaudited Statement of Changes in Net Assets Attributable US$ Global Mercer High Yield 79,649,421 Bond Fund 589,506,898 355,082,520 855,500,724 (168,738,115) –––––––––––– –––––––––––– –––––––––––– MGI US$ Global Manager 33,625,512 46,799,925 DAM Multi- (26,930,783) 257,023,815 310,518,469 Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Fund Mercer Growth 64,273,160 Diversified (69,042,312) 578,096,670 285,157,895 858,485,413 –––––––––––– –––––––––––– –––––––––––– US$ Low Mercer Volatility ––––––––––– 331,491,887 120,514,805 Equity Fund (405,067,298) –––––––––––– –––––––––––– 1,018,663,613 1,065,603,007 US$ Global Mercer Small Cap 531,163,102 306,972,851 137,441,111 867,914,305 Equity Fund (107,662,759) –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging Debt Fund (38,450,354) 158,204,303 (131,112,491) –––––––––––– –––––––––––– –––––––––––– 1,171,168,264 1,159,809,722 MGI GB£ (126,898) UK Long Gilt Fund 24,570,027 52,197,800 (82,985,993) 110,740,664 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Linked (2,784,428) Bond Fund 507,112,797 383,986,336 247,735,648 UK Inflation (121,824,759) –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc

Net assets attributable to holders of redeemable participating shares at beginning of period redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares Net assets attributable to holders of redeemable participating shares at end of period *This Sub-Fund launched on 8 October 2013. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 241 MGI US$ Fund 3,181,929 92,105,414 12,117,600 64,379,182 U.S. Equity (43,025,761) –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 924,476 UK Equity 20,344,575 (50,974,279) 106,432,137 136,137,365 –––––––––––– –––––––––––– –––––––––––– MGI GB£ for the year ended 30 June 2013 Fund 34,016 UK Cash 53,214,108 63,294,395 10,851,621 (105,690,898) –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund to Holders of Redeemable Participating Shares UK Bond 9,926,219 3,441,388 (44,063,738) 115,540,070 146,236,201 –––––––––––– –––––––––––– –––––––––––– MGI US$ Basin Pacific 282,725 2,702,347 (Ex Japan) 12,412,305 24,616,741 (15,189,508) Equity Fund –––––––––––– –––––––––––– –––––––––––– Comparative Audited Statement of Changes in Net Assets Attributable ´ MGI Japanese 90,592,721 429,132,675 Equity Fund (754,274,587) –––––––––––– –––––––––––– –––––––––––– 1,592,356,234 1,357,807,043 MGI US$ Global 233,948,929 230,879,792 Equity Fund (713,136,317) –––––––––––– –––––––––––– –––––––––––– 1,633,306,140 1,384,998,544 MGI US$ 71,924 Global (983,077) (400,402) 7,143,238 5,831,683 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI 8,219,634 Eurozone 47,887,875 251,262,547 134,914,345 Equity Fund (172,455,711) –––––––––––– –––––––––––– –––––––––––– € MGI Fund (415,186) Euro Cash 175,660,551 149,729,759 173,674,368 (147,328,390) –––––––––––– –––––––––––– –––––––––––– € MGI Fund 722,519 1,176,685 (3,870,431) 12,170,249 10,199,022 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging 26,165,567 701,385,501 420,522,704 894,828,027 Equity Fund (253,245,745) –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc

Net assets attributable to holders of redeemable participating shares at beginning of year redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares 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 242 - US$ ***Mercer (1,488,192) & Maintain Global Buy (19,080,647) 341,540,532 362,109,371 Credit Fund (continued) –––––––––––– –––––––––––– –––––––––––– - - US$ Short Fund 2 **Mercer Duration (8,956,327) 117,446,034 126,402,361 Global Bond –––––––––––– –––––––––––– –––––––––––– - - US$ for the year ended 30 June 2013 Short Fund 1 *Mercer Duration (10,509,265) 181,594,225 192,103,490 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ to Holders of Redeemable Participating Shares Global Mercer 5,793,937 High Yield Bond Fund 150,001,333 548,777,790 589,506,898 (115,066,162) –––––––––––– –––––––––––– –––––––––––– MGI US$ Global Manager 79,913,768 36,673,089 DAM Multi- (66,812,751) 207,249,709 257,023,815 Equity Fund –––––––––––– –––––––––––– –––––––––––– Comparative Audited Statement of Changes in Net Assets Attributable US$ Fund Mercer Growth 853,572 88,062,329 Diversified (40,901,233) 530,082,002 578,096,670 –––––––––––– –––––––––––– –––––––––––– US$ Low Mercer Volatility 692,208,574 462,753,034 103,384,052 Equity Fund (239,682,047) –––––––––––– –––––––––––– –––––––––––– 1,018,663,613 US$ Global Mercer Small Cap 91,718,558 288,172,706 291,420,286 531,163,102 Equity Fund (140,148,448) –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 3,244,805 Emerging Debt Fund (86,074,800) 869,401,239 384,597,020 –––––––––––– –––––––––––– –––––––––––– 1,171,168,264 MGI GB£ UK Long Gilt Fund (5,900,538) 89,657,853 48,926,629 (21,943,280) 110,740,664 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Linked 10,138,215 Bond Fund (96,439,085) 361,932,309 108,354,897 383,986,336 UK Inflation –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc

Net assets attributable to holders of redeemable participating shares at beginning of year redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares Net assets attributable to holders of redeemable participating shares at end of year *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. ***This Sub-Fund launched on 30 January 2013. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 243 MGI US$ Fund 751,766 4,889,714 92,105,414 60,242,454 U.S. Equity (37,504,440) –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 565,738 9,347,504 UK Equity (44,309,159) 101,741,448 136,137,365 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 25,136 UK Cash 6,195,117 53,214,108 15,033,163 (44,401,198) –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2012 MGI GB£ Fund to Holders of Redeemable Participating Shares UK Bond 1,966,177 6,571,585 (23,620,414) 146,236,201 131,153,549 –––––––––––– –––––––––––– –––––––––––– MGI US$ Basin 10,590 Pacific 3,288,866 (Ex Japan) 14,738,970 24,616,741 (13,177,227) Equity Fund –––––––––––– –––––––––––– –––––––––––– ´ Comparative Unaudited Statement of Changes in Net Assets Attributable MGI Japanese 50,300,729 75,673,117 Equity Fund (670,438,480) –––––––––––– –––––––––––– –––––––––––– 1,592,356,234 1,047,891,600 MGI US$ Global 166,460,018 155,814,156 Equity Fund (324,550,800) –––––––––––– –––––––––––– –––––––––––– 1,633,306,140 1,631,029,514 MGI US$ 47,345 38,375 Global (470,955) 7,143,238 6,758,003 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI 3,669,572 Eurozone 37,228,162 (97,801,027) 251,262,547 194,359,254 Equity Fund –––––––––––– –––––––––––– –––––––––––– € MGI Fund (176,990) 28,064,179 Euro Cash (42,384,981) 149,729,759 135,231,967 –––––––––––– –––––––––––– –––––––––––– € MGI Fund 782,229 731,014 (1,640,700) 12,170,249 12,042,792 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging 701,385,501 232,623,021 107,736,125 933,282,951 Equity Fund (108,461,696) –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc

Net assets attributable to holders of redeemable shares participating at beginning of period redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares Net assets attributable to holders of redeemable participating shares at end of period The accompanying notes form an integral part of these financial statements.

MGI Funds plc 244 - - US$ Short Fund 2 **Mercer Duration 2,203,060 75,348,771 77,551,831 (continued) Global Bond –––––––––––– –––––––––––– –––––––––––– - - US$ Short Fund 1 *Mercer Duration 6,389,051 184,093,171 190,482,222 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Global Mercer High Yield 29,961,644 Bond Fund (21,331,808) 404,024,945 150,001,333 245,393,776 –––––––––––– –––––––––––– –––––––––––– for the period ended 31 December 2012 MGI US$ to Holders of Redeemable Participating Shares Global Manager 30,672,220 19,813,366 DAM Multi- (12,236,505) 207,249,709 245,498,790 Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Fund Mercer Growth (4,006,778) 88,062,329 15,021,848 Diversified 333,403,998 432,481,397 –––––––––––– –––––––––––– –––––––––––– Comparative Unaudited Statement of Changes in Net Assets Attributable US$ Low Mercer Volatility 41,321,880 (95,174,419) 692,208,574 274,160,998 912,517,033 Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Global Mercer Small Cap 69,757,972 38,801,092 (21,279,580) 288,172,706 375,452,190 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets Emerging Debt Fund 99,424,380 (46,877,644) 869,401,239 255,952,070 –––––––––––– –––––––––––– –––––––––––– 1,177,900,045 MGI GB£ 566,667 UK Long Gilt Fund (5,157,112) 89,657,853 26,757,594 111,825,002 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Linked 5,209,512 53,292,439 Bond Fund (41,417,420) 361,932,309 379,016,840 UK Inflation –––––––––––– –––––––––––– –––––––––––– Note MGI Funds plc

Net assets attributable to holders of redeemable shares participating at beginning of period redeemable from Proceeds participating issued shares redeemable Payments from participating redeemed shares 7 Changes in net assets attributable to holders of redeemable 7 participating shares Net assets attributable to holders of redeemable participating shares at end of period *This Sub-Fund launched on 23 October 2012. **This Sub-Fund launched on 19 October 2012. The accompanying notes form an integral part of these financial statements.

MGI Funds plc 245 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013

1. Accounting policies

With the exception of the policies outlined below, which apply for the first time this period, the accounting policies and calculation methods applied are consistent with those of the annual audited financial statements for the year ended 30 June 2013, as described in those financial statements.

Cross holdings within the Company

For the purposes of producing the combined financial statements, investments by Sub-Funds within the Company in the shares 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 Balance Sheet, the value of financial assets at fair value through profit or loss of each of the Sub-Funds as recognised on each respective Sub-Fund's Balance Sheet is reduced by the value of its Cross Investment as at 31 December 2013. In preparing the combined 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 period.

The total amount of adjustments made to the combined Balance Sheet and the combined Profit and Loss Account are disclosed in Note 3.

Distributions

Distributions on Distributing Share Classes with an ex date during the financial period are included as a finance cost in the Profit and Loss Account. Details of distributions made during the period are included in Note 10.

a) Basis of Preparation

These condensed interim financial statements have been prepared in accordance with the ASB Statement: Half Yearly Financial Reports. These condensed interim financial statements should be read in conjunction with the annual audited financial statements for the year ended 30 June 2013, which have been prepared in accordance with accounting standards generally accepted in Ireland ("Irish GAAP") and in accordance with the Irish Statute comprising the Companies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

Certain comparative figures have been restated to conform with the current period's presentation.

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 Global Buy & Maintain Credit Fund, Short Duration Global Bond Fund 1, Short Duration Global Bond Fund 2 and Mercer Passive Global Equity Fund which are paid out of the assets of the respective Sub-Fund. 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 any 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.

The Manager has undertaken to limit the annual expenses through the use of a Voluntary Cap for each class launched within the Sub-Funds as at 31 December 2013 as a percentage of net assets as follows:

MGI Funds plc 246 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

2. Fees and expenses (continued)

Share Class Management Voluntary Maximum Sub-Fund Description Fee Cap Fee

MGI Emerging Markets Equity Fund Class I-1 €, 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-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-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 £ 0.95% 1.09% 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 247 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

2. Fees and expenses (continued)

Share Class Management Voluntary Maximum Sub-Fund 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-4 £ 0.70% 0.84% 3.00% Class M-7 £ 0.30% 0.44% 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 £ 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 Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

Mercer Global Small Cap Equity Fund Class M-3 £ 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 Z-1 € 0.00% 0.14% 3.00%

Mercer Low Volatility Equity Fund Class M-3 €, Class M-3 £ 1.00% 1.14% 3.00% Class M-5 £, Class M-5 $ 1.20% 1.34% 3.00% Class Z-1 £ 0.00% 0.14% 3.00% Class Z-1 € 0.00% 0.14% 3.00% Class M-3 £ Hedged 1.05% 1.19% 3.00% Class M-5 £ Hedged 1.25% 1.39% 3.00%

MGI Funds plc 248 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

2. Fees and expenses (continued)

Share Class Management Voluntary Maximum Sub-Fund 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-6 € Hedged 0.45% 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%

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 £ Hedged 0.75% 0.95% 3.00% Class M-2 £, Class M-2 £ Distributing 0.80% 1.00% 3.00% Class M-2 £ Hedge Distributing 0.80% 1.00% 3.00% Class M-2 £ Hedged 0.85% 1.05% 3.00% 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 £, Class M-4 $ 1.15% 1.35% 3.00% Class M-4 £ Hedged 1.20% 1.40% 3.00% Class Z-1 € Hedged 0.00% 0.20% 3.00% Class Z-1 AUD Hedged 0.00% 0.20% 3.00%

Mercer Short Duration Global Bond Fund 1 Class M-1 NOK Hedged 0.30% 0.44% 3.00% Class M-2 € Hedged 0.40% 0.54% 3.00%

Mercer Short Duration Global Bond Fund 2 Class M-1 € Hedged 0.20% 0.34% 3.00% Class M-1 NOK Hedged 0.20% 0.34% 3.00% Class M-2 € Hedged 0.35% 0.49% 3.00%

Mercer Global Buy & Maintain Credit Fund Class M-1 £ Hedged 0.30% 0.44% 3.00% Class M-1 € Hedged 0.30% 0.44% 3.00% Class Z-1 € Hedged 0.00% 0.14% 3.00%

Mercer Passive Global Equity Fund Class Z-1 $ 0.00% 0.05% 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 to 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.

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 period the Manager earns a management fee and a performance fee as outlined in Note 2. As further outlined in Note 2, the Manager had undertaken to limit the annual expenses for each class through the use of a Voluntary Cap. The Manager’s fee as per the Profit and Loss Account is the offset of the fund reimbursement against the Management fee. The following table details the amounts of management fees, performance fees and the total reimbursement under the Voluntary Cap for the period as well as the amount outstanding at the period end.

MGI Funds plc 249 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

3. Related parties (continued)

Transactions with entities with significant influence (continued)

Period ended Year ended Period ended 31 December 2013 30 June 2013 31 December 2012 €€ €

Management fees 25,221,190 44,445,766 21,435,796 Management fees payable 4,483,517 3,654,207 3,766,713 Performance fee -- - Performance fee payable -- - Voluntary Cap reimbursement 30,127 53,739 16,735

The following table details the total reimbursement under the Voluntary Cap per Sub-Fund:

Period ended Year ended Period ended Voluntary Cap Reimbursement 31 December 2013 30 June 2013 31 December 2012

MGI Emerging Markets Equity Fund - - - MGI Euro Bond Fund € 6,676 € 10,120 € 2,037 MGI Euro Cash Fund -- - MGI Eurozone Equity Fund -- - MGI Global Bond Fund US$ 9,941 US$ 12,899 $1,028 MGI Global Equity Fund -- - MGI Japanese Equity Fund ¥ 1,741,303 ¥ 3,629,486 ¥ 1,411,956 MGI Pacific Basin (Ex Japan) Equity Fund US$ 2,136 US$ 2,179 US$ 81 MGI UK Bond Fund -- - MGI UK Cash Fund -- - MGI UK Equity Fund -- - MGI U.S. Equity Fund - US$ 321 US$ 321 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 - US$ 38 - Mercer Global Buy & Maintain Credit Fund - - - Mercer Passive Global Equity Fund US$ 2,174 - -

Transactions with key management personnel

The disclosure relating to Directors’ fees is included in Note 8. Michael Dempsey is business leader of Mercer Global Investments Europe Limited, the Investment Manager. Tom Geraghty was appointed as a Director of the Manager on 24 October 2013 and is the Chief Executive Officer of Mercer (Ireland) Limited having assumed this role on 1 July 2013. The Manager and Investment Manager are related to Mercer (Ireland) Limited as all three entities are all wholly owned subsidiaries of Mercer Ireland Holdings Limited (the “Parent”).

MGI Funds plc 250 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (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 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 period end, the following related parties held interests in Sub-Funds of the Company:

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 2013 Currency 2013 Purchases Sales

MGI Eurozone Equity Fund MGI Equity Fund Z - 1 € 58,508 € 7,585,582 184,596 629,713 MGI Global (ex UK) Equity Fund Z - 1 £ 11,190 US$ 2,803,785 - 150,295

MGI Global Equity Fund MGI Equity Fund Z - 1 € 51,004 € 9,837,686 401,840 - MGI UK Growth Fund Z - 1 £ 47,817 GB£ 6,725,014 307,671 - MGI UK High Growth Fund Z - 1 £ 96,346 GB£ 13,550,135 - - MGI UK Moderate Growth Fund Z - 1 £ 5,375 GB£ 756,005 50,049 -

MGI Japanese Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,095 US$ 1,159,152 70,287 70,184

MGI Pacific Basin (Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,419 US$ 1,162,267 126,431 -

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 167,040 GB£ 26,183,532 432,242 - MGI UK Growth Fund Z - 1 £ 25,415 GB£ 3,983,761 403,176 - MGI UK Moderate Growth Fund Z - 1 £ 6,000 GB£ 940,553 126,589 -

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 41,925 GB£ 5,627,538 272,973 - MGI UK High Growth Fund Z - 1 £ 83,489 GB£ 11,206,662 - 107,319 MGI UK Moderate Growth Fund Z - 1 £ 4,713 GB£ 632,666 41,462 912

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z - 1 £ 63,077 GB£ 8,691,986 324,376 - MGI UK Moderate Growth Fund Z - 1 £ 2,917 GB£ 401,951 60,544 -

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z - 1 £ 10,385 US$ 2,819,253 80,007 56,247

MGI Diversified Growth Fund MGI Balanced Managed Fund Z - 1 € 221,551 € 27,133,369 - -

MGI Emerging Markets Debt Fund MGI Balanced Managed Fund Z - 1 € 30,614 € 2,651,130 - -

Mercer Global Buy & Maintain Credit Fund MGI Balanced Managed Fund Z - 1 € Hedged 31,120 € 3,114,772 - - Mercer Enhanced Yield Fund Z - 1 € Hedged 901,837 € 90,264,907 1,000,000 -

Mercer Global High Yield Bond Fund Mercer Balanced Managed Fund Z - 1 € Hedged 23,538 € 2,618,551 - - Mercer Enhanced Yield Fund Z - 1 € Hedged 1,159,688 € 129,015,288 - -

MGI Funds plc 251 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

3. Related parties (continued)

Other related party transactions (continued)

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 2013 Currency 2013 Purchases Sales

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 33,417 € 4,458,478 - 450,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 139,387 € 15,388,328 - 600,000 Mercer Dynamic Asset Allocation Fund Z - 1 £ 246,224 GB£ 29,020,001 10,920,000 11,973,000

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 89,085 € 8,077,381 2,340,526 - Mercer Dynamic Asset Allocation Fund Z - 1 £ 696,394 GB£ 69,186,745 25,450,000 24,506,000

MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 168,379 GB£ 15,440,360 6,870,000 5,113,000

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 62,705 US$ 6,284,254 - 6,276,723

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer QIF CCF) Class 2013 Currency 2013 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,065,778 - -

30 June 2013

Number of Underlying Sub-Fund with Related Party Investor Share* shares held Sub-Fund Fair value related party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

MGI Eurozone Equity Fund MGI Equity Fund Z - 1 € 62,664 € 6,718,828 398,840 773,984 MGI Global (ex UK) Equity Fund Z - 1 £ 11,841 US$ 2,314,684 157,039 1,551,200

MGI Global Equity Fund MGI Equity Fund Z - 1 € 48,876 € 8,462,471 939,732 871,853 MGI UK Growth Fund Z - 1 £ 45,575 GB£ 5,926,566 1,963,750 9,560,199 MGI UK High Growth Fund Z - 1 £ 96,346 GB£ 12,528,865 149,543 717,635 MGI UK Moderate Growth Fund Z - 1 £ 5,007 GB£ 651,116 40,780 69,338

MGI Japanese Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,088 US$ 1,063,175 217,773 677,962

MGI Pacific Basin (Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,026 US$ 949,878 77,034 585,283

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 164,301 GB£ 25,555,334 1,064,477 776,720 MGI UK Growth Fund Z - 1 £ 22,860 GB£ 3,555,629 2,526,183 8,016,704 MGI UK Moderate Growth Fund Z - 1 £ 5,227 GB£ 818,053 128,320 53,721

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 39,734 GB£ 4,721,612 1,750,027 8,030,821 MGI UK High Growth Fund Z - 1 £ 84,328 GB£ 10,020,656 64,553 474,318 MGI UK Moderate Growth Fund Z - 1 £ 4,396 GB£ 522,376 18,843 74,833

MGI Funds plc 252 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

3. Related parties (continued)

Other related party transactions (continued)

30 June 2013 (continued)

Number of Underlying Sub-Fund with Related Party Investor Share* shares held Sub-Fund Fair value related party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z - 1 £ 60,739 GB£ 8,405,107 298,028 42,658 MGI UK Moderate Growth Fund Z - 1 £ 2,481 GB£ 343,380 69,338 37,676

