MGI Funds plc - Mercer...2015/06/30 · MGI Funds plc 3 MGI Funds plc Investment Manager’s Report...

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

Annual Report and Audited Financial StatementsFor the year ended 30 June 2015

1MGI Funds plc

MGI Funds plc Contents

Management and Administration 2

Investment Manager’s Report 3

Report of the Directors 23

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

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

Portfolio Statements 31

Balance Sheet 204

Comparative Balance Sheet – as at 30 June 2014 207

Profit and Loss Account 210

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

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

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

Notes to the Financial Statements 222

Unaudited Information in Respect of Underlying Investments 329

Supplemental Unaudited Information 331

Unaudited Significant Portfolio Movements 346

2MGI Funds plc

MGI Funds plc Management and Administration

REGISTERED OFFICE70 Sir John Rogerson’s QuayDublin 2Ireland

COMPANY REGISTRATION NUMBER421179

INVESTMENT MANAGER, PROMOTER ANDDISTRIBUTORMercer Global Investments Europe LimitedCharlotte HouseCharlemont StreetDublin 2Ireland

ADMINISTRATOR, REGISTRAR & TRANSFER AGENTState Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

INDEPENDENT AUDITORKPMGChartered AccountantsStatutory Audit Firm1 Harbourmaster PlaceInternational Financial Services CentreDublin 1Ireland

LEGAL ADVISER IN IRELANDMatheson70 Sir John Rogerson’s QuayDublin 2Ireland

SECRETARYMatsack Trust Limited70 Sir John Rogerson’s QuayDublin 2Ireland

DIRECTORS*Michael DempseyTom Finlay**Tom GeraghtyPaul Sullivan**

MANAGERMercer Global Investments Management Limited70 Sir John Rogerson’s QuayDublin 2Ireland

SPONSORING LISTING AGENTInvestecThe Harcourt BuildingHarcourt StreetDublin 2Ireland

CUSTODIANState Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

FACILITIES AGENT (in the UK)Mercer Limited1 Tower Place WestTower PlaceLondon EC3R 5 BUUK

For the Sub-Funds named hereafter, no notification for distribution has been made so no units of these Sub-Funds maybe publicly distributed to investors within the scope of the German Investment Act:MGI DAM Multi-Manager Global Equity Fund, MGI Global Bond Fund, MGI Japanese Equity Fund, MGI Pacific Basin (Ex Japan)Equity Fund, MGI US Equity Fund, MGI UK Bond Fund, MGI UK Cash Fund, MGI UK Equity Fund, MGI MGI UK Inflation LinkedBond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund.

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

3MGI Funds plc

MGI Funds plc Investment Manager’s Reportfor the year ended 30 June 2015

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

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

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

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

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

All performance figures shown below are calculated by the Investment Manager using pricing from State Street Fund Services(Ireland) Limited (the “Administrator”). Figures shown are gross of the Investment Manager’s and underlying managers’ feesand net of all other expenses including custody and administration costs depending on fund structure.

Investment Performance to 30 June 2015 (EUR)

MGI Emerging Markets Equity Fund

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

The MGI Emerging Markets Equity Fund underperformed the benchmark by 2.5% over the last year.

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

Manager Performance over theFinancial Year

Weight Fund Benchmark(%) (%) (%)

AQR 28.1 16.7 16.6Dimensional 29.6 11.6 16.6Mondrian 28.1 11.4 16.6Vontobel 14.1 19.7 16.6MGI Emerging Markets Equity Fund 100.0 14.1 16.6

4MGI Funds plc


(continued)

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

MGI Euro Bond Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the Barclays Capital Euro Aggregate Index.

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


MGI Euro Cash Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is a composite of 50% 1 Month Euro LIBID and 50% 1 Month Euro LIBOR.

The MGI Euro Cash Fund performed in line with the composite benchmark over the last year.


MGI Eurozone Equity Fund

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

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




Hermes 30.7 21.0 11.5Lingohr 33.2 14.8 11.5TT International 36.2 15.2 11.5MGI Eurozone Equity Fund 100.0 17.6 11.5



Irish Life Investment Managers 100.0 - -Euro Cash 100.0 0.0 0.0



PIMCO 15.6 2.9 2.1Irish Life Investment Managers 84.4 4.3 4.1MGI Euro Bond Fund 100.0 3.7 3.5

5MGI Funds plc


(continued)


MGI Global Bond Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the Barclays Capital Aggregate Index.

The MGI Global Bond Fund outperformed the benchmark by 0.3% over the last year.


MGI Global Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World (NDR) Index.(a) Plus 9.5% in a “completion portfolio”, which refers to the allocation to US assets (managed on a passive basis) to reduce

the material underweighting held by managers in US assets at the total portfolio level.

The MGI Global Equity Fund outperformed the benchmark by 1.4% over the last year.

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

MGI Japanese Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the TOPIX Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

The MGI Japanese Equity Fund underperformed the benchmark by 3.2% over the last year.




J.P.Morgan 100.0 31.1 33.8MGI Japanese Equity Fund 100.0 30.6 33.8


Weight(a) Fund Benchmark(%) (%) (%)

Arrowstreet Capital 30.2 26.7 24.6Baillie Gifford 20.1 27.8 24.6GTP 15.1 23.8 24.6Hexavest Inc. 25.1 25.7 24.6MGI Global Equity Fund 100.0 26.0 24.6



PIMCO 15.4 26.4 25.1Irish Life Investment Managers 84.6 13.2 11.4MGI Global Bond Fund 100.0 14.5 14.2

6MGI Funds plc


(continued)


MGI Pacific Basin (Ex Japan) Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI Pacific (ex-Japan) (NDR) Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

The MGI Pacific Basin (ex-Japan) Equity Fund underperformed the benchmark by 0.3% over the last year.


MGI UK Equity Fund

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

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


MGI U.S. Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the S&P 500 (NDR) Index.

The MGI U.S. Equity Fund outperformed the benchmark by 1.4% over the last year.




Robeco 64.3 30.1 27.1Winslow 35.7 37.9 35.2MGI US Equity Fund 100.0 32.6 31.2



Blackrock (Active) 41.2 21.8 16.0Blackrock (Passive) 16.6 8.7 8.6GMO 22.1 12.7 16.0Lindsell Train 20.1 28.1 16.0MGI UK Equity Fund 100.0 18.6 16.0



Schroders 100.0 14.4 14.5MGI Pacific Basin (ex-Japan) Equity Fund 100.0 14.2 14.5

7MGI Funds plc


(continued)


MGI Emerging Markets Debt Fund

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

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

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

Mercer Global Small Cap Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World Small Cap (NDR) Index.(a) Performance shown since inception. Inception date taken as 25 June 2015 for performance measurement purposes.

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

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

Mercer Low Volatility Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is a composite of 33.3% MSCI Minimum Variance (NDR) Index, 33.3% MSCI Quality (NDR) Index and33.3% MSCI World (NDR) Index.

The Mercer Low Volatility Equity Fund underperformed the benchmark by 1.9% over the last year.




Acadian 30.2 28.8 30.7First Eagle 30.2 21.2 24.6Magellan 19.6 31.7 28.9Veritas 20.1 24.9 28.9Mercer Low Volatility Equity Fund 100.0 26.2 28.1



Allianz 29.4 29.5 24.9Arrowstreet Capital 40.5 29.9 24.9KBI(a) 5.0 -1.9 -1.7Pyramis 25.1 26.3 24.9Mercer Global Small Cap Equity Fund 100.0 28.7 24.9



BlackRock 20.1 7.1 4.0Investec 39.9 4.1 4.0Wellington 39.9 3.5 4.0MGI Emerging Markets Debt Fund 100.0 3.6 4.0

8MGI Funds plc


(continued)


Mercer Diversified Growth Fund

Figures may not sum to total due to rounding.

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

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

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

Fund Weight(%)

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

Fund Performance over theFinancial Year

Fund Benchmark(%) (%)

Mercer Diversified Growth Fund 20.2 0.00

9MGI Funds plc


(continued)


Mercer Global High Yield Bond Fund (hedged EUR)

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the BofAML Global High Yield Constrained (Hedged EUR) Index.(a) The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying managers are

unhedged.

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


Mercer Short Duration Global Bond Fund 1

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.

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

There were no Sub Investment Manager changes during the period.


Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.





DDJ 9.5 19.3 22.2Franklin Templeton 45.2 16.1 18.0Wellington 45.2 16.5 16.5Mercer Global High Yield Bond (Hedged EUR) Fund (a) 100.0 -0.7 -0.4



Quoniam 100.0 - -Mercer Short Duration Global Bond Fund 1 100.0 0.3 0.6



PIMCO 100.0 - -Mercer Short Duration Global Bond Fund 2 100.0 0.1 0.6

10MGI Funds plc


Global Buy and Maintain Credit Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the BofAML Global High Yield Constrained (Hedged EUR) Index.(a) The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying managers are

unhedged.

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


Mercer Passive Global Equity Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World (NDR) Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

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


Mercer Passive Global Equity (Hedged) Fund

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

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




AXA 50.0 19.3 18.0Pramerica 50.0 19.3 18.0Mercer Global Buy and Maintain Credit Fund(a) 100.0 2.2 1.2



Irish Life Investment Managers 100.0 24.7 24.6Mercer Passive Global Equity Fund 100.0 24.6 24.6



Irish Life Investment Managers 100.0 - -Mercer Passive Global Equity (Hedged) Fund 100.0 8.0 7.9


(continued)

11MGI Funds plc


(continued)


Mercer Euro Over 5 Year Bond Fund

Performance shown is in € terms.Figures may not sum to total due to rounding.The difference between the fund and benchmark performance over certain periods is a result of different pricing sources usedby the custodian and fund manager for some of the bonds held, but when assessed on a like-for-like basis this difference isminimal.The fund benchmark is the chain-linked performance of the Barclays 5+ year GDP and the BofAML 5+ year GDP weighted.

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


Mercer Euro Nominal Bond Long Duration Fund

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

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




Irish Life Investment Managers 100.0 - -Mercer Euro Over 5 Year Bond Fund 100.0 6.5 6.6



Irish Life Investment Managers 100.0 - -Mercer Euro Nominal Bond Long Duration Fund 100.0 10.6 10.6

12MGI Funds plc


Mercer Diversified Retirement Fund


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

The Mercer Diversified Retirement Fund underperformed the benchmark by 3.7% over the period since inception to 30 June2015.

Investment Performance to 30 June 2015 (GBP)


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

The MGI Emerging Markets Equity Fund underperformed the benchmark by 2.2% over the last year.


Fund Weight(%)

BlackRock – UK Equity Index Fund 6.5Mercer Passive Global Equity 15.2ILIM - MSCI World Minimum Volatility Index 8.5BlackRock - Gilt Track 10.5BlackRock - UK Credit Bond Fund 4.0BlackRock - US Corporate Bond Index Fund 6.0BlackRock - Euro Credit Bond Index Fund 4.0iShares J.P.Morgan - Emerging Markets Bond Fund (USD) 5.5Inflation-Linked Bond 10.1iShares - High Yield Corporate Bond (USD) 6.4Blackrock - Developed Real Estate Fund 4.8iShare - Global Infrastructure 3.7UK Cash Fund 11.7ETF Cash Component 0.3Liquidity Reserve 2.8Mercer Diversified Retirement Fund 100.0



Mercer Diversified Retirement -3.7 0.0



AQR 28.1 3.3 3.1Dimensional 29.6 -1.3 3.1Mondrian 28.1 -1.5 3.1Vontobel 14.1 5.9 3.1MGI Emerging Markets Equity Fund 100.0 0.9 3.1


(continued)

13MGI Funds plc

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


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

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



Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World (NDR) Index.(a) Plus 9.5% in a “completion portfolio”, which refers to the allocation to US assets (managed on a passive basis) to reduce

the material underweighting held by managers in US assets at the total portfolio level.

The MGI Global Equity Fund outperformed the benchmark by 1.2% over the last year.

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


Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the TOPIX Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

The MGI Japanese Equity Fund significantly underperformed the benchmark by 2.8% over the last year.




Hermes 30.7 7.1 -1.4Lingohr 33.2 1.6 -1.4TT International 36.2 1.9 -1.4MGI Eurozone Equity Fund 100.0 4.1 -1.4


Weight(a) Fund Benchmark(%) (%) (%)

Arrowstreet Capital 30.2 12.1 10.3Baillie Gifford 20.1 13.1 10.3GTP 15.1 9.5 10.3Hexavest Inc. 25.1 11.2 10.3MGI Global Equity Fund 100.0 11.5 10.3



J.P.Morgan 100.0 16.0 18.4MGI Japanese Equity Fund 100.0 15.6 18.4


(continued)

14MGI Funds plc


MGI Pacific Basin (ex-Japan) Equity Fund

Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI Pacific (ex-Japan) (NDR) Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

The MGI Pacific Basin (ex-Japan) Equity Fund underperformed the benchmark by 0.2% over the last year.


MGI UK Bond Fund

Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is 50% Markit iBoxx Sterling Gilts Index and 50% BofAML Sterling Corporate & Collateralised All-Stocks (ex-Subordinated Financials) Index.(a) Includes performance to termination for Henderson up to 30 October 2014.

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

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

MGI UK Cash Fund

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

The MGI UK Cash Fund performed in line with the benchmark over the last year.




Schroders 100.0 1.2 1.3MGI Pacific Basin (ex-Japan) Equity Fund 100.0 1.1 1.3



Insight 100.0 8.0 7.9MGI UK Bond Fund(a) 100.0 7.8 7.9



BlackRock 20.0 - -Fidelity 20.0 - -Goldman Sachs 20.0 - -Insight 20.0 - -J.P.Morgan 20.0 - -MGI UK Cash Fund 100.0 0.4 0.4


(continued)

15MGI Funds plc


MGI UK Equity Fund

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

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



Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the S&P 500 (NDR) Index.

The MGI U.S. Equity Fund outperformed the benchmark by 1.2% over the last year.


MGI UK Inflation-Linked Bond Fund

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

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




Blackrock (Active) 41.2 7.8 2.6Blackrock (Passive) 16.6 -3.9 -3.9GMO 22.1 -0.3 2.6Lindsell Train 20.1 13.3 2.6MGI UK Equity Fund 100.0 4.9 2.6



Robeco 64.3 15.1 12.4Winslow 35.7 22.0 19.7MGI US Equity Fund 100.0 17.3 16.1



BlackRock 100.0 - -MGI UK Inflation-Linked Bond Fund 100.0 15.7 15.8


(continued)

16MGI Funds plc


MGI UK Long Gilt Fund

Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the FTSE A Over 15 Year Gilt Index.

The MGI UK Long Gilt Fund underperformed the benchmark by 0.2% over the last year.



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

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

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



BlackRock 100.0 - -MGI UK Long Gilt Fund 100.0 16.1 16.3



BlackRock 20.1 -5.3 -8.0Investec 39.9 -7.9 -8.0Wellington 39.9 -8.5 -8.0MGI Emerging Markets Debt Fund 100.0 -8.4 -8.0


(continued)

17MGI Funds plc



Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World Small Cap (NDR) Index.(a) Performance shown since inception. Inception date taken as 25 June 2015 for performance measurement purposes.

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

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



Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is a composite of 33.3% MSCI Minimum Variance (NDR), 33.3% MSCI Quality (NDR) and 33.3% MSCIWorld (NDR) Index.

The Mercer Low Volatility Equity Fund underperformed the benchmark by 1.7% over the last year.




Allianz 29.4 14.6 10.5Arrowstreet Capital 40.5 14.9 10.5KBI(a) 5.0 -2.3 -2.1Pyramis 25.1 11.7 10.5Mercer Global Small Cap Equity Fund 100.0 13.9 10.5



Acadian 30.2 14.0 15.6First Eagle 30.2 7.2 10.3Magellan 19.6 16.5 14.0Veritas 20.1 10.5 14.0Mercer Low Volatility Equity Fund 100.0 11.6 13.3


(continued)

18MGI Funds plc




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

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

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

Fund Weight(%)

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



Mercer Diversified Growth Fund 6.4 0.4


(continued)

19MGI Funds plc


Mercer Global High Yield Bond (Hedged GBP) Fund

Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the BofAML Global High Yield Constrained (Hedged GBP) Index.(a) The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying managers are

unhedged.

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


Mercer Global Buy and Maintain Credit Fund

Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the Barclays Customised Global Diversified Credit (ex-Subordinated Financials) Index.(a) The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying managers are

unhedged.

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



Performance shown is in £ terms.Figures may not sum to total due to rounding.The fund benchmark is the MSCI World (NDR) Index.Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio.

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




DDJ 9.5 5.5 8.1Franklin Templeton 45.2 2.7 4.4Wellington 45.2 3.1 3.1Mercer Global High Yield Bond (Hedged GBP) Fund(a) 100.0 -0.6 0.2



AXA 50.0 5.6 4.4Pramerica 50.0 5.6 4.4Mercer Global Buy and Maintain Credit Fund(a) 100.0 2.8 1.8



Irish Life Investment Managers 100.0 10.3 10.3Mercer Passive Global Equity Fund 100.0 10.2 10.3


(continued)

20MGI Funds plc


Mercer Passive Global Equity (Hedged) Fund

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

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




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

The Mercer Diversified Retirement Fund underperformed the benchmark by 5.8% over the period since inception to 30 June2015.



Irish Life Investment Managers 100.0 - -Mercer Passive Global Equity (Hedged) Fund 100.0 8.3 8.6

Fund Weight(%)

BlackRock – UK Equity Index Fund 6.5Mercer Passive Global Equity 15.2ILIM - MSCI World Minimum Volatility Index 8.5BlackRock - Gilt Track 10.5BlackRock - UK Credit Bond Fund 4.0BlackRock - US Corporate Bond Index Fund 6.0BlackRock - Euro Credit Bond Index Fund 4.0iShares J.P.Morgan - Emerging Markets Bond Fund (USD) 5.5Inflation-Linked Bond 10.1iShares - High Yield Corporate Bond (USD) 6.4Blackrock - Developed Real Estate Fund 4.8iShare - Global Infrastructure 3.7UK Cash Fund 11.7ETF Cash Component 0.3Liquidity Reserve 2.8Mercer Diversified Retirement Fund 100.0



Mercer Diversified Retirement Fund -5.7 0.1


(continued)

21MGI Funds plc

Investment Performance to 30 June 2015 (USD)

MGI DAM Multi-Manager Global Equity Fund

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

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


Investment Performance to 30 June 2015 (NOK)


Performance shown is in NOK terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.




Performance shown is in NOK terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.





Schroders 42.0 0.9 1.4Arrowstreet 33.0 4.9 1.4GTP 25.0 2.9 1.4MGI DAM Multi-Manager Global Equity Fund 100.0 2.7 1.4








(continued)

22MGI Funds plc

Investment Performance to 30 June 2015 (SEK)


Performance shown is in SEK terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.




Performance shown is in SEK terms.Figures may not sum to total due to rounding.The fund benchmark is the J.P.Morgan Global Government Bond 1-3 Years Hedged Index.



Market Outlook

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

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

Mercer Global Investments Europe Limited

Charlotte House,Charlemont Street,Dublin 2Ireland

5 August 2015








(continued)

23MGI Funds plc

MGI Funds plc Report of the Directors

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

Principal Activities

MGI Funds plc (the “Company”) is an open-ended investment company with variable capital organised under the laws ofIreland. The Company is organised in the form of an umbrella fund insofar as the share capital of the Company will be dividedinto different series of shares with each series of shares representing a portfolio of assets which will comprise a separate fund(each a “Sub-Fund”). The Company is authorised by the Central Bank of Ireland (“the Central Bank”) as an Undertaking forCollective Investment in Transferable Securities (“UCITS”) pursuant to the UCITS Regulations, 2011.

As at 30 June 2015, the Company consisted of 33 Sub-Funds (the “Sub-Funds”) of which 27 are in operation at year end.

Business Review, Results and Future Developments

The business of the Company is reviewed in detail in the Investment Manager’s Report. The results for the year are stated inthe Profit and Loss Account. The Company will continue to act as an investment vehicle as set out in its Prospectus. Theanalysis of the Company’s key performance indicators (“KPI’s”), such as the performance of the relevant Sub-Fund against thebenchmark that it follows, are contained in the Investment Manager’s Report.

Directors

The Directors, who held office on 30 June 2015 as stated below, are not required to retire by rotation under the Memorandumand Articles of Association.

The Directors are:Date of Appointment

Michael Dempsey Non-Executive Irish 11 July 2011Tom Finlay Non-Executive Irish 13 July 2006Tom Geraghty Non-Executive Irish 24 October 2013Paul Sullivan Non-Executive Irish 13 July 2006

All Directors served for the entire year. Directors’ fees (including expenses) for the year are stated in Note 9 to the financialstatements.

Transactions involving Directors:

The Board of Directors (the “Board”) are not aware of any contracts or arrangements of any significance in relation to thebusiness of the Company in which the Directors had any interest as defined in the Companies Act, 2014 at anytime during theyear ended 30 June 2015 (2014: Nil), other than those disclosed in Note 3, Related parties.

Directors’ & Secretary’s Interests

None of the Directors or the Secretary who held office on 30 June 2015 or their families held any interest in the shares of theCompany at any time during the year ended 30 June 2015 (2014: Nil).

Employees

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

Segregated Liability of Sub-Funds

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

Accounting records

The Directors ensure compliance with the Company’s obligation to maintain adequate accounting records by appointingcompetent persons to be responsible for them. The accounting records are kept by State Street Fund Services (Ireland)Limited, at 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.

24MGI Funds plc

MGI Funds plc Report of the Directors(continued)

Dividends

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

Risk Management Objectives and Policies

The principal risks and uncertainties faced by the Company are market price risk, credit risk, currency risk, interest rate riskand liquidity risk, which are outlined in Note 5 to the financial statements.

Net Assets under Management

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

Connected Party Transactions

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

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

Events during the year

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

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

Subsequent events

See Note 12 for events since the year end.

Corporate Governance Statement

Corporate Governance Code

Regulation 13 of the European Communities (Directive 2006/46/EC) Regulations, 2009, which took effect from 18 November2009 requires the Company to include a corporate governance statement in its Annual Report.

The Company was subject to corporate governance practices imposed by:

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

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

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

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

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

25MGI Funds plc

Corporate Governance Statement (continued)

Statement of Compliance

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

Financial Reporting

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

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

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

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

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

Shareholder Meetings

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

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

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

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

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


26MGI Funds plc

Corporate Governance Statement (continued)

Shareholder Meetings (continued)

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

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

Composition and Operation of the Board

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

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

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

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

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the Directors' Report and financial statements, in accordance with applicable lawand regulations.

Company Law requires the Directors to prepare financial statements for each financial year. Under that law the Directors haveelected to prepare the financial statements in accordance with accounting standards issued by the Financial Reporting Counciland promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).

Under Company Law the Directors must not approve the financial statements unless they are satisfied that they give a true andfair view of the assets, liabilities and financial position of the Company and of its changes in net assets attributable to holdersof redeemable participating shares for that year.

In preparing the financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent;• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will

continue in business; and• state whether applicable accounting standards have been followed, subject to any material departures disclosed and

explained in the financial statements.

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

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



Independent Auditor

KPMG, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section 383(2) of theCompanies Act, 2014.

On behalf of to d

Tom Finlay Paul S livanDirector /1 Directo

20 October 2015

MGI Funds plc 27

MGI Funds plc Report of the Custodian to the Shareholdersof MGI Funds plc

We have enquired nto the conduct of MGI Funds plc (“the Company”) for the year ended 30 June 2015, n our capacity asCustodian to the Company.

This report including the opinion has been prepared for and solely for the Shareholders in the Company as a body, inaccordance with the Central Bank’s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept orassume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Custodian

Our duties and responsibilities are outlined in the Central Bank’s UCITS Notice 4. One of those duties is to enquire into theconduct of the Company in each annual accounting period and report thereon to the Shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisionsof the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of theCompany to comply with these provisions. If the Company has not so complied, we as Custodian must state why this is thecase and outline the steps which we have taken to rectify the situation.

Basis of Custodian Opinion

The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties asoutlined in UCITS Notice 4 and to ensure that, in all material respects, the Company has been managed (i) in accordance withthe limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and theappropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriateregulations.

Opinion

In our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by theMemorandum and Articles of Association and by the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations, 2011 (“UCITS”); and

(ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the Regulations.

ISta Street Custodial Services (fleland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

20 October 2015

MGI Funds plc 28

KPMGAudit1 Harbourmaster Place •

IFSCDublin 1Ireland

Independent Auditor’s report to the members of MGI Funds plc

We have audited the financial statements of MGI Funds plc (“the Company”) for the year ended 30 June 2015 whichcomprise the Balance Sheet, Profit and Loss Account, Statement of Changes in Net Assets Attributable to Holders ofRedeemable Participating Shares, Portfolio Statements and the related notes. The financial reporting framework that hasbeen applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council andpromulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).Opinions and conclusions arising from our audit

1 Our opinion on the financial statements is unmodified

In our opinion the financial statements:

. give a true and fair view of the assets, liabilities and financial position of the Company as at 30 June 2015 and of itschanges in net assets attributable to holders of redeemable participating shares for the year then ended;

. have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland; and

. have been properly prepared in accordance with the requirements of the Companies Act 2014 and the EuropeanCommunities (Undertakings for Collective Investment in Transferable Securities) Regulations 201 1.

2 Our conclusions on other matters on which we are required to report by the Companies Act 2014 are set outbelow

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily andproperly audited and the financial statements are in agreement with the accounting records.

In our opinion the information given in the Report of the Directors is consistent with the financial statements.

In addition we report, in relation to information given in the Corporate Governance Statement on pages 24 to 26, that:. based on knowledge and understanding of the Company and its environment obtained in the course of our audit, no

material misstatements in the information identified above have come to our attention;

. based on the work undertaken in the course of our audit, in our opinion:

- the description of the main features of the internal control and risk management systems in relation to the processfor preparing the financial statements is consistent with the financial statements and has been prepared inaccordance with the Companies Act 2014,

- the Company is not subjectto the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006and therefore not required to include information relating to voting rights and other matters required by thoseRegulations and specified by the Companies Act 201 4 for our consideration in the Corporate Governance Statement,

- the Corporate Governance Statement contains the information required by the Companies Act 2014.

3 We have nothing to report in respect of matters on which we are required to report by exception

ISAs (UK & Ireland) require that we report to you if, based on the knowledge we acquired during our audit, we have identifiedinformation in the annual report that contains a material inconsistency with either that knowledge or the financial statements,a material misstatement of fact, or that is otherwise misleading.

In addition, the Companies Act 201 4 requires us to report to you if, in our opinion, the disclosures of directors’ remunerationand transactions required by sections 305 to 312 of the Act are not made.

MGI Funds plc 29KPMG, an Irish partnership and a member firm of the KPMG networkof independent member firms affiliated with KPMG Internationalcooperative f KPMG International”), a Swiss entity

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

Basis of our report, responsibilities and restrictions on use

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

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

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

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

Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies Act2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we arerequired to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do notaccept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our auditwork, for this report, or for the opinions we have formed.

Darina Barrett

for and on behalf of

KPMG

Chartered Accountants and Statutory Audit Firm1 Harbourmaster Place

International Financial Services Centre

Dublin 1

Ireland

20 October 2015

MGI Funds plc 30

31MGI Funds plc

MGI Funds plcMGI Emerging Markets Equity Fund

Portfolio Statementas at 30 June 2015

Nominal Fair value % ofholdings US$ Net assets

Equities (2014: 95.60%)Brazil (2014: 9.13%)Abril Educacao 20,031 81,507 0.01Aliansce Shopping Centers 17,785 83,017 0.01Ambev - ADR 1,956,982 11,937,590 1.03Banco ABC Brasil - Pref 41,588 156,638 0.01Banco Bradesco 36,720 330,745 0.03Banco Bradesco - ADR 346,101 3,170,285 0.27Banco Bradesco - Pref 118,176 1,084,218 0.09Banco Daycoval - Pref 46,244 137,702 0.01Banco do Brasil 391,590 3,060,715 0.27Banco do Estado do Rio Grande do Sul - Pref 219,838 630,555 0.05Banco Industrial e Comercial - Pref 29,300 73,099 0.01Banco Pan - Pref 129,181 65,289 0.01Banco Pine - Pref 20,745 33,324 -BB Seguridade Participacoes 136,332 1,496,562 0.13Bematech 20,200 52,607 -BM&FBovespa 611,202 2,305,977 0.20BR Malls Participacoes 91,500 428,869 0.04Brasil Brokers Participacoes 17,600 12,181 -Brasil Insurance Participacoes e Administracao 11,800 4,786 -BrasilAgro - Co Brasileira de Propriedades Agricolas 2,300 8,256 -Braskem - Pref 84,300 369,613 0.03BRF 90,300 1,909,253 0.17CCR 1,190,300 5,713,164 0.50Centrais Eletricas Brasileiras 73,400 138,936 0.01CETIP - Mercados Organizados 42,135 462,259 0.04Cia Energetica de Minas Gerais - ADR 180,900 689,229 0.06Cia Energetica de Sao Paulo - Pref 176,900 1,116,730 0.10Cia Ferro Ligas da Bahia - Ferbasa - Pref 30,700 79,853 0.01Cia Providencia Industria e Comercio 8,676 24,662 -Cia Siderurgica Nacional 82,800 137,805 0.01Cielo 677,280 9,553,956 0.83Contax Participacoes 15,000 25,689 -Cosan Industria e Comercio 14,200 114,966 0.01Cosan Logistica 14,500 10,876 -CPFL Energia 417,834 2,589,269 0.22Cyrela Brazil Realty Empreendimentos e Participacoes 187,673 598,108 0.05Direcional Engenharia 49,900 81,121 0.01Duratex 65,250 152,496 0.01EcoRodovias Infraestrutura e Logistica 490,800 1,224,472 0.11Embraer 72,100 549,152 0.05Embraer - ADR 3,194 96,746 0.01Eternit 28,600 25,963 -Eucatex Industria e Comercio - Pref 20,776 21,736 -Even Construtora e Incorporadora 140,705 149,474 0.01


Brazil (2014: 9.13%) (continued)Ez Tec Empreendimentos e Participacoes 13,273 61,870 0.01Fertilizantes Heringer 6,500 4,101 -Fibria Celulose 18,519 252,890 0.02Fleury 11,500 67,784 0.01Gafisa 280,500 215,811 0.02Gerdau 31,102 61,375 0.01Gerdau - ADR 105,472 254,188 0.02Gerdau - Pref 267,400 644,742 0.06Grendene 1,800 9,694 -Grupo BTG Pactual 12,195 112,238 0.01Guararapes Confeccoes 2,200 44,618 -Helbor Empreendimentos 57,500 37,205 -Hypermarcas 44,000 320,538 0.03Iguatemi Empresa de Shopping Centers 17,500 138,529 0.01Industrias Romi 9,500 8,410 -International Meal Alimentacao 10,900 33,299 -Iochpe-Maxion 33,300 135,070 0.01Itau Unibanco Holding 15,745 168,327 0.01Itau Unibanco Holding - ADR 270,459 2,961,526 0.26Itau Unibanco Holding - Pref 145,671 1,604,707 0.14Itausa - Investimentos Itau 1 3 -Itausa - Investimentos Itau - Pref 778,194 2,232,072 0.19JBS 893,379 4,705,022 0.41JHSF Participacoes 47,900 28,835 -Kepler Weber 2,500 21,649 -Klabin 82,169 504,960 0.04Kroton Educacional 120,700 461,989 0.04Log-in Logistica Intermodal 12,700 13,655 -LPS Brasil Consultoria de Imoveis 7,100 11,885 -Magazine Luiza 16,500 18,750 -Magnesita Refratarios 111,006 100,057 0.01Mahle-Metal Leve 9,300 64,068 0.01Marcopolo - Pref- 81,964 61,214 0.01Marfrig Global Foods 80,774 147,954 0.01Mills Estruturas e Servicos de Engenharia 24,900 54,106 -MRV Engenharia e Participacoes 224,800 565,184 0.05Parana Banco - Pref 2,341 7,348 -Paranapanema 61,606 79,328 0.01PDG Realty Empreendimentos e Participacoes 818,500 94,856 0.01Petroleo Brasileiro 261,000 1,178,802 0.10Petroleo Brasileiro - ADR - non-voting 332,338 2,711,878 0.24Petroleo Brasileiro - ADR - voting 124,522 1,126,924 0.10Petroleo Brasileiro - Pref 337,200 1,379,672 0.12Porto Seguro 121,400 1,617,937 0.14Profarma Distribuidora de Produtos Farmaceuticos 3,737 10,105 -QGEP Participacoes 59,195 129,008 0.01Randon Participacoes - Pref 54,900 56,908 -

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

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

––––––––––– –––––––Total convertible securities 47,571 -

32MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Brazil (2014: 9.13%) (continued)Rodobens Negocios Imobiliarios 7,201 12,309 -Rossi Residencial 3,700 1,525 -Rumo Logistica Operadora Multimodal 282,171 115,361 0.01Santos Brasil Participacoes 16,700 69,350 0.01Sao Carlos Empreendimentos e Participacoes 4,100 42,103 -Sao Martinho 11,400 137,619 0.01Saraiva Livreiros Editores - Pref 3,700 6,849 -SLC Agricola 36,342 202,394 0.02Souza Cruz 284,892 2,240,507 0.19Sul America 62,198 303,742 0.03Suzano Papel e Celulose - Pref 56,500 300,834 0.03Tecnisa 74,000 76,706 0.01Tereos Internacional 64,856 14,197 -TPI - Triunfo Participacoes e Investimentos 32,600 41,978 -Transmissora Alianca de Energia Eletrica 398,800 2,642,063 0.23Ultrapar Participacoes 75,032 1,586,918 0.14Usinas Siderurgicas de Minas Gerais - Pref 181,300 240,457 0.02Vale 200,509 1,180,566 0.10Vale - ADR - non-voting 680,300 3,435,515 0.30Vale - ADR - voting 109,000 642,010 0.06Vale - Pref 340,415 1,707,335 0.15

––––––––––– –––––––90,510,879 7.84

Channel Islands (2014: 0.20%)Etalon Group - GDR 40,611 75,130 0.01Randgold Resources 13,840 932,681 0.08Randgold Resources - ADR 17,369 1,162,855 0.10

––––––––––– –––––––2,170,666 0.19

Chile (2014: 1.82%)Banco de Chile 6,180,232 679,165 0.06Banco de Credito e Inversiones 1,769 77,724 0.01Banco Santander Chile - ADR 137,016 2,774,574 0.24Besalco 56,951 25,647 -Bupa Chile 56,669 46,609 -CAP 17,200 58,900 0.01Cencosud 223,070 538,901 0.05Cia Cervecerias Unidas 213,339 2,258,986 0.20Cia Sud Americana de Vapores 4,333,335 138,836 0.01Corpbanca 8,362,272 92,314 0.01Embotelladora Andina - ADR 2,420 48,255 -Embotelladora Andina - Pref 13,984 47,340 -Empresa Nacional de Telecomunicaciones 12,852 142,079 0.01Empresas AquaChile 21,329 10,239 -Empresas CMPC 257,830 700,281 0.06Empresas COPEC 27,593 293,387 0.03Empresas Hites 77,435 31,360 -Empresas Iansa 1,021,259 39,810 -Enersis - ADR 506,957 8,025,129 0.70Gasco 17,177 134,291 0.01Grupo Security 275,507 84,005 0.01Inversiones Aguas Metropolitanas 100,337 152,342 0.01Inversiones La Construccion 12,263 137,293 0.01Latam Airlines Group - ADR 127,077 894,622 0.08Masisa 605,802 18,472 -


Chile (2014: 1.82%) (continued)PAZ 101,493 57,844 0.01Ripley 493,894 204,653 0.02Salfacorp 188,736 126,900 0.01Sigdo Koppers 62,693 92,638 0.01Sociedad Matriz SAAM 2,801,569 223,502 0.02Socovesa 168,002 31,261 -Vina Concha y Toro - ADR 301 10,595 -

––––––––––– –––––––18,197,954 1.58

China (2014: 8.73%)361 Degrees International 220,000 72,080 0.01Agile Property Holdings 592,993 399,278 0.03Agricultural Bank of China 4,729,000 2,555,870 0.22Air China 2,008,000 2,274,121 0.20Alibaba Group Holding - ADR 36,030 2,964,188 0.26Angang Steel 94,723 65,368 0.01Anhui Conch Cement 31,500 110,518 0.01Anta Sports Products 792,000 1,930,823 0.17Anton Oilfield Services Group/Hong Kong 128,000 24,436 -Asia Cement China Holdings 220,500 108,934 0.01Asia Plastic Recycling Holding 63,507 37,975 -Autohome - ADR 9,608 485,588 0.04AVIC International Holdings 114,000 103,375 0.01Baidu - ADR 23,421 4,662,653 0.40Bank of China 12,144,541 7,910,937 0.69Bank of Communications 2,791,000 2,908,885 0.25Baoye Group 84,000 64,361 0.01BBMG 74,500 74,860 0.01Beijing Capital International Airport 720,538 830,902 0.07Beijing Capital Land 204,000 156,831 0.01Beijing North Star 186,000 90,450 0.01Bitauto Holdings - ADR 10,307 526,172 0.05Central China Real Estate 268,000 76,744 0.01Chaowei Power Holdings 28,000 18,239 -China Aoyuan Property Group 420,000 91,557 0.01China BlueChemical 5,916,000 2,167,215 0.19China Child Care 179,000 31,170 -China Cinda Asset Management 1,193,000 664,783 0.06China CITIC Bank 1,223,338 975,193 0.08China Coal Energy 428,431 255,869 0.02China Communications Construction 1,442,000 2,150,198 0.19China Communications Services 950,000 476,682 0.04China Construction Bank 12,271,276 11,222,546 0.97China Dongxiang Group 1,242,000 328,421 0.03China Dredging Environment Protection Holdings 154,000 31,187 -China Everbright Bank 1,126,000 672,473 0.06China Great Star International 18,263 38,394 -China Hongqiao Group 93,500 88,042 0.01China Huishan Dairy Holdings 14,001,000 3,178,536 0.28China Huiyuan Juice Group 281,500 154,320 0.01China International Marine Containers Group 54,600 139,871 0.01China ITS Holdings 295,372 49,149 -China Merchants Bank 133,166 389,919 0.03China Minsheng Banking 376,600 493,548 0.04China National Building Material 694,000 655,279 0.06China National Materials 424,000 137,823 0.01China Petroleum & Chemical 684,200 589,542 0.05China Railway Construction 323,500 497,400 0.04China Railway Group 1,206,000 1,308,274 0.11

33MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)China (2014: 8.73%) (continued)China Rare Earth Holdings 406,000 70,699 0.01China Sanjiang Fine Chemicals 126,000 43,720 -China SCE Property Holdings 416,000 99,271 0.01China Shanshui Cement Group 234,000 189,553 0.02China Shenhua Energy 100,000 228,054 0.02China Shineway Pharmaceutical Group 17,000 25,437 -China Shipping Development 62,897 47,624 -China Telecom 2,964,000 1,739,582 0.15China Vanke 190,300 468,352 0.04China Yurun Food Group 558,239 212,421 0.02China ZhengTong Auto Services Holdings 95,000 61,883 0.01China Zhongwang Holdings 653,600 336,388 0.03Chongqing Machinery & Electric 448,000 94,194 0.01Chongqing Rural Commercial Bank 641,000 516,765 0.05Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 189,000 51,684 -CIFI Holdings Group 664,695 174,907 0.02Comtec Solar Systems Group 272,000 42,804 -Country Garden Holdings 868,733 380,996 0.03Dalian Wanda Commercial Properties 39,400 316,367 0.03Daphne International Holdings 348,000 87,084 0.01Dongfeng Motor Group 1,306,000 1,748,622 0.15Dongyue Group 397,000 143,385 0.01Evergrande Real Estate Group 888,000 528,043 0.05Fantasia Holdings Group 591,000 102,152 0.01Fufeng Group 106,000 78,619 0.01Future Land Development Holdings 704,000 130,765 0.01Geely Automobile Holdings 325,000 173,975 0.02Golden Eagle Retail Group 2,591,000 3,469,127 0.30GOME Electrical Appliances Holding 12,579,903 2,791,009 0.24Great Wall Motor 288,500 1,414,115 0.12Greentown China Holdings 237,000 302,649 0.03Guangshen Railway 56,000 30,916 -Guangzhou Automobile Group 148,000 137,070 0.01Guangzhou R&F Properties 321,680 394,188 0.03Guodian Technology & Environment Group 163,000 24,600 -Harbin Electric 280,000 220,315 0.02Hengan International Group 399,000 4,737,532 0.41Hidili Industry International Development 365,000 36,723 -HNA Infrastructure Company 14,000 15,801 -Honghua Group 200,000 21,412 -Hopefluent Group Holdings 46,000 15,605 -Huaneng Renewables 462,000 185,335 0.02Huishang Bank 1,000 520 -Hydoo International Holding 6,000 1,045 -Industrial & Commercial Bank of China 8,297,000 6,581,905 0.57Intime Retail Group 135,000 179,360 0.02Jiangsu Expressway 4,258,000 5,602,234 0.49Jiangxi Copper 75,000 125,765 0.01Jingwei Textile Machinery 34,000 44,734 -Kaisa Group Holdings 978,000 196,797 0.02Kingcan Holdings 31,000 36,471 -KWG Property Holding 467,420 393,710 0.03Labixiaoxin Snacks Group 79,000 12,024 -Leoch International Technology 141,000 18,551 -Longfor Properties 266,000 422,715 0.04


China (2014: 8.73%) (continued)Lonking Holdings 678,000 132,932 0.01Maoye International Holdings 384,000 88,662 0.01Mindray Medical International - ADR 186,800 5,323,800 0.46Minth Group 8,000 17,893 -NetEase - ADR 11,000 1,593,515 0.14NVC Lighting Holding 383,000 87,938 0.01Parkson Retail Group 449,000 92,666 0.01Peak Sport Products 218,000 53,428 -People's Insurance Group of China 3,102,000 1,984,627 0.17PetroChina 558,000 621,156 0.05PICC Property & Casualty 942,000 2,143,408 0.19Ping An Insurance Group of China 89,500 1,205,255 0.10Powerlong Real Estate Holdings 362,000 80,781 0.01Qingling Motors 296,000 100,034 0.01Renhe Commercial Holdings 6,510,000 537,423 0.05Sany Heavy Equipment International Holdings 390,000 108,158 0.01Semiconductor Manufacturing International 2,987,899 327,597 0.03Shandong Chenming Paper Holdings 62,500 37,810 -Shanghai Jin Jiang International Hotels Group 158,000 69,293 0.01Shui On Land 1,286,806 363,507 0.03Sinopec Engineering Group 71,500 66,220 0.01Sinopec Shanghai Petrochemical 980,000 532,186 0.05Sinopharm Group 314,400 1,395,071 0.12Sinotrans 1,434,000 961,851 0.08SOHO China 658,500 427,247 0.04Springland International Holdings 137,000 47,537 -Sunac China Holdings 198,000 216,834 0.02Tencent Holdings 464,215 9,269,270 0.80Tiangong International 628,000 102,067 0.01Tianneng Power International 210,000 100,496 0.01Trigiant Group 62,000 19,194 -Tsingtao Brewery 104,343 633,255 0.06Vipshop Holdings - ADR 41,445 922,151 0.08Weichai Power 58,000 194,143 0.02Weiqiao Textile 146,500 102,800 0.01West China Cement 982,000 191,269 0.02Xiamen International Port 128,000 51,513 -Xingda International Holdings 317,000 92,002 0.01Xinhua Winshare Publishing and Media 45,000 53,518 -Xinjiang Xinxin Mining Industry 376,000 74,690 0.01XTEP International Holdings 129,500 47,106 -Yanzhou Coal Mining 58,000 45,562 -Youyuan International Holdings 86,900 20,737 -Yuanda China Holdings 1,080,000 83,585 0.01Yuzhou Properties 299,000 76,750 0.01Zhaojin Mining Industry 88,500 55,366 0.01Zhengzhou Coal Mining Machinery Group 21,800 15,072 -Zhong An Real Estate 418,000 54,996 -Zhongsheng Group Holdings 76,500 53,483 -Zhuzhou CSR Times Electric 396,500 2,986,837 0.26Zoomlion Heavy Industry Science and Technology 45,000 29,197 -

––––––––––– –––––––124,638,441 10.80

Colombia (2014: 0.31%)Almacenes Exito 12,118 105,909 0.01Bancolombia 7,948 81,632 0.01



(continued)

34MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Colombia (2014: 0.31%) (continued)Bancolombia - ADR 30,970 1,331,710 0.11Cementos Argos 14,593 51,925 -Constructora Conconcreto 14,236 6,298 -Corp Financiera Colombiana 3,660 51,389 -Ecopetrol 100,655 66,985 0.01Grupo Argos 39,681 259,493 0.02Grupo Argos - Pref 2,500 15,791 -Grupo de Inversiones Suramericana 37,469 533,583 0.05Grupo de Inversiones Suramericana - Pref 15,634 218,910 0.02Grupo Nutresa 20,860 183,757 0.02

––––––––––– –––––––2,907,382 0.25

Czech Republic (2014: 0.05%)CEZ 16,220 376,569 0.03Unipetrol 14,169 92,055 0.01

––––––––––– –––––––468,624 0.04

Greece (2014: 0.27%)Alpha Bank 246,224 88,338 0.01Bank of Greece 5,841 63,779 0.01Ellaktor 84,474 176,006 0.01GEK Terna Holding Real Estate Construction 43,747 87,250 0.01Hellenic Petroleum 4,913 25,619 -Intracom Holdings 36,657 17,889 -Intralot - Integrated Lottery Systems & Services 29,173 55,258 -LAMDA Development 4,225 19,065 -Marfin Investment Group Holdings 405,077 61,382 0.01Mytilineos Holdings 10,546 68,035 0.01National Bank of Greece 139,279 186,222 0.01Piraeus Bank 201,247 89,692 0.01Terna Energy 7,885 26,971 -

––––––––––– –––––––965,506 0.08

Hong Kong (2014: 6.22%)Alibaba Pictures Group 770,000 300,946 0.03AMVIG Holdings 156,000 81,496 0.01Anxin-China Holdings 1,316,000 65,354 0.01Beijing Enterprises Holdings 500,000 3,756,828 0.33Belle International Holdings 4,866,000 5,586,214 0.48Bosideng International Holdings 662,000 86,245 0.01BYD Electronic International 84,500 114,446 0.01C C Land Holdings 485,079 118,258 0.01Carrianna Group Holdings 226,000 28,860 -Chaoda Modern Agriculture Holdings 262,710 17,960 -Chigo Holding 980,000 25,408 -China Aerospace International Holdings 796,000 187,897 0.02China Agri-Industries Holdings 836,000 475,554 0.04China Everbright 56,000 193,588 0.02China Everbright International 183,000 330,000 0.03China Fiber Optic Network System Group 74,000 25,199 -China Foods 96,000 59,439 0.01China High Speed Transmission Equipment Group 346,077 298,644 0.03China Lumena New Materials 1,112,000 152,401 0.01China Merchants Holdings International 153,474 659,226 0.06


Hong Kong (2014: 6.22%) (continued)China Metal Recycling Holdings 166,800 - -China Mobile 638,000 8,180,173 0.71China Mobile - ADR 142,750 9,148,848 0.79China Ocean Resources 22,528 76,140 0.01China Oil & Gas Group 264,000 24,859 -China Overseas Grand Oceans Group 153,000 77,363 0.01China Overseas Land & Investment 632,000 2,237,767 0.19China Precious Metal Resources Holdings 1,780,000 158,425 0.01China Resources Cement Holdings 1,075,078 596,299 0.05China Resources Enterprise 436,901 1,411,712 0.12China Resources Land 500,888 1,624,928 0.14China Resources Power Holdings 2,860,000 7,931,584 0.69China Singyes Solar Technologies Holdings 37,000 47,488 -China South City Holdings 344,000 119,362 0.01China Taiping Insurance Holdings 585,600 2,103,690 0.18China Tianyi Holdings 52,000 8,451 -China Travel International Investment Hong Kong 338,000 148,671 0.01China Unicom Hong Kong 480,000 754,126 0.07China Unicom Hong Kong - ADR 19,702 309,321 0.03China Vanadium Titano - Magnetite Mining 504,000 44,858 -CIMC Enric Holdings 38,000 32,351 -CITIC 143,000 257,131 0.02CITIC Resources Holdings 510,000 140,779 0.01Citychamp Watch & Jewellery Group 650,000 101,450 0.01CNOOC 624,000 886,996 0.08CNOOC - ADR 17,468 2,479,059 0.22Concord New Energy Group 710,000 54,034 -COSCO International Holdings 238,000 151,656 0.01COSCO Pacific 595,733 806,857 0.07Coslight Technology International Group 12,000 4,860 -CPMC Holdings 65,000 43,347 -Dah Chong Hong Holdings 317,000 164,786 0.01Digital China Holdings 130,080 173,495 0.02Far East Horizon 1,043,000 984,806 0.09Fosun International 46,000 108,109 0.01Franshion Properties China 1,424,000 508,798 0.04Galaxy Entertainment Group 344,864 1,370,105 0.12GCL-Poly Energy Holdings 18,000 4,156 -Glorious Property Holdings 769,000 120,024 0.01Golden Meditech Holdings 363,435 67,506 0.01Goldlion Holdings 85,000 39,252 -Guangdong Investment 196,000 274,057 0.02Guangdong Land Holdings 238,000 64,162 0.01Hengdeli Holdings 264,000 53,123 -HKC Holdings 2,096,000 79,757 0.01Hopson Development Holdings 256,000 258,227 0.02Hua Han Bio-Pharmaceutical Holdings 326,000 60,973 0.01Huabao International Holdings 3,750,000 2,254,097 0.20Ju Teng International Holdings 334,000 161,560 0.01Kai Yuan Holdings 1,460,000 35,405 -Kingboard Chemical Holdings 254,200 440,687 0.04Kingboard Laminates Holdings 338,500 161,553 0.01Kunlun Energy 140,000 142,482 0.01Lai Fung Holdings 1,563,000 37,298 -Lee & Man Paper Manufacturing 164,168 104,609 0.01Link REIT 333,481 1,955,061 0.17Loudong General Nice Resources China Holdings 57,000 11,249 -MIE Holdings 468,000 70,026 0.01



(continued)

35MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Hong Kong (2014: 6.22%) (continued)Mingfa Group International 410,000 102,070 0.01Minmetals Land 586,000 75,588 0.01MMG 244,000 86,237 0.01New World China Land 687,330 406,056 0.04New World Department Store China 188,000 50,440 -Nine Dragons Paper Holdings 909,601 793,146 0.07North Mining Shares 770,000 34,763 -Overseas Chinese Town Asia Holdings 32,000 17,501 -Poly Property Group 787,000 378,651 0.03Pou Sheng International Holdings 701,000 81,380 0.01Power Assets Holdings 445,341 4,055,578 0.35Real Nutriceutical Group 297,000 88,879 0.01REXLot Holdings 2,218,164 125,893 0.01Rotam Global Agrosciences 15,708 22,095 -Samson Holding 316,000 41,984 -Shanghai Industrial Holdings 191,000 647,955 0.06Shanghai Industrial Urban Development Group 588,000 160,035 0.01Shenzhen International Holdings 132,889 231,408 0.02Shenzhen Investment 891,915 439,483 0.04Shimao Property Holdings 230,000 455,102 0.04Shougang Concord International Enterprises 1,882,000 131,090 0.01Shougang Fushan Resources Group 888,000 207,323 0.02Silver Grant International Industries 370,000 63,953 0.01Sino Biopharmaceutical 1,316,000 1,531,150 0.13Sino Oil And Gas Holdings 2,680,000 70,521 0.01Sino-Ocean Land Holdings 1,206,458 916,606 0.08Sinofert Holdings 886,000 203,427 0.02Sinolink Worldwide Holdings 620,000 110,364 0.01Sinotrans Shipping 487,500 119,477 0.01Sinotruk Hong Kong 285,500 171,980 0.02Skyworth Digital Holdings 214,936 191,299 0.02TCC International Holdings 361,057 108,980 0.01TCC International Holdings - Rights 180,528 3,214 -TCL Multimedia Technology Holdings 79,258 53,571 -Texhong Textile Group 30,500 27,539 -Tian An China Investment 117,000 73,648 0.01Tianjin Port Development Holdings 174,924 41,517 -Top Spring International Holdings 59,000 28,158 -TPV Technology 258,369 54,323 -Truly International Holdings 120,000 49,532 -United Energy Group 8,000 1,393 -V1 Group 1,232,000 123,954 0.01Welling Holding 106,000 22,834 -Xiwang Special Steel 274,000 42,765 -Yanchang Petroleum International 1,950,000 80,490 0.01Yingde Gases Group 57,500 39,606 -Yip's Chemical Holdings 101,155 55,845 0.01Yuexiu Property 2,657,626 579,343 0.05Zhuhai Holdings Investment Group 26,000 5,165 -

––––––––––– –––––––75,635,222 6.55

Hungary (2014: 0.06%)FHB Mortgage Bank 6,962 19,192 -MOL Hungarian Oil & Gas 5,404 276,544 0.02


Hungary (2014: 0.06%) (continued)OTP Bank 32,120 635,688 0.06

––––––––––– –––––––931,424 0.08

India (2014: 10.28%)Aarti Industries 9,500 50,722 -Aban Offshore 10,377 49,131 -ABG Shipyard 10,049 29,115 -ACC 3,144 71,540 0.01Adani Enterprises 6,096 8,702 -Adani Ports & Special Economic Zone 8,609 41,619 -Adani Power 251,423 115,091 0.01Adani Transmissions 6,096 4,517 -Aditya Birla Nuvo 17,477 490,992 0.04Advanta 1,964 14,093 -AIA Engineering 5,753 90,622 0.01Akzo Nobel India 421 8,290 -Allahabad Bank 76,017 103,377 0.01Allcargo Logistics 12,109 58,976 0.01Alok Industries 291,081 29,483 -Alstom India 4,405 49,663 -Ambuja Cements 59,214 213,684 0.02Amtek Auto 58,818 146,629 0.01Anant Raj 58,909 38,622 -Andhra Bank 103,456 110,556 0.01Apar Industries 5,128 30,278 -Apollo Tyres 87,106 232,538 0.02Arvind 30,924 130,801 0.01Arvind Infrastructure 3,092 - -Ashok Leyland 166,469 189,787 0.02Ashoka Buildcon 24,720 68,749 0.01Atul 1,837 34,473 -Axis Bank 592,850 5,194,885 0.45Bajaj Auto 195,006 7,763,493 0.67Bajaj Finance 2,731 233,645 0.02Bajaj Finserv 14,464 346,382 0.03Bajaj Hindusthan 102,504 21,650 -Bajaj Holdings & Investment 16,762 383,515 0.03Balkrishna Industries 5,302 59,448 0.01Ballarpur Industries 234,251 46,902 -Balmer Lawrie 6,802 59,817 0.01Balrampur Chini Mills 90,641 57,647 0.01Bank of Baroda 102,855 232,829 0.02Bank of India 62,693 168,350 0.01Bank of Maharashtra 89,934 50,842 -BASF India 685 12,855 -BEML 10,249 195,122 0.02BGR Energy Systems 207 342 -Bharat Electronics 3,812 201,196 0.02Bharat Heavy Electricals 118,027 457,336 0.04Bharti Airtel 335,237 2,211,838 0.19Bhushan Steel 8,076 7,140 -Biocon 9,456 68,321 0.01Birla 15,416 99,981 0.01Bombay Dyeing & Manufacturing 54,800 62,820 0.01Brigade Enterprises 11,113 26,002 -Cairn India 1,769,733 5,030,177 0.44Canara Bank 43,673 190,109 0.02Castex Technologies 55,380 205,631 0.02Ceat 6,036 62,227 0.01Century Textiles & Industries 9,366 104,161 0.01



(continued)

36MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)India (2014: 10.28%) (continued)Chambal Fertilizers & Chemicals 91,729 82,971 0.01Cholamandalam Investment and Finance 7,604 74,703 0.01Cipla 230,556 2,237,494 0.19City Union Bank 74,688 118,459 0.01Clariant Chemicals India 187 2,478 -Colgate-Palmolive India 27,868 892,975 0.08Container Of India 5,139 135,577 0.01Coromandel International 3,611 14,037 -Corp Bank 113,130 89,626 0.01Cox & Kings 17,347 63,907 0.01Crompton Greaves 57,482 146,639 0.01Cyient 6,850 61,427 0.01Dalmia Bharat 13,939 129,365 0.01DB Realty 56,733 52,875 -DCB Bank 50,397 103,121 0.01DCM Shriram 16,830 29,336 -Deepak Fertilisers & Petrochemicals 21,907 45,754 -Delta 35,837 40,801 -DEN Networks 28,290 62,995 0.01Dena Bank 47,776 33,086 -Dewan Housing Finance 13,406 88,324 0.01Dishman Pharmaceuticals & Chemicals 8,726 21,514 -DLF 174,174 318,781 0.03Dr Reddy's Laboratories - ADR 80,500 4,453,260 0.39Edelweiss Financial Services 124,152 117,952 0.01EID Parry India 36,012 79,455 0.01EIH 69,953 107,654 0.01Electrosteel Castings 53,647 15,206 -Engineers India 11,650 41,693 -Eros International Media 10,874 89,854 0.01Escorts 30,542 57,482 0.01Essar Oil 55,209 119,989 0.01Essar Ports 36,606 57,944 0.01Eveready Industries India 16,337 83,904 0.01Exide Industries 24,804 57,745 0.01FAG Bearings India 1,251 80,938 0.01Federal Bank 326,032 756,970 0.07Finolex Cables 17,849 69,611 0.01Finolex Industries 9,517 38,371 -Firstsource Solutions 131,851 61,495 0.01Fortis Healthcare 57,800 162,199 0.01Future Consumer Enterprise 234,078 50,727 -Future Retail 57,815 92,833 0.01GAIL India 76,201 469,675 0.04Gammon Infrastructure Projects 45,854 9,217 -Gateway Distriparks 19,464 104,763 0.01Gati 10,575 27,675 -GIC Housing Finance 1,079 3,671 -Godfrey Phillips India 3,565 25,640 -Godrej Industries 8,228 46,321 -Godrej Properties 9,672 37,515 -Graphite India 29,196 38,123 -Great Eastern Shipping 35,286 185,074 0.02Greaves Cotton 17,418 34,409 -Gujarat Alkalies & Chemicals 12,979 33,344 -Gujarat Fluorochemicals 9,243 92,307 0.01


India (2014: 10.28%) (continued)Gujarat Mineral Development 43,439 63,951 0.01Gujarat Narmada Valley Fertilizers & Chemicals 37,439 34,482 -Gujarat State Fertilisers & Chemicals 62,697 66,015 0.01Gujarat State Petronet 99,016 183,478 0.02Gulf Oil 6,040 13,914 -Gulf Oil Lubricants India 12,908 91,418 0.01HCL Infosystems 54,065 28,781 -HCL Technologies 142,038 2,052,280 0.18HDFC Bank 506,847 8,483,797 0.74HEG 5,225 16,279 -HeidelbergCement India 43,883 49,961 -Himachal Futuristic Communications 127,945 23,307 -Hindalco Industries 530,472 931,741 0.08Hinduja Global Solutions 5,403 41,405 -Hindustan Unilever 226,905 3,260,334 0.28Housing Development & Infrastructure 170,633 246,116 0.02Housing Development Finance 828,664 16,890,796 1.46HSIL 12,461 67,901 0.01HT Media 30,655 44,264 -ICICI Bank 378,821 1,832,237 0.16ICICI Bank - ADR 20,249 210,995 0.02IDBI Bank 163,966 156,293 0.01Idea Cellular 84,502 233,880 0.02IDFC 239,490 553,971 0.05IFCI 357,240 143,895 0.01IIFL Holdings 104,887 288,159 0.03IL&FS Transportation Networks 48,068 107,715 0.01India Cements 130,917 193,251 0.02Indiabulls Housing 26,908 262,869 0.02Indiabulls Real Estate 110,700 98,827 0.01Indian Bank 50,710 113,437 0.01Indian Hotels 82,932 119,163 0.01Indian Overseas Bank 142,526 82,700 0.01IndusInd Bank 17,433 238,663 0.02Infosys 300,206 4,655,362 0.40Infosys - ADR 624,242 9,894,236 0.86Ingersoll-Rand India 3,392 51,588 -Intellect Design Arena 43,046 69,625 0.01ITC 1,215,836 6,032,402 0.52Jagran Prakashan 19,615 36,439 -Jain Irrigation Systems 164,694 173,668 0.02Jaiprakash Associates 446,273 78,140 0.01Jammu & Kashmir Bank 152,912 241,686 0.02Jaypee Infratech 240,038 56,919 0.01JB Chemicals & Pharmaceuticals 21,757 80,974 0.01JBF Industries 8,726 34,723 -Jindal Poly Films 9,985 39,811 -Jindal Saw 90,767 83,170 0.01Jindal Steel & Power 156,601 210,383 0.02JK Cement 7,750 82,423 0.01JK Lakshmi Cement 8,243 45,241 -JK Tyre & Industries 45,545 58,183 0.01JM Financial 140,069 96,121 0.01JSW Energy 105,030 162,048 0.01JSW Holdings 777 12,942 -JSW Steel 39,258 539,428 0.05Kalpataru Power Transmission 32,280 130,783 0.01Karnataka Bank 78,717 178,992 0.02Karur Vysya Bank 28,545 217,068 0.02



(continued)

37MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)India (2014: 10.28%) (continued)KEC International/India 40,737 82,843 0.01Kesoram Industries 22,292 26,290 -Kolte-Patil Developers 17,025 54,580 -Kotak Mahindra Bank 83,603 1,806,497 0.16KPIT Technologies 22,554 32,974 -KRBL 27,702 71,474 0.01KSK Energy Ventures 25,690 15,370 -L&T Finance Holdings 271,391 280,000 0.02Lakshmi Machine Works 393 22,742 -Lakshmi Vilas Bank 34,865 50,233 -Larsen & Toubro 118,328 3,313,481 0.29LIC Housing Finance 37,969 269,027 0.02Magma Fincorp 31,807 44,828 -Mahanagar Telephone Nigam 105,162 26,423 -Maharashtra Seamless 11,365 34,552 -Mahindra & Mahindra 18,226 368,198 0.03Mahindra & Mahindra Financial Services 43,647 191,230 0.02Mahindra Lifespace Developers 7,673 51,330 -Maruti Suzuki India 3,032 191,271 0.02Max India 38,292 290,407 0.03McLeod Russel India 17,614 62,636 0.01Merck 3,086 39,001 -Metalyst Forgings 11,513 22,654 -Mindtree 3,838 76,664 0.01MOIL 23,934 92,459 0.01Mphasis 35,397 228,596 0.02MRF 138 74,103 0.01Muthoot Finance 52,680 166,073 0.01National Aluminium 180,058 113,243 0.01NCC 183,718 227,051 0.02Nestle India 6,757 674,841 0.06NIIT Technologies 16,711 102,843 0.01Nirvikara Paper Mills 589 666 -Oberoi Realty 31,058 131,928 0.01OCL India 1,797 14,053 -Omaxe 21,935 46,157 -Oracle Financial Services Software 913 54,747 -Oriental Bank of Commerce 44,804 117,498 0.01Orissa Minerals Development 733 28,777 -Parsvnath Developers 36,618 12,593 -PC Jeweller 21,834 131,645 0.01Peninsula Land 79,044 28,611 -Persistent Systems 5,576 52,472 -Petronet LNG 67,708 198,828 0.02Pfizer 1,001 31,816 -Pipavav Defence & Offshore Engineering 38,677 36,351 -Piramal Enterprises 46,880 681,704 0.06Polaris Consulting & Services 43,046 106,466 0.01Power Finance 110,056 441,918 0.04Praj Industries 21,146 31,314 -Prism Cement 42,827 73,575 0.01PTC India 126,012 136,045 0.01PTC India Financial Services 101,517 71,180 0.01Punj Lloyd 89,861 34,643 -Punjab & Sind Bank 71,807 46,796 -Puravankara Projects 27,004 33,713 -