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z - 1 £ 10,286 US$ 2,376,646 160,185 1,335,619

MGI Diversified Growth Fund MGI Balanced Managed Fund Z - 1 € 221,551 € 26,140,820 2,708,817 -

MGI Emerging Markets Debt Fund MGI Balanced Managed Fund Z - 1 € 30,614 € 2,881,650 3,061,351 -

Mercer Global Buy & Maintain Credit Fund MGI Balanced Managed Fund Z - 1 € Hedged 31,120 € 3,066,848 3,135,000 - Mercer Enhanced Yield Fund Z - 1 € Hedged 891,851 € 87,891,955 89,700,000 -

Mercer Global High Yield Bond Fund Mercer Balanced Managed Fund Z - 1 € Hedged 23,538 € 2,458,731 2,449,081 - Mercer Enhanced Yield Fund Z - 1 € Hedged 1,159,688 € 121,141,007 120,600,000 -

Number of Underlying Sub-Fund with Related Party Investor Share* shares held Sub-Fund Fair value related party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 36,947 € 4,314,650 4,236,190 200,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 144,932 € 15,170,047 14,817,137 350,000 Mercer Dynamic Asset Allocation Fund Z - 1 £ 255,576 GB£ 29,421,913 41,922,293 17,157,097

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 63,511 € 5,843,020 6,351,109 - Mercer Dynamic Asset Allocation Fund Z - 1 £ 686,189 GB£ 71,260,751 74,290,708 5,050,000

MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 152,657 GB£ 15,676,351 16,359,137 914,051

Number of Underlying Sub-Fund with Related Party Investor Share* shares held Sub-Fund Fair value related party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,058,927 - -

MGI Funds plc 253 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

3. Related parties (continued)

Other related party transactions (continued)

30 June 2012

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 2012 Currency 2012 Purchases Sales

MGI Eurozone Equity Fund MGI Equity Fund Z - 1 € 63,521 € 6,430,204 - 2,937 MGI Global (ex UK) Equity Fund Z - 1 £ 12,367 US$ 2,315,200 - 7,877

MGI Global Equity Fund MGI Equity Fund Z - 1 € 50,465 € 8,092,579 4,020 1,715 MGI UK Growth Fund Z - 1 £ 47,029 GB£ 5,364,124 3,819 - MGI UK High Growth Fund Z - 1 £ 99,343 GB£ 11,331,069 660 2,364 MGI UK Moderate Growth Fund Z - 1 £ 5,591 GB£ 637,673 204 177

MGI Japanese Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,735 US$ 984,972 1,230 4,253

MGI Pacific Basin (Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,035 US$ 1,002,179 - 1,693

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 161,068 GB£ 25,648,399 - 1,385 MGI UK Growth Fund Z - 1 £ 20,342 GB£ 3,239,231 2,090 - MGI UK Moderate Growth Fund Z - 1 £ 5,062 GB£ 806,016 398 54

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 40,429 GB£ 4,322,710 2,158 295 MGI UK High Growth Fund Z - 1 £ 86,479 GB£ 9,246,288 - 1,521 MGI UK Moderate Growth Fund Z - 1 £ 4,756 GB£ 508,481 - 135

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 58,921 GB£ 8,075,729 - - MGI UK Moderate Growth Fund Z-1 £ 2,536 GB£ 347,551 386 91

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 10,916 US$ 2,239,246 557 5,766

Mercer Global High Yield Bond Fund Mercer Enhanced Yield Fund Z-1 € Hedged 139,160 € 14,277,816 139,160 -

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 2012 Currency 2012 Purchases Sales

MGI Eurozone Equity Fund Mercer LS Managed Fund Z - 1 € 51,437 € 5,207,003 - -

MGI Euro Cash Fund Mercer LS Managed Fund Z - 1 € 5,646 € 635,654 - 8,882

MGI Global Equity Fund Mercer LS Managed Fund Z - 1 € 348,410 US$ 55,871,096 - 11,947

Mercer Low Volatility Equity Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 391,222 US$ 39,086,956 391,222 -

MGI Funds plc 254 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

3. Related parties (continued)

Other related party transactions (continued)

31 December 2012 (continued)

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 2012 Currency 2012 Purchases Sales

MGI Emerging Markets Equity Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 596,959 GB£ 62,919,484 596,959 -

MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 138,864 GB£ 14,314,078 138,864 -

Number of shares held Underlying Fair value Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 December related party Investor (Sub-Fund of Mercer QIF CCF) Class 2012 Currency 2012 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,052,699 - -

*There are no management fees charged on Class Z-1€ or Class Z-1£ share classes.

All of the above transactions are carried out on normal commercial terms, negotiated at arms length and in the best interest of the shareholder.

The MGI U.S. Equity Fund held 5,492 shares in State Street with a market value of US$ 403,113. The Mercer Low Volatility Equity Fund held 46,584 shares in State Street with a market value of US$ 3,419,266. State Street is the parent company of the Administrator and Custodian.

Cross holdings within the Company

The Mercer Diversified Growth Fund held a cross holding of 1,481,568 shares in the Mercer Passive Global Equity Fund at 31 December 2013. The cost of this holding at the period end date was US$ 148,500,000 and the market value was US$ 156,942,490. Purchases of this investment during the period amounted to US$ 148,500,000. There were no sales. The unrealised appreciation on this investment at 31 December 2013 amounted to US$ 8,442,490. These amounts have been eliminated on combination.

Connected party transactions

The Central Bank of Ireland 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 of Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in paragraph one of UCITS 14.5 are applied to all transactions with connected parties; the Board is satisfied that the transactions with connected parties entered into during the period complied with the obligations set out in this paragraph.

Shareholders of the Company

See Note 7 for details of significant Shareholders in the Company.

MGI Funds plc 255 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

4. Taxation

The Company is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. The Company will not be liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or on the ending of a “Relevant Period”. A “Relevant Period” being 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 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; or

(ii) certain exempted Irish resident investors who have provided the Company with the necessary signed statutory declarations; or

(iii) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or

(iv) an exchange of shares representing one Sub-Fund for another Sub-Fund of the Company; or

(v) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another company; or

(vi) certain exchanges of shares between spouses and former spouses.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event.

There were no chargeable events during the period under review.

Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its Shareholders.

5. Financial Instruments and Associated Risks

The Company’s financial risk management objectives and policies are consistent with those disclosed in the Company’s financial statements for the year ended 30 June 2013.

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.

FRS 29 requires the Company to classify assets and liabilities in 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;

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).

MGI Funds plc 256 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

5. Financial Instruments and Associated Risks (continued)

Fair Value of Financial Assets and Liabilities (continued)

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.

There were no significant transfers between levels during the period.

A new Fund, Mercer Passive Global Equity Fund was launched on 8 October 2013. The investments of the Mercer Passive Global Equity Fund are valued in accordance with the levels as disclosed in the financial statements for the year ended 30 June 2013, with no exceptions.

6. Cash and cash at broker balances

All cash and overdraft balances as at 30 June 2013 are held with State Street Bank, London which holds a credit rating of A+ at the period end (30 June 2013: A+). Cash held in U.S. Dollar bank accounts with State Street automatically transfer into overnight deposit accounts held by State Street Cayman Trust Company Ltd., Cayman Islands.

Margin cash balances at 31 December 2013 were as follows:

Counterparty Goldman Sachs MGI Global Equity Fund US$ 20,375,179 UBS MGI UK Bond Fund GB£ 220,808 Goldman Sachs MGI Emerging Markets Debt Fund US$ 346,184 Goldman Sachs Mercer Diversified Growth Fund US$ 6,317,085 UBS MGI DAM Multi-Manager Global Equity Fund US$ (399) Deutsche Bank Mercer Global High Yield Bond Fund US$ (291,780) J.P. Morgan Mercer Short Duration Global Bond Fund 1 US$ 1,519,743 Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ (105,790) Goldman Sachs Mercer Passive Global Equity Fund US$ 376,789

Margin cash balances at 30 June 2013 were as follows:

Counterparty Goldman Sachs MGI Global Equity Fund US$ 12,296,307 Royal Bank of Scotland MGI UK Bond Fund GB£ 220,808 Goldman Sachs MGI U.S. Equity Fund US$ 131,676 Goldman Sachs MGI Emerging Markets Debt Fund US$ 255,240 Goldman Sachs Mercer Diversified Growth Fund US$ 881,595 UBS MGI DAM Multi-Manager Global Equity Fund US$ 102,903 J.P. Morgan Mercer Short Duration Global Bond Fund 1 US$ 885,565 Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 40,999

Margin cash balances at 31 December 2012 were as follows:

Counterparty Goldman Sachs MGI Global Equity Fund US$ 11,502,391 Royal Bank of Scotland MGI UK Bond Fund GB£ 99,864 Goldman Sachs MGI U.S. Equity Fund US$ 69,811 Goldman Sachs Mercer Diversified Growth Fund US$ 1,814,677 JP Morgan Mercer Short Duration Bond Fund 1 US$ 109,021

MGI Funds plc 257 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

6. Cash and cash at broker balances (continued)

Collateral

Cash collateral

The following collateral amounts were held with or received from the below counterparties as at 31 December 2013:

Counterparty Goldman Sachs MGI Emerging Markets Debt Fund US$ 120,000 Bank of Amercia MGI Emerging Markets Debt Fund US$ 280,000 Deutsche Bank Mercer Global High Yield Bond Fund US$ 297,418 Credit Suisse Mercer Global High Yield Bond Fund US$ (710,000) Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 1,302,000 Bank of America Mercer Short Duration Global Bond Fund 2 US$ 580,000 Citigroup Mercer Short Duration Global Bond Fund 2 US$ 75,000 UBS Mercer Short Duration Global Bond Fund 2 US$ (10,000) Deutsche Bank Mercer Global Buy & Maintain Credit Fund US$ (270,000)

The following collateral amounts were held with or received from the below counterparties as at 30 June 2013:

Counterparty Citibank MGI Emerging Markets Debt Fund US$ 10,000 Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 30,000

There were no collateral amounts held or received as at 31 December 2012.

Stock Collateral Pledged As at the period ended 31 December 2013 the following collateral amounts were pledged:

Sub-Fund Stock Collateral Pledged Collateral Value Mercer Short Duration Global Bond Fund 1 5.25% General Electric 06/12/2017 US$ 905,554 Mercer Short Duration Global Bond Fund 1 4.63% SES 09/03/2020 US$ 1,235,527

As at the year ended 30 June 2013 the following collateral amounts were pledged:

Sub-Fund Stock Collateral Pledged Collateral Value Mercer Short Duration Global Bond Fund 1 6.25% General Electric 06/12/2017 US$ 903,918 Mercer Short Duration Global Bond Fund 1 4.63% SES 09/03/2020 US$ 1,180,999 Mercer Global Buy & Maintain Credit Fund 6.75% General Electric Capital 15/03/2032 US$ 215,825 Mercer Global Buy & Maintain Credit Fund 2.75% United States Treasury Note 15/11/2042 US$ 172,438

Stock Collateral Held As at the period ended 31 December 2013 the following collateral amounts were Held:

Sub-Fund Stock Collateral Held Collateral Amount MGI Emerging Markets Debt Fund 3.13 % U.S. Treasuries Bond 15/02/2042 US$ 323,000 MGI Emerging Markets Debt Fund 2.75 % U.S. Treasuries Bond 15/11/2042 US$ 91,000 MGI Emerging Markets Debt Fund 0.88 % U.S. Treasuries Bond 30/11/2016 US$ 1,009,000 Mercer Global Buy & Maintain Credit Fund 1.50% U.S. Treasuries Bond 31/07/2016 US$ 310,000

As at the period ended 30 June 2013 the following collateral amounts were Held:

Sub-Fund Stock Collateral Held Collateral Amount Mercer Global Buy & Maintain Credit Fund 0.38% U.S. Treasuries Bond 15/02/2016 US$ 840,000

There was no Stock Collateral pledged or held as at the period end 31 December 2012.

MGI Funds plc 258 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. 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 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*

31 December 2013

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 period 13,137 1,998 42,300 32,531 6,175 173,238 Shares redeemed during the period (1,635) - (27,618) (55,659) (2,311) (19,377) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 116,993 17,785 325,938 338,408 44,080 895,482 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,261,555 616,167 7,282,297 4,805,315 1,021,788 26,553,939 Payment for redeemable participating shares redeemed (292,256) - (4,715,792) (8,351,118) (368,083) (2,974,250)

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 period 870,953 374,775 147,168 6,167 92,254 Shares redeemed during the period (159,997) (151,300) (31,978) (101) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,814,311 1,541,707 507,195 561,253 130,288 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 157,252,627 56,822,698 22,109,642 1,043,207 9,565,289 Payment for redeemable participating shares redeemed (27,986,736) (22,541,047) (4,693,902) (17,294) -

MGI Funds plc 259 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

MGI Emerging Markets Equity Fund Class Class (continued) Z-1 € Z-1 £ Shares in issue as at 30 June 2013 63,511 686,189 Shares issued during the period 25,574 243,944 Shares redeemed during the period - (233,739) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 89,085 696,394 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,039,139 38,840,617 Payment for redeemable participating shares redeemed - (39,185,824)

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 period 45,402 109 425 173 Shares redeemed during the period (1,032) (3,540) (570) (68) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 76,946 40,196 10,316 2,475 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 5,331,024 14,001 47,721 20,237 Payment for redeemable participating shares redeemed (121,969) (410,585) (63,295) (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 period 1,189,029 83,513 1,320 190,809 138,796 8,286 Shares redeemed during the period (396,132) (75,454) (493) (831,126) (51,183) (11,423) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,093,793 120,828 22,238 360,930 230,328 58,023 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 132,236,295 9,156,992 140,069 20,238,778 13,948,862 932,882 Payment for redeemable participating shares redeemed (44,045,980) (8,274,481) (52,340) (88,215,943) (5,144,005) (1,286,117)

MGI Eurozone Equity Fund Class Class Class Class I-1 € M-1 € M-2 € M-7 € Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746 Shares issued during the period 128,890 625 328 985 Shares redeemed during the period (75,477) (26,494) (15,886) (2,680) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December2013 438,965 344,956 187,891 204,051 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 14,787,452 74,071 45,867 107,392 Payment for redeemable participating shares redeemed (8,375,744) (3,145,003) (1,980,932) (318,059)

MGI Funds plc 260 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

MGI Eurozone Equity Fund Class Class (continued) Z-1 € Z-1 £ Shares in issue as at 30 June 2013 62,664 11,841 Shares issued during the period 1,454 - Shares redeemed during the period (5,609) (651) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 58,509 11,190 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 185,483 244 Payment for redeemable participating shares redeemed (629,713) (110,624)

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 period - - - 37 Shares redeemed during the period (339) (59) (53) (1,508) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 3,669 8,230 9,715 13,921 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - - - 5,456 Payment for redeemable participating shares redeemed (51,856) (13,302) (6,319) (225,819)

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 period 2 90,343 3,978 1,757 4 134,922 Shares redeemed during the period (1,822) (114,800) (35,533) (1,005,152) - (245,740) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 12,036 68,259 415,704 136,488 20,129 532,346 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,292 18,696,698 755,863 322,005 1,458 20,929,296 Payment for redeemable participating shares redeemed (495,524) (25,210,929) (6,400,673) (181,051,437) - (37,640,804)

MGI Funds plc 261 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

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 period 18,801 190,978 135,177 210,525 224,335 27,077 Shares redeemed during the period (83,476) (133,113) (129,157) (697,713) (615,542) (16,467) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 403,548 493,852 110,188 1,565,919 830,637 28,621 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,321,575 51,015,466 33,448,760 41,500,385 44,202,468 5,895,550 Payment for redeemable participating shares redeemed (13,596,992) (35,971,707) (32,589,995) (143,623,936) (121,256,155) (3,602,388)

MGI Global Equity Fund Class Class Class Class Class (continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Hedged Hedged Shares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466 Shares issued during the period 7 67,896 15,157 79,025 - Shares redeemed during the period - (162,091) (9,405) (66,350) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 34,128 246,517 62,373 325,414 26,466 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,123 12,887,774 2,811,892 19,764,685 1,124 Payment for redeemable participating shares redeemed - (31,449,814) (1,757,897) (17,026,105) -

MGI Global Equity Fund Class Class (continued) Z-1 £ Z-1 € Shares in issue as at 30 June 2013 146,928 48,877 Shares issued during the period 2,611 2,127 Shares redeemed during the period - - –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 149,539 51,004 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 575,279 545,990 Payment for redeemable participating shares redeemed - -

MGI Funds plc 262 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (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 period 13,376 5 459 Shares redeemed during the period (9,441) (1,264) (453) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 116,227 13,004 7,095 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 141,708,931 70,873 6,901,638 Payment for redeemable participating shares redeemed (97,680,250) (13,362,925) (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 period 3,038 393 Shares redeemed during the period (3,864) - –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 50,146 3,419 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 725,266 126,553 Payment for redeemable participating shares redeemed (874,877) -

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 period - 19 3,381 18,886 6,097 Shares redeemed during the period (871) (28,086) (21,933) (2,091) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 13,447 60,172 172,182 323,596 198,455 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - 2,691 475,248 2,781,862 962,007 Payment for redeemable participating shares redeemed (131,242) (4,000,000) (3,076,978) (306,826) -

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 period 1,067 462,269 178,909 602 Shares redeemed during the period (2,578) (452,097) (181,956) (705) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 88,106 10,172 - 3,420 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 121,001 56,054,857 17,799,942 66,786 Payment for redeemable participating shares redeemed (292,331) (54,816,987) (18,098,763) (78,219)

MGI Funds plc 263 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

MGI UK Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ Shares in issue as at 30 June 2013 163,606 100,310 12,456 279,247 113,606 Shares issued during the period - - 5 32 36,735 Shares redeemed during the period (9,063) (26,340) (823) (16,333) (3,078) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 154,543 73,970 11,638 262,946 147,263 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - - 407 3,708 7,011,382 Payment for redeemable participating shares redeemed (785,341) (3,289,008) (73,113) (1,867,500) (575,000)

MGI UK Equity Fund Class Class (continued) M-7 £ Z-1 £ Shares in issue as at 30 June 2013 116,874 128,458 Shares issued during the period 1,304 2,515 Shares redeemed during the period (77,045) (846) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 41,133 130,127 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 187,033 314,435 Payment for redeemable participating shares redeemed (10,961,993) (108,231)

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 period 2,447 238 314 Shares redeemed during the period (6,468) (2,499) (215) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 354,712 27,241 10,385 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 401,285 39,152 80,003 Payment for redeemable participating shares redeemed (1,127,960) (433,155) (56,255)

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 period 1,156,893 203,507 142,848 85,473 335,915 2,773 Shares redeemed during the period (443,944) (107) (89,892) (34,424) (345,490) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 2,516,946 203,400 333,268 96,121 674,454 65,994 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 154,078,651 20,350,664 18,832,966 8,298,276 45,789,622 385,469 Payment for redeemable participating shares redeemed (59,930,765) (10,495) (11,855,754) (3,251,259) (46,776,486) -

MGI Funds plc 264 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (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 62,919 2,535 50,688 826 80,352 Shares redeemed during the year (532,794) (23,318) (7,572) (100) (59,371) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 132,356 32,625 55,273 48,958 155,938 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 8,379,622 333,266 5,098,076 76,612 10,682,451 Payment for redeemable participating shares redeemed (71,351,342) (3,017,797) (772,112) (9,067) (7,835,675)

MGI Emerging Markets Debt Fund Class Class Class Class Class Class M-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Z-1 € Shares in issue as at 30 June 2013 2,868,080 3,911,072 624,334 110,527 152,657 30,614 Shares issued during the period 154,800 660,327 61,610 69,424 66,816 - Shares redeemed during the period (518,324) (269,742) (43,052) (14,138) (51,094) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 2,504,556 4,301,657 642,892 165,813 168,379 30,614 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 21,529,984 105,410,804 9,717,227 11,082,180 10,463,693 415 Payment for redeemable participating shares redeemed (71,926,829) (41,898,193) (6,808,823) (2,262,819) (8,215,827) -

Mercer Global Small Cap Equity Fund Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € Shares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036 Shares issued during the period 220,753 1,123,222 118,950 115,005 Shares redeemed during the period (93,318) (352,042) (17,467) (90,160) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 727,251 2,651,123 248,957 367,881 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 37,518,803 225,959,341 24,497,205 18,997,502 Payment for redeemable participating shares redeemed (16,249,188) (72,976,968) (3,622,126) (14,814,477)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class M-3 € M-3 £ M-3 £ M-5 £ M-5 £ M-5 $ Hedged Hedged Shares in issue as at 30 June 2013 2,035,574 2,923,492 - 249,057 - 137,886 Shares redeemed during the period 244,393 288,952 1,147,685 30,968 97,141 138,036 Shares redeemed during the period (177,287) (1,511,578) (105,536) (189,064) (3,721) (137,945) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 2,102,680 1,700,866 1,042,149 90,961 93,420 137,977 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 43,701,192 56,634,124 176,913,731 6,118,112 15,421,533 15,943,789 Payment for redeemable participating shares redeemed (32,616,910) (283,530,122) (17,230,348) (35,222,167) (622,674) (15,931,311)

MGI Funds plc 265 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

Mercer Low Volatility Equity Fund Class Class Z-1 € Z-1 £ Shares in issue as at 30 June 2013 144,932 255,576 Shares redeemed during the period - 92,098 Shares redeemed during the period (5,545) (101,450) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 139,387 246,224 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,886 16,756,520 Payment for redeemable participating shares redeemed (816,922) (19,096,844)

Mercer Diversified Growth Fund Class Class Class Class Class Class M-2 £ M-4 € M-6 € M - 10 $ M - 12 £ Z-1 € Hedged Shares in issue as at 30 June 2013 2,686,606 142,172 9,104 486,906 149,172 221,551 Shares issued during the period 907,037 430,367 1,936 487,074 3,495 - Shares redeemed during the period (77,231) (12,430) (948) (486,974) (1,141) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 3,516,412 560,109 10,092 487,006 151,526 221,551 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 161,300,007 70,136,351 291,232 52,896,023 534,282 - Payment for redeemable participating shares redeemed (13,821,127) (2,010,219) (146,359) (52,885,366) (179,241) -

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 period 101,060 96,644 Shares redeemed during the period (141,651) (33,743) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,698,408 262,316 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 13,953,779 19,671,733 Payment for redeemable participating shares redeemed (19,530,800) (7,399,983)

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 Shares in issue as at 30 June 2013 - 1,510,264 - - 288,960 - Shares issued during the period 65,680 3,069 263,012 307,772 131,013 73,431 Shares redeemed during the period (5,405) (163,423) (11,393) (7,641) (27,790) (1,434) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 60,275 1,349,910 251,619 300,131 392,183 71,997 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 9,972,822 786,546 41,022,449 47,789,751 18,955,810 11,506,722 Payment for redeemable participating shares redeemed (837,457) (28,781,297) (1,814,519) (1,191,383) (3,980,613) (226,829)

MGI Funds plc 266 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

Mercer Global High Yield Bond Fund Class Class Class Class Class Class (continued) M-4 $ M - 2 £ M - 2 £ M - 2 £ M - 3 £ M - 4 £ Hedge Distributing Hedged Hedged Hedged Distributing Shares in issue as at 30 June 2013 172,721 - - 259,494 376,033 62,273 Shares issued during the period 477,390 118,148 109,755 28,825 18,201 20,764 Shares redeemed during the period (172,822) (64,550) (10,558) (213,352) (298,678) (56,124) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 477,289 53,598 99,197 74,967 95,556 26,913 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 52,859,442 18,049,891 16,972,239 5,478,326 3,224,555 3,875,543 Payment for redeemable participating shares redeemed (19,119,382) (10,693,366) (1,610,208) (37,861,342) (52,646,758) (9,974,961)

Mercer Global High Yield Bond Fund Class Class (continued) Z - 1 AUD Class Z-1 € Hedged Hedged Shares in issue as at 30 June 2013 - 1,183,226 Shares issued during the period 1,371,727 - Shares redeemed during the period - - –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,371,727 1,183,226 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 124,425,146 163,278* Payment for redeemable participating shares redeemed - -

*Anti-dilution levy

Mercer Short Duration Global Bond Fund 1 Class Class M-1 NOK M-2 € Hedged Hedged Shares in issue as at 30 June 2013 1,062,056 60,860 Shares issued during the year 468,580 18,201 Shares redeemed during the year - (246) –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,530,636 78,815 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 78,818,627 2,490,523 Payment for redeemable participating shares redeemed - (34,406)

MGI Funds plc 267 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2013 (continued)

Mercer Short Duration Global Bond Fund 2 Class Class Class M-1 NOK M-2 € M - 1 € Hedged Hedged Hedge Shares in issue as at 30 June 2013 663,178 60,799 - Shares issued during the period 350,606 62,995 62,705 Shares redeemed during the period - (249) - –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 1,013,784 123,545 62,705 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 59,196,653 8,290,045 8,100,999 Payment for redeemable participating shares redeemed - (34,406) -

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 period 1,328,671 83,826 9,986 Shares redeemed during the period - (14,084) - –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2013 2,713,493 197,704 932,957 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 214,171,533 11,303,567 1,474,799 Payment for redeemable participating shares redeemed - (1,838,654) -

Mercer Passive Global Equity Fund Class Z-1 $

Shares in issue as at 30 June 2013 - Shares issued during the period 1,481,568 Shares redeemed during the period - –––––––––––– Shares in issue as at 31 December 2013 1,481,568 ––––––––––––

Proceeds from redeemable participating shares issued 148,500,000 Payment for redeemable participating shares redeemed -

MGI Funds plc 268 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013

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 2012 10,336 15,552 205,049 379,086 100,724 467,066 Shares issued during the year 96,115 1,917 127,324 48,443 39,828 281,438 Shares redeemed during the year (960) (1,682) (21,117) (65,993) (100,336) (6,883) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 105,491 15,787 311,256 361,536 40,216 741,621 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 17,353,786 573,585 21,698,252 7,534,319 6,462,954 45,625,047 Payment for redeemable participating shares redeemed (167,416) (556,846) (3,757,720) (10,649,833) (17,699,705) (1,073,947)

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 2012 670,987 1,872,383 464,340 569,402 - Shares issued during the year 529,733 472,182 119,550 5,830 38,034 Shares redeemed during the year (97,365) (1,026,333) (191,885) (20,045) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,103,355 1,318,232 392,005 555,187 38,034 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 98,390,832 72,620,745 18,361,016 960,977 3,803,626 Payment for redeemable participating shares redeemed (18,030,002) (160,822,132) (29,487,104) (3,147,968) -

MGI Emerging Markets Equity Fund Class Class (continued) Z-1 € Z-1 £ Shares in issue as at 30 June 2012 - - Shares issued during the year 63,511 731,277 Shares redeemed during the year - (45,088) –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 63,511 686,189 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 8,325,400 118,812,165 Payment for redeemable participating shares redeemed - (7,853,072)

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Shares in issue as at 30 June 2012 47,779 54,867 8,148 1,402 Shares issued during the year 6,509 33 2,697 1,079 Shares redeemed during the year (21,712) (11,273) (384) (111) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 32,576 43,627 10,461 2,370 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 749,975 4,938 297,351 124,421 Payment for redeemable participating shares redeemed (2,537,276) (1,278,222) (41,924) (13,009)

MGI Funds plc 269 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

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 2012 452,973 206,531 43,190 563,373 101,886 14,528 Shares issued during the year 307,823 20,876 43,310 1,125,355 58,932 61,772 Shares redeemed during the year (459,900) (114,638) (65,089) (687,481) (18,103) (15,140) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 300,896 112,769 21,411 1,001,247 142,715 61,160 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 34,270,486 2,296,864 4,635,604 119,590,006 5,926,506 6,954,902 Payment for redeemable participating shares redeemed (51,193,672) (12,611,225) (6,950,964) (73,047,326) (1,820,689) (1,704,514)

MGI Eurozone Equity Fund Class Class Class Class Class I-1 € M-1 € M-2 € M-7 € M-7 £ Shares in issue as at 30 June 2012 513,591 1,259,736 367,841 463,530 91,379 Shares issued during the year 18,846 17,891 23,376 16,174 659 Shares redeemed during the year (146,885) (906,802) (187,768) (273,958) (92,038) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,973,651 1,737,282 2,477,934 1,423,079 82,162 Payment for redeemable participating shares redeemed (14,226,778) (92,754,514) (20,348,536) (25,604,622) (12,172,567)

MGI Eurozone Equity Fund Class Class (continued) Z-1 € Z-1 £ Shares in issue as at 30 June 2012 117,895 20,244 Shares issued during the year 3,788 822 Shares redeemed during the year (59,019) (9,225) –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 62,664 11,841 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 403,288 122,238 Payment for redeemable participating shares redeemed (6,129,127) (1,219,567)

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Shares in issue as at 30 June 2012 3,829 8,398 11,858 19,609 Shares issued during the year 292 - - 164 Shares redeemed during the year (113) (109) (2,090) (4,381) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 4,008 8,289 9,768 15,392 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 46,947 - - 24,977 Payment for redeemable participating shares redeemed (17,892) (24,984) (259,746) (680,455)

MGI Funds plc 270 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (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 2012 144,714 83,059 1,417,028 2,289,114 44,551 969,190 Shares issued during the year 882 16,256 54,239 177,871 15 27,786 Shares redeemed during the year (131,740) (6,599) (1,024,008) (1,327,102) (24,441) (353,812) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 13,856 92,716 447,259 1,139,883 20,125 643,164 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 196,026 3,466,166 8,437,029 25,144,297 2,178 3,860,455 Payment for redeemable participating shares redeemed (30,630,518) (1,331,735) (168,075,491) (184,893,643) (3,859,323) (46,993,870)

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 2012 502,826 475,314 103,962 1,856,089 1,330,639 21,110 Shares issued during the year 36,389 47,651 35,064 581,136 204,797 5,005 Shares redeemed during the year (70,992) (86,978) (34,858) (384,118) (313,592) (8,104) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 468,223 435,987 104,168 2,053,107 1,221,844 18,011 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 5,279,538 11,959,207 8,186,671 101,306,407 34,961,278 1,062,028 Payment for redeemable participating shares redeemed (10,550,076) (20,180,298) (7,779,177) (66,846,224) (55,509,087) (1,616,060)

MGI Global Equity Fund Class Class Class Class Class (continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Hedged Hedged Shares in issue as at 30 June 2012 - 451,348 56,293 286,697 - Shares issued during the year 34,121 43,833 3,101 36,335 41,040 Shares redeemed during the year (154,469) (2,773) (10,293) (14,574) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,616,074 7,630,111 550,132 8,382,523 6,434,354 Payment for redeemable participating shares redeemed - (27,104,669) (469,857) (2,476,172) (2,696,967)

MGI Global Equity Fund Class Class (continued) Z-1 £ Z-1 € Shares in issue as at 30 June 2012 149,821 408,518 Shares issued during the year 6,936 5,863 Shares redeemed during the year (9,829) (365,504) –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 146,928 48,877 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,248,278 1,226,177 Payment for redeemable participating shares redeemed (1,877,262) (80,245,888)

MGI Funds plc 271 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

MGI Japanese Equity Fund Class Class Class Class I-1 € M-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 141,908 17,940 35,503 10,758 Shares issued during the year 9,162 13 - 1,702 Shares redeemed during the year (38,778) (3,690) (35,503) (5,371) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 112,292 14,263 - 7,089 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 71,774,588 165,828 54,270 18,598,035 Payment for redeemable participating shares redeemed (259,125,193) (28,329,203) (411,036,887) (55,783,304)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class Class I-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 89,655 23,794 4,729 Shares issued during the year 813 - 220 Shares redeemed during the year (39,496) (23,794) (1,923) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 50,972 - 3,026 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 203,654 1,329* 77,742 Payment for redeemable participating shares redeemed (8,816,424) (5,787,746) (585,338)

*Anti-dilution levy

MGI UK Bond Fund Class Class Class Class Class Class I-1 £ M-1 £ M-2 £ M-4 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2012 17,951 85,952 190,842 93,770 465,324 185,423 Shares issued during the year 5,022 6,661 14,615 4,820 23,041 12,673 Shares redeemed during the year (8,655) (4,374) (14,723) (98,590) (181,564) (5,738) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 14,318 88,239 190,734 - 306,801 192,358 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 768,507 960,561 2,103,781 606,489 3,478,451 2,008,431 Payment for redeemable participating shares redeemed (1,312,300) (625,000) (2,086,844) (12,324,002) (26,805,752) (909,840)

MGI UK Cash Fund Class Class Class Class Class I-1 £ M-2 £ M-4 £ M-5 £ M-7 £ Shares in issue as at 30 June 2012 129,691 271,004 44,890 7,461 4,041 Shares issued during the year 4,908 189,900 3,627 1 354,972 Shares redeemed during the year (44,982) (460,904) (45,470) (7,462) (355,490) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 89,617 - 3,047 - 3,523 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 555,565 23,035,608 362,058 112 39,341,052 Payment for redeemable participating shares redeemed (5,094,038) (55,915,734) (4,536,521) (745,563) (39,399,042)

MGI Funds plc 272 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

MGI UK Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ Shares in issue as at 30 June 2012 239,723 101,174 14,801 297,114 167,923 Shares issued during the year - - 27 71 3,029 Shares redeemed during the year (76,117) (864) (2,372) (17,938) (57,346) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 163,606 100,310 12,456 279,247 113,606 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,273 3,246* 2,564 16,060 489,222 Payment for redeemable participating shares redeemed (5,632,865) (100,000) (184,737) (1,876,500) (9,061,731)

*Anti-dilution levy

MGI UK Equity Fund Class Class (continued) M-7 £ Z-1 £ Shares in issue as at 30 June 2012 401,354 131,458 Shares issued during the year 350 3,289 Shares redeemed during the year (284,830) (6,289) –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 116,874 128,458 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 48,057 361,054 Payment for redeemable participating shares redeemed (33,410,291) (708,156)

MGI U.S. Equity Fund Class Class Class Class I-1 € M-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 496,192 35,550 79,131 16,125 Shares issued during the year 19,711 100 30 770 Shares redeemed during the year (157,170) (6,148) (79,161) (6,609) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 358,733 29,502 - 10,286 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,994,268 16,495 9,860 161,306 Payment for redeemable participating shares redeemed (22,088,757) (889,874) (18,711,382) (1,335,748)

MGI UK Inflation Linked Bond Fund Class Class Class Class Class M-1 £ M-4 £ M-6 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2012 2,028,110 262,138 - 414,093 61,162 Shares issued during the year 345,276 77,033 45,118 339,401 2,632 Shares redeemed during the year (569,389) (58,859) (46) (69,465) (573) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,803,997 280,312 45,072 684,029 63,221 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 45,470,335 10,314,520 4,594,731 47,607,324 367,987 Payment for redeemable participating shares redeemed (79,345,548) (7,754,064) (4,746) (9,254,399) (80,328)

MGI Funds plc 273 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (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 2012 396,245 63,007 8,868 - 175,110 Shares issued during the year 252,230 8,113 4,020 61,163 45,106 Shares redeemed during the year (46,244) (17,712) (731) (12,931) (85,259) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 602,231 53,408 12,157 48,232 134,957 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 35,323,179 1,095,223 424,888 5,794,004 6,289,335 Payment for redeemable participating shares redeemed (6,364,976) (2,421,881) (74,766) (1,223,662) (11,857,995)

MGI Emerging Markets Debt Fund Class Class Class Class Class Class M-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Z-1 € Shares in issue as at 30 June 2012 1,975,600 3,053,752 679,645 93,595 - - Shares issued during the year 970,921 1,156,747 60,416 37,505 161,008 30,614 Shares redeemed during the year (78,441) (299,427) (115,727) (20,573) (8,351) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 2,868,080 3,911,072 624,334 110,527 152,657 30,614 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 145,046,999 192,579,466 10,214,345 6,431,963 26,255,689 4,068,558 Payment for redeemable participating shares redeemed (11,624,818) (50,202,718) (19,332,003) (3,515,284) (1,399,977) -

Mercer Global Small Cap Equity Fund Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € Shares in issue as at 30 June 2012 131,725 1,713,417 130,120 - Shares issued during the year 490,055 865,464 73,562 344,779 Shares redeemed during the year (21,964) (698,938) (56,208) (1,743) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 79,451,297 150,687,460 12,803,747 48,477,782 Payment for redeemable participating shares redeemed (3,466,298) (126,249,883) (10,173,065) (259,202)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class M-3 € M-3 £ M-5 £ M-5 $ Z-1 € Z-1 £ Shares in issue as at 30 June 2012 1,221,534 2,770,808 307,603 - - - Shares redeemed during the year 903,487 1,132,474 76,922 137,886 148,171 416,540 Shares redeemed during the year (89,447) (979,790) (135,468) - (3,239) (160,964) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 2,035,574 2,923,492 249,057 137,886 144,932 255,576 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 149,078,528 199,402,420 13,595,742 13,810,879 19,423,158 67,442,307 Payment for redeemable participating shares redeemed (15,293,975) (172,940,635) (23,858,780) - (452,620) (27,136,037)

MGI Funds plc 274 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

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 2012 13,318 7,401 198,728 360,486 - - Shares issued during the year 130,938 2,608 22,824 2,547,754 486,906 162,819 Shares redeemed during the year (2,084) (905) - (221,634) - (13,647) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 142,172 9,104 221,551 2,686,606 486,906 149,172 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 20,849,903 364,463 3,596,624 431,287,820 49,012,559 24,970,633 Payment for redeemable participating shares redeemed (320,799) (127,978) - (38,308,572) - (2,143,884)

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Shares in issue as at 30 June 2012 1,790,389 87,496 Shares issued during the year 337,894 206,100 Shares redeemed during the year (389,284) (94,181) –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,738,999 199,415 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 42,853,386 37,060,382 Payment for redeemable participating shares redeemed (49,147,397) (17,665,354)

Mercer Global High Yield Bond Fund Class Class Class Class Class M-1 £ M-2 £ M-3 £ M-3 € M-4 £ Hedged Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2012 215,509 213,748 454,767 - 66,723 Shares issued during the year 1,437,413 182,756 122,435 320,700 157,826 Shares redeemed during the year (142,658) (137,010) (201,169) (31,740) (162,276) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,510,264 259,494 376,033 288,960 62,273 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 246,492,715 31,873,561 21,323,675 43,305,512 25,496,396 Payment for redeemable participating shares redeemed (25,025,274) (24,087,352) (35,343,153) (4,351,226) (26,259,157)

MGI Funds plc 275 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

Mercer Global High Yield Bond Fund Class Class (continued) M-4 $ Z-1 € Hedged Hedged Shares in issue as at 30 June 2012 - - Shares issued during the year 172,721 1,183,226 Shares redeemed during the year - - –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 172,721 1,183,226 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 17,664,879 162,621,052 Payment for redeemable participating shares redeemed - -

Mercer Short Duration Global Bond Fund 1 Class Class M-1 NOK M-2 € Hedged Hedged Shares in issue as at 30 June 2012 - - Shares issued during the year 1,066,445 60,860 Shares redeemed during the year (4,389) - –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,062,056 60,860 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 184,190,168 7,913,322 Payment for redeemable participating shares redeemed - -

Mercer Short Duration Global Bond Fund 2 Class Class M-1 NOK M-2 € Hedged Hedged Shares in issue as at 30 June 2012 - - Shares issued during the year 663,178 60,799 Shares redeemed during the year –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 663,178 60,799 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 118,496,420 7,905,941 Payment for redeemable participating shares redeemed - -

MGI Funds plc 276 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

30 June 2013 (continued)

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 2012 - - - Shares issued during the year 1,394,401 127,962 922,971 Shares redeemed during the year (9,579) - - –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 30 June 2013 1,384,822 127,962 922,971 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 222,047,814 16,681,451 123,380,106 Payment for redeemable participating shares redeemed (1,488,192) - -

31 December 2012

MGI Emerging Markets Equity Fund Class Class Class Class Class Class I-1 € I-1 £ M-1 € M-2 € M-4 € Z-1 £ Shares in issue as at 30 June 2012 10,336 15,552 205,049 379,086 100,724 - Shares issued during the period - 1,917 92,701 22,486 22,058 596,959 Shares redeemed during the period (576) (816) (5,579) (16,705) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 9,760 16,653 292,171 384,867 122,782 596,959 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - 573,585 15,658,657 3,308,133 3,464,261 96,387,490 Payment for redeemable participating shares redeemed (95,031) (258,248) (902,230) (2,520,143) - -

MGI Emerging Markets Equity Fund Class Class Class Class Class Class (continued) M-7 € M-1 £ M-3 £ M-5 £ M-7 £ M-5 $ Shares in issue as at 30 June 2012 467,066 670,987 1,872,383 464,340 569,402 - Shares issued during the period 40,912 313,162 240,424 64,212 3,482 38,008 Shares redeemed during the period (1,056) (58,408) (501,821) (122,967) (10) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 506,922 925,741 1,610,986 405,585 572,874 38,008 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 6,047,174 56,867,677 36,347,117 9,592,423 575,680 3,800,824 Payment for redeemable participating shares redeemed (158,109) (10,545,231) (75,597,317) (18,383,838) (1,549) -

MGI Funds plc 277 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Shares in issue as at 30 June 2012 47,779 54,867 8,148 1,402 Shares issued during the period 6,168 7 449 204 Shares redeemed during the period (8,479) (5,914) (148) (8) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 45,468 48,960 8,449 1,598 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 709,398 1,134 48,608 23,089 Payment for redeemable participating shares redeemed (965,321) (658,841) (15,640) (898)