India (2014: 10.28%) (continued)Radico Khaitan 14,477 18,494 -Rain Industries 61,917 36,170 -Rajesh Exports 46,440 240,149 0.02Ramco Cements 9,444 50,564 -Ratnamani Metals & Tubes 10,651 92,327 0.01RattanIndia Power 172,801 19,809 -Raymond 21,236 154,868 0.01Redington India 108,259 163,715 0.01REI Agro 211,612 1,994 -Reliance Capital 70,412 401,209 0.04Reliance Communications 274,598 267,138 0.02Reliance Industries 218,800 3,432,494 0.30Reliance Industries - GDR 53,029 1,651,853 0.14Reliance Power 214,320 151,114 0.01Repco Home Finance 5,801 58,620 0.01Rolta India 41,208 65,035 0.01Ruchi Soya Industries 70,065 43,185 -Rural Electrification 445,189 1,920,087 0.17Sadbhav Engineering 6,204 28,253 -SE Investments 1,213 5,562 -Shipping of India 82,647 64,957 0.01Shree Cement 306 54,684 -Shrenuj 29,652 17,787 -Shriram City Union Finance 2,571 72,027 0.01Shriram Transport Finance 17,316 231,447 0.02Simplex Infrastructures 4,950 29,177 -Sintex Industries 97,505 153,117 0.01SKF India 3,720 82,368 0.01Sobha 27,755 155,599 0.01South Indian Bank 296,962 110,288 0.01Srei Infrastructure Finance 129,182 70,900 0.01SRF 4,377 84,316 0.01State Bank of Bikaner & Jaipur 7,962 67,186 0.01State Bank of India 308,412 1,273,749 0.11State Bank of India - GDR - UK listing 31,250 1,292,188 0.11State Bank of India - GDR - US listing 3,944 163,084 0.01State Bank of Travancore 8,991 59,265 0.01Sterlite Technologies 58,165 76,360 0.01Strides Arcolab 2,650 46,192 -Sun Pharmaceutical Industries 335,034 4,605,665 0.40Sun TV Network 8,661 38,103 -Sundaram Finance 3,516 87,773 0.01Sundram Fasteners 11,270 26,883 -Syndicate Bank 62,813 96,715 0.01Tamil Nadu Newsprint & Papers 8,519 21,003 -Tata Chemicals 40,860 269,620 0.02Tata Consultancy Services 48,924 1,962,953 0.17Tata Global Beverages 207,151 429,396 0.04Tata Motors 112,353 765,193 0.07Tata Motors - ADR 129,528 4,464,830 0.39Tata Steel 106,875 514,067 0.04Techno Electric & Engineering 5,408 40,692 -Time Technoplast 21,482 17,356 -Tube Investments of India 12,259 66,945 0.01TV18 Broadcast 305,507 176,549 0.02UCO Bank 116,102 96,539 0.01Uflex 18,348 34,936 -Ultratech Cement 2,638 124,114 0.01Unichem Laboratories 11,847 34,603 -Union Bank of India 90,181 207,892 0.02



(continued)

38MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)India (2014: 10.28%) (continued)Unitech 903,608 112,809 0.01UPL 47,933 402,628 0.04Usha Martin 95,582 29,569 -Uttam Galva Steels 9,974 5,341 -VA Tech Wabag 1,670 19,333 -Vardhman Textiles 9,199 97,942 0.01Vedanta 140,691 384,978 0.03Vedanta - ADR 27,683 298,976 0.03Videocon Industries 50,527 123,778 0.01Vijaya Bank 104,465 65,619 0.01Voltas 18,279 90,419 0.01Welspun 31,856 56,854 0.01Welspun Enterprise 1,592 11,925 -Welspun India 1,665 16,734 -Westlife Development 49,388 232,670 0.02Wipro 32,093 274,791 0.02Wipro - ADR 120,600 1,443,582 0.13Wockhardt 5,014 111,807 0.01Yes Bank 12,811 169,955 0.02Zensar Technologies 2,944 30,328 -

––––––––––– –––––––141,621,210 12.27

Indonesia (2014: 3.57%)Adaro Energy 6,889,500 392,726 0.03Adhi Karya Persero 174,100 26,378 -Agung Podomoro Land 4,497,700 127,180 0.01Alam Sutera Realty 7,662,000 330,444 0.03Aneka Tambang Persero 2,628,100 134,041 0.01Astra Agro Lestari 328,200 564,950 0.05Astra International 934,900 496,112 0.04Astra Otoparts 514,400 96,456 0.01Bakrie and Brothers 26,919,500 100,954 0.01Bakrieland Development 12,684,000 47,568 -Bank Bukopin 2,232,200 110,501 0.01Bank Central Asia 3,380,079 3,422,544 0.30Bank Danamon Indonesia 730,400 235,569 0.02Bank Mandiri Persero 6,054,400 4,563,789 0.40Bank Negara Indonesia Persero 5,938,100 2,360,542 0.21Bank Pan Indonesia 1,994,900 164,590 0.02Bank Pembangunan Daerah Jawa Barat Dan Banten 1,540,800 94,765 0.01Bank Pembangunan Daerah Jawa Timur 2,196,800 78,431 0.01Bank Rakyat Indonesia Persero 7,711,500 5,986,426 0.52Bank Tabungan Negara Persero 2,783,600 248,452 0.02Bank Tabungan Pensiunan Nasional 76,500 19,652 -Bekasi Fajar Industrial Estate 1,774,700 53,244 0.01Benakat Integra 16,996,700 101,987 0.01Borneo Lumbung Energi & Metal 2,799,500 10,499 -Bumi Resources Minerals 3,750,200 25,597 -Bumi Serpong Damai 2,125,900 266,286 0.02Central Omega Resources 110,000 3,275 -Ciputra Development 1,090,600 103,477 0.01Ciputra Property 2,041,500 87,280 0.01Ciputra Surya 583,000 116,972 0.01Delta Dunia Makmur 1,622,200 9,734 -Elnusa 2,431,400 88,265 0.01


Indonesia (2014: 3.57%) (continued)Energi Mega Persada 27,279,200 114,580 0.01Erajaya Swasembada 963,900 42,655 -Eureka Prima Jakarta 1,164,800 49,361 -Exploitasi Energi Indonesia 2,806,000 14,732 -Express Transindo Utama 248,100 18,516 -Gajah Tunggal 1,324,400 84,932 0.01Garuda Indonesia Persero 2,294,546 76,585 0.01Global Mediacom 2,834,400 248,734 0.02Gudang Garam 20,300 68,669 0.01Hanson International 1,984,200 110,130 0.01Harum Energy 668,000 55,364 0.01Hexindo Adiperkasa 79,000 15,969 -Holcim Indonesia 1,028,600 115,725 0.01Indah Kiat Pulp & Paper 1,896,400 127,304 0.01Indika Energy 1,088,100 25,708 -Indo Tambangraya Megah 196,700 189,581 0.02Indocement Tunggal Prakarsa 74,800 117,116 0.01Indofood Sukses Makmur 2,545,900 1,255,525 0.11Intiland Development 4,779,700 204,345 0.02Japfa Comfeed Indonesia 2,328,229 93,426 0.01Kawasan Industri Jababeka 12,369,418 243,074 0.02Krakatau Steel Persero 1,944,600 49,736 -Lippo Cikarang 117,800 80,404 0.01Lippo Karawaci 8,346,700 738,729 0.06Malindo Feedmill 341,600 47,784 -Matahari Department Store 604,355 750,203 0.07Medco Energi Internasional 1,206,000 246,944 0.02Mitra Pinasthika Mustika 248,500 11,370 -MNC Investama 19,026,400 378,173 0.03MNC Land 655,000 70,499 0.01Modernland Realty 6,895,500 271,527 0.02Multipolar 5,076,700 237,985 0.02Nirvana Development 5,110,800 81,650 0.01Nusantara Infrastructure 6,022,200 90,339 0.01Pabrik Kertas Tjiwi Kimia 16,600 865 -Pakuwon Jati 572,700 18,471 -Pan Brothers 2,868,000 126,917 0.01Panin Financial 10,421,100 223,547 0.02Paninvest 509,000 27,679 -Perusahaan Gas Negara Persero 12,205,800 3,950,349 0.34Perusahaan Perkebunan London Sumatra Indonesia 1,918,200 223,724 0.02Ramayana Lestari Sentosa 2,376,200 122,976 0.01Salim Ivomas Pratama 3,063,600 137,871 0.01Sampoerna Agro 578,800 74,453 0.01Samudera Indonesia 10,900 6,234 -Semen Baturaja Persero 1,268,600 29,116 -Sentul City 15,924,700 114,665 0.01Sigmagold Inti Perkasa 927,200 31,225 -Sinar Mas Multiartha 500,000 183,761 0.02Sri Rejeki Isman 4,873,500 110,757 0.01Sugih Energy 4,816,100 141,602 0.01Surya Semesta Internusa 2,608,500 188,802 0.02Tambang Batubara Bukit Asam Persero 89,500 56,389 0.01Telekomunikasi Indonesia Persero 13,642,358 2,998,096 0.26Telekomunikasi Indonesia Persero - ADR 35,102 1,523,076 0.13Tempo Scan Pacific 54,000 8,101 -Tiga Pilar Sejahtera Food 963,100 135,083 0.01Timah Persero 2,318,523 123,469 0.01Tiphone Mobile Indonesia 638,900 46,483 -



(continued)

39MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Indonesia (2014: 3.57%) (continued)Tunas Baru Lampung 1,270,100 49,537 -Tunas Ridean 701,000 35,490 -Unilever Indonesia 623,025 1,845,827 0.16United Tractors 1,018,000 1,555,728 0.14Vale Indonesia 1,144,600 232,654 0.02Visi Media Asia 1,371,700 46,401 -Wintermar Offshore Marine 644,803 15,863 -XL Axiata 278,500 76,975 0.01

––––––––––– –––––––41,258,246 3.58

Kazakhstan (2014: 0.21%)KazMunaiGas Exploration Production - GDR 164,677 1,630,302 0.14

––––––––––– –––––––Korea (2014: 11.03%)Amorepacific 3,574 1,339,309 0.12Amorepacific Group 14,980 2,511,327 0.22Asia Cement 1,007 115,555 0.01ASIA Holdings 629 83,175 0.01Asia Paper Manufacturing 2,913 67,899 0.01AtlasBX 1,394 46,177 -BNK Financial Group 39,271 499,931 0.04Capro 18,272 49,143 -Celltrion 12,677 886,464 0.08Cheil Industries 1,970 313,483 0.03Chinyang Holdings 2,828 10,724 -Chosun Refractories 537 53,678 -CJ 3,432 910,728 0.08CJ E&M 1,071 75,180 0.01Coway 4,979 407,979 0.04Dae Dong Industrial 3,151 34,605 -Dae Han Flour Mills 718 144,829 0.01Dae Won Kang Up 1,320 5,580 -Daeduck Electronics 7,475 49,657 -Daeduck GDS 11,770 102,774 0.01Daegu Department Store 5,933 82,709 0.01Daehan Steel 2,350 17,781 -Daekyo 6,152 41,254 -Daelim Industrial 11,727 862,086 0.08Daewoo Engineering & Construction 10,666 59,094 0.01Daewoo International 885 20,470 -Daewoo Securities 21,451 293,270 0.03Daewoo Shipbuilding & Marine Engineering 37,765 450,289 0.04Daewoong 420 37,615 -Daishin Securities 23,910 249,721 0.02Daou Technology 4,689 116,442 0.01DGB Financial Group 72,312 758,483 0.07Dong Ah Tire & Rubber 4,015 82,247 0.01Dong-A Socio Holdings 270 49,258 -Dong-Il 125 9,346 -Dongbu Insurance 21,076 1,067,546 0.09Dongbu Securities 15,792 77,866 0.01Dongkuk Industries 23,038 76,212 0.01Dongkuk Steel Mill 30,536 143,995 0.01Dongkuk Structures & Construction 6,310 18,781 -Dongwha Pharm 3,788 30,801 -Doosan 1,293 126,350 0.01


Korea (2014: 11.03%) (continued)Doosan Engine 17,380 87,566 0.01Doosan Engineering & Construction 3,570 26,660 -Doosan Heavy Industries & Construction 22,620 486,691 0.04Doosan Infracore 24,789 217,789 0.02DY 4,213 23,833 -DY Power 4,044 37,523 -E-Mart 1,169 242,090 0.02Easy Bio 6,388 43,238 -Eugene 5,197 31,868 -Eugene Investment & Securities 34,792 109,324 0.01Global & Yuasa Battery 1,169 40,086 -GS Engineering & Construction 20,971 503,853 0.04GS Global 4,960 32,905 -GS Holdings 21,488 958,383 0.08Gwangju Shinsegae 134 38,442 -Halla 11,346 49,943 -Halla Holdings 1,303 60,626 0.01Hana Financial Group 55,076 1,434,361 0.12Handok 269 9,297 -Handsome 2,654 84,941 0.01Hanil Cement 704 107,293 0.01Hanjin Heavy Industries & Construction 41,131 179,945 0.02Hanjin Heavy Industries & Construction Holdings 10,880 81,055 0.01Hanjin Transportation 2,012 87,302 0.01Hankook Tire 3,501 131,823 0.01Hankuk Paper Manufacturing 511 15,942 -Hansol Holdings 13,946 111,148 0.01Hansol Paper 8,513 159,125 0.01Hanwha 90,032 3,809,683 0.33Hanwha Chemical 46,395 777,791 0.07Hanwha General Insurance 11,932 65,787 0.01Hanwha Investment & Securities 34,051 168,813 0.01Hanwha Life Insurance 59,696 424,393 0.04Heungkuk Fire & Marine Insurance 8,688 33,024 -Hite Jinro 3,060 62,135 0.01Hitejinro Holdings 5,007 64,189 0.01HMC Investment Securities 9,119 91,971 0.01HS R&A 552 16,924 -Humax 1,697 26,700 -Husteel 128 2,547 -Hwa Shin 9,802 51,846 -HwaSung Industrial 2,679 63,405 0.01Hyosung 6,609 853,195 0.07Hyundai 2,067 66,525 0.01Hyundai BNG Steel 2,816 29,537 -Hyundai Department Store 3,583 472,187 0.04Hyundai Development Co-Engineering & Construction 9,482 562,740 0.05Hyundai Engineering & Construction 3,900 143,525 0.01Hyundai Greenfood 2,720 51,452 -Hyundai Heavy Industries 7,661 762,357 0.07Hyundai Home Shopping Network 23 2,526 -Hyundai Hy Communications & Networks 4,078 16,050 -Hyundai Marine & Fire Insurance 6,410 169,524 0.01Hyundai Mipo Dockyard 2,722 158,130 0.01Hyundai Mobis 49,330 9,375,552 0.81Hyundai Motor 24,115 2,940,195 0.26Hyundai Motor - Pref 19,703 1,854,691 0.16Hyundai Securities 32,510 264,347 0.02



(continued)

40MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Korea (2014: 11.03%) (continued)Hyundai Steel 13,731 833,376 0.07Hyundai Wia 720 66,484 0.01Il Dong Pharmaceutical 1,480 44,050 -Iljin Electric 6,243 34,812 -Iljin Holdings 4,390 26,684 -Ilshin Spinning 742 139,360 0.01Industrial Bank of Korea 43,400 562,222 0.05Interpark Holdings 6,054 50,692 -INTOPS 544 8,608 -ISU Chemical 1,852 18,845 -Jahwa Electronics 3,120 31,887 -JB Financial Group 32,917 195,652 0.02Kangwon Land 46,513 1,542,858 0.13KB Capital 2,314 46,987 -KB Financial Group 47,715 1,578,451 0.14KB Financial Group - ADR 18,251 599,910 0.05KC Tech 2,297 24,505 -KCC 244 107,404 0.01KCC Engineering & Construction 4,483 34,483 -KG Chemical 2,639 49,328 -Kia Motors 16,413 666,555 0.06KISCO 1,382 62,196 0.01KISWIRE 3,228 163,795 0.01Kolon 1,446 96,577 0.01Kolon Industries 3,250 188,220 0.02Korea Circuit 2,023 17,955 -Korea Electric Terminal 811 67,180 0.01Korea Investment Holdings 4,253 242,876 0.02Korea Line 555 11,021 -Korea Petro Chemical 552 95,509 0.01Korean Air Lines 66,660 2,420,306 0.21Korean Reinsurance 59,660 657,867 0.06KPX Chemical 652 33,902 -KSS LINE 1,410 23,638 -KT&G 8,261 702,827 0.06KTB Investment & Securities 10,167 31,036 -Kukdo Chemical 216 13,381 -Kumho Tire 10,990 71,628 0.01Kunsul Chemical Industrial 1,080 52,284 -Kwangju Bank 10,105 69,302 0.01Kyobo Securities 4,169 43,168 -Kyungbang 94 20,899 -LF 3,879 105,369 0.01LG 5,418 300,177 0.03LG Chem 7,717 1,926,742 0.17LG Display 12,079 279,925 0.02LG Display - ADR 119,785 1,388,308 0.12LG Electronics 11,557 489,032 0.04LG Household & Health Care 1,143 793,117 0.07LG International 4,345 151,527 0.01LG Uplus 19,743 174,518 0.02LIG Insurance 21,557 557,550 0.05Lock & Lock 5,228 69,132 0.01Lotte Chemical 7,597 1,968,294 0.17Lotte Chilsung Beverage 58 138,208 0.01Lotte Confectionery 62 108,053 0.01


Korea (2014: 11.03%) (continued)Lotte Shopping 2,165 455,146 0.04LS 7,803 303,949 0.03Lumens 4,843 20,167 -Mando 1,207 134,718 0.01MegaStudy 465 16,112 -MegaStudyEdu 269 16,881 -Meritz Financial Group 4,415 62,735 0.01Meritz Fire & Marine Insurance 8,450 123,101 0.01Mirae Asset Securities 40,951 1,853,983 0.16Moorim P&P 19,260 90,132 0.01Motonic 1,054 10,111 -Namhae Chemical 5,596 59,198 0.01Namyang Dairy Products 304 190,230 0.02NCSoft 12,770 2,272,486 0.20Nexen 781 61,265 0.01NH Investment & Securities 20,497 224,182 0.02NHN Entertainment 3,474 185,621 0.02Nong Shim Holdings 879 102,443 0.01NongShim 626 163,031 0.01OCI 1,936 156,206 0.01Orion 1,023 961,140 0.08Poongsan 12,750 297,189 0.03Poongsan Holdings 2,126 83,195 0.01POSCO 5,603 1,125,171 0.10POSCO - ADR 22,076 1,083,711 0.09Pyeong Hwa Automotive 2,872 36,433 -S&T Dynamics 14,447 165,782 0.01S&T Holdings 3,491 87,475 0.01S&T Motiv 1,159 69,096 0.01Sam Young Electronics 7,511 97,637 0.01SAMHWA Paints Industrial 840 12,162 -Samsung C&T 19,403 1,151,534 0.10Samsung Card 25,052 830,987 0.07Samsung Electro-Mechanics 4,120 188,742 0.02Samsung Electronics 8,178 9,296,431 0.81Samsung Electronics - GDR 24,046 13,718,243 1.19Samsung Fine Chemicals 4,291 133,294 0.01Samsung Fire & Marine Insurance 5,506 1,451,221 0.13Samsung Heavy Industries 56,874 869,337 0.08Samsung Life Insurance 2,725 262,618 0.02Samsung SDI 6,805 677,175 0.06Samsung Securities 6,106 298,882 0.03Samsung Techwin 12,235 321,382 0.03Samyang Genex 296 55,196 0.01Samyang Holdings 2,022 422,364 0.04Samyang Tongsang 77 7,731 -SAVEZONE I&C 10,690 59,802 0.01Seah Besteel 2,437 95,147 0.01SeAH Steel 1,573 97,303 0.01Sebang 5,554 99,085 0.01Sejong Industrial 6,078 56,669 0.01Seoyeon 4,495 44,327 -Sewon Precision Industry 2,532 56,975 0.01SG 21,127 13,334 -Shin Poong Pharmaceutical 7,545 37,338 -Shinhan Financial Group 58,923 2,194,855 0.19Shinhan Financial Group - ADR 16,580 614,455 0.05Shinsegae 1,763 423,582 0.04Shinyoung Securities 2,243 113,814 0.01Silla 1,680 30,348 -



(continued)

41MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Korea (2014: 11.03%) (continued)SIMPAC 2,239 15,075 -Sindoh 1,164 66,994 0.01SK Broadband 32,686 117,651 0.01SK Chemicals 2,971 198,164 0.02SK Gas 2,525 207,351 0.02SK Holdings 6,587 1,169,238 0.10SK Hynix 96,339 3,653,359 0.32SK Innovation 11,637 1,272,772 0.11SK Networks 192,271 1,547,890 0.13SK Securities 69,530 88,202 0.01SK Telecom 8,338 1,868,753 0.16SKC 4,927 162,547 0.01SL 3,191 51,207 -Songwon Industrial 1,620 16,484 -STX Engine 1,072 8,640 -Sung Kwang Bend 4,932 52,395 -Sungshin Cement 4,468 66,893 0.01Sungwoo Hitech 18,232 155,768 0.01Taekwang Industrial 214 260,342 0.02Taewoong 5,928 87,423 0.01Taeyoung Engineering & Construction 19,350 101,481 0.01Tailim Packaging Industrial 8,685 28,186 -TK 5,790 52,945 -TK Chemical 11,649 22,819 -Tongyang Life Insurance 21,980 300,502 0.03TS 2,160 54,995 0.01Unid 651 39,511 -Woojeon & Handan 2,244 3,420 -Wooree ETI 6,934 14,173 -Woori Bank 72,214 634,450 0.06Y G-1 3,545 45,606 -YESCO 1,150 38,146 -Youlchon Chemical 3,620 40,080 -Young Poong 58 75,604 0.01

––––––––––– –––––––118,015,203 10.22

Luxembourg (2014: 0.02%)Kernel Holding 21,779 218,722 0.02Pegas Nonwovens 1,821 61,480 0.01

––––––––––– –––––––280,202 0.03

Macau (2014: 0.61%)Sands China 1,775,992 5,956,207 0.52

––––––––––– –––––––Malaysia (2014: 4.46%)Affin Holdings 275,910 197,444 0.02AirAsia 1,212,200 494,776 0.04Alam Maritim Resources 245,600 34,825 -Alliance Financial Group 123,600 143,812 0.01Allianz Malaysia 17,800 55,575 0.01Amcorp Properties 78,900 18,089 -AMMB Holdings 2,700,700 4,316,253 0.37Ann Joo Resources 30,900 7,780 -APM Automotive Holdings 31,400 39,781 -Batu Kawan 14,600 70,504 0.01Benalec Holdings 319,800 48,737 -


Malaysia (2014: 4.46%) (continued)Berjaya 1,706,700 185,462 0.02BIMB Holdings 43,300 46,364 -Boustead Holdings 121,600 133,750 0.01Boustead Plantations 35,000 12,987 -British American Tobacco Malaysia 40,697 668,755 0.06Bumi Armada Bhd 651,800 196,939 0.02Can-One 6,100 4,058 -CB Industrial Product Holding 38,800 20,567 -CIMB Group Holdings 857,546 1,243,249 0.11Coastal Contracts 101,900 74,001 0.01Crescendo 42,200 26,060 -Daiman Development 80,900 52,747 0.01DiGi.Com 870,100 1,236,082 0.11DRB-Hicom 545,300 229,798 0.02Eastern & Oriental 143,460 64,639 0.01Evergreen Fibreboard Bhd 60,400 21,611 -Felda Global Ventures Holdings Bhd 494,300 213,546 0.02Gamuda 96,500 119,442 0.01Genting 361,000 771,179 0.07Genting Malaysia 3,574,900 3,979,481 0.35Genting Plantations 21,300 55,946 0.01Glomac 274,500 58,203 0.01Goldis 19,308 11,412 -GuocoLand Malaysia 187,900 63,248 0.01Hap Seng Plantations Holdings 135,100 89,518 0.01Hiap Teck Venture 147,800 15,278 -Hock Seng LEE 50,600 24,811 -Hong Leong Bank 29,300 104,060 0.01Hong Leong Financial Group 16,800 67,503 0.01Hong Leong Industries 27,400 32,171 -Hua Yang 87,900 44,730 -Hwang Capital Malaysia 87,500 46,382 -IJM 149,250 257,914 0.02IJM Plantations 35,300 33,681 -Insas 209,900 45,618 -IOI 727,200 782,516 0.07IOI Properties Group 419,500 205,692 0.02Iris 712,400 45,316 -Jaya Tiasa Holdings 272,000 108,858 0.01JCY International 349,700 65,343 0.01K&N Kenanga Holdings 115,600 21,141 -Keck Seng Malaysia 106,500 148,756 0.01Kian JOO CAN Factory 123,900 103,442 0.01Kimlun 15,900 5,478 -KNM Group 924,780 151,965 0.01Kretam Holdings 310,000 33,687 -KSL Holdings 239,801 109,954 0.01Kulim Malaysia 216,200 143,255 0.01Kumpulan Perangsang Selangor 165,900 61,998 0.01Land & General 126,700 14,440 -Landmarks 154,700 47,152 -LBS Bina Group 122,500 51,948 0.01Lion Industries 263,500 24,443 -Magnum 156,900 110,200 0.01Mah Sing Group 168,850 73,841 0.01Malayan Banking 3,349,401 8,113,842 0.70Malayan Flour Mills 169,800 61,205 0.01Malaysia Airports Holdings 134,156 220,808 0.02Malaysia Building Society 315,658 141,389 0.01Malaysia Marine andHeavy Engineering Holdings 155,000 49,708 -



(continued)

42MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Malaysia (2014: 4.46%) (continued)Malaysian Bulk Carriers 247,700 66,964 0.01Malaysian Pacific Industries 10,700 18,887 -Malaysian Resources 848,700 265,430 0.02Matrix Concepts Holdings 24,800 20,376 -MBM Resources 110,100 101,550 0.01Media Prima 415,300 160,704 0.01Mega First 35,100 21,025 -MISC 830,400 1,699,096 0.15Mitrajaya Holdings 81,300 37,709 -MKH 111,480 62,935 0.01MMC 358,100 238,227 0.02MNRB Holdings 47,900 48,751 -MPHB Capital 77,700 35,009 -Muda Holdings 62,900 20,339 -Mudajaya Group 132,500 48,112 -Muhibbah Engineering 75,700 45,544 -Mulpha International 753,100 71,857 0.01Naim Holdings 73,700 43,950 -NCB Holdings 20,000 18,659 -Oriental Holdings 45,500 85,139 0.01OSK Holdings 327,800 184,187 0.02Paramount 21,400 11,400 -Parkson Holdings 331,700 136,267 0.01Perdana Petroleum 132,000 53,178 0.01Perisai Petroleum Teknologi 555,800 66,289 0.01Petronas Chemicals Group 514,400 861,651 0.08PJ Development Holdings 206,600 81,589 0.01PPB Group 91,900 368,282 0.03Press Metal 21,500 14,816 -Public Bank 272,595 1,352,499 0.12RHB Capital 98,023 191,474 0.02Rimbunan Sawit 356,000 48,121 -Salcon 182,400 37,466 -Sarawak Oil Palms 17,600 21,738 -Scientex 6,700 12,235 -Scomi Energy Services 55,400 5,286 -Scomi Group 31,300 1,742 -Selangor Dredging 31,600 8,040 -Selangor Properties 92,300 125,986 0.01SHL Consolidated 12,800 11,195 -Sime Darby 137,788 311,146 0.03SP Setia Group 202,704 166,547 0.02Star Publications Malaysia 52,200 34,173 -Sumatec Resources 1,028,600 51,798 0.01Sunway 267,366 243,769 0.02Sunway Construction Group 26,736 8,503 -Supermax 161,400 88,550 0.01Suria Capital Holdings 55,700 34,397 -Ta Ann Holdings 122,900 124,105 0.01TA Enterprise 734,100 132,305 0.01TA Global 891,900 74,463 0.01Taliworks 17,300 13,435 -Tan Chong Motor Holdings 37,200 29,086 -TDM 440,400 79,956 0.01Tenaga Nasional 2,984,600 9,998,766 0.87TH Heavy Engineering 100,000 5,831 -


Malaysia (2014: 4.46%) (continued)TH Plantations 186,380 77,061 0.01TIME dotCom 88,800 159,101 0.01Tropicana 294,073 78,721 0.01UEM Sunrise 610,000 157,633 0.01UMW Holdings 99,400 267,139 0.02UMW Oil & Gas 72,200 32,723 -Unisem M 138,300 85,407 0.01UOA Development 291,000 161,967 0.01VS Industry 12,500 15,306 -Wah Seong 253,623 92,764 0.01WCT Holdings 527,458 198,513 0.02WTK Holdings 128,700 35,816 -YNH Property 179,873 90,580 0.01YTL 882,000 362,338 0.03YTL Land & Development 78,400 15,377 -

––––––––––– –––––––46,506,125 4.03

Malta (2014: 0.07%)Brait 91,921 933,769 0.08

––––––––––– –––––––Mexico (2014: 7.28%)Alfa 151,008 289,877 0.03Alpek 155,882 228,002 0.02America Movil - ADR 178,952 3,813,467 0.33Arca Continental 368,517 2,096,397 0.18Axtel 545,630 169,350 0.01Banregio Grupo Financiero 31,954 186,340 0.02Bio Pappel 47,516 62,080 0.01Bolsa Mexicana de Valores 92,191 159,815 0.01Cemex 1,159,367 1,065,480 0.09Cemex - ADR 242,526 2,221,538 0.19Cia Minera Autlan 71,387 55,961 0.01Coca-Cola Femsa 20,126 160,206 0.01Consorcio ARA 610,314 234,547 0.02Controladora Comercial Mexicana 210,730 661,442 0.06Corp Actinver 40,059 40,032 -Corp GEO 192,500 1,444 -Credito Real 29,038 65,051 0.01Cydsa 4,200 7,227 -El Puerto de Liverpool 23,020 266,296 0.02Empresas ICA 380,094 295,293 0.03Empresas ICA - ADR 16,826 52,665 -Fibra Uno Administracion REIT 3,707,500 8,832,416 0.77Fomento Economico Mexicano 109,300 975,509 0.08Fomento Economico Mexicano - ADR 64,067 5,707,729 0.49Genomma Lab Internacional 557,400 555,601 0.05Gentera 1,217,600 2,168,930 0.19Gruma 252,101 3,257,576 0.28Gruma - ADR 925 47,647 -Grupo Aeromexico 197,869 316,401 0.03Grupo Aeroportuario del Centro Norte 16,607 81,751 0.01Grupo Aeroportuario del Pacifico 46,890 321,552 0.03Grupo Aeroportuario del Pacifico - ADR 39,343 2,694,602 0.23Grupo Aeroportuario del Sureste 37,503 533,720 0.05Grupo Carso 32,807 136,952 0.01Grupo Cementos de Chihuahua 30,900 88,620 0.01Grupo Comercial Chedraui 232,935 663,147 0.06Grupo Elektra 25,864 568,721 0.05Grupo Famsa 135,228 87,735 0.01Grupo Financiero Banorte 470,438 2,591,050 0.22



(continued)

43MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Mexico (2014: 7.28%) (continued)Grupo Financiero Inbursa 135,116 306,991 0.03Grupo Financiero Interacciones 30,557 186,470 0.02Grupo Financiero Santander Mexico 327,033 604,851 0.05Grupo Financiero Santander Mexico - ADR 402,200 3,680,130 0.32Grupo Gigante 62,900 164,359 0.01Grupo Herdez 53,846 137,372 0.01Grupo Industrial Maseca 6,900 9,226 -Grupo Industrial Saltillo 84,578 169,580 0.02Grupo KUO 68,150 107,715 0.01Grupo Mexico 204,315 615,784 0.05Grupo Sanborns 186,543 281,408 0.02Grupo Simec 70,341 206,666 0.02Grupo Televisa - ADR 89,838 3,487,511 0.30Industrias Bachoco 94,853 426,186 0.04Industrias Bachoco - ADR 359 19,425 -Industrias CH 103,700 392,576 0.03Industrias Penoles 91,876 1,505,732 0.13Kimberly-Clark de Mexico 1,218,900 2,640,452 0.23Maxcom Telecomunicaciones 132,078 14,647 -Megacable Holdings 144,648 606,501 0.05Mexichem 384,739 1,113,220 0.10OHL Mexico 1,082,115 1,406,898 0.12Organizacion Cultiba 80,127 100,091 0.01Organizacion Soriana 291,244 651,699 0.06Qualitas Controladora 10,190 16,892 -Rassini 12,200 49,995 -TV Azteca 978,576 235,747 0.02Vitro 41,050 123,694 0.01Wal-Mart de Mexico 2,247,424 5,498,727 0.48

––––––––––– –––––––66,522,714 5.76

Netherlands (2014: 0.20%)Global City Holdings 1,790 21,413 -VimpelCom - ADR 1,206 5,994 -Yandex 31,348 477,117 0.04

––––––––––– –––––––504,524 0.04

Pakistan (2014: Nil)Habib Bank 508,999 1,072,761 0.09

––––––––––– –––––––Panama (2014: 0.00)Avianca Holdings - Pref 33,074 42,621 -

––––––––––– –––––––Peru (2014: 0.62%)Cia de Minas Buenaventura - ADR 21,800 226,284 0.02Credicorp 38,892 5,402,877 0.47

––––––––––– –––––––5,629,161 0.49

Philippines (2014: 1.13%)ACR Mining 2,625 1,042 -Alliance Global Group 136,800 65,836 0.01Alsons Consolidated Resources 525,000 22,122 -Asia United Bank 19,580 31,700 -Atlas Consolidated Mining & Development 552,500 80,627 0.01Ayala 9,850 172,577 0.01Bank of the Philippine Islands 44,210 92,656 0.01


Philippines (2014: 1.13%) (continued)BDO Unibank 220,680 530,533 0.05Belle 1,894,600 138,660 0.01Cebu Air 92,460 174,298 0.02Century Properties Group 2,865,722 52,116 -China Banking 129,663 130,267 0.01Cosco Capital 1,552,600 268,580 0.02East West Banking 287,392 123,906 0.01EEI 246,500 53,684 -Filinvest Land 7,023,000 289,705 0.03First Philippine Holdings 174,212 313,922 0.03GT Capital Holdings 2,825 85,583 0.01Integrated Micro-Electronics 99,700 12,869 -JG Summit Holdings 136,950 217,771 0.02Lopez Holdings 1,482,400 233,423 0.02LT Group 1,019,800 314,828 0.03Megawide Construction 81,026 10,710 -Megaworld 5,167,400 545,505 0.05Melco Crown Philippines Resorts 258,600 29,364 -Metropolitan Bank & Trust 71,910 149,912 0.01Pepsi-Cola Products Philippines 564,900 61,263 0.01Petron 1,094,800 214,881 0.02Philippine Long Distance Telephone - ADR 109,200 6,803,160 0.59Philippine National Bank 248,858 380,269 0.03Phoenix Petroleum Philippines 118,400 9,138 -Puregold Price Club 100,000 82,058 0.01RFM 111,000 10,216 -Rizal Commercial Banking 238,550 212,150 0.02Robinsons Land 892,400 579,892 0.05Robinsons Retail Holdings 3,640 6,010 -San Miguel 147,300 194,375 0.02San Miguel Pure Foods 24,420 93,369 0.01Security Bank 144,448 517,373 0.04SM Investments 9,850 195,515 0.02STI Education Systems Holdings 654,000 9,428 -Top Frontier Investment Holdings 13,009 23,499 -Trans Asia Oil & Energy Development 754,000 35,953Travellers International Hotel Group 297,500 34,243 -Union Bank of the Philippines 177,309 235,940 0.02Vista Land & Lifescapes 2,864,200 403,364 0.03

––––––––––– –––––––14,244,292 1.23

Poland (2014: 1.15%)Agora 11,679 37,109 -Asseco Poland 52,836 813,564 0.07Bank Millennium 59,373 103,404 0.01Bioton 4,876 8,129 -Ciech 12,624 194,685 0.02Echo Investment 68,692 122,739 0.01Emperia Holding 2,309 41,135 -Enea 86,000 364,727 0.03Energa 189,140 1,143,621 0.10Farmacol 1,688 23,344 -Getin Holding 103,399 45,639 -Getin Noble Bank 191,564 69,782 0.01Grupa Azoty 9,314 204,587 0.02Grupa Kety 1,740 139,259 0.01Grupa Lotos 53,029 423,002 0.04Impexmetal 68,453 53,694 0.01ING Bank Slaski 1,982 66,929 0.01Jastrzebska Spolka Weglowa 10,108 31,902 -



(continued)

44MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Poland (2014: 1.15%) (continued)KGHM Polska Miedz 31,619 895,797 0.08Kopex 11,010 21,576 -LC 133,466 66,007 0.01Lubelski Wegiel Bogdanka 7,344 101,249 0.01mBank 647 70,990 0.01MCI Management 20,838 66,655 0.01Midas 59,504 9,493 -Netia 179,247 262,610 0.02Orbis 11,363 161,642 0.01Pelion 1,427 26,750 -PGE Polska Grupa Energetyczna 786,158 3,854,597 0.33Polski Koncern Naftowy Orlen 76,600 1,503,730 0.13Polskie Gornictwo Naftowe i Gazownictwo 433,026 759,917 0.07Powszechna Kasa Oszczednosci Bank Polski45,734 378,431 0.03Powszechny Zaklad Ubezpieczen 4,945 568,868 0.05Tauron Polska Energia 488,907 569,388 0.05Trakcja 9,009 20,601 -

––––––––––– –––––––13,225,552 1.15

Qatar (2014: Nil)Qatar Electricity & Water 91,916 5,755,399 0.50Qatar National Bank 66,294 3,512,012 0.30

––––––––––– –––––––9,267,411 0.80

Romania (2014: 0.16%)Societatea Nationala de Gaze Naturale ROMGAZ - GDR 176,013 1,533,073 0.13

––––––––––– –––––––Russia (2014: 3.44%)Gazprom - ADR - UK listing 825,121 4,249,373 0.37Gazprom - ADR - US listing 1,033,910 5,448,706 0.47Lukoil - ADR 53,617 2,359,416 0.20Mechel - ADR 9,561 11,760 -Mobile Telesystems - ADR 219,459 2,146,309 0.19NOVATEK - GDR 8,752 890,954 0.08Rosneft - GDR 238,638 983,189 0.09RusHydro - ADR 161,606 160,313 0.01Severstal - GDR 27,977 295,997 0.03Sistema - GDR - non-voting - UK listing 158,763 1,405,053 0.12Sistema - GDR - non-voting - US listing 16,780 148,503 0.01Surgutneftegas - ADR 202,695 1,194,887 0.10Tatneft - ADR 11,217 358,720 0.03

––––––––––– –––––––19,653,180 1.70

Singapore (2014: 0.18%)DBS Group Holdings 138,574 2,129,295 0.19

––––––––––– –––––––South Africa (2014: 5.33%)Adcock Ingram Holdings 15,341 63,764 0.01Adcorp Holdings 82,069 219,748 0.02Aeci 35,635 334,691 0.03African Bank Investments 619,730 15,828 -African Oxygen 28,080 31,648 -African Rainbow Minerals 58,410 398,118 0.03Anglo American Platinum 9,156 206,855 0.02AngloGold Ashanti - ADR 161,020 1,441,129 0.12


South Africa (2014: 5.33%) (continued)ArcelorMittal South Africa 140,496 140,638 0.01Ascendis Health 7,912 9,452 -Astral Foods 9,880 131,052 0.01Aveng 279,892 132,593 0.01Barclays Africa Group 55,967 843,718 0.07Barloworld 162,450 1,291,543 0.11Bidvest Group 123,142 3,126,297 0.27Blue Label Telecoms 288,558 192,328 0.02Business Connexion Group 150,583 79,275 0.01Capitec Bank Holdings 25,914 1,035,386 0.09Cashbuild 4,117 102,096 0.01Caxton and CTP Publishers and Printers 45,466 69,860 0.01Clover Industries 115,788 167,895 0.01Consolidated Infrastructure Group 33,802 88,475 0.01DataTec 127,465 677,349 0.06Discovery 21,943 228,636 0.02Distell Group 945 13,000 -DRDGOLD 105,812 20,399 -Eqstra Holdings 84,647 18,481 -Exxaro Resources 57,783 413,792 0.04FirstRand 548,884 2,411,196 0.21Foschini Group 248,036 3,249,179 0.28Gold Fields 100,580 322,844 0.03Gold Fields - ADR 215,832 697,137 0.06Grand Parade Investments 229,432 110,579 0.01Grindrod 286,052 316,978 0.03Group Five 84,645 198,332 0.02Growthpoint Properties REIT 299,870 653,709 0.06Harmony Gold Mining 79,741 102,421 0.01Harmony Gold Mining - ADR 157,040 210,434 0.02Holdsport 1,252 5,415 -Hudaco Industries 7,416 79,428 0.01Hulamin 117,076 58,645 0.01Hyprop Investments 32,118 320,181 0.03Illovo Sugar 100,951 122,677 0.01Impala Platinum Holdings 151,885 679,480 0.06Imperial Holdings 20,648 315,561 0.03Investec 186,110 1,679,747 0.15Invicta Holdings 7,406 42,711 -JD Group 63,024 175,815 0.01KAP Industrial Holdings 230,514 116,418 0.01Lewis Group 68,095 553,108 0.05Liberty Holdings 12,027 143,845 0.01Mediclinic International 25,279 213,141 0.02Merafe Resources 765,505 51,085 -Metair Investments 59,233 177,878 0.02MMI Holdings 461,992 1,147,582 0.10Mondi 19,033 418,600 0.04Mpact 80,178 284,638 0.02Mr Price Group 4,304 88,826 0.01MTN Group 314,929 5,935,203 0.51Murray & Roberts Holdings 273,441 289,487 0.02Nampak 45,165 125,734 0.01Naspers 55,912 8,729,232 0.76Nedbank Group 26,378 525,485 0.05Netcare 471,024 1,485,514 0.13Northam Platinum 230,203 763,566 0.07Omnia Holdings 23,424 348,376 0.03Peregrine Holdings 45,294 115,234 0.01Pick n Pay Stores 87,984 416,805 0.04



(continued)

45MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)South Africa (2014: 5.33%) (continued)Pinnacle Holdings 26,550 24,389 -Pioneer Foods 5,642 85,994 0.01PSG Group 18,638 314,709 0.03Quantum Foods Holdings 8,401 2,388 -Rand Merchant Insurance Holdings 110,984 388,333 0.03Raubex Group 81,250 135,553 0.01RCL Foods 90,031 127,951 0.01Redefine Properties REIT 696,119 585,560 0.05Remgro 166,073 3,501,862 0.30Reunert 52,269 285,509 0.02RMB Holdings 275,661 1,509,149 0.13Royal Bafokeng Platinum 48,860 187,144 0.02Sanlam 92,464 505,371 0.04Sappi 127,574 453,529 0.04Sasol 81,884 3,035,802 0.26Sasol - ADR 42,956 1,591,949 0.14Shoprite Holdings 59,558 851,337 0.07Sibanye Gold 202,977 326,429 0.03Sibanye Gold - ADR 15,131 97,595 0.01Standard Bank Group 79,511 1,049,229 0.09Stefanutti Stocks Holdings 26,097 14,083 -Steinhoff International Holdings 162,680 1,031,883 0.09Super Group 76,801 199,504 0.02Telkom SOC 483,361 2,553,846 0.22Tongaat Hulett 82,048 878,901 0.08Trencor 95,068 501,275 0.04Truworths International 506,020 3,572,813 0.31Wilson Bayly Holmes-Ovcon 21,637 176,479 0.01Woolworths Holdings 203,045 1,649,419 0.14Zeder Investments 350,499 237,656 0.02

––––––––––– –––––––71,051,913 6.16

Spain (2014: Nil)Banco Santander - ADR 6,622 46,420 -

––––––––––– –––––––Taiwan (2014: 9.92%)A-DATA Technology 40,153 54,788 -Ability Enterprise 249,000 133,964 0.01Accton Technology 297,000 141,500 0.01Acer 1,088,172 527,254 0.05Achem Technology 91,504 51,158 -Advanced International Multitech 10,000 7,049 -Advancetek Enterprise 50,000 38,244 -ALI 174,000 90,512 0.01Alpha Networks 127,000 78,412 0.01Altek 137,500 125,670 0.01Ambassador Hotel 125,000 109,790 0.01AmTRAN Technology 448,000 254,096 0.02Arcadyan Technology 60,219 56,795 0.01Ardentec 74,894 63,717 0.01Arima Communications 88,000 27,323 -Asia Cement 297,908 352,417 0.03Asia Optical 138,000 153,187 0.01Asia Vital Components 181,000 159,269 0.01Asustek Computer 455,000 4,431,363 0.38AU Optronics 2,796,000 1,236,948 0.11


Taiwan (2014: 9.92%) (continued)Audix 47,400 58,992 0.01AVY Precision Technology 19,000 36,147 -Bank of Kaohsiung 226,881 68,459 0.01BES Engineering 795,000 212,570 0.02Capital Securities 920,000 297,876 0.03Cathay Financial Holding 331,497 579,095 0.05Cathay Real Estate Development 259,000 143,122 0.01Central Reinsurance 79,000 40,838 -Champion Building Materials 86,000 21,295 -Chang Hwa Commercial Bank 824,890 473,207 0.04Charoen Pokphand Enterprise 83,000 69,941 0.01Cheng Loong 463,000 183,822 0.02Cheng Uei Precision Industry 232,000 400,771 0.03Chia Hsin Cement 299,000 116,772 0.01Chien Kuo Construction 66,000 23,209 -Chin-Poon Industrial 64,000 97,490 0.01China Airlines 3,672,000 1,564,984 0.14China Bills Finance 515,000 196,122 0.02China Chemical & Pharmaceutical 164,000 102,585 0.01China Development Financial Holding 2,681,800 1,016,936 0.09China General Plastics 150,216 53,310 -China Life Insurance/Taiwan 469,652 481,000 0.04China Man-Made Fiber 599,000 184,818 0.02China Metal Products 127,112 113,498 0.01China Motor 194,000 151,216 0.01China Petrochemical Development 1,223,000 379,332 0.03China Steel 1,219,509 974,279 0.08China Steel Structure 28,000 20,918 -China Synthetic Rubber 206,000 215,985 0.02China Wire & Cable 29,000 10,903 -Chinese Maritime Transport 71,000 67,768 0.01Chipbond Technology 61,000 131,867 0.01ChipMOS TECHNOLOGIES 20,526 27,275 -Chun Yuan Steel 234,000 79,632 0.01Chung Hsin Electric & Machinery Manufacturing 190,750 110,353 0.01Chung Hung Steel 433,000 71,150 0.01Chung Hwa Pulp 257,000 77,547 0.01Clevo 96,000 112,165 0.01CMC Magnetics 1,374,000 162,986 0.01Compal Electronics 2,296,000 1,748,724 0.15Compeq Manufacturing 546,000 322,951 0.03Concord Securities 321,000 74,802 0.01Continental Holdings 226,800 73,506 0.01Coretronic 316,500 386,720 0.03CSBC Taiwan 206,000 99,814 0.01CTBC Financial Holding 3,034,072 2,389,536 0.21Cyberlink 8,000 21,157 -CyberTAN Technology 58,000 40,979 -D-Link 339,660 142,009 0.01Danen Technology 34,000 9,554 -Darfon Electronics 144,000 78,173 0.01Dynapack International Technology 19,000 40,273 -E Ink Holdings 467,000 214,168 0.02E-Ton Solar Tech 30,000 12,591 -E.Sun Financial Holding 389,468 260,028 0.02Eastern Media International 246,701 50,452 -Elitegroup Computer Systems 178,798 181,959 0.02EnTie Commercial Bank 89,000 39,662 -Epistar 240,231 321,170 0.03



(continued)

46MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Taiwan (2014: 9.92%) (continued)Eva Airways 2,463,000 1,680,343 0.15Everest Textile 23,000 13,604 -Evergreen International Storage & Transport 298,000 147,771 0.01Evergreen Marine Taiwan 195,000 101,120 0.01Everlight Chemical Industrial 33,000 25,669 -Everlight Electronics 38,000 72,910 0.01Excelsior Medical 48,000 74,206 0.01Far Eastern Department Stores 317,277 197,948 0.02Far Eastern International Bank 1,081,297 380,239 0.03Far Eastern New Century 343,928 364,499 0.03Far EasTone Telecommunications 80,000 193,424 0.02Farglory Land Development 167,703 175,288 0.02Federal 248,724 125,755 0.01Feng Hsin Iron & Steel 87,000 111,942 0.01Feng TAY Enterprise 45,000 261,064 0.02First Financial Holding 2,478,163 1,518,005 0.13First Hotel 56,180 38,055 -First Insurance 15,000 7,146 -First Steamship 170,000 70,525 0.01Formosa Advanced Technologies 87,000 61,187 0.01Formosa Chemicals & Fibre 128,850 309,863 0.03Formosa Plastics 163,000 383,536 0.03Formosa Taffeta 288,000 305,693 0.03Formosan Rubber Group 111,000 104,508 0.01Formosan Union Chemical 84,000 36,345 -Founding Construction & Development 85,386 55,209 -Foxconn Technology 594,282 2,157,208 0.19FSP Technology 99,000 59,680 0.01Fubon Financial Holding 3,263,000 6,493,322 0.56Fulltech Fiber Glass 168,000 60,439 0.01Fwusow Industry 65,000 31,389 -G Shank Enterprise 58,229 41,519 -G Tech Optoelectronics 103,000 55,749 0.01Gemtek Technology 179,000 123,860 0.01Genesis Photonics 100,727 34,115 -Genius Electronic Optical 21,000 45,261 -Getac Technology 192,000 150,280 0.01Gigabyte Technology 307,000 311,433 0.03Gigastorage 22,000 16,186 -Gintech Energy 207,000 134,514 0.01Global Brands Manufacture 207,000 53,202 -Global Lighting Technologies 29,000 37,596 -Globalwafers 6,780 19,425 -Globe Union Industrial 135,450 57,947 0.01Gloria Material Technology 253,450 172,091 0.02Gold Circuit Electronics 82,000 33,619 -Grand Ocean Retail Group 33,000 55,616 0.01Grand Pacific Petrochemical 473,000 302,768 0.03Great China Metal Industry 27,000 26,865 -Great Wall Enterprise 76,800 54,138 -Green Energy Technology 188,000 91,397 0.01Hannstar Board 172,000 58,533 0.01HannStar Display 1,622,325 281,302 0.02HannsTouch Solution 370,000 49,766 -Hey Song 145,500 171,651 0.02Hiroca Holdings 11,728 40,671 -


Taiwan (2014: 9.92%) (continued)Hitron Technology 52,000 22,415 -Ho Tung Chemical 426,825 110,668 0.01Holy Stone Enterprise 121,000 165,885 0.01Hon Hai Precision Industry 1,988,848 6,252,516 0.54Horizon Securities 84,000 20,282 -Hsin Kuang Steel 118,000 65,397 0.01Hsing TA Cement 25,000 9,885 -HTC 25,000 58,338 0.01HUA ENG Wire & Cable 231,000 67,006 0.01Hua Nan Financial Holdings 971,805 559,061 0.05Huaku Development 42,000 91,202 0.01Huang Hsiang Construction 15,000 19,057 -Hung Poo Real Estate Development 146,000 114,038 0.01Hung Sheng Construction 130,000 78,368 0.01Hwa Fong Rubber 27,368 13,128 -I-Sheng Electric Wire & Cable 15,000 20,297 -Ichia Technologies 70,000 57,285 0.01Infortrend Technology 139,000 66,224 0.01Innolux 3,016,522 1,574,033 0.14Inotera Memories 3,103,000 2,473,992 0.21Inventec 195,000 134,932 0.01ITEQ 131,000 88,948 0.01Jess-Link Products 17,000 22,673 -Jih Sun Financial Holdings 783,414 214,551 0.02Kaulin Manufacturing 46,000 28,550 -KEE TAI Properties 183,000 107,649 0.01King Yuan Electronics 111,000 96,953 0.01King's Town Bank 236,000 204,988 0.02King's Town Construction 66,000 53,905 -Kinko Optical 17,000 9,146 -Kinpo Electronics 244,000 90,548 0.01Kinsus Interconnect Technology 261,000 715,636 0.06Kung Sing Engineering 83,000 29,052 -Kuoyang Construction 223,925 100,153 0.01Kwong Fong Industries 100,800 52,434 -L&K Engineering 31,000 20,446 -Largan Precision 18,000 2,056,426 0.18LCY Chemical 242,000 153,336 0.01Lealea Enterprise 365,434 120,214 0.01Lextar Electronics 136,000 88,376 0.01Li Peng Enterprise 291,073 95,281 0.01Lien Hwa Industrial 334,000 234,361 0.02Lingsen Precision Industries 185,000 64,156 0.01Lite-On Semiconductor 105,819 82,482 0.01Lite-On Technology 250,150 293,488 0.03Long Chen Paper 210,122 86,488 0.01Macronix International 2,056,000 397,813 0.03Masterlink Securities 428,076 139,434 0.01MediaTek 567,000 7,754,914 0.67Mega Financial Holding 4,614,004 4,157,232 0.36Meiloon Industrial 38,000 14,717 -Mercuries & Associates 213,320 123,410 0.01Mercuries Life Insurance 259,510 151,394 0.01Micro-Star International 202,000 204,262 0.02Microbio 28,000 21,235 -Mirle Automation 47,000 43,947 -Mitac Holdings 303,000 325,542 0.03Motech Industries 51,000 60,497 0.01Nan Ya Plastics 186,000 436,448 0.04Nan Ya Printed Circuit Board 80,000 105,398 0.01



(continued)

47MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Taiwan (2014: 9.92%) (continued)Nantex Industry 51,040 45,822 -Neo Solar Power 356,698 276,878 0.02Nien Hsing Textile 124,675 108,494 0.01Novatek Microelectronics 456,000 2,202,077 0.19Ocean Plastics 48,000 46,437 -OptoTech 268,000 102,494 0.01Oriental Union Chemical 119,000 92,371 0.01Pan Jit International 199,000 71,913 0.01Pan-International Industrial 190,537 91,086 0.01Pegatron 1,165,000 3,409,535 0.30Phihong Technology 27,000 9,757 -Pou Chen 107,000 152,587 0.01Powertech Technology 157,000 339,905 0.03President Chain Store 276,832 1,946,962 0.17President Securities 454,000 230,278 0.02Prince Housing & Development 417,328 157,574 0.01Qisda 884,000 343,807 0.03Quanta Computer 1,489,000 3,522,890 0.31Quanta Storage 113,000 105,659 0.01Radiant Opto-Electronics 24,000 89,063 0.01Radium Life Tech 308,685 135,561 0.01Realtek Semiconductor 74,000 189,710 0.02Rich Development 353,438 135,169 0.01Ritek 1,391,000 147,420 0.01Ruentex Development 81,000 128,111 0.01Ruentex Industries 165,000 377,546 0.03Sampo 221,000 95,980 0.01SDI 17,000 18,292 -Sheng Yu Steel 26,000 17,022 -Shih Wei Navigation 85,000 43,665 -Shihlin Electric & Engineering 148,000 184,194 0.02Shin Kong Financial Holding 1,785,867 545,232 0.05Shin Zu Shing 24,000 72,806 0.01Shining Building Business 83,600 39,152 -Shinkong Insurance 99,000 72,515 0.01Shinkong Synthetic Fibers 764,000 247,614 0.02Sigurd Microelectronics 58,000 52,446 -Silicon Integrated Systems 297,000 61,124 0.01Sincere Navigation 160,000 128,863 0.01Sino-American Silicon Products 81,000 102,384 0.01Sinon 204,000 102,150 0.01SinoPac Financial Holdings 1,298,358 574,392 0.05Sirtec International 28,000 53,542 -Solar Applied Materials Technology 201,000 150,484 0.01Solartech Energy 184,709 108,055 0.01Southeast Cement 60,000 29,364 -Sunonwealth Electric Machine Industry 20,000 11,019 -Sunplus Technology 242,000 132,943 0.01Sunrex Technology 90,000 45,796 -Syncmold Enterprise 7,000 12,841 -Synnex Technology International 122,000 180,897 0.02Systex 31,000 70,431 0.01TA Chen Stainless Pipe 144,300 74,595 0.01Ta Chong Bank 958,008 333,779 0.03Tah Hsin Industrial 22,500 17,939 -Taichung Commercial Bank 910,646 312,851 0.03


Taiwan (2014: 9.92%) (continued)Tainan Spinning 617,794 316,361 0.03Tainergy Tech 67,000 34,635 -Taishin Financial Holding 1,234,392 514,088 0.04Taisun Enterprise 55,000 21,391 -Taiwan Building Materials 733,000 236,141 0.02Taiwan Business Bank 1,543,443 475,721 0.04Taiwan Cement 161,000 203,243 0.02Taiwan Chinsan Electronic Industrial 22,000 31,658 -Taiwan Cogeneration 65,000 56,459 0.01Taiwan Cooperative Financial Holding 1,147,382 600,568 0.05Taiwan Fertilizer 308,000 509,099 0.04Taiwan Fire & Marine Insurance 87,000 63,866 0.01Taiwan Glass Industry 152,000 73,156 0.01Taiwan Hon Chuan Enterprise 47,311 92,922 0.01Taiwan Land Development 309,629 120,422 0.01Taiwan Mobile 2,099,000 7,006,984 0.61Taiwan Navigation 76,000 42,613 -Taiwan PCB Techvest 35,441 49,737 -Taiwan Prosperity Chemical 73,000 44,598 -Taiwan Pulp & Paper 100,000 34,193 -Taiwan Sakura 67,000 45,601 -Taiwan Semiconductor 61,000 59,212 0.01Taiwan Semiconductor Manufacturing 410,397 1,868,796 0.16Taiwan Semiconductor Manufacturing - ADR 975,104 22,144,612 1.92Taiwan Sogo Shin Kong SEC 39,390 51,129 -Taiwan Surface Mounting Technology 126,724 148,268 0.01Taiwan TEA 356,000 181,147 0.02Taiwan Union Technology 104,000 86,120 0.01Taiyen Biotech 70,479 54,136 -Tatung 1,244,000 278,196 0.02Teco Electric and Machinery 3,939,000 3,057,546 0.27Test-Rite International 67,000 46,035 -Thinking Electronic Industrial 12,000 16,665 -Thye Ming Industrial 25,625 29,400 -Tong Hsing Electronic Industries 17,000 47,990 -Tong Yang Industry 163,850 173,385 0.02Tong-Tai Machine & Tool 40,645 33,328 -Topco Scientific 27,047 50,843 -TPK Holding 9,000 52,067 -Transasia Airways 121,000 33,726 -Tripod Technology 174,000 310,165 0.03Tung Ho Steel Enterprise 439,000 320,843 0.03TXC 44,000 56,828 0.01TYC Brother Industrial 109,000 68,358 0.01U-Ming Marine Transport 41,000 55,677 0.01Unimicron Technology 437,000 224,488 0.02Union Bank Of Taiwan 721,353 244,312 0.02Unitech Printed Circuit Board 317,000 126,371 0.01United Integrated Services 43,000 46,478 -United Microelectronics 1,803,000 762,584 0.07Universal Cement 197,880 172,839 0.02Unizyx Holding 217,000 89,671 0.01UPC Technology 391,472 131,952 0.01USI 421,000 177,381 0.02Ve Wong 21,000 15,654 -Wafer Works 187,765 70,896 0.01Wah Lee Industrial 26,000 44,661 -Walsin Lihwa 1,236,000 308,054 0.03Walsin Technology 241,000 98,026 0.01



(continued)

48MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Taiwan (2014: 9.92%) (continued)Walton Advanced Engineering 138,000 38,017 -Wan Hai Lines 699,000 555,041 0.05Waterland Financial Holdings 933,405 262,586 0.02Wei Chuan Foods 61,000 37,860 -Weikeng Industrial 24,000 17,813 -Well Shin Technology 41,000 58,402 0.01Win Semiconductors 89,000 124,034 0.01Winbond Electronics 992,000 259,779 0.02Wintek 48,000 2,847 -Wisdom Marine Lines 107,981 133,688 0.01Wistron 905,222 686,519 0.06WPG Holdings 144,000 180,382 0.02WT Microelectronics 152,767 230,231 0.02WUS Printed Circuit 86,000 80,552 0.01Yageo 53,559 84,015 0.01Yang Ming Marine Transport 93,000 32,553 -YC 242,873 98,788 0.01YC INOX 72,000 54,255 -YFY 658,000 240,983 0.02Yieh Phui Enterprise 525,300 148,459 0.01Youngtek Electronics 23,228 43,438 -Yuanta Financial Holding 1,394,475 754,760 0.07Yulon Motor 292,000 338,803 0.03Yung Chi Paint & Varnish Manufacturing 16,000 43,041 -Zig Sheng Industrial 230,280 107,100 0.01Zinwell 60,000 64,367 0.01

––––––––––– –––––––138,130,888 11.97

Thailand (2014: 2.90%)AAPICO Hitech 23,100 9,575 -Advanced Info Service 254,065 1,805,320 0.16AJ Plast 26,600 6,143 -Amata 68,100 30,244 -Ananda Development 337,300 36,750 -Asia Aviation 505,800 65,892 0.01Asia Aviation - NVDR 471,200 61,384 0.01Bangchak Petroleum 121,200 125,594 0.01Bangkok Bank 348,495 1,841,760 0.16Bangkok Bank - NVDR 77,200 406,851 0.04Bangkok Dusit Medical Services 796,970 464,843 0.04Bangkok Expressway 80,900 94,611 0.01Bangkok Insurance 12,600 137,656 0.01Bangkok Land 4,732,800 221,398 0.02Banpu 372,700 281,383 0.03Cal-Comp Electronics Thailand 1,070,516 109,665 0.01Charoen Pokphand Foods 159,500 113,337 0.01Charoong Thai Wire & Cable 30,500 8,217 -CP ALL 1,520,405 2,081,945 0.18Delta Electronics Thailand - NVDR 321,500 861,445 0.08Eastern Water Resources Development and Management 67,200 23,278 -Esso Thailand 834,800 156,947 0.01GFPT 146,700 52,121 0.01Golden Land Property Development 169,900 34,457 -Hana Microelectronics 63,500 76,142 0.01Indorama Ventures 116,700 95,881 0.01


Thailand (2014: 2.90%) (continued)Indorama Ventures - NVDR 160,900 132,196 0.01IRPC 2,617,100 347,134 0.03Kang Yong Electric 3,300 31,656 -Kasikornbank 288,600 1,614,940 0.14Kasikornbank - NVDR 210,200 1,176,231 0.10KGI Securities Thailand 323,300 33,119 -Khon Kaen Sugar Industry 310,080 41,129 -Khonburi Sugar 71,700 20,167 -Kiatnakin Bank 207,500 216,559 0.02Krung Thai Bank 712,800 360,879 0.03Krung Thai Bank - NVDR 355,800 180,136 0.02Laguna Resorts & Hotels 25,000 20,355 -Lanna Resources 58,600 20,820 -LH Financial Group 1,283,165 71,043 0.01Loxley 248,400 26,476 -MBK 211,300 98,219 0.01MCOT 43,000 16,296 -Nation Multimedia Group 118,000 6,393 -Noble Development 92,800 37,367 -Nok Airlines 85,400 25,158 -Polyplex Thailand 221,900 65,699 0.01Precious Shipping 231,100 61,580 0.01Property Perfect 1,731,100 51,766 0.01Pruksa Real Estate 70,900 53,004 0.01PSL RTS REC (F) - Rights 115,550 15,566 -PTT 395,500 4,203,772 0.36PTT Exploration & Production 224,200 723,536 0.06PTT Global Chemical 276,700 567,319 0.05PTT Global Chemical - NVDR 224,200 459,678 0.04Quality Houses 870,217 64,927 0.01Regional Container Lines 258,100 74,124 0.01Rojana Industrial Park 118,830 26,035 -Saha-Union 66,300 74,593 0.01Sahaviriya Steel Industries 7,894,500 42,072 -Sansiri 1,627,633 86,260 0.01SC Asset 1,012,443 97,721 0.01Siam Commercial Bank 55,500 255,518 0.02Siam Future Development 226,664 39,259 -Siamgas & Petrochemicals 164,679 53,633 0.01Somboon Advance Technology 58,800 32,555 -Sri Ayudhya Capital 13,300 14,176 -Sri Trang Agro-Industry 327,000 123,924 0.01Srithai Superware 403,800 29,649 -Supalai 68,300 38,017 -SVI 49,700 6,857 -Tata Steel Thailand 1,749,800 40,409 -Thai Airways International 530,800 205,873 0.02Thai Beverage 3,035,805 1,724,761 0.15Thai Carbon Black 16,400 11,896 -Thai Oil 148,900 242,469 0.02Thai Stanley Electric 3,500 21,347 -Thai Union Frozen Products 5,013,200 3,235,711 0.28Thai Union Frozen Products - NVDR 3,062,300 1,976,526 0.17Thanachart Capital 271,500 267,276 0.02Thitikorn 79,400 23,038 -Thoresen Thai Agencies 406,070 155,092 0.01TICON Industrial Connection 90,720 37,604 -Tisco Financial Group 48,800 66,462 0.01TPI Polene 2,712,000 247,308 0.02Univentures 87,000 20,220 -



(continued)

49MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.60%) (continued)Transferable securities (2014: 95.60%) (continued)Equities (2014: 95.60%) (continued)Thailand (2014: 2.90%) (continued)Vanachai Group 76,120 25,467 -Vinythai 230,200 68,837 0.01

––––––––––– –––––––29,310,648 2.54

Turkey (2014: 2.55%)Adana Cimento Sanayii 8,701 21,436 -Akbank 500,736 1,448,564 0.13Akenerji Elektrik Uretim 61,957 21,277 -Akfen Holding 36,333 94,799 0.01Aksa Akrilik Kimya Sanayii 19,649 80,312 0.01Aksigorta 9,247 7,041 -Alarko Holding 33,655 45,476 -Albaraka Turk Katilim Bankasi 149,670 81,567 0.01Anadolu Anonim Tuerk Sigorta Sirketi 143,556 75,556 0.01Anadolu Cam Sanayii 83,353 61,916 0.01Asya Katilim Bankasi 264,199 91,715 0.01Aygaz 29,905 112,186 0.01Baticim Bati Anadolu Cimento Sanayii 17,387 44,133 -Borusan Mannesmann Boru Sanayi ve Ticaret 19,618 46,647 -Dogan Sirketler Grubu Holding 338,712 75,859 0.01Eczacibasi Yatirim Holding Ortakligi 12,738 47,215 -EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret 120,268 127,047 0.01Eregli Demir ve Celik Fabrikalari 749,156 1,213,638 0.11GSD Holding 105,016 60,760 0.01Ipek Dogal Enerji Kaynaklari ve Uretim 45,595 49,186 -Is Finansal Kiralama 152,343 45,493 -Kardemir Karabuk Demir Celik Sanayi ve Ticaret 33,039 25,775 -KOC Holding 20,267 93,808 0.01Koza Anadolu Metal Madencilik Isletmeleri 81,342 83,194 0.01Net Turizm Ticaret ve Sanayi 51,957 23,855 -Park Elektrik Uretim Madencilik Sanayi ve Ticaret 33,043 46,129 -Pinar Entegre Et ve Un Sanayi 2,261 8,195 -Sekerbank 301,260 184,422 0.02Selcuk Ecza Deposu Ticaret ve Sanayi 65,400 60,786 0.01TAV Havalimanlari Holding 213,943 1,816,799 0.16Tekfen Holding 56,852 96,982 0.01Tekstil Bankasi 85,990 66,763 0.01Tofas Turk Otomobil Fabrikasi 22,041 150,560 0.01Trakya Cam Sanayi 149,105 155,839 0.01Tupras Turkiye Petrol Rafinerileri 224,581 5,692,068 0.49Turcas Petrol 61,820 39,229 -Turk Hava Yollari 420,880 1,382,510 0.12Turk Telekomunikasyon 2,201,392 5,793,137 0.50Turkiye Garanti Bankasi 118,410 369,506 0.03Turkiye Halk Bankasi 87,752 404,531 0.03Turkiye Is Bankasi 242,043 509,564 0.04Turkiye Sinai Kalkinma Bankasi 139,434 88,480 0.01Turkiye Sise ve Cam Fabrikalari 681,214 917,948 0.08Turkiye Vakiflar Bankasi Tao 279,518 449,691 0.04Vestel Elektronik Sanayi ve Ticaret 28,762 52,607 -Yapi ve Kredi Bankasi 128,528 189,027 0.02

––––––––––– –––––––22,553,228 1.95


United Arab Emirates (2014: Nil)First Gulf Bank 1,248,598 5,167,152 0.45

––––––––––– –––––––United Kingdom (2014: 2.83%)British American Tobacco 169,731 9,176,402 0.79SABMiller 156,996 8,164,917 0.71Unilever 214,779 9,221,477 0.80

––––––––––– –––––––26,562,796 2.30

United States of America (2014: 0.76%)Southern Copper 17,300 508,793 0.05Yum! Brands 71,929 6,479,364 0.56

––––––––––– –––––––6,988,157 0.61

Total equities 1,106,263,148 95.84

Total transferable securities 1,106,310,719 95.84

Financial derivative instruments (2014: 0.00%)Warrants (2014: Nil)Hong Kong (2014: Nil)Ju Teng International Holdings 41,750 2,558 -

––––––––––– –––––––Malaysia (2014: Nil)Eastern & Oriental Bhd 69,394 4,506 -KNM Group Bhd 88,640 3,759 -

––––––––––– –––––––8,265 -

Thailand (2014: Nil)Thoresen Thai Agencies 11,200 743 -

––––––––––– –––––––

Total warrants 11,566 -



(continued)

50MGI Funds plc

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

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

––––––––––– –––––––Unrealised gain on open forward foreign currency contracts 2,039,450 0.18

Total return swaps (2014: Nil)

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

TRY 3* 73,308 MSCI Turkey 16/09/2015 348 -Index

––––––––––– –––––––Total return swaps at positive fair value 348 -

Futures contracts (2014: 0.00%)No. of

Maturity contracts Unrealised % ofdate Currency long/(short) gain US$ Net assets

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

––––––––––– –––––––Unrealised gain on futures contracts 276,751 0.02

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

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



(continued)

51MGI Funds plc

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

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

––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (1,802,847) (0.15)


Maturity contracts Unrealised % ofdate Currency long/(short) loss US$ Net assets

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

––––––––––– –––––––Unrealised loss on futures contracts (798,112) (0.07)

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

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

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



(continued)

52MGI Funds plc



(continued)

Fair Value % ofUS$ Net assets

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

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

Net current assets (2014: 0.74%) 5,208,690 0.45 –-––––––––––– –––––––

Total net assets attributable to holders of redeemable participating shares 1,154,339,754 100.00–-––––––––––– ––––––––-––––––––––– –––––––

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

Financial assets at fair value through profit or lossTransferable securitiesEquitiesBritish Virgin Islands 0.10%Cayman Islands 0.01%

Total assets comprised as follows:

% oftotal assets

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

–––––––100.00

––––––––––––––

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

Reference Counterparty1* Barclays Bank2* Citibank3* Goldman Sachs4* JP Morgan5* Merrill Lynch

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

53MGI Funds plc

MGI Funds plcMGI Euro Bond Fund


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

Financial assets at fair value through profit or loss (2014: 98.36%)Transferable securities (2014: 82.79%)Government bonds (2014: 82.79%)Austria (2014: 3.27%)Austria (Government of) 4.00 15/09/2016 EUR 30,000 31,509 0.10Austria (Government of) 3.20 20/02/2017 EUR 50,000 52,763 0.17Austria (Government of) 4.30 15/09/2017 EUR 50,000 54,895 0.18Austria (Government of) 4.65 15/01/2018 EUR 70,000 78,499 0.26Austria (Government of) 4.35 15/03/2019 EUR 70,000 81,134 0.27Austria (Government of) 1.95 18/06/2019 EUR 50,000 53,695 0.18Austria (Government of) 3.90 15/07/2020 EUR 80,000 94,565 0.31Austria (Government of) 3.50 15/09/2021 EUR 110,000 130,424 0.43Austria (Government of) 3.40 22/11/2022 EUR 80,000 95,587 0.31Austria (Government of) 4.85 15/03/2026 EUR 110,000 150,820 0.49Austria (Government of) 4.15 15/03/2037 EUR 55,000 79,761 0.26Austria (Government of) 3.15 20/06/2044 EUR 40,000 52,139 0.17Austria (Government of) 3.80 26/01/2062 EUR 20,000 31,787 0.10

––––––––––– –––––––987,578 3.23

Belgium (2014: 5.26%)Belgium (Government of) 3.25 28/09/2016 EUR 50,000 52,129 0.17Belgium (Government of) 4.00 28/03/2017 EUR 50,000 53,641 0.17Belgium (Government of) 3.50 28/06/2017 EUR 70,000 75,085 0.24Belgium (Government of) 5.50 28/09/2017 EUR 40,000 45,062 0.15Belgium (Government of) 4.00 28/03/2018 EUR 50,000 55,602 0.18Belgium (Government of) 1.25 22/06/2018 EUR 70,000 72,647 0.24Belgium (Government of) 4.00 28/03/2019 EUR 70,000 80,235 0.26Belgium (Government of) 3.00 28/09/2019 EUR 70,000 78,336 0.26Belgium (Government of) 3.75 28/09/2020 EUR 65,000 76,529 0.25Belgium (Government of) 4.25 28/09/2021 EUR 50,000 61,425 0.20Belgium (Government of) 4.00 28/03/2022 EUR 55,000 67,247 0.22Belgium (Government of) 4.25 28/09/2022 EUR 90,000 112,333 0.37Belgium (Government of) 2.25 22/06/2023 EUR 70,000 77,306 0.25Belgium (Government of) 2.60 22/06/2024 EUR 70,000 79,254 0.26Belgium (Government of) 0.80 22/06/2025 EUR 60,000 57,694 0.19Belgium (Government of) 4.50 28/03/2026 EUR 40,000 52,984 0.17Belgium (Government of) 5.50 28/03/2028 EUR 90,000 131,798 0.43Belgium (Government of) 1.00 22/06/2031 EUR 20,000 17,850 0.06Belgium (Government of) 4.00 28/03/2032 EUR 20,000 26,515 0.09Belgium (Government of) 3.00 22/06/2034 EUR 20,000 23,703 0.08Belgium (Government of) 5.00 28/03/2035 EUR 120,000 181,954 0.59Belgium (Government of) 4.25 28/03/2041 EUR 65,000 94,142 0.31Belgium (Government of) 3.75 22/06/2045 EUR 20,000 27,112 0.09

––––––––––– –––––––1,600,583 5.23

Finland (2014: 1.27%)Finland (Government of) 3.88 15/09/2017 EUR 70,000 76,283 0.25Finland (Government of) 3.38 15/04/2020 EUR 30,000 34,493 0.11Finland (Government of) 3.50 15/04/2021 EUR 70,000 82,463 0.27Finland (Government of) 1.63 15/09/2022 EUR 30,000 32,047 0.11Finland (Government of) 4.00 04/07/2025 EUR 50,000 64,178 0.21Finland (Government of) 2.75 04/07/2028 EUR 40,000 46,886 0.15Finland (Government of) 2.63 04/07/2042 EUR 20,000 24,392 0.08

––––––––––– –––––––360,742 1.18

France (2014: 19.82%)France (Government of) 2.50 25/07/2016 EUR 110,000 113,138 0.37France (Government of) 5.00 25/10/2016 EUR 100,000 106,823 0.35France (Government of) 0.25 25/11/2016 EUR 70,000 70,421 0.23France (Government of) 1.75 25/02/2017 EUR 150,000 154,759 0.51France (Government of) 3.75 25/04/2017 EUR 200,000 214,261 0.70

54MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.36%) (continued)Transferable securities (2014: 82.79%) (continued)Government bonds (2014: 82.79%) (continued)France (2014: 19.82%) (continued)France (Government of) 1.00 25/07/2017 EUR 110,000 112,628 0.37France (Government of) 4.25 25/10/2017 EUR 160,000 176,247 0.58France (Government of) - 25/02/2018 EUR 70,000 70,132 0.23France (Government of) 4.00 25/04/2018 EUR 130,000 144,860 0.47France (Government of) 1.00 25/05/2018 EUR 110,000 113,347 0.37France (Government of) 4.25 25/10/2018 EUR 120,000 136,901 0.45France (Government of) 4.25 25/04/2019 EUR 170,000 196,931 0.64France (Government of) 1.00 25/05/2019 EUR 70,000 72,388 0.24France (Government of) 8.50 25/10/2019 EUR 70,000 95,103 0.31France (Government of) 3.75 25/10/2019 EUR 170,000 196,026 0.64France (Government of) 0.50 25/11/2019 EUR 120,000 121,470 0.40France (Government of) 3.50 25/04/2020 EUR 180,000 207,599 0.68France (Government of) - 25/05/2020 EUR 70,000 68,889 0.23France (Government of) 2.50 25/10/2020 EUR 170,000 188,972 0.62France (Government of) 3.75 25/04/2021 EUR 160,000 190,233 0.62France (Government of) 3.25 25/10/2021 EUR 160,000 186,838 0.61France (Government of) 3.00 25/04/2022 EUR 180,000 208,346 0.68France (Government of) 2.25 25/10/2022 EUR 130,000 144,023 0.47France (Government of) 8.50 25/04/2023 EUR 60,000 95,288 0.31France (Government of) 1.75 25/05/2023 EUR 110,000 117,640 0.38France (Government of) 4.25 25/10/2023 EUR 160,000 203,048 0.66France (Government of) 2.25 25/05/2024 EUR 150,000 165,808 0.54France (Government of) 1.75 25/11/2024 EUR 140,000 148,169 0.48France (Government of) 0.50 25/05/2025 EUR 70,000 65,535 0.21France (Government of) 6.00 25/10/2025 EUR 100,000 146,885 0.48France (Government of) 3.50 25/04/2026 EUR 150,000 183,193 0.60France (Government of) 2.75 25/10/2027 EUR 180,000 205,513 0.67France (Government of) 5.50 25/04/2029 EUR 120,000 178,414 0.58France (Government of) 2.50 25/05/2030 EUR 120,000 132,774 0.43France (Government of) 5.75 25/10/2032 EUR 130,000 207,395 0.68France (Government of) 4.75 25/04/2035 EUR 90,000 132,398 0.43France (Government of) 4.00 25/10/2038 EUR 120,000 164,093 0.54France (Government of) 4.50 25/04/2041 EUR 100,000 148,464 0.49France (Government of) 3.25 25/05/2045 EUR 30,000 36,915 0.12France (Government of) 4.00 25/04/2055 EUR 130,000 188,359 0.62France (Government of) 4.00 25/04/2060 EUR 30,000 44,028 0.14France (Government of) 1.00 25/11/2018 EUR 70,000 72,346 0.24

––––––––––– –––––––5,926,600 19.37

Germany (2014: 16.24%)Bundesrepublik Deutschland 0.25 10/06/2016 EUR 60,000 60,301 0.20Bundesrepublik Deutschland 4.00 04/07/2016 EUR 110,000 114,735 0.38Bundesrepublik Deutschland - 16/09/2016 EUR 70,000 70,228 0.23Bundesrepublik Deutschland 1.25 14/10/2016 EUR 100,000 101,949 0.33Bundesrepublik Deutschland - 16/12/2016 EUR 40,000 40,152 0.13Bundesrepublik Deutschland 3.75 04/01/2017 EUR 150,000 159,131 0.52Bundesrepublik Deutschland 0.75 24/02/2017 EUR 30,000 30,495 0.10Bundesrepublik Deutschland - 10/03/2017 EUR 70,000 70,285 0.23Bundesrepublik Deutschland 0.50 07/04/2017 EUR 80,000 81,061 0.26Bundesrepublik Deutschland 4.25 04/07/2017 EUR 90,000 98,115 0.32Bundesrepublik Deutschland 0.50 13/10/2017 EUR 70,000 71,170 0.23Bundesrepublik Deutschland 4.00 04/01/2018 EUR 100,000 110,587 0.36Bundesrepublik Deutschland 0.50 23/02/2018 EUR 70,000 71,300 0.23Bundesrepublik Deutschland 0.25 13/04/2018 EUR 90,000 91,133 0.30Bundesrepublik Deutschland 4.25 04/07/2018 EUR 110,000 124,664 0.41Bundesrepublik Deutschland 1.00 12/10/2018 EUR 70,000 72,645 0.24Bundesrepublik Deutschland 3.75 04/01/2019 EUR 100,000 113,528 0.37

55MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.36%) (continued)Transferable securities (2014: 82.79%) (continued)Government bonds (2014: 82.79%) (continued)Germany (2014: 16.24%) (continued)Bundesrepublik Deutschland 1.00 22/02/2019 EUR 100,000 103,973 0.34Bundesrepublik Deutschland 3.50 04/07/2019 EUR 110,000 125,615 0.41Bundesrepublik Deutschland 3.25 04/01/2020 EUR 120,000 137,387 0.45Bundesrepublik Deutschland 3.00 04/07/2020 EUR 120,000 137,276 0.45Bundesrepublik Deutschland 2.25 04/09/2020 EUR 70,000 77,637 0.25Bundesrepublik Deutschland 2.50 04/01/2021 EUR 70,000 78,898 0.26Bundesrepublik Deutschland 3.25 04/07/2021 EUR 160,000 188,768 0.62Bundesrepublik Deutschland 2.25 04/09/2021 EUR 60,000 67,276 0.22Bundesrepublik Deutschland 2.00 04/01/2022 EUR 70,000 77,589 0.25Bundesrepublik Deutschland 1.75 04/07/2022 EUR 140,000 153,177 0.50Bundesrepublik Deutschland 1.50 04/09/2022 EUR 70,000 75,343 0.25Bundesrepublik Deutschland 1.50 15/02/2023 EUR 110,000 118,309 0.39Bundesrepublik Deutschland 1.50 15/05/2023 EUR 130,000 139,804 0.46Bundesrepublik Deutschland 6.25 04/01/2024 EUR 110,000 161,787 0.53Bundesrepublik Deutschland 1.50 15/05/2024 EUR 90,000 96,436 0.32Bundesrepublik Deutschland 1.00 15/08/2024 EUR 90,000 92,258 0.30Bundesrepublik Deutschland 0.50 15/02/2025 EUR 70,000 68,249 0.22Bundesrepublik Deutschland 6.50 04/07/2027 EUR 100,000 162,501 0.53Bundesrepublik Deutschland 5.63 04/01/2028 EUR 70,000 107,733 0.35Bundesrepublik Deutschland 4.75 04/07/2028 EUR 80,000 115,665 0.38Bundesrepublik Deutschland 6.25 04/01/2030 EUR 80,000 134,279 0.44Bundesrepublik Deutschland 5.50 04/01/2031 EUR 90,000 143,669 0.47Bundesrepublik Deutschland 4.75 04/07/2034 EUR 90,000 140,033 0.46Bundesrepublik Deutschland 4.00 04/01/2037 EUR 120,000 175,473 0.57Bundesrepublik Deutschland 4.25 04/07/2039 EUR 70,000 108,464 0.35Bundesrepublik Deutschland 4.75 04/07/2040 EUR 30,000 50,099 0.16Bundesrepublik Deutschland 3.25 04/07/2042 EUR 120,000 165,114 0.54Bundesrepublik Deutschland 2.50 04/07/2044 EUR 50,000 60,997 0.20

––––––––––– –––––––4,745,288 15.51

Ireland (2014: Nil)Ireland (Government of) 5.50 18/10/2017 EUR 80,000 89,841 0.29Ireland (Government of) 4.40 18/06/2019 EUR 70,000 81,122 0.27Ireland (Government of) 4.50 18/04/2020 EUR 60,000 70,944 0.23Ireland (Government of) 5.00 18/10/2020 EUR 50,000 61,075 0.20Ireland (Government of) 3.90 20/03/2023 EUR 60,000 71,557 0.23Ireland (Government of) 5.40 13/03/2025 EUR 50,000 66,742 0.22Ireland (Government of) 2.00 18/02/2045 EUR 50,000 43,898 0.14

––––––––––– –––––––485,179 1.58

Italy (2014: 20.55%)Italy Buoni Poliennali Del Tesoro 3.75 01/08/2016 EUR 90,000 93,411 0.30Italy Buoni Poliennali Del Tesoro - 30/08/2016 EUR 80,000 79,740 0.26Italy Buoni Poliennali Del Tesoro 4.75 15/09/2016 EUR 200,000 210,708 0.69Italy Buoni Poliennali Del Tesoro 2.75 15/11/2016 EUR 40,000 41,335 0.13Italy Buoni Poliennali Del Tesoro 1.50 15/12/2016 EUR 50,000 50,837 0.17Italy Buoni Poliennali Del Tesoro 4.00 01/02/2017 EUR 170,000 179,703 0.59Italy Buoni Poliennali Del Tesoro 4.75 01/05/2017 EUR 80,000 86,313 0.28Italy Buoni Poliennali Del Tesoro 4.75 01/06/2017 EUR 70,000 75,759 0.25Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 155,000 170,468 0.56Italy Buoni Poliennali Del Tesoro 3.50 01/11/2017 EUR 100,000 106,880 0.35Italy Buoni Poliennali Del Tesoro 4.50 01/02/2018 EUR 120,000 131,995 0.43Italy Buoni Poliennali Del Tesoro 3.50 01/06/2018 EUR 100,000 108,234 0.35Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 110,000 122,811 0.40Italy Buoni Poliennali Del Tesoro 4.25 01/02/2019 EUR 100,000 112,024 0.36Italy Buoni Poliennali Del Tesoro 4.50 01/03/2019 EUR 245,000 277,260 0.90Italy Buoni Poliennali Del Tesoro 4.25 01/09/2019 EUR 210,000 237,856 0.78

56MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.36%) (continued)Transferable securities (2014: 82.79%) (continued)Government bonds (2014: 82.79%) (continued)Italy (2014: 20.55%) (continued)Italy Buoni Poliennali Del Tesoro 4.50 01/02/2020 EUR 100,000 115,156 0.38Italy Buoni Poliennali Del Tesoro 4.25 01/03/2020 EUR 240,000 273,871 0.89Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 70,000 79,492 0.26Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 100,000 112,636 0.37Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 220,000 247,689 0.81Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 100,000 118,400 0.39Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 140,000 168,924 0.55Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 145,000 179,859 0.59Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 120,000 149,024 0.49Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 30,000 35,452 0.11Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 170,000 203,953 0.67Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 70,000 106,166 0.35Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 130,000 153,406 0.50Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 130,000 145,766 0.48Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 130,000 159,363 0.52Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 100,000 119,027 0.39Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 200,000 278,739 0.91Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 70,000 85,578 0.28Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 110,000 141,280 0.46Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 100,000 109,076 0.36Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 140,000 194,640 0.63Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 120,000 164,866 0.54Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 100,000 127,789 0.42Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 100,000 112,245 0.37Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 140,000 180,143 0.59Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 50,000 64,279 0.21Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 130,000 164,018 0.53

––––––––––– –––––––6,076,171 19.85

Luxembourg (2014: 0.07%)Luxembourg (Government of) 3.38 18/05/2020 EUR 20,000 23,084 0.07

––––––––––– –––––––Netherlands (2014: 5.22%)Netherlands (Kingdom of) 4.00 15/07/2016 EUR 70,000 73,071 0.24Netherlands (Kingdom of) 2.50 15/01/2017 EUR 100,000 104,180 0.34Netherlands (Kingdom of) 0.50 15/04/2017 EUR 50,000 50,627 0.17Netherlands (Kingdom of) 4.50 15/07/2017 EUR 80,000 87,669 0.29Netherlands (Kingdom of) 1.25 15/01/2018 EUR 40,000 41,414 0.14Netherlands (Kingdom of) - 15/04/2018 EUR 50,000 50,121 0.16Netherlands (Kingdom of) 4.00 15/07/2018 EUR 90,000 101,121 0.33Netherlands (Kingdom of) 1.25 15/01/2019 EUR 80,000 83,547 0.27Netherlands (Kingdom of) 4.00 15/07/2019 EUR 100,000 115,868 0.38Netherlands (Kingdom of) 0.25 15/01/2020 EUR 20,000 20,087 0.07Netherlands (Kingdom of) 3.50 15/07/2020 EUR 30,000 34,894 0.11Netherlands (Kingdom of) 3.25 15/07/2021 EUR 110,000 128,608 0.42Netherlands (Kingdom of) 2.25 15/07/2022 EUR 20,000 22,296 0.07Netherlands (Kingdom of) 3.75 15/01/2023 EUR 80,000 98,219 0.32Netherlands (Kingdom of) 1.75 15/07/2023 EUR 80,000 86,151 0.28Netherlands (Kingdom of) 2.00 15/07/2024 EUR 70,000 76,717 0.25Netherlands (Kingdom of) 0.25 15/07/2025 EUR 30,000 27,752 0.09Netherlands (Kingdom of) 5.50 15/01/2028 EUR 75,000 112,127 0.37Netherlands (Kingdom of) 2.50 15/01/2033 EUR 40,000 46,297 0.15Netherlands (Kingdom of) 4.00 15/01/2037 EUR 50,000 72,454 0.24Netherlands (Kingdom of) 3.75 15/01/2042 EUR 95,000 138,914 0.45Netherlands (Kingdom of) 2.75 15/01/2047 EUR 20,000 24,990 0.08

––––––––––– –––––––1,597,124 5.22

57MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.36%) (continued)Transferable securities (2014: 82.79%) (continued)Government bonds (2014: 82.79%) (continued)Slovakia (2014: 0.46%)Slovakia (Government of) 4.20 04/04/2017 EUR 33,194 35,727 0.12Slovakia (Government of) 4.35 14/10/2025 EUR 70,000 90,000 0.29

––––––––––– –––––––125,727 0.41

Slovenia (2014: 0.22%)Slovenia (Government of) 4.13 26/01/2020 EUR 45,000 50,895 0.17

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

––––––––––– –––––––3,223,192 10.53

Total government bonds 25,202,163 82.35

Total transferable securities 25,202,163 82.35

58MGI Funds plc



(continued)

Nominal Fair value % ofholdings € Net assets

Collective investment schemes (2014: 15.57%)IrelandPIMCO Euro Credit Fund - Accumulation 335,181 4,886,945 15.97

––––––––––– –––––––Total collective investment schemes 4,886,945 15.97

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

Cash (2014: 0.55%) 83,572 0.28

Net current assets (2014: 1.09%) 429,713 1.40––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares 30,602,393 100.00––––––––––– –––––––––––––––––– –––––––

Total assets comprised as follows:% of

total assetsTransferable securities admitted to an official stock exchange listing or traded on regulated market 82.22Collective investment schemes 15.94Other current assets 1.84

–––––––100.00

––––––––––––––


59MGI Funds plc

MGI Funds plcMGI Euro Cash Fund


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

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

––––––––––– –––––––Total deposits with credit institutions 252,637,901 98.25

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

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



Total assets comprised as follows: % oftotal assets

Deposits with credit institutions 98.14Other current assets 1.86

–––––––100.00

––––––––––––––


*Negative coupon rates charged by certain institutions are driven by current market conditions.

60MGI Funds plc

MGI Funds plcMGI Eurozone Equity Fund



Financial assets at fair value through profit or loss (2014: 98.02%)Transferable securities (2014: 98.02%)Equities (2014: 98.02%)Austria (2014: 0.39%)Immofinanz 236,519 - -OMV 10,715 264,446 0.23Telekom Austria 62,181 369,106 0.31Voestalpine 6,650 248,245 0.21Zumtobel Group 22,769 606,908 0.52

––––––––––– –––––––1,488,705 1.27

Belgium (2014: 6.45%)Ageas 15,279 527,966 0.45Anheuser-Busch InBev 27,022 2,904,865 2.49Barco 8,476 487,200 0.42Colruyt 12,549 504,031 0.43Financiere de Tubize 3,511 189,734 0.16KBC Groep 12,309 737,801 0.63Ontex Group 20,928 563,382 0.48UCB 14,340 923,353 0.79

––––––––––– –––––––6,838,332 5.85

Finland (2014: 1.97%)Fortum 16,534 263,552 0.23Neste Oil 11,709 267,668 0.23Nokia 340,561 2,074,017 1.77Outokumpu 96,904 437,812 0.37Stora Enso 30,294 280,068 0.24UPM-Kymmene 17,428 276,582 0.24

––––––––––– –––––––3,599,699 3.08

France (2014: 25.48%)Alcatel-Lucent 124,532 406,971 0.35Alten 15,475 644,766 0.55Arkema 9,611 621,159 0.53AtoS 9,417 630,751 0.54AXA 73,340 1,659,684 1.42BNP Paribas 11,492 622,292 0.53Casino Guichard Perrachon 8,669 589,059 0.50Cie Generale des Etablissements Michelin 6,588 619,206 0.53CNP Assurances 42,902 642,672 0.55Credit Agricole 59,663 795,904 0.68Danone 7,759 449,944 0.39Dassault Aviation 431 495,887 0.42Eiffage 9,324 465,268 0.40Essilor International 7,850 839,950 0.72Faurecia 14,791 545,640 0.47GameLoft 85,046 326,577 0.28Groupe Eurotunnel 72,002 935,306 0.80Havas 65,561 490,396 0.42Iliad 1,901 378,014 0.32Ingenico 3,330 350,649 0.30Klepierre REIT 11,851 467,581 0.40Legrand 19,344 974,164 0.83Metropole Television 35,839 624,674 0.54Nexity 10,089 355,133 0.30Orange 45,893 633,782 0.54Pernod Ricard 5,863 607,407 0.52Peugeot 31,282 576,996 0.49Plastic Omnium 25,538 583,671 0.50


France (2014: 25.48%) (continued)Renault 24,249 2,265,342 1.94Sanofi 15,308 1,350,778 1.16Societe Generale 17,467 731,343 0.63Societe Television Francaise 1 34,270 530,157 0.45Sodexo 9,889 842,345 0.72Technip 10,605 588,790 0.50Thales 22,559 1,221,795 1.05Total 14,257 621,177 0.53UBISOFT Entertainment 20,623 329,555 0.28Valeo 14,965 2,115,303 1.81Vinci 11,966 620,796 0.53Zodiac Aerospace 18,314 534,769 0.46

––––––––––– –––––––29,085,653 24.88

Germany (2014: 28.82%)Adidas 14,810 1,016,707 0.87Allianz 5,762 804,951 0.69Aurubis 14,851 782,648 0.67BASF 10,009 788,909 0.67Bayer 23,676 2,972,522 2.54Bayerische Motoren Werke 8,320 816,858 0.70Beiersdorf 4,406 331,067 0.28Cellnex Telecom 20,747 314,836 0.27Commerzbank 70,047 803,089 0.69Continental 6,149 1,305,125 1.12Daimler 24,526 2,002,303 1.71Deutsche Bank 20,591 554,927 0.47Deutsche Boerse 12,488 927,234 0.79Deutsche Telekom 104,901 1,620,720 1.39DO Deutsche Office 92,726 395,013 0.34Duerr 8,236 688,200 0.59Evonik Industries 24,395 834,919 0.71Fresenius 19,646 1,130,627 0.97HeidelbergCement 11,434 813,300 0.70Hella KGaA Hueck & Co 11,118 480,742 0.41HUGO BOSS 3,260 326,815 0.28Infineon Technologies 38,538 428,928 0.37K&S 28,863 1,090,588 0.93LEG Immobilien 5,384 335,531 0.29Linde 5,973 1,014,813 0.87Merck 7,662 684,830 0.59MTU Aero Engines 8,211 692,762 0.59Pfeiffer Vacuum Technology 9,937 794,165 0.68Porsche Automobil Holding - Pref 11,927 901,323 0.77Rheinmetall 17,409 791,848 0.68Rocket Internet 16,071 637,617 0.54SAP 12,366 774,112 0.66Software 31,913 784,422 0.67TUI 21,993 318,899 0.27United Internet 10,290 410,314 0.35Wirecard 18,381 631,387 0.54Zalando 26,858 804,531 0.69

––––––––––– –––––––30,807,582 26.35

Ireland (2014: 1.99%)C&C Group 77,581 273,667 0.23Cairn Homes 220,886 241,318 0.21Dalata Hotel Group 97,219 349,988 0.30Kerry Group 14,412 958,254 0.82

61MGI Funds plc



Financial assets at fair value through profit or loss (2014: 98.02%) (continued)Transferable securities (2014: 98.02%) (continued)Equities (2014: 98.02%) (continued)Ireland (2014: 1.99%) (continued)Origin Enterprises 41,841 332,636 0.28Ryanair Holdings 38,584 456,063 0.39Smurfit Kappa Group 32,688 807,721 0.69

––––––––––– –––––––3,419,647 2.92

Israel (2014: Nil)Teva Pharmaceutical Industries 3,909 207,343 0.18

––––––––––– –––––––207,343 0.18

Italy (2014: 8.98%)Anima Holding 62,571 493,059 0.42Assicurazioni Generali 32,242 521,031 0.44Banca Generali 13,120 414,329 0.35Buzzi Unicem 40,727 520,084 0.44Cementir Holding 66,802 392,462 0.34Danieli & C Officine Meccaniche 28,051 511,370 0.44Enel 275,040 1,117,762 0.96Eni 34,501 549,256 0.47Intesa Sanpaolo 395,561 1,286,364 1.10Intesa Sanpaolo - Pref 297,515 851,488 0.73OVS 103,916 548,157 0.47Telecom Italia 645,085 734,107 0.63Telecom Italia 1,193,126 1,092,307 0.93UniCredit 129,808 782,093 0.67Unipol Gruppo Finanziario 115,366 526,069 0.45

––––––––––– –––––––10,339,938 8.84

Luxembourg (2014: 1.05%)Eurofins Scientific 1,221 333,455 0.29

––––––––––– –––––––333,455 0.29

Netherlands (2014: 7.76%)Aegon 78,996 520,742 0.44Akzo Nobel 7,744 505,451 0.43ASM International 32,149 1,332,737 1.14ASML Holding 11,848 1,098,309 0.94Boskalis Westminster 12,361 542,648 0.46Delta Lloyd 85,783 1,263,155 1.08ING Groep 208,253 3,084,227 2.64NN Group 21,228 535,264 0.46Randstad Holding 14,168 827,553 0.71STMicroelectronics 83,613 614,973 0.53TomTom 21,735 220,284 0.19Unilever 13,989 522,559 0.45USG People 30,296 403,240 0.34

––––––––––– –––––––11,471,142 9.81

Portugal (2014: 0.93%)161,934 551,385 0.47

NOS SGPS 74,685 535,790 0.46Portucel 153,404 529,244 0.45

––––––––––– –––––––1,616,419 1.38

Spain (2014: 8.09%)ACS Actividades de Construccion y Servicios 8,760 252,770 0.22Aena 8,750 820,225 0.70


Spain (2014: 8.09%) (continued)Amadeus IT Holding 28,343 1,013,404 0.87Banco Popular Espanol 231,043 1,004,113 0.86Bankinter 142,199 942,637 0.81Construcciones y Auxiliar de Ferrocarriles 1,936 516,041 0.44Endesa 32,898 564,694 0.48Ferrovial 24,542 477,342 0.41Gamesa Tecnologica 135,709 1,917,568 1.64Hispania Activos Inmobiliarios 31,365 412,763 0.35Iberdrola 89,266 539,345 0.46Inditex 38,459 1,121,272 0.96Inmobiliaria Colonial 704,627 444,620 0.38Let's GOWEX 16,273 - -Mapfre 173,113 534,400 0.46Melia Hotels International 32,506 384,871 0.33Repsol 32,032 504,504 0.43Sacyr 95,998 326,009 0.28Sacyr (Right) 95,998 9,792 0.01Talgo 51,254 368,004 0.31Telefonica 43,006 548,326 0.47

––––––––––– –––––––12,702,700 10.87

Switzerland (2014:0.89%)Holcim 6,984 462,794 0.40

––––––––––– –––––––462,794 0.40

United Kingdom (2014: 1.59%)Dialog Semiconductor 7,684 372,597 0.32GlaxoSmithKline 26,397 492,757 0.42Royal Dutch Shell 45,936 1,165,396 0.99Sports Direct International 58,653 594,840 0.51Tesco 162,843 488,555 0.42

––––––––––– –––––––3,114,145 2.66

Total equities 115,487,554 98.78



Total investments at fair value through profit or loss 115,487,554 98.78

Cash (2014: 1.99%) 1,142,250 0.98

Net current assets (2014: (0.01%) 287,606 0.24––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares (at last traded prices) 116,917,410 100.00

––––––––––– –––––––––––––––––– –––––––


(continued)

62MGI Funds plc



(continued)


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


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 98.68Other current assets 1.32

–––––––100.00

––––––––––––––


63MGI Funds plc

MGI Funds plcMGI Global Bond Fund



Financial assets at fair value through profit or loss (2014: 98.38%)Transferable securities (2014: 83.53%)Government bonds (2014: 83.53%)Austria (2014: Nil)Austria (Government of) 3.50 15/09/2021 EUR 20,000 26,422 0.48

––––––––––– –––––––Belgium (2014: Nil)Belgium (Government of) 3.75 28/09/2020 EUR 20,000 26,237 0.48

––––––––––– –––––––France (2014: 7.19%)France (Government of) 4.25 25/04/2019 EUR 90,000 116,163 2.13France (Government of) 3.25 25/10/2021 EUR 40,000 52,044 0.95France (Government of) 5.75 25/10/2032 EUR 40,000 71,101 1.30France (Government of) 4.00 25/04/2055 EUR 20,000 32,288 0.59

––––––––––– –––––––271,596 4.97

Germany (2014: 7.18%)Bundesrepublik Deutschland 3.50 04/07/2019 EUR 115,000 146,322 2.68Bundesrepublik Deutschland 5.50 04/01/2031 EUR 100,000 177,861 3.26

––––––––––– –––––––324,183 5.94

Italy (2014: 3.40%)Italy Buoni Poliennali Del Tesoro 3.75 01/08/2016 EUR 40,000 46,257 0.85Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 20,000 24,879 0.46Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 50,000 62,722 1.15Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 30,000 40,102 0.73Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 40,000 61,962 1.13Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 20,000 25,013 0.46

––––––––––– –––––––260,935 4.78

Japan (2014: 22.99%)Japan Government Ten Year Bond 1.50 20/12/2017 JPY 58,000,000 491,471 9.00Japan Government Ten Year Bond 1.50 20/09/2018 JPY 68,000,000 582,234 10.66Japan Government Thirty Year Bond 2.00 20/09/2040 JPY 10,000,000 92,855 1.70

––––––––––– –––––––1,166,560 21.36

Netherlands (2014: 5.33%)Netherlands (Kingdom of) 4.00 15/07/2019 EUR 70,000 90,370 1.65Netherlands (Kingdom of) 5.50 15/01/2028 EUR 50,000 83,288 1.53

––––––––––– –––––––173,658 3.18

Spain (2014: 0.55%)Spain (Kingdom of) 5.50 30/07/2017 EUR 20,000 24,624 0.45Spain (Kingdom of) 5.50 30/04/2021 EUR 20,000 27,238 0.50Spain (Kingdom of) 6.00 31/01/2029 EUR 30,000 45,596 0.84Spain (Kingdom of) 4.20 31/01/2037 EUR 20,000 25,876 0.47

––––––––––– –––––––123,334 2.26

United Kingdom (2014: 6.89%)United Kingdom (Government of) 4.75 07/03/2020 GBP 140,000 253,865 4.65United Kingdom (Government of) 4.75 07/12/2038 GBP 50,000 107,345 1.96United Kingdom (Government of) 4.00 22/01/2060 GBP 20,000 42,979 0.79

––––––––––– –––––––404,189 7.40

United States of America (2014: 30.00%)United States Treasury Bond 8.88 15/02/2019 USD 100,000 127,242 2.33United States Treasury Bond 6.13 15/11/2027 USD 110,000 152,599 2.79United States Treasury Bond 3.50 15/02/2039 USD 120,000 129,394 2.37United States Treasury Bond 4.38 15/05/2040 USD 140,000 172,408 3.16United States Treasury Bond 3.13 15/02/2042 USD 80,000 80,437 1.47United States Treasury Bond 3.63 15/08/2043 USD 60,000 66,019 1.21

64MGI Funds plc



(continued)


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

––––––––––– –––––––1,757,750 32.18



Collective investment schemes (2014: 14.85%)


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

––––––––––– –––––––Total collective investment schemes 831,441 15.22


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

Cash (2014: 0.80%) 58,570 1.07




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 82.89Collective investment schemes 15.20Other current assets 1.91

–––––––100.00

––––––––––––––


65MGI Funds plc

MGI Funds plcMGI Global Equity Fund



Financial assets at fair value through profit or loss (2014: 87.61%)Transferable securities (2014: 86.77%)Equities (2014: 86.77%)Argentina (2014: 0.07%)Arcos Dorados Holdings 47,278 248,551 0.04

––––––––––– –––––––Australia (2014: 0.71%)AGL Energy 17,844 213,255 0.03Amcor 17,965 189,434 0.03Asciano 54,521 278,662 0.04Aurizon Holdings 41,749 164,609 0.02Australia & New Zealand Banking Group 9,141 226,205 0.03BHP Billiton 4,354 90,502 0.01Brambles 177,481 1,445,958 0.21Commonwealth Bank of Australia 5,640 368,965 0.05CSL 5,262 349,650 0.05Federation Centres REIT 16,841 37,794 0.01Goodman Group REIT 37,494 180,683 0.03GPT Group REIT 11,100 36,511 0.01Insurance Australia Group 49,220 211,090 0.03Mesoblast 67,455 194,938 0.03Mirvac Group REIT 73,811 104,951 0.02National Australia Bank 7,275 186,229 0.03Newcrest Mining 11,386 113,932 0.02QBE Insurance Group 7,805 81,995 0.01Rio Tinto 415 17,103 -South32 4,354 5,989 -Stockland REIT 20,427 64,368 0.01Telstra 30,319 143,077 0.02Wesfarmers 6,223 186,650 0.03Westfield REIT 18,298 128,255 0.02Woodside Petroleum 11,262 296,268 0.03

––––––––––– –––––––5,317,073 0.77

Austria (2014: 0.13%)Lenzing 1,896 134,136 0.02Raiffeisen Bank International 9,498 137,915 0.02

––––––––––– –––––––272,051 0.04

Bahamas (2014: Nil)Steiner Leisure 7,425 397,972 0.06

––––––––––– –––––––Belgium (2014: 0.17%)Anheuser-Busch InBev 5,214 624,036 0.09Cie d'Entreprises CFE 165 19,993 -Ontex Group 17,201 515,781 0.07Proximus 4,040 142,417 0.02Solvay 4,366 599,741 0.09UCB 7,633 547,330 0.08

––––––––––– –––––––2,449,298 0.35

Bermuda (2014: 0.39%)Lazard 9,399 527,925 0.07Marvell Technology Group 56,196 740,773 0.11

––––––––––– –––––––1,268,698 0.18

Brazil (2014: 0.88%)Ambev - ADR 348,484 2,125,728 0.31BM&FBovespa 204,904 773,058 0.11BR Properties 57,565 194,010 0.03


Brazil (2014: 0.88%) (continued)Cia de Saneamento Basico do Estado de Sao Paulo - ADR 56,101 290,588 0.04Itau Unibanco Holding - ADR 111,252 1,218,166 0.18Tim Participacoes - ADR 24,701 404,059 0.06Vale - ADR 230,196 1,162,470 0.16

––––––––––– –––––––6,168,079 0.89

Canada (2014: 2.12%)Agnico Eagle Mines 6,569 186,552 0.03Barrick Gold (Canada listing) 18,303 195,708 0.03Barrick Gold (US listing) 110,096 1,173,602 0.17BCE 17,030 723,744 0.11BlackBerry 39,882 326,152 0.05Enbridge 1,824 85,291 0.01Fairfax Financial Holdings 3,001 1,479,948 0.21Goldcorp 9,606 155,948 0.02GSI Group 3,301 49,599 0.01Iamgold (Canada listing) 61,602 123,355 0.02Iamgold (US listing) 184,755 369,506 0.05Kinross Gold (Canada listing) 61,298 142,877 0.02Kinross Gold (US listing) 162,937 378,009 0.05Potash Corp of Saskatchewan 83,458 2,584,632 0.37Ritchie Bros Auctioneers 37,093 1,035,609 0.15Rogers Communications 37,012 1,313,298 0.19TransCanada 1,998 81,195 0.01Ultra Petroleum 79,988 1,001,425 0.15Yamana Gold 176,854 532,631 0.08

––––––––––– –––––––11,939,081 1.73

Channel Islands (2014: Nil)Randgold Resources 6,245 419,167 0.06

––––––––––– –––––––China (2014: 1.62%)Alibaba Group Holding - ADR 28,681 2,359,422 0.34Autohome - ADR 6,841 345,643 0.05Baidu - ADR 10,702 2,130,156 0.31Bank of Communications 410,003 427,317 0.06China Construction Bank 536,003 490,192 0.07China Life Insurance 210,610 912,783 0.13Homeinns Hotel Group - ADR 14,402 445,248 0.06JD.com - ADR 27,158 926,020 0.13Mindray Medical International - ADR 56,373 1,606,574 0.24Ping An Insurance Group of China 90,737 1,221,886 0.18Tsingtao Brewery 181,590 1,102,052 0.16

––––––––––– –––––––11,967,293 1.73

Denmark (2014: 0.86%)Carlsberg 15,467 1,403,221 0.20Coloplast 2,383 156,154 0.02GN Store Nord 4,462 92,194 0.02Novo Nordisk 28,883 1,572,692 0.23Novo Nordisk - ADR 9,207 504,066 0.07Novozymes 19,002 902,660 0.13Pandora 20,359 2,186,006 0.32SimCorp 1,924 76,503 0.01TDC 73,328 537,401 0.08Tryg 20,185 420,502 0.06

––––––––––– –––––––7,851,399 1.14

66MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)Egypt (2014: 0.06%)Global Telecom Holding - GDR 120,670 207,509 0.03

––––––––––– –––––––Finland (2014: 0.44%)HKScan 19,277 114,450 0.02Nokia 255,630 1,734,538 0.25Nokia - ADR 141,673 970,426 0.14Outokumpu 17,913 90,148 0.01UPM-Kymmene 41,193 728,301 0.11

––––––––––– –––––––3,637,863 0.53

France (2014: 1.00%)Alcatel-Lucent 97,222 353,998 0.05Cap Gemini 22,527 1,992,066 0.29Cie Generale des Etablissements Michelin 3,055 319,826 0.05Dassault Systemes - ADR 4,687 342,265 0.05Eiffage 12,454 692,369 0.10Etablissements Maurel et Prom 19,935 147,966 0.02Eutelsat Communications 12,962 418,071 0.06Hermes International 1,197 445,882 0.06Ingenico 4,160 487,956 0.07Legrand 8,603 482,668 0.07LVMH Moet Hennessy Louis Vuitton 9,783 1,712,794 0.25Metropole Television 23,005 446,749 0.06Numericable-SFR 8,264 437,729 0.06Publicis Groupe 20,290 1,499,230 0.22Renault 3,014 313,619 0.05Safran 3,525 238,688 0.03Sanofi 7,424 729,807 0.11Schneider Electric 13,607 938,847 0.14Sodexo 5,016 475,961 0.07SPIE 12,100 240,631 0.03Technicolor 45,947 299,473 0.04Valeo 2,148 338,136 0.05Vivendi 5,114 128,892 0.02

––––––––––– –––––––13,483,623 1.95

Germany (2014: 3.11%)Adidas 36,276 2,774,668 0.40Allianz 1,577 245,466 0.04Axel Springer 13,752 721,483 0.10BASF 14,022 1,231,342 0.18Bayer 8,453 1,182,332 0.17Bayerische Motoren Werke 9,292 1,016,362 0.15Celesio 6,119 177,234 0.03Commerzbank 170,984 2,184,188 0.32Continental 6,067 1,434,542 0.21Daimler (Germany listing) 32,354 2,942,935 0.43Daimler (US listing) 3,000 275,910 0.04Deutsche Boerse 14,647 1,211,654 0.18Deutsche Post 104,436 3,049,251 0.44Deutsche Post - ADR 8,701 256,302 0.04Duerr 1,687 157,064 0.02E.ON 17,095 227,601 0.03Fraport Frankfurt Airport Services Worldwide 13,265 832,635 0.12Fresenius & Co 1,824 116,959 0.02


Germany (2014: 3.11%) (continued)Fresenius Medical Care 1,254 103,449 0.01Fuchs Petrolub - Pref 4,290 181,045 0.03Hugo Boss 4,328 483,320 0.07Infineon Technologies 46,754 579,786 0.08Kabel Deutschland Holding 1,094 146,272 0.02KUKA 5,003 416,432 0.06Linde 352 66,635 0.01MAN 2,080 214,117 0.03Merck 4,049 403,229 0.06Muenchener Rueckversicherungs 1,869 331,108 0.05OSRAM Licht 17,279 826,933 0.12Porsche Automobil Holding - Pref 1,629 137,162 0.02ProSiebenSat.1 Media 1,731 85,441 0.01RWE 8,030 172,522 0.02SAP 44,114 3,076,833 0.45Siemens 5,340 537,466 0.08TUI 23,388 378,842 0.05Volkswagen 688 159,102 0.02Volkswagen - Pref 7,476 1,732,358 0.25VTG 5,996 140,272 0.02XING 597 97,881 0.01

––––––––––– –––––––30,308,133 4.39

Hong Kong (2014: 1.71%)AIA Group 530,203 3,457,136 0.50China Overseas Land & Investment 221,864 785,562 0.11China Resources Enterprise 286,002 924,122 0.13CLP Holdings 34,002 288,576 0.04Galaxy Entertainment Group 17,002 67,539 0.01Hong Kong & China Gas 124,632 261,717 0.04Jardine Matheson Holdings 20,402 1,157,700 0.17Li & Fung 264,002 209,428 0.03MTR 51,002 237,154 0.04SJM Holdings 43,927 47,423 0.01Sun Hung Kai Properties 5,002 81,199 0.01Swire Pacific 12,915 162,484 0.02

––––––––––– –––––––7,680,040 1.11

India (2014: 0.37%)HDFC Bank - ADR 13,112 792,943 0.11ICICI Bank - ADR 323,866 3,374,548 0.49

––––––––––– –––––––4,167,491 0.60

Ireland (2014: 1.36%)Allergan 5,795 1,757,640 0.25Bank of Ireland 4,347,062 1,755,766 0.25CRH 98,319 2,761,542 0.40Dragon Oil 75,788 865,298 0.13Mallinckrodt 2,803 329,616 0.05Ryanair Holdings 287,830 3,790,636 0.55Shire 1,953 156,252 0.02Tyco International 17,873 687,638 0.10

––––––––––– –––––––12,104,388 1.75

Israel (2014: 0.14%)Bank Leumi Le-Israel 54,434 230,274 0.03Bezeq The Israeli Telecommunication 52,802 89,992 0.02Mizrahi Tefahot Bank 18,085 224,347 0.03Teva Pharmaceutical Industries 4,426 261,575 0.04

67MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)Israel (2014: 0.14%) (continued)Teva Pharmaceutical Industries - ADR 23,367 1,380,694 0.20

––––––––––– –––––––2,186,882 0.32

Italy (2014: 1.95%)Cementir Holding 28,640 187,455 0.03Enel 22,761 103,051 0.01Finmeccanica 68,483 860,669 0.13Italmobiliare 3,857 69,583 0.01Mediaset 91,021 437,290 0.06Moncler 17,271 319,768 0.05Reply 2,615 266,830 0.04Telecom Italia 94,038 119,233 0.02UniCredit 137,638 923,951 0.13

––––––––––– –––––––3,287,830 0.48

Japan (2014: 8.69%)Aisin Seiki 1,900 80,897 0.01Asahi Kasei 82,001 673,812 0.10Astellas Pharma 109,101 1,556,279 0.23Bank of the Ryukyus 22,700 338,742 0.05Bank of Yokohama 16,000 98,146 0.01Bridgestone 6,800 251,600 0.04Canon 42,800 1,392,972 0.20Central Japan Railway 7,000 1,264,536 0.18Chubu Electric Power 12,900 192,343 0.03Chugoku Marine Paints 32,000 237,977 0.03CyberAgent 22,600 1,073,068 0.16Daicel 4,000 51,387 0.01Daido Steel 23,000 95,861 0.01Daiichi Sankyo 5,100 94,360 0.01Daishi Bank 48,000 202,803 0.03Denso 2,900 144,473 0.02East Japan Railway 11,200 1,007,739 0.15FANUC 1,100 225,457 0.03Foster Electric 17,900 402,719 0.06Fuji Heavy Industries 2,000 73,681 0.01Hitachi 80,001 527,471 0.08Hitachi - ADR 4,107 270,508 0.04Hitachi Chemical 28,600 516,069 0.07Hitachi Metals 25,000 384,301 0.06Hitachi Zosen 87,401 498,551 0.07Hokkoku Bank 88,001 322,903 0.05Honda Motor 14,600 472,667 0.07Hoya 24,200 970,452 0.14Ibiden 18,300 309,574 0.04Inpex 144,901 1,647,762 0.24Japan Airlines 2,800 97,708 0.01Japan Aviation Electronics Industry 2,000 54,427 0.01Japan Exchange Group 33,200 1,078,495 0.16Japan Tobacco 13,500 481,075 0.07JFE Holdings 16,500 366,300 0.05Kajima 24,000 112,777 0.02Kawasaki Kisen Kaisha 305,001 720,345 0.10KDDI 11,300 272,792 0.04Keyence 1,400 755,804 0.11Komatsu 7,000 140,555 0.02


Japan (2014: 8.69%) (continued)Konica Minolta 47,500 554,713 0.08Kyocera 3,500 182,001 0.03Kyocera - ADR 3,256 169,442 0.02Lawson 3,800 260,238 0.04LIXIL Group 7,700 152,911 0.02Mazda Motor 9,000 176,374 0.03Mitsubishi 58,800 1,293,586 0.19Mitsubishi Electric 139,001 1,797,066 0.26Mitsubishi Estate 11,000 237,008 0.03Mitsubishi UFJ Financial Group 70,101 504,017 0.07Mitsubishi UFJ Lease & Finance 115,401 631,864 0.09Mitsui 2,600 35,325 0.01Mitsui Fudosan 9,000 252,057 0.04Mizuho Financial Group 1,163,501 2,519,736 0.36MS&AD Insurance Group Holdings 79,501 2,477,289 0.36Murata Manufacturing 9,500 1,658,317 0.24NEC Networks & System Integration 2,600 56,817 0.01Nikon 8,400 97,204 0.01Nippon Light Metal Holdings 105,001 181,057 0.03Nippon Steel & Sumikin Bussan 46,000 168,038 0.02Nippon Steel & Sumitomo Metal 526,001 1,364,380 0.20Nippon Telegraph & Telephone 8,800 318,840 0.05Nissan Motor 14,100 146,917 0.02Nissin Electric 26,600 188,905 0.03Nitto Denko 4,300 353,516 0.05NTT Data 17,600 769,501 0.11NTT DoCoMo 44,600 854,349 0.12Obayashi 16,000 116,765 0.02Ogaki Kyoritsu Bank 60,000 219,180 0.03Oji Holdings 94,001 408,679 0.06Olympus 34,600 1,196,077 0.17Omron 12,200 530,413 0.08Osaka Gas 61,001 240,929 0.03Otsuka Holdings 25,800 823,032 0.12Panasonic 18,400 252,847 0.04Resona Holdings 49,400 269,880 0.04Rohm 22,500 1,509,623 0.22Sanyo Special Steel 77,001 358,681 0.05Seven & I Holdings 13,800 593,209 0.09Shiga Bank 78,001 420,709 0.06Shin-Etsu Chemical 19,200 1,192,341 0.17Showa Denko KK 205,001 271,401 0.04SMC 7,000 2,108,896 0.31SoftBank 4,504 265,348 0.04Sojitz 236,001 572,811 0.08Sony 18,900 534,649 0.08Sumitomo 13,800 160,595 0.02Sumitomo Bakelite 80,001 362,849 0.05Sumitomo Chemical 148,001 890,189 0.13Sumitomo Dainippon Pharma 45,900 506,020 0.07Sumitomo Mitsui Financial Group 13,400 597,807 0.09Sumitomo Mitsui Trust Holdings 78,001 357,347 0.05Suzuken Japan 19,700 631,095 0.09Suzuki Motor 2,100 70,964 0.01Sysmex 10,600 632,370 0.09Taisei 19,000 109,157 0.02Taisho Pharmaceutical Holdings 6,100 412,267 0.06Takeda Pharmaceutical 12,698 613,393 0.09Takuma 24,000 152,985 0.02TDK 7,900 604,936 0.09

68MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)Japan (2014: 8.69%) (continued)THK 60,200 1,301,755 0.19Tokai Carbon 101,001 316,953 0.05Tokio Marine Holdings 6,100 253,940 0.04Tokyo Electron 21,900 1,386,502 0.20Tokyo Gas 49,000 260,287 0.04Toppan Printing 58,000 485,368 0.07Toray Industries 29,000 245,409 0.04Toshiba 158,001 543,603 0.08Toyota Industries 1,700 96,972 0.01Toyota Motor 17,600 1,179,854 0.17West Japan Railway 10,000 640,297 0.08

––––––––––– –––––––61,559,240 8.92

Korea (2014: 1.31%)POSCO - ADR 10,459 513,187 0.07Samsung Electronics 1,910 2,165,530 0.31Samsung Electronics - GDR 3,963 2,258,039 0.33Samsung Fire & Marine Insurance 2,923 769,099 0.11SK Hynix 21,175 802,807 0.12

––––––––––– –––––––6,508,662 0.94

Luxembourg (2014: 0.25%)Altice 4,474 615,337 0.09ArcelorMittal 69,302 674,281 0.10ArcelorMittal - ADR 26,725 259,728 0.04Millicom International Cellular 7,768 572,183 0.08RTL Group 7,942 716,937 0.10Trinseo 8,694 233,240 0.04

––––––––––– –––––––3,071,706 0.45

Macau (2014: Nil)MGM China Holdings 59,609 97,481 0.02Sands China 26,808 89,880 0.01Wynn Macau 38,008 63,133 0.01

––––––––––– –––––––250,494 0.04

Netherlands (2014: 2.06%)Aegon 51,855 380,850 0.06Aegon - ADR 28,713 212,461 0.03Airbus Group 12,165 788,792 0.11Akzo Nobel 11,448 832,470 0.12ASML Holding 12,951 1,337,558 0.19ASML Holding - ADR 4,312 448,904 0.07BinckBank 37,047 352,906 0.05Fiat Chrysler Automobiles 185,773 2,719,796 0.39Heineken 1,280 97,004 0.01Koninklijke Ahold 2,808 52,543 0.01Koninklijke DSM 5,273 305,451 0.05Koninklijke Philips 58,864 1,496,628 0.22Koninklijke Vopak 4,274 215,506 0.03LyondellBasell Industries 8,887 919,879 0.13QIAGEN (Germany listing) 20,765 509,761 0.07QIAGEN (US listing) 33,202 823,028 0.12Unilever 12,584 523,716 0.08Wolters Kluwer 3,047 90,429 0.01

––––––––––– –––––––12,107,682 1.75


Norway (2014: 0.31%)Opera Software 2,631 22,563 -Schibsted -A Shares 31,726 982,978 0.14Schibsted -B Shares 31,726 955,561 0.14Statoil 8,626 153,518 0.02Telenor 11,248 245,510 0.04

––––––––––– –––––––2,360,130 0.34

Peru (2014: Nil)Credicorp 6,746 933,681 0.14

––––––––––– –––––––Philippines (2014: 0.06%)SM Investments 24,309 482,018 0.07

––––––––––– –––––––Portugal (2014: 0.18%)Mota-Engil 15,179 38,531 0.01

––––––––––– –––––––Puerto Rico (2014: Nil)First BanCorp 23,196 111,684 0.02

––––––––––– –––––––Russia (2014: 1.35%)Gazprom - ADR 263,487 1,356,922 0.20Lukoil - ADR 21,276 935,986 0.14Rosneft - GDR 5,954 24,506 0.01Sberbank of Russia - ADR 162,183 846,564 0.12