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 2012 452,973 206,531 43,190 563,373 101,886 14,528 Shares issued during the period 73,662 11,906 41,932 123,596 9,020 - Shares redeemed during the period (120,152) (112,681) (35,393) (107,116) (4,196) (8,882) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 406,483 105,756 49,729 579,853 106,710 5,646 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 8,207,632 1,311,063 4,488,798 13,148,999 907,687 - Payment for redeemable participating shares redeemed (13,387,711) (12,396,288) (3,783,082) (11,395,700) (422,200) (1,000,000)

MGI Eurozone Equity Fund Class Class Class Class Class I-1 € M-1 € M-2 € M-7 € M-7 £ Shares in issue as at 30 June 2012 513,591 1,259,736 367,841 463,530 91,379 Shares issued during the period 3,430 13,276 8,328 14,246 659 Shares redeemed during the period (114,587) (457,766) (42,693) (267,378) (92,038) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 402,434 815,246 333,476 210,398 - –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 310,000 1,269,203 792,446 1,216,597 81,326 Payment for redeemable participating shares redeemed (10,745,508) (44,541,014) (4,159,147) (24,881,968) (12,172,567)

MGI Eurozone Equity Fund Class Class (continued) Z-1 € Z-1 £ Shares in issue as at 30 June 2012 117,895 20,244 Shares issued during the period - - Shares redeemed during the period (2,937) (7,877) –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 114,958 12,367 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - - Payment for redeemable participating shares redeemed (283,645) (1,017,178)

MGI Funds plc 278 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Shares in issue as at 30 June 2012 3,829 8,398 11,858 19,609 Shares issued during the period 292 - - 2 Shares redeemed during the period - - (1,125) (2,063) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 4,121 8,398 10,733 17,548 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 46,947 - - 398 Payment for redeemable participating shares redeemed - - (142,522) (328,433)

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 2012 144,714 83,059 1,417,028 2,289,114 44,551 969,190 Shares issued during the period 879 139 42,349 162,298 9 15,677 Shares redeemed during the period (131,199) (9) (219,496) (875,491) - (338,884) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 14,394 83,189 1,239,881 1,575,921 44,560 645,983 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 195,488 25,771 6,445,916 22,759,235 1,267 2,088,975 Payment for redeemable participating shares redeemed (30,493,249) (1,658) (33,606,505) (110,979,081) - (44,766,015)

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 2012 502,826 475,314 103,962 1,856,089 1,330,639 21,110 Shares issued during the period 19,372 20,954 14,293 496,867 140,418 687 Shares redeemed during the period (23,602) (76,275) (21,430) (250,572) (144,399) (4,657) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 498,596 419,993 96,825 2,102,384 1,326,658 17,140 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,634,731 4,891,177 3,024,678 85,934,367 23,141,486 131,766 Payment for redeemable participating shares redeemed (3,258,072) (17,433,222) (4,551,615) (42,260,357) (24,690,118) (879,016)

MGI Funds plc 279 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

MGI Global Equity Fund Class Class Class Class Class Class (continued) M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £ Z-1 € Hedged Shares in issue as at 30 June 2012 451,348 56,293 286,697 - 408,518 149,821 Shares issued during the period 13,132 823 22,043 40,832 4,019 4,683 Shares redeemed during the period (47,686) (1,959) - (574) (13,662) (2,541) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 416,794 55,157 308,740 40,258 398,875 151,963 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,189,290 133,128 4,845,400 6,396,124 817,125 804,094 Payment for redeemable participating shares redeemed (8,030,723) (324,059) - (97,565) (2,725,189) (454,356)

MGI Japanese Equity Fund Class Class Class Class I-1 € M-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 141,908 17,940 35,503 10,758 Shares issued during the period 5,861 3 1 1,231 Shares redeemed during the period (32,473) (1,964) (35,504) (4,254) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 115,296 15,979 - 7,735 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 38,510,071 17,576 5,202 11,767,880 Payment for redeemable participating shares redeemed (206,275,106) (12,607,779) (411,036,887) (40,518,708)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class Class I-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 89,655 23,794 4,729 Shares issued during the period - - - Shares redeemed during the period (31,741) (23,794) (1,694) –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 57,914 - 3,035 –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 8,604 1,329 657 Payment for redeemable participating shares redeemed (6,883,990) (5,787,747) (505,490)

MGI UK Bond Fund Class Class Class Class Class Class I-1 £ M-1 £ M-2 £ M-4 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2012 17,951 85,952 190,842 93,770 465,324 185,423 Shares issued during the period 2,588 21 749 127 6,801 2,488 Shares redeemed during the period (6,500) (4,245) (7,038) - (140,923) (1,440) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 14,039 81,728 184,553 93,897 331,202 186,471 –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 394,964 7,486 115,560 20,320 1,030,602 397,245 Payment for redeemable participating shares redeemed (981,499) (606,000) (995,325) - (20,814,829) (222,761)

MGI Funds plc 280 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

MGI UK Cash Fund Class Class Class Class Class I-1 £ M-2 £ M-4 £ M-5 £ M-7 £ Shares in issue as at 30 June 2012 129,691 271,004 44,890 7,461 4,041 Shares issued during the period 3,919 8,472 3,622 1 39,391 Shares redeemed during the period (7,326) (279,234) (45,359) (7,462) (39,919) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 126,284 242 3,153 - 3,513 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 443,640 1,027,884 361,644 112 4,361,837 Payment for redeemable participating shares redeemed (829,185) (33,879,476) (4,525,547) (745,563) (4,421,427)

MGI UK Equity Fund Class Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ M-2 £ Shares in issue as at 30 June 2012 239,723 101,174 14,801 297,114 167,923 Shares issued during the period - - 2 36 1,895 Shares redeemed during the period (59,190) - (1,243) (3,295) (40,679) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 180,533 101,174 13,560 293,855 129,139 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - - 161 3,423 330,313 Payment for redeemable participating shares redeemed (4,234,598) - (90,985) (317,000) (6,243,634)

MGI UK Equity Fund Class Class (continued) M-7 £ Z-1 £ Shares in issue as at 30 June 2012 401,354 131,458 Shares issued during the period 87 2,158 Shares redeemed during the period (283,395) (1,952) –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 118,046 131,664 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 10,040 221,801 Payment for redeemable participating shares redeemed (33,220,152) (202,790)

MGI U.S. Equity Fund Class Class Class Class I-1 € M-1 € M-7 £ Z-1 £ Shares in issue as at 30 June 2012 496,192 35,550 79,131 16,125 Shares issued during the period 4,221 87 30 557 Shares redeemed during the period (124,747) (3,502) (79,161) (5,766) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 375,666 32,135 - 10,916 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 610,938 14,686 9,860 116,282 Payment for redeemable participating shares redeemed (17,160,133) (481,963) (18,711,382) (1,150,962)

MGI Funds plc 281 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

MGI UK Inflation Linked Bond Fund Class Class Class Class M-1 £ M-4 £ M-7 £ Z-1 £ Shares in issue as at 30 June 2012 2,028,110 262,138 414,093 61,162 Shares issued during the period 310,752 11,949 81,973 386 Shares redeemed during the period (221,826) (43,527) (52,480) (91) –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 2,117,036 230,560 443,586 61,457 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 40,771,076 1,528,898 10,940,885 51,580 Payment for redeemable participating shares redeemed (28,984,516) (5,596,758) (6,824,055) (12,091)

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 2012 396,245 63,007 8,868 - 175,110 Shares issued during the period 170,121 1,151 2,959 9,915 9,389 Shares redeemed during the period (8,190) (8,477) - - (20,110) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 558,176 55,681 11,827 9,915 164,389 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 23,981,647 158,141 312,144 990,076 1,315,586 Payment for redeemable participating shares redeemed (1,178,917) (1,170,920) - - (2,807,275)

MGI Emerging Markets Debt Fund Class Class Class Class Class M-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Shares in issue as at 30 June 2012 1,975,600 3,053,752 679,645 93,595 - Shares issued during the period 511,733 915,533 25,074 18,245 138,864 Shares redeemed during the period (59,135) (133,308) (85,559) (12,678) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 2,428,198 3,835,977 619,160 99,162 138,864 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 75,117,724 151,210,942 4,110,203 3,076,132 22,437,069 Payment for redeemable participating shares redeemed (8,646,356) (22,006,347) (14,105,219) (2,119,722) -

Mercer Global Small Cap Equity Fund Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € Shares in issue as at 30 June 2012 131,725 1,713,417 130,120 - Shares issued during the period 5,241 276,425 21,072 163,172 Shares redeemed during the period (550) (125,569) (8,703) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 136,416 1,864,273 142,489 163,172 –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 701,073 44,466,521 3,309,410 21,280,968 Payment for redeemable participating shares redeemed (70,913) (19,872,390) (1,336,277) -

MGI Funds plc 282 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

Mercer Low Volatility Equity Fund Class Class Class Class Class M-3 € M-3 £ M-5 £ Z-1 £ M-5 $ Shares in issue as at 30 June 2012 1,221,534 2,770,808 307,603 - - Shares issued during the period 480,472 670,515 41,322 391,222 137,808 Shares redeemed during the period (6,288) (470,362) (77,321) - - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 1,695,718 2,970,961 271,604 391,222 137,808 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 75,736,413 114,555,596 6,975,110 63,093,173 13,800,706 Payment for redeemable participating shares redeemed (977,070) (80,959,843) (13,237,506) - -

Mercer Diversified Growth Fund Class Class Class Class Class M-4 € M-6 € Z-1 € M-2 £ M-10 $ Hedged Shares in issue as at 30 June 2012 13,318 7,401 198,728 360,486 - Shares issued during the period 3,736 1,166 10,000 1,691,233 486,787 Shares redeemed during the period (147) (44) - (24,074) - –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 16,907 8,523 208,728 2,027,645 486,787 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 572,218 158,487 1,565,032 282,108,093 49,000,168 Payment for redeemable participating shares redeemed (21,803) (5,410) - (3,979,565) -

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Shares in issue as at 30 June 2012 1,790,389 87,496 Shares issued during the period 49,727 142,576 Shares redeemed during the period (83,653) (16,028) –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 1,756,463 214,044 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 5,675,596 24,996,624 Payment for redeemable participating shares redeemed (9,415,629) (2,820,876)

Mercer Global High Yield Bond Fund Class Class Class Class Class M-1 £ M-2 £ M-3 £ M-3 € M-4 £ Hedged Hedged Hedged Hedged Hedged Shares in issue as at 30 June 2012 215,509 213,748 454,767 - 66,723 Shares issued during the period 846,568 121,701 63,700 98,509 144,727 Shares redeemed during the period (205) (3,357) (1,137) (3,172) (127,249) –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 1,061,872 332,092 517,330 95,337 84,201 –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 142,102,004 21,016,247 11,021,796 12,745,013 23,203,930 Payment for redeemable participating shares redeemed (38,381) (576,943) (194,349) (413,088) (20,111,047)

MGI Funds plc 283 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Share movement (continued)

31 December 2012 (continued)

Mercer Global High Yield Bond Fund Class Class (continued) M-4 $ Z-1 € Hedged Hedged Shares in issue as at 30 June 2012 - - Shares issued during the period 172,638 139,160 Shares redeemed during the period - - –––––––––––– –––––––––––– Shares in issue as at 31 December 2012 172,638 139,160 –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 17,618,943 17,685,843 Payment for redeemable participating shares redeemed - -

Mercer Short Duration Global Bond Fund 1 Class M-1 NOK Hedged Shares in issue as at 30 June 2012 - Shares issued during the period 1,061,513 Shares redeemed during the period - –––––––––––– Shares in issue as at 31 December 2012 1,061,513 ––––––––––––

Proceeds from redeemable participating shares issued 184,093,171 Payment for redeemable participating shares redeemed -

Mercer Short Duration Global Bond Fund 2 Class M-1 NOK Hedged Shares in issue as at 30 June 2012 - Shares issued during the period 429,607 Shares redeemed during the period - –––––––––––– Shares in issue as at 31 December 2012 429,607 ––––––––––––

Proceeds from redeemable participating shares issued 75,348,771 Payment for redeemable participating shares redeemed -

*All monetary amounts are shown in the base currency of the fund.

MGI Funds plc 284 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Significant Shareholders

The following table details the number of shareholders with significant holdings of at least 20 per cent of the relevant Fund’s and the percentage of that holding as at 31 December 2013, as at 30 June 2013 and as at 31 December 2012.

Aggregate Shareholding Total as a % Holding of the Fund Number of as at as at Significant 31 December 31 December Fund Shareholders 2013 2013 MGI Euro Bond Fund 3 110,439 85.00% MGI Euro Cash Fund 1 900,284 47.73% MGI Global Bond Fund 3 31,866 89.67% MGI Japanese Equity Fund 1 89,398 65.58% MGI Pacific basin (Ex Japan) Equity Fund 1 46,757 74.66% MGI UK Bond Fund 2 322,548 42.01% MGI UK Cash Fund 2 85,129 83.71% MGI U.S. Equity Fund 1 294,571 75.08% MGI Emerging Markets Debt Fund 1 1,814,219 23.18% Mercer Diversified Growth Fund 1 2,522,267 50.67% MGI DAM Multi-Manager Global Equity Fund 1 1,698,408 86.62% Mercer Global High Yield Bond Fund 1 1,371,727 23.62% Mercer Short Duration Global Bond Fund 2 1 249,955 20.83% Mercer Global Buy And Maintain Credit Fund 3 3,099,661 80.63% Mercer Passive Global Equity Fund 1 1,481,568 100.00%

As detailed in Note 3, Mercer Diversified Growth Fund holds all of the issued shares in the Mercer Passive Global Equity Fund.

Aggregate Shareholding Total as a % Number of Holding of the Fund Significant as at 30 June as at 30 June Fund Shareholders 2013 2013 MGI Euro Bond Fund 2 70,793 78.00% MGI Euro Cash Fund 1 410,904 25.21% MGI Eurozone Equity Fund 1 304,134 24.52% MGI Global Bond Fund 2 37,456 100.00% MGI Japanese Equity Fund 2 112,293 84.02% MGI Pacific basin (Ex Japan) Equity Fund 1 47,565 88.09% MGI UK Bond Fund 1 164,301 20.73% MGI UK Cash Fund 2 86,849 90.26% MGI U.S. Equity Fund 1 294,796 73.97% MGI UK Inflation Linked Bond Fund 1 577,794 20.09% MGI UK Long Gilt Fund 1 302,830 35.59% MGI Emerging Markets Debt Fund 1 2,286,050 29.63% Mercer Diversified Growth Fund 1 2,108,042 56.98% MGI DAM Multi-Manager Global Equity Fund 1 1,932,727 99.71% Mercer Global High Yield Bond Fund 1 1,159,688 30.04% Mercer Short Duration Global Bond Fund 1 2 546,675 48.68% Mercer Short Duration Global Bond Fund 2 2 483,277 66.75% Mercer Global Buy And Maintain Credit Fund 2 2,239,376 91.95%

MGI Funds plc 285 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

7. Share capital (continued)

Significant Shareholders (continued)

Aggregate Shareholding Total as a % Holding of the Fund Number of as at as at Significant 31 December 31 December Fund Shareholders 2012 2012 MGI Euro Bond Fund 2 87,279 83.54% MGI Euro Cash Fund 1 306,330 24.42% MGI Global Bond Fund 3 36,679 89.90% MGI Japanese Equity Fund 2 115,296 82.94% MGI Pacific basin (Ex Japan) Equity Fund 1 54,584 89.56% MGI UK Cash Fund 3 123,529 92.75% MGI U.S. Equity Fund 1 308,488 73.67% MGI UK Inflation Linked Bond Fund 1 586,950 20.58% MGI UK Long Gilt Fund 1 259,780 32.47% MGI Emerging Markets Debt Fund 1 2,279,214 32.01% Mercer Diversified Growth Fund 1 1,629,825 59.30% MGI DAM Multi-Manager Global Equity Fund 1 1,756,463 89.14% Mercer Short Duration Global Bond Fund 1 3 761,561 71.74% Mercer Short Duration Global Bond Fund 2 1 249,772 58.14%

8. Directors’ fees

The Directors earned € 30,558 for the period ended 31 December 2013 (year ended 30 June 2013: € 61,458, period ended 31 December 2012: € 30,055), of which € 5,136 was payable at 31 December 2013 (year ended 30 June 2013: € 5,437, period ended 31 December 2012: € 5,087).

9. 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 (as amended) 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, swaptions, 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 exchange contracts. Financial derivative instruments were entered into during the period, 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 (as amended).

Certain Sub-Funds utilise Financial Derivative Instruments (“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 risks attaching to the use of FDIs are consistent with those described in the annual financial statements 30 June 2013.

MGI Funds plc 286 MGI Funds plc Notes to the Financial Statements for the period ended 31 December 2013 (continued)

10. Distributions

The following distributions were declared and paid during the period:

Sub Fund Total Distribution Distribution Ex Date Share Class per Share US$

Mercer Global High Yield Bond Fund 01-Oct-2013 Class M-2£ Distributing GB£ 1.2830 106,079 Mercer Global High Yield Bond Fund 01-Oct-2013 Class M-2£ Hedged Distributing GB£ 1.3125 208,095 –––––––––––– 314,174 ––––––––––––

There were no distributions paid during the year ended 30 June 2013 or during the period ended 31 December 2012.

11. Segregated liability of Sub-Funds

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

12. Events during the period

A new Sub-Fund, Mercer Passive Global Equity Fund launched on 8 October 2013. A supplemental prospectus was also issued in respect of this new Sub-Fund.

Tom Geraghty was appointed to the Board of Directors of the Manager on 24 October 2013.

There were no other significant events during the period.

13. Subsequent events

The following distributions were declared since the period end 31 December 2013:

Sub Fund Distribution Ex Date Share Class per Share Mercer Global High Yield Bond Fund 02-Jan-2014 Class M-2£ Distributing GB£ 0.8701 Mercer Global High Yield Bond Fund 02-Jan-2014 Class M-2£ Hedged Distributing GB£ 2.3959 MGI UK Inflation Linked Bond Fund 02-Jan-2014 Class M-1£ Distributing GB£ 0.1585

There were no other significant events affecting the Sub-Funds since the period end.

14. Comparative figures

The comparative figures are for the year ended 30 June 2013 and the period from 1 July 2012 to 31 December 2012.

15. Approval of financial statements

The financial statements were approved by the Board of Directors of MGI Funds plc on 19 February 2014.

MGI Funds plc 287 MGI Funds plc Supplemental Information

General

MGI Funds plc is an open-ended umbrella fund investment company with variable capital 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 (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

The investment objective of the Company is the collective investment of its Sub-Funds in financial assets with the aim of spreading investment risk and giving the members of the Company the benefit of the results of the management of its Sub- Funds.The Company’s objective to spread investment risk has been maintained during the period.

The Company comprises of thirty Sub-Funds, twenty-four of which are in operation at 31 December 2013.