––––––––––– –––––––3,163,978 0.47

Singapore (2014: 0.74%)ComfortDelGro 78,005 181,315 0.03DBS Group Holdings 31,026 476,661 0.07Oversea-Chinese Banking 30,005 226,810 0.03Singapore Telecommunications 214,005 675,455 0.10United Overseas Bank 11,005 188,466 0.02

––––––––––– –––––––1,748,707 0.25

South Africa (2014: 0.80%)MTN Group 76,876 1,448,648 0.21Naspers 32,099 5,010,191 0.73Shoprite Holdings 47,890 684,437 0.10

––––––––––– –––––––7,143,276 1.04

Spain (2014: 1.96%)Abertis Infraestructuras 4,885 80,032 0.01Abertis Infraestructuras - Rights 4,885 4,026 -ACS Actividades de Construccion y Servicios34,760 1,117,478 0.17Banco Bilbao Vizcaya Argentaria 12,740 124,782 0.02Banco Popular Espanol 159,523 772,446 0.11Distribuidora Internacional de Alimentacion 154,889 1,182,139 0.17Ence Energia y Celulosa 29,536 100,859 0.02Grifols - Pref 9,066 281,008 0.04Iberdrola 52,301 352,077 0.05Inditex 18,034 585,760 0.08Mediaset Espana Comunicacion 42,375 554,977 0.08Telefonica 38,376 545,143 0.08

––––––––––– –––––––5,700,727 0.83

Sweden (2014: 1.18%)Assa Abloy 206,477 3,884,392 0.56Atlas Copco -A Shares 18,549 518,606 0.08Atlas Copco -B Shares 71,902 1,789,400 0.26

69MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)Sweden (2014: 1.18%) (continued)Hennes & Mauritz 17,145 659,520 0.10Hexagon 1,394 50,432 0.01ICA Gruppen 10,354 366,956 0.05Intrum Justitia 4,267 129,047 0.02Investor 3,696 137,558 0.02Nordea Bank 13,692 170,612 0.02Sandvik 21,306 235,324 0.03Securitas 35,853 473,562 0.07Skanska 26,546 537,458 0.08SKF 11,973 272,842 0.04Svenska Cellulosa 7,646 194,223 0.03Svenska Handelsbanken 155,385 2,265,905 0.33Swedbank 5,459 127,151 0.02Tele2 18,821 218,650 0.03Telefonaktiebolaget LM Ericsson 34,731 359,543 0.05Telefonaktiebolaget LM Ericsson - ADR 75,072 783,731 0.11TeliaSonera 27,088 159,339 0.02Volvo 165,005 2,046,256 0.30

––––––––––– –––––––15,380,507 2.23

Switzerland (2014: 4.90%)ABB 40,456 847,583 0.12Adecco 1,828 148,381 0.02Barry Callebaut 319 363,528 0.05Cie Financiere Richemont 14,573 1,185,812 0.17Coca-Cola HBC 38,714 832,892 0.12Credit Suisse Group 8,016 220,411 0.03Geberit 167 55,699 0.01Givaudan 332 574,796 0.08Glencore 143,409 575,798 0.08Implenia 3,445 192,552 0.03Julius Baer Group 3,677 206,309 0.03Kudelski 23,541 333,749 0.05Kuehne & Nagel International 1,918 254,561 0.04Logitech International 38,312 561,619 0.08Nestle 63,341 4,574,876 0.66Novartis 31,224 3,078,700 0.45Partners Group Holding 532 159,108 0.02Roche Holding 11,563 3,241,393 0.47Schindler Holding - non-voting 12,502 2,045,266 0.30Schindler Holding - voting 1,229 200,648 0.03SGS 106 193,501 0.03Swatch Group 132 51,427 0.01Swiss Prime Site 1,186 89,964 0.01Swiss Re 1,177 104,129 0.02Swisscom 1,077 603,311 0.09Syngenta 1,503 610,732 0.09U-Blox 1,054 213,180 0.03UBS (Switzerland listing) 20,893 443,303 0.06UBS (US listing) 67,056 1,421,566 0.21Wolseley 38,031 2,430,072 0.35Zurich Insurance Group 982 298,745 0.04

––––––––––– –––––––26,113,611 3.78


Taiwan (2014: 0.53%)Taiwan Semiconductor Manufacturing - ADR 153,125 3,476,901 0.50

––––––––––– –––––––Turkey (2014: Nil)Akbank 29,391 85,001 0.01Arcelik 111,835 607,342 0.09TAV Havalimanlari Holding 22,763 193,235 0.03

––––––––––– –––––––885,578 0.13

United Kingdom (2014: 7.85%)Aggreko 21,421 484,759 0.07Associated British Foods 4,808 217,092 0.03AstraZeneca 42,671 2,697,035 0.39Barclays 9,914 40,617 0.01Berendsen 14,235 228,128 0.03BP 47,915 316,601 0.05British American Tobacco 9,652 518,387 0.08BT Group 59,021 417,879 0.06Burberry Group 7,079 174,902 0.03Centrica 52,735 218,782 0.03Compass Group 94,657 1,567,554 0.23De La Rue 20,670 170,657 0.02Diageo 16,365 473,823 0.07Direct Line Insurance Group 18,414 97,241 0.01G4S 48,048 202,964 0.03GlaxoSmithKline 42,084 875,283 0.13Hays 457,494 1,175,662 0.17HSBC Holdings 48,593 435,674 0.06Imperial Tobacco Group 7,805 376,472 0.05J Sainsbury 12,575 52,468 0.01Kingfisher 19,197 104,848 0.02Land Securities Group REIT 4,355 82,463 0.01Lloyds Banking Group 321,456 430,933 0.06London Stock Exchange Group 3,651 136,084 0.02Lonmin 567 998 -Michael Kors Holdings 2,835 119,325 0.02National Grid 37,185 477,893 0.07Next 3,959 463,861 0.07Pearson 7,459 141,356 0.02Persimmon 6,207 192,795 0.03Prudential 226,589 5,461,141 0.79Reckitt Benckiser Group 5,769 497,921 0.07RELX 4,595 74,795 0.01Rexam 1,162 10,088 -Rio Tinto 5,765 237,001 0.03Rolls-Royce Holdings -non-voting 11,999,524 18,872 -Rolls-Royce Holdings -voting 213,165 2,916,615 0.42Royal Dutch Shell -A Shares 10,032 281,862 0.04Royal Dutch Shell -B Shares 9,408 267,363 0.04Royal Mail 26,579 215,057 0.03SABMiller 32,971 1,713,188 0.25Segro REIT 23,315 148,790 0.02Sky 7,600 123,948 0.02Smith & Nephew 4,051 68,425 0.01SSE 16,852 407,064 0.06Standard Chartered 7,561 121,171 0.02Tate & Lyle 24,844 202,972 0.03Tullow Oil 6,221 33,235 -Unilever 9,304 399,464 0.06

70MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)United Kingdom (2014: 7.85%) (continued)Vodafone Group 622,834 2,251,449 0.33WM Morrison Supermarkets 73,928 210,207 0.03

––––––––––– –––––––28,553,164 4.14

United States of America (2014: 36.47%)3M 236 36,415 0.01Adobe Systems 19,891 1,611,370 0.23AES 9,175 121,661 0.02Aetna 4,536 578,159 0.08Allstate 3,010 195,259 0.03Ally Financial 40,500 908,415 0.13Alnylam Pharmaceuticals 2,210 264,913 0.04Altria Group 12,944 633,091 0.09Amazon.com 11,249 4,883,078 0.71Ameren 10,547 397,411 0.06American Electric Power 2,844 150,647 0.02American Express 49,617 3,856,233 0.56American International Group 33,231 2,054,340 0.30Ameriprise Financial 7,981 997,066 0.14Amgen 12,000 1,842,240 0.27Amkor Technology 5,319 31,808 -Anthem 28,289 4,643,356 0.67Apple 71,790 9,004,135 1.30Applied Materials 29,632 569,527 0.08Archer-Daniels-Midland 16,095 776,101 0.11Artisan Partners Asset Management 18,082 840,090 0.12Assurant 2,469 165,423 0.02AT&T 66,696 2,369,006 0.34Axiall 22,590 814,370 0.12Bank of America 251,959 4,288,325 0.62Baxter International 11,161 780,489 0.11Becton Dickinson 5,291 749,470 0.11Berkshire Hathaway 16,200 2,204,982 0.32Biogen 2,100 848,274 0.12Black Box 2,602 52,040 0.01Boeing 5,297 734,800 0.11Bristol-Myers Squibb 12,300 818,442 0.12Broadcom 13,529 696,608 0.10Burlington Stores 12,841 657,459 0.10Cabela's 10,062 502,899 0.07Cablevision Systems 16,100 385,434 0.06Calpine 33,006 593,778 0.09Campbell Soup 11,535 549,643 0.08Capital One Financial 16,114 1,417,549 0.21Cardinal Health 8,389 701,740 0.10CarMax 35,828 2,372,172 0.34Caterpillar 243 20,611 -Celgene 26,777 3,099,036 0.45Century Aluminum 23,133 241,277 0.03CenturyLink 18,251 536,214 0.08Cerner 23,000 1,588,380 0.23CH Robinson Worldwide 21,434 1,337,267 0.19Chipotle Mexican Grill 710 429,543 0.06Cigna 6,385 1,034,370 0.15Cisco Systems 77,349 2,123,976 0.31Citigroup 91,859 5,074,236 0.74


United States of America (2014: 36.47%) (continued)Citrix Systems 10,660 747,906 0.11Cliffs Natural Resources 12,276 53,155 0.01Clorox 6,905 718,258 0.10CME Group 8,247 767,466 0.11Coca-Cola 55,118 2,162,240 0.31Colgate-Palmolive 29,472 1,927,764 0.28Comcast - non-voting 4,950 296,703 0.04Comcast - voting 63,426 3,814,380 0.55ComScore 7,400 394,124 0.06ConAgra Foods 14,441 631,361 0.09Consolidated Edison 12,285 711,056 0.10Costco Wholesale 6,652 898,419 0.13CSX 35,542 1,160,446 0.17CVS Health 13,972 1,465,383 0.21Denny's 31,260 362,929 0.05Dick's Sporting Goods 3,567 184,664 0.03DIRECTV 8,165 757,630 0.11Discover Financial Services 9,000 518,580 0.08Dolby Laboratories 37,779 1,499,071 0.22Dollar General 10,241 796,135 0.12Dollar Tree 9,914 783,107 0.11Domtar 7,022 290,711 0.04Dow Chemical 56,070 2,869,051 0.42DTE Energy 1,732 129,276 0.02Duke Energy 10,027 708,107 0.10eBay 33,207 2,000,390 0.29Edison International 12,679 704,699 0.10Edwards Lifesciences 20,006 2,849,455 0.41EI du Pont de Nemours 240 15,348 -Eli Lilly 23,510 1,962,850 0.28Employers Holdings 10,737 244,589 0.04Enova International 6,859 128,126 0.02Entergy 5,205 366,953 0.05EOG Resources 22,302 1,952,540 0.28Estee Lauder 16,961 1,469,840 0.21Exelon 23,747 746,131 0.11Exxon Mobil 18,594 1,547,021 0.22F5 Networks 3,655 439,879 0.06Facebook 11,247 964,599 0.14Family Dollar Stores 14,593 1,150,074 0.17Financial Engines 25,632 1,088,847 0.16First Republic Bank 44,450 2,801,684 0.41FirstEnergy 11,088 360,914 0.05FLIR Systems 44,321 1,365,973 0.20Fluor 8,590 455,356 0.07FMC 367 19,286 -Ford Motor 49,918 749,269 0.11Freeport-McMoRan 108,746 2,024,832 0.29Freescale Semiconductor 20,948 837,292 0.12General Electric 214 5,686 -General Motors 64,490 2,149,418 0.31Genworth Financial 30,700 232,399 0.03Google 5,083 2,645,752 0.38GrubHub 16,489 561,780 0.08Harley-Davidson 65,004 3,662,919 0.53Harris 217 16,689 -HCA Holdings 12,720 1,153,958 0.17HCP REIT 19,201 700,260 0.10Health Care REIT 10,581 694,431 0.10Hershey 11,595 1,029,984 0.15

71MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 87.61%) (continued)Transferable securities (2014: 86.77%) (continued)Equities (2014: 86.77%) (continued)United States of America (2014: 36.47%) (continued)Hewlett-Packard 68,888 2,067,299 0.30Hilton Worldwide Holdings 35,605 980,918 0.14Home Depot 222 24,671 -HomeAway 21,572 671,321 0.10Howard Hughes 5,200 746,408 0.11Innospec 7,300 328,792 0.05Intel 98,712 3,002,295 0.44International Business Machines 7,625 1,240,283 0.18International Paper 4,452 211,871 0.03Intrexon 8,343 407,138 0.06Intuitive Surgical 1,087 526,652 0.08Isis Pharmaceuticals 8,160 469,608 0.07Jacobs Engineering Group 9,754 396,207 0.06Johnson & Johnson 24,257 2,364,087 0.34KBR 24,072 468,923 0.07Kellogg 8,883 556,964 0.08KeyCorp 38,494 578,180 0.08Keysight Technology 21,175 660,448 0.10Kinder Morgan 39,199 1,504,850 0.22L Brands 17,678 1,515,535 0.22Laboratory of America Holdings 7,874 954,486 0.14Landec 8,290 119,625 0.02LendingClub 21,168 312,228 0.05Leucadia National 34,800 844,944 0.12Lincoln Electric Holdings 23,488 1,430,184 0.21Lincoln National 24,012 1,421,991 0.21Lockheed Martin 4,092 760,703 0.11M&T Bank 18,540 2,316,202 0.34Markel 3,642 2,916,077 0.42Marriott International 11,114 826,770 0.12Martin Marietta Materials 11,712 1,657,365 0.24MasterCard 38,638 3,611,880 0.52Maxim Integrated Products 15,623 540,165 0.08MaxLinear 20,141 243,706 0.04McDonald's 12,943 1,230,491 0.18Medidata Solutions 11,752 638,369 0.09Merck 23,563 1,341,442 0.19Merit Medical Systems 10,800 232,632 0.03MetLife 30,615 1,714,134 0.25Micron Technology 24,635 464,123 0.07Microsoft 47,362 2,091,032 0.30Monsanto 12,544 1,337,065 0.19Moody's 25,304 2,731,820 0.40Mosaic 24,926 1,167,783 0.17Myriad Genetics 45,081 1,532,303 0.22National CineMedia 19,404 309,688 0.04Navistar International 16,437 371,969 0.05Newmont Mining 61,035 1,425,754 0.21NextEra Energy 1,869 183,218 0.03NIKE 16,606 1,793,780 0.26NOW 49,223 980,030 0.14Oracle 82,270 3,315,441 0.48Ovascience 5,700 164,901 0.02Patterson 15,541 756,070 0.11Paychex 10,362 485,771 0.07PDF Solutions 6,758 108,128 0.02


United States of America (2014: 36.47%) (continued)Pepco Holdings 27,284 735,031 0.11PepsiCo 24,179 2,256,868 0.33Pfizer 116,331 3,900,545 0.57PG&E 15,322 752,310 0.11Philip Morris International 51,215 4,105,826 0.59Plum Creek Timber REIT 18,019 731,031 0.11PMC-Sierra 38,888 332,881 0.05PNC Financial Services Group 3,838 367,105 0.05Polycom 21,855 250,021 0.04PPL 4,240 124,953 0.02Praxair 9,580 1,145,289 0.17Precision Castparts 10,750 2,148,603 0.31Principal Financial Group 27,085 1,389,190 0.20Procter & Gamble 61,834 4,837,814 0.70Prudential Financial 15,623 1,367,325 0.20Public Service Enterprise Group 5,093 200,053 0.03Qualcomm 76,177 4,770,903 0.69RealPage 10,922 208,283 0.03Realty Income REIT 16,315 724,223 0.10Red Hat 11,761 893,013 0.13Regions Financial 78,592 814,203 0.12Resources Connection 3,207 51,601 0.01Royal Caribbean Cruises 69,895 5,499,959 0.80Seattle Genetics 22,500 1,089,000 0.16Selective Insurance Group 3,555 99,718 0.01Sigma-Aldrich 5,337 743,711 0.11Skyworks Solutions 17,821 1,855,166 0.27Southern 50,703 2,124,456 0.31Spirit Airlines 5,114 317,579 0.05Stanley Black & Decker 8,436 887,805 0.13Staples 21,552 329,961 0.05Starbucks 44,700 2,396,591 0.35Starwood Hotels & Resorts Worldwide 20,439 1,657,399 0.24Synchrony Financial 13,687 450,713 0.07Sysco 21,924 791,456 0.11T-Mobile US 34,618 1,342,140 0.19Talen Energy 529 9,078 -Targa Resources 5,237 467,245 0.07TD Ameritrade Holding 84,426 3,108,529 0.45TeleTech Holdings 3,441 93,182 0.01Teradyne 70,945 1,368,510 0.20Tesla Motors 5,765 1,546,519 0.22Thermo Fisher Scientific 13,781 1,788,223 0.26Tiffany 11,321 1,039,268 0.15TJX 3,900 258,063 0.04Tootsie Roll Industries 1 - -TransDigm Group 2,840 638,063 0.09Travelers 8,011 774,343 0.11TripAdvisor 13,971 1,217,433 0.18Tumi Holdings 21,823 447,808 0.06Twitter 12,363 447,788 0.06Ulta Salon Cosmetics & Fragrance 6,489 1,002,226 0.15Union Pacific 23,656 2,256,073 0.33United Fire Group 5,228 171,269 0.02United Rentals 6,157 539,476 0.08United Technologies 7,020 778,729 0.11UnitedHealth Group 8,411 1,026,142 0.15US Bancorp 5,404 234,534 0.03Valero Energy 16,888 1,057,189 0.15Varian Medical Systems 8,585 723,973 0.12

72MGI Funds plc



(continued)


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

––––––––––– –––––––288,688,402 41.82



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


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




73MGI Funds plc



(continued)


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


Futures contracts (2014: Nil)No. of


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

––––––––––– –––––––Unrealised loss on futures contracts (1,794,706) (0.26)



Total financial derivative instruments 1,717,133 0.24

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

74MGI Funds plc



(continued)


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

––––––––––– –––––––Total deposits with credit institutions 63,031,314 9.13


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

Net current liabilities (2014: (0.26)%) (5,838,953) (0.84)––––––––––– –––––––

Total net assets attributable to holders of redeemable participating shares 690,097,095 100.00––––––––––– –––––––––––––––––– –––––––


Financial assets at fair value through profit or lossTransferable securitiesEquitiesGreece 0.07%Hungary 0.13%Indonesia 0.30%Thailand 0.54%

Futures contracts gain 0.15%


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 83.19Transferable securities other than those admitted to an official stock exchange listing or traded on a regular market 0.12OTC financial derivative instruments 0.71Deposits with credit institutions 8.85Other current assets 7.13

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust2* State Street Trust Canada3* Goldman Sachs4* Newedge Canada


75MGI Funds plc

MGI Funds plcMGI Japanese Equity Fund


Nominal Fair value % ofholdings ¥ Net assets

Financial assets at fair value through profit or loss (2014: 99.15%)Transferable securities (2014: 99.15%)Equities (2014: 99.15%)Japan (2014: 99.15%)Basic Materials (2014: 7.26%)Air Water 1,000 2,241,000 0.13DIC 28,000 8,568,000 0.48JFE Holdings 1,600 4,346,400 0.24Mitsubishi Materials 28,000 13,160,000 0.74Mitsui Chemicals 43,000 19,565,000 1.10Nippon Shokubai 7,000 11,732,000 0.66Nippon Steel & Sumitomo Metal 62,000 19,678,800 1.10Nisshin Steel 4,500 6,835,500 0.38Shin-Etsu Chemical 500 3,799,500 0.21Sumitomo Bakelite 27,000 14,985,000 0.84Topy Industries 6,000 1,878,000 0.10Zeon 9,000 10,170,000 0.57

––––––––––– –––––––116,959,200 6.55

Communications (2014: 4.84%)Dentsu 5,000 31,700,000 1.78Gurunavi 2,600 5,241,600 0.29KDDI 9,600 28,358,400 1.59M3 2,700 6,647,400 0.37Nippon Telegraph & Telephone 4,400 19,507,400 1.09SoftBank 4,400 31,719,600 1.78

––––––––––– –––––––123,174,400 6.90

Consumer, Cyclical (2014: 28.64%)Bandai Namco Holdings 1,200 2,841,600 0.16Bridgestone 1,800 8,149,500 0.46Citizen Holdings 7,300 6,234,200 0.35Daiwa House Industry 6,600 18,829,800 1.05Fast Retailing 400 22,224,000 1.24H2O Retailing 3,900 9,945,000 0.56Haseko 7,300 10,541,200 0.59Honda Motor 7,100 28,126,650 1.58Izumi 1,800 9,306,000 0.52J Front Retailing 4,300 9,907,200 0.55Japan Airlines 5,800 24,766,000 1.39Marui Group 7,400 12,239,600 0.69Mazda Motor 8,400 20,143,200 1.13Mitsubishi 12,400 33,380,800 1.87Mitsui 5,400 8,977,500 0.50NGK Spark Plug 4,500 15,277,500 0.86Nissan Motor 14,300 18,232,500 1.02Oriental Land 1,600 12,504,000 0.70Sekisui Chemical 2,000 3,006,000 0.17Sony 10,400 35,999,600 2.02Sumitomo 11,500 16,376,000 0.92Sumitomo Electric Industries 9,100 17,262,700 0.97Sundrug 800 5,832,000 0.33Suzuki Motor 4,100 16,953,500 0.95Takashimaya 1,000 1,110,000 0.06Toyota Motor 12,300 100,896,900 5.65Yamaha Motor 4,800 12,849,600 0.72

––––––––––– –––––––481,912,550 27.01

Consumer, Non-Cyclical (2014: 10.83%)Ajinomoto 8,000 21,212,000 1.19Arcs 1,100 2,934,800 0.16


Consumer, Non-Cyclical (2014: 10.83%) (continued)CYBERDYNE 3,700 11,803,000 0.66Ezaki Glico 600 3,648,000 0.20Japan Tobacco 7,200 31,395,600 1.76JCR Pharmaceuticals 5,500 16,417,500 0.92Kewpie 3,200 8,294,400 0.46Kyowa Hakko Kirin 3,000 4,803,000 0.27NH Foods 7,000 19,558,000 1.10Noevir Holdings 200 527,400 0.03Otsuka Holdings 7,200 28,105,200 1.58Recruit Holdings 300 1,120,500 0.06Seven & I Holdings 2,800 14,728,000 0.83Shimadzu 9,000 14,967,000 0.84Suntory Beverage & Food 4,000 19,500,000 1.09Suzuken Japan 4,500 17,640,000 0.99Sysmex 2,900 21,170,000 1.19Toppan Printing 9,000 9,216,000 0.52Unicharm 4,600 13,383,700 0.75ZERIA Pharmaceutical 3,700 6,615,600 0.37

––––––––––– –––––––267,039,700 14.97

Energy (2014: 1.00%)JX Holdings 23,300 12,307,060 0.69

––––––––––– –––––––Financial (2014: 18.13%)Aeon Mall 2,700 6,193,800 0.35Bank of Yokohama 12,000 9,007,200 0.51Chiba Bank 9,000 8,397,000 0.47Hokuhoku Financial Group 14,000 4,046,000 0.23Mitsubishi UFJ Financial Group 100,800 88,683,840 4.97Mitsubishi UFJ Lease & Finance 11,800 7,906,000 0.44Mitsui Fudosan 6,000 20,562,000 1.15Nishi-Nippon City Bank 31,000 10,943,000 0.61Nomura Holdings 29,900 24,834,940 1.39Nomura Real Estate Holdings 3,600 9,252,000 0.52North Pacific Bank 16,100 8,806,700 0.50ORIX 20,800 37,876,800 2.12Resona Holdings 4,800 3,208,800 0.18Sompo Japan Nipponkoa Holdings 4,300 19,313,450 1.08Sumitomo Mitsui Financial Group 6,800 37,121,200 2.08Sumitomo Realty & Development 4,000 17,174,000 0.96T&D Holdings 1,100 2,007,500 0.11Tokio Marine Holdings 1,100 5,603,400 0.32

––––––––––– –––––––320,937,630 17.99

Industrial (2014: 17.52%)Amada 16,100 20,833,400 1.17Central Japan Railway 400 8,842,000 0.50Daikin Industries 4,600 40,521,400 2.27DMG Mori 12,500 29,562,500 1.66East Japan Railway 1,900 20,919,000 1.17Fukuyama Transporting 5,000 3,395,000 0.19Furukawa Electric 16,000 3,488,000 0.20Hitachi 42,000 33,885,600 1.90Japan Aviation Electronics Industry 3,000 9,990,000 0.56Kajima 30,000 17,250,000 0.97Kawasaki Heavy Industries 53,000 30,263,000 1.70Keyence 500 33,030,000 1.85Konica Minolta 3,700 5,287,300 0.30LIXIL Group 1,500 3,645,000 0.20Mabuchi Motor 1,000 7,740,000 0.43

76MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 99.15%) (continued)Transferable securities (2014: 99.15%) (continued)Equities (2014: 99.15%) (continued)Japan (2014: 99.15%) (continued)Technology (2014: 8.80%) (continued)Maeda 7,000 5,936,000 0.33Mitsui OSK Lines 27,000 10,584,000 0.59Nidec 2,200 20,163,000 1.13Omron 3,700 19,684,000 1.10Rengo 2,000 1,014,000 0.06Taiyo Yuden 4,100 7,043,800 0.39West Japan Railway 800 6,268,000 0.35Yamato Holdings 5,400 12,795,300 0.72

––––––––––– –––––––352,140,300 19.74

Technology (2014: 8.80%)COLOPL 2,100 5,193,300 0.29Dena 3,600 8,661,600 0.48Otsuka 900 5,148,000 0.29Ricoh 9,100 11,557,000 0.65Seiko Epson 8,700 18,887,700 1.06Sumco 4,300 6,591,900 0.37

––––––––––– –––––––56,039,500 3.14

Utilities (2014: 2.13%)Electric Power Development 3,600 15,570,000 0.87Kansai Electric Power 900 1,219,950 0.07Osaka Gas 12,000 5,799,600 0.33Shikoku Electric Power 3,600 6,598,800 0.37Tokyo Gas 5,000 3,250,000 0.18

––––––––––– –––––––32,438,350 1.82

––––––––––– –––––––1,762,948,690 98.81


Total equities 1,762,948,690 98.81


Total financial assets at fair value through profit or loss 1,762,948,690 98.81

Cash (2014: 0.90%) 21,346,822 1.20

Net current liabilities (2014: (0.05)%) (87,072) (0.01)–––––––––––– –––––––

Total net assets attributable to holders of redeemable participating shares 1,784,208,440 100.00

–––––––––––– ––––––––––––––––––– –––––––



–––––––100.00

––––––––––––––

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

77MGI Funds plc

MGI Funds plcMGI Pacific Basin (Ex Japan) Equity Fund



Financial assets at fair value through profit or loss (2014: 97.75%)Transferable securities (2014: 97.75%)Equities (2014: 97.75%)Australia (2014: 59.93%)AGL Energy 13,514 161,516 1.68ASX 3,824 117,271 1.22Australia & New Zealand Banking Group 15,785 390,662 4.06BHP Billiton 24,176 502,634 5.22Brambles 40,531 330,212 3.43Commonwealth Bank of Australia 7,040 460,634 4.78Computershare 16,716 150,449 1.56CSL 5,966 396,505 4.12DuluxGroup 10,368 45,582 0.47Incitec Pivot 41,502 122,809 1.27Lend Lease Group 8,886 102,652 1.07Medibank Private 67,584 104,409 1.08National Australia Bank 21,739 556,563 5.78Orica 7,933 129,751 1.35QBE Insurance Group 13,816 145,161 1.51Recall Holdings 23,027 122,651 1.27Rio Tinto 4,801 198,340 2.06South32 24,176 33,261 0.34Telstra 37,004 174,629 1.81Wesfarmers 7,902 237,048 2.46Westpac Banking 14,449 357,042 3.71Woodside Petroleum 6,736 177,219 1.84Woolworths 11,378 235,769 2.45

––––––––––– –––––––5,252,769 54.54

China (2014: Nil)China Pacific Insurance Group 10,400 50,038 0.52

––––––––––– –––––––Hong Kong (2014: 21.95%)AIA Group 85,000 554,237 5.75BOC Hong Kong Holdings 35,000 146,274 1.52Cheung Kong Property Holdings 20,864 172,509 1.79CK Hutchison Holdings 14,864 219,340 2.28Galaxy Entertainment Group 26,000 103,295 1.07Hang Lung Group 16,000 70,377 0.73Hang Seng Bank 3,900 76,213 0.79HKT Trust & HKT 68,000 79,819 0.83Hongkong Land Holdings 26,400 216,480 2.25Jardine Matheson Holdings 2,400 136,200 1.41Jardine Strategic Holdings 6,000 181,620 1.89Kerry Properties 26,500 103,914 1.08Swire Pacific -A Shares 16,500 207,619 2.16Swire Pacific -B Shares 22,500 52,821 0.55Swire Properties 31,450 100,201 1.04Techtronic Industries 42,500 139,793 1.45

––––––––––– –––––––2,560,712 26.59

Ireland (2014: 2.43%)James Hardie Industries 19,971 265,857 2.76

––––––––––– –––––––Singapore (2014: 11.15%)City Developments 6,000 43,580 0.45ComfortDelGro 52,400 121,806 1.27DBS Group Holdings 4,400 67,609 0.70Singapore Telecommunications 78,200 246,825 2.56StarHub 33,100 97,100 1.01United Overseas Bank 12,000 205,600 2.14


Singapore (2014: 11.15%) (continued)UOL Group 22,000 113,063 1.17Venture 17,000 97,468 1.01

––––––––––– –––––––993,051 10.31

United Kingdom (2014: 0.93%)HSBC Holdings 9,200 83,366 0.87

––––––––––– –––––––United States of America (2014: 1.36%)ResMed 28,237 157,781 1.64

––––––––––– –––––––Total equities 9,363,574 97.23



Cash (2014: 1.78%) 223,665 2.32



––––––––––– –––––––––––––––––– –––––––


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 97.09Other current assets 2.91

–––––––100.00

––––––––––––––


78MGI Funds plc

MGI Funds plcMGI UK Bond Fund


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

Financial assets at fair value through profit or loss (2014: 98.49%)Transferable securities (2014: 95.20%)Bonds (2014: 95.20%)Asset backed securities (2014: 0.87%)Channel Islands (2014: 0.36%)Whinstone Capital Management 4.28 25/04/2045 USD 600,000 384,371 0.58

––––––––––– –––––––Ireland (2014: Nil)Carlyle Global Market Strategies Euro CLO 2014-1 2.66 15/04/2027 EUR 167,000 118,490 0.18

––––––––––– –––––––Netherlands (2014: 0.25%)Chapel 0.36 17/07/2066 EUR 256,364 174,470 0.27

––––––––––– –––––––Total asset backed securities 677,331 1.03

Corporate bonds (2014: 48.19%)Australia (2014: 1.45%)BHP Billiton Finance 4.30 25/09/2042 GBP 139,000 143,173 0.22Commonwealth Bank of Australia 3.00 04/09/2026 GBP 470,000 484,601 0.74National Australia Bank 3.00 04/09/2026 GBP 100,000 103,399 0.16QBE Insurance Group 6.13 28/09/2015 GBP 86,000 86,971 0.13Scentre Group Trust 1 3.88 16/07/2026 GBP 100,000 105,444 0.15

––––––––––– –––––––923,588 1.40

Cayman Islands (2014: 1.76%)Affinity Water Programme Finance 4.50 31/03/2036 GBP 100,000 110,325 0.17Southern Water Services Finance 4.50 31/03/2038 GBP 600,000 619,905 0.94

––––––––––– –––––––730,230 1.11

Channel Islands (2014: 3.25%)AA Bond 6.27 31/07/2025 GBP 350,000 418,871 0.64CPUK Finance 7.24 28/02/2024 GBP 389,000 492,586 0.75CPUK Finance 2.67 28/02/2020 GBP 171,000 170,752 0.26Credit Suisse Group Funding Guernsey 3.00 27/05/2022 GBP 547,000 531,774 0.81Gatwick Funding 4.63 27/03/2034 GBP 300,000 317,535 0.48Gatwick Funding 5.75 23/01/2037 GBP 200,000 243,065 0.37Porterbrook Rail Finance 5.50 20/04/2019 GBP 100,000 110,709 0.17

––––––––––– –––––––2,285,292 3.48

France (2014: 2.79%)Credit Agricole 3.88 15/04/2024 USD 700,000 449,818 0.68Electricite de France 6.25 30/05/2028 GBP 100,000 125,441 0.19Electricite de France 6.13 02/06/2034 GBP 200,000 245,665 0.37Electricite de France 5.50 27/03/2037 GBP 500,000 580,013 0.88Electricite de France 5.50 17/10/2041 GBP 300,000 348,529 0.53Electricite de France 6.00 22/01/2114 USD 227,000 154,368 0.23Veolia Environnement 6.13 29/10/2037 GBP 250,000 314,321 0.49

––––––––––– –––––––2,218,155 3.37

Ireland (2014: 1.24%)GE Capital UK Funding 5.88 18/01/2033 GBP 350,000 452,756 0.69GE Capital UK Funding 8.00 14/01/2039 GBP 176,000 290,353 0.45

––––––––––– –––––––743,109 1.14

Mexico (2014: 0.22%)America Movil 4.38 16/07/2042 USD 200,000 118,415 0.18

––––––––––– –––––––Netherlands (2014: 4.03%)E.ON International Finance 6.65 30/04/2038 USD 339,000 260,168 0.40Enel Finance International 5.75 14/09/2040 GBP 411,000 462,329 0.70ING Bank 5.38 15/04/2021 GBP 400,000 461,251 0.70

79MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.49%) (continued)Transferable securities (2014: 95.20%) (continued)Bonds (2014: 95.20%) (continued)Corporate bonds (2014: 48.19%) (continued)Netherlands (2014: 4.03%) (continued)Koninklijke KPN 5.00 18/11/2026 GBP 100,000 107,542 0.16Koninklijke KPN 5.75 17/09/2029 GBP 720,000 818,248 1.24RWE Finance 5.50 06/07/2022 GBP 200,000 226,903 0.35RWE Finance 6.25 03/06/2030 GBP 500,000 587,984 0.89RWE Finance 4.75 31/01/2034 GBP 300,000 300,263 0.46

––––––––––– –––––––3,224,688 4.90

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



(continued)

80MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.49%) (continued)Transferable securities (2014: 95.20%) (continued)Bonds (2014: 95.20%) (continued)Corporate bonds (2014: 48.19%) (continued)United Kingdom (2014: 22.63%) (continued)Telereal Securitisation 6.16 10/12/2031 GBP 383,200 454,717 0.69Telereal Securitisation 4.09 10/12/2033 GBP 300,000 309,888 0.47Tesco Property Finance 4 5.80 13/10/2040 GBP 395,447 378,960 0.58Wales & West Utilities Finance 4.63 13/12/2023 GBP 100,000 110,975 0.17Wellcome Trust Finance 4.00 09/05/2059 GBP 110,000 132,115 0.20Western Power Distribution East Midlands 5.25 17/01/2023 GBP 354,000 405,089 0.62Western Power Distribution South West 5.75 23/03/2040 GBP 150,000 189,269 0.29Western Power Distribution West Midlands 5.75 16/04/2032 GBP 121,000 148,664 0.23WHG Treasury 4.25 06/10/2045 GBP 100,000 104,829 0.16White City Property Finance 5.12 17/04/2035 GBP 95,522 110,555 0.17Yorkshire Water Services Bradford Finance 3.63 01/08/2029 GBP 100,000 101,188 0.16Yorkshire Water Services Bradford Finance 6.38 19/08/2039 GBP 170,000 230,622 0.35

––––––––––– –––––––17,031,189 25.90

United States of America (2014: 7.60%)Altria Group 10.20 06/02/2039 USD 49,000 51,458 0.08American International Group 5.00 26/04/2023 GBP 550,000 621,862 0.95AT&T 4.25 01/06/2043 GBP 183,000 168,059 0.26AT&T 4.88 01/06/2044 GBP 411,000 414,625 0.63AT&T 4.75 15/05/2046 USD 345,000 200,390 0.30Bank of America 7.75 30/04/2018 GBP 200,000 231,699 0.35Bank of America 5.50 04/12/2019 GBP 338,000 381,410 0.58Comcast 5.50 23/11/2029 GBP 380,000 458,429 0.70DIRECTV Holdings 4.38 14/09/2029 GBP 350,000 355,992 0.54General Electric 1.88 28/05/2027 EUR 289,000 202,076 0.31Glencore Funding 4.13 30/05/2023 USD 208,000 128,160 0.19Goldman Sachs Group 4.25 29/01/2026 GBP 130,000 136,965 0.21Health Care REIT 4.50 01/12/2034 GBP 200,000 204,682 0.31Metropolitan Life Global Funding I 3.50 30/09/2026 GBP 100,000 104,415 0.16Mondelez International 7.25 18/07/2018 GBP 702,000 812,572 1.24Time Warner Cable 5.25 15/07/2042 GBP 150,000 138,844 0.21Verizon Communications 6.40 15/09/2033 USD 30,000 21,921 0.03Verizon Communications 4.40 01/11/2034 USD 70,000 41,335 0.06Verizon Communications 6.55 15/09/2043 USD 278,000 207,493 0.32Verizon Communications 4.52 15/09/2048 USD 478,000 268,087 0.41Verizon Communications 4.67 15/03/2055 USD 70,000 38,882 0.06Wal-Mart Stores 4.88 19/01/2039 GBP 495,000 591,222 0.89

––––––––––– –––––––5,780,578 8.79

Total corporate bonds 33,055,244 50.27

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

––––––––––– –––––––32,932,909 50.09




(continued)

81MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.49%) (continued)Transferable securities (2014: 95.20%) (continued)Bonds (2014: 95.20%) (continued)Mortgage backed securities (2014: 2.05%)Ireland (2014: 0.16%)Deco 2014-BONN 3.44 07/11/2024 EUR 198,330 144,233 0.22

––––––––––– –––––––Netherlands (2014: 0.26%)Utrecht Funding 3.00 28/07/2016 EUR 285,249 202,644 0.31

––––––––––– –––––––United Kingdom (2014: 0.76%)Canary Wharf Finance II 6.46 22/04/2030 GBP 141,986 187,776 0.29Equity Release Funding No 3 5.05 26/04/2033 GBP 200,000 235,907 0.36Slate No.1 2.87 24/01/2051 GBP 100,000 102,119 0.15

––––––––––– –––––––525,802 0.80

Total mortgage backed securities 872,679 1.33

Total bonds 67,538,163 102.72


Nominal Fair value % ofholdings GB£ Net assets

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



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

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

––––––––––– –––––––Unrealised gain on open forward foreign currency contracts 79,449 0.13

Credit default swaps (2014: Nil)

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

Santander International Debt 5* (Bought) (Fixed 1.00%) 20/06/2020 EUR 300,000 738 -Tesco 3* (Bought) (Fixed 1.00%) 20/06/2020 EUR 300,000 6,716 0.01

––––––––––– –––––––Credit default swaps at positive fair value 7,454 0.01

82MGI Funds plc

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

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

––––––––––– –––––––Interest rate swaps at positive fair value 32,839 0.05


Maturity contracts Unrealised % ofdate Currency long/(short) gain GB£ Net assets

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


Options purchased (2014: Nil)Expiry Notional Fair value % of

Currency date amount GB£ Net assets

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

Unrealised gain on options purchased 40,436 0.06

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


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

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

EUR 6* 314,000 GBP 223,605 12/08/2015 (964) -USD 4* 487,000 GBP 315,727 15/07/2015 (6,040) (0.01)

––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (7,004) (0.01)

––––––––––– –––––––Credit default swaps (2014: Nil)

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

iTraxx Europe Crossover 1* (Bought) (Fixed 5.00%) 20/06/2020 EUR 1,000,000 (51,486) (0.08)––––––––––– –––––––

Credit default swaps at negative fair value (51,486) (0.08)



(continued)

83MGI Funds plc

No. ofMaturity contracts Unrealised % of

date Currency long/(short) loss GB£ Net assets

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


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

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

Total financial derivative instruments 103,435 0.17

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

Cash (2014: 1.70%) 871,573 1.32

Net current liabilities (2014: 0.03%) (6,115,500) (9.30)––––––––––– –––––––



Financial assets at fair value through profit or lossTransferable securities

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



(continued)

84MGI Funds plc

% oftotal assets

Total assets comprised as follows:

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

–––––––100.00

––––––––––––––

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

Reference Counterparty1* Barclays2* Citibank3* Credit Suisse4* Goldman Sachs5* Merrill Lynch International6* Royal Bank of Canada7* Royal Bank of Scotland8* Toronto Dominion Bank9* UBS




(continued)

85MGI Funds plc

MGI Funds plcMGI UK Cash Fund



Financial assets at fair value through profit or loss (2014: 89.03%)Collective investment schemes (2014: 89.03%)Ireland (2014: 71.23%)Fidelity Institutional Liquidity Fund - The Sterling Fund 1,442 29,635,635 18.62Goldman Sachs Funds - Sterling Liquid Reserves Fund 2,108 29,651,482 18.62Insight Liquidity Funds - GBP Liquidity Fund 29,558,067 29,558,067 18.57Institutional Cash Series - Institutional Sterling Liquidity Fund 290,240 29,641,196 18.62

––––––––––– –––––––118,486,380 74.43

Luxembourg (2014: 17.80%)JPMorgan Liquidity Funds - Sterling Liquidity Fund 1,862 29,631,348 18.61



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

Other net liabilities (2014: (0.01)%) (135,946) (0.09)––––––––––– –––––––



total assetsCollective investment schemes 92.93Other current assets 7.07

–––––––100.00

––––––––––––––


86MGI Funds plc

MGI Funds plcMGI UK Equity Fund



Financial assets at fair value through profit or loss (2014: 98.94%)Transferable securities (2014: 98.94%)Equities (2014: 98.94%)Bermuda (2014: 0.26%)Hiscox 5,915 49,627 0.08

––––––––––– –––––––Ireland (2014: 1.36%)Beazley 4,812 14,234 0.02CRH 20,581 367,577 0.61DCC 406 20,300 0.03Shire 35,067 1,786,663 2.94

––––––––––– –––––––2,188,774 3.60

Isle Of Man (2014: 0.05%)Playtech 4,359 35,679 0.06

––––––––––– –––––––Jersey (2014: Nil)Centamin 16,114 9,950 0.02

––––––––––– –––––––Switzerland (2014: 2.03%)Glencore 100,532 256,658 0.42Wolseley 22,316 906,699 1.49

––––––––––– –––––––1,163,357 1.91

United Kingdom (2014: 95.05%)3i Group 179,542 927,334 1.52A.G.Barr 64,303 395,463 0.65Admiral Group 4,252 58,975 0.10Aggreko 2,400 34,536 0.06AMEC 5,233 42,780 0.07Amlin 10,999 52,399 0.09Anglo American 21,542 197,863 0.32Ashtead Group 45,300 497,847 0.82Associated British Foods 3,049 87,537 0.14AstraZeneca 50,675 2,036,628 3.35Auto Trader Group 212,639 648,336 1.07Aviva 18,006 88,680 0.15BAE Systems 24,810 111,943 0.18Balfour Beatty 12,524 30,296 0.05Barclays 270,445 704,509 1.16Bellway 2,014 47,772 0.08Berendsen 1,221 12,442 0.02Berkeley Group Holdings 11,288 377,696 0.62Betfair Group 4,100 98,646 0.16BG Group 41,898 443,909 0.73BHP Billiton 53,386 666,791 1.10Booker Group 158,400 266,746 0.44Bovis Homes Group 2,756 30,674 0.05BP 577,475 2,426,261 3.99Bradford Bingley* 65,579 - -British American Tobacco 81,556 2,785,137 4.58British Land REIT 7,076 56,148 0.09BT Group 108,854 490,061 0.81Burberry Group 52,729 828,373 1.36Cairn Energy 10,795 18,330 0.03Capital & Counties Properties 290,283 1,263,312 2.08Carillion 14,198 48,543 0.08Carnival 27,026 878,075 1.44Centrica 106,938 282,102 0.46Chemring Group 14,752 32,454 0.05Close Brothers Group 708 10,818 0.02


United Kingdom (2014: 95.05%) (continued)Cobham 13,507 35,523 0.06Compass Group 128,363 1,351,662 2.22Daily Mail & General Trust 101,521 943,130 1.55Debenhams 60,683 54,160 0.09Diageo 86,790 1,597,804 2.63Direct Line Insurance Group 17,815 59,823 0.10Dixons Carphone 109,700 497,490 0.82Drax Group 6,424 22,368 0.04DS Smith 7,389 28,522 0.05Electrocomponents 7,122 15,084 0.02Enterprise Inns 36,424 45,166 0.07Euromoney Institutional Investor 11,007 133,955 0.22Evraz 7,060 8,698 0.01Fidessa Group 24,193 550,391 0.90Filtrona 48,081 477,444 0.78Firstgroup 9,779 11,686 0.02Foxtons Group 166,309 393,986 0.65GlaxoSmithKline 119,742 1,583,588 2.60Greene King 41,924 354,048 0.58Greggs 1,638 19,378 0.03Halfords Group 3,084 16,284 0.03Halma 1,436 10,942 0.02Hammerson REIT 4,470 27,513 0.04Hargreaves Lansdown 145,898 1,682,204 2.76Henderson Group 7,084 18,489 0.03Home Retail Group 42,181 71,286 0.12Howden Joinery Group 73,083 378,205 0.62HSBC Holdings 424,660 2,420,987 3.98Hunting 27,500 167,750 0.28ICAP 5,299 28,058 0.05IG Group Holdings 3,211 23,970 0.04IMI 1,887 21,229 0.03Imperial Tobacco Group 38,000 1,165,460 1.92Inchcape 6,465 52,431 0.09Informa 3,231 17,657 0.03Intermediate Capital Group 7,644 42,004 0.07International Personal Finance 3,477 15,890 0.03Investec 5,125 29,315 0.05ITV 212,000 558,196 0.92J Sainsbury 25,597 67,909 0.11Jardine Lloyd Thompson Group 2,152 22,467 0.04John Wood Group 1,366 8,804 0.01Johnson Matthey 12,198 370,575 0.61Jupiter Fund Management 3,275 14,597 0.02Just Eat 55,200 224,554 0.37Kingfisher 37,785 131,227 0.22Ladbrokes 19,965 25,915 0.04Lancashire Holdings 4,126 25,437 0.04Land Securities Group REIT 3,154 37,974 0.06Legal & General Group 51,872 129,109 0.21Lloyds Banking Group 1,744,581 1,487,081 2.44London Stock Exchange Group 48,055 1,138,904 1.87Man Group 36,428 57,156 0.09Marks & Spencer Group 27,581 147,834 0.24Meggitt 7,348 34,271 0.06Micro Focus International 3,639 49,527 0.08Mitchells & Butlers 4,799 21,907 0.04Mitie Group 15,589 49,105 0.08National Grid 42,937 350,881 0.58Next 17,071 1,271,790 2.09

87MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.94%)Transferable securities (2014: 98.94%)Equities (2014: 98.94%)United Kingdom (2014: 95.05%) (continued)Old Mutual 46,461 93,619 0.15Paragon Group of Cos 19,102 79,120 0.13Patisserie Holdings 85,829 266,070 0.44Pearson 100,043 1,205,518 1.98Persimmon 4,618 91,206 0.15Petrofac 3,133 28,996 0.05Premier Oil 5,755 8,581 0.01Provident Financial 1,069 31,290 0.05Prudential 28,796 441,299 0.73Rathbone Brothers 28,833 619,045 1.02Reckitt Benckiser Group 29,160 1,600,301 2.63RELX 216,450 2,240,258 3.68Rexam 5,742 31,696 0.05Rightmove 19,803 648,944 1.07Rio Tinto 45,879 1,199,277 1.97Rotork 4,380 10,188 0.02Royal Bank of Scotland Group 20,360 71,565 0.12Royal Dutch Shell - A Shares 79,164 1,414,265 2.32Royal Dutch Shell - B Shares 102,524 1,852,609 3.04Royal Mail 10,847 55,808 0.09RSA Insurance Group 16,068 63,822 0.10SABMiller 8,329 275,190 0.45Sage Group 215,024 1,101,998 1.81Schroders 36,295 1,152,729 1.89Segro REIT 5,675 23,029 0.04Serco Group 11,393 13,444 0.02Smiths Group 5,399 60,955 0.10Smiths News 11,919 16,895 0.03Spectris 1,679 35,427 0.06SSE 10,270 157,747 0.26SSP Group 140,247 402,228 0.66Stagecoach Group 8,523 34,416 0.06Standard Chartered 48,006 489,181 0.80Standard Life 22,632 100,486 0.16TalkTalk Telecom Group 3,029 11,586 0.02Tate & Lyle 3,392 17,621 0.03Tesco 183,794 390,654 0.64Thomas Cook Group 14,130 19,330 0.03Travis Perkins 3,133 66,106 0.11UBM 3,169 16,938 0.03Ultra Electronics Holdings 603 10,685 0.02Unilever 75,516 2,061,587 3.39Victrex 20,130 388,509 0.64Vodafone Group 712,983 1,638,791 2.69Weir Group 927 15,731 0.03WH Smith 2,214 33,830 0.06William Hill 10,137 40,862 0.07Wincanton 8,064 14,676 0.02WM Morrison Supermarkets 61,370 110,957 0.18WPP 8,924 127,256 0.21Young & Co's Brewery 12,856 161,986 0.27

––––––––––– –––––––58,622,523 96.35





Cash (2014: 1.45%) 781,238 1.28

Net current liabilities (2014: (0.39%)) (2,009,004) (3.30)––––––––––– –––––––


––––––––––– –––––––––––––––––– –––––––

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

Financial assets at fair value through profit or lossTransferable securitiesEquitiesGuernsey 0.04%Spain 0.15%


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 98.30Other current assets 1.70

–––––––100.00

––––––––––––––

*Bradford Bingley is valued at fair value in accordance with the fair valuemeasurement policy in the accounting policies.All of the other securities are listed on a recognised stock exchange or traded ona regulated market unless otherwise stated and are valued at fair value.


88MGI Funds plc

MGI Funds plcMGI U.S. Equity Fund



Financial assets at fair value through profit or loss (2014: 97.97%)Transferable securities (2014: 97.97%)Equities (2014: 97.97%)Canada (2014: Nil)Barrick Gold 14,374 153,227 0.22Canadian Natural Resources 13,776 374,156 0.54Methanex 1,307 72,748 0.11Valeant Pharmaceuticals International 1,535 341,000 0.50

––––––––––– –––––––941,131 1.37

China (2014: 0.69%)Alibaba Group Holding - ADR 6,100 501,847 0.73Baidu - ADR 1,900 378,252 0.55Ctrip.com International - ADR 3,800 275,956 0.40

––––––––––– –––––––1,156,055 1.68

Ireland (2014: 1.08%)Ingersoll-Rand 3,489 235,228 0.34Medtronic 15,052 1,115,353 1.62Seagate Technology 3,450 163,875 0.24Shire - ADR 843 203,576 0.30XL Group 7,318 272,230 0.40

––––––––––– –––––––1,990,262 2.90

Israel (2014: Nil)Teva Pharmaceutical Industries 8,408 496,913 0.72

––––––––––– –––––––Netherlands (2014: 0.45%)LyondellBasell Industries 1,600 165,632 0.24Mobileye 5,800 308,386 0.45NXP Semiconductor 3,227 316,891 0.46

––––––––––– –––––––790,909 1.15

Singapore (2014: Nil)Avago Technologies 1,100 146,223 0.21

––––––––––– –––––––Switzerland (2014: 1.35%)ACE 5,575 566,866 0.83TE Connectivity 6,963 447,721 0.65

––––––––––– –––––––1,014,587 1.48

United Kingdom (2014: 1.81%)Aon 3,234 322,365 0.47ARM Holdings - ADR 5,600 275,912 0.40Liberty Global 19,698 997,310 1.45

––––––––––– –––––––1,595,587 2.32

United States of America (2014: 91.70%)AbbVie 4,555 306,050 0.44Activision Blizzard 19,047 461,128 0.67Adobe Systems 7,200 583,272 0.85AES 34,873 462,416 0.67Alexion Pharmaceuticals 2,365 427,521 0.62Allstate 7,557 490,223 0.71Ally Financial 15,642 350,850 0.51Amazon.com 1,440 625,090 0.91American Homes 4 Rent REIT 9,878 158,443 0.23American International Group 10,343 639,404 0.93American Tower REIT 4,700 438,463 0.64Anadarko Petroleum 3,709 289,525 0.42Anthem 2,921 479,453 0.70


United States of America (2014: 91.70%) (continued)Apple 18,626 2,336,166 3.40Avery Dennison 3,472 211,584 0.31BB&T 8,390 338,201 0.49Berkshire Hathaway 11,756 1,600,109 2.33Biogen Idec 1,045 422,117 0.61BlackRock 710 245,646 0.36Boston Scientific 14,300 253,110 0.37Brocade Communications Systems 34,740 412,711 0.60Capital One Financial 16,581 1,458,631 2.12Celgene 5,540 641,172 0.93Chipotle Mexican Grill 400 241,996 0.35Cigna 2,097 339,714 0.49Cisco Systems 34,542 948,523 1.38Citigroup 20,697 1,143,302 1.66Cognizant Technology Solutions 4,800 293,232 0.43Comcast 6,501 390,970 0.57CoStar Group 1,185 238,493 0.35Costco Wholesale 1,700 229,602 0.33Crane 2,458 144,358 0.21Crown Holdings 5,729 303,121 0.44CVS Health 13,102 1,374,138 2.00Danaher 2,900 248,211 0.36Delta Air Lines 21,890 899,241 1.31DexCom 1,845 147,563 0.21Discover Financial Services 10,673 614,978 0.89Dollar General 3,450 268,203 0.39eBay 6,600 397,584 0.58Ecolab 2,400 271,368 0.39EMC 18,961 500,381 0.73Energen 4,254 290,548 0.42Envision Healthcare 7,550 298,074 0.43EOG Resources 4,753 416,125 0.61EQT 1,907 155,115 0.23Express Scripts Holding 8,818 784,273 1.14Facebook 9,600 823,344 1.20Fifth Third Bancorp 10,530 219,235 0.32Gap 9,536 363,989 0.53General Dynamics 2,636 373,495 0.54Gilead Sciences 8,430 986,984 1.44Google Class A 850 459,034 0.67Google Class C 854 444,516 0.65Harris 3,071 236,191 0.34Hewlett-Packard 14,545 436,495 0.63Hilton Worldwide Holdings 14,200 391,210 0.57Home Depot 3,100 344,503 0.50Honeywell International 4,369 445,507 0.65Huntsman 14,404 317,896 0.46International Paper 6,120 291,251 0.42Johnson & Johnson 12,085 1,177,804 1.71JPMorgan Chase & Co 26,823 1,817,526 2.64Las Vegas Sands 2,083 109,503 0.16Lear 3,723 417,944 0.61Liberty Broadband 3,301 168,879 0.25Liberty Media - A Shares 1,219 43,933 0.06Liberty Media - C Shares 7,321 262,824 0.38LinkedIn 1,455 300,647 0.44Lockheed Martin 3,795 705,490 1.03Lululemon Athletica 1,750 114,275 0.17Macy's 4,589 309,620 0.45Marathon Petroleum 4,774 249,728 0.36

89MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.97%) (continued)Transferable securities (2014: 97.97%) (continued)Equities (2014: 97.97%) (continued)United States of America (2014: 91.70%) (continued)Marriott International 50,722 - -MasterCard 5,700 532,836 0.77McKesson 2,300 517,063 0.75MeadWestvaco 5,268 248,597 0.36Merck 14,619 832,260 1.21MetLife 4,821 269,928 0.39Microsoft 21,090 931,123 1.35Monsanto 2,400 255,816 0.37Morgan Stanley 7,400 287,046 0.42Netflix 310 203,651 0.30NIKE 6,250 675,125 0.98Occidental Petroleum 11,819 919,164 1.34Omnicare 4,302 405,464 0.59Omnicom Group 2,497 173,517 0.25ON Semiconductor 11,962 139,836 0.20Oracle 14,551 586,405 0.85Pfizer 37,772 1,266,495 1.84Phillips 66 9,928 799,800 1.16PPG Industries 2,540 291,389 0.42Priceline Group 470 541,144 0.79Prudential Financial 3,287 287,678 0.42QEP Resources 12,160 225,082 0.33Quest Diagnostics 4,140 300,233 0.44Quintiles Transnational Holdings 3,700 268,657 0.39Raytheon 5,718 547,098 0.80Rice Energy 3,271 68,135 0.10salesforce.com 4,000 278,520 0.41SBA Communications 3,500 402,395 0.59Schlumberger 2,300 198,237 0.29Scripps Networks Interactive 3,221 210,557 0.31ServiceNow 2,700 200,637 0.29Sherwin-Williams 895 246,143 0.36Six Flags Entertainment 4,940 221,559 0.32Splunk 2,250 156,645 0.23Starbucks 7,900 423,558 0.62Target 5,383 439,414 0.64Tesla Motors 250 67,065 0.10Texas Instruments 5,000 257,550 0.37Time 4,644 106,858 0.16Travelers 3,445 332,994 0.48Twenty-First Century Fox 7,150 232,697 0.34Tyson Foods 15,977 681,100 0.99Ulta Salon Cosmetics & Fragrance 1,640 253,298 0.37Union Pacific 4,850 462,544 0.67United Continental Holdings 5,988 317,424 0.46United Technologies 6,498 720,823 1.05UnitedHealth Group 3,800 463,600 0.67Verizon Communications 9,648 449,693 0.65Vertex Pharmaceuticals 2,470 304,996 0.44Visa 14,500 973,675 1.42Walt Disney 4,500 513,630 0.75Wells Fargo 33,383 1,877,460 2.73Western Digital 5,001 392,178 0.57Workday 2,250 171,878 0.25Zimmer Biomet Holdings 2,953 322,556 0.47


United States of America (2014: 91.70%) (continued)Zoetis 3,200 154,304 0.22

––––––––––– –––––––59,789,751 86.94




Cash (2014: 1.84%) 1,028,227 1.50

Net current liabilities (2014: 0.19%) (181,016) (0.27)––––––––––– –––––––


––––––––––– –––––––––––––––––– –––––––

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

Financial assets at fair value through profit or lossTransferable securitiesEquitiesBermuda 0.26%France 0.27%Hong Kong 0.36%


total assetsTransferable securities admitted to an official stock exchange listing or traded on regulated market 98.04Other current assets 1.96

–––––––100.00

––––––––––––––




(continued)

90MGI Funds plc

MGI Funds plcMGI UK Inflation Linked Bond Fund



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

––––––––––– –––––––669,558,516 99.71




Cash (2014: 0.55%) 733,963 0.11

Net current assets (2014: 0.16%) 1,182,951 0.18––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares (at last traded prices) 671,475,430 100.00––––––––––– –––––––––––––––––– –––––––



–––––––100.00

––––––––––––––


91MGI Funds plc

MGI Funds plcMGI UK Long Gilt Fund



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

––––––––––– –––––––167,519,280 98.98




Cash (2014: 0.24%) 711,427 0.42





–––––––100.00

––––––––––––––


92MGI Funds plc

MGI Funds plcMGI Emerging Markets Debt Fund



Financial assets at fair value through profit or loss (2014: 94.72%)Transferable securities (2014: 93.43%)Bonds (2014: 91.70%)Government bonds (2014: 89.74%)Brazil (2014: 12.30%)Brazil Letras do Tesouro Nacional - 01/01/2018 BRL 44,378,000 10,466,331 0.76Brazil Letras do Tesouro Nacional - 01/07/2018 BRL 34,707,000 7,730,073 0.56Brazil Notas do Tesouro Nacional 10.00 01/01/2017 BRL 52,403,000 16,069,877 1.17Brazil Notas do Tesouro Nacional 10.00 01/01/2018 BRL 61,781,000 18,666,796 1.36Brazil Notas do Tesouro Nacional 10.00 01/01/2021 BRL 55,546,000 16,129,994 1.17Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 85,744,500 24,388,657 1.78Brazil Notas do Tesouro Nacional 10.00 01/01/2025 BRL 148,506,000 41,383,188 3.01Brazil Notas do Tesouro Nacional 6.00 15/08/2050 BRL 2,203,000 1,919,010 0.14

––––––––––– –––––––136,753,926 9.95

Bulgaria (2014: Nil)Bulgaria (Government of) 2.00 26/03/2022 EUR 2,100,000 2,250,502 0.16Bulgaria (Government of) 2.95 03/09/2024 EUR 2,590,000 2,829,505 0.21Bulgaria (Government of) 2.63 26/03/2027 EUR 2,575,000 2,628,436 0.19Bulgaria (Government of) 3.13 26/03/2035 EUR 3,200,000 3,002,100 0.22

––––––––––– –––––––10,710,543 0.78

Chile (2014: 0.54%)Chile (Government of) 5.50 05/08/2020 CLP 633,500,000 1,059,678 0.08

––––––––––– –––––––Colombia (2014: 4.18%)Colombia (Government of) 12.00 22/10/2015 COP 1,804,000,000 708,179 0.05Colombia (Government of) 7.25 15/06/2016 COP 4,370,000,000 1,725,963 0.13Colombia (Government of) 4.25 17/05/2017 COP 2,379,731,360 955,978 0.07Colombia (Government of) 11.25 24/10/2018 COP 166,200,000 75,039 0.01Colombia (Government of) 7.00 11/09/2019 COP 3,024,400,000 1,215,674 0.09Colombia (Government of) 11.00 24/07/2020 COP 6,785,800,000 3,155,958 0.23Colombia (Government of) 3.50 10/03/2021 COP 7,823,088,840 2,996,623 0.22Colombia (Government of) 7.75 14/04/2021 COP 9,199,000,000 3,911,946 0.28Colombia (Government of) 7.00 04/05/2022 COP 9,199,500,000 3,581,768 0.26Colombia (Government of) 4.38 21/03/2023 COP 2,778,000,000 970,847 0.07Colombia (Government of) 10.00 24/07/2024 COP 55,976,000,000 25,465,118 1.85Colombia (Government of) 7.50 26/08/2026 COP 8,898,800,000 3,379,076 0.25Colombia (Government of) 9.85 28/06/2027 COP 4,719,000,000 2,236,424 0.16Colombia (Government of) 6.00 28/04/2028 COP 41,931,800,000 13,800,588 1.00Colombia (Government of) 7.75 18/09/2030 COP 22,705,600,000 8,562,944 0.62Empresa de Telecomunicaciones de Bogota 7.00 17/01/2023 COP 726,000,000 265,869 0.02

––––––––––– –––––––73,007,994 5.31

Hungary (2014: 4.30%)Hungary (Government of) 5.50 22/12/2016 HUF 335,160,000 1,261,509 0.09Hungary (Government of) 6.75 24/02/2017 HUF 3,909,500,000 15,016,037 1.09Hungary (Government of) 6.75 24/11/2017 HUF 148,070,000 587,164 0.04Hungary (Government of) 4.00 25/04/2018 HUF 1,303,270,000 4,848,635 0.35Hungary (Government of) 2.50 22/06/2018 HUF 912,070,000 3,265,449 0.24Hungary (Government of) 5.50 20/12/2018 HUF 1,853,790,000 7,259,722 0.53Hungary (Government of) 6.50 24/06/2019 HUF 1,276,700,000 5,175,493 0.38Hungary (Government of) 3.50 24/06/2020 HUF 1,136,000,000 4,123,954 0.30Hungary (Government of) 7.50 12/11/2020 HUF 3,377,030,000 14,575,980 1.06Hungary (Government of) 7.00 24/06/2022 HUF 505,980,000 2,157,363 0.16Hungary (Government of) 6.00 24/11/2023 HUF 1,056,360,000 4,322,597 0.31Hungary (Government of) 5.38 25/03/2024 HUF 2,950,000 3,204,438 0.23Hungary (Government of) 5.50 24/06/2025 HUF 367,000,000 1,467,318 0.11

––––––––––– –––––––67,265,659 4.89

93MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Transferable securities (2014: 93.43%) (continued)Bonds (2014: 91.70%) (continued)Government bonds (2014: 89.74%) (continued)Indonesia (2014: 6.66%)Indonesia (Government of) 7.38 15/09/2016 IDR 14,000,000,000 1,048,575 0.08Indonesia (Government of) 5.25 15/05/2018 IDR 22,927,000,000 1,596,801 0.12Indonesia (Government of) 7.88 15/04/2019 IDR 169,528,000,000 12,636,051 0.92Indonesia (Government of) 12.80 15/06/2021 IDR 470,000,000 42,648 -Indonesia (Government of) 8.25 15/07/2021 IDR 38,300,000,000 2,873,159 0.21Indonesia (Government of) 7.00 15/05/2022 IDR 165,900,000,000 11,624,423 0.85Indonesia (Government of) 5.63 15/05/2023 IDR 104,575,000,000 6,644,640 0.48Indonesia (Government of) 5.88 15/01/2024 IDR 2,812,000 3,114,290 0.23Indonesia (Government of) 8.38 15/03/2024 IDR 280,680,000,000 21,139,893 1.54Indonesia (Government of) 11.00 15/09/2025 IDR 28,650,000,000 2,528,893 0.18Indonesia (Government of) 8.38 15/09/2026 IDR 15,688,000,000 1,181,984 0.09Indonesia (Government of) 7.00 15/05/2027 IDR 66,773,000,000 4,539,452 0.33Indonesia (Government of) 6.13 15/05/2028 IDR 32,333,000,000 1,998,234 0.14Indonesia (Government of) 9.00 15/03/2029 IDR 339,699,000,000 26,951,297 1.96Indonesia (Government of) 9.50 15/07/2031 IDR 83,780,000,000 6,840,394 0.50Indonesia (Government of) 8.25 15/06/2032 IDR 98,366,000,000 7,235,886 0.53Indonesia (Government of) 6.63 15/05/2033 IDR 36,591,000,000 2,277,433 0.16Indonesia (Government of) 8.38 15/03/2034 IDR 150,022,000,000 11,276,928 0.82

––––––––––– –––––––125,550,981 9.14

Malaysia (2014: 9.00%)Malaysia (Government of) 3.17 15/07/2016 MYR 1,150,000 305,250 0.02Malaysia (Government of) 4.26 15/09/2016 MYR 6,030,000 1,620,023 0.12Malaysia (Government of) 4.01 15/09/2017 MYR 7,443,000 2,003,885 0.14Malaysia (Government of) 3.31 31/10/2017 MYR 12,740,000 3,382,364 0.25Malaysia (Government of) 4.24 07/02/2018 MYR 17,290,000 4,675,128 0.34Malaysia (Government of) 3.26 01/03/2018 MYR 16,054,000 4,233,588 0.31Malaysia (Government of) 3.58 28/09/2018 MYR 17,537,000 4,657,605 0.34Malaysia (Government of) 3.65 31/10/2019 MYR 27,975,000 7,434,699 0.54Malaysia (Government of) 4.38 29/11/2019 MYR 28,975,000 7,927,193 0.58Malaysia (Government of) 3.49 31/03/2020 MYR 12,868,000 3,383,425 0.25Malaysia (Government of) 3.89 31/07/2020 MYR 11,369,000 3,037,322 0.22Malaysia (Government of) 4.16 15/07/2021 MYR 4,486,000 1,213,701 0.09Malaysia (Government of) 4.05 30/09/2021 MYR 31,835,000 8,548,807 0.62Malaysia (Government of) 3.42 15/08/2022 MYR 62,213,000 15,971,345 1.16Malaysia (Government of) 3.80 30/09/2022 MYR 42,140,000 11,060,494 0.80Malaysia (Government of) 3.48 15/03/2023 MYR 14,278,000 3,664,659 0.27Malaysia (Government of) 4.18 15/07/2024 MYR 71,472,000 19,197,591 1.40Malaysia (Government of) 4.39 15/04/2026 MYR 25,300,000 6,839,670 0.50Malaysia (Government of) 3.89 15/03/2027 MYR 1,700,000 439,604 0.03Malaysia (Government of) 3.73 15/06/2028 MYR 4,959,000 1,250,587 0.09Malaysia (Government of) 4.50 15/04/2030 MYR 25,065,000 6,864,309 0.50Malaysia (Government of) 3.84 15/04/2033 MYR 15,120,000 3,781,266 0.27

––––––––––– –––––––121,492,515 8.84

Mexico (2014: 9.60%)Mexican (Government of) 6.25 16/06/2016 MXN 173,345,300 11,367,799 0.83Mexican (Government of) 5.00 15/06/2017 MXN 5,067,000 329,186 0.02Mexican (Government of) 8.50 13/12/2018 MXN 203,556,000 14,477,590 1.05Mexican (Government of) 4.00 13/06/2019 MXN 36,865,112 2,551,313 0.19Mexican (Government of) 8.00 11/06/2020 MXN 172,255,000 12,325,976 0.90Mexican (Government of) 2.50 10/12/2020 MXN 111,117,209 7,184,475 0.52Mexican (Government of) 6.50 10/06/2021 MXN 318,120,000 21,213,082 1.54Mexican (Government of) 2.00 09/06/2022 MXN 6,429,747 396,056 0.03Mexican (Government of) 6.50 09/06/2022 MXN 22,450,000 1,485,852 0.11Mexican (Government of) 8.00 07/12/2023 MXN 81,074,400 5,849,201 0.43



(continued)

94MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Transferable securities (2014: 93.43%) (continued)Bonds (2014: 91.70%) (continued)Government bonds (2014: 89.74%) (continued)Mexico (2014: 9.60%) (continued)Mexican (Government of) 10.00 05/12/2024 MXN 469,888,400 38,420,545 2.80Mexican (Government of) 4.50 04/12/2025 MXN 28,147,357 2,054,857 0.15Mexican (Government of) 7.50 03/06/2027 MXN 12,869,400 903,084 0.07Mexican (Government of) 8.50 31/05/2029 MXN 68,600,100 5,219,797 0.38Mexican (Government of) 7.75 29/05/2031 MXN 232,118,000 16,529,534 1.20Mexican (Government of) 7.75 23/11/2034 MXN 25,460,000 1,809,915 0.13Mexican (Government of) 4.50 22/11/2035 MXN 71,346,179 5,267,549 0.38Mexican (Government of) 10.00 20/11/2036 MXN 92,980,800 8,121,753 0.59Mexican (Government of) 8.50 18/11/2038 MXN 158,716,700 12,150,064 0.88Mexican (Government of) 4.00 15/11/2040 MXN 29,856,504 2,049,913 0.15Mexican (Government of) 7.75 13/11/2042 MXN 2,680,500 190,846 0.01

––––––––––– –––––––169,898,387 12.36

Nigeria (2014: 0.80%)Nigeria (Government of) 16.00 29/06/2019 NGN 343,287,000 1,786,162 0.13Nigeria (Government of) 16.39 27/01/2022 NGN 1,087,014,000 5,838,396 0.43Nigeria (Government of) 14.20 14/03/2024 NGN 1,149,024,000 5,662,510 0.41Nigeria (Government of) 12.15 18/07/2034 NGN 1,408,025,000 5,918,802 0.43

––––––––––– –––––––19,205,870 1.40

Peru (2014: 1.46%)Peruvian (Republic of) 8.60 12/08/2017 PEN 3,500,000 1,205,257 0.09Peruvian (Republic of) 7.84 12/08/2020 PEN 6,298,000 2,210,452 0.16Peruvian (Republic of) 5.70 12/08/2024 PEN 11,830,000 3,551,029 0.26Peruvian (Republic of) 5.70 12/08/2024 PEN 23,820,000 7,098,564 0.52Peruvian (Republic of) 7.35 21/07/2025 PEN 3,811,000 4,982,883 0.36Peruvian (Republic of) 8.20 12/08/2026 PEN 3,945,000 1,392,364 0.10Peruvian (Republic of) 6.95 12/08/2031 PEN 20,047,000 6,189,682 0.45Peruvian (Republic of) 6.95 12/08/2031 PEN 20,265,000 6,256,991 0.45Peruvian (Republic of) 6.90 12/08/2037 PEN 2,545,000 773,459 0.06Peruvian (Republic of) 6.85 12/02/2042 PEN 9,565,000 2,851,767 0.21

––––––––––– –––––––36,512,448 2.66

Philippines (2014: 0.13%)Philippine (Government of) 4.95 15/01/2021 PHP 33,000,000 770,322 0.06Philippine (Government of) 6.25 14/01/2036 PHP 59,000,000 1,494,147 0.11

––––––––––– –––––––2,264,469 0.17

Poland (2014: 9.12%)Poland (Government of) 5.00 25/04/2016 PLN 5,920,000 1,617,064 0.12Poland (Government of) - 25/07/2016 PLN 26,271,000 6,860,874 0.50Poland (Government of) 3.00 24/08/2016 PLN 8,838,106 2,419,910 0.18Poland (Government of) 4.75 25/10/2016 PLN 24,150,000 6,673,251 0.48Poland (Government of) 4.75 25/04/2017 PLN 845,000 236,027 0.02Poland (Government of) 5.25 25/10/2017 PLN 15,555,000 4,440,688 0.32Poland (Government of) 3.75 25/04/2018 PLN 27,614,000 7,656,646 0.56Poland (Government of) 2.50 25/07/2018 PLN 12,400,000 3,322,942 0.24Poland (Government of) 2.01 25/01/2019 PLN 9,775,000 2,586,376 0.19Poland (Government of) 3.25 25/07/2019 PLN 7,867,000 2,152,687 0.16Poland (Government of) 5.50 25/10/2019 PLN 93,089,000 27,771,506 2.02Poland (Government of) 5.25 25/10/2020 PLN 7,032,000 2,100,494 0.15Poland (Government of) 5.75 25/10/2021 PLN 7,202,000 2,222,702 0.16Poland (Government of) 5.75 23/09/2022 PLN 12,543,000 3,900,406 0.28Poland (Government of) 2.75 25/08/2023 PLN 6,920,400 2,029,161 0.15Poland (Government of) 4.00 25/10/2023 PLN 47,654,000 13,435,592 0.98Poland (Government of) 4.00 22/01/2024 PLN 1,287,000 1,352,959 0.10



(continued)

95MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Transferable securities (2014: 93.43%) (continued)Bonds (2014: 91.70%) (continued)Government bonds (2014: 89.74%) (continued)Poland (2014: 9.12%) (continued)Poland (Government of) 3.25 25/07/2025 PLN 49,775,000 13,220,014 0.96Poland (Government of) 5.75 25/04/2029 PLN 2,400,000 799,022 0.06

––––––––––– –––––––104,798,321 7.63

Romania (2014: 2.00%)Romania (Government of) 5.75 27/01/2016 RON 6,350,000 1,620,506 0.12Romania (Government of) 5.90 26/07/2017 RON 9,530,000 2,566,567 0.19Romania (Government of) 5.60 28/11/2018 RON 9,010,000 2,478,019 0.18Romania (Government of) 4.75 24/06/2019 RON 21,985,000 5,896,291 0.43Romania (Government of) 5.75 29/04/2020 RON 13,140,000 3,669,996 0.27Romania (Government of) 5.85 26/04/2023 RON 5,640,000 1,576,576 0.11Romania (Government of) 4.88 22/01/2024 RON 1,250,000 1,328,125 0.10Romania (Government of) 3.63 24/04/2024 RON 580,000 680,309 0.05Romania (Government of) 2.88 28/10/2024 RON 190,000 210,640 0.01Romania (Government of) 4.75 24/02/2025 RON 16,010,000 4,183,215 0.30

––––––––––– –––––––24,210,244 1.76

Russia (2014: 6.46%)Russia (Government of) 7.40 19/04/2017 RUB 216,895,000 3,709,976 0.27Russia (Government of) 7.40 14/06/2017 RUB 410,123,000 6,989,365 0.51Russia (Government of) 6.20 31/01/2018 RUB 172,894,000 2,795,975 0.20Russia (Government of) 7.85 10/03/2018 RUB 35,000,000 579,431 0.04Russia (Government of) 7.50 15/03/2018 RUB 32,385,000 539,557 0.04Russia (Government of) 7.50 27/02/2019 RUB 75,955,000 1,233,087 0.09Russia (Government of) 6.70 15/05/2019 RUB 820,353,000 12,927,779 0.94Russia (Government of) 6.80 11/12/2019 RUB 18,145,000 281,221 0.02Russia (Government of) 5.00 29/04/2020 RUB 3,100,000 3,193,155 0.23Russia (Government of) 6.40 27/05/2020 RUB 62,340,000 935,969 0.07Russia (Government of) 7.60 14/04/2021 RUB 300,110,000 4,656,655 0.34Russia (Government of) 6.50 24/11/2021 RUB 22,995,000 338,126 0.03Russia (Government of) 7.60 20/07/2022 RUB 253,615,000 3,855,556 0.28Russia (Government of) 7.00 25/01/2023 RUB 199,309,000 2,895,826 0.21Russia (Government of) 7.00 16/08/2023 RUB 404,786,000 5,808,615 0.42Russia (Government of) 7.00 16/08/2023 RUB 262,499,000 3,766,819 0.28Russia (Government of) 8.15 03/02/2027 RUB 847,365,000 12,684,262 0.92Russia (Government of) 7.05 19/01/2028 RUB 884,869,000 11,990,977 0.87Russia (Government of) 7.50 31/03/2030 USD 2,094,737 2,459,196 0.18

––––––––––– –––––––81,641,547 5.94

Slovenia (2014: 0.48%)Slovenia (Government of) 5.85 10/05/2023 USD 415,000 471,627 0.03

––––––––––– –––––––South Africa (2014: 9.71%)South Africa (Government of) 13.50 15/09/2016 ZAR 26,526,804 2,351,357 0.17South Africa (Government of) 8.00 21/12/2018 ZAR 77,088,019 6,444,870 0.47South Africa (Government of) 7.25 15/01/2020 ZAR 106,456,000 8,598,310 0.63South Africa (Government of) 6.75 31/03/2021 ZAR 197,749,624 15,425,375 1.12South Africa (Government of) 7.75 28/02/2023 ZAR 119,975,000 9,671,936 0.70South Africa (Government of) 10.50 21/12/2026 ZAR 6,185,000 593,493 0.04South Africa (Government of) 10.50 21/12/2026 ZAR 217,475,000 20,868,211 1.52South Africa (Government of) 8.00 31/01/2030 ZAR 224,345,000 17,453,783 1.27South Africa (Government of) 7.00 28/02/2031 ZAR 99,620,000 7,010,805 0.51South Africa (Government of) 8.25 31/03/2032 ZAR 62,669,988 4,954,800 0.36South Africa (Government of) 6.25 31/03/2036 ZAR 211,024,443 13,122,833 0.95South Africa (Government of) 8.50 31/01/2037 ZAR 237,250,937 18,782,753 1.37South Africa (Government of) 6.50 28/02/2041 ZAR 40,924,500 2,570,056 0.19



(continued)

96MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Transferable securities (2014: 93.43%) (continued)Bonds (2014: 91.70%) (continued)Government bonds (2014: 89.74%) (continued)South Africa (2014: 9.71%) (continued)South Africa (Government of) 8.75 31/01/2044 ZAR 35,780,000 2,849,612 0.21South Africa (Government of) 8.75 28/02/2048 ZAR 40,611,811 3,280,831 0.24

––––––––––– –––––––133,979,025 9.75

Thailand (2014: 1.72%)Thailand (Government of) 3.25 16/06/2017 THB 52,350,000 1,600,450 0.12Thailand (Government of) 3.88 13/06/2019 THB 240,010,000 7,572,543 0.55Thailand (Government of) 1.20 14/07/2021 THB 59,075,556 1,692,872 0.12Thailand (Government of) 3.65 17/12/2021 THB 127,290,000 3,995,837 0.29Thailand (Government of) 3.63 16/06/2023 THB 517,660,000 16,133,725 1.17Thailand (Government of) 3.85 12/12/2025 THB 219,765,000 7,032,883 0.51Thailand (Government of) 3.58 17/12/2027 THB 63,445,000 1,937,795 0.14Thailand (Government of) 1.25 12/03/2028 THB 28,541,800 769,356 0.06Thailand (Government of) 4.88 22/06/2029 THB 42,245,000 1,453,248 0.11Thailand (Government of) 3.78 25/06/2032 THB 20,575,000 617,404 0.04

––––––––––– –––––––42,806,113 3.11

Turkey (2014: 9.31%)Turkey (Government of) 9.00 27/01/2016 TRY 1,255,000 467,287 0.03Turkey (Government of) 10.70 24/02/2016 TRY 1,900,000 714,362 0.05Turkey (Government of) 2.50 04/05/2016 TRY 3,863,889 1,433,634 0.10Turkey (Government of) 8.20 13/07/2016 TRY 5,944,000 2,188,785 0.16Turkey (Government of) 9.00 08/03/2017 TRY 8,518,000 3,162,057 0.23Turkey (Government of) 6.30 14/02/2018 TRY 10,950,000 3,798,166 0.28Turkey (Government of) 8.30 20/06/2018 TRY 11,214,926 4,071,114 0.30Turkey (Government of) 8.80 14/11/2018 TRY 11,054,907 4,058,418 0.29Turkey (Government of) 10.40 27/03/2019 TRY 21,297,000 8,200,021 0.60Turkey (Government of) 8.50 10/07/2019 TRY 23,091,167 8,399,531 0.61Turkey (Government of) 10.50 15/01/2020 TRY 18,100,002 7,083,931 0.52Turkey (Government of) 7.40 05/02/2020 TRY 42,700,000 14,799,160 1.08Turkey (Government of) 4.00 01/04/2020 TRY 2,101,694 837,461 0.06Turkey (Government of) 9.50 12/01/2022 TRY 15,853,743 5,988,797 0.44Turkey (Government of) 8.50 14/09/2022 TRY 17,190,000 6,175,952 0.45Turkey (Government of) 7.10 08/03/2023 TRY 5,940,000 1,972,240 0.14Turkey (Government of) 8.80 27/09/2023 TRY 21,420,000 7,831,613 0.57Turkey (Government of) 10.40 20/03/2024 TRY 28,570,000 11,480,256 0.83Turkey (Government of) 5.75 22/03/2024 TRY 2,540,000 2,762,250 0.20Turkey (Government of) 9.00 24/07/2024 TRY 18,139,896 6,727,132 0.49Turkey (Government of) 8.00 12/03/2025 TRY 21,464,000 7,419,061 0.54

––––––––––– –––––––109,571,228 7.97

Uruguay (2014: 0.25%)Uruguay (Republic of) 5.00 14/09/2018 UYU 69,734,768 2,644,800 0.19Uruguay (Republic of) 5.00 14/09/2018 UYU 2,938,263 111,438 0.01Uruguay (Republic of) 4.38 15/12/2028 UYU 21,306,591 766,200 0.06Uruguay (Republic of) 3.70 26/06/2037 UYU 47,635,029 1,510,681 0.11

––––––––––– –––––––5,033,119 0.37

Total government bonds 1,266,233,694 92.14



(continued)

97MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Transferable securities (2014: 93.43%) (continued)Bonds (2014: 91.70%) (continued)Corporate bonds (2014: 1.96%)Colombia (2014: 0.22%)Ecopetrol 5.38 26/06/2026 USD 1,282,000 1,270,783 0.09Emgesa ESP 8.75 25/01/2021 COP 3,585,000,000 1,474,903 0.11Empresas Publicas de Medellin ESP 8.38 01/02/2021 COP 1,244,000,000 507,965 0.04Financiera de Desarrollo Territorial Findeter 7.88 12/08/2024 COP 1,789,000,000 683,021 0.05

––––––––––– –––––––3,936,672 0.29

Luxembourg (2014: 0.01%)European Investment Bank - 31/12/2018 ZAR 3,035,000 191,210 0.01European Investment Bank 8.50 17/09/2024 ZAR 22,450,000 1,817,141 0.13European Investment Bank 6.95 06/02/2020 IDR 10,590,000,000 749,136 0.06Gazprom OAO Via Gaz Capital 4.30 12/11/2015 USD 928,000 935,186 0.07

––––––––––– –––––––3,692,673 0.27

Mexico (2014: 0.24%)America Movil SAB de CV 7.13 09/12/2024 MXN 27,720,000 1,722,137 0.12Petroleos Mexicanos 7.19 12/09/2024 MXN 63,990,000 3,950,984 0.29Petroleos Mexicanos 7.47 12/11/2026 MXN 70,000,000 4,250,685 0.31

––––––––––– –––––––9,923,806 0.72

South Africa (2014: 0.22%)Eskom Holdings SOC - 18/08/2027 ZAR 5,460,000 102,738 0.01Transnet SOC 9.50 13/05/2021 ZAR 23,520,000 1,904,415 0.13Transnet SOC 10.00 30/03/2029 ZAR 6,000,000 469,141 0.03

––––––––––– –––––––2,476,294 0.17

United Kingdom (2014: 0.06%)European Bank for Reconstruction & Development - 31/12/2020 ZAR 3,750,000 200,264 0.02

––––––––––– –––––––United States of America (2014: 0.15%)Inter-American Development Bank 7.35 12/09/2018 IDR 24,530,000,000 1,777,024 0.13

––––––––––– –––––––


Total bonds 1,288,240,427 93.74



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

––––––––––– –––––––

Total collective investment schemes 11,871,075 0.86



(continued)

98MGI Funds plc


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



(continued)

99MGI Funds plc


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



(continued)

100MGI Funds plc


Financial assets at fair value through profit or loss (2014: 94.72%) (continued)Financial derivative instruments (2014: 0.57%) (continued)Open forward foreign currency contracts (2014: 0.49%) (continued)USD 4* 5,162,193 UGX 16,563,000,001 19/08/2015 226,270 0.02USD 4* 3,537,468 ZMW 26,400,971 19/08/2015 92,006 0.01USD 15* 1,792,250 ZMW 13,241,029 19/08/2015 64,228 -USD 4* 1,547,024 ZMW 11,772,854 16/09/2015 28,866 -ZAR 9* 32,229,870 USD 2,620,069 27/07/2015 23,853 -ZAR 4* 124,765,000 USD 9,927,591 16/09/2015 216,859 0.02ZAR 4* 15,212,000 USD 1,231,102 16/09/2015 5,762 -ZMW 4* 12,978,146 USD 1,610,192 16/09/2015 63,394 -


Interest rate swaps (2014: 0.01%)

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

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


Futures contracts (2014: 0.01%)


date Currency long/(short) gain US$ Net assets

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

––––––––––– –––––––Unrealised gain on futures contracts 89,236 -





(continued)

101MGI Funds plc


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



(continued)

102MGI Funds plc


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


Interest rate swaps (2014: 0.16)%)


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



(continued)

103MGI Funds plc


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

––––––––––– –––––––Interest rate swaps at negative fair value (3,381,769) (0.25)

Futures contracts (2014: (0.02)%)


date Currency long/(short) loss US$ Net assets

3 Year Korea Government Bond Futures 7* 15/09/2015 KRW 396 (26,625) -US Ultra Bond Futures 7* 21/09/2015 USD 38 (12,901) -

––––––––––– –––––––Unrealised loss on futures contracts (39,526) -



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

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

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

Net current assets (2014: 2.33%) 41,333,677 3.01––––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares (at last traded prices) 1,374,329,728 100.00––––––––––––– –––––––––––––––––––– –––––––


Financial assets at fair value through profit or lossTransferable securitiesGovernment bondsArgentina 0.32%Korea 0.53%Singapore 0.85%

Corporate bondsGermany 0.07%Venezuela 0.99%Credit linked notes 1.73%



(continued)

104MGI Funds plc


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 89.84Collective investment schemes 0.83Financial derivative instruments dealt in on a regulated market 0.01OTC financial derivative instruments 0.86Other current assets 8.46

–––––––100.00

––––––––––––––


Reference Counterparty1* Bank of America2* Barclays Bank3* BNP Paribas4* Citibank5* Credit Suisse6* Deutsche Bank7* Goldman Sachs8* HSBC9* JPMorgan Chase10* Morgan Stanley11* National Australia Bank12* Royal Bank of Canada13* Royal Bank of Scotland14* Societe Generale15* Standard Chartered Bank16* State Street Bank17* UBS




(continued)

105MGI Funds plc

MGI Funds plcMercer Global Small Cap Equity Fund



Financial assets at fair value through profit or loss (2014: 97.72%)Transferable securities (2014: 97.72%)Equities (2014: 97.72%)Australia (2014: 1.01%)Adelaide Brighton 12,773 42,313 -ALS 8,636 38,830 -BWP Trust REIT 37,520 88,244 0.01Challenger 264,321 1,365,216 0.12CSR 37,336 104,455 0.01Dick Smith Holding 556,623 889,866 0.08Fairfax Media 59,569 37,314 -InvoCare 11,962 111,247 0.01M2 Group 8,857 72,840 0.01Navitas 14,695 48,454 -Nufarm 327,422 1,819,477 0.15Orora 24,269 38,985 -Sirtex Medical 1,929 43,070 -Spark Infrastructure Group 1,753,538 2,634,889 0.22Spotless Group Holdings 753,886 1,211,023 0.10Super Retail Group 8,321 58,455 0.01Technology One 28,376 79,606 0.01Tox Free Solutions 24,425 56,694 -Virtus Health 15,573 64,276 0.01

––––––––––– –––––––8,805,254 0.74

Austria (2014: 0.69%)Ams 78,057 3,416,116 0.29Austria Technologie & Systemtechnik 19,244 278,527 0.02Flughafen Wien 4,391 380,731 0.03RHI 10,564 262,774 0.02Schoeller-Bleckmann Oilfield Equipment 20,714 1,251,603 0.11Wienerberger 125,700 1,975,475 0.17

––––––––––– –––––––7,565,226 0.64

Belgium (2014: 0.19%)Ablynx 35,700 438,541 0.04Befimmo REIT 34,189 2,089,422 0.18bpost 46,601 1,279,379 0.11D'ieteren 7,610 272,178 0.02Econocom Group 53,064 436,039 0.04Elia System Operator 3,986 161,171 0.01EVS Broadcast Equipment 12,355 357,914 0.03Ion Beam Applications 19,799 538,706 0.04Melexis 14,597 845,727 0.07Nyrstar 114,003 408,249 0.03Ontex Group 66,283 1,988,110 0.17Tessenderlo Chemie 17,472 670,940 0.06

––––––––––– –––––––9,486,376 0.80

Bermuda (2014: 0.40%)Argo Group International Holdings 36,814 2,050,540 0.17Assured Guaranty 139,744 3,352,459 0.28Validus Holdings 5,100 224,349 0.02

––––––––––– –––––––5,627,348 0.47

Brazil (2014: 0.11%)Tegma Gestao Logistica 115,900 417,500 0.04

––––––––––– –––––––Canada (2014: 3.62%)Canadian Western Bank 4,757 109,623 0.01CanElson Drilling 26,661 92,255 0.01


Canada (2014: 3.62%) (continued)Chartwell Retirement Residences 17,360 159,632 0.01Choice Properties REIT 20,669 178,802 0.02Concordia Health 2,114 152,820 0.01Constellation Software 14,600 5,798,835 0.49Copper Mountain Mining 125,300 116,423 0.01Dominion Diamond (Canada listing) 112,200 1,572,750 0.13Dominion Diamond (US listing) 2,000 28,020 -Dream Industrial REIT 21,399 140,209 0.01Enerflex 12,695 137,276 0.01Entertainment One 105,924 593,049 0.05Gildan Activewear 81,516 2,709,592 0.23Home Capital Group 3,814 132,220 0.01Jean Coutu Group 117,500 2,183,508 0.18Laurentian Bank of Canada 4,766 183,776 0.02Linamar 25,726 1,671,587 0.14Lions Gate Entertainment 20,900 774,345 0.07Lucara Diamond 51,498 82,087 0.01MDC Partners 72,454 1,427,344 0.12Milestone Apartments REIT 17,250 173,267 0.01Progressive Waste Solutions 5,446 146,134 0.01Ritchie Bros Auctioneers 4,520 126,174 0.01Secure Energy Services 10,055 102,930 0.01ShawCor 4,570 133,939 0.01Tahoe Resources 86,964 1,054,616 0.09Total Energy Services 8,929 109,069 0.01Transcontinental 10,001 123,285 0.01TransForce 5,970 121,126 0.01

––––––––––– –––––––20,334,693 1.71

Channel Islands (2014: 0.21%)Phoenix Group Holdings 19,420 250,443 0.02

––––––––––– –––––––China (2014: 0.30%)Shenzhen Expressway 1,388,000 1,106,454 0.09Shenzhou International Group Holdings 560,000 2,716,009 0.23Sunny Optical Technology Group 557,000 1,212,783 0.10

––––––––––– –––––––5,035,246 0.42

Cyprus (2014: 0.13%)Prosafe 169,404 585,674 0.05

––––––––––– –––––––Denmark (2014: 1.54%)Chr Hansen Holding 41,741 2,035,523 0.17GN Store Nord 64,489 1,333,066 0.11Matas 21,427 456,043 0.04NKT Holding 22,257 1,276,853 0.11Pandora 21,013 2,256,560 0.19SimCorp 79,829 3,177,517 0.27Sydbank 2,986 114,083 0.01Topdanmark 26,712 715,746 0.06

––––––––––– –––––––11,365,391 0.96

Finland (2014: 1.57%)Amer Sports 323,402 8,611,994 0.72Bittium 12,922 67,669 0.01Cargotec 30,266 1,148,247 0.10Caverion 94,374 939,003 0.08Huhtamaki 130,405 4,027,639 0.34Kemira 103,045 1,169,942 0.10Kesko 3,090 107,452 0.01Konecranes 85,631 2,493,065 0.21

106MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)Finland (2014: 1.57%) (continued)Metsa Board 268,776 1,668,049 0.14Ramirent 277,387 2,024,373 0.17Sponda 183,380 676,306 0.06Tieto 48,648 1,135,023 0.09Uponor 49,634 747,133 0.06Valmet 112,318 1,261,459 0.11

––––––––––– –––––––26,077,354 2.20

France (2014: 1.19%)Alten 13,097 608,004 0.05Altran Technologies 24,493 262,913 0.02Eiffage 8,604 478,370 0.04Euler Hermes 1,309 131,876 0.01Faurecia 97,280 3,998,484 0.34GameLoft 247,630 1,059,492 0.09Havas 138,191 1,151,714 0.10Ingenico 23,545 2,762,423 0.23Ipsen 35,832 1,975,640 0.17IPSOS 72,438 1,871,271 0.16Korian 68,259 2,267,175 0.19Metropole Television 49,423 959,820 0.08Nexans 4,371 163,613 0.01Orpea 1,758 122,912 0.01Plastic Omnium 40,768 1,038,159 0.09Saft Groupe 20,579 802,519 0.07Sartorius Stedim Biotech 15,720 4,334,142 0.36Societe Television Francaise 1 67,263 1,159,390 0.10Technicolor 41,049 267,560 0.02UBISOFT Entertainment 27,223 484,703 0.04Virbac 10,100 2,160,656 0.18

––––––––––– –––––––28,060,836 2.36

Germany (2014: 2.39%)Aareal Bank 114,322 4,486,238 0.38Aurubis 4,253 249,729 0.02Bechtle 35,180 2,665,042 0.22Bertrandt 16,732 2,195,189 0.18Cancom 47,911 1,723,986 0.14CTS Eventim 6,894 251,217 0.02Deutz 46,601 266,883 0.02Duerr 11,120 1,035,300 0.09ElringKlinger 78,791 2,117,030 0.18Gerresheimer 1,555 96,868 0.01Gerry Weber International 1,787 40,956 -Grammer 23,323 770,499 0.06Heidelberger Druckmaschinen 89,434 198,099 0.02KUKA 24,523 2,041,614 0.17LEG Immobilien 11,470 796,442 0.07Leoni 36,331 2,292,382 0.19Nordex 42,764 1,024,186 0.09NORMA Group 4,689 236,904 0.02Pfeiffer Vacuum Technology 4,049 360,551 0.03Rational 861 316,050 0.03Rhoen Klinikum 68,900 1,847,431 0.16Salzgitter 20,323 725,963 0.06Sixt - Pref 10,081 390,826 0.03


Germany (2014: 2.39%) (continued)Software 29,185 799,290 0.07Stada Arzneimittel 21,362 720,115 0.06Stroeer Media 37,045 1,729,445 0.15Wacker Chemie 17,744 1,830,736 0.15Wincor Nixdorf 18,926 743,962 0.06Wirecard 18,300 700,392 0.06XING 1,104 181,006 0.02

––––––––––– –––––––32,834,331 2.76

Hong Kong (2014: 0.92%)Bonjour Holdings 1,040,000 76,465 0.01China Everbright International 910,000 1,640,983 0.13Dah Sing Financial Holdings 6,400 41,772 -Ju Teng International Holdings 1,686,000 815,538 0.07NewOcean Energy Holdings 136,000 63,504 0.01Sitoy Group Holdings 101,000 67,094 0.01SmarTone Telecommunications Holding 1,332,000 2,326,367 0.20Techtronic Industries 1,303,500 4,287,525 0.36Television Broadcasts 11,100 65,791 0.01Truly International Holdings 102,000 42,102 -Xinyi Glass Holdings 1,766,000 947,631 0.08

––––––––––– –––––––10,374,772 0.88

India (2014: 0.19%)Dish TV India 570,107 948,537 0.08Petronet LNG 384,364 1,128,707 0.09

––––––––––– –––––––2,077,244 0.17

Ireland (2014: 0.99%)Aer Lingus Group 122,797 329,737 0.03Glanbia 25,096 492,970 0.04ICON 31,003 2,086,502 0.18Kingspan Group 142,238 3,431,126 0.29Paddy Power 1,396 119,565 0.01Smurfit Kappa Group 50,566 1,392,177 0.12UDG Healthcare 454,056 3,494,776 0.29

––––––––––– –––––––11,346,853 0.96

Isle Of Man (2014: 0.25%)Playtech 237,459 3,056,704 0.26

––––––––––– –––––––Israel (2014: 0.56%)Alony Hetz Properties & Investments REIT 14,156 106,647 0.01CyberArk Software 45,258 2,843,107 0.24EZchip Semiconductor 67,500 1,077,300 0.09Mellanox Technologies 37,976 1,845,254 0.16NICE Systems - ADR 37,700 2,397,343 0.20

––––––––––– –––––––8,269,651 0.70

Italy (2014: 2.82%)Ansaldo STS 47,125 490,150 0.04ASTM 60,536 796,575 0.07Autogrill 243,928 2,041,102 0.17Banca IFIS 36,230 786,358 0.07Banca Popolare di Milano 3,319,070 3,498,410 0.30Danieli & C Officine Meccaniche - non-voting 8,072 122,316 0.01Danieli & C Officine Meccaniche - voting rights 5,850 118,824 0.01Datalogic 22,983 335,972 0.03



(continued)

107MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)Italy (2014: 2.82%) (continued)De'Longhi 117,586 2,693,654 0.23DiaSorin 14,142 645,250 0.05Engineering 1,282 81,848 0.01Geox 51,346 199,319 0.02Interpump Group 58,590 945,268 0.08Mediolanum 18,044 148,774 0.01Moncler 258,638 4,789,459 0.40Recordati 142,276 2,981,835 0.25Reply 3,402 347,400 0.03Safilo Group 44,543 641,217 0.05Salvatore Ferragamo 84,911 2,548,735 0.21Sorin 88,785 248,300 0.02SORIN - Rights 124,534 5 -Vittoria Assicurazioni 16,598 183,086 0.02Yoox 63,716 2,060,198 0.17

––––––––––– –––––––26,704,055 2.25

Japan (2014: 9.37%)77 Bank 253,000 1,544,486 0.13ABC-Mart 21,600 1,322,143 0.11Activia Properties REIT 11 93,221 0.01ADEKA 73,200 1,016,957 0.09AEON Financial Service 57,600 1,600,458 0.13Aica Kogyo 69,000 1,603,694 0.13Aichi Steel 124,000 554,309 0.05Aida Engineering 56,900 624,033 0.05Alpine Electronics 92,200 1,778,221 0.15Amano 95,600 1,250,031 0.11Anritsu 56,000 378,017 0.03Aoyama Trading 19,100 772,647 0.07Aozora Bank 638,000 2,408,826 0.20Arcs 2,600 56,689 -As One 1,800 62,003 0.01Asahi Intecc 7,400 507,384 0.04Asics 69,000 1,784,701 0.15ASKA Pharmaceutical 37,200 407,979 0.03Azbil 43,100 1,114,792 0.09Bandai Namco Holdings 104,300 2,018,407 0.17Bank of the Ryukyus 14,500 216,377 0.02Calbee 27,100 1,142,778 0.10Calsonic Kansei 75,000 533,854 0.04Canon Marketing Japan 4,800 81,710 0.01Capcom 30,300 587,107 0.05Central Glass 78,000 327,005 0.03Chiyoda 22,200 521,414 0.04Chugoku Marine Paints 131,000 974,216 0.08Coca-Cola East Japan 194,300 3,596,531 0.30COMSYS Holdings 66,300 987,199 0.08Daicel 94,300 1,211,454 0.10Daido Steel 107,000 445,961 0.04Daiho 332,000 1,638,769 0.14Daiichikosho 2,300 81,012 0.01Daishi Bank 96,000 405,606 0.03DCM Holdings 58,500 573,215 0.05Denki Kagaku Kogyo KK 318,000 1,413,738 0.12DIC 286,000 715,205 0.06


Japan (2014: 9.37%) (continued)Disco 30,000 2,483,553 0.21Don Quijote Holdings 38,400 1,634,977 0.14Doutor Nichires Holdings 35,200 617,327 0.05Dowa Holdings 125,000 1,180,893 0.10DTS 14,600 329,787 0.03Duskin 5,400 93,336 0.01Ebara 16,000 77,539 0.01Eighteenth Bank 15,000 45,969 -Eiken Chemical 38,900 778,540 0.07Exedy 43,300 1,082,810 0.09Foster Electric 9,400 211,484 0.02Fuji Machine Manufacturing 27,900 292,076 0.02Fuji Soft 30,500 621,391 0.05Fujikura 153,000 856,495 0.07Fukushima Industries 29,100 532,939 0.04Futaba 17,700 320,832 0.03Glory 16,700 494,729 0.04GLP J-Reit 113 107,953 0.01GS Yuasa 135,000 530,666 0.04Gunze 155,000 424,345 0.04Hanwa 146,000 686,062 0.06Heiwa 9,700 193,263 0.02Heiwa Real Estate REIT 126 95,557 0.01Hitachi Capital 2,500 66,195 0.01Hitachi Koki 60,700 506,474 0.04Hitachi Maxell 48,200 778,747 0.07Hitachi Transport System 31,000 515,041 0.04Hitachi Zosen 70,800 403,861 0.03Hokkoku Bank 15,000 55,040 -Hokuetsu Bank 29,000 60,434 0.01Hokuetsu Kishu Paper 135,500 748,564 0.06Horiba 50,900 2,071,524 0.17Hoshizaki Electric 59,500 3,501,001 0.29Hulic 87,600 777,458 0.07Hyakugo Bank 52,000 257,950 0.02Idec 7,700 69,408 0.01Inaba Denki Sangyo 2,200 76,591 0.01Inabata 71,300 780,212 0.07Iriso Electronics 5,900 418,518 0.04IT Holdings 48,500 1,032,109 0.09Japan Aviation Electronics Industry 52,000 1,415,111 0.12Japan Digital Laboratory 20,400 285,082 0.02Japan Hotel REIT Investment 107 71,266 0.01Japan Logistics Fund REIT 58 116,697 0.01Japan Petroleum Exploration 10,300 327,859 0.03Japan Securities Finance 47,000 273,861 0.02K's Holdings 1,700 61,268 0.01Kawasaki Kisen Kaisha 1,236,000 2,919,168 0.25Keihin 35,000 502,268 0.04Keiyo Bank 9,000 47,366 -Kenedix Residential Investment REIT 22 65,174 0.01Kinden 81,000 1,071,703 0.09Kintetsu World Express 67,600 3,038,451 0.26Kissei Pharmaceutical 22,800 579,479 0.05Kiyo Bank 28,300 432,253 0.04Kokuyo 107,300 924,237 0.08Komori 3,500 47,567 -Konoike Transport 4,400 53,541 -Kureha 88,000 346,635 0.03Kuroda Electric 11,800 219,577 0.02



(continued)

108MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)Japan (2014: 9.37%) (continued)Kusuri No Aoki 60,600 2,684,199 0.23KYB 79,000 273,738 0.02Kyowa Exeo 6,000 69,922 0.01Kyudenko 25,000 449,475 0.04Lintec 55,000 1,257,181 0.11Lion 161,000 1,290,737 0.11Maeda Road Construction 79,000 1,455,204 0.12Marudai Food 67,000 250,774 0.02Matsumotokiyoshi Holdings 1,300 60,025 0.01Max 8,000 85,645 0.01Meidensha 98,000 368,406 0.03Meitec 1,700 63,351 0.01Melco Holdings 18,500 349,393 0.03Mie Bank 20,000 47,236 -Mirait Holdings 74,400 868,248 0.07Mitsui Home 17,000 78,634 0.01Mitsui Mining & Smelting 211,000 570,760 0.05Mitsui Sugar 16,000 63,809 0.01Miura 9,400 109,007 0.01Mochida Pharmaceutical 4,600 260,516 0.02Morinaga Milk Industry 144,000 528,386 0.04Nachi-Fujikoshi 95,000 560,536 0.05Nagase 101,200 1,397,687 0.12NEC Networks & System Integration 45,500 994,296 0.08Nichi-iko Pharmaceutical 30,800 836,922 0.07Nichias 116,000 719,519 0.06Nihon Kohden 55,800 1,381,719 0.12Nihon Parkerizing 238,100 2,418,652 0.20Nihon Unisys 5,400 55,516 -Nippon Kayaku 85,000 916,929 0.08Nippon Konpo Unyu Soko 50,000 872,799 0.07Nippon Light Metal Holdings 182,500 314,694 0.03Nippon Paper Industries 73,000 1,280,252 0.11Nippon Road 11,000 54,926 -Nippon Shokubai 204,000 2,794,132 0.24Nippon Signal 91,200 1,001,698 0.08Nippon Steel & Sumikin Bussan 19,000 69,407 0.01Nipro 59,700 611,319 0.05Nishimatsu Construction 14,000 52,515 -Nishimatsuya Chain 44,100 444,009 0.04Nisshin Oillio Group 22,000 90,255 0.01Nisshin Steel 90,600 1,124,679 0.09Nisshinbo Holdings 36,000 402,762 0.03Nittetsu Mining 49,000 239,864 0.02Noevir Holdings 2,500 53,876 -NOF 47,000 377,567 0.03Noritz 18,200 343,430 0.03North Pacific Bank 14,900 66,606 0.01NS Solutions 39,600 1,310,669 0.11NSD 36,200 478,959 0.04NuFlare Technology 16,400 710,334 0.06Obayashi 396,000 2,889,944 0.24Obic 3,100 138,324 0.01Ogaki Kyoritsu Bank 76,000 277,628 0.02Oita Bank 43,000 183,435 0.02OSG 22,900 491,069 0.04


Japan (2014: 9.37%) (continued)Pacific Industrial 29,221 279,398 0.02Pioneer 519,100 946,016 0.08Plenus 30,400 547,804 0.05Pola Orbis Holdings 1,300 73,624 0.01Relo Holdings 3,300 326,319 0.03Rengo 264,000 1,093,842 0.09Ricoh Leasing 64,800 1,988,510 0.17Riso Kagaku 32,900 622,967 0.05Rohto Pharmaceutical 24,500 404,846 0.03Roland DG 6,000 169,411 0.01Royal Holdings 20,500 342,099 0.03Ryobi 89,000 347,665 0.03Ryosan 37,300 981,539 0.08Saizeriya 44,100 979,199 0.08Sanden Holdings 67,000 312,099 0.03Sangetsu 5,000 76,288 0.01Sanken Electric 87,000 538,218 0.05Sankyo Tateyama 24,400 412,366 0.03Sankyu 152,000 831,022 0.07Sanwa Holdings 306,000 2,578,237 0.22Sanyo Chemical Industries 76,000 534,140 0.04Sanyo Denki 36,000 288,612 0.02Sanyo Shokai 145,000 399,338 0.03Sanyo Special Steel 53,000 246,884 0.02Seikagaku 26,800 439,786 0.04Seiko Holdings 363,000 1,839,251 0.15Seino Holdings 57,700 646,953 0.05Shiga Bank 42,000 226,535 0.02Shindengen Electric Manufacturing 59,000 295,567 0.02Shinko Electric Industries 107,900 778,619 0.07Shinmaywa Industries 21,000 192,383 0.02Showa Denko KK 46,000 60,900 0.01Sojitz 1,090,400 2,646,580 0.22Square Enix Holdings 28,800 637,594 0.05St Marc Holdings 27,600 908,985 0.08Star Micronics 20,800 354,925 0.03Sumitomo Bakelite 89,000 403,669 0.03Sumitomo Osaka Cement 270,000 999,551 0.08Sumitomo Warehouse 10,000 55,898 -Suruga Bank 115,300 2,475,325 0.21Tadano 23,000 343,971 0.03Taiyo Holdings 26,000 1,087,893 0.09Taiyo Yuden 8,500 119,340 0.01Takara Leben 402,800 2,399,716 0.20Takasago Thermal Engineering 34,000 412,896 0.03Tecmo Koei Holdings 3,500 60,266 0.01Teijin 729,000 2,829,853 0.24THK 121,600 2,629,458 0.22Toho Holdings 42,400 976,796 0.08Tokai Carbon 51,000 160,046 0.01Tokai Rika 28,600 715,205 0.06Tokai Tokyo Financial Holdings 10,200 74,271 0.01Tokyo Ohka Kogyo 38,300 1,087,668 0.09Tokyo Seimitsu 28,500 625,363 0.05Tokyo Tatemono 58,500 812,732 0.07Topcon 46,800 1,128,264 0.09Toppan Forms 54,600 752,750 0.06Toshiba TEC 189,000 1,024,043 0.09Tosoh 56,000 348,270 0.03Toyo Ink SC Holdings 127,000 509,598 0.04



(continued)

109MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)Japan (2014: 9.37%) (continued)Toyobo 113,000 180,076 0.02Toyota Boshoku 20,400 344,098 0.03TS Tech 51,200 1,370,326 0.12Tsubakimoto Chain 66,000 645,626 0.05Tsumura 27,900 600,569 0.05Tsuruha Holdings 5,300 412,773 0.03UBE Industries 42,000 79,287 0.01Ushio 76,100 991,324 0.08Wacoal Holdings 7,000 81,862 0.01Yamaha Motor 49,900 1,091,671 0.09Yamato Kogyo 9,100 212,617 0.02Yamazen 267,300 2,440,029 0.21Yuasa Trading 15,800 378,327 0.03Zenkoku Hosho 17,600 627,107 0.05Zeon 71,000 655,661 0.06

––––––––––– –––––––168,596,652 14.19

Korea (2014: 0.24%)KEPCO Plant Service & Engineering 7,269 768,965 0.06

––––––––––– –––––––Luxembourg (2014: 0.57%)Grand City Properties 152,145 2,640,273 0.22Regus 1,063,313 4,367,977 0.37SAF-Holland 82,779 1,276,957 0.11

––––––––––– –––––––8,285,207 0.70

Malta (2014: 0.04%)Unibet Group 9,266 563,945 0.05

––––––––––– –––––––Netherlands (2014: 0.60%)AerCap Holdings 66,592 3,049,248 0.26Arcadis 4,049 111,296 0.01Atrium European Real Estate 285,135 1,312,408 0.11BE Semiconductor Industries 13,514 375,905 0.03Corbion 3,335 65,901 0.01Frank's International 4,175 78,657 0.01Koninklijke Ten Cate 13,493 278,052 0.02Post 125,034 555,440 0.05SNS REAAL 133,061 - -TKH Group 35,529 1,487,459 0.12TomTom 63,955 722,207 0.06Tornier 16,621 415,359 0.03

––––––––––– –––––––8,451,932 0.71

New Zealand (2014: 0.38%)Air New Zealand 685,416 1,182,044 0.10Chorus 337,056 661,058 0.06Fisher & Paykel Healthcare 116,435 539,403 0.04Metlifecare 126,495 397,801 0.03

––––––––––– –––––––2,780,306 0.23

Norway (2014: 0.65%)BW Offshore 334,137 214,476 0.02Marine Harvest 11,482 131,202 0.01Opera Software 190,710 1,638,639 0.14SpareBank 1 SMN 92,055 766,394 0.06


Norway (2014: 0.65%) (continued)SpareBank 1 SR-Bank 214,850 1,426,872 0.12Storebrand 188,218 773,685 0.07

––––––––––– –––––––4,951,268 0.42

Philippines (2014: 0.08%)Cosco Capital 6,499,400 1,124,314 0.09

––––––––––– –––––––Portugal (2014: 0.56%)Altri 62,785 228,543 0.02Portucel 166,486 639,971 0.05Semapa-Sociedade de Investimento e Gestao 10,214 137,817 0.01

––––––––––– –––––––1,006,331 0.08

Puerto Rico (2014: 0.13%)First BanCorp 220,351 1,062,092 0.09Triple-S Management 21,489 551,408 0.05

––––––––––– –––––––1,613,500 0.14

Singapore (2014: 0.26%)CDL Hospitality Trusts REIT 36,700 44,427 -Fortune Real Estate Investment Trust 2,102,000 2,123,000 0.18Mapletree Industrial Trust REIT 35,200 40,781 -Mapletree Logistics Trust REIT 127,500 107,000 0.01Singapore Post 65,900 92,744 0.01Starhill Global REIT 123,400 80,648 0.01Super Group 47,400 39,075 -United Engineers 30,800 56,270 0.01

––––––––––– –––––––2,583,945 0.22

South Africa (2014: 0.18%)Nampak 473,600 1,318,444 0.11

––––––––––– –––––––Spain (2014: 2.56%)Bolsas y Mercados Espanoles 56,440 2,281,484 0.19Cia de Distribucion Integral Logista Holdings 18,670 370,278 0.03Ence Energia y Celulosa 64,539 220,402 0.02Faes Farma 40,833 105,324 0.01Gamesa Tecnologica 229,595 3,614,662 0.30Let's GOWEX 24,209 - -Melia Hotels International 385,957 5,091,594 0.43Obrascon Huarte Lain 4,901 83,357 0.01Tubacex 26,480 75,530 0.01Viscofan 2,209 133,524 0.01

––––––––––– –––––––11,976,155 1.01

Sweden (2014: 1.62%)AAK 4,772 282,553 0.02Betsson 213,540 3,083,108 0.26Bilia 33,374 594,276 0.05BillerudKorsnas 121,059 1,901,053 0.16Castellum 124,589 1,749,276 0.15Hexpol 222,990 2,296,414 0.19Holmen 48,722 1,420,410 0.12Indutrade 14,097 648,148 0.05Intrum Justitia 59,764 1,807,866 0.15JM 48,018 1,307,872 0.11Lindab International 81,774 691,346 0.06Meda 6,281 87,355 0.01NCC 5,585 170,360 0.01NetEnt 83,342 3,234,242 0.27



(continued)

110MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)Sweden (2014: 1.62%) (continued)New Wave Group 11,409 58,712 -Nibe Industrier 80,238 2,174,815 0.18Peab 157,148 1,160,026 0.10Saab 48,406 1,182,512 0.10SAS 239,356 425,490 0.04SSAB -A Shares 149,478 780,222 0.07SSAB -B Shares 96,148 428,741 0.04Swedish Orphan Biovitrum 291,312 3,861,925 0.33Trelleborg 104,894 1,937,963 0.16

––––––––––– –––––––31,284,685 2.63

Switzerland (2014: 0.55%)Allied World Assurance Holdings 80,383 3,474,153 0.29Allreal Holding 1,304 179,997 0.01Ascom Holding 19,279 339,350 0.03Bucher Industries 497 123,698 0.01Burckhardt Compression Holding 3,395 1,286,907 0.11Cembra Money Bank 1,896 115,641 0.01GAM Holding 6,500 136,670 0.01Georg Fischer 3,432 2,359,488 0.20Interroll Holding 2,995 1,906,827 0.16Logitech International 7,181 105,270 0.01Straumann Holding 350 96,062 0.01Temenos Group 96,114 3,183,060 0.27Valiant Holding 1,091 106,292 0.01

––––––––––– –––––––13,413,415 1.13

Taiwan (2014: 0.31%)Chipbond Technology 429,000 927,395 0.08Hermes Microvision - GDR 6,300 410,410 0.03Primax Electronics 670,000 849,049 0.07Sinbon Electronics 452,000 842,341 0.07

––––––––––– –––––––3,029,195 0.25

Thailand (2014: 0.13%)AP Thailand 3,855,650 821,918 0.07

––––––––––– –––––––Turkey (2014: 0.13%)Coca-Cola Icecek 45,510 757,651 0.06Koza Altin Isletmeleri 43,684 462,277 0.04Koza Anadolu Metal Madencilik Isletmeleri 475,830 486,665 0.04Soda Sanayii 46,523 101,069 0.01

––––––––––– –––––––1,807,662 0.15

United Kingdom (2014: 4.91%)Abcam 107,485 875,636 0.07Al Noor Hospitals Group 74,700 1,110,193 0.09Ashmore Group 320,239 1,456,527 0.12Auto Trader Group 463,976 2,224,841 0.19BBA Aviation 473,682 2,247,544 0.19Berkeley Group Holdings 56,363 2,965,965 0.25Big Yellow Group REIT 7,960 79,807 0.01Bodycote 9,474 100,424 0.01Bovis Homes Group 5,331 93,315 0.01Britvic 175,065 1,975,455 0.17Countrywide 8,699 77,708 0.01


United Kingdom (2014: 4.91%) (continued)Crest Nicholson Holdings 254,639 2,248,644 0.19Daily Mail & General Trust 10,289 150,326 0.01Dialog Semiconductor 74,923 4,047,906 0.34Domino's Pizza Group 7,698 94,069 0.01Drax Group 239,500 1,311,536 0.11DS Smith 138,601 841,394 0.07Dunelm Group 6,375 90,785 0.01Elementis 444,385 1,793,338 0.15Filtrona 7,846 122,530 0.01Firstgroup 378,536 711,412 0.06Galliford Try 4,300 117,467 0.01Greene King 252,253 3,350,287 0.28Hansteen Holdings REIT 65,857 119,627 0.01Henderson Group 37,373 153,407 0.01Hikma Pharmaceuticals 86,431 2,627,528 0.22HomeServe 14,411 97,547 0.01Inchcape 11,141 142,099 0.01Informa 20,547 176,598 0.01Intermediate Capital Group 249,844 2,159,149 0.18John Wood Group 142,082 1,440,151 0.12Jupiter Fund Management 17,284 121,153 0.01Kcom Group 67,667 99,503 0.01Laird 17,372 100,459 0.01LondonMetric Property REIT 51,440 130,491 0.01Mitie Group 27,973 138,578 0.01Moneysupermarket.com Group 20,036 91,759 0.01Oxford Instruments 113,300 1,729,304 0.15Paragon Group of Cos 12,581 81,954 0.01Pets at Home Group 499,603 2,346,963 0.20Premier Farnell 42,751 116,248 0.01Restaurant Group 323,860 3,544,970 0.30Rightmove 63,200 3,257,163 0.27Rotork 606,859 2,219,952 0.19Rowan 6,732 142,113 0.01Senior 220,634 995,865 0.08SIG 26,198 82,609 0.01Spirax-Sarco Engineering 54,914 2,930,306 0.25St James's Place 255,500 3,640,534 0.31Stagecoach Group 13,278 84,323 0.01SThree 86,894 511,785 0.04Stolt-Nielsen 4,757 80,417 0.01Taylor Wimpey 1,022,500 2,987,824 0.25Travis Perkins 51,623 1,713,057 0.14UBM 17,480 146,938 0.01WH Smith 6,511 156,465 0.01WS Atkins 6,107 145,604 0.01

––––––––––– –––––––62,599,552 5.27

United States of America (2014: 54.78%)AAON 46,218 1,040,829 0.09Abaxis 15,142 779,510 0.07ABIOMED 17,500 1,150,275 0.10ABM Industries 4,686 154,029 0.01Acadia Healthcare 55,955 4,382,955 0.37Acuity Brands 37,547 6,757,709 0.57ADTRAN 84,978 1,380,893 0.12Advisory Board 43,300 2,367,211 0.20Aerojet Rocketdyne Holdings 34,926 719,825 0.06Affymetrix 46,600 508,872 0.04AGL Resources 3,962 184,471 0.02



(continued)

111MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)United States of America (2014: 54.78%) (continued)Air Lease 61,875 2,097,563 0.18Air Methods 87,600 3,621,384 0.30Aircastle 143,882 3,261,805 0.27Akorn 67,200 2,933,952 0.25Alaska Air Group 29,500 1,900,685 0.16Alder Biopharmaceuticals 38,400 2,034,048 0.17Allegheny Technologies 41,857 1,264,081 0.11Allison Transmission Holdings 5,943 173,892 0.01Alnylam Pharmaceuticals 4,400 527,428 0.04Alon USA Energy 3,596 67,964 0.01AMAG Pharmaceuticals 31,276 2,159,921 0.18Ambarella 14,356 1,474,218 0.12AMC Networks 42,300 3,462,255 0.29American Axle & Manufacturing Holdings 29,900 625,209 0.05American Eagle Outfitters 100,367 1,728,320 0.15American Equity Investment Life Holding 67,425 1,819,127 0.15American National Insurance 2,503 256,107 0.02American Woodmark 56,100 3,077,085 0.26Amkor Technology 103,076 616,394 0.05Amsurg 85,622 5,989,259 0.50AmTrust Financial Services 66,948 4,385,764 0.37Apollo Residential Mortgage REIT 10,755 157,991 0.01AptarGroup 3,452 220,134 0.02Arthur J Gallagher 53,957 2,552,166 0.21Ashford Hospitality Trust REIT 21,860 184,936 0.02Aspen Technology 60,200 2,742,110 0.23Associated Banc 9,126 184,984 0.02Astoria Financial 129,901 1,791,335 0.15Atmel 14,348 141,400 0.01Avis Budget Group 35,900 1,582,472 0.13Avista 5,181 158,798 0.01Axiall 9,236 332,958 0.03Badger Meter 2,194 139,297 0.01Bank of the Ozarks 92,098 4,213,484 0.35BankUnited 4,479 160,930 0.01BBCN Bancorp 7,972 117,906 0.01Belden 22,216 1,804,606 0.15Benchmark Electronics 27,155 591,436 0.05Berry Plastics Group 84,288 2,730,931 0.23Bio-Rad Laboratories 8,900 1,340,429 0.11Bio-Techne 5,061 498,357 0.04BioMarin Pharmaceutical 14,624 2,000,271 0.17BioMed Realty Trust 9,758 188,720 0.02Black Hills 3,219 140,509 0.01Blackbaud 2,639 150,291 0.01Blount International 71,520 780,998 0.07Booz Allen Hamilton Holding 59,021 1,489,690 0.13Boston Private Financial Holdings 218,100 2,924,721 0.25Brinker International 1,849 106,595 0.01Broadridge Financial Solutions 5,248 262,452 0.02Brocade Communications Systems 216,154 2,567,910 0.22Brookdale Senior Living 83,783 2,907,270 0.24Brooks Automation 51,769 592,755 0.05Brown & Brown 82,432 2,708,716 0.23Bruker 190,000 3,877,900 0.33Brunswick 53,626 2,727,418 0.23


United States of America (2014: 54.78%) (continued)Bryn Mawr Bank 4,370 131,799 0.01Burlington Stores 83,425 4,271,360 0.36Cabot 3,488 130,068 0.01Cadence Design Systems 221,307 4,350,896 0.37Cal-Maine Foods 2,758 143,968 0.01Calix 84,334 641,782 0.05Callidus Software 32,200 501,676 0.04Capitol Federal Financial 12,900 155,316 0.01Cardinal Financial 6,089 132,679 0.01Carlisle 43,327 4,337,899 0.37Carrizo Oil & Gas 32,114 1,581,293 0.13Carter's 1,871 198,887 0.02Cash America International 59,557 1,559,798 0.13Cathay General Bancorp 94,684 3,072,496 0.26Cato 17,000 658,920 0.06Cavium 71,400 4,913,034 0.41CBL & Associates Properties REIT 11,351 183,886 0.02CDW 6,186 212,056 0.02Cempra 14,916 512,514 0.04Centene 43,322 3,483,089 0.29Century Aluminum 108,000 1,126,440 0.09Cepheid 57,549 3,519,121 0.30Chart Industries 24,800 886,600 0.07Chatham Lodging Trust REIT 109,564 2,900,159 0.24Checkpoint Systems 68,566 698,002 0.06Cheesecake Factory 40,548 2,211,285 0.19Chemed 1,401 183,671 0.02Chemtura 59,200 1,675,952 0.14Choice Hotels International 15,221 825,739 0.07Ciena 55,200 1,307,136 0.11Cirrus Logic 109,000 3,709,270 0.31CLARCOR 2,942 183,110 0.02Cogent Communications Holdings 105,600 3,573,504 0.30Cognex 20,900 1,005,290 0.08Colfax 15,450 713,018 0.06Commerce Bancshares 13,840 647,297 0.05CommScope Holding 22,600 689,526 0.06Community Bank System 4,000 151,080 0.01Community Health Systems 40,932 2,577,488 0.22Compass Minerals International 1,247 102,429 0.01comScore 14,000 745,640 0.06Con-way 3,130 120,098 0.01CONMED 25,717 1,498,530 0.13Constant Contact 2,517 72,389 0.01Convergys 6,910 176,136 0.01Cooper Tire & Rubber 29,396 994,467 0.08Coopers 14,510 2,582,345 0.22Core-Mark Holding 41,278 2,445,722 0.21Cornerstone OnDemand 54,900 1,910,520 0.16CorVel 21,513 688,846 0.06Covisint 1 3 -Cray 33,500 988,585 0.08CubeSmart REIT 79,700 1,845,852 0.16Cullen/Frost Bankers 2,223 174,683 0.01CVB Financial 172,900 3,044,769 0.26Cyberonics 22,539 1,340,169 0.11Cypress Semiconductor 286,086 3,364,371 0.28Dana Holding 6,581 135,437 0.01Delek US Holdings 3,303 121,616 0.01Deluxe 2,367 146,754 0.01