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

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 288 MGI Funds plc Supplemental Information (continued)

Net Asset Value

The net asset value per share for the Sub-Funds at the 31 December 2012 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 period 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 31 December 2013 € 14,800,921 GB£ 3,430,179 € 40,655,195 € 37,971,146 € 5,336,779 30 June 2013 € 13,592,573 GB£ 3,194,311 € 39,582,373 € 41,377,792 € 4,971,463 31 December 2012 € 1,353,757 GB£ 3,432,522 € 40,031,384 € 47,483,800 € 16,378,037 Net asset value per share 31 December 2013 € 126.51 GB£ 192.87 € 124.73 € 112.21 € 121.07 30 June 2013 € 128.85 GB£ 202.34 € 127.17 € 114.45 € 123.62 31 December 2012 € 138.71 GB£ 206.12 € 137.01 € 123.38 € 133.39

MGI Emerging Markets Equity Fund Class Class Class Class Class (continued) M-7 € M-1 £ M-3 £ M-5 £ M-7 £ Total net asset value 31 December 2013 € 101,260,646 GB£ 199,315,142 GB£ 141,329,872 GB£ 46,072,292 GB£ 57,351,447 30 June 2013 € 85,456,989 GB£ 127,316,158 GB£ 127,037,972 GB£ 37,471,796 GB£ 59,549,387 31 December 2012 € 62,901,715 GB£ 108,921,881 GB£ 158,474,790 GB£ 39,612,922 GB£ 62,622,634 Net asset value per share 31 December 2013 € 113.08 GB£ 109.86 GB£ 91.67 GB£ 90.84 GB£ 102.18 30 June 2013 € 115.23 GB£ 115.39 GB£ 96.37 GB£ 95.59 GB£ 107.26 31 December 2012 € 124.09 GB£ 117.66 GB£ 98.37 GB£ 97.67 GB£ 109.31

MGI Emerging Markets Equity Fund Class Class Class (continued) M-5 $ Z-1 £ Z-1 € Total net asset value 31 December 2013 US$ 13,139,979 GB£ 69,187,429 € 8,077,798 30 June 2013 US$ 3,696,187 GB£ 71,260,751 € 5,843,020 31 December 2012 US$ 4,044,349 GB£ 62,918,991 - Net asset value per share 31 December 2013 US$ 100.85 GB£ 99.35 € 90.67 30 June 2013 US$ 97.18 GB£ 103.85 € 92.00 31 December 2012 US$ 106.41 GB£ 105.40 -

MGI Euro Bond Fund Class Class Class Class I-1 € M-1 € M-5 € M-7 € Total net asset value 31 December 2013 € 9,098,515 € 4,684,272 € 1,154,421 € 290,659 30 June 2013 € 3,782,436 € 4,997,441 € 1,153,096 € 273,525 31 December 2012 € 5,297,216 € 5,632,818 € 937,262 € 185,088 Net asset value per share 31 December 2013 € 118.25 € 116.54 € 111.91 € 117.45 30 June 2013 € 116.11 € 114.55 € 110.23 € 115.39 31 December 2012 € 116.50 € 115.05 € 110.92 € 115.83

MGI Funds plc 289 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

MGI Euro Cash Fund Class Class Class Class Class I-1 € M-1 € M-5 € M-7 € M-8 € Total net asset value 31 December 2013 € 121,571,536 € 13,235,001 € 2,355,011 € 38,257,320 € 23,142,512 30 June 2013 € 6,886,043 € 14,348,550 € 106,292,370 € 2,276,580 € 12,377,563 31 December 2012 € 45,271,317 € 11,630,708 € 5,308,739 € 61,649,748 € 10,735,806 Net asset value per share 31 December 2013 € 111.15 € 109.54 € 105.90 € 106.00 € 100.48 30 June 2013 € 112.59 € 100.54 € 106.16 € 106.33 € 109.76 31 December 2012 € 111.37 € 109.98 € 106.75 € 106.32 € 100.61

MGI Euro Cash Fund Class (continued) Z-1 € Total net asset value 31 December 2013 € 6,532,912 30 June 2013 € 33,477,698 31 December 2012 € 635,649 Net asset value per share 31 December 2013 € 112.59 30 June 2013 € 111.26 31 December 2012 € 112.59

MGI Eurozone Equity Fund Class Class Class Class I-1 € M-1 € M-2 € M-7 € Total net asset value 31 December 2013 € 57,795,799 € 44,761,298 € 25,667,776 € 25,593,141 30 June 2013 € 42,086,900 € 39,934,168 € 23,079,212 € 21,405,843 31 December 2012 € 41,580,128 € 83,184,427 € 35,857,705 € 20,729,215 Net asset value per share 31 December 2013 € 131.66 € 129.76 € 136.61 € 125.42 30 June 2013 € 109.16 € 107.69 € 113.44 € 104.04 31 December 2012 € 103.32 € 102.04 € 107.53 € 98.52

MGI Eurozone Equity Fund Class Class (continued) Z-1 € Z-1 £ Total net asset value 31 December 2013 € 7,585,621 GB£ 1,692,885 30 June 2013 € 6,718,826 GB£ 1,526,131 31 December 2012 € 11,637,604 GB£ 1,424,253 Net asset value per share 31 December 2013 € 129.65 GB£151.28 30 June 2013 € 107.22 GB£ 128.88 31 December 2012 € 101.23 GB£ 115.17

MGI Global Bond Fund Class Class Class Class I-1 € I-1 £ I-1 $ M-1 € Total net asset value 31 December 2013 € 399,981 GB£ 1,096,745 US$ 1,149,335 € 1,496,371 30 June 2013 € 460,282 GB£ 1,198,878 US$ 1,148,469 € 1,744,794 31 December 2012 € 500,091 GB£ 1,214,449 US$ 1,352,305 € 2,103,817 Net asset value per share 31 December 2013 € 109.01 GB£ 133.26 US$ 118.31 € 107.49 30 June 2013 € 114.85 GB£ 144.63 US$ 117.58 € 113.36 31 December 2012 € 121.34 GB£ 144.61 US$ 126.00 € 119.89

MGI Funds plc 290 MGI Funds plc Supplemental 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 31 December 2013 € 2,613,041 GB£ 9,955,624 € 59,285,543 € 19,600,226 € 2,740,293 30 June 2013 € 2,709,311 GB£ 12,547,297 € 57,477,229 € 141,049,156 € 2,469,344 31 December 2012 € 2,616,839 GB£ 9,905,854 € 148,225,889 € 178,926,892 € 5,087,073 Net asset value per share 31 December 2013 € 217.11 GB£ 145.85 € 142.61 € 143.60 € 136.14 30 June 2013 € 195.53 GB£ 135.33 € 128.51 € 123.74 € 122.70 31 December 2012 € 181.80 GB£ 119.08 € 119.55 € 113.54 € 114.16

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 31 December 2013 € 67,335,661 € 56,157,734 GB£ 89,624,850 GB£ 18,753,615 GB£ 219,342,433 30 June 2013 € 73,249,987 € 56,275,677 GB£ 73,446,435 GB£ 16,463,710 GB£ 248,035,815 31 December 2012 € 68,386,328 € 55,019,575 GB£ 62,285,742 GB£ 13,475,226 GB£ 232,107,763 Net asset value per share 31 December 2013 € 126.49 € 139.16 GB£ 181.48 GB£ 170.20 GB£140.07 30 June 2013 € 113.89 € 120.19 GB£ 168.46 GB£ 158.05 GB£ 120.81 31 December 2012 € 105.86 € 110.35 GB£ 148.30 GB£ 139.17 GB£ 110.40

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 31 December 2013 GB£ 115,984,607 GB£ 4,230,569 GB£ 33,258,565 GB£ 7,832,985 GB£ 55,245,908 30 June 2013 GB£ 147,195,532 GB£ 2,474,208 GB£ 39,754,236 GB£ 6,608,851 GB£ 49,247,062 31 December 2012 GB£ 146,093,418 GB£ 2,074,761 GB£ 44,551,274 GB£ 5,674,445 GB£ 42,767,140 Net asset value per share 31 December 2013 GB£ 139.63 GB£ 147.82 GB£ 134.91 GB£ 125.58 GB£ 169.77 30 June 2013 GB£ 120.47 GB£ 137.37 GB£ 116.68 GB£ 116.72 GB£ 157.47 31 December 2012 GB£ 110.12 GB£ 121.05 GB£ 106.89 GB£ 102.88 GB£ 138.52

MGI Global Equity Fund Class Class Class Class (continued) M-3 € M-9 £ Z-1 £ Z-1 € Hedged Total net asset value 31 December 2013 € 4,080,006 GB£ 3,342,447 GB£ 21,030,665 € 9,837,895 30 June 2013 € 3,525,384 GB£ 3,111,110 GB£ 19,106,546 € 8,462,472 31 December 2012 - GB£ 4,177,358 GB£ 17,332,808 € 63,963,187 Net asset value per share 31 December 2013 € 119.55 GB£ 126.29 GB£ 140.64 € 192.88 30 June 2013 € 103.32 GB£ 117.55 GB£ 130.04 € 173.14 31 December 2012 - GB£ 103.76 GB£ 114.06 € 160.36

MGI Japanese Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Total net asset value 31 December 2013 € 9,158,436 € 1,011,290 GB£ 699,844 30 June 2013 € 8,634,172 € 1,083,395 GB£ 700,987 31 December 2012 € 7,438,354 € 1,019,399 GB£ 605,962 Net asset value per share 31 December 2013 € 78.80 € 77.77 GB£ 98.64 30 June 2013 € 76.89 € 75.96 GB£ 98.89 31 December 2012 € 64.52 € 63.80 GB£ 78.34

MGI Funds plc 291 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class Class I-1 € M-7 £ Z-1 £ Total net asset value 31 December 2013 € 8,850,860 - GB£ 701,736 30 June 2013 € 8,829,488 GB£ 626,278 - 31 December 2012 € 10,427,899 GB£ 616,535 - Net asset value per share 31 December 2013 € 176.50 - GB£ 205.26 30 June 2013 € 173.22 GB£ 206.98 - 31 December 2012 € 180.06 GB£ 203.12 -

MGI UK Bond Fund Class Class Class Class Class I-1 £ M-1 £ M-2 £ M-4 £ M-7 £ Total net asset value 31 December 2013 GB£ 2,026,190 GB£ 8,529,039 GB£ 24,054,946 - GB£ 47,480,229 30 June 2013 GB£ 2,144,545 GB£ 12,445,333 GB£ 26,529,271 - GB£ 44,771,443 31 December 2012 GB£ 2,156,568 GB£ 11,833,326 GB£ 26,363,908 GB£ 11,861,818 GB£ 49,591,092 Net asset value per share 31 December 2013 GB£ 150.68 GB£ 141.74 GB£ 139.71 - GB£ 146.73 30 June 2013 GB£ 149.78 GB£ 141.04 GB£ 139.09 - GB£ 145.93 31 December 2012 GB£ 153.61 GB£ 144.79 GB£ 142.85 GB£ 126.33 GB£ 149.73

MGI UK Bond Fund Class (continued) Z-1 £ Total net asset value 31 December 2013 GB£ 31,107,506 30 June 2013 GB£ 29,919,388 31 December 2012 GB£ 29,693,654 Net asset value per share 31 December 2013 GB£ 156.75 30 June 2013 GB£ 155.54 31 December 2012 GB£ 159.24

MGI Funds plc 292 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

MGI UK Cash Fund Class Class Class Class I-1 £ M-2 £ M-4 £ M-7 £ Total net asset value 31 December 2013 GB£ 9,995,586 GB£ 1,233,118 - GB£ 379,400 30 June 2013 GB£ 10,157,185 - GB£ 303,405 GB£ 390,669 31 December 2012 GB£ 14,300,063 GB£ 29,394 GB£ 314,438 GB£ 389,262 Net asset value per share 31 December 2013 GB£ 113.45 GB£ 121.23 - GB£ 110.92 30 June 2013 GB£ 113.34 - GB£ 99.58 GB£ 110.87 31 December 2012 GB£ 113.24 GB£ 121.32 GB£ 99.74 GB£ 110.81

MGI UK Equity Fund Class Class Class Class I-1 € I-1 £ M-1 € M-1 £ Total net asset value 31 December 2013 € 17,567,350 GB£ 9,523,136 € 1,303,090 GB£ 31,634,424 30 June 2013 € 16,023,605 GB£ 11,461,448 € 1,202,909 GB£ 29,845,931 31 December 2012 € 16,852,070 GB£ 10,427,073 € 1,249,345 GB£ 28,357,426 Net asset value per share 31 December 2013 € 113.67 GB£ 128.74 € 111.97 GB£ 120.31 30 June 2013 € 97.94 GB£ 114.26 € 96.57 GB£ 106.88 31 December 2012 € 93.35 GB£ 103.06 € 92.13 GB£ 96.50

MGI UK Equity Fund Class Class Class (continued) M-2 £ M-7 £ Z-1 £ Total net asset value 31 December 2013 GB£ 28,857,472 GB£ 6,088,450 GB£ 17,467,443 30 June 2013 GB£ 19,787,794 GB£ 15,360,703 GB£ 15,264,644 31 December 2012 GB£ 20,318,673 GB£ 14,001,356 GB£ 14,077,733 Net asset value per share 31 December 2013 GB£ 195.96 GB£ 148.02 GB£ 134.23 30 June 2013 GB£ 174.18 GB£ 131.43 GB£ 118.83 31 December 2012 GB£ 157.34 GB£ 118.61 GB£ 106.92

MGI U.S. Equity Fund Class Class Class I-1 € M-1 € Z-1 £ Total net asset value 31 December 2013 € 48,257,730 € 3,651,617 GB£ 1,702,159 30 June 2013 € 44,145,725 € 3,581,005 GB£ 1,566,983 31 December 2012 € 40,566,884 € 3,426,001 GB£ 1,377,555 Net asset value per share 31 December 2013 € 136.05 € 134.05 GB£ 163.91 30 June 2013 € 123.06 € 121.38 GB£ 152.34 31 December 2012 € 107.99 € 106.61 GB£ 126.2

MGI Funds plc 293 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

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 31 December 2013 GB£ 334,144,377 GB£ 19,991,466 GB£ 43,622,970 GB£ 9,150,463 GB£ 91,109,322 30 June 2013 GB£ 240,923,796 - GB£ 36,967,503 GB£ 4,334,124 GB£ 93,007,525 31 December 2012 GB£ 280,513,633 - GB£ 30,211,609 - GB£ 59,868,310 Net asset value per share 31 December 2013 GB£ 132.76 GB£ 98.29 GB£ 130.89 GB£ 95.20 GB£ 135.09 30 June 2013 GB£ 133.55 - GB£ 131.88 GB£ 96.16 GB£ 135.97 31 December 2012 GB£ 132.50 - GB£ 131.01 - GB£ 134.96

MGI UK Inflation Linked Bond Fund Class Z-1 £ Total net asset value 31 December 2013 GB£ 9,094,198 30 June 2013 GB£ 8,748,487 31 December 2012 GB£ 8,423,288 Net asset value per share 31 December 2013 GB£ 137.80 30 June 2013 GB£ 138.38 31 December 2012 GB£ 137.06

MGI UK Long Gilt Fund Class Class Class Class Class I-1 £ M-2 £ M-3 £ M-6 £ M-7 £ Total net asset value 31 December 2013 GB£ 17,507,637 GB£ 4,239,295 GB£ 5,524,539 GB£ 4,421,889 GB£ 20,504,442 30 June 2013 GB£ 80,229,204 GB£ 6,999,155 GB£ 1,226,223 GB£ 4,409,406 GB£ 17,879,145 31 December 2012 GB£ 78,770,278 GB£ 7,741,634 GB£ 1,266,170 GB£ 964,915 GB£ 23,082,005 Net asset value per share 31 December 2013 GB£ 132.28 GB£ 129.94 GB£ 99.95 GB£ 90.32 GB£ 131.49 30 June 2013 GB£ 133.22 GB£ 131.05 GB£ 100.86 GB£ 91.42 GB£ 132.48 31 December 2012 GB£ 141.12 GB£ 138.94 GB£ 107.06 GB£ 97.32 GB£ 140.41

MGI Emerging Markets Debt Fund Class Class Class Class Class M-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Total net asset value 31 December 2013 € 249,486,128 GB£ 401,005,961 GB£ 59,660,613 GB£ 15,651,699 GB£ 15,440,228 30 June 2013 € 312,305,251 GB£ 410,232,322 GB£ 65,242,901 GB£ 11,757,899 GB£ 15,676,351 31 December 2012 € 281,978,526 GB£ 405,794,707 GB£ 65,299,158 GB£ 10,654,179 GB£ 1,4314,692 Net asset value per share 31 December 2013 € 99.61 GB£ 93.22 GB£ 92.80 GB£ 94.39 GB£ 91.70 30 June 2013 € 108.89 GB£ 104.89 GB£ 104.50 GB£ 106.38 GB£ 102.69 31 December 2012 € 116.13 GB£ 105.79 GB£ 105.46 GB£ 107.44 GB£ 103.08

MGI Emerging Markets Debt Fund Class (continued) Z-1 € Total net asset value 31 December 2013 € 2,651,052 30 June 2013 € 2,881,650 31 December 2012 - Net asset value per share 31 December 2013 € 86.60 30 June 2013 € 94.13 31 December 2012 -

MGI Funds plc 294 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

Mercer Global Small Cap Equity Fund Class Class Class Class M-4 € M-3 £ M-5 £ Z-1 € Total net asset value 31 December 2013 € 102,811,531 GB£ 364,123,863 GB£ 34,010,315 € 49,083,085 30 June 2013 € 74,671,140 GB£ 234,128,155 GB£ 18,285,307 € 40,059,662 31 December 2012 € 14,795,638 GB£ 191,317,892 GB£ 14,573,336 € 16,503,043 Net asset value per share 31 December 2013 € 141.37 GB£ 137.35 GB£ 136.61 € 133.42 30 June 2013 € 124.49 GB£ 124.54 GB£ 123.99 € 116.78 31 December 2012 € 108.46 GB£ 102.62 GB£ 102.28 € 101.14

Mercer Low Volatility Equity Fund Class Class Class Class Class M-3 € M-3 £ M-3 £ M-5 £ M-5 £ Hedged Hedged Total net asset value 31 December 2013 € 295,233,170 GB£ 113,766,406 GB£ 211,203,124 US$ 11,235,567 GB£ 10,187,233 30 June 2013 € 272,359,919 GB£ 356,373,571 GB£ 30,233,164 US$ 14,764,874 - 31 December 2012 € 209,075,462 GB£ 315,843,744 GB£ 28,782,266 US$ 13,805,247 - Net asset value per share 31 December 2013 € 140.41 GB£ 109.17 GB£ 124.17 US$ 123.52 GB£ 109.05 30 June 2013 € 133.80 GB£ 121.90 GB£ 121.39 US$ 107.08 - 31 December 2012 € 123.30 GB£ 106.31 GB£ 105.97 US$ 100.18 -

Mercer Low Volatility Equity Fund Class Class Class (continued) M-5 $ Z-1 € Z-1 £ Total net asset value 31 December 2013 US$ 16,419,050 € 15,387,762 GB£ 29,019,765 30 June 2013 - € 15,170,046 GB£ 29,421,913 31 December 2012 - € 39,087,700 GB£ 805,247 Net asset value per share 31 December 2013 US$ 119.00 € 110.40 GB£ 117.86 30 June 2013 - € 104.67 GB£ 115.12 31 December 2012 - € 99.91 GB£ 100.18

Mercer Diversified Growth Fund Class Class Class Class Class M-4 € M-6 € Z-1 € M-2 £ M - 10$ Hedged Total net asset value 31 December 2013 € 67,884,643 € 1,161,777 € 27,133,761 GB£ 391,349,109 US$ 53,378,069 30 June 2013 € 16,625,674 € 975,642 € 26,140,820 GB£ 297,084,843 US$ 48,700,312 31 December 2012 € 1,986,166 € 911,065 € 24,703,920 GB£ 213,081,500 US$ 49,727,871 Net asset value per share 31 December 2013 € 121.20 € 115.13 € 122.47 GB£ 111.29 US$ 109.60 30 June 2013 € 116.94 € 107.17 € 117.99 GB£ 110.58 US$ 100.02 31 December 2012 € 117.48 € 106.89 € 118.35 GB£ 105.09 US$ 102.16

Mercer Diversified Growth Fund Class (continued) M-12 £ Total net asset value 31 December 2013 GB£ 14,734,741 30 June 2013 GB£ 14,477,139 31 December 2012 - Net asset value per share 31 December 2013 GB£ 97.24 30 June 2013 GB£ 97.05 31 December 2012 -

MGI Funds plc 295 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

MGI DAM Multi-Manager Global Equity Fund Class Class M-5 $ M-2 NOK Total net asset value 31 December 2013 US$ 251,950,963 NOK 356,492,527 30 June 2013 US$ 219,148,671 NOK 233,100,742 31 December 2012 US$ 207,195,378 NOK 214,723,932 Net asset value per share 31 December 2013 US$ 148.35 NOK 1,359.02 30 June 2013 US$ 126.02 NOK 1,168.92 31 December 2012 US$ 117.96 NOK 1,003.18

Mercer Global High Yield Bond Fund Class Class Class Class Class M-1 £ M-1 £ M-2 £ M-2 £ M-2 £ Hedged Distributing Hedged Total net asset value 31 December 2013 GB£ 5,924,956 GB£ 160,416,880 GB£ 24,719,565 € 9,480,906 GB£ 8,908,669 30 June 2013 GB£ 168,787,064 GB£ 28,993,296 GB£ 41,953,963 € 30,176,095 GB£ 6,930,979 31 December 2012 GB£ 116,612,294 GB£ 36,460,400 GB£ 56,748,769 € 9,822,958 GB£ 9,225,106 Net asset value per share 31 December 2013 GB£ 98.30 GB£ 118.84 GB£ 98.24 € 95.58 GB£ 118.83 30 June 2013 GB£ 111.76 GB£ 111.73 GB£ 111.57 € 104.43 GB£ 111.30 31 December 2012 GB£ 109.82 GB£ 109.79 GB£ 109.70 € 103.03 GB£ 109.56

Mercer Global High Yield Bond Fund Class Class Class Class Class (continued) M-2 £ M-3 £ M-3 £ M-3 € M-4 $ Hedged Distributing Hedged Hedged Total net asset value 31 December 2013 GB£ 5,554,713 GB£ 29,464,336 GB£ 11,329,217 € 43,403,193 US$ 53,582,421 30 June 2013 ----US$ 18,056,288 31 December 2012 ----US$ 17,871,707 Net asset value per share 31 December 2013 GB£ 103.64 GB£ 98.17 GB£ 118.56 € 110.67 US$ 112.26 30 June 2013 ----US$ 104.54 31 December 2012 ----US$ 103.52

Mercer Global High Yield Bond Fund Class Class Class Class (continued) M-4 £ M-4 £ Z-1 AUD Z-1 € Hedged Hedged Hedged Total net asset value 31 December 2013 GB£ 7,060,810 GB£ 3,180,339 AUD$ 137,996,039 € 131,634,795 30 June 2013 - - - € 123,599,73 31 December 2012 - - - € 14,277,243 Net asset value per share 31 December 2013 GB£ 98.07 GB£ 118.17 AUD$ 100.60 € 111.25 30 June 2013 - - - € 104.46 31 December 2012 - - - € 102.60

MGI Funds plc 296 MGI Funds plc Supplemental Information (continued)

Net Asset Value (continued)

Mercer Short Duration Global Bond Fund 1 Class Class M-1 NOK M-2 € Hedged Hedged Total net asset value 31 December 2013 NOK 1,564,111,009 € 8,008,392 30 June 2013 NOK 1,062,353,278 € 6,100,608 31 December 2012 NOK 1,062,151,061 - Net asset value per share 31 December 2013 NOK 1,021.87 € 101.61 30 June 2013 NOK 1,000.28 € 100.24 31 December 2012 NOK 1,000.60 -

Mercer Short Duration Global Bond Fund 2 Class Class Class M - 1 NOK M - 1 € M-2 € Hedged Hedged Hedged Total net asset value 31 December 2013 NOK 1,033,514,997 € 6,284,562 € 12,395,620 30 June 2013 NOK 669,384,922 - € 6,087,211 31 December 2012 NOK 432,266,954 - - Net asset value per share 31 December 2013 NOK 1,019.46 € 100.22 € 100.33 30 June 2013 NOK 1,009.36 - € 100.12 31 December 2012 NOK 1,006.19 - -

Mercer Global Buy & Maintain Credit Fund Class Class Class M-1 £ M-1 € Z-1 € Hedged Hedged Hedged Total net asset value 31 December 2013 GB£ 272,812,753 € 19,671,678 € 93,380,779 30 June 2013 GB£ 137,000,422 € 12,554,350 € 90,958,802 Net asset value per share 31 December 2013 GB£ 100.54 € 99.50 € 100.09 30 June 2013 GB£ 98.93 € 98.11 € 98.55

Mercer Passive Global Equity Fund Class Z-1 $

Total net asset value 31 December 2013 $ 156,936,288 Net asset value per share 31 December 2013 $ 105.93

MGI Funds plc 297 MGI Funds plc Supplemental Information (continued)

Soft commissions arrangements

There were no soft commission arrangements in place during the period (year ended 30 June 2013: Nil, period ended 31 December 2012: Nil).

Exchange rates

The applicable period/year end exchange rates were as follows:

As at As at As at 31 December 2013 30 June 2013 31 December 2012 Exchange Rate Exchange Rate Exchange Rate to € to € to €

Australian Dollar 1.5402 1.4201 1.2699 Argentinian Peso 8.9815 6.9981 6.4813 Brazilian Real 3.2509 2.8714 2.6994 British Pound 0.8320 0.8570 0.8111 Canadian Dollar 1.4641 1.3713 1.3127 Chilean Peso 724.0436 657.6522 631.2500 Chinese Yuan Renimbi 8.3420 7.9780 8.2140 Danish Krone 7.4604 7.4587 7.4610 Hong Kong Dollar 10.6843 10.0821 10.2187 Hungarian Forint 297.0750 294.5348 291.2152 Indian Rupee 85.2331 77.2435 72.2351 Israeli Shekel - 4.7319 - Japanese Yen 144.8294 129.1205 113.9955 Korean Won 1,454.2190 1,484.4928 1,411.4464 Malaysian Ringitt 4.5135 4.1069 4.0317 Mexican Peso 18.0472 16.9316 17.1207 New Zealand Dollar 1.6742 1.6831 1.5981 Norwegian Krone 8.3598 7.9369 7.3372 Philippines Peso 61.1568 56.1535 54.1368 Polish Zloty 4.1579 4.3303 4.0803 Russian Ruble 45.2794 42.6715 40.2745 Singapore Dollar 1.7398 1.6486 1.6104 South African Rand 14.4323 12.9039 11.1858 Swedish Krone 8.8500 8.7733 8.5768 Swiss Franc 1.2255 1.2299 1.2068 Taiwan Dollar 41.0677 38.9578 38.2850 Turkish Lira 2.9605 2.5080 2.3529 US Dollar 1.3779 1.2998 1.3184

The applicable average exchange rates were as follows:

Period ended Year ended Period ended 31 December 2013 30 June 2013 31 December 2012

British Pound 0.8456 0.8271 0.7995 Japanese Yen 135.0645 114.4527 104.0140 US Dollar 1.3498 1.2964 1.2731

MGI Funds plc 298 - ) n d o i e MGI GB£ t u rices on alue per a Linked n i m t ribed above r n o Bond Fund o 507,112,797 507,112,797 f UK Inflation –––––––––––– –––––––––––– –––––––––––– c n ( I l a t n MGI US$ e Fund 17,050 m e l 74,347,655 74,330,605 p U.S. Equity –––––––––––– –––––––––––– –––––––––––– p u S MGI GB£ Fund 101,244 UK Equity 109,270,559 109,169,315 –––––––––––– –––––––––––– –––––––––––– - MGI GB£ Fund UK Cash 11,608,104 11,608,104 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 253,526 UK Bond 113,197,910 112,944,384 –––––––––––– –––––––––––– –––––––––––– MGI US$ Basin 11,930 Pacific (Ex Japan) 13,358,287 13,346,357 Equity Fund –––––––––––– –––––––––––– –––––––––––– ´ MGI 2,689,000 Japanese Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,592,014,903 1,594,703,903 MGI US$ Global 938,166 Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,262,794,237 1,263,732,403 markets or by market makers are stated at the last traded price on valuation day for purpose of determiningmarkets or by market makers are Net Asset V rpose of compliance with Irish GAAP and for reporting purposes, the Company values its investments at the relevant bid market p rpose of compliance with Irish GAAP and for reporting purposes, the Company values its investments at relevant nts and valuation methodology indicated in the Prospectus, results in changes in the value of investments. The differences desc in changes the value of investments. The differences results nts and valuation methodology indicated in the Prospectus, MGI US$ 1,705 Global 5,577,190 5,578,895 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI 124,031 Eurozone 163,438,426 163,314,395 Equity Fund –––––––––––– –––––––––––– –––––––––––– - € MGI Fund Euro Cash 205,094,291 205,094,291 –––––––––––– –––––––––––– –––––––––––– € MGI Fund 13,562 15,227,867 15,214,305 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 3,050,775 Emerging Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,152,605,115 1,155,655,890 MGI Funds plc the Balance Sheet date. As at 30 June 2013, the difference between the valuation of investments stated in financial stateme the Balance Sheet date. As at 30 June 2013, difference bid market prices to last traded prices” on the tables below. shown as “Adjustment from are 31 December 2013 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices) Share for subscriptions and redemptions and for various fee calculations. However as stated in the accounting policy pu for subscriptions and redemptions Share Adjustment from bid market prices to last traded listed investments and with prices quoted by over the counter of the Prospectus, with the provisions In accordance

MGI Funds plc 299 ) € n d o i MGI e t u a n i m t r Funds plc n 10,144,069 o o f –––––––––––– –––––––––––– –––––––––––– c n 7,659,332,129 7,669,476,198 ( I l a t n US$ e 68,624 Global Mercer m Passive e l p 156,936,288 156,867,664 Equity Fund –––––––––––– –––––––––––– –––––––––––– p u S US$ Buy & Global Mercer Maintain 1,322,543 606,303,847 607,626,390 Credit Fund –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 2 208,225 Duration 195,886,589 196,094,814 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 1 493,628 Duration 268,846,740 268,353,112 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Global *Mercer 3,362,404 High Yield Bond Fund 855,500,724 858,863,128 –––––––––––– –––––––––––– –––––––––––– US$ *MGI Global 193,224 Manager DAM Multi- 310,711,693 310,518,469 Equity Fund –––––––––––– –––––––––––– –––––––––––– - US$ Fund Mercer Growth Diversified 858,485,413 858,485,413 –––––––––––– –––––––––––– –––––––––––– US$ Low Mercer 611,855 Volatility Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,065,603,007 1,066,214,862 US$ Global Mercer 798,084 Small Cap 868,712,389 867,914,305 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 2,097,034 Emerging Debt Fund –––––––––––– –––––––––––– –––––––––––– 1,159,809,722 1,161,906,756 - MGI GB£ UK Long Gilt Fund 52,197,800 52,197,800 –––––––––––– –––––––––––– –––––––––––– MGI Funds plc

Adjustment from bid market prices to last traded (continued) 31 December 2013 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices)

MGI Funds plc 300 ) n d o i e t MGI US$ u a Fund n 37,226 i m t r n o o f 64,379,182 64,416,408 c U.S. Equity n ( I –––––––––––– –––––––––––– –––––––––––– l a t n e MGI GB£ Fund m 52,849 e l p p UK Equity u 106,484,986 106,432,137 –––––––––––– –––––––––––– –––––––––––– S - MGI GB£ Fund UK Cash 10,851,621 10,851,621 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 268,531 UK Bond 115,808,601 115,540,070 –––––––––––– –––––––––––– –––––––––––– MGI US$ Basin 14,723 Pacific (Ex Japan) 12,412,305 12,427,028 Equity Fund –––––––––––– –––––––––––– –––––––––––– ´ MGI 2,522,000 Japanese Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,357,807,043 1,360,329,043 MGI US$ 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 markets or by market makers are Global m bid market prices to last traded prices” on the tables below. between the valuation of investments stated in financial statements and methodology indicated 1,035,758 Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,384,998,544 1,386,034,302 MGI US$ 1,367 Global 5,833,050 5,831,683 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI 94,375 Eurozone 135,008,720 134,914,345 Equity Fund –––––––––––– –––––––––––– –––––––––––– - € MGI Fund Euro Cash 175,660,551 175,660,551 –––––––––––– –––––––––––– –––––––––––– € MGI Fund 7,673 10,206,695 10,199,022 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 2,757,331 Emerging 894,828,027 897,585,358 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI Funds plc determining Net Asset Value per Share for subscriptions and redemptions and for various fee calculations. However as stated in for subscriptions and redemptions per Share determining Net Asset Value bid market prices on the Balance Sheet date. As at 30 June 2013, difference Company values its investments at the relevant shown as “Adjustment fro described above are in changes the value of investments. The differences results in the Prospectus, 30 June 2013 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices) Adjustment from bid market prices to last traded listed investments and with prices quoted by over the counter of the Prospectus, with the provisions In accordance

MGI Funds plc 301 ) n € d o i e t MGI u a n i m t r n 8,857,469 o o Funds plc f c n ( I –––––––––––– –––––––––––– –––––––––––– 6,680,050,372 6,688,907,880 l a t n e US$ m Buy & e Global Mercer l 802,207 p Maintain p u 342,342,739 341,540,532 Credit Fund –––––––––––– –––––––––––– –––––––––––– S US$ Short 93,071 Mercer Fund 2 Duration 117,539,105 117,446,034 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Short Mercer Fund 1 319,778 Duration 181,914,003 181,594,225 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Global *Mercer 2,565,110 High Yield Bond Fund 589,506,898 592,072,008 –––––––––––– –––––––––––– –––––––––––– US$ *MGI Global 297,214 Manager DAM Multi- 257,321,029 257,023,815 Equity Fund –––––––––––– –––––––––––– –––––––––––– - US$ Fund Mercer Growth Diversified 578,096,670 578,096,670 –––––––––––– –––––––––––– –––––––––––– US$ Low Mercer 837,328 Volatility Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,018,663,613 1,019,500,941 US$ Global Mercer 796,098 Small Cap 531,959,200 531,163,102 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 1,310,265 Emerging Debt Fund –––––––––––– –––––––––––– –––––––––––– 1,171,168,264 1,172,478,529 - MGI GB£ UK Long Gilt Fund 110,740,664 110,740,664 –––––––––––– –––––––––––– –––––––––––– - MGI GB£ Linked Bond Fund 383,986,336 383,986,336 UK Inflation –––––––––––– –––––––––––– –––––––––––– MGI Funds plc

Adjustment from bid market prices to last traded (continued) 30 June 2013 Net assets attributable to holders of redeemable participating shares per financial statements (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices)

MGI Funds plc 302 ) n d o i e MGI t US$ u Fund a (3,006) n i m t r n o o f 60,242,454 60,239,448 U.S. Equity c n ( I –––––––––––– –––––––––––– –––––––––––– l a t n e MGI GB£ Fund m e l 122,388 p UK Equity p u 101,741,448 101,863,836 –––––––––––– –––––––––––– –––––––––––– S - MGI GB£ Fund UK Cash 15,033,163 15,033,163 –––––––––––– –––––––––––– –––––––––––– MGI GB£ Fund 346,816 UK Bond 131,153,549 131,500,365 –––––––––––– –––––––––––– –––––––––––– MGI US$ Basin 11,352 Pacific (Ex Japan) 14,738,970 14,750,322 Equity Fund –––––––––––– –––––––––––– –––––––––––– ´ MGI 1,421,250 Japanese Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,047,891,600 1,049,312,850 MGI US$ the accounting policy for purpose of compliance with Irish GAAP and reporting purposes, nce between the valuation of investments stated in financial statements and methodology Global markets or by market makers are stated at the last traded price on valuation day for purpose of markets or by market makers are 988,216 stment from bid market prices to last traded prices” on the tables below. stment from Equity Fund –––––––––––– –––––––––––– –––––––––––– 1,631,029,514 1,632,017,730 MGI US$ 1,382 Global 6,758,003 6,759,385 Bond Fund –––––––––––– –––––––––––– –––––––––––– € MGI 385,837 Eurozone 194,745,091 194,359,254 Equity Fund –––––––––––– –––––––––––– –––––––––––– - € MGI Fund Euro Cash 135,231,967 135,231,967 –––––––––––– –––––––––––– –––––––––––– € MGI Fund 9,593 12,052,385 12,042,792 Euro Bond –––––––––––– –––––––––––– –––––––––––– MGI US$ Markets 1,140,622 Emerging 933,282,951 934,423,573 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI Funds plc determining Net Asset Value per Share for subscriptions and redemptions and for various fee calculations. However as stated in for subscriptions and redemptions per Share determining Net Asset Value bid market prices on the Balance Sheet date. As at 31 December 2012, differe Company values its investments at the relevant shown as “Adju described above are in changes the value of investments. The differences results indicated in the Prospectus, 31 December 2012 liabilities (excluding net assets Total attributable to holders of redeemable participating shares) (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices) Adjustment from bid market prices to last traded listed investments and with prices quoted by over the counter of the Prospectus, with the provisions In accordance

MGI Funds plc 303 ) n € d o i e MGI t u a n i m t r n 5,500,339 o Funds plc o f c n ( I –––––––––––– –––––––––––– –––––––––––– 6,163,016,769 6,168,517,108 l a t n e US$ Short m e Fund 2 l 120,682 Duration p p 77,551,831 u Global Bond –––––––––––– –––––––––––– –––––––––––– S 77,672,513.00 US$ Short Fund 1 371,928 Duration 190,854,150 190,482,222 Global Bond –––––––––––– –––––––––––– –––––––––––– US$ Global *Mercer 1,680,859 High Yield Bond Fund 404,024,945 405,705,804 –––––––––––– –––––––––––– –––––––––––– MGI US$ Global 279,568 Manager DAM Multi- 245,778,358 245,498,790 Equity Fund –––––––––––– –––––––––––– –––––––––––– - US$ Fund Mercer Growth Diversified 432,481,397 432,481,397 –––––––––––– –––––––––––– –––––––––––– US$ Low Mercer 660,321 Volatility 913,177,354 912,517,033 Equity Fund –––––––––––– –––––––––––– –––––––––––– US$ Global Mercer 488,365 Small Cap 375,940,555 375,452,190 Equity Fund –––––––––––– –––––––––––– –––––––––––– MGI US$ 210,919 Markets Emerging Debt Fund –––––––––––– –––––––––––– –––––––––––– 1,177,900,045 1,178,110,964 - MGI GB£ UK Long Gilt Fund 111,825,002 111,825,002 –––––––––––– –––––––––––– –––––––––––– - MGI GB£ Linked Bond Fund 379,016,840 379,016,840 UK Inflation –––––––––––– –––––––––––– –––––––––––– MGI Funds plc

Adjustment from bid market prices to last traded (continued) 31 December 2012 liabilities (excluding net assets Total attributable to holders of redeemable participating shares) (at bid market prices) bid market prices Adjustments from to last traded market prices Net assets attributable to redeemable participating shareholders (at last traded market prices)

MGI Funds plc 304 MGI Funds plc Significant Portfolio Movements MGI Emerging Markets Equity Fund

Cost Proceeds Purchase US$’000 Sales US$’000

Unilever 7,686 Sands China 6,093 Samsung Electronics 7,219 Grupo Mexico 6,059 Taiwan Semiconductor Manufacturing - ADR 6,930 Tata Motors - ADR 3,628 Taiwan Mobile 5,172 Itausa - Investimentos Itau - Pref 2,935 Vale - ADR - non-voting 4,742 Kasikornbank - NVDR 2,850 China Construction Bank 4,522 Grupo Financiero Santander Mexico 2,729 Cathay Financial Holding - GDR 4,310 Turkiye Garanti Bankasi 2,549 AMMB Holdings 3,884 Compartamos 2,453 Genting 3,678 Fomento Economico Mexicano - ADR 2,436 CCR 3,544 ICICI Bank - ADR 2,220 OTP Bank 3,514 Samsung Electronics 1,961 Axis Bank 3,499 Credicorp 1,927 Gazprom - ADR - UK listing 3,319 Bank Rakyat Indonesia Persero 1,853 Malayan Banking 3,119 China Construction Bank 1,786 HDFC Bank 3,023 Hengan International Group 1,663 Hon Hai Precision Industry - GDR 2,975 Housing Development Finance 1,610 Sberbank of Russia - ADR 2,944 Cielo 1,584 China Mobile 2,916 Itau Unibanco Holding - ADR 1,576 Tupras Turkiye Petrol Rafinerileri 2,848 Larsen & Toubro - GDR 1,549 Fibra Uno Administracion REIT 2,733 Axis Bank - GDR 1,448 Advanced Info Service 1,388 Tencent Holdings 1,374 SK Innovation 1,252 China Resources Power Holdings 1,250 Bajaj Auto 1,217

MGI Funds plc 305 MGI Funds plc Significant Portfolio Movements MGI Euro Bond Fund (continued)

Cost Proceeds Purchase €’000 Sales* €’000

PIMCO Euro Credit Fund - Accumulation 900 Italy Buoni Poliennali Del Tesoro 4.250% due 01/08/2014 175 Italy Buoni Poliennali Del Tesoro 3.000% due 15/06/2015 154 Bundesrepublik Deutschland 4.250% due 04/07/2014 166 France (Government of) 2.250% due 25/02/2016 136 France (Government of) 4.000% due 25/10/2014 156 Bundesrepublik Deutschland 3.250% due 04/07/2042 134 Spain (Kingdom of) 3.300% due 31/10/2014 143 France (Government of) 5.500% due 25/04/2029 131 Italy Buoni Poliennali Del Tesoro 3.500% due 01/06/2014 133 Italy Buoni Poliennali Del Tesoro 4.500% due 01/08/2018 118 Italy Buoni Poliennali Del Tesoro 6.000% due 15/11/2014 94 Bundesrepublik Deutschland 3.250% due 04/07/2015 117 France (Government of) 3.000% due 12/07/2014 92 Bundesrepublik Deutschland 4.250% due 04/07/2018 117 Belgium (Government of) 4.250% due 28/09/2014 73 France (Government of) 4.250% due 25/10/2018 115 Austria (Government of) 4.300% due 15/07/2014 62 Bundesrepublik Deutschland 4.000% due 04/01/2018 114 Bundesrepublik Deutschland 3.750% due 04/01/2015 42 Italy Buoni Poliennali Del Tesoro 4.500% due 01/02/2018 106 Netherlands (Kingdom of) 3.750% due 15/07/2014 36 Italy Buoni Poliennali Del Tesoro 5.250% due 01/11/2029 106 Austria (Government of) 4.850% due 15/03/2026 25 Italy Buoni Poliennali Del Tesoro 4.000% due 01/02/2017 105 Bundesrepublik Deutschland 2.750% due 08/04/2016 21 France (Government of) 3.500% due 25/04/2015 105 Italy Buoni Poliennali Del Tesoro 5.000% due 01/08/2039 20 Bundesrepublik Deutschland 2.250% due 10/04/2015 103 France (Government of) 4.250% due 25/04/2019 11 France (Government of) 2.250% due 25/10/2022 100 Netherlands (Kingdom of) 4.000% due 15/07/2019 11 Bundesrepublik Deutschland 1.500% due 15/02/2023 98 Italy Buoni Poliennali Del Tesoro 6.000% due 15/11/2014 95 *The above represents all sales during the period. Italy Buoni Poliennali Del Tesoro 3.750% due 15/04/2016 94 Netherlands (Kingdom of) 4.000% due 15/07/2018 91 Spain (Kingdom of) 4.250% due 31/10/2016 85 Spain (Kingdom of) 4.000% due 30/07/2015 83 France (Government of) 1.750% due 25/02/2017 83 Belgium (Government of) 3.500% due 28/06/2017 77 France (Government of) 3.000% due 25/04/2022 75 Belgium (Government of) 5.000% due 28/03/2035 74 Spain (Kingdom of) 3.250% due 30/04/2016 72 Italy Buoni Poliennali Del Tesoro 5.000% due 01/08/2034 71 France (Government of) 4.500% due 25/04/2041 71 Bundesrepublik Deutschland 0.250% due 13/03/2015 70 Spain (Kingdom of) 4.300 % due 31/10/2019 63

MGI Funds plc 306 MGI Funds plc Significant Portfolio Movements MGI Euro Cash Fund (continued)

Cost Proceeds Purchase €’000 Sales €’000

Commonwealth Bank of Australia, 0.01% due 29/11/2013 168,002 Commonwealth Bank of Australia, 0.01% due 29/11/2013 167,001 DNB Bank, 0.02% due 13/09/2013 67,000 DNB Bank, 0.06% due 13/12/2013 64,000 Rabobank International, 0.02% due 19/11/2013 42,025 Bank of Nova Scotia, 0.00% due 25/11/2013 51,819 State Street Bank, 0.10% due 17/07/2013 39,000 Nordea Bank, 0.06% due 09/12/2013 44,804 Bank of Nova Scotia, 0.00% due 25/11/2013 38,800 Rabobank International, 0.02% due 19/11/2013 42,015 Nordea Bank, 0.08% due 19/08/2013 37,807 Svenska Handelsbanken, 0.01% due 21/10/2013 34,974 Australia & New Zealand Banking Group, 0.01% due 29/10/2013 37,259 HSBC Bank, 0.00% due 10/11/2013 33,804 Svenska Handelsbanken, 0.01% due 21/10/2013 30,979 State Street Bank, 0.10% due 17/07/2013 27,000 HSBC Bank, 0.03% due 13/01/2014 28,808 Australia & New Zealand Banking Group, 0.01% due 29/10/2013 25,252 Euro Time Deposit, 0.00% due 19/12/2013 24,000 State Street Bank, 0.01% due 19/06/2013 3,730 Toronto Domininon Bank,0.06% due 22/01/2014 11,000 Bank of Nova Scotia, 0.06% due 18/02/2014 10,000 State Street Bank, 0.01% due 19/06/2013 3,760

*The above represents all purchase and sale transactions during the period.