(continued)

112MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)United States of America (2014: 54.78%) (continued)Depomed 62,051 1,331,614 0.11DeVry Education Group 2,515 75,400 0.01DexCom 29,111 2,328,298 0.20Diamond Foods 68,100 2,136,978 0.18Diamond Resorts International 114,262 3,604,966 0.30Diamondback Energy 35,200 2,653,376 0.22Diebold 3,533 123,655 0.01Dime Community Bancshares 9,630 163,132 0.01Domino's Pizza 48,471 5,496,611 0.46Domtar 2,905 120,267 0.01Dril-Quip 19,500 1,467,375 0.12DST Systems 1,646 207,363 0.02DSW 3,121 104,148 0.01Dunkin' Brands Group 2,456 135,080 0.01DuPont Fabros Technology REIT 4,080 120,156 0.01Dyax 22,700 601,550 0.05Eagle Bancorp 37,914 1,666,699 0.14Echo Global Logistics 57,617 1,881,771 0.16Electronics For Imaging 115,280 5,015,833 0.42EMCOR Group 85,416 4,080,322 0.34Emergent Biosolutions 62,277 2,052,027 0.17Employers Holdings 43,928 1,000,680 0.08Endurance International Group Holdings 82,057 1,695,298 0.14Engility Holdings 70,100 1,763,716 0.15Ensign Group 2,286 116,723 0.01EPR Properties REIT 3,335 182,691 0.02Evercore Partners 2,340 126,266 0.01EW Scripps 18,800 429,580 0.04ExamWorks Group 72,911 2,850,820 0.24Extra Space Storage REIT 35,196 2,295,483 0.19FactSet Research Systems 1,652 268,467 0.02Fairchild Semiconductor International 100,900 1,753,642 0.15FBL Financial Group 13,767 794,631 0.07Federated Investors 4,635 155,226 0.01FEI 1,916 158,894 0.01FelCor Lodging Trust REIT 162,796 1,608,424 0.14First Niagara Financial Group 33,700 318,128 0.03FirstMerit 152,269 3,171,763 0.27Flushing Financial 6,485 136,250 0.01Fortinet 36,000 1,487,880 0.13Forward Air 2,597 135,719 0.01Fossil Group 12,200 846,192 0.07Freescale Semiconductor 102,270 4,087,732 0.34General Cable 4,010 79,117 0.01Gentex 10,109 165,990 0.01Genworth Financial 272,059 2,059,487 0.17Globus Med 109,412 2,808,606 0.24GNC Holdings 22,728 1,010,941 0.09Gogo 107,500 2,303,725 0.19Graco 15,466 1,098,550 0.09Graham Holdings 530 569,777 0.05Graphic Packaging Holding 144,171 2,008,302 0.17Great Plains Energy 7,464 180,330 0.02Group 1 Automotive 1,187 107,815 0.01Groupon 106,800 537,204 0.05Guidewire Software 35,603 1,884,467 0.16


United States of America (2014: 54.78%) (continued)Hanesbrands 148,200 4,938,024 0.42Hanger 41,002 961,087 0.08Hanover Insurance Group 36,121 2,674,038 0.23Harmonic 133,497 911,785 0.08Haverty Furnitures 19,535 422,347 0.04HD Supply 67,270 2,366,559 0.20Health Net 53,887 3,455,234 0.29HealthSouth 50,488 2,325,477 0.20Herbalife 29,646 1,633,198 0.14HFF 51,438 2,146,508 0.18Hill-Rom Holdings 4,056 220,362 0.02HMS Holdings 74,500 1,279,165 0.11HNI 33,074 1,691,735 0.14Hospitality Properties Trust REIT 7,000 201,740 0.02Houghton Mifflin Harcourt 36,500 919,800 0.08Howard Hughes 10,300 1,478,462 0.12HRG Group 56,984 740,792 0.06Hub Group 64,900 2,618,066 0.22Hubbell 1,706 184,726 0.02Huntington Ingalls Industries 1,622 182,621 0.02Huntsman 5,170 114,102 0.01IAC/InterActive 3,260 259,692 0.02Iconix Brand Group 50,365 1,257,614 0.11IDEX 2,869 225,446 0.02Infinera 41,100 862,278 0.07Infoblox 58,430 1,531,450 0.13Ingram Micro 45,800 1,146,374 0.10Ingredion 2,282 182,126 0.02Inogen 47,594 2,122,692 0.18Insight Enterprises 20,516 613,634 0.05Interactive Brokers Group 85,105 3,536,964 0.30InterDigital 4,898 278,647 0.02Intersil 7,901 98,842 0.01Interval Leisure Group 102,900 2,351,265 0.20Intrepid Potash 76,600 914,604 0.08Intrexon 27,200 1,327,360 0.11Invacare 23,038 498,312 0.04Investors Bancorp 90,000 1,107,000 0.09IPG Photonics 8,200 698,435 0.06Itron 29,231 1,006,716 0.08ITT 3,497 146,314 0.01Ixia 124,377 1,547,250 0.13J&J Snack Foods 5,906 653,617 0.05j2 Global 2,563 174,130 0.01Jack Henry & Associates 4,177 270,252 0.02Janus Capital Group 59,524 1,019,051 0.09Jarden 56,780 2,938,365 0.25John Wiley & Sons 3,194 173,658 0.01Jones Lang LaSalle 47,718 8,159,778 0.69Joy Global 3,478 125,904 0.01Juno Therapeutics 14,600 778,618 0.07K12 35,184 445,078 0.04Kaiser Aluminum 46,170 3,835,804 0.32KAR Auction Services 65,640 2,454,936 0.21Kemper 47,475 1,830,161 0.15Kennametal 3,695 126,073 0.01Kennedy-Wilson Holdings 93,200 2,291,788 0.19Keysight Technology 54,732 1,707,091 0.14Kirby 14,800 1,134,568 0.10Kulicke & Soffa Industries 89,750 1,050,973 0.09



(continued)

113MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)United States of America (2014: 54.78%) (continued)La Quinta Holdings 98,930 2,260,551 0.19La-Z-Boy 4,848 127,696 0.01Lands End 29,133 723,372 0.06Lattice Semiconductor 276,300 1,627,407 0.14LDR Holding 61,836 2,674,407 0.23Lear 21,803 2,447,605 0.21Lexington Realty Trust REIT 18,157 153,971 0.01Lexmark International 37,065 1,638,273 0.14LifePoint Hospitals 47,944 4,168,731 0.35Ligand Pharmaceuticals 20,024 2,020,422 0.17Lincoln Electric Holdings 3,030 184,497 0.02Littelfuse 1,551 147,174 0.01LPL Financial Holdings 3,683 171,223 0.01Luminex 56,645 977,693 0.08Macquarie Infrastructure 42,626 3,522,186 0.30Marcus & Millichap 30,700 1,416,498 0.12MarketAxess Holdings 24,553 2,277,782 0.19Marriott Vacations Worldwide 46,276 4,245,823 0.36Masimo 12,500 484,250 0.04Matador Resources 54,131 1,353,275 0.11MAXIMUS 39,921 2,624,007 0.22MBIA 268,370 1,612,904 0.14Medicines 34,500 987,045 0.08Medivation 43,244 4,938,465 0.42Men's Wearhouse 1,573 100,782 0.01Mentor Graphics 74,728 1,975,061 0.17Meritor 96,200 1,262,144 0.11Methode Electronics 17,800 488,610 0.04Michaels 32,900 885,339 0.07Middleby 22,465 2,521,247 0.21MKS Instruments 3,343 126,833 0.01Mobile Mini 2,152 90,470 0.01Modine Manufacturing 57,813 620,334 0.05Molina Healthcare 11,700 822,510 0.07Monolithic Power Systems 80,441 4,079,163 0.34Monro Muffler Brake 2,030 126,185 0.01Moog 15,427 1,090,380 0.09Motorcar Parts of America 41,313 1,243,108 0.10MRC Global 69,300 1,069,992 0.09MSC Industrial Direct 2,498 174,285 0.01Murphy USA 37,451 2,090,515 0.18National CineMedia 79,471 1,268,357 0.11National Instruments 23,900 704,094 0.06Nelnet 23,620 1,022,982 0.09NeuStar 28,988 846,739 0.07New Media Invesment 14,000 251,020 0.02New Residential REIT 10,406 158,587 0.01New York Times 62,188 848,866 0.07Newport 23,251 440,839 0.04Nexteer Automotive Group 1,470,000 1,530,193 0.13Nordson 2,697 210,069 0.02Northwest Bancshares 104,830 1,343,921 0.11NorthWestern 3,339 162,776 0.01NuVasive 20,700 980,766 0.08Old National 10,642 153,883 0.01


United States of America (2014: 54.78%) (continued)Omnicell 93,658 3,531,843 0.30OPKO Health 73,700 1,185,096 0.10Orbital ATK 13,400 983,024 0.08Oshkosh 2,558 108,408 0.01Outerwall 16,902 1,286,411 0.11Overstock.com 33,425 753,400 0.06Owens Corning 2,997 123,626 0.01PAREXEL International 38,023 2,445,259 0.21PBF Energy 3,889 110,525 0.01PDC Energy 30,000 1,609,200 0.14PDL BioPharma 20,301 130,535 0.01Penn National Gaming 58,200 1,067,970 0.09PerkinElmer 15,067 793,127 0.07Phibro Animal Health 61,740 2,404,156 0.20Photronics 68,413 650,608 0.05Pier 1 Imports 65,600 828,528 0.07Pilgrim's Pride 61,285 1,407,716 0.12Pinnacle Foods 3,231 147,140 0.01Piper Jaffrays 11,608 506,573 0.04Pitney Bowes 67,255 1,399,577 0.12Plantronics 12,163 684,899 0.06PMC-Sierra 249,843 2,138,656 0.18Polycom 174,659 1,998,099 0.17PolyOne 34,091 1,335,344 0.11Power Integrations 2,070 93,523 0.01Premiere Global Services 32,967 339,230 0.03PrivateBancorp 86,069 3,427,268 0.29ProAssurance 5,850 270,329 0.02Progress Software 165,169 4,542,148 0.38Provident Financial Services 51,971 986,929 0.08PTC 122,032 5,005,753 0.42PTC Therapeutics 15,000 721,950 0.06Qlik Technologies 77,400 2,705,904 0.23Quality Systems 22,900 379,453 0.03Qualys 9,700 391,395 0.03Quantum 232,951 391,358 0.03Questar 8,396 175,560 0.01Radius Health 45,400 3,073,580 0.26Raymond James Financial 37,900 2,258,082 0.19Receptos 7,395 1,405,420 0.12Redwood Trust REIT 169,900 2,667,430 0.22Regal Entertainment Group 123,096 2,573,937 0.22Regal-Beloit 25,400 1,843,786 0.16Regis 52,908 833,830 0.07Reinsurance Group of America 41,028 3,892,326 0.33Reliance Steel & Aluminum 2,311 139,769 0.01Resolute Forest Products 73,556 827,505 0.07Rite Aid 275,673 2,301,870 0.19Rofin-Sinar Technologies 30,294 836,114 0.07RPM International 3,967 194,264 0.02Ruby Tuesday 111,672 700,183 0.06Ruckus Wireless 152,600 1,577,884 0.13Ryder System 57,890 5,057,849 0.43Ryland Group 71,800 3,329,366 0.28Sabre 6,207 147,727 0.01Sally Beauty Holdings 98,368 3,106,461 0.26Sanmina 67,552 1,361,848 0.11Science Applicatio 2,507 132,495 0.01Select Comfort 111,427 3,350,610 0.28Selective Insurance Group 85,665 2,402,903 0.20



(continued)

114MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.72%) (continued)Transferable securities (2014: 97.72%) (continued)Equities (2014: 97.72%) (continued)United States of America (2014: 54.78%) (continued)Senior Housing Properties Trust REIT 79,079 1,387,836 0.12Seres Therapeutics 1,900 78,850 0.01Service International 39,534 1,163,486 0.10ServiceMaster Global Holdings 47,000 1,699,990 0.14Signature Bank 8,900 1,302,871 0.11Silicon Laboratories 34,641 1,870,960 0.16Sinclair Broadcast Group 3,130 87,358 0.01Six Flags Entertainment 50,586 2,268,782 0.19Skechers U.S.A. 21,277 2,336,002 0.20Skyworks Solutions 56,257 5,856,354 0.49Solera Holdings 3,878 172,804 0.01Sonus Networks 63,967 442,652 0.04South Jersey Industries 69,800 1,726,154 0.15South State 42,474 3,227,599 0.27SpartanNash 3,962 128,923 0.01Spirit Realty Capital REIT 19,509 188,652 0.02Springleaf 98,756 4,533,888 0.38Starwood Property Trust REIT 10,846 233,948 0.02Starz 119,004 5,321,859 0.45Steel Dynamics 5,235 108,443 0.01STERIS 4,027 259,500 0.02Strategic Hotels & Resorts REIT 275,239 3,335,897 0.28SunEdison 91,208 2,728,031 0.23Super Micro Computer 12,992 384,303 0.03Surgical Care Affiliates 16,106 618,148 0.05Symetra Financial 132,632 3,205,715 0.27Synaptics 14,105 1,223,397 0.10Synergy Resources 101,621 1,161,528 0.10Synovus Financial 95,742 2,950,768 0.25Tableau Software 23,107 2,664,237 0.22Take-Two Interactive Software 74,270 2,047,624 0.17Taser International 117,900 3,927,249 0.33Team 66,700 2,684,675 0.23Team Health Holdings 43,874 2,866,288 0.24Teleflex 2,449 331,717 0.03Tenneco 45,892 2,636,037 0.22Tessera Technologies 2,499 94,912 0.01Texas Roadhouse 55,859 2,090,802 0.18Thoratec 13,600 606,152 0.05Time 45,780 1,053,398 0.09Timken 7,283 266,339 0.02Trinity Industries 4,748 125,490 0.01Tupperware Brands 18,000 1,161,720 0.10Ultimate Software Group 12,672 2,082,517 0.18United Fire Group 23,090 756,428 0.06United Natural Foods 16,228 1,033,399 0.09United Therapeutics 6,486 1,128,240 0.09Universal American 44,594 451,291 0.04Universal Forest Products 14,624 760,887 0.06US Silica Holdings 2,516 73,870 0.01Valspar 2,577 210,850 0.02VCA 39,120 2,128,324 0.18VeriFone Systems 46,289 1,571,974 0.13Verint Systems 46,266 2,810,428 0.24Virtus Investment Partners 11,200 1,481,200 0.12Vishay Intertechnology 12,063 140,896 0.01


United States of America (2014: 54.78%) (continued)Vonage Holdings 386,482 1,897,627 0.16Waddell & Reed Financial 3,564 168,613 0.01Washington Federal 132,344 3,090,232 0.26Web.com Group 42,945 1,040,128 0.09Weight Watchers International 55,500 269,175 0.02Wendy's 10,290 116,071 0.01WESCO International 41,153 2,824,742 0.24West Pharmaceutical Services 4,635 269,201 0.02Westar Energy 5,306 181,571 0.02Western Alliance Bancorp 101,071 3,412,157 0.29Western Refining 3,249 141,721 0.01WEX 13,689 1,560,135 0.13Whiting Petroleum 45,444 1,526,918 0.13Williams-Sonoma 2,494 205,181 0.02World Acceptance 6,100 375,211 0.03WP Carey REIT 4,220 248,727 0.02XPO Logistics 80,427 3,633,692 0.31ZIOPHARM Oncology 22,898 274,776 0.02

––––––––––– –––––––619,124,792 52.11

Total equities 1,164,377,134 98.01





(continued)

115MGI Funds plc

Fair value % ofUS$ Net assets

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

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

Net current assets (2014: (0.86)%) 4,179,545 0.35––––––––––––– –––––––

Total net assets attributable to holders of redeemable participating shares 1,188,030,782 100.00––––––––––––– –––––––––––––––––––– –––––––


Financial assets at fair value through profit or lossTransferable securitiesEquitiesFaroe Islands 0.02%Greece 0.39%Indonesia 0.04%Poland 0.07%Russia 0.07%



–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust




(continued)

116MGI Funds plc

MGI Funds plcMercer Low Volatility Equity Fund



Financial assets at fair value through profit or loss (2014: 91.87%)Transferable securities (2014: 90.07%)Equities (2014: 90.00%)Australia (2014: 1.93%)Cochlear 73,553 4,531,106 0.44Newcrest Mining 281,051 2,812,525 0.27Sonic Healthcare 400,000 6,569,992 0.63Telstra 626,730 2,957,667 0.29Woolworths 270,709 5,609,484 0.54WorleyParsons 311,000 2,488,350 0.24

––––––––––– –––––––24,969,124 2.41

Austria (2014: 0.21%)EVN 28,928 316,482 0.03Flughafen Wien 5,669 491,542 0.05Mayr Melnhof Karton 1,800 203,263 0.02Oesterreichische Post 19,374 890,767 0.09Telekom Austria 54,437 360,040 0.03Verbund 8,458 122,888 0.01Voestalpine 49,940 2,077,159 0.20

––––––––––– –––––––4,462,141 0.43

Belgium (2014: 0.39%)Befimmo REIT 7,337 448,392 0.04Elia System Operator 22,260 900,068 0.09Groupe Bruxelles Lambert 33,569 2,700,466 0.26

––––––––––– –––––––4,048,926 0.39

Brazil (2014: 0.71%)Cia de Saneamento de Minas Gerais-COPASA 307,300 1,356,259 0.13

––––––––––– –––––––Canada (2014: 4.54%)Agnico Eagle Mines 54,103 1,536,699 0.15Bank of Montreal 48,300 2,863,297 0.28Barrick Gold 140,045 1,492,880 0.14BCE 78,950 3,355,375 0.32Canadian Imperial Bank of Commerce 39,900 2,942,523 0.28Canadian Natural Resources 75,937 2,061,968 0.20Canadian Tire 34,160 3,655,007 0.35Cenovus Energy 100,242 1,604,874 0.15Colloway REIT 6,100 141,305 0.01Dollarama 25,000 1,515,880 0.15Dream Office REIT 12,000 235,877 0.02E-L Financial 200 105,035 0.01Emera 101,100 3,185,770 0.31Empire 26,100 1,839,094 0.18Fortis 57,300 1,610,064 0.16Franco-Nevada 2,385 113,801 0.01George Weston 36,400 2,860,510 0.28Goldcorp 119,826 1,941,181 0.19Jean Coutu Group 26,300 488,734 0.05Kinross Gold 58,573 135,889 0.01Lassonde Industries 200 21,912 -Manitoba Telecom Services 56,900 1,272,041 0.12Metro 2,970 79,742 0.01North West 16,000 317,322 0.03Penn West Petroleum 80,889 139,938 0.01Potash Corp of Saskatchewan 71,595 2,217,297 0.21RONA 37,200 452,318 0.04Royal Bank of Canada 14,840 907,909 0.09


Canada (2014: 4.54%) (continued)Saputo 4,380 105,987 0.01Shaw Communications 27,700 603,500 0.06Toronto-Dominion Bank 28,300 1,202,317 0.12Valener 12,216 164,778 0.02

––––––––––– –––––––41,170,824 3.97

Denmark (2014: 0.80%)ALK-Abello 6,845 797,440 0.08Carlsberg 11,829 1,073,308 0.10ISS 20,517 676,617 0.06Matas 2,289 48,718 -Novo Nordisk 5,714 311,162 0.03Royal Unibrew 37,645 1,286,451 0.12Schouw 7,378 385,137 0.04TDC 123,276 903,493 0.09

––––––––––– –––––––5,482,326 0.52

Faroe Islands (2014: 0.01%)Bakkafrost 6,045 160,970 0.02

––––––––––– –––––––France (2014: 4.80%)Bouygues 79,078 2,954,725 0.29Carrefour 71,352 2,283,251 0.22Cie de Saint-Gobain 45,787 2,054,409 0.20Danone 45,143 2,916,800 0.28Edenred 266,180 6,573,646 0.63Legrand 13,853 777,307 0.07Neopost 12,237 526,222 0.05Rexel 17,678 284,816 0.03Safran 131,400 8,900,013 0.86Sanofi 84,020 8,260,595 0.80Sodexo 13,701 1,300,329 0.13Total 41,742 2,026,394 0.20Vivendi 1,427 35,973 -Wendel 6,254 766,154 0.07

––––––––––– –––––––39,660,634 3.83

Germany (2014: 2.30%)Alba 1,962 112,925 0.01Alstria Office REIT 22,970 295,729 0.03Celesio 44,638 1,293,127 0.13Daimler 787 71,588 0.01Fielmann 23,011 1,563,201 0.15Fraport Frankfurt Airport Services Worldwide 3,935 247,016 0.02HeidelbergCement 48,343 3,831,330 0.37Henkel - Pref 33,286 3,730,978 0.36Hornbach Baumarkt 6,448 237,084 0.02Hornbach Holding - Pref 3,265 269,238 0.03Merck 23,259 2,316,299 0.22Rhoen Klinikum 63,477 1,702,023 0.17SAP 34,114 2,379,415 0.23Stada Arzneimittel 28,966 976,447 0.09TLG Immobilien 6,287 101,607 0.01

––––––––––– –––––––19,128,007 1.85

Hong Kong (2014: 1.36%)Aeon Stores Hong Kong 4,000 4,927 -Cheung Kong Infrastructure Holdings 54,000 418,972 0.04

117MGI Funds plc


Financial assets at fair value through profit or loss (2014: 91.87%) (continued)Transferable securities (2014: 90.07%) (continued)Equities (2014: 90.00%) (continued)Hong Kong (2014: 1.36%) (continued)CLP Holdings 413,000 3,505,350 0.34Dairy Farm International Holdings 6,900 59,754 0.01Global Brands Group Holding 5,785,380 1,201,471 0.11Guoco Group 45,202 542,829 0.05Hang Lung Properties 300,000 893,899 0.08Hang Seng Bank 14,800 289,221 0.03Hysan Development 107,000 463,054 0.04Jardine Matheson Holdings 31,200 1,770,600 0.17Regal REIT 265,000 76,568 0.01Sunlight REIT 136,000 68,943 0.01Vitasoy International Holdings 36,000 61,296 0.01

––––––––––– –––––––9,356,884 0.90

Ireland (2014: 1.19%)CRH 71,529 2,009,137 0.19UDG Healthcare 26,930 207,275 0.02Willis Group Holdings 29,972 1,405,687 0.14

––––––––––– –––––––3,622,099 0.35

Israel (2014: 0.78%)Azrieli Group 38,309 1,530,370 0.15Bank Hapoalim 84,802 457,010 0.04Bank Leumi Le-Israel 137,851 583,210 0.06Check Point Software Technologies 5,625 447,469 0.04Delek Automotive Systems 24,435 273,342 0.03Israel Chemicals 112,063 783,348 0.08Israel Discount Bank 80,013 153,667 0.01Osem Investments 12,841 267,141 0.03Teva Pharmaceutical Industries 75,867 4,488,791 0.43

––––––––––– –––––––8,984,348 0.87

Italy (2014: 0.20%)Amplifon 25,734 200,280 0.02Italcementi 107,354 708,114 0.07Italmobiliare 14,155 405,327 0.04Parmalat 268,024 699,397 0.06

––––––––––– –––––––2,013,118 0.19

Japan (2014: 5.92%)Aichi Steel 75,000 335,267 0.03Arcs 8,800 191,872 0.02Asahi Holdings 4,400 75,008 0.01Astellas Pharma 199,800 2,850,087 0.27Autobacs Seven 13,600 227,621 0.02Canon 97,200 3,163,478 0.31Chofu Seisakusho 10,300 242,086 0.02Chubu Electric Power 6,700 99,899 0.01Coca-Cola West 91,000 1,643,526 0.16Daiichi Sankyo 79,100 1,463,510 0.14DCM Holdings 7,700 75,449 0.01Doutor Nichires Holdings 42,200 740,091 0.07Duskin 9,000 155,559 0.02Dydo Drinco 20,100 873,877 0.08Earth Chemical 12,000 455,522 0.04FamilyMart 2,400 110,424 0.01FANUC 20,527 4,207,226 0.41


Japan (2014: 5.92%) (continued)Fuji 14,300 271,708 0.03Fukuda Denshi 4,500 250,071 0.02Gunze 27,000 73,918 0.01Hirose Electric 13,600 1,948,335 0.19Hokuriku Electric Power 30,800 459,112 0.04Hokuto 12,600 258,353 0.02Hoya 84,751 3,398,628 0.33J-Oil Mills 19,000 65,215 0.01Japan Logistics Fund REIT 49 98,589 0.01Japan Tobacco 28,200 1,004,912 0.10Japan Wool Textile 27,000 208,074 0.02KDDI 183,500 4,429,853 0.43Kewpie 93,900 1,989,039 0.19Keyence 6,639 3,584,132 0.35KFC Holdings Japan 2,000 37,347 -Kirin Holdings 25,400 349,973 0.03Kobe Steel 205,000 345,115 0.03Kose 14,500 1,192,089 0.12Lion 552,000 4,425,383 0.43Maruha Nichiro 19,400 313,755 0.03Megmilk Snow Brand 50,200 644,089 0.06Ministop 22,500 390,001 0.04Mitsubishi Estate 87,362 1,882,319 0.18Mitsubishi Materials 38,000 145,957 0.01Mitsubishi Tanabe Pharma 55,400 830,785 0.08Mitsui Mining & Smelting 122,000 330,013 0.03Morinaga 340,000 1,455,972 0.14Morinaga Milk Industry 131,000 480,685 0.05MOS Food Services 23,000 478,176 0.05MS&AD Insurance Group Holdings 68,097 2,121,962 0.20Nippon Flour Mills 95,000 575,287 0.06Nippon Steel & Sumitomo Metal 82,000 212,698 0.02Nippon Telegraph & Telephone 32,600 1,181,156 0.11Nipro 20,100 205,821 0.02Nisshin Oillio Group 314,000 1,288,179 0.12Nissin Foods Holdings 21,300 934,753 0.09Nitori Holdings 1,400 114,183 0.01Noevir Holdings 8,600 185,332 0.02Nomura Research Institute 11,500 450,170 0.04NTT DoCoMo 124,600 2,386,813 0.23Okinawa Cellular Telephone 7,300 213,276 0.02Okinawa Electric Power 15,100 377,608 0.04Paltac 38,500 682,123 0.07Parco 18,700 185,372 0.02PGM Holdings K K 12,200 130,310 0.01Royal Holdings 4,700 78,433 0.01Secom 73,315 4,760,247 0.46Shimano 19,321 2,636,871 0.25Shin-Etsu Chemical 1,188 73,776 0.01Shinkin Central Bank - Pref 51 93,527 0.01Showa Sangyo 93,000 378,491 0.04SMC 11,371 3,425,750 0.33Sompo Japan Nipponkoa Holdings 107,103 3,931,297 0.38Tsumura 3,200 68,882 0.01United Super Markets Holdings 61,100 525,790 0.05USS 17,900 323,287 0.03Yoshinoya Holdings 53,600 649,604 0.06Zensho Holdings 9,300 88,618 0.01

––––––––––– –––––––76,531,716 7.39



(continued)

118MGI Funds plc


Financial assets at fair value through profit or loss (2014: 91.87%) (continued)Transferable securities (2014: 90.07%) (continued)Equities (2014: 90.00%) (continued)Korea (2014: 0.35%)Kia Motors 39,863 1,618,893 0.16KT&G 29,185 2,482,995 0.24Lotte Confectionery 96 167,308 0.02Namyang Dairy Products 400 250,302 0.02

––––––––––– –––––––4,519,498 0.44

Luxembourg (2014: 1.28%)Atento 15,982 229,821 0.02Millicom International Cellular 65,200 4,805,038 0.46SES 193,900 6,510,467 0.63

––––––––––– –––––––11,545,326 1.11

Mexico (2014: 0.41%)Grupo Televisa - ADR 117,089 4,545,395 0.44Industrias Penoles 29,928 490,482 0.05

––––––––––– –––––––5,035,877 0.49

Netherlands (2014: 0.73%)Airbus Group 82,500 5,349,831 0.51Heineken Holding 51,469 3,609,978 0.35Koninklijke Ahold 121,697 2,277,992 0.22Sligro Food Group 20,131 725,273 0.07Unilever 76,677 3,191,369 0.31

––––––––––– –––––––15,154,443 1.46

New Zealand (2014: 0.89%)Air New Zealand 244,137 421,030 0.04Argosy Property 382,609 285,928 0.03Chorus 30,489 59,797 0.01Contact Energy 74,545 252,578 0.02Ebos Group 27,129 188,060 0.02Fisher & Paykel Healthcare 196,586 910,715 0.09Infratil 855,665 1,825,755 0.18Kiwi Property Group 80,860 70,271 0.01Mainfreight 30,086 320,061 0.03Port of Tauranga 51,731 605,252 0.06Precinct Properties New Zealand 104,862 80,847 0.01Ryman Healthcare 436,768 2,339,458 0.22SKY Network Television 337,954 1,373,635 0.13Z Energy 41,764 165,233 0.01

––––––––––– –––––––8,898,620 0.86

Norway (2014: 1.34%)Norsk Hydro 528,119 2,218,536 0.21Orkla 472,164 3,702,894 0.36Telenor 167,279 3,652,816 0.35

––––––––––– –––––––9,574,246 0.92

Portugal (2014: 0.48%)Energias de Portugal 389,517 1,477,769 0.14Redes Energeticas Nacionais 307,679 860,811 0.08Sonaecom 25,725 59,991 0.01

––––––––––– –––––––2,398,571 0.23

Russia (2014: 0.10%)Gazprom - ADR 117,949 607,437 0.06

––––––––––– –––––––


Singapore (2014: 0.44%)Great Eastern Holdings 14,000 255,254 0.02Haw Par 41,000 274,348 0.03Hong Leong Finance 18,000 34,088 -Singapore Airlines 52,200 415,972 0.04StarHub 93,000 272,819 0.03United Industrial 114,000 287,011 0.03

––––––––––– –––––––1,539,492 0.15

South Africa (2014: 0.80%)AngloGold Ashanti - ADR 120,118 1,075,056 0.10Gold Fields - ADR 177,671 573,877 0.05MTN Group 300,000 5,653,849 0.55

––––––––––– –––––––7,302,782 0.70

Spain (2014: 0.39%)Aena 27,370 2,858,662 0.28Ebro Foods 48,191 932,135 0.09Endesa 87,709 1,677,456 0.16Iberdrola 523,138 3,521,763 0.34

––––––––––– –––––––8,990,016 0.87

Sweden (2014: 0.77%)Axfood 29,328 467,976 0.04Hennes & Mauritz 60,103 2,312,128 0.22Investor -A- Shares 27,447 995,667 0.10Investor -B- Shares 38,716 1,441,322 0.14Svenska Cellulosa 90,347 2,295,287 0.22

––––––––––– –––––––7,512,380 0.72

Switzerland (2014: 4.71%)Allreal Holding 7,672 1,059,000 0.10Alpiq Holding 2,347 205,430 0.02APG 938 383,912 0.04Basler Kantonalbank 4,744 355,844 0.03Berner Kantonalbank 305 60,703 0.01BKW 1,615 60,311 0.01Coca-Cola HBC 37,325 803,030 0.08Emmi 494 159,108 0.01Flughafen Zuerich 216 167,221 0.02Galenica 3,833 4,000,954 0.39Intershop Holding 1,505 646,173 0.06Julius Baer Group 68,480 3,843,321 0.37Kuehne & Nagel International 2,032 269,832 0.03Luzerner Kantonalbank 264 99,507 0.01Mobimo Holding 1,580 322,069 0.03Nestle 149,793 10,819,140 1.04Pargesa Holding 26,863 1,808,017 0.17Roche Holding 31,000 8,690,814 0.84St Galler Kantonalbank 315 116,117 0.01Swisscom 6,171 3,460,065 0.33Tamedia 446 74,544 0.01Valora Holding 613 120,494 0.01Ypsomed Holding 716 78,530 0.01

––––––––––– –––––––37,604,136 3.63

Taiwan (2014: Nil)Taiwan Semiconductor Manufacturing - ADR 281,800 6,399,678 0.62

––––––––––– –––––––Thailand (2014: 0.12%)Bangkok Bank - NVDR 292,384 1,540,891 0.15

––––––––––– –––––––



(continued)

119MGI Funds plc


Financial assets at fair value through profit or loss (2014: 91.87%) (continued)Transferable securities (2014: 90.07%) (continued)Equities (2014: 90.00%) (continued)United Kingdom (2014: 7.14%)Anglo American 23,230 335,563 0.03Berkeley Group Holdings 50,264 2,645,020 0.25British American Tobacco 86,873 4,665,751 0.45Capita 588,784 11,463,643 1.11Centrica 35,126 145,730 0.01Cranswick 6,931 173,970 0.02Dechra Pharmaceuticals 13,948 215,631 0.02Diageo 34,604 1,001,904 0.10Fresnillo 119,150 1,300,468 0.13GlaxoSmithKline 120,681 2,510,040 0.24Greggs 175,559 3,266,283 0.31Hill & Smith Holdings 9,240 98,453 0.01Imperial Tobacco Group 77,551 3,740,651 0.36Inchcape 96,621 1,232,362 0.12Indivior 260,095 919,548 0.09Liberty Global 33,268 1,684,359 0.16Liberty Global -A- Shares 3,613 195,355 0.02Lloyds Banking Group 6,173,736 8,276,324 0.80London Stock Exchange Group 204,602 7,626,130 0.74National Grid 113,423 1,457,725 0.14Next 14,444 1,692,348 0.16Reckitt Benckiser Group 5,595 482,903 0.05SSE 139,320 3,365,509 0.32Synergy Health 53,720 1,452,305 0.14Tesco 2,442,382 8,164,333 0.79Vodafone Group 1,050,625 3,797,854 0.37WM Morrison Supermarkets 298,996 850,178 0.08

––––––––––– –––––––72,760,340 7.02

United States of America (2014: 44.91%)3M 27,279 4,209,150 0.41AG Mortgage Investment Trust REIT 14,854 256,677 0.02Alleghany 1,937 907,988 0.09Ally Financial 15,468 346,947 0.03Altera 18,865 965,888 0.09Altria Group 84,091 4,112,891 0.40Amdocs 80,853 4,413,765 0.43American Express 151,896 11,805,357 1.14American International Group 27,697 1,712,229 0.17AmerisourceBergen 29,928 3,182,544 0.31Anthem 7,190 1,180,167 0.11Archer-Daniels-Midland 9,729 469,132 0.05AT&T 68,960 2,449,459 0.24Atrion 842 330,325 0.03Automatic Data Processing 11,779 945,029 0.09Bank of New York Mellon 276,035 11,585,189 1.12Baxter International 96,400 6,741,252 0.65BB&T 72,849 2,936,543 0.28Bed Bath & Beyond 7,835 540,458 0.05Berkshire Hathaway 14 2,867,900 0.28Broadridge Financial Solutions 35,205 1,760,602 0.17Brown & Brown 28,297 929,839 0.09Bunge 41,597 3,652,217 0.35CACI International 38,531 3,116,773 0.30Capitol Federal Financial 262,232 3,157,273 0.30Cardinal Health 20,846 1,743,768 0.17


United States of America (2014: 44.91%) (continued)Casey's General Stores 2,517 240,978 0.02Chemed 20,666 2,709,313 0.26Chimera Investment REIT 12,323 168,948 0.02Church & Dwight 49,517 4,017,314 0.39Cigna 19,777 3,203,874 0.31Cincinnati Financial 44,969 2,256,544 0.22Cintas 39,181 3,314,321 0.32Clorox 37,482 3,898,878 0.38Coca-Cola 60,029 2,354,938 0.23Coca-Cola Bottling 2,730 412,421 0.04Colgate-Palmolive 74,259 4,857,281 0.47Comcast 150,900 9,075,126 0.88Comcast -A- Shares 106,491 6,383,071 0.62CommVault Systems 7,234 306,794 0.03Computer Sciences 1,255 82,378 0.01ConocoPhillips 33,009 2,027,083 0.20Costco Wholesale 18,985 2,564,114 0.25CSG Systems International 4,843 153,329 0.01CVS Health 106,026 11,120,007 1.07DaVita HealthCare Partners 3,816 303,258 0.03Deere 20,283 1,968,465 0.19Deltic Timber 5,678 384,060 0.04DENTSPLY International 50,215 2,588,583 0.25Devon Energy 35,597 2,117,666 0.20DHI Group 27,638 245,702 0.02Dr Pepper Snapple Group 2,335 170,222 0.02DST Systems 38,025 4,790,389 0.46eBay 252,339 15,200,901 1.47Flowserve 20,275 1,067,681 0.10FMC Technologies 11,242 466,431 0.05Fresh Del Monte Produce 77,021 2,977,632 0.29Google Class A 25,887 13,980,015 1.35Google Class C 5,838 3,038,737 0.29H&R Block 31,163 923,983 0.09Halliburton 124,000 5,340,680 0.52Harris 40,663 3,127,391 0.30Henry Schein 23,499 3,339,678 0.32Hill-Rom Holdings 60,384 3,280,663 0.32Home Depot 74,333 8,260,626 0.80IDACORP 5,598 314,272 0.03Intel 397,134 12,078,831 1.17International Business Machines 58,531 9,520,652 0.92Jack Henry & Associates 58,460 3,782,362 0.36Johnson & Johnson 16,556 1,613,548 0.16Kaiser Aluminum 31,793 2,641,362 0.25Kimberly-Clark 31,974 3,388,285 0.33Kroger 33,079 2,398,558 0.23Lamar Advertising REIT 3,746 215,320 0.02LifePoint Health 46,582 4,050,305 0.39Linear Technology 64,028 2,831,958 0.27Lockheed Martin 13,480 2,505,932 0.24Lowe's 158,663 10,625,661 1.03Martin Marietta Materials 9,809 1,388,072 0.13MasterCard 74,014 6,918,829 0.67McCormick 7,479 605,425 0.06McDonald's 26,107 2,481,992 0.24MEDNAX 13,939 1,033,019 0.10Meridian Bancorp 3,194 42,832 -Microsoft 711,907 31,430,694 3.03



(continued)

120MGI Funds plc


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

––––––––––– –––––––473,841,407 45.73




(continued)

121MGI Funds plc

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

Financial assets at fair value through profit or loss (2014: 91.87%) (continued)Transferable securities (2014: 90.07%) (continued)Government bonds (2014: 0.07%)MexicoMexican Bonos 4.75 14/06/2018 MXN 5,730,000 367,127 0.04Mexican Bonos 5.00 11/12/2019 MXN 5,001,500 316,435 0.03

––––––––––– –––––––683,562 0.07

SingaporeSingapore (Government of) 3.25 01/09/2020 SGD 414,000 325,912 0.03Singapore (Government of) 0.50 01/04/2018 SGD 1,015,000 740,765 0.07Singapore (Government of) 2.38 01/04/2017 SGD 924,000 704,079 0.07

––––––––––– –––––––1,770,756 0.17



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

Channel IslandsETFS Physical Gold 166,217 18,885,576 1.82


Financial derivative instruments (2014: 0.40%)Warrants (2014: 0.06%)


United States of America (2014: 0.06%)JPMorgan - To Pur Co call expires 28/10/2018 21,591 534,377 0.05

––––––––––– –––––––Total warrants 534,377 0.05

Open forward foreign currency contracts (2014: 0.34%)


AUD 1* 125,614 USD 96,032 07/07/2015 488 -CHF 1* 121,126 USD 128,808 07/07/2015 821 -DKK 1* 154,996 USD 23,151 07/07/2015 2 -EUR 1* 47,475,198 USD 52,237,080 07/07/2015 663,173 0.06GBP 1* 136,023,286 USD 208,038,778 07/07/2015 5,877,331 0.57HKD 1* 347,030 USD 44,761 07/07/2015 2 -ILS 1* 31,293 USD 8,134 07/07/2015 161 -JPY 1* 38,594,965 USD 309,192 07/07/2015 6,234 -NOK 1* 69,372 USD 8,797 07/07/2015 20 -SEK 1* 347,880 USD 41,529 07/07/2015 400 -SGD 1* 26,172 USD 19,322 07/07/2015 113 -USD 1* 9,392,904 CAD 11,706,451 07/07/2015 16,813 -USD 1* 652,242 NOK 5,081,243 07/07/2015 6,462 -USD 1* 135,328 NZD 191,257 07/07/2015 6,038 -






(continued)

122MGI Funds plc


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



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



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

Net current liabilities (2014: 0.60%) (465,930) (0.04)––––––––––––– –––––––

Total net assets attributable to holders of redeemable participating shares 1,036,316,385 100.00––––––––––––– –––––––––––––––––––– –––––––


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 88.33Collective investment schemes 1.82Financial derivative instruments dealt in on a regulated market 0.05OTC derivatives instruments 0.63Other current assets 9.17

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust




(continued)

123MGI Funds plc

MGI Funds plcMercer Diversified Growth Fund



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

––––––––––– –––––––1,703,178,438 95.80

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



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





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

124MGI Funds plc


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

––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (760,473) (0.04)

Futures contracts (2014: (0.01)%)Maturity No. of Unrealised % of

date Currency contracts loss US$ Net assets

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




Total financial derivative instruments 39,180 -

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

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


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

––––––––––– –––––––32,008,796 1.80

Total deposits with credit institutions 32,008,796 1.80


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

Net current assets (2014: 0.07%) 10,210,582 0.57––––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares 1,777,940,264 100.00––––––––––––– –––––––––––––––––––– –––––––



(continued)

125MGI Funds plc


Financial assets at fair value through profit or lossCollective investment schemesChannel Islands 3.10%Germany 3.95%

Futures contracts gain 0.08%


total assetsDeposits with credit institutions 1.79Collective investment schemes 95.08OTC financial derivative instruments 0.09Other currents assets 3.04

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust2* Goldman Sachs




(continued)

126MGI Funds plc

MGI Funds plcMGI DAM Multi-Manager Global Equity Fund



Financial assets at fair value through profit or loss (2014: 98.23%)Transferable securities (2014: 98.22%)Equities (2014: 98.22%)Australia (2014: 1.28%)BHP Billiton 11,449 238,032 0.10BWP Trust REIT 24,378 57,335 0.03CSL 819 54,431 0.02Flight Centre Travel Group 4,840 126,890 0.05InvoCare 2,296 21,203 0.01JB Hi-Fi 4,109 61,521 0.03M2 Group 8,382 68,934 0.03Mesoblast 41,532 120,025 0.05Monadelphous Group 9,087 65,443 0.03Seek 4,883 52,768 0.02Telstra 152,305 718,758 0.31Woolworths 17,369 359,911 0.15

––––––––––– –––––––1,945,251 0.83

Austria (2014: 0.33%)Oesterreichische Post 3,978 182,898 0.08Raiffeisen Bank International 6,371 92,636 0.04RHI 4,621 114,946 0.05

––––––––––– –––––––390,480 0.17

Belgium (2014: 0.45%)Anheuser-Busch InBev 4,603 551,331 0.23Colruyt 5,606 250,879 0.11Telenet Group Holding 4,283 232,832 0.10UCB 3,465 248,590 0.11

––––––––––– –––––––1,283,632 0.55

Bermuda (2014: 0.92%)Assured Guaranty 7,500 179,925 0.08Axis Capital Holdings 3,100 165,447 0.07Everest Re Group 1,300 236,613 0.10Lazard 6,395 359,655 0.15RenaissanceRe Holdings 3,100 314,681 0.13

––––––––––– –––––––1,256,321 0.53

Brazil (2014: 1.44%)AMBEV 33,500 205,978 0.09Ambev - ADR 213,753 1,303,893 0.56BR Properties 35,475 119,567 0.05CCR 11,400 54,717 0.02Cia de Saneamento Basico do Estado de Sao Paulo - ADR 33,735 174,747 0.08Cia Energetica de Minas Gerais - ADR 14,845 56,559 0.02Ez Tec Empreendimentos e Participacoes 5,887 27,441 0.01Grupo BTG Pactual 14,900 137,133 0.06Itau Unibanco Holding - ADR 66,596 729,226 0.31Odontoprev 9,700 33,661 0.01Tim Participacoes - ADR 14,326 234,373 0.10Totvs 3,600 45,198 0.02Tractebel Energia 2,800 30,819 0.01Vale - ADR 81,868 413,434 0.18

––––––––––– –––––––3,566,746 1.52

Canada (2014: 2.46%)BCE 5,100 216,754 0.09Canadian Pacific Railway 1,666 266,918 0.12CCL Industries 2,000 245,424 0.11


Canada (2014: 2.46%) (continued)Constellation Software - Rights 400 80 -Genworth MI Canada 11,000 288,998 0.12Rogers Communications 12,700 450,647 0.19

––––––––––– –––––––1,468,821 0.63

Channel Islands (2014: 0.09%)Beazley 7,364 34,258 0.01

––––––––––– –––––––China (2014: 1.24%)Anhui Conch Cement 36,000 126,307 0.05Bank of Communications 98,000 102,139 0.04China Life Insurance 132,914 576,057 0.25China Shineway Pharmaceutical Group 9,000 13,467 0.01Homeinns Hotel Group - ADR 8,594 265,726 0.11JD.com - ADR 16,614 566,537 0.24Mindray Medical International - ADR 7,983 227,516 0.10NetEase - ADR 261 37,810 0.02Ping An Insurance Group of China 56,442 760,078 0.32Tsingtao Brewery 38,159 231,586 0.10

––––––––––– –––––––2,907,223 1.24

Czech Republic (2014: 0.06%)Komercni Banka 482 106,840 0.04

––––––––––– –––––––Denmark (2014: 0.41%)Coloplast 1,699 111,426 0.05GN Store Nord 2,277 47,068 0.02Novo Nordisk 17,793 968,938 0.41Novo Nordisk - ADR 4,121 225,666 0.10Novozymes 7,665 364,171 0.15Pandora 1,287 138,210 0.06

––––––––––– –––––––1,855,479 0.79

Finland (2014: 1.13%)Kone 15,837 642,299 0.27Nokia 60,645 411,505 0.18Nokia - ADR 76,413 523,429 0.22Nokian Renkaat 4,972 155,724 0.07Orion 21,482 751,088 0.32Outokumpu 15,341 77,226 0.03Sampo 9,094 428,100 0.18Tikkurila 682 13,549 0.01UPM-Kymmene 25,454 450,087 0.19Wartsila 8,440 395,149 0.17

––––––––––– –––––––3,848,156 1.64

France (2014: 1.36%)Alcatel-Lucent 66,286 241,361 0.10Boiron 2,810 275,519 0.12Cap Gemini 2,732 241,602 0.10Christian Dior 2,175 424,335 0.18Cie Generale des Etablissements Michelin 2,321 243,064 0.10Dassault Systemes - ADR 4,100 299,464 0.13Edenred 2,522 62,284 0.03Eiffage 2,609 145,057 0.06Ingenico 2,423 284,279 0.12Ipsen 652 35,949 0.02Kering 768 137,041 0.06L'Oreal 1,025 182,729 0.08Legrand 3,872 217,262 0.09

127MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)France (2014: 1.36%) (continued)LVMH Moet Hennessy Louis Vuitton 6,337 1,109,587 0.47LVMH Moet Hennessy Louis Vuitton - ADR 4,060 142,709 0.06Metropole Television 10,119 196,516 0.08Numericable 2,739 145,098 0.06Plastic Omnium 6,059 154,293 0.07Publicis Groupe 5,953 439,889 0.19Renault 2,718 282,913 0.12Schneider Electric 2,257 155,738 0.07Societe BIC 1,011 161,083 0.07Sodexo 2,971 281,970 0.12SPIE 7,027 139,756 0.06Stallergenes 261 15,921 0.01

––––––––––– –––––––6,015,419 2.57

Germany (2014: 3.71%)Adidas 15,740 1,203,950 0.51Adidas - ADR 3,300 126,906 0.06Axel Springer 8,375 439,417 0.19BASF 10,157 892,000 0.38Bayer - ADR 3,022 426,057 0.18Bayerische Motoren Werke 4,668 510,643 0.22Commerzbank 103,161 1,317,810 0.56Continental 3,900 922,307 0.39Daimler - Germany listing 352 32,373 0.01Daimler - US listing 8,078 734,801 0.31Deutsche Euroshop 1,112 48,804 0.02Deutsche Post 49,847 1,455,413 0.62Deutsche Post - ADR 4,342 127,915 0.06Fraport Frankfurt Airport Services Worldwide 8,024 503,699 0.22Fuchs Petrolub - Pref 1,264 53,355 0.02Hugo Boss 2,678 299,129 0.13Infineon Technologies 28,189 349,573 0.15OSRAM Licht 10,379 496,744 0.21Porsche Automobil Holding - ADR 17,241 145,169 0.06ProSiebenSat.1 Media 5,671 279,915 0.12Rational 434 159,310 0.07SAP 1,860 129,733 0.06SAP - ADR 3,760 264,065 0.11Stroeer Media 6,675 311,622 0.13Volkswagen - Pref 1,337 309,855 0.13XING 964 158,052 0.07

––––––––––– –––––––11,698,617 4.99

Hong Kong (2014: 1.63%)China Lumena New Materials 256,000 35,085 0.01China Mobile 19,500 250,021 0.11China Overseas Land & Investment 182,049 644,594 0.27Guangdong Investment 134,000 187,365 0.08Hang Seng Bank 5,700 111,389 0.05Hysan Development 23,000 99,535 0.04Power Assets Holdings 31,000 282,307 0.12Sa Sa International Holdings 142,000 76,930 0.03Sino Biopharmaceutical 24,000 27,924 0.01Sitoy Group Holdings 69,000 45,837 0.02Swire Properties 36,800 117,247 0.05


Hong Kong (2014: 1.63%) (continued)Television Broadcasts 19,000 112,615 0.05Wharf Holdings 23,000 153,084 0.07

––––––––––– –––––––2,143,933 0.91

India (2014: 0.33%)ICICI Bank - ADR 108,779 1,133,477 0.49Infosys - ADR 12,200 193,370 0.08

––––––––––– –––––––1,326,847 0.57

Indonesia (2014: 0.30%)Indocement Tunggal Prakarsa 89,000 139,349 0.06Perusahaan Perkebunan London Sumatra Indonesia 437,000 50,968 0.02Semen Indonesia Persero 154,500 139,059 0.06Telekomunikasi Indonesia Persero 1,295,500 284,704 0.12United Tractors 66,000 100,863 0.04

––––––––––– –––––––714,943 0.30

Ireland (2014: 0.90%)Accenture 4,700 454,866 0.19Allergan 2,062 625,735 0.27CRH 5,130 144,094 0.06Experian 22,172 404,142 0.17Medtronic 4,600 340,860 0.15Paddy Power 980 83,936 0.04Tyco International 10,367 398,921 0.17

––––––––––– –––––––2,452,554 1.05

Isle of Man (2014: 0.04%)Playtech 11,510 148,163 0.06

––––––––––– –––––––Israel (2014: 0.64%)Check Point Software Technologies 1,956 155,600 0.07Taro Pharmaceutical Industries 38 5,460 -Teva Pharmaceutical Industries 9,100 537,810 0.23

––––––––––– –––––––698,870 0.30

Italy (2014: 1.99%)Banca Generali 1,183 41,626 0.02DiaSorin 14,805 675,500 0.29Luxottica Group 3,092 205,501 0.09Moncler 10,344 191,550 0.08Recordati 19,458 407,803 0.17UniCredit 83,651 561,553 0.24

––––––––––– –––––––2,083,533 0.89

Japan (2014: 5.60%)ABC-Mart 3,400 208,115 0.09Aeon Delight 800 24,517 0.01Ai Holdings 1,700 30,092 0.01Aica Kogyo 2,700 62,753 0.03Ain Pharmaciez 5,900 273,869 0.12Asahi Glass 55,000 330,364 0.14Asahi Kasei 26,000 213,648 0.09Astellas Pharma 33,000 470,735 0.20Canon 32,200 1,047,983 0.45Canon - ADR 2,285 74,057 0.03Central Japan Railway 4,000 722,592 0.31Chubu Electric Power 12,100 180,415 0.08



(continued)

128MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Japan (2014: 5.60%) (continued)Dai-ichi Life Insurance 10,800 212,399 0.09Daicel 18,100 232,527 0.10Daiichikosho 5,900 207,813 0.09Dr Ci:Labo 5,100 179,010 0.08Dynam Japan Holdings 28,200 41,686 0.02East Japan Railway 6,900 620,839 0.26FANUC 300 61,488 0.03Fuji Heavy Industries 8,300 305,777 0.13FUJIFILM Holdings 14,700 525,399 0.22Fukuoka Financial Group 77,000 399,583 0.17Hankyu Hanshin Holdings 26,000 153,622 0.06Hisamitsu Pharmaceutical 2,800 108,806 0.05Hitachi 50,000 329,669 0.14Hoya 1,600 64,162 0.03Jaccs 60,000 288,808 0.12Japan Airlines 7,200 251,248 0.11JFE Holdings 9,900 219,780 0.09Kamigumi 7,000 65,787 0.03KDDI 33,900 818,376 0.35Keyence 700 377,902 0.16Konica Minolta 12,800 149,481 0.06Kura 400 12,716 0.01Kyocera 1,500 78,000 0.03Lawson 10,600 725,927 0.31LIXIL Group 8,000 158,869 0.07Medipal Holdings 20,100 328,033 0.14Meidensha 34,000 127,814 0.05Miraca Holdings 7,500 375,107 0.16Mitsubishi 34,000 747,992 0.32Mitsubishi Chemical Holdings 142,800 899,174 0.38Mitsubishi Electric 32,000 413,713 0.18Mitsui 900 12,228 0.01Mixi 1,100 54,656 0.02Murata Manufacturing 2,800 488,767 0.21Nintendo - ADR 763 16,008 0.01Nippon Steel & Sumitomo Metal 183,000 474,680 0.20Nitto Denko 3,600 295,967 0.13NTT DOCOMO 41,700 798,797 0.34Omron 6,400 278,250 0.12Oracle 5,400 225,947 0.10ORIX 22,400 333,350 0.14Otsuka Holdings 7,700 245,634 0.10Pal 400 13,141 0.01Rohm 1,500 100,642 0.04Shin-Etsu Chemical 7,000 434,708 0.18Showa Denko KK 253,000 334,949 0.14Sojitz 128,800 312,619 0.13Sony - ADR 3,278 93,062 0.04Sony Financial Holdings 20,300 356,015 0.15Sugi Holdings 4,200 214,522 0.09Taiyo Holdings 3,200 133,895 0.06TDK 3,500 268,010 0.11Tokai Carbon 52,000 163,184 0.07Toppan Printing 14,000 117,158 0.05Toshiba 90,000 309,647 0.13Trend Micro 7,400 253,389 0.11


Japan (2014: 5.60%) (continued)TS Tech 6,700 179,320 0.08West Japan Railway 3,900 249,715 0.11Yahoo Japan 100,000 403,709 0.17

––––––––––– –––––––20,282,616 8.65

Korea (2014: 1.51%)Hyundai Home Shopping Network 288 31,628 0.01POSCO - ADR 6,065 297,731 0.13Samsung Electronics 236 268,276 0.11Samsung Electronics - GDR 2,302 1,313,291 0.56Samsung Fire & Marine Insurance 1,777 468,365 0.20

––––––––––– –––––––2,379,291 1.01

Luxembourg (2014: 0.39%)Altice 2,728 375,535 0.16ArcelorMittal 41,816 406,883 0.17Millicom International Cellular 4,760 350,797 0.15Trinseo 3,030 81,325 0.04

––––––––––– –––––––1,214,540 0.52

Macau (2014: 0.04%)Sands China 40,000 134,149 0.06

––––––––––– –––––––Malaysia (2014: 0.06%)Astro Malaysia Holdings 117,700 96,082 0.04

––––––––––– –––––––Malta (2014: Nil)Unibet Group 2,181 132,739 0.06

––––––––––– –––––––Mexico (2014: 0.12%)America Movil - ADR 12,400 264,244 0.11Kimberly-Clark de Mexico 91,600 198,429 0.09

––––––––––– –––––––462,673 0.20

Netherlands (2014: 1.58%)Aegon 6,920 50,826 0.02Akzo Nobel 3,833 278,750 0.12Arcadis 4,446 122,209 0.05ASML Holding 338 34,911 0.01ASML Holding - ADR 3,942 410,480 0.17Boskalis Westminster 2,210 108,099 0.05Fiat Chrysler Automobiles 45,033 659,310 0.28Koninklijke Philips 40,394 1,027,060 0.44LyondellBasell Industries 8,188 847,622 0.36QIAGEN 12,437 305,346 0.13Randstad Holding 2,524 164,263 0.07RELX 18,714 443,608 0.19STMicroelectronics 13,388 108,711 0.05Unilever 20,126 837,663 0.36Unilever - ADR 5,601 234,345 0.10Wolters Kluwer 10,217 303,320 0.13

––––––––––– –––––––5,936,523 2.53

Norway (2014: 0.92%)Statoil 26,069 464,222 0.20Telenor 17,247 376,617 0.16TGS Nopec Geophysical 3,248 75,591 0.03

––––––––––– –––––––916,430 0.39



(continued)

129MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Panama (2014: 0.11%)Copa Holdings 1,200 99,108 0.04

––––––––––– –––––––Peru (2014: 0.21%)Credicorp 4,008 556,791 0.24

––––––––––– –––––––Philippines (2014: 0.11%)SM Investments 13,784 273,601 0.12

––––––––––– –––––––Poland (2014: 0.15%)Polskie Gornictwo Naftowe i Gazownictwo 46,356 81,350 0.03

––––––––––– –––––––Russia (2014: 1.76%)Gazprom - ADR 76,780 395,417 0.17Lukoil - ADR 3,671 161,542 0.07Mobile Telesystems - ADR 7,900 77,262 0.03Sberbank of Russia - ADR 49,611 258,969 0.11Tatneft - ADR 3,351 107,166 0.05

––––––––––– –––––––1,000,356 0.43

Singapore (2014: 0.16%)M1 28,300 68,097 0.03Mapletree Industrial Trust REIT 35,300 40,897 0.02Singapore Telecommunications 161,000 508,169 0.21

––––––––––– –––––––617,163 0.26

South Africa (2014: 1.08%)Bidvest Group 4,228 107,339 0.05Coronation Fund Managers 12,051 81,821 0.03FirstRand 33,197 145,831 0.06Lewis Group 5,005 40,654 0.02Liberty Holdings 4,303 51,465 0.02Life Healthcare Group Holdings 64,278 198,748 0.08MMI Holdings 42,613 105,850 0.04MTN Group 44,915 846,475 0.36RMB Holdings 7,687 42,084 0.02Sanlam 34,134 186,563 0.08Sasol 11,157 413,639 0.18Shoprite Holdings 28,939 413,661 0.18Truworths International 16,266 114,848 0.05Vodacom Group 26,073 297,940 0.13

––––––––––– –––––––3,046,918 1.30

Spain (2014: 2.29%)ACS Actividades de Construccion y Servicios 9,392 301,955 0.13Almirall 5,586 110,350 0.05Grifols - Pref 2,292 71,058 0.03

––––––––––– –––––––483,363 0.21

Sweden (2014: 0.63%)Alfa Laval 19,783 347,857 0.15Atlas Copco 30,879 863,384 0.37Axfood 17,968 286,708 0.12Boliden 20,336 370,325 0.16Clas Ohlson 4,368 76,595 0.03Hennes & Mauritz 1,463 56,281 0.02Indutrade 2,245 103,220 0.04


Sweden (2014: 0.63%) (continued)Intrum Justitia 8,432 255,069 0.11Investor 11,750 437,430 0.19NetEnt 1,649 63,993 0.03Sandvik 12,788 141,250 0.06Securitas 16,168 213,560 0.09Skanska 4,372 88,520 0.04SKF 8,826 201,145 0.09Telefonaktiebolaget LM Ericsson 42,443 439,391 0.19Telefonaktiebolaget LM Ericsson - ADR 18,531 193,463 0.08Volvo 21,503 266,665 0.11

––––––––––– –––––––4,404,856 1.88

Switzerland (2014: 2.52%)ACE 5,700 579,576 0.25Actelion 1,791 262,168 0.11Allied World Assurance Holdings 3,200 138,304 0.06BB Biotech 324 96,033 0.04Belimo Holding 26 62,041 0.03EMS-Chemie Holding 33 13,948 0.01Garmin 5,000 219,650 0.09Geberit 1,214 404,905 0.17Givaudan 432 747,928 0.32Glencore 83,127 333,764 0.14LEM Holding 102 78,420 0.03Nestle 9,391 678,286 0.29Novartis 13,217 1,303,244 0.56Roche Holding 5,691 1,595,465 0.68SGS 179 326,760 0.14Sika 127 448,179 0.19Swatch Group 357 139,087 0.06Swisscom 202 113,261 0.05Syngenta 625 254,133 0.11U-Blox 555 112,360 0.05UBS Group 40,305 854,465 0.36

––––––––––– –––––––8,761,977 3.74

Taiwan (2014: 0.60%)Catcher Technology 9,000 112,593 0.05China Steel Chemical 14,000 63,070 0.03Novatek Microelectronics 18,000 86,924 0.04St Shine Optical 1,000 15,913 0.01Taiwan Secom 20,300 61,056 0.02Taiwan Semiconductor Manufacturing - ADR 17,000 386,070 0.16

––––––––––– –––––––725,626 0.31

Thailand (2014: 0.68%)Advanced Info Service - NVDR 23,100 164,143 0.07BEC World 17,000 18,875 0.01BEC World - NVDR 52,500 58,289 0.03Delta Electronics Thailand 11,400 30,546 0.01Delta Electronics Thailand - NVDR 26,800 71,809 0.03PTT Exploration & Production 11,400 36,790 0.02PTT Exploration & Production - NVDR 60,000 193,631 0.08Thai Beverage 100,000 56,814 0.02TTW - NVDR 231,700 77,518 0.03