MGI Funds plc 307 MGI Funds plc Significant Portfolio Movements MGI Eurozone Equity Fund (continued)

Cost Proceeds Purchase €’000 Sales €’000

BNP Paribas 3,536 Roche Holding 4,778 Roche Holding 2,629 Total 4,525 Bayer 2,589 Allianz 3,018 Renault 2,312 Deutsche Telekom 2,935 SAP 2,164 Credit Suisse Group 2,646 Anheuser-Busch 2,128 Henkel 2,582 Duerr 2,055 KBC Groep 2,462 Total 1,954 BNP Paribas 2,405 BASF 1,916 Zodiac Aerospace 2,326 ING Groep 1,691 AXA 2,195 ASML Holding 1,668 Publicis Groupe 1,878 AXA 1,621 Infineon Technologies 1,877 Linde 1,593 Volvo 1,827 Ageas 1,585 Snam 1,741 Louis Vuitton Moet Hennessy 1,534 ProSiebenSat.1 Media 1,689 E.ON 1,495 Valeo 1,655 ASM International 1,470 Gemalto 1,622 KBC Groep 1,470 Distribuidora Internacional de Alimentacion 1,618 Adidas 1,469 Ageas 1,593 Muenchener Rueckversicherungs 1,400 Continental 1,552 Legrand 1,397 Bayer 1,481 Deutsche Boerse 1,387 Societe Generale 1,481 Deutsche Telekom 1,361 Renault 1,407 Inditex 1,360 Volkswagen 1,371 UniCredit 1,354 Plastic Omnium 1,309 Bayerische Motoren Werke 1,351 Swiss Re 1,300 Amadeus IT Holding 1,344

MGI Funds plc 308 MGI Funds plc Significant Portfolio Movements MGI Global Bond Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

United States Treasury Note 1.88% due 30/09/2017 52 Japan Government Thirty Year Bond 2.40% due 20/03/2037 93 United States Treasury Note 1.25% due 30/09/2015 31 France (Government of) 4.00% due 25/10/2014 85 United States Treasury Bond 3.13% due 15/02/2042 26 PIMCO Global Investment Grade Credit Fund - Accumulation 80 United States Treasury Note 2.00% due 15/02/2022 19 Bundesrepublik Deutschland 4.25% due 04/01/2014 41

*The above represents all purchase and sale transactions during the period.

MGI Funds plc MGI Global Equity Fund

Cost Proceeds Purchase US$’000 Sales US$’000

Exxon Mobil 6,514 Apple 9,679 Discovery Communications 6,127 Vodafone Group 8,055 Yaskawa Electric 5,554 Exxon Mobil 7,385 Discover Financial Services 4,985 Philip Morris International 7,370 Cisco Systems 4,936 Novo Nordisk 6,779 Pfizer 4,782 Symrise 6,505 BG Group 4,777 Amazon.com 6,372 Rockwell Automation 4,415 Roche Holding 6,352 FMC Technologies 4,394 US Bancorp 6,287 Bank of America 4,346 WorleyParsons 5,793 Polaris Industries 4,185 SGS 5,708 Alkermes 3,981 Admiral Group 5,429 Verisk Analytics 3,900 Illinois Tool Works 5,208 Incyte 3,862 Microsoft 5,044 ICICI Bank 3,509 Omnicom Group 4,956 Koninklijke KPN 3,466 Deutsche Telekom 4,906 Google 3,414 Singapore Telecommunications 4,843 Unilever 3,358 AXA 4,683 Boeing 3,173 Walgreen 4,606 Hewlett-Packard 3,121 Freeport-McMoRan Copper & Gold 4,604

MGI Funds plc 309 MGI Funds plc Significant Portfolio Movements MGI Japanese Equity Fund (continued)

Cost Proceeds Purchase JP¥’000 Sales JP¥’000

Kawasaki Heavy Industries 22,026 Mitsubishi Heavy Industries 29,321 Sony 20,364 Astellas Pharma 18,021 SoftBank 15,973 Nippon Telegraph & Telephone 15,876 Keyence 12,390 Aisin Seiki 13,459 Mitsubishi UFJ Financial Group 11,699 KDDI 12,366 Kyowa Hakko Kirin 11,615 Canon 12,217 Yamaha Motor 10,784 Komatsu 10,821 Sawai Pharmaceutical 9,193 Toshiba 10,221 Honda Motor 9,184 Sumitomo Mitsui Trust Holdings 9,874 Taisho Pharmaceutical Holdings 7,972 Tokyo Tatemono 9,849 Nippon Steel 7,949 Mitsubishi Materials 8,596 Hisamitsu Pharmaceutical 7,175 Mitsui OSK Lines 7,448 Mazda Motor 7,142 Otsuka Holdings 6,794 Nomura Research Institute 7,114 Toyota Motor 6,250 Hirose Electric 7,049 Japan Airlines 6,195 Amada 6,958 Hisamitsu Pharmaceutical 5,736 Sekisui Chemical 6,464 Sumitomo Mitsui Financial Group 5,669 Nippon Yusen KK 6,441 Nippon Express 5,584 Toyota Motor 6,301 Nidec 5,444 Daikin Industries 6,115 Fujitsu 5,357 Sumitomo Mitsui Financial Group 5,865 Mitsubishi Electric 5,306 Daiwa House Industry 5,702 Sega Sammy Holdings 5,300 Sumitomo Electric Industries 5,515 Kajima 5,113 Yamato Holdings 5,504 Seiko Epson 4,697 Mitsubishi Estate 5,477 Nissan Motor 3,973 ANA Holdings 5,268 ORIX 3,950 Suzuken 5,233 Asahi Kasei 3,784 Nippon Telegraph & Telephone 5,176 Marubeni 3,772 Otsuka 5,086 Mitsubishi UFJ Financial Group 3,738 JX Holdings 5,020 Japan Tobacco 4,902 Kubota 4,860 Resona Holdings 4,837 JSR Corp 4,717 H2O Retailing 4,162 Fuji Media Holdings 4,150 East Japan Railway 4,124

MGI Funds plc 310 MGI Funds plc Significant Portfolio Movements MGI Pacific Basin (Ex Japan) Equity Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Commonwealth Bank of Australia 238 Sun Hung Kai Properties 258 Cheung Kong Holdings 223 Westpac Banking 235 Singapore Telecommunications 74 Genting Singapore 108 BHP Billiton 73 Coca Cola Amatil 68 Wesfarmers 70 BHP Billiton 66 United Overseas Bank 67 Westfield Group 56 Recall Holdings 63 Jardine Strategic Hldgs 54 AIA Group 58 Sembcorp Industries 49 Keppel 51 AIA Group 48 National Australia Bank 49 United Overseas Bank 47 Australia & New Zealand Banking Group 49 Brambles 47 Rio Tinto 42 Australia & New Zealand Banking Group 45 Twenty First Century Fox 40 National Australia Bank 43 Hutchison Whampoa 40 Hutchison Whampoa 42 CSL 37 Commonwealth Bank of Australia 41 Westpac Banking 37 CSL 39 Telstra 37 Woolworths 31 Brambles 36 Swire Pacific 30 ResMed 36 BOC Hong Kong Holdings 27 Incitec Pivot 36 Orica 27 Woolworths 36 Wing Hang Bank 27 AGL Energy 36 CapitaLand 26 Jardine Strategic Holdings 32 AGL Energy 25 Woodside Petroleum 30 Incitec Pivot 25 James Hardie Industries 25 James Hardie Industries 25 Swire Properties 24 Jardine Matheson Holdings 24 Suncorp Group 24 Wesfarmers 23 Computershare 24 Suncorp Group 23 Hongkong Land Holdings 23 Hang Lung Group 21 Swire Pacific 23 Television Broadcasts 20 HSBC Holdings 22 Kerry Logistics Network 20 Jardine Matheson Holdings 21 Newcrest Mining 19 Woodside Petroleum 19 Kerry Properties 18

MGI Funds plc 311 MGI Funds plc Significant Portfolio Movements MGI UK Bond Fund (continued)

Cost Proceeds Purchase GB£’000 Sales GB£’000

United Kingdom (Government of) 1.25% due 22/07/2018 8,265 United Kingdom (Government of) 5.00% due 07/09/2014 4,719 United Kingdom (Government of) 5.00% due 07/03/2025 4,048 United Kingdom (Government of) 4.00% due 07/09/2016 3,776 United Kingdom (Government of) 5.00% due 07/09/2014 3,951 United Kingdom (Government of) 4.75% due 07/09/2015 3,437 United Kingdom (Government of) 4.25% due 07/06/2032 3,577 United Kingdom (Government of) 1.25% due 22/07/2018 3,142 United Kingdom (Government of) 3.25% due 22/01/2044 3,510 United Kingdom (Government of) 5.00% due 07/03/2025 3,051 United Kingdom (Government of) 3.75% due 07/09/2020 3,309 United Kingdom (Government of) 2.75% due 22/01/2015 2,782 United Kingdom Gilt Inflation Linked, 1.25% due 22/11/2017 2,294 United Kingdom (Government of) 3.75% due 07/09/2020 2,566 United Kingdom (Government of) 3.50% due 22/07/2068 2,218 United Kingdom (Government of) 4.75% due 07/12/2038 2,428 United Kingdom (Government of) 3.75% due 07/09/2021 2,053 European Investment Bank 5.63% due 07/06/2032 2,411 United Kingdom (Government of) 4.25% due 07/12/2040 2,044 United Kingdom (Government of) 4.25% due 07/03/2036 2,199 United Kingdom (Government of) 4.75% due 07/03/2020 1,994 United Kingdom (Government of) 1.00% due 07/09/2017 2,191 United Kingdom (Government of) 4.75% due 07/09/2015 1,910 United Kingdom (Government of) 4.75% due 07/03/2020 2,095 United Kingdom (Government of) 2.25% due 07/09/2023 1,878 United Kingdom (Government of) 2.00% due 22/01/2016 2,036 Insight Global Funds II plc - Insight Emerging Markets Debt Fund 1,705 United Kingdom (Government of) 6.00% due 07/12/2028 2,026 Insight Global Funds II PLC - Short High Yield Bond Fund 1,705 United Kingdom (Government of) 4.25% due 07/09/2039 2,005 United Kingdom (Government of) 4.50% due 07/03/2019 1,544 United Kingdom (Government of) 4.25% due 07/12/2046 1,838 United States Treasury Inflation Indexed Bonds 0.13% United Kingdom Gilt Inflation Linked, 1.25% due 22/11/2017 1,634 due 15/01/2023 1,210 United Kingdom (Government of) 1.75% due 22/01/2017 1,626 European Investment Bank 5.63% due 07/06/2032 1,205 United Kingdom (Government of) 4.25% due 07/12/2055 1,599 United Kingdom (Government of) 4.25% due 07/09/2039 1,001 United Kingdom (Government of) 4.25% due 07/12/2049 1,472 United Kingdom (Government of) 4.00% due 07/09/2016 973 United Kingdom (Government of) 3.75% due 22/7/2052 1,461

MGI Funds plc MGI UK Cash Fund

Cost Proceeds Purchase GB£’000 Sales GB£’000

JP Morgan Liquidity Funds - Sterling Liquidity Fund 12,596 Fidelity Institutional Liquidity Fund - The Sterling Fund 12,480 Fidelity Institutional Liquidity Fund - The Sterling Fund 12,595 Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 12,480 Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 12,595 JP Morgan Liquidity Funds - Sterling Liquidity Fund 12,480 Insight Liquidity Funds plc - Sterling Liquidity Fund 12,595 Insight Liquidity Funds plc - Sterling Liquidity Fund 12,480 Institutional Cash Series - Institutional Sterling Liquidity Fund 12,595 Institutional Cash Series - Institutional Sterling Liquidity Fund 12,480

*The above represents all purchase and sale transactions during the period.

MGI Funds plc 312 MGI Funds plc Significant Portfolio Movements MGI UK Equity Fund (continued)

Cost Proceeds Purchase GB£’000 Sales GB£’000

Vodafone Group 782 Barclays 1,033 Lloyds Banking Group 642 Admiral Group 788 Shire 587 Diageo 787 Johnson Matthey 525 John Wood Group 756 BT Group 462 Rexam 736 BP 233 Standard Chartered 728 Unilever 219 Marston's 583 Shaftesbury 213 British American Tobacco 573 Wolseley 198 Schroders 534 Merlin Entertainments 194 GlaxoSmithKline 517 Anglo American 178 Royal Dutch Shell 507 Royal Dutch Shell 172 Hargreaves Lansdown 506 Rolls-Royce Holdings 170 BP 490 AstraZeneca 163 HSBC Holdings 482 Ashtead Group 156 AstraZeneca 478 Pearson 148 Next 367 HSBC Holdings 128 Greene King 343 3i Group 123 British Sky Broadcasting Group 341 GKN 117 London Stock Exchange Group 293 Thomas Cook Group 117 Wolseley 276 Travis Perkins 116 Antofagasta 268 Kingfisher 115 Unilever 232 Royal Mail 107 Tullow Oil 222 Fidessa Group 101 Rightmove 213 Marks & Spencer Group 88 Royal Dutch Shell 211 Paragon Group Companies 84 BG Group 208 Dixons Retail 74 Pearson 187 Berkeley Group Holdings 186 Royal Mail 176 Daily Mail & General Trust 172

MGI Funds plc 313 MGI Funds plc Significant Portfolio Movements MGI U.S. Equity Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Exxon Mobil 3,699 Wells Fargo & Co 2,809 Berkshire Hathaway 3,408 JPMorgan Chase 2,453 Wells Fargo & Co 3,194 Citigroup 2,278 JPMorgan Chase 2,870 Pfizer 2,220 Citigroup 2,812 Exxon Mobil 2,141 Pfizer 2,749 Berkshire Hathaway 1,999 Johnson & Johnson 2,278 Chevron 1,982 Occidental Petroleum 2,110 Occidental Petroleum 1,904 Cisco Systems 2,041 General Electric 1,841 McKesson 1,783 UnitedHealth Group 1,718 Bank of America 1,716 Microsoft 1,703 Comcast 1,656 Apple 1,632 Capital One Financial 1,638 Merck 1,568 Time Warner 1,638 Johnson & Johnson 1,483 Microsoft 1,604 Cisco Systems 1,435 UnitedHealth Group 1,600 Comcast 1,269 CVS Caremark 1,487 International Business Machines 1,229 Schlumberger 1,438 Sanofi - ADR 1,222 CIGNA 1,410 EOG Resources 1,200 Amgen 1,263 CVS Caremark 1,172

MGI Funds plc 314 MGI Funds plc Significant Portfolio Movements MGI UK Inflation Linked Bond Fund (continued)

Cost Proceeds Purchase GB£’000 Sales GB£’000

United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 26,223 United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 22,083 United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 16,703 United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 10,458 United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 16,576 United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 9,059 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 14,725 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 8,149 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 14,362 United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 7,699 United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 13,672 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 7,498 United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 13,529 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 6,851 United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 13,452 United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 6,749 United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 12,728 United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 6,638 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 12,724 United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 6,383 United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 12,000 United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 6,355 United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 11,852 United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 6,095 United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 11,752 United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 5,835 United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 11,235 United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 5,800 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 10,737 United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 5,654 United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 10,561 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 4,596 United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 10,269 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 4,535 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 8,450 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 3,246 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 8,278 United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 3,234 United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 7,432 United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 742 United Kingdom Gilt Inflation Linked 0.13% due 22/11/2019 6,099

MGI Funds plc MGI UK Long Gilt Fund

Cost Proceeds Purchase GB£’000 Sales GB£’000

United Kingdom (Government of) 4.25% due 07/06/2032 2,203 United Kingdom (Government of) 6.00% due 07/12/2028 7,996 United Kingdom (Government of) 4.50% due 07/09/2034 1,874 United Kingdom (Government of) 4.25% due 07/06/2032 7,912 United Kingdom (Government of) 4.25% due 07/03/2036 1,796 United Kingdom (Government of) 4.75% due 07/12/2030 6,738 United Kingdom (Government of) 4.75% due 07/12/2030 1,791 United Kingdom (Government of) 4.50% due 07/12/2042 5,996 United Kingdom (Government of) 3.25% due 22/01/2044 1,730 United Kingdom (Government of) 4.75% due 07/12/2038 5,977 United Kingdom (Government of) 4.50% due 07/12/2042 1,677 United Kingdom (Government of) 4.25% due 07/12/2040 5,512 United Kingdom (Government of) 4.25% due 07/12/2040 1,638 United Kingdom (Government of) 4.50% due 07/09/2034 5,413 United Kingdom (Government of) 4.75% due 07/12/2038 1,620 United Kingdom (Government of) 4.25% due 07/12/2055 5,280 United Kingdom (Government of) 4.25% due 07/12/2055 1,462 United Kingdom (Government of) 4.25% due 07/03/2036 5,160 United Kingdom (Government of) 4.25% due 07/12/2046 1,401 United Kingdom (Government of) 4.25% due 07/12/2046 4,811 United Kingdom (Government of) 4.00% due 22/01/2060 1,249 United Kingdom (Government of) 4.25% due 07/09/2039 4,251 United Kingdom (Government of) 4.25% due 07/12/2049 1,192 United Kingdom (Government of) 4.25% due 07/12/2049 4,234 United Kingdom (Government of) 4.25% due 07/09/2039 1,108 United Kingdom (Government of) 4.00% due 22/01/2060 4,166 United Kingdom (Government of) 3.75% due 22/07/2052 1,105 United Kingdom (Government of) 3.75% due 22/07/2052 4,092 United Kingdom (Government of) 6.00% due 07/12/2028 1,091 United Kingdom (Government of) 3.25% due 22/01/2044 2,543 United Kingdom (Government of) 3.50% due 22/07/2068 961 United Kingdom (Government of) 3.50% due 22/07/2068 1,063

*The above represents all purchase and sale transactions during the period.

MGI Funds plc 315 MGI Funds plc Significant Portfolio Movements MGI Emerging Markets Debt Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Mexico (Government of) 8.00% due 07/12/2023 21,642 Wellington Management Portfolios Dublin PLC - Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 20,240 Emerging Local Debt Portfolio 235,356 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 19,908 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 65,320 Russia (Government of) 8.15% due 03/02/2027 15,151 Poland (Government of) 4.00% due 25/10/2023 13,881 Poland (Government of) 5.75% due 23/09/2022 14,488 Hungary (Government of) 7.75% due 24/08/2015 10,934 Wellington Management Portfolios Dublin PLC - Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 9,677 Emerging Local Debt Portfolio 13,500 South Africa (Government of) 13.50% due 15/09/2015 9,015 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 13,307 Russia (Government of) 6.88% due 15/07/2015 7,719 Mexican (Government of) 9.50% due 18/12/2014 12,759 Mexican (Government of) 9.50% due 18/12/2014 7,186 South Africa (Government of) 10.50% due 21/12/2026 11,900 Malaysia (Government of) 3.17% due 15/07/2016 6,676 Thailand (Goverment of) 3.63% due 16/06/2023 9,257 Mexican (Government of) 8.50% due 18/11/2038 6,495 Poland (Government of) 5.75% due 25/10/2021 9,240 Thailand (Goverment of) 3.25% due 16/06/2017 6,474 Indonesia (Government of) 9.00% due 15/03/2029 8,946 Hungary (Government of) 6.75% due 24/11/2017 6,188 Mexican (Government of) 10.00% due 05/12/2024 8,124 Turkey (Government of) 7.50% due 24/09/2014 5,718 Mexican (Government of) 8.50% due 18/11/2038 7,913 South Africa (Government of) 8.00% due 21/12/2018 5,526 Mexican (Government of) 8.50% due 31/05/2029 7,587 Mexico (Government of) 7.75% due 13/11/2042 5,329 Hungary (Government of) 7.75% due 24/08/2015 7,492 Mexico (Government of) 2.00% due 09/06/2022 5,225 Brazil Letras do Tesouro Nacional 0.00% due 01/01/2017 7,307 Turkey (Government of) 9.00% due 05/03/2014 5,103 Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 7,234 South Africa (Government of) 6.75% due 31/03/2021 4,878 Hungary (Government of) 5.50% due 20/12/2018 7,103 Singapore (Government of) 3.00% due 01/09/2024 4,804 Indonesia (Government of) 5.63% due 15/05/2023 7,007 Malaysia (Government of) 3.48% due 15/03/2023 4,396 Mexico (Government of) 7.75% due 29/05/2031 6,951 Hungary (Government of) 6.75% due 24/11/2017 6,937

MGI Funds plc 316 MGI Funds plc Significant Portfolio Movements Mercer Global Small Cap Equity Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Ryder System 4,077 Sourcefire 5,125 Synovus Financial 3,869 Onyx Pharmaceuticals 4,527 Salix Pharmaceuticals 3,229 Berry Petroleum 3,547 Brown & Brown 3,166 ViroPharma 3,178 Cubist Pharmaceuticals 2,941 TreeHouse Foods 2,703 Kakaku.com 2,843 B/E Aerospace 2,670 KAR Auction Services 2,800 GNC Holdings 2,621 Boston Private Financial Holdings 2,713 Jones Lang LaSalle 2,588 E*TRADE Financial 2,619 World Fuel Services 2,544 Nuflare Technology 2,597 Oasis Petroleum 2,490 Macquarie Infrastructure 2,582 American Equity Investment Life Holding 2,423 Rite Aid 2,456 Santarus 2,356 Drax Group 2,443 First Solar 2,289 FirstMerit 2,422 Myriad Genetics 2,152 Schibsted 2,417 Tesla Motors 2,152 Web.com 2,372 Ryman Hospitality Properties 2,104 De La Rue 2,369 Apollo Education Group 2,076 Zeon 2,347 Tenet Healthcare 2,073 Fortune Brands Home & Security 2,331 Nationstar Mortgage Holdings 1,966 EchoStar 2,302 Banca Generali 1,915

MGI Funds plc 317 MGI Funds plc Significant Portfolio Movements Mercer Low Volatility Equity Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Oracle 11,599 Fresenius Medical Care 10,200 Google 7,499 Capita Group 9,640 eBay 7,349 Microsoft 8,953 DirecTV Group 7,189 VCA Antech 8,688 nofi 6,863 Citigroup 8,581 Target 6,849 Northern Trust 8,272 Microsoft 6,788 Google 8,012 US Bancorp 5,409 Statoil 7,519 Visa 5,022 Roche Holding 7,131 Nestle 4,962 Vodafone Group 6,461 Tesco 4,158 Lockheed Martin 6,458 Lowe's 4,107 GlaxoSmithKline 6,286 American Express 3,869 BP 5,740 Yum! Brands 3,739 CVS Caremark 5,635 Capita Group 3,538 Waters 4,974 Wells Fargo 3,411 Novartis 4,864 Cablevision Systems 3,369 American Express 4,737 Wal-Mart Stores 3,277 Weatherford International 4,496 Diageo 3,275 UnitedHealth Group 4,411 Philip Morris International 3,121 Li & Fung 4,208 Automatic Data Processing 3,095 Nestle 3,551 Lorillard 3,082 Shoppers Drug Mart 3,469 Medtronic 3,082 Coloplast 3,276 Bunge 3,066 Bank of New York Mellon 3,036 Cardinal Health 3,030 Northrop Grumman 3,025 Laboratory of America 2,980 Canadian Tire 2,976 ConocoPhillips 2,970 Liberty Interactive 2,960 Novartis 2,922 Danone 2,918 CIGNA 2,901 Statoil 2,893 EDP 2,890 DST Systems 2,882 ETFS Physical Gold 2,842 McKesson 2,828 Unilever -CVS- 2,826 Bank of Montreal 2,721 Owens & Minor 2,713 Hill-Rom Holdings 2,614

MGI Funds plc 318 MGI Funds plc Significant Portfolio Movements Mercer Diversified Growth Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Mercer Passive Global Equity Fund 148,500 BlackRock Developed World Index Sub-Fund 141,047 BlackRock Emerging Markets Index Sub-Fund 38,640 iShares FTSE EPRA/NAREIT UK Property Fund 28,861 BlackRock Developed World Index Sub-Fund 33,840 iShares FTSE EPRA/NAREIT US Property Yield Fund 11,448 iShares FTSE EPRA/NAREIT UK Property Fund 27,192 Irish Life Investment Managers - iShares JPMorgan $ Emerging Markets Bond Fund 25,049 Indexed Min Volatility Global Fund 11,402 iShares FTSE/EPRA European Property Index Fund 22,390 Russell Investment Company plc - ETFS Physical Gold 21,057 Acadian Global Managed Volatility Fund 11,300 iShares FTSE EPRA/NAREIT US Property Yield Fund 18,660 iShares FTSE/EPRA European Property Index Fund 10,658 iShares Dow Jones - UBS Commodity Swap (DE) 16,405 ETFS Physical Gold 5,335 BlackRock US Corporate Bond Index Fund 15,750 BlackRock UK Corp Bond Index Fund 2,103 Irish Life Investment Managers - BlackRock Emerging Markets Index Sub-Fund 1,500 Indexed Min Volatility Global Fund 15,444 BlackRock US Corporate Bond Index Fund 500 BlackRock Euro Corporate Bond Index Fund 13,233 BlackRock UK Corp Bond Index Fund 9,543 Irish Life Investment Managers - World Small Cap Index Equity Fund 9,180 Russell Investment Company plc - Acadian Global Managed Volatility Fund 6,761

*The above represents all purchase and sale transactions during the period.

MGI Funds plc MGI DAM Multi-Manager Global Equity Fund

Cost Proceeds Purchase GB£’000 Sales GB£’000

Apple 1,865 Apple 2,088 Ameriprise Financial 1,730 Deutsche Telekom 1,550 Bank of America 1,477 Itau Unibanco Holding 1,508 Teva Pharmaceutical Industries 1,453 Elekta 1,023 Citigroup 1,443 GlaxoSmithKline 997 Unilever 1,366 Deutsche Post 985 Facebook 1,319 Commerzbank 977 Nordea Bank 1,249 BNP Paribas 955 Royal Dutch Shell 1,239 Exxon Mobil 913 Google 1,174 UniCredit 898 Bezeq Israeli Telecommunication 1,131 3M 876 Oracle 1,113 Mosaic 855 Legg Mason 1,034 Facebook 849 Kinder Morgan 1,020 Hess 837 LinkedIn 976 Reckitt Benckiser Group 823 ICICI Bank 936 Costco Wholesale 800 Samsung Electronics 926 Bezeq Israeli Telecommunication 796 Exxon Mobil 919 Dow Chemical 794 Sumitomo Mitsui Financial Group 903 Bayer 778 FedEx 898 Assicurazioni Generali 775

MGI Funds plc 319 MGI Funds plc Significant Portfolio Movements Mercer Global High Yield Bond Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

Foresight Energy 7.875% due 15/08/2021 5957 Energy Future Intermediate Holding Co 12.250% due 01/03/2022 4583 RCN Telecom Services 8.500% due 15/08/2020 5915 LBG Capital No.2 6.385% due 12/05/2020 3102 Activision Blizzard 5.625% due 15/09/2021 4462 Royal Bank of Scotland Group 6.125% due 15/12/2022 2785 Clear Channel Worldwide Holdings 6.500% due 15/11/2022 4420 Cirsa Funding Luxembourg 8.750% due 15/05/2018 2396 Alcatel-Lucent USA 6.750% due 15/11/2020 4258 Rexnord 1.000% due 20/08/2020 2365 Country Garden Holdings Co 7.250% due 04/04/2021 4207 Schaeffler Finance 7.750% due 15/02/2017 2003 Equinix 4.875% due 01/04/2020 3995 Caesars Entertainment Operating 11.250% due 01/06/2017 1909 Sprint 7.250% due 15/09/2021 3922 Ceridian 8.875% due 15/07/2019 1715 First Data 6.750% due 01/11/2020 3908 Lafarge 6.625% due 29/11/2018 1628 Memorial Production Partners 7.625% due 01/05/2021 3786 CCO Holdings 5.250% due 30/09/2022 1614 TVN Finance III AB 7.375% due 15/12/2020 3768 Beverages & More 9.625% due 01/10/2014 1564 CeramTec Group GmbH 8.250% due 15/08/2021 3657 National Money Mart 10.375% due 15/12/2016 1533 Telecom Italia SpA 5.375% due 29/01/2019 3650 Gardner Denver 1.000% due 30/07/2020 1450 Virgin Media Finance 7.000% due 15/04/2023 3429 Peabody Energy 6.000% due 15/11/2018 1436 TMX Finance 8.500% due 15/09/2018 3351 Tribune 1.000 due 11/12/2020 1416 Oasis Petroleum 6.875% due 15/03/2022 3324 Iron Mountain 7.750% due 01/10/2019 1409 HCA Holdings 6.250% due 15/02/2021 3311 Commerzbank 8.125% due 19/09/2023 1408 Freescale Semiconductor 6.000% due 15/01/2022 3138 FMG Resources August 2006 Pty 6.000% due 01/04/2017 1327 Acadia Healthcare Co 6.125% due 15/03/2021 3126 Faurecia 9.375% due 15/12/2016 1292 JPMorgan Chase & Co 6.000% due 31/12/2049 2955 Radiation Therapy Services 8.875% due 15/01/2017 1257 ARCH COAL 1.000% due 17/05/2018 1252 Santos Finance 8.250% due 22/09/2070 1189

MGI Funds plc 320 MGI Funds plc Significant Portfolio Movements Mercer Short Duration Global Bond Fund 1 (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

AKCB Finance 3.250% due 10/22/2018 2,581 Kasikornbank 3.000% due 03/20/2018 1,388 Prudential 6.875% due 01/20/2023 2,223 Lincoln National 6.250% due 02/15/2020 1,377 Nordea Bank 3.875% due 12/15/2015 2,206 CNA Financial 7.350% due 11/15/2019 1,344 Centrica 7.000% due 09/19/2018 2,148 HDFC Bank 3.000% due 03/06/2018 1,336 State Grid Overseas Investment 2013 1.750% due 05/22/2018 2,031 Lukoil International Finance 4.563% due 04/24/2023 926 United Parcel Service 2.450% due 10/01/2022 2,024 Samarco Mineracao 4.125% due 11/01/2022 889 Hutchison Whampoa International 5.750% due 09/11/2019 2,021 KBC Internationale Financieringsmaatschappij 4.500% United Utilities Water 4.250% due 01/24/2020 1,987 due 03/27/2017 878 Baidu 3.250% due 08/06/2018 1,842 Sime Darby Global 2.053% due 01/29/2018 878 Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.500% Mercialys 4.125% due 03/26/2019 862 due 01/11/2021 1,714 Telstra Corp 4.75% due 07/15/2014 828 PPL Energy Supply 6.500% due 05/01/2018 1,700 QIB Sukuk Funding 3.856% due 10/07/2015 728 Markel 4.900% due 07/01/2022 1,686 Viacom 2.500% due 12/15/2016 718 Spectra Energy Capital 6.200% due 04/15/2018 1,600 XLIT 5.750% due 10/01/2021 574 Ford Motor Credit 4.375% due 08/06/2023 1,569 Swedbank 2.375% due 04/04/2016 550 LYB International Finance 4.00% due 07/15/2023 1,558 Atrium European Real Estate 4.000% due 04/20/2020 547 Qwest Corp 6.750% due 12/01/2021 1,543 Gecina SA 4.250% due 02/03/2016 425 GlaxoSmithKline Capital 2.850% due 05/08/2022 1,532 Kookmin Bank 1.375% due 01/15/2016 396 Gas Natural Capital Markets 5.000% due 02/13/2018 1,531 Time Warner 8.375% due 03/15/2023 341 General Mills 5.650% due 02/15/2019 1,499 Johnson & Johnson 4.750% due 11/06/2019 319 Repsol International Finance 4.375% due 02/20/2018 1,493 Bancolombia 5.950% due 06/03/2021 311 Kraft Foods 3.500% due 06/06/2022 1,471 RCI Banque 4.000% due 03/16/2016 279 Next 5.375% due 10/26/2021 1,441 Motability Operations Group 5.250% due 09/28/2016 1,421 BHP Billiton Finance 2.125% due 11/29/2018 1,401 AIA Group 3.125% due 03/13/2023 1,389 British Telecommunications 6.625% due 06/23/2017 1,296 Kroger 3.400% due 04/15/2022 1,286 Thermo Fisher Scientific 3.150% due 01/15/2023 1,217 EI du Pont de Nemours & Co 2.800% due 02/15/2023 1,214 Dominion Resources 6.400% due 06/15/2018 1,184 Australia & New Zealand Banking Group 1.450% due 05/15/2018 1,159 BUPA Finance 7.500% due 07/04/2016 1,106 RCI Banque 1.750% due 07/06/2016 1,099 BNP Paribas 2.000% due 01/28/2019 1,096 Telefonica Emisiones 5.375% due 02/02/2018 1,065 Novartis Securities Investment 5.125% due 02/10/2019 1,034 Medtronic 4.450% due 03/15/2020 988 Lukoil International Finance 4.563% due 04/24/2023 962 Atrium European Real Estate 4.000% due 04/20/2020 956 Enterprise Products Operating 6.500% due 01/31/2019 948 Ahold Finance USA 6.500% due 03/14/2017 935 Samarco Mineracao SA 4.125% due 11/01/2022 916

MGI Funds plc 321 MGI Funds plc Significant Portfolio Movements Mercer Short Duration Global Bond Fund 2 (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

United States Treasury Note 0.37% due 15/11/2014 54,921 United States Treasury Note 0.37% due 15/11/2014 46,704 United States Treasury Note 2.50% due 15/08/2023 25,323 United States Treasury Note 0.25% due 31/10/2013 25,413 United States Treasury Bill 0.00% due 29/08/2013 25,199 United States Treasury Bill 0.00% due 29/08/2013 21,300 United States Treasury Note 2.75% due 31/10/2013 19,853 United States Treasury Note 2.75% due 31/10/2013 19,811 United States Treasury Bill 0.00% due 10/10/2013 17,598 United States Treasury Bill 0.00% due 10/10/2013 17,599 United States Treasury Note 0.37% due 15/03/2015 13,532 United States Treasury Note 2.50% due 15/08/2023 14,182 Mexican Bonos 7.00% due 19/06/2014 11,792 United States Treasury Note 1.50% due 31/08/2018 10,256 United States Treasury Note 1.50% due 31/08/2018 10,147 United States Treasury Note 2.12% due 31/08/2020 10,073 United States Treasury Note 2.13% due 31/08/2020 9,923 Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 9,129 Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 8,768 United States Treasury Note 0.50% due 15/10/2014 8,831 United States Treasury Note 0.25% due 30/04/2014 8,605 United States Treasury Note 0.25% due 30/04/2014 8,606 Spain Government Bond 4.50% due 31/01/2018 8,425 United States Treasury Bill 0.00% due 03/10/2013 5,220 United States Treasury Inflation Indexed Bonds 0.12% Federal Home Loan Note 0.00% due 01/08/2014 4,898 due 15/04/2018 7,432 United States Treasury Bill 0.00% due 01/08/2013 4,500 United States Treasury Bill 0.00% due 03/10/2013 5,500 United Kingdom Gilt Inflation Linked 1.87% due 22/11/2022 4,122 United States Treasury Note 0.50% due 15/10/2014 5,318 Spain Government Bond 4.75% due 30/07/2014 4,064 France Government Bond 3.50% due 25/04/2015 5,248 Federal National Mortgage Association 3.00% due 15/10/2043 3,889 Federal Home Loan Note 0.00% due 08/01/2014 4,898 Federal Home Discount Note 0.00% due 10/25/2013 3,800 United Kingdom Gilt 1.25% due 22/07/2018 4,715 United Kingdom Gilt 1.25% due 22/07/2018 3,165 Mexico Cetes 0.00% due 20/03/2014 4,562 Federal National Mortgage Association 3.00% due 15/09/2043 2,852 Italy Buoni Poliennali Del Tesoro 4.75% due 01/06/2017 4,526 United States Treasury Bill 0.00% due 01/08/2013 4,500 Mexico Cetes 0.00% due 06/03/2014 4,398 Spain Government Bond 5.50% due 30/07/2017 4,036 Spain Government Bond 4.75% due 30/07/2014 3,976 New Zealand Government Bond 5.00% due 15/03/2019 3,917

MGI Funds plc 322 MGI Funds plc Significant Portfolio Movements Mercer Global Buy & Maintain Credit Fund (continued)

Cost Proceeds Purchase US$’000 Sales US$’000

United States Treasury Note 2.50% 15/08/2023 15,592 United States Treasury Note 2.50% 15/08/2023 15,592 United States Treasury Note 1.38% 30/09/2018 15,173 United States Treasury Note 1.38% 30/09/2018 15,164 United States Treasury Note 0.88% 15/09/2016 12,591 United States Treasury Note 0.88% 15/09/2016 12,587 Bundesschatzanweisungen 0.25% 11/09/2015 11,389 Bundesschatzanweisungen 0.25% 11/09/2015 11,449 Bundesrepublik Deutschland 2.00% 15/08/2023 8,044 Bundesobligation 1.00% 12/10/2018 7,677 Bundesobligation 1.00% 12/10/2018 7,691 Bundesrepublik Deutschland 2.00% 15/08/2023 7,567 United States Treasury Bond 2.88% 15/05/2043 6,732 United States Treasury Bond 2.88% 15/05/2043 6,709 United States Treasury Note 1.25% 31/10/2018 6,132 United States Treasury Note 1.25% 31/10/2018 6,130 United States Treasury Note 2.75% 15/11/2023 5,342 United States Treasury Note 2.75% 15/11/2023 5,339 Bundesrepublik Deutschland 1.50% 15/05/2023 5,020 Bundesrepublik Deutschland 1.50% 15/05/2023 5,017 Achmea 2.50% 19/11/2020 4,143 United Kingdom Gilt 4.75% 07/03/2020 2,966 Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.72% United Kingdom Gilt 2.25% 07/09/2023 2,897 15/05/2043 3,138 United Kingdom Gilt 6.00% 07/12/2028 2,653 Kering 1.88% 08/10/2018 2,969 United Kingdom Gilt 4.00% 07/09/2016 2,093 United Kingdom Gilt 4.75% 07/03/2020 2,966 Bundesrepublik Deutschland 2.00% 04/01/2022 1,987 Deutsche Post AG 2.75% 09/10/2023 2,957 Bundesobligation 1.25% 14/10/2016 1,954 United Kingdom Gilt 2.25% 07/09/2023 2,895 United Kingdom Gilt 1.75% 07/09/2022 1,901 LANXESS Finance 4.13% 23/05/2018 2,749 United States Treasury Note 1.25% 30/11/2018 1,738 Klepierre 4.75% 14/03/2021 2,691 Bundesobligation 2.75% 08/04/2016 1,682 Danone 2.25% 15/11/2021 2,673 United States Treasury Note 1.75% 15/05/2023 1,448 General Mills Inc 2.10% 16/11/2020 2,665 United States Treasury Note 1.38% 30/06/2018 1,415

MGI Funds plc Mercer Passive Global Equity Fund

Cost Proceeds Purchase US$’000 Sales* US$’000

Apple 2,207,353 Cheniere Energy 74,741 Exxon Mobil 1,817,042 Ono Pharmaceutical 69,703 Microsoft 1,254,281 Aggreko 67,259 Johnson & Johnson 1,234,130 Nidec 66,666 General Electric 1,183,307 West Japan Railway 66,416 Google 1,178,372 Allegion 16,350 Chevron 1,060,789 Recall Holdings 5,677 Nestle 1,027,881 Procter & Gamble 979,495 *The above represents all sales during the period. Wells Fargo 975,295 HSBC Holdings 938,947 JPMorgan Chase 934,434 Pfizer 897,204 International Business Machines 896,528 AT&T 887,446 Roche Holding 883,044 Toyota Motor 845,518 Novartis 796,353 Vodafone Group 796,256 Coca-Cola 727,401

MGI Funds plc 323