––––––––––– –––––––708,415 0.30

Turkey (2014: 0.08%)Akbank 71,230 206,059 0.09Akcansa Cimento 5,000 29,862 0.01



(continued)

130MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Turkey (2014: 0.08%) (continued)Turk Telekomunikasyon 38,848 102,232 0.04Turkiye Garanti Bankasi 5,329 16,629 0.01

––––––––––– –––––––354,782 0.15

United Kingdom (2014: 8.57%)Abcam 5,795 47,209 0.02Admiral Group 12,305 268,413 0.11Ashmore Group 51,681 235,058 0.10AstraZeneca 32,996 2,085,573 0.89Berendsen 6,268 100,450 0.04BHP Billiton 14,602 286,828 0.12Burberry Group 5,289 130,676 0.06Capita 13,284 258,640 0.11Compass Group 34,125 565,128 0.24Croda International 2,468 106,817 0.05De La Rue 21,895 180,780 0.08Debenhams 122,912 172,524 0.07Delphi Automotive 3,300 280,797 0.12Diageo 6,682 193,467 0.08Diploma 13,026 165,527 0.07Dunelm Group 8,692 123,781 0.05Filtrona 706 11,026 -GlaxoSmithKline 36,252 754,004 0.32Halma 4,111 49,266 0.02HSBC Holdings - Hong Kong listing 22,400 202,978 0.09HSBC Holdings - UK listing 27,869 249,872 0.11IG Group Holdings 5,246 61,589 0.03IMI 10,836 191,720 0.08Indivior 8,563 30,274 0.01Intertek Group 6,130 236,196 0.10ITV 45,411 188,043 0.08James Halstead 6,792 42,941 0.02Just Eat 29,742 190,282 0.08Legal & General Group 195,248 764,289 0.33Micro Focus International 3,706 79,325 0.03Mitchells & Butlers 15,283 109,722 0.05Moneysupermarket.com Group 15,432 70,674 0.03Next 1,770 207,384 0.09PayPoint 15,522 241,918 0.10Reckitt Benckiser Group 5,927 511,558 0.22RELX 27,353 445,237 0.19Rolls-Royce Holdings - non-voting 8,145,288 12,810 0.01Rolls-Royce Holdings - voting 50,622 692,635 0.30Rotork 64,830 237,155 0.10SABMiller 23,372 1,214,456 0.52Sage Group 30,856 248,702 0.11Sky 14,404 234,913 0.10Smiths Group 3,616 64,205 0.03Spectris 5,314 176,340 0.07Spirax-Sarco Engineering 2,049 109,338 0.05Tullow Oil 4,014 21,596 0.01Ultra Electronics Holdings 5,686 158,459 0.07Unilever 12,204 523,975 0.22Victrex 910 27,621 0.01Vodafone Group 288,748 1,043,781 0.45Weir Group 7,201 192,186 0.08


United Kingdom (2014: 8.57%) (continued)WH Smith 5,024 120,731 0.05William Hill 41,627 263,897 0.11

––––––––––– –––––––15,182,766 6.48

United States of America (2014: 47.70%)3M 3,500 540,050 0.23AbbVie 2,600 174,694 0.07Adobe Systems 12,125 982,246 0.42ADT 11,300 379,341 0.16Aetna 5,194 662,027 0.28Aflac 11,200 696,640 0.30Alliance Resource Partners 1,900 47,424 0.02Alnylam Pharmaceuticals 1,347 161,465 0.07Amazon.com 1,439 624,656 0.27American Express 12,780 993,262 0.42American Financial Group 5,100 331,704 0.14American International Group 26,947 1,665,864 0.71Ameriprise Financial 4,606 575,428 0.25AmerisourceBergen 5,400 574,236 0.25Amgen 6,130 941,078 0.40Anacor Pharmaceuticals 5,400 418,122 0.18Anthem 4,629 759,804 0.32Apple 26,275 3,295,542 1.41Applied Materials 9,043 173,806 0.07Artisan Partners Asset Management 10,923 507,483 0.22Automatic Data Processing 4,806 385,585 0.16AutoZone 200 133,380 0.06Axiall 13,638 491,650 0.21Bank of America 104,567 1,779,730 0.76Baxter International 7,400 517,482 0.22BB&T 9,800 395,038 0.17Bed Bath & Beyond 2,200 151,756 0.06Bio-Techne 1,100 108,317 0.05Biogen Idec 400 161,576 0.07Brinker International 2,000 115,300 0.05Bristol-Myers Squibb 6,700 445,818 0.19Broadridge Financial Solutions 3,400 170,034 0.07Buckle 4,000 183,080 0.08Burlington Stores 7,545 386,304 0.16CA 7,300 213,817 0.09Cabela's 5,951 297,431 0.13Cablevision Systems 11,058 264,729 0.11CAI International 6,300 129,717 0.06Calpine 19,539 351,507 0.15Campbell Soup 10,400 495,560 0.21Capital One Financial 2,442 214,823 0.09Cardinal Health 7,800 652,470 0.28Cash America International 3,700 96,903 0.04Celgene 6,766 783,063 0.33Centene 5,700 458,280 0.20Cerner 2,251 155,454 0.07CH Robinson Worldwide 6,000 374,340 0.16Chemed 100 13,110 0.01Church & Dwight 4,200 340,746 0.15Ciber 5,626 19,410 0.01Cigna 2,329 377,298 0.16Cisco Systems 35,900 985,814 0.42Citigroup 41,326 2,282,848 0.97Cliffs Natural Resources 17,746 76,840 0.03Clorox 4,300 447,286 0.19



(continued)

131MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 47.70%) (continued)CME Group 4,114 382,849 0.16Coach 6,626 229,326 0.10Coca-Cola 3,000 117,690 0.05Comcast - non-voting 2,855 171,129 0.07Comcast - voting 22,872 1,375,522 0.59Compass Minerals International 2,200 180,708 0.08Corning 13,400 264,382 0.11CorVel 300 9,606 -CR Bard 2,200 375,540 0.16Cracker Barrel Old Country Store 1,800 268,488 0.11CSX 30,926 1,009,734 0.43Cummins 5,000 655,950 0.28CVS Health 6,563 688,327 0.29Deluxe 5,200 322,400 0.14Discover Financial Services 7,800 449,436 0.19Dover 6,700 470,206 0.20Dow Chemical 33,210 1,699,356 0.73Dr Pepper Snapple Group 6,900 503,010 0.21Dril-Quip 1,100 82,775 0.04Dun & Bradstreet 1,016 123,952 0.05Edwards Lifesciences 4,263 607,179 0.26EI du Pont de Nemours 1,700 108,715 0.05EMC 18,700 493,493 0.21Emerson Electric 9,700 537,671 0.23Energizer Holdings 2,800 368,340 0.16Ensign Group 5,200 265,512 0.11Estee Lauder 13,218 1,145,472 0.49Exponent 372 16,658 0.01Express Scripts Holding 2,700 240,138 0.10Exxon Mobil 17,580 1,462,656 0.62F5 Networks 5,200 625,820 0.27FactSet Research Systems 1,200 195,012 0.08FBL Financial Group 912 52,641 0.02Fifth Third Bancorp 14,500 301,890 0.13FLIR Systems 5,200 160,264 0.07Flowserve 4,500 236,970 0.10FMC 249 13,085 0.01FMC Technologies 3,300 136,917 0.06Foot Locker 1,400 93,814 0.04Franklin Resources 5,500 269,665 0.12Freescale Semiconductor 5,664 226,390 0.10Gap 4,400 167,948 0.07General Mills 9,500 529,340 0.23General Motors 27,068 902,176 0.38Gentex 13,128 215,562 0.09Genuine Parts 2,200 196,966 0.08Gilead Sciences 4,900 573,692 0.24Goldman Sachs Group 2,993 624,908 0.27GrubHub 9,581 326,425 0.14Harley-Davidson 17,106 963,923 0.41Harris 3,600 276,876 0.12HCA Holdings 8,996 816,117 0.35Hershey 3,257 289,319 0.12Hewlett-Packard 24,824 744,968 0.32Hillenbrand 5,939 182,327 0.08Hilton Worldwide Holdings 10,067 277,346 0.12


United States of America (2014: 47.70%) (continued)HomeAway 12,763 397,185 0.17Horace Mann Educators 7,000 254,660 0.11Hubbell 2,400 259,872 0.11Huntington Ingalls Industries 3,400 382,806 0.16Illinois Tool Works 4,100 376,339 0.16Innospec 4,200 189,168 0.08Intel 59,842 1,820,094 0.78International Bancshares 8,600 231,082 0.10International Business Machines 5,164 839,976 0.36International Paper 6,961 331,274 0.14Intrexon 5,029 245,415 0.10Intuit 1,200 120,924 0.05Isis Pharmaceuticals 4,845 278,830 0.12J&J Snack Foods 1,612 178,400 0.08j2 Global 1,595 108,364 0.05Jack Henry & Associates 2,300 148,810 0.06John Wiley & Sons 3,400 184,858 0.08Johnson & Johnson 13,800 1,344,948 0.57JPMorgan Chase 11,400 772,464 0.33Keysight Technology 4,800 149,712 0.06Kimberly-Clark 2,900 307,313 0.13Kinder Morgan 23,943 919,172 0.39KLA-Tencor 1,400 78,694 0.03L Brands 5,331 457,027 0.20Laboratory of America Holdings 4,840 586,705 0.25Lancaster Colony 500 45,425 0.02Landec 5,736 82,770 0.04LendingClub 12,775 188,431 0.08Lexmark International 3,100 137,020 0.06LifePoint Hospitals 3,232 281,022 0.12Lincoln Electric Holdings 6,100 371,429 0.16Lincoln National 14,256 844,240 0.36Linear Technology 7,600 336,148 0.14Marathon Petroleum 5,800 303,398 0.13Marriott International 3,542 263,489 0.11MasterCard 5,285 494,042 0.21Maxim Integrated Products 6,200 214,365 0.09McDonald's 2,300 218,661 0.09McKesson 900 202,329 0.09Mead Johnson Nutrition 166 14,977 0.01Medidata Solutions 6,949 377,470 0.16MEDNAX 4,900 363,139 0.16Merck 9,400 535,142 0.23Meridian Bioscience 8,000 149,120 0.06MetLife 15,141 847,745 0.36Microchip Technology 4,900 232,383 0.10Micron Technology 27,596 519,909 0.22Microsoft 12,700 560,705 0.24Moody's 3,778 407,873 0.17Mosaic 22,769 1,066,728 0.46MSC Industrial Direct 2,576 179,728 0.08National Presto Industries 2,760 221,683 0.09Navistar International 9,753 220,710 0.09NetApp 15,063 475,388 0.20NeuStar 4,700 137,287 0.06Newmont Mining 58,529 1,367,237 0.58NIKE 11,499 1,242,122 0.53Norfolk Southern 3,400 297,024 0.13Northern Trust 3,200 244,672 0.10O'Reilly Automotive 2,600 587,548 0.25



(continued)

132MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.23%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 47.70%) (continued)Occidental Petroleum 5,600 435,512 0.19Oracle 43,019 1,733,666 0.74Ovascience 3,559 102,962 0.04Packaging of America 5,500 343,695 0.15Parker-Hannifin 2,600 302,458 0.13Paychex 8,900 417,232 0.18PepsiCo 9,130 852,194 0.36Pfizer 22,100 741,013 0.32PMC-Sierra 36,988 316,617 0.14PNC Financial Services Group 6,500 621,725 0.27Polaris Industries 1,300 192,543 0.08Precision Castparts 6,406 1,280,367 0.55Primerica 2,238 102,254 0.04Principal Financial Group 17,658 905,679 0.39ProAssurance 2,100 97,041 0.04Procter & Gamble 19,357 1,514,492 0.65Prudential Financial 8,325 728,604 0.31Public Service Enterprise Group 3,700 145,336 0.06QLogic 7,500 106,425 0.05QUALCOMM 29,250 1,831,928 0.78Quality Systems 16,900 280,033 0.12Qualys 3,600 145,260 0.06Quest Diagnostics 5,700 413,364 0.18Ralph Lauren 700 92,652 0.04Red Hat 8,200 622,626 0.27Regions Financial 40,548 420,077 0.18ResMed 7,400 417,138 0.18Rockwell Automation 2,900 361,456 0.15Rockwell Collins 1,500 138,525 0.06Rollins 2,700 77,031 0.03Roper Technologies 1,100 189,706 0.08Ross Stores 2,400 116,664 0.05Schlumberger 5,000 430,950 0.18Scripps Networks Interactive 4,000 261,480 0.11Silicon Laboratories 3,986 215,284 0.09Skyworks Solutions 4,323 450,024 0.19Snap-on 300 47,775 0.02Sonoco Products 1,800 77,148 0.03Sonus Networks 15,300 105,876 0.05Spirit Airlines 3,136 194,746 0.08St Jude Medical 7,100 518,797 0.22Stanley Black & Decker 5,794 609,761 0.26Starbucks 4,286 229,794 0.10Starwood Hotels & Resorts Worldwide 12,450 1,009,571 0.43Stryker 8,426 805,273 0.34Syntel 3,100 147,188 0.06T Rowe Price Group 3,800 295,374 0.13T-Mobile US 21,480 832,780 0.36Targa Resources 3,098 276,404 0.12Terra Nitrogen 700 84,763 0.04Texas Instruments 7,500 386,325 0.16Thermo Fisher Scientific 8,670 1,125,019 0.48Thor Industries 3,600 202,608 0.09Tiffany 6,625 608,175 0.26TJX 1,800 119,106 0.05Torchmark 3,900 227,058 0.10


United States of America (2014: 47.70%) (continued)Tumi Holdings 13,023 267,232 0.11Tupperware Brands 2,900 187,166 0.08Ulta Salon Cosmetics & Fragrance 1,000 154,450 0.07Union Pacific 9,231 880,360 0.38United Technologies 3,600 399,348 0.17UnitedHealth Group 11,117 1,356,274 0.58Universal Health Services 1,400 198,940 0.08Universal Insurance Holdings 2,400 58,080 0.02USANA Health Sciences 709 96,892 0.04Valero Energy 17,418 1,090,367 0.48Veritiv 3,021 110,146 0.05Verizon Communications 11,900 554,659 0.24Vertex Pharmaceuticals 2,015 248,812 0.11VF 8,211 572,635 0.24Viacom 3,400 219,776 0.09Voya Financial 31,564 1,466,779 0.63Waddell & Reed Financial 6,600 312,246 0.13Walt Disney 1,400 159,796 0.07Waters 1,500 192,570 0.08Wells Fargo 8,100 455,544 0.19Western Digital 9,264 726,483 0.31Western Union 11,800 239,894 0.10Westlake Chemical 13,260 909,503 0.39World Acceptance 1,200 73,812 0.03WW Grainger 800 189,320 0.08Xerox 24,726 263,085 0.11Xilinx 5,000 220,800 0.09XO Group 8,496 138,909 0.06Yum! Brands 9,388 845,670 0.36Zimmer Biomet Holdings 6,100 666,302 0.28Zoetis 4,600 221,811 0.09

––––––––––– –––––––116,768,615 49.82



Financial derivative instruments (2014: 0.01%)Warrants (2014: Nil)Hong Kong (2014: Nil)Sun Hung Kai Properties, expires 22/04/2016 1,666 5,920 -

––––––––––– –––––––Total warrants 5,920 -

Total financial derivative instruments 5,920 -


Cash (2014: 1.88%) 3,828,756 1.63

Net current assets (2014: (0.11%)) 22,329 0.01––––––––––– –––––––


––––––––––– –––––––––––––––––– –––––––



(continued)

133MGI Funds plc

% ofNet assets

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

Financial assets at fair value through profit or lossTransferable securitiesEquitiesCambodia 0.05Greece 0.07Hungary 0.23Kazakhstan 0.05New Zealand 0.05Portugal 0.13

Future contracts gain 0.01


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 96.72Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regular market 0.54Financial derivative instruments dealt in on a regulated market -Other current assets 2.74

–––––––100.00

––––––––––––––




(continued)

134MGI Funds plc

MGI Funds plcMercer Global High Yield Bond Fund



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

––––––––––– –––––––3,690 -

Total equities 3,690 -


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

––––––––––– –––––––908,343 0.16

Total convertible securities 908,343 0.16

Corporate bonds (2014: 93.61%)Australia (2014: 0.75%)Barminco Finance 9.00 01/06/2018 USD 1,000,000 940,000 0.17FMG Resources August 2006 9.75 01/03/2022 USD 2,560,000 2,649,600 0.47FMG Resources August 2006 6.88 01/04/2022 USD 3,735,000 2,633,175 0.45

––––––––––– –––––––6,222,775 1.09

Bermuda (2014: 0.51%)Seadrill 6.13 15/09/2017 USD 425,000 375,063 0.07

––––––––––– –––––––Brazil (2014: 0.36%)Hypermarcas 6.50 20/04/2021 USD 450,000 474,188 0.08Hypermarcas 6.50 20/04/2021 USD 1,490,000 1,570,088 0.28

––––––––––– –––––––2,044,276 0.36

Canada (2014: 2.18%)Bombardier 7.50 15/03/2025 USD 2,500,000 2,281,250 0.40Concordia Healthcare 7.00 15/04/2023 USD 800,000 802,000 0.14Eldorado Gold 6.13 15/12/2020 USD 1,500,000 1,492,500 0.26First Quantum Minerals 7.00 15/02/2021 USD 2,500,000 2,403,125 0.42MEG Energy 7.00 31/03/2024 USD 1,230,000 1,185,413 0.21New Red Finance 6.00 01/04/2022 USD 2,500,000 2,575,000 0.45NOVA Chemicals 5.00 01/05/2025 USD 1,300,000 1,308,125 0.23Tembec Industries 9.00 15/12/2019 USD 2,165,000 2,062,163 0.36Ultra Petroleum 6.13 01/10/2024 USD 1,500,000 1,323,750 0.24Valeant Pharmaceuticals International 5.63 01/12/2021 USD 1,000,000 1,025,000 0.18Valeant Pharmaceuticals International 5.50 01/03/2023 USD 1,000,000 1,012,500 0.18Valeant Pharmaceuticals International 4.50 15/05/2023 EUR 1,541,000 1,669,586 0.30Valeant Pharmaceuticals International 6.13 15/04/2025 USD 670,000 690,935 0.11

––––––––––– –––––––19,831,347 3.48

Cayman Islands (2014: 0.83%)Offshore Group Investment 7.50 01/11/2019 USD 1,000,000 620,000 0.11Offshore Group Investment 7.13 01/04/2023 USD 500,000 307,500 0.05UPCB Finance IV 4.00 15/01/2027 EUR 2,000,000 2,103,052 0.37

––––––––––– –––––––3,030,552 0.53

135MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.50%) (continued)Transferable securities (2014: 94.31%) (continued)Corporate bonds (2014: 93.61%) (continued)Cyprus (2014: Nil)Drill Rigs Holdings 6.50 01/10/2017 USD 500,000 441,250 0.08Ocean Rig UDW 7.25 01/04/2019 USD 1,000,000 755,000 0.13

––––––––––– –––––––1,196,250 0.21

France (2014: 2.73%)CGG 6.50 01/06/2021 USD 1,800,000 1,503,000 0.26Financiere Quick 7.51 15/10/2019 EUR 1,200,000 1,062,947 0.19Kerneos Corporate 5.75 01/03/2021 EUR 1,270,000 1,453,799 0.26Societe Generale 8.25 31/12/2049 USD 1,560,000 1,639,637 0.29

––––––––––– –––––––5,659,383 1.00

Germany (2014: 1.88%)CeramTec Group 8.25 15/08/2021 EUR 2,676,000 3,266,342 0.57Unitymedia Hessen & Co 5.50 15/09/2022 EUR 1,237,500 1,470,169 0.26Unitymedia Hessen & Co 5.75 15/01/2023 EUR 1,399,500 1,682,119 0.30Unitymedia Hessen & Co 5.63 15/04/2023 EUR 1,800,000 2,173,526 0.38

––––––––––– –––––––8,592,156 1.51

Ireland (2014: 2.16%)AerCap Ireland Capital 4.25 01/07/2020 USD 900,000 901,688 0.16AerCap Ireland Capital 4.50 15/05/2021 USD 970,000 977,275 0.17AerCap Ireland Capital 5.00 01/10/2021 USD 1,500,000 1,546,875 0.27Ardagh Packaging Finance – Ireland listing 9.25 15/10/2020 EUR 535,000 631,505 0.11Ardagh Packaging Finance 7.00 15/11/2020 USD 88,235 90,441 0.02Ardagh Packaging Finance 6.00 30/06/2021 USD 3,275,000 3,283,188 0.58Borets Finance 7.63 26/09/2018 USD 1,535,000 1,373,825 0.24Endo Finance 6.00 15/07/2023 USD 930,000 952,087 0.17Endo Finance 6.00 01/02/2025 USD 2,616,000 2,671,590 0.47Grifols Worldwide Operations 5.25 01/04/2022 USD 2,000,000 2,010,000 0.35

––––––––––– –––––––14,438,474 2.54

Italy (2014: 1.17%)Intesa Sanpaolo 8.38 29/10/2049 EUR 1,000,000 1,318,099 0.23UniCredit 6.75 29/09/2049 EUR 685,000 741,383 0.13

––––––––––– –––––––2,059,482 0.36

Jamaica (2014: Nil)Digicel 6.00 15/04/2021 USD 1,000,000 966,620 0.17Digicel 6.75 01/03/2023 USD 300,000 294,840 0.05Digicel Group 7.13 01/04/2022 USD 700,000 666,540 0.12

––––––––––– –––––––1,928,000 0.34

Japan (2014: 0.36%)SoftBank 4.50 15/04/2020 USD 1,270,000 1,277,938 0.22SoftBank 4.63 15/04/2020 EUR 556,000 672,152 0.12

––––––––––– –––––––1,950,090 0.34

Luxembourg (2014: 7.29%)Aguila 3 7.88 31/01/2018 USD 150,000 149,063 0.03Aguila 3 7.88 31/01/2018 USD 1,015,000 1,008,656 0.18Altice Financing 8.00 15/12/2019 EUR 1,585,000 1,880,841 0.33Altice Financing 6.50 15/01/2022 USD 380,000 380,950 0.07Altice Financing 5.25 15/02/2023 EUR 190,000 214,290 0.04ArcelorMittal 6.25 01/03/2021 USD 3,500,000 3,679,375 0.65ArcelorMittal 7.75 15/10/2039 USD 860,000 860,000 0.15ArcelorMittal 7.50 01/03/2041 USD 340,000 334,900 0.06



(continued)

136MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.50%) (continued)Transferable securities (2014: 94.31%) (continued)Corporate bonds (2014: 93.61%) (continued)Luxembourg (2014: 7.29%) (continued)Ardagh Finance Holdings 8.38 15/06/2019 EUR 1,219,230 1,389,031 0.24CHC Helicopter 9.25 15/10/2020 USD 2,002,500 1,466,831 0.26CHC Helicopter 9.38 01/06/2021 USD 325,000 195,000 0.03Cirsa Funding Luxembourg 5.88 15/05/2023 EUR 1,615,000 1,740,384 0.31Galapagos 5.38 15/06/2021 EUR 300,000 335,931 0.06Galapagos Holding 7.00 15/06/2022 EUR 1,100,000 1,164,339 0.20Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 2,000,000 1,852,280 0.33Gazprom OAO Via Gaz Capital 4.95 19/07/2022 USD 2,235,000 2,070,169 0.36INEOS Group Holdings 6.50 15/08/2018 EUR 1,600,000 1,826,717 0.32INEOS Group Holdings 5.75 15/02/2019 EUR 1,795,000 2,036,729 0.36INEOS Group Holdings 5.75 15/02/2019 EUR 225,000 255,343 0.04INEOS Group Holdings 5.88 15/02/2019 USD 250,000 252,188 0.04Intelsat Jackson Holdings 7.50 01/04/2021 USD 1,110,000 1,101,675 0.19Intelsat Jackson Holdings 6.63 15/12/2022 USD 715,000 654,225 0.12Intelsat Jackson Holdings 5.50 01/08/2023 USD 2,500,000 2,223,125 0.39Intralot Capital Luxembourg 6.00 15/05/2021 EUR 580,000 562,225 0.10Matterhorn Telecom 3.88 01/05/2022 EUR 2,765,000 2,934,842 0.52Matterhorn Telecom Holding 4.88 01/05/2023 EUR 1,040,000 1,106,988 0.19Millicom International Cellular 6.63 15/10/2021 USD 2,000,000 2,065,000 0.36Sberbank of Russia Via SB Capital 6.13 07/02/2022 USD 1,035,000 1,001,363 0.18Sberbank of Russia Via SB Capital 5.13 29/10/2022 USD 700,000 603,050 0.11SIG Combibloc Holdings 7.75 15/02/2023 EUR 1,000,000 1,165,581 0.20Stena International 5.75 01/03/2024 USD 1,200,000 1,122,000 0.20VTB Bank 6.88 29/05/2018 USD 1,385,000 1,404,071 0.25Wind Acquisition Finance 6.50 30/04/2020 USD 286,000 299,943 0.05Wind Acquisition Finance 4.00 15/07/2020 EUR 1,200,000 1,341,051 0.24Wind Acquisition Finance 4.00 15/07/2020 EUR 1,845,000 2,075,824 0.36Wind Acquisition Finance 4.75 15/07/2020 USD 1,805,000 1,782,438 0.31Wind Acquisition Finance 7.00 23/04/2021 EUR 1,200,000 1,387,180 0.24

––––––––––– –––––––45,923,598 8.07

Macau (2014: Nil)Wynn Macau 5.25 15/10/2021 USD 800,000 760,000 0.13

––––––––––– –––––––Mexico (2014: 0.86%)Cemex 5.88 25/03/2019 USD 2,030,000 2,085,216 0.36Cemex 7.25 15/01/2021 USD 2,565,000 2,713,001 0.48Nemak 5.50 28/02/2023 USD 1,265,000 1,302,950 0.23

––––––––––– –––––––6,101,167 1.07

Netherlands (2014: 1.51%)Constellium 4.63 15/05/2021 EUR 1,190,000 1,218,069 0.21Fiat Chrysler Automobiles 4.50 15/04/2020 USD 3,000,000 2,992,500 0.53ING Groep 6.00 29/12/2049 USD 940,000 932,363 0.16ING Groep 6.50 29/12/2049 USD 330,000 319,894 0.06InterGen 7.00 30/06/2023 USD 2,000,000 1,790,000 0.32Petrobras Global Finance 5.38 27/01/2021 USD 2,500,000 2,410,750 0.42Sensata Technologies 5.63 01/11/2024 USD 335,000 347,981 0.06Sensata Technologies 5.00 01/10/2025 USD 630,000 615,038 0.11VimpelCom Holdings 5.20 13/02/2019 USD 2,565,000 2,460,476 0.43VTR Finance 6.88 15/01/2024 USD 1,930,000 1,976,995 0.35

––––––––––– –––––––15,064,066 2.65

South Africa (2014: 0.32%)Edcon 9.50 01/03/2018 EUR 1,200,000 1,063,294 0.19

––––––––––– –––––––



(continued)

137MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.50%) (continued)Transferable securities (2014: 94.31%) (continued)Corporate bonds (2014: 93.61%) (continued)Spain (2014: 1.83%)Abengoa Finance 7.75 01/02/2020 USD 1,870,000 1,860,650 0.33Abengoa Finance 6.00 31/03/2021 EUR 1,710,000 1,773,684 0.31Banco Bilbao Vizcaya Argentaria 9.00 29/05/2049 USD 1,800,000 1,939,500 0.34Banco Bilbao Vizcaya Argentaria 7.00 29/12/2049 EUR 1,400,000 1,565,940 0.27Banco Santander 6.25 12/03/2049 EUR 1,900,000 2,080,017 0.37Banco Santander 6.25 31/12/2049 EUR 800,000 869,932 0.15Campofrio Food Group 3.38 15/03/2022 EUR 256,000 282,350 0.05NH Hotel Group 6.88 15/11/2019 EUR 1,525,000 1,874,380 0.33

––––––––––– –––––––12,246,453 2.15

Sweden (2014: 0.44%)Stena 7.00 01/02/2024 USD 500,000 485,000 0.08TVN Finance III 7.38 15/12/2020 EUR 1,105,000 1,351,232 0.24

––––––––––– –––––––1,836,232 0.32

United Kingdom (2014: 5.19%)Avis Budget Finance 6.00 01/03/2021 EUR 1,500,000 1,770,232 0.31Barclays 8.00 15/12/2049 EUR 500,000 592,122 0.10Barclays 8.25 29/12/2049 USD 2,010,000 2,126,500 0.37Barclays Bank 14.00 29/11/2049 GBP 100,000 205,959 0.04EnQuest 7.00 15/04/2022 USD 1,500,000 1,192,500 0.21Iglo Foods Bondco 4.49 15/06/2020 EUR 1,500,000 1,680,367 0.30International Game Technology 6.25 15/02/2022 USD 2,500,000 2,400,000 0.42Lloyds Banking Group 6.38 27/06/2049 EUR 1,370,000 1,578,903 0.28Lloyds Banking Group 7.00 29/12/2049 GBP 575,000 910,891 0.16Nationwide Building Society 6.88 11/03/2049 GBP 865,000 1,347,911 0.24New Look Secured Issuer 6.50 01/07/2022 GBP 1,495,000 2,299,920 0.40OTE 3.50 09/07/2020 EUR 850,000 748,185 0.13Paragon Offshore 6.75 15/07/2022 USD 1,810,000 606,350 0.11Royal Bank of Scotland 6.93 09/04/2018 EUR 2,500,000 3,130,999 0.55Royal Bank of Scotland Group 6.99 29/10/2049 USD 1,380,000 1,628,400 0.29Royal Bank of Scotland Group 7.64 31/12/2049 USD 2,300,000 2,469,050 0.43TA MFG. 3.63 15/04/2023 EUR 1,081,000 1,177,476 0.21Tesco 6.13 24/02/2022 GBP 1,200,000 2,053,412 0.36Tullow Oil 6.00 01/11/2020 USD 1,325,000 1,207,406 0.21Tullow Oil 6.25 15/04/2022 USD 925,000 823,250 0.15Virgin Media Finance 7.00 15/04/2023 GBP 1,200,000 2,016,979 0.35Virgin Media Secured Finance 6.00 15/04/2021 GBP 450,000 739,212 0.13Vougeot Bidco 7.88 15/07/2020 GBP 1,150,000 1,925,243 0.34

––––––––––– –––––––34,631,267 6.09

United States of America (2014: 61.86%)24 Hour Holdings III 8.00 01/06/2022 USD 1,500,000 1,211,250 0.2199 Cents Only Stores 11.00 15/12/2019 USD 1,220,000 1,110,200 0.20Activision Blizzard 5.63 15/09/2021 USD 2,490,000 2,614,500 0.46Activision Blizzard 6.13 15/09/2023 USD 1,510,000 1,623,250 0.29AK Steel 7.63 15/05/2020 USD 1,985,000 1,662,438 0.29AK Steel 7.63 01/10/2021 USD 450,000 369,000 0.06AK Steel 8.38 01/04/2022 USD 365,000 301,125 0.05Albertsons Holdings 7.75 15/10/2022 USD 402,000 428,633 0.08Alcatel-Lucent 6.75 15/11/2020 USD 875,000 928,594 0.16Alcatel-Lucent 6.50 15/01/2028 USD 270,000 279,113 0.05Alcatel-Lucent 6.45 15/03/2029 USD 1,985,000 2,056,956 0.36Alere 6.50 15/06/2020 USD 1,885,000 1,950,975 0.34Alere 6.38 01/07/2023 USD 1,095,000 1,116,900 0.20Amsurg 5.63 15/07/2022 USD 1,720,000 1,741,500 0.31Antero Resources 6.00 01/12/2020 USD 525,000 530,250 0.09



(continued)

138MGI Funds plc


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



(continued)

139MGI Funds plc


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



(continued)

140MGI Funds plc


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



(continued)

141MGI Funds plc


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



(continued)

142MGI Funds plc


Financial assets at fair value through profit or loss (2014: 95.50%) (continued)Transferable securities (2014: 94.31%) (continued)Corporate bonds (2014: 93.61%) (continued)United States of America (2014: 61.86%) (continued)WMG Acquisition 5.63 15/04/2022 USD 2,000,000 2,010,000 0.35WPX Energy 6.00 15/01/2022 USD 301,000 298,742 0.05WPX Energy 5.25 15/09/2024 USD 1,244,000 1,152,254 0.20XPO Logistics 5.75 15/06/2021 EUR 1,400,000 1,542,525 0.27Zayo Group 6.00 01/04/2023 USD 1,575,000 1,559,564 0.27Zayo Group 6.38 15/05/2025 USD 1,040,000 1,011,400 0.18ZF North America Capital 4.50 29/04/2022 USD 270,000 265,490 0.05ZF North America Capital 4.75 29/04/2025 USD 515,000 500,517 0.09

––––––––––– –––––––316,285,849 55.58

Venezuela (2014: 0.21%)Petroleos de Venezuela 6.00 15/11/2026 USD 1,680,000 600,600 0.11

––––––––––– –––––––





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


Credit default swaps (2014: Nil)

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

Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 10,000,000 588,851 0.10Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 7,000,000 412,196 0.08Markit CDX High Yield Index 4* (Bought) (Fixed 5.00%) 20/06/2020 USD 4,950,000 291,482 0.05

––––––––––– –––––––Credit default swaps at positive fair value 1,292,529 0.23





(continued)

143MGI Funds plc


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






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




Financial assets at fair value through profit or lossTransferable securitiesEquitiesLuxembourg 0.15%Convertible securitiesMexico 0.11%Corporate bondsArgentina 0.30%Israel 0.51%Portugal 0.36%Government bondsArgentina 0.11%



(continued)

144MGI Funds plc


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 86.05Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.19OTC financial derivative instruments 1.03Other current assets 12.73

–––––––100.00

––––––––––––––


Reference Counterparty1* Barclays2* BNP Paribas3* Credit Suisse4* Deutsche Bank5* State Street Bank6* UBS


*Security is in default



(continued)

145MGI Funds plc

MGI Funds plcMercer Short Duration Global Bond Fund 1



Financial assets at fair value through profit or loss (2014: 97.50%)Transferable securities (2014: 97.43%)Corporate bonds (2014: 97.43%)Australia (2014: 4.45%)Amcor 2.75 22/03/2023 EUR 600,000 721,209 0.16APT Pipelines 1.38 22/03/2022 EUR 2,700,000 2,945,503 0.66AusNet Services Holdings 2.38 24/07/2020 EUR 1,400,000 1,653,396 0.37Australia & New Zealand Banking Group 3.75 10/03/2017 EUR 600,000 708,303 0.16Australia & New Zealand Banking Group 1.88 06/10/2017 USD 1,000,000 1,011,942 0.23Australia & New Zealand Banking Group 1.45 15/05/2018 USD 1,200,000 1,193,288 0.27BHP Billiton Finance 2.13 29/11/2018 EUR 1,000,000 1,174,607 0.26Commonwealth Bank of Australia 3.88 14/12/2015 GBP 100,000 159,377 0.04Commonwealth Bank of Australia 4.25 10/11/2016 EUR 200,000 235,307 0.05Commonwealth Bank of Australia 4.25 06/04/2018 EUR 300,000 369,397 0.08Macquarie Group 7.63 13/08/2019 USD 600,000 701,972 0.16National Australia Bank 4.75 15/07/2016 EUR 400,000 467,183 0.10National Australia Bank 2.75 09/03/2017 USD 3,800,000 3,908,745 0.87National Australia Bank 2.30 25/07/2018 USD 700,000 711,603 0.16Telstra 4.75 21/03/2017 EUR 500,000 600,679 0.13Telstra 3.63 15/03/2021 EUR 500,000 639,069 0.14Telstra 3.75 16/05/2022 EUR 1,200,000 1,563,059 0.35Telstra 3.50 21/09/2022 EUR 400,000 514,634 0.12Westpac Banking 4.25 22/09/2016 EUR 100,000 116,965 0.03Westpac Banking 4.88 19/11/2019 USD 3,100,000 3,440,144 0.76

––––––––––– –––––––22,836,382 5.10

Austria (2014: 0.53%)UniCredit Bank Austria 2.50 27/05/2019 EUR 1,500,000 1,726,480 0.39

––––––––––– –––––––Bahamas (2014: 0.89%)Competition Team Technologies 2.13 13/12/2017 USD 3,600,000 3,596,159 0.80

––––––––––– –––––––Belgium (2014: 0.61%)Anheuser-Busch InBev 8.63 30/01/2017 EUR 1,500,000 1,891,788 0.42

––––––––––– –––––––Bermuda (2014: 1.22%)CBQ Finance 3.38 11/04/2017 USD 1,900,000 1,966,196 0.44Novartis Securities Investment 5.13 10/02/2019 USD 2,600,000 2,894,593 0.65

––––––––––– –––––––4,860,789 1.09

Brazil (2014: 0.53%)Embraer 5.15 15/06/2022 USD 3,600,000 3,731,400 0.83

––––––––––– –––––––British Virgin Islands (2014: 1.00%)IFC Development Corporate Treasury 2.38 21/05/2019 USD 1,000,000 992,926 0.22State Grid Overseas Investment 2013 1.75 22/05/2018 USD 2,100,000 2,087,371 0.47

––––––––––– –––––––3,080,297 0.69

Canada (2014: 1.17%)Bank of Montreal 2.50 11/01/2017 USD 800,000 818,202 0.18Canadian Pacific Railway 2.90 01/02/2025 USD 2,000,000 1,886,478 0.43Royal Bank of Canada 0.85 08/03/2016 USD 200,000 200,516 0.04Thomson Reuters 1.30 23/02/2017 USD 1,000,000 998,073 0.22Toronto-Dominion Bank 2.50 14/07/2016 USD 1,600,000 1,627,626 0.36Toronto-Dominion Bank 2.38 19/10/2016 USD 1,000,000 1,019,204 0.23

––––––––––– –––––––6,550,099 1.46

Cayman Islands (2014: 3.66%)DIB Sukuk 4.75 30/05/2017 USD 2,000,000 2,100,000 0.47Doha Finance 3.50 14/03/2017 USD 1,900,000 1,954,625 0.44

146MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.50%) (continued)Transferable securities (2014: 97.43%) (continued)Corporate bonds (2014: 97.43%) (continued)Cayman Islands (2014: 3.66%) (continued)Embraer Overseas 6.38 24/01/2017 USD 300,000 317,400 0.07Hongkong Land Finance Cayman Islands 4.63 16/01/2024 USD 300,000 320,852 0.07Hutchison Whampoa International 5.75 11/09/2019 USD 1,800,000 2,034,443 0.45MAF Global Securities 5.25 05/07/2019 USD 2,500,000 2,704,475 0.60QIB Sukuk Funding 3.86 07/10/2015 USD 200,000 202,000 0.05

––––––––––– –––––––9,633,795 2.15

Chile (2014: 0.27%)Corpbanca 3.13 15/01/2018 USD 1,100,000 1,105,168 0.25

––––––––––– –––––––China (2014: 2.47%)Baidu 2.25 28/11/2017 USD 3,100,000 3,120,454 0.70Baidu 3.25 06/08/2018 USD 1,800,000 1,855,238 0.41China Mengniu Dairy 3.50 27/11/2018 USD 3,000,000 3,086,652 0.69China Merchants Finance 5.00 04/05/2022 USD 2,000,000 2,108,406 0.47CITIC Securities Finance 2013 2.50 03/05/2018 USD 2,500,000 2,514,205 0.56Tencent Holdings 2.00 02/05/2017 USD 1,600,000 1,606,168 0.36Tencent Holdings 3.38 05/03/2018 USD 1,700,000 1,756,583 0.39Tencent Holdings 3.38 02/05/2019 USD 3,000,000 3,082,917 0.70Tingyi Cayman Islands Holding 3.88 20/06/2017 USD 3,900,000 4,026,360 0.90

––––––––––– –––––––23,156,983 5.18

Finland (2014: 0.37%)Citycon 3.75 24/06/2020 EUR 400,000 490,317 0.11Sampo 4.25 27/02/2017 EUR 600,000 710,663 0.16

––––––––––– –––––––1,200,980 0.27

France (2014: 3.65%)Accor 2.88 19/06/2017 EUR 1,900,000 2,218,421 0.50Air Liquide 2.91 12/10/2018 EUR 700,000 843,883 0.19BNP Paribas 2.00 28/01/2019 EUR 800,000 931,193 0.21BPCE 2.00 24/04/2018 EUR 200,000 232,201 0.05Danone 2.50 29/09/2016 EUR 400,000 458,606 0.10Eutelsat 4.13 27/03/2017 EUR 600,000 711,512 0.16GDF Suez 1.50 20/07/2017 EUR 600,000 685,674 0.15Kering 2.50 15/07/2020 EUR 1,500,000 1,788,849 0.40Unibail-Rodamco 3.00 22/03/2019 EUR 62,000 74,980 0.02

––––––––––– –––––––7,945,319 1.78

Hong Kong (2014: 1.88%)AIA Group 1.75 13/03/2018 USD 900,000 893,798 0.20AIA Group 3.13 13/03/2023 USD 1,500,000 1,470,680 0.33Bao-trans Enterprises 3.75 12/12/2018 USD 2,000,000 2,052,400 0.46China State Construction Finance Cayman I 3.13 02/04/2018 USD 500,000 503,864 0.11CLP Power Hong Kong Financing 4.75 19/03/2020 USD 800,000 874,281 0.20CLP Power Hong Kong Financing 4.75 12/07/2021 USD 600,000 665,666 0.15CLP Power Hong Kong Financing 2.88 26/04/2023 USD 2,000,000 1,924,947 0.42

––––––––––– –––––––8,385,636 1.87

India (2014: 0.76%)HDFC Bank 3.00 06/03/2018 USD 1,500,000 1,525,629 0.34

––––––––––– –––––––Ireland (2014: 0.33%)GE Capital European Funding 3.75 04/04/2016 EUR 500,000 572,389 0.13GE Capital European Funding 4.25 01/03/2017 EUR 300,000 356,399 0.08GE Capital European Funding 5.38 23/01/2020 EUR 100,000 134,182 0.03

––––––––––– –––––––1,062,970 0.24



(continued)

147MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.50%) (continued)Transferable securities (2014: 97.43%) (continued)Corporate bonds (2014: 97.43%) (continued)Isle Of Man (2014: 0.40%)Sasol Financing International 4.50 14/11/2022 USD 3,000,000 3,041,250 0.68

––––––––––– –––––––Italy (2014: 2.93%)Atlantia 4.50 08/02/2019 EUR 143,000 179,540 0.04Atlantia 4.38 16/03/2020 EUR 1,300,000 1,665,013 0.37Luxottica Group 4.00 10/11/2015 EUR 300,000 338,814 0.08Luxottica Group 3.63 19/03/2019 EUR 600,000 742,299 0.17Snam 4.38 11/07/2016 EUR 800,000 928,371 0.21Snam 2.38 30/06/2017 EUR 500,000 577,317 0.13Snam 3.88 19/03/2018 EUR 600,000 724,870 0.16Snam 3.38 29/01/2021 EUR 300,000 368,219 0.08Snam 1.50 21/04/2023 EUR 300,000 324,367 0.07Snam 3.25 22/01/2024 EUR 1,100,000 1,351,197 0.30Terna Rete Elettrica Nazionale 4.13 17/02/2017 EUR 1,800,000 2,125,258 0.47

––––––––––– –––––––9,325,265 2.08

Luxembourg (2014: 0.66%)Novartis Finance 4.25 15/06/2016 EUR 500,000 579,040 0.13SES‡ 4.63 09/03/2020 EUR 800,000 1,038,034 0.23SES 4.75 11/03/2021 EUR 400,000 531,790 0.12Tyco International Finance 1.38 25/02/2025 EUR 1,100,000 1,146,118 0.26

––––––––––– –––––––3,294,982 0.74

Malaysia (2014: 1.53%)CIMB Bank 2.38 26/07/2017 USD 1,900,000 1,915,785 0.42Hong Leong Bank 3.13 19/04/2017 USD 1,000,000 1,019,542 0.23Malayan Banking 3.00 10/02/2017 USD 1,700,000 1,733,448 0.39RHB Bank 3.25 11/05/2017 USD 1,400,000 1,428,361 0.32

––––––––––– –––––––6,097,136 1.36

Mexico (2014: 0.56%)Grupo Televisa 6.00 15/05/2018 USD 2,000,000 2,220,000 0.50

––––––––––– –––––––Netherlands (2014: 5.52%)ABB Finance 2.63 26/03/2019 EUR 800,000 958,511 0.21Adecco International Financial Services 2.75 15/11/2019 EUR 1,800,000 2,141,888 0.48Bharti Airtel International Netherlands 4.00 10/12/2018 EUR 2,200,000 2,626,440 0.59Bharti Airtel International Netherlands 5.13 11/03/2023 USD 3,000,000 3,146,994 0.70Conti-Gummi Finance 2.50 20/03/2017 EUR 1,900,000 2,190,449 0.49Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.50 11/01/2021 USD 1,600,000 1,746,483 0.39Enel Finance International 6.25 15/09/2017 USD 300,000 328,624 0.07Enel Finance International 4.88 11/03/2020 EUR 200,000 260,342 0.06Gas Natural Fenosa Finance 1.38 21/01/2025 EUR 1,500,000 1,553,409 0.35Heineken 2.50 19/03/2019 EUR 600,000 713,581 0.16LyondellBasell Industries 5.00 15/04/2019 USD 1,200,000 1,300,974 0.29LyondellBasell Industries 5.75 15/04/2024 USD 2,700,000 3,081,043 0.69Nomura Europe Finance 1.50 12/05/2021 EUR 300,000 328,723 0.07Schlumberger Finance 1.50 04/03/2019 EUR 1,000,000 1,156,959 0.26

––––––––––– –––––––21,534,420 4.81

New Zealand (2014: 0.18 %)Westpac Securities 3.88 20/03/2017 EUR 500,000 591,130 0.13

––––––––––– –––––––South Africa (2014: 0.38%)Investec Bank 3.88 24/07/2017 USD 1,500,000 1,524,375 0.34

––––––––––– –––––––



(continued)

148MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 97.50%) (continued)Transferable securities (2014: 97.43%) (continued)Corporate bonds (2014: 97.43%) (continued)Spain (2014: 2.78%)Abertis Infraestructuras 3.75 20/06/2023 EUR 1,700,000 2,153,214 0.47Gas Natural Capital Markets 4.13 24/04/2017 EUR 700,000 831,573 0.19Gas Natural Capital Markets 5.00 13/02/2018 EUR 1,300,000 1,611,091 0.36Iberdrola Finanzas 4.63 07/04/2017 EUR 100,000 119,798 0.03Red Electrica Financiaciones Unipersonal 2.13 01/07/2023 EUR 500,000 568,663 0.13Red Electrica Financiaciones Unipersonal 1.13 24/04/2025 EUR 900,000 907,785 0.20Santander International Debt 3.38 01/12/2015 EUR 400,000 451,498 0.10Telefonica Emisiones 5.38 02/02/2018 GBP 600,000 1,019,395 0.23Telefonica Emisiones 5.13 27/04/2020 USD 900,000 985,548 0.22Telefonica Emisiones 5.46 16/02/2021 USD 600,000 664,256 0.15

––––––––––– –––––––9,312,821 2.08

Sweden (2014: 2.36%)Atlas Copco 2.63 15/03/2019 EUR 600,000 719,685 0.16Nordea Bank 3.88 15/12/2015 GBP 1,300,000 2,071,897 0.46Nordea Bank 3.75 24/02/2017 EUR 600,000 706,719 0.16Securitas 2.75 28/02/2017 EUR 600,000 694,181 0.16Skandinaviska Enskilda Banken 3.88 12/04/2017 EUR 200,000 237,207 0.05Telefonaktiebolaget LM Ericsson 4.13 15/05/2022 USD 4,000,000 4,149,520 0.93

––––––––––– –––––––8,579,209 1.92

United Kingdom (2014: 11.11%)3i Group 5.63 17/03/2017 EUR 300,000 361,424 0.08Abbey National Treasury Services 3.05 23/08/2018 USD 800,000 828,294 0.19BP Capital Markets 2.18 16/02/2016 EUR 500,000 564,248 0.13BP Capital Markets 2.24 26/09/2018 USD 1,000,000 1,014,962 0.23British Telecommunications 8.50 07/12/2016 GBP 200,000 345,374 0.08British Telecommunications 6.63 23/06/2017 GBP 700,000 1,206,969 0.27BUPA Finance 7.50 04/07/2016 GBP 600,000 999,945 0.22Centrica 7.00 19/09/2018 GBP 1,100,000 2,001,779 0.45Compass Group 3.13 13/02/2019 EUR 1,600,000 1,938,710 0.43Compass Group 1.88 27/01/2023 EUR 500,000 574,336 0.13EE Finance 4.38 28/03/2019 GBP 200,000 336,100 0.08Experian Finance 4.75 04/02/2020 EUR 600,000 783,129 0.18GlaxoSmithKline Capital 2.85 08/05/2022 USD 1,600,000 1,587,454 0.35Global Switch Holdings 5.50 18/04/2018 EUR 1,000,000 1,259,875 0.28HSBC Bank 3.88 24/10/2018 EUR 500,000 618,772 0.14HSBC Holdings 5.10 05/04/2021 USD 1,900,000 2,119,561 0.48Leeds Building Society 2.63 01/04/2021 EUR 1,500,000 1,755,682 0.39Lloyds Bank 4.88 21/01/2016 USD 500,000 511,042 0.11Lloyds Bank 4.63 02/02/2017 EUR 800,000 953,424 0.21Lloyds Bank 6.38 21/01/2021 USD 700,000 826,572 0.18Marks & Spencer 6.25 01/12/2017 USD 1,300,000 1,426,711 0.32Mondi Finance 5.75 03/04/2017 EUR 1,900,000 2,302,228 0.51National Grid 5.00 02/07/2018 EUR 900,000 1,135,850 0.25Next 5.38 26/10/2021 GBP 800,000 1,444,840 0.32Northumbrian Water Finance 6.00 11/10/2017 GBP 400,000 689,914 0.15Prudential 6.88 20/01/2023 GBP 1,300,000 2,586,330 0.58Royal Bank of Scotland 3.95 21/09/2015 USD 700,000 704,286 0.16Sky 3.13 26/11/2022 USD 300,000 292,409 0.07Sky 1.88 24/11/2023 EUR 1,000,000 1,103,229 0.25United Utilities Water 4.25 24/01/2020 EUR 1,300,000 1,673,163 0.37

––––––––––– –––––––33,946,612 7.59

United States of America (2014: 43.10%)21st Century Fox America 3.00 15/09/2022 USD 600,000 587,169 0.13AbbVie 1.75 06/11/2017 USD 2,600,000 2,608,299 0.58

149MGI Funds plc



(continued)


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

150MGI Funds plc



(continued)


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

151MGI Funds plc



(continued)


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

152MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 97.50%) (continued)Transferable securities (2014: 97.43%) (continued)Corporate bonds (2014: 97.43%) (continued)United States of America (2014: 43.10%) (continued)WR Berkley 4.63 15/03/2022 USD 1,300,000 1,384,194 0.32Wyndham Worldwide 4.25 01/03/2022 USD 4,300,000 4,315,186 0.96

––––––––––– –––––––231,770,594 51.79





EUR 1* 83,938,464 USD 92,332,699 07/07/2015 1,197,526 0.27SEK 1* 234,229,062 USD 27,456,338 07/07/2015 775,036 0.17USD 1* 104,301,408 EUR 92,100,000 15/07/2015 1,666,430 0.37USD 1* 10,402,791 NOK 81,196,985 07/07/2015 83,386 0.02



Maturity contracts Unrealised % ofdate Currency long/(short) gain US$ Net assets

10 Year Australian Treasury Bond Futures 2* 15/09/2015 AUD 1 357 -10 Year US Treasury Notes Futures 2* 21/09/2015 USD (257) 108,422 0.023 Month Euribor Interest Rate Futures 2* 14/03/2016 EUR 33 1,365 -3 Month Euribor Interest Rate Futures 2* 13/03/2017 EUR 57 3,760 -3 Month Euribor Interest Rate Futures 2* 19/09/2016 EUR 10 1,253 -3 Year Australian Treasury Bond Futures 2* 15/09/2015 AUD 2 427 -90 Day Australia Bank Bill Futures 2* 10/03/2016 AUD (41) 413 -90 Day Australia Bank Bill Futures 2* 08/09/2016 AUD (11) 413 -90 Day Eurodollar Futures 2* 14/09/2015 USD 13 1,175 -90 Day Sterling Futures 2* 16/03/2016 GBP 50 4,600 -90 Day Sterling Futures 2* 21/09/2016 GBP 17 2,339 -German Euro Bobl Futures 2* 08/09/2015 EUR (185) 51,532 0.01German Euro Bund Futures 2* 08/09/2015 EUR (67) 138,852 0.04Long Gilt Futures 2* 28/09/2015 GBP (18) 4,812 -




153MGI Funds plc



(continued)



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


Futures contracts (2014: (0.17)%)No. of


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



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

Fair value % ofUS$ Net assets


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

Net current liabilities (2014: 1.08%) (360,909) (0.07)––––––––––– –––––––



Financial assets at fair value through profit or lossTransferable securitiesCorporate bondsColombia 0.69%Jersey 0.11%Qatar 0.87%Switzerland 0.10%United Arab Emirates 0.36%

154MGI Funds plc


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 93.85Financial derivative instruments dealt in on a regulated market 0.07OTC financial derivative instruments 0.80Other current assets 5.28

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust2* JPMorgan

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

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



(continued)

155MGI Funds plc




Financial assets at fair value through profit or loss (2014: 101.78%)Transferable securities (2014: 101.14%)Asset backed securities (2014: 5.71%)France (2014: 0.83%)Bee First Finance/Edelweiss 2013-1 0.48 11/01/2022 EUR 2,058,628 2,299,212 0.52Cars Alliance Auto Loans Germany V 2013-1 0.49 18/12/2024 EUR 522,134 583,100 0.13Driver France Fct Compartment Driver France Two 1.00 21/03/2022 EUR 1,400,000 1,559,022 0.35

––––––––––– –––––––4,441,334 1.00

Germany (2014: 1.05%)Red & Black Auto Germany 2 0.41 15/09/2022 EUR 300,724 335,837 0.08SC Germany Auto 0.36 11/12/2023 EUR 1,656,609 1,850,316 0.41

––––––––––– –––––––2,186,153 0.49

Ireland (2014: 0.64%)Bilkreditt 3 0.45 26/04/2027 EUR 28,140 31,375 0.01Bilkreditt 4 0.38 25/12/2027 EUR 264,836 295,742 0.07Bilkreditt 5 0.36 25/03/2028 EUR 824,816 922,323 0.21Bilkreditt 6 0.30 25/07/2029 EUR 912,201 1,018,993 0.22

––––––––––– –––––––2,268,433 0.51

Italy (2014: 0.64%)Sunrise 0.96 27/05/2031 EUR 778,243 868,977 0.20Sunrise 0.49 27/08/2031 EUR 1,733,486 1,928,403 0.43

––––––––––– –––––––2,797,380 0.63

Luxembourg (2014: 0.60%)Bavarian Sky 0.22 20/08/2021 EUR 1,007,844 1,124,399 0.25Bavarian Sky 0.24 20/04/2024 EUR 1,837,795 2,049,889 0.46Driver UK 2 0.93 25/01/2023 GBP 1,025,520 1,615,156 0.37E-CARAT 0.98 18/03/2022 GBP 565,544 891,003 0.20Silver Arrow 0.24 20/10/2021 EUR 211,825 236,246 0.06

––––––––––– –––––––5,916,693 1.34

United Kingdom (2014: 1.58%)E-CARAT 2012-1 1.30 18/06/2020 GBP 162,264 255,555 0.06ECAR 2013-1 0.85 18/11/2020 EUR 627,375 700,419 0.16Motor 2014-1 0.67 25/08/2021 USD 926,053 925,451 0.21

––––––––––– –––––––1,881,425 0.43

United States of America (2014: 0.28%)SLM Private Credit Student Loan Trust 2006-B 0.47 15/03/2024 USD 355,074 352,406 0.08SLM Private Education Loan Trust 2013-B 0.84 15/07/2022 USD 335,987 336,584 0.08

––––––––––– –––––––688,990 0.16

Total asset backed securities 20,180,408 4.56

Corporate bonds (2014: 34.57%)Australia (2014: 0.51%)GE Capital Australia Funding 4.50 30/01/2018 AUD 700,000 558,277 0.13Woodside Finance 4.60 10/05/2021 USD 2,938,000 3,151,325 0.71

––––––––––– –––––––3,709,602 0.84

Belgium (2014: 1.45%)Belfius Bank 0.75 10/02/2025 EUR 1,000,000 1,073,298 0.24European Union 2.75 04/04/2022 EUR 500,000 638,540 0.14UCB 4.13 04/01/2021 EUR 1,827,000 2,280,877 0.52

––––––––––– –––––––3,992,715 0.90

156MGI Funds plc


Financial assets at fair value through profit or loss (2014: 101.78%) (continued)Transferable securities (2014: 101.14%) (continued)Corporate bonds (2014: 34.57%) (continued)Canada (2014: 0.25%)Bank of Nova Scotia 1.65 29/10/2015 USD 900,000 903,531 0.20

––––––––––– –––––––Cayman Islands (2014: 0.16%)Aircraft Finance 1.60 29/03/2020 USD 1,096,479 1,097,093 0.25

––––––––––– –––––––Channel Islands (2014: Nil)AA Bond 4.72 02/07/2043 GBP 1,100,000 1,837,318 0.41Atrium European Real Estate 4.00 20/04/2020 EUR 1,500,000 1,788,315 0.40HSH N Finance Guernsey 0.44 21/12/2015 EUR 150,000 167,412 0.04

––––––––––– –––––––3,793,045 0.85

China (2014: 2.92%)Baidu 3.25 06/08/2018 USD 1,400,000 1,442,964 0.33Tencent Holdings 3.38 05/03/2018 USD 1,600,000 1,653,254 0.37

––––––––––– –––––––3,096,218 0.70

Denmark (2014: 1.04%)Nordea Kredit Realkreditaktieselskab 2.00 01/01/2024 DKK 4,000,000 610,237 0.14Nordea Kredit Realkreditaktieselskab 2.00 01/10/2047 DKK 9,200,000 1,256,771 0.28Nykredit Realkredit 2.00 01/10/2015 DKK 6,800,000 1,021,722 0.23Nykredit Realkredit 2.00 01/10/2015 DKK 45,800,000 6,882,826 1.55Nykredit Realkredit 2.00 01/04/2016 DKK 5,900,000 896,222 0.20Nykredit Realkredit 2.00 01/10/2047 DKK 12,500,000 1,709,221 0.39Nykredit Realkredit 2.50 01/10/2047 DKK 33,000,000 4,687,392 1.06Realkredit Danmark 2.00 01/01/2016 DKK 18,600,000 2,810,447 0.63Realkredit Danmark 2.00 01/01/2016 DKK 22,300,000 3,368,531 0.76Realkredit Danmark 2.00 01/04/2021 DKK 2,500,000 391,592 0.09Realkredit Danmark 2.00 01/04/2023 DKK 13,500,000 2,083,242 0.47Realkredit Danmark 2.50 01/10/2047 DKK 11,800,000 1,674,344 0.38

––––––––––– –––––––27,392,547 6.18

France (2014: 5.76%)Banque PSA Finance 4.25 25/02/2016 EUR 400,000 456,370 0.10BPCE 1.37 06/03/2017 GBP 1,200,000 1,895,856 0.43BPCE 0.91 17/06/2017 USD 900,000 900,512 0.20BPCE 4.63 11/07/2024 USD 800,000 783,749 0.18Carrefour 4.38 02/11/2016 EUR 2,500,000 2,939,393 0.66Council Of Europe Development Bank 5.13 20/04/2017 USD 600,000 646,480 0.15Societe Des Autoroutes Paris-Rhin-Rhone 0.87 18/01/2016 EUR 2,700,000 3,019,545 0.68

––––––––––– –––––––10,641,905 2.40

Germany (2014: 2.64%)KFW 3.75 07/09/2016 GBP 1,000,000 1,628,584 0.37Landwirtschaftliche Rentenbank 4.25 24/01/2023 AUD 600,000 486,347 0.11ProSiebenSat.1 Media 2.63 15/04/2021 EUR 1,600,000 1,860,482 0.42

––––––––––– –––––––3,975,413 0.90

Ireland (2014: 2.68%)Depfa ACS Bank 4.88 28/10/2015 USD 2,400,000 2,433,806 0.55Depfa ACS Bank 3.88 14/11/2016 EUR 3,100,000 3,628,936 0.82GE Capital European Funding 0.14 22/02/2016 EUR 1,900,000 2,118,007 0.48GE Capital European Funding 4.13 27/10/2016 EUR 900,000 1,055,179 0.24German Postal Pensions Securitisation 3.38 18/01/2016 EUR 6,000,000 6,806,402 1.53

––––––––––– –––––––16,042,330 3.62



(continued)

157MGI Funds plc


Financial assets at fair value through profit or loss (2014: 101.78%) (continued)Transferable securities (2014: 101.14%) (continued)Corporate bonds (2014: 34.57%) (continued)Italy (2014: 2.41%)Banca Carige 3.75 25/11/2016 EUR 1,100,000 1,281,110 0.29Banca Carige 3.88 24/10/2018 EUR 2,600,000 3,182,773 0.72Banca Monte dei Paschi di Siena 5.00 09/02/2019 EUR 400,000 494,191 0.11Banco Popolare 3.25 30/09/2016 EUR 500,000 561,181 0.13Banco Popolare 2.38 22/01/2018 EUR 200,000 223,890 0.05Indesit 4.50 26/04/2018 EUR 1,800,000 2,189,660 0.49Intesa Sanpaolo 3.13 15/01/2016 USD 1,100,000 1,108,529 0.25

––––––––––– –––––––9,041,334 2.04

Japan (2014: Nil)Sumitomo Mitsui Banking 0.86 16/01/2018 USD 300,000 300,182 0.07

––––––––––– –––––––Korea (2014: 0.11%)Kookmin Bank 1.15 27/01/2017 USD 400,000 401,730 0.09

––––––––––– –––––––Luxembourg (2014: 0.30%)European Financial Stability Facility 0.13 04/11/2019 EUR 1,100,000 1,219,737 0.28European Investment Bank 0.39 15/01/2019 EUR 700,000 792,696 0.18European Investment Bank 0.50 10/08/2023 AUD 1,600,000 945,861 0.21

––––––––––– –––––––2,958,294 0.67

Netherlands (2014: 1.16%)Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.38 18/01/2016 EUR 1,900,000 2,155,191 0.49Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.88 20/04/2016 EUR 2,500,000 2,869,288 0.65Cooperatieve Centrale Raiffeisen-Boerenleenbank 0.34 18/11/2016 EUR 100,000 111,729 0.03Cooperatieve Centrale Raiffeisen-Boerenleenbank 0.20 13/01/2017 EUR 3,200,000 3,568,221 0.81ING Bank 3.88 24/05/2016 EUR 1,200,000 1,381,390 0.31Petrobras Global Finance 1.90 20/05/2016 USD 1,400,000 1,382,765 0.30

––––––––––– –––––––11,468,584 2.59

Philippines (2014: Nil)Asian Development Bank 0.38 03/04/2017 EUR 1,300,000 1,460,023 0.33

––––––––––– –––––––Spain (2014: 1.38%)ACS Actividades de Construccion y Servicios 2.88 01/04/2020 EUR 2,000,000 2,178,272 0.49Catalunya Banc 3.50 07/03/2016 EUR 1,000,000 1,138,322 0.26

––––––––––– –––––––3,316,594 0.75

Sweden (2014: 0.81%)Stadshypotek 3.31 10/10/2017 AUD 500,000 387,718 0.09Svensk Exportkredit 1.13 05/04/2018 USD 1,000,000 998,893 0.23Volvo Treasury 0.44 11/09/2017 EUR 3,900,000 4,353,267 0.98

––––––––––– –––––––5,739,878 1.30

Switzerland (2014: 0.19%)Credit Suisse 0.97 15/07/2016 GBP 1,900,000 2,987,354 0.67Credit Suisse AG 0.18 02/12/2015 EUR 3,900,000 4,346,293 0.98EUROFIMA 6.25 28/12/2018 AUD 200,000 171,373 0.04UBS 7.63 17/08/2022 USD 400,000 469,459 0.11

––––––––––– –––––––7,974,479 1.80

Tunisia (2014: 0.42%)African Development Bank 5.25 23/03/2022 AUD 1,500,000 1,291,009 0.29

––––––––––– –––––––United Kingdom (2014: 1.37%)Abbey National Treasury Services 3.88 15/10/2029 GBP 1,900,000 3,084,400 0.70Barclays Bank 7.63 21/11/2022 USD 1,300,000 1,482,878 0.32



(continued)

158MGI Funds plc


Financial assets at fair value through profit or loss (2014: 101.78%) (continued)Transferable securities (2014: 101.14%) (continued)Corporate bonds (2014: 34.57%) (continued)United Kingdom (2014: 1.37%) (continued)HBOS 6.75 21/05/2018 USD 2,000,000 2,222,506 0.50HBOS 5.37 30/06/2021 EUR 100,000 125,980 0.03HSBC Holdings 3.00 30/06/2025 EUR 300,000 334,083 0.08Lloyds Bank 1.50 02/05/2017 GBP 600,000 954,105 0.22Pirelli International 1.75 18/11/2019 EUR 2,000,000 2,215,419 0.50Royal Bank of Scotland 9.50 16/03/2022 USD 2,000,000 2,210,549 0.50

––––––––––– –––––––12,629,920 2.85

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

––––––––––– –––––––51,859,598 11.69


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

––––––––––– –––––––6,404,596 1.43



(continued)

159MGI Funds plc


Financial assets at fair value through profit or loss (2014: 101.78%) (continued)Transferable securities (2014: 101.14%) (continued)Government bonds (2014: 45.55%) (continued)France (2014: 3.31%)Caisse d'Amortissement de la Dette Sociale 1.13 30/01/2017 USD 3,000,000 3,017,817 0.68Caisse d'Amortissement de la Dette Sociale 3.38 20/03/2024 USD 3,100,000 3,277,952 0.74Caisse Francaise de Financement Local 5.25 16/02/2017 USD 600,000 641,847 0.15

––––––––––– –––––––6,937,616 1.57

Germany (2014: 0.94%)Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond‡ 0.75 15/04/2018 EUR 1,490,930 1,732,002 0.39

––––––––––– –––––––Italy (2014: 0.78%)Italy Buoni Ordinari Del Tesoro - 14/09/2015 EUR 17,800,000 19,834,444 4.48Italy Buoni Poliennali Del Tesoro 3.00 01/11/2015 EUR 6,800,000 7,651,189 1.72

––––––––––– –––––––27,485,633 6.20

Mexico (2014: 8.19%)Mexican (Government of) 8.00 07/12/2023 MXN 400,000 28,859 0.01Mexican (Government of) 7.50 03/06/2027 MXN 12,900 905 -

––––––––––– –––––––29,764 0.01

Norway (2014: 0.36%)Kommunalbanken 1.38 08/06/2017 USD 1,300,000 1,313,372 0.30Norway (Government of) 2.00 24/05/2023 NOK 19,700,000 2,572,581 0.58

––––––––––– –––––––3,885,953 0.88

Slovakia (2014: 0.26%)Slovakia (Government of) 0.06 16/11/2016 EUR 700,000 783,528 0.18

––––––––––– –––––––Slovenia (2014: 3.45%)Slovenia (Government of) 4.70 01/11/2016 EUR 3,300,000 3,894,040 0.88Slovenia (Government of) 1.75 09/10/2017 EUR 225,000 258,193 0.06Slovenia (Government of) 4.38 06/02/2019 EUR 400,000 501,345 0.11Slovenia (Government of) 4.13 18/02/2019 USD 11,800,000 12,301,500 2.78Slovenia (Government of) 4.13 18/02/2019 USD 3,900,000 4,065,750 0.92Slovenia (Government of) 4.38 18/01/2021 EUR 100,000 128,568 0.03Slovenia (Government of) 3.00 08/04/2021 EUR 500,000 600,999 0.14Slovenia (Government of) 5.50 26/10/2022 USD 500,000 556,350 0.13Slovenia (Government of) 5.85 10/05/2023 USD 3,400,000 3,863,930 0.87Slovenia (Government of) 5.25 18/02/2024 USD 800,000 876,000 0.20Slovenia (Government of) 5.13 30/03/2026 EUR 1,000,000 1,385,620 0.30

––––––––––– –––––––28,432,295 6.42

Spain (2014: 10.29%)Autonomous Community of Catalonia 2.75 24/03/2016 CHF 1,700,000 1,841,714 0.42Autonomous Community of Catalonia 4.75 04/06/2018 EUR 1,400,000 1,681,005 0.38Autonomous Community of Catalonia 4.95 11/02/2020 EUR 1,800,000 2,203,749 0.50Autonomous Community of Madrid Spain 1.83 30/04/2025 EUR 100,000 102,126 0.02FADE - Fondo de Amortizacion del Deficit Electrico 0.85 17/09/2019 EUR 3,300,000 3,618,067 0.82Instituto de Credito Oficial 5.00 14/11/2016 USD 600,000 630,347 0.14Instituto de Credito Oficial 5.00 10/04/2017 USD 900,000 952,700 0.21

––––––––––– –––––––11,029,708 2.49

United Kingdom (2014: 0.60%)United Kingdom (Government of) 1.25 22/07/2018 GBP 1,300,000 2,059,231 0.46

––––––––––– –––––––United States of America (2014: 13.46%)Federal Home Loan Bank Discount Notes - 31/07/2015 USD 200,000 199,998 0.05Federal Home Loan Bank Discount Notes - 12/08/2015 USD 4,300,000 4,299,850 0.97Federal Home Loan Bank Discount Notes - 19/08/2015 USD 2,400,000 2,399,902 0.54



(continued)

160MGI Funds plc


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

––––––––––– –––––––76,186,915 17.19


Mortgage backed securities (2014: 14.40%)Australia (2014: 0.22%)Apollo Trust 2.99 24/06/2044 AUD 643,802 495,549 0.11Puma Finance 2.94 13/05/2045 AUD 1,432,830 1,102,705 0.25Puma Finance 2.85 18/10/2045 AUD 1,533,000 1,176,696 0.27

––––––––––– –––––––2,774,950 0.63

France (2014: Nil)Infinity 2006-1 Classico 0.18 15/02/2024 EUR 3,504,804 3,824,510 0.86

––––––––––– –––––––Ireland (2014: 0.47%)Bluestep Mortgage Securities No. 3 1.31 10/05/2063 SEK 11,800,000 1,425,057 0.32German Residential Funding 1.14 27/08/2024 EUR 1,406,918 1,587,373 0.36German Residential Funding 2013-2 0.99 27/11/2024 EUR 3,418,167 3,831,950 0.86Mars 2600 1.30 25/10/2050 EUR 1,186,697 1,336,464 0.30Uropa Securities 0.16 10/10/2040 EUR 721,957 790,810 0.18

––––––––––– –––––––8,971,654 2.02

Italy (2014: 1.79%)Casa D'este Finance 0.34 15/09/2021 EUR 496,728 546,059 0.12Claris RMBS 2014 1.17 28/12/2061 EUR 1,557,461 1,761,808 0.40Creso 0.69 30/12/2060 EUR 1,020,548 1,136,341 0.26Giovecca Mortgages 0.60 23/04/2048 EUR 1,055,122 1,172,409 0.26Marche Mutui 2.25 27/01/2064 EUR 1,215,143 1,381,386 0.31Sunrise 1.00 27/12/2032 EUR 2,500,000 2,784,757 0.63

––––––––––– –––––––8,782,760 1.98

Netherlands (2014: 0.24%)Lunet RMBS 2013-1 0.49 26/12/2045 EUR 281,079 314,137 0.07

––––––––––– –––––––



(continued)

161MGI Funds plc


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

––––––––––– –––––––29,860,451 6.74

United States of America (2014: 5.37%)Banc of America Commercial Mortgage Trust 2006-6 5.31 10/10/2045 USD 29,011 29,099 0.01COBALT CMBS Commercial Mortgage Trust 2007-C3 5.96 15/05/2046 USD 712,449 757,223 0.17Commercial Mortgage Trust 2005-GG5 5.22 10/04/2037 USD 539,161 539,881 0.12Credit Suisse Commercial Mortgage Trust Series 2006-C3 6.00 15/06/2038 USD 379,967 392,591 0.09Credit Suisse Commercial Mortgage Trust Series 2006-C5 5.31 15/12/2039 USD 781,714 808,781 0.18Morgan Stanley Capital I Trust 2006-HQ9 0.34 12/07/2044 USD 1,460,350 1,454,064 0.33

––––––––––– –––––––3,981,639 0.90

Total mortgage backed securities 58,510,101 13.20

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

––––––––––– –––––––Total municipal bonds 1,695,315 0.38




(continued)

162MGI Funds plc


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




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


Credit default swaps (2014: 0.03%)

Protection PremiumReference (Bought)/ (Paid)/ Maturity Notional Fair value % ofEntity Sold Received date Currency holding US$ Net assets

Italy (Government of) 10* Sold (Fixed 1.00%) 20/03/2019 USD 2,500,000 16,800 -––––––––––– –––––––

Credit default swaps at positive fair value 16,800 -



(continued)

163MGI Funds plc



Financial assets at fair value through profit or loss (2014: 101.78%) (continued)Financial derivative instruments (2014: 0.64%) (continued)Futures contracts (2014: 0.13%)2 Year US Treasury Notes Futures 5* 30/09/2015 USD 22 9,969 -30 Year Euro Buxl Futures 5* 08/09/2015 EUR (134) 662,258 0.14Euro Bobl Futures 5* 08/09/2015 EUR 875 25,014 0.01Euro Schatz Futures 5* 08/09/2015 EUR (399) 440 -Long Gilt Futures 5* 28/09/2015 GBP (48) 115,877 0.02Ogbm Put 127.75 Futures 5* 21/08/2015 EUR (102) 24,000 0.01Ogbm Put 129.25 Futures 5* 24/07/2015 EUR (167) 23,258 0.01


Options purchased (2014: Nil)

Expiry Notional Fair value % ofCurrency date amount US$ Net assets

Call at 0.50 Euro 10 Year 9* EUR 11/11/2015 9,700,000 6,421 -Call at 1.00 Euro 30 Year 10* EUR 12/08/2015 3,700,000 7,434 -Call at 1.15 Euro 30 Year 7* EUR 12/08/2015 7,900,000 37,627 0.02Call at 1.36 Euro 30 Year 8* EUR 12/08/2015 4,100,000 2,913 -Put at 1,100 Euro Future Option 5* USD 02/07/2015 8,625,000 13,800 -

––––––––––– –––––––Unrealised gain on options purchased 68,195 0.02


Total Financial assets at fair value through profit or loss 433,809,762 97.88

Financial assets at amortised cost (2014: Nil)Reverse repurchase agreements (2014: Nil)

Par Value/ Carrying value % ofShares Currency Description US$ Net assets

800,000 USD Reverse repurchase agreement with Goldman Sachs, 0.35%, (collateral: Freddie Mac Gold Pool, 0.00% due 01/03/43), to be repurchased on demand at face value plus accrued interest with a stated maturity date of 01/07/15 800,000 0.18

––––––––––– –––––––Total reverse repurchase agreements 800,000 0.18

Money Market Instruments (2014: Nil)


Ireland (2014:Nil)Weinberg Capital 0.00 13/07/2015 EUR 1,300,000 1,448,429 0.33Weinberg Capital 0.00 13/07/2015 EUR 5,800,000 6,462,242 1.46

––––––––––– –––––––Total money market instruments 7,910,671 1.79

Total investments at amortised cost 8,710,671 1.97



(continued)

164MGI Funds plc


Financial liabilities at fair value through profit or loss (2014: (3.79)%)Financial derivative instruments (2014: (3.79)%)Open forward foreign currency contracts (2014: (2.83)%)AUD 15* 10,340,773 USD 7,967,669 02/07/2015 (19,752) -BRL 9* 602,133 USD 221,535 02/07/2015 (27,699) (0.01)EUR 4* 2,125,000 USD 2,385,751 02/07/2015 (18,076) -EUR 15* 4,046,000 USD 4,559,045 02/07/2015 (50,992) (0.01)EUR 10* 55,178,822 USD 61,748,953 02/07/2015 (268,715) (0.06)EUR 9* 21,984,000 USD 24,798,191 02/07/2015 (303,620) (0.07)EUR 13* 102,942,806 USD 115,352,860 02/07/2015 (653,994) (0.15)EUR 7* 5,180,000 USD 5,808,861 04/08/2015 (34,838) (0.01)GBP 9* 560,000 USD 884,016 02/07/2015 (3,303) -GBP 8* 22,349,000 USD 35,199,675 02/07/2015 (51,393) (0.01)MXN 3* 108,050,923 USD 6,967,881 07/07/2015 (83,984) (0.02)MXN 11* 92,779,077 USD 6,001,622 07/07/2015 (90,691) (0.02)MXN 13* 200,830,000 USD 12,807,627 30/09/2015 (88,555) (0.02)NOK 6* 22,275,000 USD 2,833,554 02/07/2015 (2,286) -NOK 14* 2,822,180,331 USD 362,296,408 07/07/2015 (3,622,724) (0.82)PLN 2* 6,788,000 USD 1,827,802 30/07/2015 (24,216) (0.01)PLN 9* 1,969,000 USD 549,726 30/07/2015 (26,559) (0.01)PLN 4* 2,455,000 USD 685,956 30/07/2015 (33,657) (0.01)PLN 8* 12,752,000 USD 3,427,858 30/07/2015 (39,625) (0.01)USD 7* 1,835,684 CHF 1,713,000 12/08/2015 (126) -USD 9* 9,482,366 DKK 64,165,000 01/07/2015 (101,222) (0.02)USD 3* 5,334,322 DKK 36,660,000 01/07/2015 (141,161) (0.03)USD 12* 14,929,531 DKK 99,940,000 01/10/2015 (37,148) (0.01)USD 10* 3,515,630 EUR 3,193,000 02/07/2015 (42,010) (0.01)USD 4* 4,734,415 EUR 4,313,000 02/07/2015 (71,129) (0.02)USD 8* 66,234,052 EUR 60,574,459 02/07/2015 (1,258,006) (0.28)USD 15* 119,070,827 EUR 109,136,169 02/07/2015 (2,528,684) (0.57)USD 14* 1,802,632 EUR 1,635,076 07/07/2015 (19,286) -USD 1* 35,693,353 GBP 23,228,000 02/07/2015 (837,333) (0.19)USD 3* 3,424,398 JPY 422,900,000 02/07/2015 (31,656) (0.01)USD 4* 12,610,452 MXN 199,354,063 30/09/2015 (15,145) -USD 14* 616,316 SEK 5,262,281 07/07/2015 (17,941) -


Interest rate swaps (2014: (0.76)%)


Fixed 1.080% 5* SEK 3 Month Stibor 26/01/2025 SEK (1,700,000) (8,196) -Fixed 1.085% 5* SEK 3 Month Stibor 26/01/2025 SEK (2,000,000) (9,527) -GBP 6 Month Libor 5* Fixed 2.250% 17/12/2019 GBP (600,000) (24,450) (0.01)JPY 6 Month Libor 5* Fixed 0.750% 20/12/2024 JPY (1,750,000,000) (218,135) (0.05)

––––––––––– –––––––Interest rate swaps at negative fair value (260,308) (0.06)



(continued)

165MGI Funds plc



(continued)



Financial liabilities at fair value through profit or loss (2014: (3.79)%) (continued)Financial derivative instruments (2014: (3.79)%) (continued)Futures contracts (2014: (0.18)%)10 Year US Treasury Notes Futures 5* 21/09/2015 USD (56) (30,494) (0.01)Euro Bund Futures 5* 08/09/2015 EUR (43) (4,847) -


Options written (2014: Nil)Expiry Notional Fair value % of

Currency date amount US$ Net assets

Put at 1.50 Euro 30 Year 9* EUR 11/11/2015 (9,700,000) (106,702) (0.02)Put at 1.65 Euro 30 Year 10* EUR 12/08/2015 (3,700,000) (190,006) (0.04)Put at 2.01 Euro 30 Year 8* EUR 12/08/2015 (4,100,000) (5,472) -

––––––––––– –––––––Unrealised loss on options written (302,180) (0.06)



Total financial derivative instruments (5,772,682) 1.30



Cash (2014: 2.35%) 10,755,961 2.43

Net current assets (2014: (0.34)%) 1,052,069 0.24––––––––––– –––––––


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

Financial assets at fair value through profit or lossTransferable securitiesAsset backed securitiesNetherlands 0.09%Corporate bondsBritish Virgin Islands 0.96%Guernsey 0.15%New Zealand 0.25%Government bondsKorea 0.38%New Zealand 2.03%Philippines 0.49%Municipal bondsSpain 0.91%Financial derivative instrumentsCredit default swaps (0.02%)

166MGI Funds plc


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 93.00Transferable securities and money market instruments other than those admitted to an official stock exchange listing or traded on a regular market 2.74Financial derivative instruments dealt in on a regulated market 0.19OTC financial derivative instruments 0.98Other current assets 3.09

–––––––100.00

––––––––––––––


Reference Counterparty1* Bank of America2* Barclays3* BNP Paribas4* Citibank5* Credit Suisse6* Deutsche Bank7* Goldman Sachs8* HSBC9* JPMorgan Chase10* Morgan Stanley Bank11* Nomura Global12* Societe Generale13* Standard Chartered Bank14* State Street Bank15* UBS


‡Held by broker as collateral for over the counter derivative instruments.

Federal Home Loan Pool U99040 (Principal Amount 889,000) is pledged by Goldman Sachs and held by the Sub-Fund in respect of reverse repurchase agreements.



(continued)

167MGI Funds plc

MGI Funds plcMercer Global Buy & Maintain Credit Fund



Financial assets at fair value through profit or loss (2014: 98.08%)Transferable securities (2014: 96.19%)Corporate bonds (2014: 91.86%)Australia (2014: 1.61%)APT Pipelines 1.38 22/03/2022 EUR 1,750,000 1,909,122 0.27BHP Billiton Finance 3.25 21/11/2021 USD 1,200,000 1,220,641 0.17BHP Billiton Finance 3.85 30/09/2023 USD 250,000 257,168 0.04Brambles Finance 2.38 12/06/2024 EUR 1,250,000 1,456,715 0.20Rio Tinto Finance 9.00 01/05/2019 USD 710,000 887,011 0.12Scentre Group Trust 1 2.25 16/07/2024 EUR 2,000,000 2,275,894 0.32Scentre Group Trust 1 3.88 16/07/2026 GBP 2,097,000 3,477,499 0.48SGSP Australia Assets 2.00 30/06/2022 EUR 1,900,000 2,152,918 0.30Sydney Airport Finance 3.38 30/04/2025 USD 3,400,000 3,277,940 0.45Telstra 4.80 12/10/2021 USD 1,520,000 1,704,146 0.24Telstra 3.13 07/04/2025 USD 2,000,000 1,957,624 0.27Wesfarmers 2.75 02/08/2022 EUR 2,090,000 2,540,293 0.35

––––––––––– –––––––23,116,971 3.21

Belgium (2014: 0.71%)Anheuser-Busch InBev 9.75 30/07/2024 GBP 175,000 412,193 0.06Anheuser-Busch InBev 4.00 24/09/2025 GBP 220,000 368,058 0.05Brussels Airport 3.25 01/07/2020 EUR 400,000 492,985 0.07Eandis 2.88 09/10/2023 EUR 1,900,000 2,356,914 0.33Elia System Operator 3.25 04/04/2028 EUR 600,000 761,864 0.10

––––––––––– –––––––4,392,014 0.61

Bermuda (2014: 0.75%)Holcim GB Finance 8.75 24/04/2017 GBP 500,000 884,678 0.12Novartis Securities Investment 5.13 10/02/2019 USD 1,415,000 1,575,326 0.22Ooredoo International Finance 4.75 16/02/2021 USD 1,200,000 1,303,054 0.18Ooredoo International Finance 4.75 16/02/2021 USD 1,350,000 1,465,935 0.20

––––––––––– –––––––5,228,993 0.72

Brazil (2014: 0.41%)Vale Overseas 6.25 23/01/2017 USD 2,600,000 2,751,746 0.38

––––––––––– –––––––British Virgin Islands (2014: 0.38%)CNOOC Finance 2011 4.25 26/01/2021 USD 2,800,000 2,941,882 0.41

––––––––––– –––––––Canada (2014: 0.43%)Agrium 4.90 01/06/2043 USD 3,000,000 2,898,768 0.40Canadian National Railway 5.55 01/03/2019 USD 1,200,000 1,349,562 0.19Cenovus Energy 3.00 15/08/2022 USD 1,700,000 1,610,186 0.22Glencore Canada Financial 7.38 27/05/2020 GBP 1,100,000 2,046,512 0.29

––––––––––– –––––––7,905,028 1.10

Channel Islands (2014: 0.54%)Credit Suisse Group Funding Guernsey 3.75 26/03/2025 USD 1,600,000 1,543,374 0.22Gatwick Funding 4.63 27/03/2034 GBP 1,000,000 1,664,626 0.23Hutchison Whampoa International 7.63 09/04/2019 USD 3,000,000 3,553,230 0.49Porterbrook Rail Finance 5.50 20/04/2019 GBP 1,660,000 2,890,258 0.40

––––––––––– –––––––9,651,488 1.34

China (2014: 0.38%)Alibaba Group Holding 3.13 28/11/2021 USD 3,500,000 3,463,782 0.48Tencent Holdings 4.63 12/12/2016 USD 2,550,000 2,663,317 0.37

––––––––––– –––––––6,127,099 0.85

Czech Republic (2014: 0.53%)CEZ 4.25 03/04/2022 USD 3,650,000 3,831,664 0.53

––––––––––– –––––––

168MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)Denmark (2014: Nil)Danfoss 1.38 23/02/2022 EUR 1,200,000 1,341,873 0.19

––––––––––– –––––––Finland (2014: Nil)Elenia Finance 2.88 17/12/2020 EUR 1,750,000 2,086,448 0.29

––––––––––– –––––––France (2014: 5.76%)Aeroports de Paris 2.75 05/06/2028 EUR 500,000 612,283 0.09Areva 3.88 23/09/2016 EUR 600,000 681,850 0.10Areva 4.63 05/10/2017 EUR 1,500,000 1,735,871 0.24Autoroutes du Sud de la France 2.95 17/01/2024 EUR 1,300,000 1,592,235 0.22BNP Paribas 5.00 15/01/2021 USD 1,910,000 2,112,712 0.29BNP Paribas 3.25 03/03/2023 USD 800,000 795,336 0.11Casino Guichard Perrachon 3.16 06/08/2019 EUR 1,100,000 1,327,750 0.18Casino Guichard Perrachon 2.80 05/08/2026 EUR 1,400,000 1,560,486 0.22Danone 3.00 15/06/2022 USD 3,700,000 3,666,348 0.51Electricite de France 6.25 30/05/2028 GBP 300,000 591,843 0.08Electricite de France 5.88 18/07/2031 GBP 1,625,000 3,087,890 0.43Electricite de France 6.95 26/01/2039 USD 2,500,000 3,254,018 0.45Eutelsat 3.13 10/10/2022 EUR 700,000 863,838 0.12Kering 1.38 01/10/2021 EUR 2,300,000 2,562,921 0.36Klepierre 4.75 14/03/2021 EUR 1,800,000 2,400,111 0.33RCI Banque 2.88 22/01/2018 EUR 600,000 704,709 0.10Societe Des Autoroutes Paris-Rhin-Rhone 1.88 15/01/2025 EUR 1,700,000 1,883,791 0.26Total Capital 4.25 15/12/2021 USD 1,680,000 1,835,481 0.26Total Capital International 2.88 19/11/2025 EUR 3,100,000 3,846,556 0.53Vinci 3.38 30/03/2020 EUR 2,000,000 2,482,431 0.34

––––––––––– –––––––37,598,460 5.22

Germany (2014: 1.12%)Deutsche Post 2.75 09/10/2023 EUR 2,200,000 2,711,331 0.38Lanxess 4.13 23/05/2018 EUR 1,900,000 2,333,925 0.32Vier Gas Transport 3.13 10/07/2023 EUR 1,950,000 2,433,307 0.34

––––––––––– –––––––7,478,563 1.04

Hong Kong (2014: 0.44%)Li & Fung 5.50 16/05/2017 USD 2,860,000 3,040,984 0.42

––––––––––– –––––––Ireland (2014: 1.17%)ESB Finance 2.13 08/06/2027 EUR 1,578,000 1,729,601 0.24GE Capital UK Funding 5.88 04/11/2020 GBP 1,470,000 2,709,687 0.38GE Capital UK Funding 4.13 13/09/2023 GBP 200,000 341,318 0.05Russian Railways via RZD Capital 5.74 03/04/2017 USD 2,650,000 2,698,363 0.37Willow No.2 Ireland for Zurich Insurance 3.38 27/06/2022 EUR 1,500,000 1,874,669 0.26

––––––––––– –––––––9,353,638 1.30

Italy (2014: 3.20%)Atlantia 6.25 09/06/2022 GBP 1,610,000 3,037,384 0.42Eni 4.88 11/10/2017 EUR 1,930,000 2,363,468 0.33Intesa Sanpaolo 3.63 12/08/2015 USD 950,000 952,378 0.13Intesa Sanpaolo 4.00 09/11/2017 EUR 1,930,000 2,293,534 0.32Intesa Sanpaolo 3.00 28/01/2019 EUR 550,000 647,756 0.09Luxottica Group 3.63 19/03/2019 EUR 900,000 1,113,448 0.15Luxottica Group 2.63 10/02/2024 EUR 1,000,000 1,204,147 0.17Snam 3.88 19/03/2018 EUR 1,900,000 2,295,423 0.32Snam 1.50 21/04/2023 EUR 1,127,000 1,218,539 0.17

––––––––––– –––––––15,126,077 2.10

169MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)Japan (2014: 0.06%)Nomura Holdings 2.00 13/09/2016 USD 400,000 403,032 0.06

––––––––––– –––––––Korea (2014: 1.15%)Korea Gas 2.25 25/07/2017 USD 2,850,000 2,886,409 0.40Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 2,670,000 2,663,552 0.37Korea Hydro & Nuclear Power 3.25 15/06/2025 USD 900,000 895,370 0.12KT 3.88 20/01/2017 USD 2,610,000 2,699,768 0.38

––––––––––– –––––––9,145,099 1.27

Luxembourg (2014: 1.97%)Actavis Funding SCS 3.80 15/03/2025 USD 2,500,000 2,460,735 0.34Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 1,400,000 1,296,596 0.18Glencore Finance Europe 6.50 27/02/2019 GBP 600,000 1,066,781 0.15Petroleos Mexicanos 8.25 02/06/2022 GBP 250,000 498,423 0.07Schlumberger Investment 3.30 14/09/2021 USD 1,700,000 1,752,198 0.24Schlumberger Investment 3.65 01/12/2023 USD 1,300,000 1,345,811 0.19SES 4.63 09/03/2020 EUR 1,900,000 2,465,331 0.34SES 3.60 04/04/2023 USD 500,000 508,623 0.07Telecom Italia Capital 5.25 01/10/2015 USD 1,680,000 1,696,128 0.23Tyco International Finance 3.38 15/10/2015 USD 1,400,000 1,409,303 0.20

––––––––––– –––––––14,499,929 2.01

Mexico (2014: 1.49%)America Movil 5.00 16/10/2019 USD 2,020,000 2,226,020 0.31America Movil 5.00 30/03/2020 USD 2,500,000 2,770,500 0.38Grupo Bimbo 4.50 25/01/2022 USD 2,650,000 2,783,825 0.39Grupo Bimbo SAB de CV 4.50 25/01/2022 USD 100,000 105,050 0.01Petroleos Mexicanos 6.38 05/08/2016 EUR 1,150,000 1,363,559 0.19Petroleos Mexicanos 3.50 23/07/2020 USD 1,400,000 1,418,872 0.20Petroleos Mexicanos 3.13 27/11/2020 EUR 364,000 426,253 0.06

––––––––––– –––––––11,094,079 1.54

Netherlands (2014: 7.73%)Achmea 2.50 19/11/2020 EUR 3,087,000 3,630,625 0.50Airbus Group Finance 2.38 02/04/2024 EUR 2,463,000 2,944,879 0.41Cooperatieve Centrale Raiffeisen-Boerenleenbank 5.25 24/05/2041 USD 3,400,000 3,738,545 0.52Daimler International Finance 3.50 06/06/2019 GBP 1,720,000 2,862,578 0.40Delta Lloyd 4.25 17/11/2017 EUR 2,490,000 3,005,868 0.42Enel Finance International 5.13 07/10/2019 USD 3,100,000 3,401,779 0.47LYB International Finance 4.88 15/03/2044 USD 2,450,000 2,389,426 0.33Nomura Europe Finance 1.88 29/05/2018 EUR 1,200,000 1,379,796 0.19Petrobras International Finance 5.75 20/01/2020 USD 3,000,000 2,980,020 0.41RWE Finance 6.50 20/04/2021 GBP 1,150,000 2,123,958 0.30RWE Finance 5.50 06/07/2022 GBP 500,000 892,126 0.12Shell International Finance 2.00 15/11/2018 USD 1,210,000 1,223,734 0.17Shell International Finance 6.38 15/12/2038 USD 810,000 1,021,914 0.14Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 3,370,000 4,113,291 0.57Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 700,000 854,393 0.12Urenco Finance 4.00 05/05/2017 EUR 700,000 829,498 0.12Urenco Finance 2.50 15/02/2021 EUR 2,500,000 2,896,121 0.40Vonovia Finance 3.63 08/10/2021 EUR 1,300,000 1,614,317 0.22Vonovia Finance 1.50 31/03/2025 EUR 1,300,000 1,341,401 0.19

––––––––––– –––––––43,244,269 6.00

Norway (2014: 0.61%)Statoil 4.80 08/11/2043 USD 2,500,000 2,657,390 0.37

––––––––––– –––––––

170MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)Singapore (2014: 0.42%)PSA International Pte 3.88 11/02/2021 USD 2,840,000 3,026,159 0.42

––––––––––– –––––––Spain (2014: 1.74%)Enagas 4.38 06/07/2015 EUR 1,200,000 1,337,789 0.19Enagas Financiaciones 2.50 11/04/2022 EUR 1,300,000 1,524,492 0.21Telefonica Emisiones 5.38 02/02/2018 GBP 550,000 934,446 0.13Telefonica Emisiones 5.60 12/03/2020 GBP 1,300,000 2,267,367 0.31

––––––––––– –––––––6,064,094 0.84

Sweden (2014: 0.77%)Swedish Match 3.13 03/04/2019 EUR 1,200,000 1,448,790 0.20TeliaSonera 3.63 14/02/2024 EUR 1,950,000 2,555,334 0.36TeliaSonera 4.38 05/12/2042 GBP 450,000 747,864 0.10

––––––––––– –––––––4,751,988 0.66

Switzerland (2014: Nil)Credit Suisse 3.63 09/09/2024 USD 2,500,000 2,488,035 0.34

––––––––––– –––––––Turkey (2014: 0.37%)Akbank 5.13 22/07/2015 USD 2,610,000 2,614,385 0.36

––––––––––– –––––––United Arab Emirates (2014: 0.75%)Dolphin Energy 5.50 15/12/2021 USD 2,510,000 2,849,412 0.39

––––––––––– –––––––United Kingdom (2014: 16.48%)Aggregate Industries Holdings 7.25 31/05/2016 GBP 328,000 542,528 0.08Anglian Water Services Financing 5.84 30/07/2022 GBP 500,000 941,017 0.13Aviva 9.50 20/06/2016 GBP 350,000 593,435 0.08Babcock International Group 1.75 06/10/2022 EUR 1,000,000 1,112,443 0.15BAE Systems 3.50 11/10/2016 USD 820,000 842,947 0.12Barclays Bank 6.75 22/05/2019 USD 2,440,000 2,831,022 0.39BAT International Finance 7.25 12/03/2024 GBP 775,000 1,581,991 0.22BAT International Finance 2.75 25/03/2025 EUR 700,000 838,873 0.12BAT International Finance 4.00 04/09/2026 GBP 350,000 579,088 0.08BP Capital Markets 4.50 01/10/2020 USD 1,000,000 1,094,640 0.15British Telecommunications 9.63 15/12/2030 USD 600,000 892,595 0.12BUPA Finance 7.50 04/07/2016 GBP 2,320,000 3,866,453 0.54BUPA Finance 3.38 17/06/2021 GBP 1,400,000 2,261,607 0.31Compass Group 3.85 26/06/2026 GBP 1,500,000 2,516,226 0.35Coventry Building Society 6.00 16/10/2019 GBP 1,970,000 3,579,910 0.50Diageo Finance 2.38 20/05/2026 EUR 2,600,000 2,965,793 0.41Ensco 4.70 15/03/2021 USD 3,000,000 3,059,592 0.42Experian Finance 3.50 15/10/2021 GBP 600,000 985,596 0.14FCE Bank 2.88 03/10/2017 EUR 500,000 584,453 0.08FCE Bank 3.25 19/11/2020 GBP 450,000 723,739 0.10GlaxoSmithKline Capital 3.38 20/12/2027 GBP 500,000 790,647 0.11GlaxoSmithKline Capital 6.38 09/03/2039 GBP 400,000 871,585 0.12Great Rolling Stock 6.25 27/07/2020 GBP 1,530,000 2,777,844 0.39Greene King Finance 5.32 15/09/2031 GBP 1,562,539 2,816,191 0.39Hammerson 2.75 26/09/2019 EUR 900,000 1,071,008 0.15Heathrow Funding 5.23 15/02/2023 GBP 500,000 896,153 0.12Heathrow Funding 4.63 31/10/2046 GBP 600,000 1,010,083 0.14High Speed Rail Finance 1 4.38 01/11/2038 GBP 700,000 1,216,922 0.17HSBC Bank 4.75 19/01/2021 USD 880,000 970,674 0.13HSBC Holdings 6.50 20/05/2024 GBP 1,000,000 1,953,686 0.27HSBC Holdings 6.10 14/01/2042 USD 3,060,000 3,711,737 0.52Imperial Tobacco Finance 8.38 17/02/2016 EUR 350,000 409,560 0.06

171MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)United Kingdom (2014: 16.48%) (continued)Imperial Tobacco Finance 9.00 17/02/2022 GBP 1,580,000 3,301,071 0.46Imperial Tobacco Finance 8.13 15/03/2024 GBP 300,000 618,303 0.09Imperial Tobacco Finance 3.38 26/02/2026 EUR 750,000 893,118 0.12Imperial Tobacco Finance 4.88 07/06/2032 GBP 600,000 993,390 0.14Leeds Building Society 1.38 05/05/2022 EUR 1,000,000 1,074,053 0.15Lloyds Bank 6.75 24/10/2018 GBP 750,000 1,359,653 0.19Lloyds Bank 2.30 27/11/2018 USD 200,000 202,279 0.03Lloyds Bank 7.50 15/04/2024 GBP 2,440,000 5,072,391 0.70National Grid Electricity Transmission 5.88 02/02/2024 GBP 279,000 538,502 0.07Places for People Homes 5.09 31/07/2024 GBP 1,710,000 3,069,644 0.43Rio Tinto Finance 2.25 14/12/2018 USD 1,200,000 1,207,710 0.17Royal Bank of Scotland Group 1.50 28/11/2016 EUR 800,000 899,050 0.12Royal Bank of Scotland Group 1.63 25/06/2019 EUR 800,000 895,321 0.12Royal Bank of Scotland Group 6.40 21/10/2019 USD 3,230,000 3,613,023 0.50Scotland Gas Networks 4.75 21/02/2017 GBP 1,620,000 2,685,495 0.37Southern Gas Networks 2.50 03/02/2025 GBP 221,000 327,011 0.05SSE 2.00 17/06/2020 EUR 1,000,000 1,170,572 0.16SSE 2.38 10/02/2022 EUR 1,500,000 1,783,375 0.25State Grid Europe Development 2014 1.50 26/01/2022 EUR 3,400,000 3,742,214 0.52Tesco 6.13 24/02/2022 GBP 2,340,000 4,004,154 0.56Tesco 5.00 24/03/2023 GBP 900,000 1,433,215 0.20Tesco Property Finance 6 5.41 13/07/2044 GBP 249,580 363,360 0.05THFC Funding No 3 5.20 11/10/2043 GBP 300,000 577,169 0.08Vodafone Group 5.63 27/02/2017 USD 1,333,000 1,416,903 0.20Vodafone Group 7.88 15/02/2030 USD 1,970,000 2,449,847 0.34Vodafone Group 4.38 19/02/2043 USD 700,000 604,929 0.08Western Power Distribution South Wales 9.25 09/11/2020 GBP 350,000 731,630 0.10Western Power Distribution West Midlands 3.88 17/10/2024 GBP 950,000 1,578,091 0.22WPP Finance 2010 4.75 21/11/2021 USD 2,850,000 3,111,998 0.43WPP Finance 2010 3.75 19/09/2024 USD 350,000 349,540 0.05Yorkshire Building Society 2.13 18/03/2019 EUR 1,200,000 1,384,200 0.19Yorkshire Water Services Bradford Finance 6.00 21/08/2019 GBP 800,000 1,446,008 0.20

––––––––––– –––––––103,787,257 14.40

United States of America (2014: 38.89%)21st Century Fox America 6.90 01/03/2019 USD 1,470,000 1,708,265 0.24AbbVie 2.00 06/11/2018 USD 3,180,000 3,183,956 0.44AbbVie 3.60 14/05/2025 USD 2,163,000 2,142,296 0.30ACE INA Holdings 2.70 13/03/2023 USD 1,680,000 1,634,711 0.23Adobe Systems 3.25 01/02/2025 USD 3,500,000 3,385,931 0.47ADT 2.25 15/07/2017 USD 700,000 694,890 0.10Alabama Power 3.55 01/12/2023 USD 1,685,000 1,726,057 0.24Altria Group 4.00 31/01/2024 USD 3,300,000 3,357,123 0.47American Express 6.15 28/08/2017 USD 2,065,000 2,260,878 0.31American International Group 6.40 15/12/2020 USD 170,000 202,341 0.03Ameriprise Financial 5.30 15/03/2020 USD 2,450,000 2,770,930 0.38Amgen 4.00 13/09/2029 GBP 2,000,000 3,177,014 0.44Anadarko Petroleum 6.95 15/06/2019 USD 900,000 1,046,339 0.15Anadarko Petroleum 6.45 15/09/2036 USD 1,400,000 1,620,360 0.22Anheuser-Busch InBev Worldwide 4.38 15/02/2021 USD 450,000 490,770 0.07Anheuser-Busch InBev Worldwide 8.20 15/01/2039 USD 540,000 805,424 0.11Anthem 7.00 15/02/2019 USD 840,000 960,127 0.13Apache 3.63 01/02/2021 USD 1,000,000 1,032,526 0.14Apache 2.63 15/01/2023 USD 2,990,000 2,813,195 0.39Archer-Daniels-Midland 1.75 23/06/2023 EUR 1,500,000 1,682,456 0.23Arrow Electronics 3.00 01/03/2018 USD 550,000 559,048 0.08AT&T 2.63 01/12/2022 USD 3,040,000 2,860,859 0.40

172MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)United States of America (2014: 38.89%) (continued)AT&T 2.50 15/03/2023 EUR 300,000 347,906 0.05AT&T 3.40 15/05/2025 USD 2,200,000 2,102,494 0.29AT&T 5.35 01/09/2040 USD 1,000,000 987,884 0.14AT&T 4.80 15/06/2044 USD 600,000 561,010 0.08AvalonBay Communities 2.95 15/09/2022 USD 2,900,000 2,835,141 0.39AvalonBay Communities 3.45 01/06/2025 USD 736,000 725,239 0.10Bank of America 7.75 30/04/2018 GBP 1,500,000 2,732,949 0.38Bank of America 2.50 27/07/2020 EUR 400,000 473,454 0.07Bank of America 6.13 15/09/2021 GBP 200,000 369,520 0.05Bank of America 3.30 11/01/2023 USD 300,000 295,939 0.04Bank of America 5.88 07/02/2042 USD 1,430,000 1,655,075 0.23Bank of America 4.88 01/04/2044 USD 1,050,000 1,070,651 0.15Bear Stearns 7.25 01/02/2018 USD 1,150,000 1,303,215 0.18Berkshire Hathaway 4.50 11/02/2043 USD 800,000 803,955 0.11Berkshire Hathaway Energy 3.75 15/11/2023 USD 3,200,000 3,280,733 0.46Boston Properties 3.85 01/02/2023 USD 2,880,000 2,953,716 0.41Bristol-Myers Squibb 2.00 01/08/2022 USD 1,900,000 1,807,056 0.25Burlington Northern Santa Fe 4.70 01/10/2019 USD 370,000 408,229 0.06Burlington Northern Santa Fe 3.00 15/03/2023 USD 1,900,000 1,859,418 0.26Cameron International 6.38 15/07/2018 USD 700,000 779,262 0.11Capital One Bank 1.15 21/11/2016 USD 800,000 797,442 0.11Capital One Financial 4.75 15/07/2021 USD 3,690,000 4,035,816 0.56Capital One Financial 3.50 15/06/2023 USD 500,000 492,946 0.07Cigna 4.00 15/02/2022 USD 1,100,000 1,135,143 0.16Cigna 5.38 15/02/2042 USD 800,000 861,970 0.12Cisco Systems 4.45 15/01/2020 USD 2,580,000 2,822,695 0.39Cisco Systems 5.90 15/02/2039 USD 600,000 718,067 0.10Citigroup 8.50 22/05/2019 USD 530,000 646,989 0.09Citigroup 8.13 15/07/2039 USD 150,000 215,986 0.03Citigroup 4.95 07/11/2043 USD 2,690,000 2,799,553 0.39Comcast 5.70 01/07/2019 USD 1,770,000 2,013,764 0.28Comcast 5.50 23/11/2029 GBP 630,000 1,195,295 0.17Comcast 6.95 15/08/2037 USD 320,000 416,823 0.06Comcast 4.75 01/03/2044 USD 1,700,000 1,729,809 0.24Commonwealth Edison 3.70 01/03/2045 USD 355,000 319,567 0.04Continental Airlines 2007-1 Class A Pass Through Trust 5.98 19/04/2022 USD 606,383 676,117 0.09CSX 6.25 15/03/2018 USD 1,000,000 1,121,410 0.16CSX 3.70 30/10/2020 USD 1,175,000 1,241,386 0.17CVS Health 2.25 05/12/2018 USD 540,000 547,104 0.08CVS Health 4.13 15/05/2021 USD 1,190,000 1,274,505 0.18CVS Health 6.25 01/06/2027 USD 190,000 230,033 0.03CVS Health 6.13 15/09/2039 USD 2,800,000 3,319,056 0.46Delta Air Lines 2007-1 Class A Pass Through Trust 6.82 10/08/2022 USD 453,843 520,785 0.07Devon Energy 2.25 15/12/2018 USD 1,000,000 1,003,518 0.14Devon Energy 7.95 15/04/2032 USD 2,000,000 2,605,484 0.36Discovery Communications 5.63 15/08/2019 USD 1,540,000 1,723,557 0.24Dow Chemical 8.55 15/05/2019 USD 820,000 1,000,616 0.14Dow Chemical 4.13 15/11/2021 USD 1,000,000 1,050,313 0.15Dow Chemical 4.63 01/10/2044 USD 1,400,000 1,311,845 0.18Duke Energy 2.10 15/06/2018 USD 1,630,000 1,647,164 0.23Duke Energy Carolinas 4.25 15/12/2041 USD 500,000 493,075 0.07Eastman Chemical 2.40 01/06/2017 USD 1,280,000 1,301,679 0.18Eastman Chemical 3.60 15/08/2022 USD 1,740,000 1,761,513 0.24Eastman Chemical 4.65 15/10/2044 USD 1,250,000 1,188,846 0.16EI du Pont de Nemours & Co 5.75 15/03/2019 USD 1,340,000 1,520,010 0.21EMC 1.88 01/06/2018 USD 1,600,000 1,603,778 0.22Enterprise Products Operating 5.25 31/01/2020 USD 965,000 1,072,873 0.15

173MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)United States of America (2014: 38.89%) (continued)Enterprise Products Operating 5.10 15/02/2045 USD 1,700,000 1,659,707 0.23EOG Resources 3.90 01/04/2035 USD 1,200,000 1,138,277 0.16ERP Operating 4.63 15/12/2021 USD 1,620,000 1,769,613 0.25FedEx 2.70 15/04/2023 USD 755,000 725,823 0.10FedEx 4.00 15/01/2024 USD 1,000,000 1,039,081 0.14Fiserv 3.13 01/10/2015 USD 485,000 487,609 0.07Florida Power & Light 3.25 01/06/2024 USD 2,500,000 2,526,310 0.35Ford Motor Credit 8.13 15/01/2020 USD 750,000 916,778 0.13General Electric Capital 4.63 07/01/2021 USD 450,000 495,815 0.07General Electric Capital 5.50 07/06/2021 GBP 525,000 956,783 0.13General Electric Capital 6.75 15/03/2032 USD 500,000 650,185 0.09General Electric Capital 5.88 14/01/2038 USD 2,000,000 2,396,850 0.33General Mills 2.10 16/11/2020 EUR 1,988,000 2,323,625 0.32Genzyme 5.00 15/06/2020 USD 860,000 972,362 0.13Georgia-Pacific 5.40 01/11/2020 USD 1,400,000 1,564,615 0.22Gilead Sciences 4.50 01/04/2021 USD 2,500,000 2,744,997 0.38Gilead Sciences 4.40 01/12/2021 USD 2,000,000 2,186,112 0.30GlaxoSmithKline Capital 2.80 18/03/2023 USD 800,000 784,918 0.11Goldman Sachs Group 5.25 27/07/2021 USD 350,000 388,987 0.05Goldman Sachs Group 6.13 15/02/2033 USD 1,935,000 2,312,267 0.32Goldman Sachs Group 4.80 08/07/2044 USD 1,000,000 989,428 0.14Halliburton 6.70 15/09/2038 USD 650,000 811,182 0.11Halliburton 4.50 15/11/2041 USD 900,000 896,043 0.12Halliburton 4.75 01/08/2043 USD 500,000 514,934 0.07Hewlett-Packard 3.30 09/12/2016 USD 1,000,000 1,026,833 0.14Hewlett-Packard 2.60 15/09/2017 USD 500,000 509,313 0.07Home Depot 2.70 01/04/2023 USD 2,300,000 2,253,952 0.31Home Depot 5.88 16/12/2036 USD 2,890,000 3,485,256 0.48Home Depot 4.88 15/02/2044 USD 950,000 1,018,590 0.14International Business Machines 3.38 01/08/2023 USD 2,230,000 2,243,070 0.31International Paper 7.95 15/06/2018 USD 400,000 467,355 0.06Intuit 5.75 15/03/2017 USD 1,500,000 1,605,578 0.22Jabil Circuit 4.70 15/09/2022 USD 400,000 405,500 0.06Jefferies Group 5.13 13/04/2018 USD 1,680,000 1,786,278 0.25JM Smucker 3.50 15/03/2025 USD 3,600,000 3,534,062 0.49Johns Hopkins University 4.08 01/07/2053 USD 350,000 332,642 0.05Johnson & Johnson 4.38 05/12/2033 USD 570,000 605,152 0.08Johnson & Johnson 5.95 15/08/2037 USD 3,050,000 3,860,659 0.54Johnson & Johnson 4.50 05/12/2043 USD 570,000 608,824 0.08JPMorgan Chase & Co 4.50 24/01/2022 USD 3,240,000 3,475,185 0.48JPMorgan Chase & Co 5.40 06/01/2042 USD 170,000 188,246 0.03JPMorgan Chase & Co 4.85 01/02/2044 USD 2,280,000 2,361,391 0.33KeyCorp 5.10 24/03/2021 USD 2,480,000 2,754,943 0.38Kimberly-Clark 6.63 01/08/2037 USD 2,800,000 3,678,279 0.51Kinder Morgan Energy Partners 2.65 01/02/2019 USD 1,415,000 1,404,403 0.19Kinder Morgan Energy Partners 6.85 15/02/2020 USD 220,000 254,297 0.04Kraft Heinz Foods 2.00 30/06/2023 EUR 2,200,000 2,432,684 0.34Kroger 2.30 15/01/2019 USD 230,000 231,051 0.03Kroger 3.30 15/01/2021 USD 1,200,000 1,226,345 0.17Laboratory of America Holdings 3.75 23/08/2022 USD 2,690,000 2,724,811 0.38LG&E and KU Energy 3.75 15/11/2020 USD 1,200,000 1,255,298 0.17Lincoln National 6.25 15/02/2020 USD 1,070,000 1,239,313 0.17Lorillard Tobacco 2.30 21/08/2017 USD 1,550,000 1,556,247 0.22Lowe's 3.13 15/09/2024 USD 3,542,000 3,535,869 0.49Magellan Midstream Partners 5.15 15/10/2043 USD 1,700,000 1,725,510 0.24Markel 4.90 01/07/2022 USD 1,000,000 1,072,865 0.15Maxim Integrated Products 2.50 15/11/2018 USD 1,295,000 1,306,197 0.18

174MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)United States of America (2014: 38.89%) (continued)Medtronic 4.63 15/03/2045 USD 2,500,000 2,537,012 0.35Merck & Co 3.88 15/01/2021 USD 1,080,000 1,158,718 0.16MetLife 7.72 15/02/2019 USD 1,030,000 1,230,533 0.17MetLife 4.37 15/09/2023 USD 1,200,000 1,277,736 0.18Microsoft 5.20 01/06/2039 USD 3,500,000 3,928,956 0.54Monsanto 2.85 15/04/2025 USD 845,000 777,879 0.11Morgan Stanley 5.50 24/07/2020 USD 750,000 841,667 0.12Morgan Stanley 3.70 23/10/2024 USD 605,000 603,256 0.08Morgan Stanley 6.38 24/07/2042 USD 1,900,000 2,337,773 0.32National Oilwell Varco 1.35 01/12/2017 USD 1,700,000 1,682,269 0.23NBCUniversal Media 2.88 15/01/2023 USD 1,950,000 1,895,613 0.26NiSource Finance 5.45 15/09/2020 USD 1,000,000 1,127,409 0.16NiSource Finance 4.80 15/02/2044 USD 195,000 199,603 0.03Noble Energy 8.25 01/03/2019 USD 1,355,000 1,615,720 0.22Norfolk Southern 5.90 15/06/2019 USD 1,850,000 2,101,478 0.29Novartis Capital 3.40 06/05/2024 USD 1,600,000 1,626,694 0.23Novartis Capital 4.40 06/05/2044 USD 3,300,000 3,416,091 0.47NYU Hospitals Center 5.75 01/07/2043 USD 1,450,000 1,658,816 0.23ONEOK Partners 3.38 01/10/2022 USD 3,450,000 3,178,864 0.44Oracle 5.75 15/04/2018 USD 1,020,000 1,135,276 0.16Oracle 2.50 15/10/2022 USD 500,000 482,280 0.07Pfizer 6.20 15/03/2019 USD 910,000 1,041,428 0.14Pfizer 3.00 15/06/2023 USD 1,000,000 997,432 0.14Philip Morris International 2.88 30/05/2024 EUR 2,050,000 2,501,522 0.35Pioneer Natural Resources 6.65 15/03/2017 USD 1,000,000 1,081,865 0.15Prologis 1.38 13/05/2021 EUR 1,600,000 1,740,551 0.24Prologis 3.38 20/02/2024 EUR 1,250,000 1,503,526 0.21Qwest 6.75 01/12/2021 USD 590,000 652,066 0.09Realty Income 5.95 15/09/2016 USD 1,050,000 1,105,985 0.15Realty Income 5.75 15/01/2021 USD 300,000 337,872 0.05Reliance Holdings 4.50 19/10/2020 USD 1,280,000 1,357,330 0.19Reliance Holdings 4.50 19/10/2020 USD 1,600,000 1,696,662 0.24Roche Holdings 7.00 01/03/2039 USD 2,600,000 3,636,311 0.50Roper Industries 2.05 01/10/2018 USD 1,700,000 1,697,018 0.24Ryder System 2.65 02/03/2020 USD 2,782,000 2,780,534 0.39SABMiller Holdings 3.75 15/01/2022 USD 2,810,000 2,905,961 0.40Simon Property Group 6.13 30/05/2018 USD 1,120,000 1,258,928 0.17Simon Property Group 3.75 01/02/2024 USD 1,900,000 1,948,349 0.27Starbucks 2.00 05/12/2018 USD 1,530,000 1,555,716 0.22State Street 3.70 20/11/2023 USD 2,000,000 2,068,202 0.29SunTrust Bank 2.75 01/05/2023 USD 1,700,000 1,638,659 0.23Target 4.00 01/07/2042 USD 3,900,000 3,694,271 0.51Time Warner 4.70 15/01/2021 USD 1,580,000 1,709,449 0.24Union Pacific 3.65 15/02/2024 USD 1,759,000 1,812,693 0.25Union Pacific 4.15 15/01/2045 USD 500,000 479,572 0.07United Technologies 6.13 01/02/2019 USD 1,150,000 1,314,589 0.18United Technologies 6.13 15/07/2038 USD 2,950,000 3,604,646 0.50United Technologies 4.50 01/06/2042 USD 950,000 967,363 0.13UnitedHealth Group 6.00 15/02/2018 USD 1,500,000 1,668,290 0.23UnitedHealth Group 4.70 15/02/2021 USD 1,170,000 1,291,262 0.18UnitedHealth Group 4.25 15/03/2043 USD 1,000,000 947,190 0.13Verizon Communications 4.60 01/04/2021 USD 2,070,000 2,227,239 0.31Verizon Communications 4.40 01/11/2034 USD 500,000 464,344 0.06Verizon Communications 6.55 15/09/2043 USD 2,900,000 3,404,098 0.47Verizon Communications 4.86 21/08/2046 USD 169,000 158,782 0.02Verizon Communications 4.52 15/09/2048 USD 259,000 228,451 0.03Verizon Communications 5.01 21/08/2054 USD 472,000 434,863 0.06

175MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Corporate bonds (2014: 91.86%) (continued)United States of America (2014: 38.89%) (continued)Verizon Communications 4.67 15/03/2055 USD 558,000 487,452 0.07Viacom 2.50 15/12/2016 USD 1,400,000 1,421,903 0.20Viacom 2.50 01/09/2018 USD 1,900,000 1,921,246 0.27Viacom 3.13 15/06/2022 USD 750,000 718,880 0.10Wachovia 5.75 15/06/2017 USD 740,000 803,994 0.11Wal-Mart Stores 7.55 15/02/2030 USD 690,000 979,291 0.14Wal-Mart Stores 6.50 15/08/2037 USD 2,840,000 3,656,807 0.51Wells Fargo & Co 4.60 01/04/2021 USD 1,810,000 1,984,323 0.28Wells Fargo & Co 2.25 02/05/2023 EUR 200,000 233,622 0.03Williams Partners 3.60 15/03/2022 USD 1,750,000 1,701,654 0.24Wisconsin Public Service 4.75 01/11/2044 USD 1,000,000 1,081,440 0.15Wm Wrigley Jr 3.38 21/10/2020 USD 1,505,000 1,552,740 0.22WR Berkley 4.63 15/03/2022 USD 1,000,000 1,064,765 0.15Xerox 6.75 01/02/2017 USD 800,000 862,078 0.12Xylem 3.55 20/09/2016 USD 700,000 718,301 0.10

––––––––––– –––––––315,218,331 43.74


Government bonds (2014: 0.17%)United States of America (2014: 0.15%)United States Treasury Bond 3.00 15/11/2044 USD 570,000 557,665 0.08United States Treasury Bond 2.50 15/02/2045 USD 200,000 176,058 0.02United States Treasury Note 0.88 15/06/2017 USD 5,000 5,023 -United States Treasury Note 2.00 15/02/2025 USD 200,000 194,328 0.03United States Treasury Note 2.13 15/05/2025 USD 300,000 294,586 0.04

––––––––––– –––––––Total government bonds 1,227,660 0.17

Mortgage backed securities (2014: 3.28%)United States of America (2014: 3.28%)CD 2007-CD4 Commercial Mortgage Trust 5.32 11/12/2049 USD 1,500,000 1,564,036 0.22Citigroup Commercial Mortgage Trust 2007-C6 5.71 10/12/2049 USD 2,300,000 2,462,244 0.34Citigroup Commercial Mortgage Trust 2013-GC17 2.96 10/11/2046 USD 1,300,000 1,344,492 0.19COMM 2013-CCRE11 Mortgage Trust 3.98 10/10/2046 USD 2,300,000 2,454,554 0.34COMM 2014-CCRE15 Mortgage Trust 2.93 10/02/2047 USD 3,000,000 3,098,658 0.43JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8 5.40 15/05/2045 USD 1,357,354 1,400,488 0.19JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 3.14 15/06/2045 USD 633,512 652,777 0.09JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 3.07 15/12/2046 USD 1,500,000 1,557,650 0.22ML-CFC Commercial Mortgage Trust 2006-3 5.41 12/07/2046 USD 636,652 656,876 0.09ML-CFC Commercial Mortgage Trust 2006-4 5.17 12/12/2049 USD 1,312,362 1,364,724 0.19Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 2.86 15/12/2048 USD 800,000 797,987 0.11Wachovia Bank Commercial Mortgage Trust Series 2005-C22 5.45 15/12/2044 USD 432,778 433,451 0.06Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.90 15/05/2043 USD 3,150,000 3,232,692 0.45Wachovia Bank Commercial Mortgage Trust Series 2006-C27 5.77 15/07/2045 USD 1,147,076 1,179,443 0.16

––––––––––– –––––––Total mortgage backed securities 22,200,072 3.08

Municipal Bonds (2014: 0.88%)United States of America (2014: 0.88%)Bay Area Toll Authority 6.92 01/04/2040 USD 500,000 650,055 0.09Los Angeles Department of Water & Power 6.57 01/07/2045 USD 500,000 656,515 0.09Maryland State Transportation Authority 5.89 01/07/2043 USD 560,000 701,042 0.10Missouri Highway & Transportation Commission 5.45 01/05/2033 USD 300,000 352,944 0.05New Jersey State Turnpike Authority 7.41 01/01/2040 USD 500,000 699,880 0.09Port Authority of New York & New Jersey 5.65 01/11/2040 USD 600,000 710,982 0.10

176MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Transferable securities (2014: 96.19%) (continued)Municipal Bonds (2014: 0.88%) (continued)United States of America (2014: 0.88%) (continued)Port Authority of New York & New Jersey 4.96 01/08/2046 USD 750,000 845,610 0.12Port Authority of New York & New Jersey 4.93 01/10/2051 USD 800,000 869,088 0.12State of California 7.63 01/03/2040 USD 500,000 732,815 0.10

––––––––––– –––––––Total municipal bonds 6,218,931 0.86

Total bonds 693,463,050 96.22




EUR 8* 171,993,158 USD 189,061,064 07/07/2015 2,585,984 0.36GBP 8* 348,441,362 USD 532,904,394 07/07/2015 15,069,578 2.09USD 2* 4,014,404 EUR 3,557,090 14/08/2015 48,819 0.01USD 3* 24,737,576 GBP 15,579,653 14/08/2015 242,745 0.03


Futures contracts (2014: Nil)



Long Gilt Futures 7* 28/09/2015 GBP (20) 33,499 -––––––––––– –––––––

Unrealised gain on futures contracts 33,499 -



EUR 6 Month Euribor 5* Fixed 0.63% 17/03/2025 EUR 1,000,000 54,174 0.01Fixed 0.40% 4* EUR 6 Month Euribor 02/12/2019 EUR 1,700,000 974 -Fixed 0.43% 4* USD 3 Month Libor 12/11/2015 USD 3,000,000 1,727 -Fixed 0.45% 4* EUR 6 Month Euribor 05/03/2016 EUR 620,000 2,472 -Fixed 0.49% 4* EUR 6 month Libor 29/04/2016 EUR 1,000,000 4,517 -Fixed 0.51% 4* EUR 6 month Libor 15/01/2016 EUR 750,000 3,284 -Fixed 0.56% 4* EUR 6 month Libor 07/10/2015 EUR 4,040,000 23,112 -Fixed 0.59% 4* EUR 6 month Libor 07/03/2017 EUR 500,000 5,217 -Fixed 0.65% 4* EUR 6 month Libor 30/01/2017 EUR 1,500,000 17,936 -Fixed 0.76% 5* EUR 6 month Libor 04/10/2016 EUR 2,700,000 41,453 0.01Fixed 0.77% 4* EUR 6 month Libor 29/04/2018 EUR 600,000 11,287 -Fixed 0.78% 5* USD 3 Month Libor 03/10/2016 USD 11,500,000 39,709 0.01Fixed 0.82% 5* USD 3 Month Libor 04/03/2017 USD 4,000,000 13,415 -Fixed 0.83% 5* USD 3 Month Libor 07/03/2017 USD 1,600,000 5,658 -Fixed 0.85% 4* USD 3 Month Libor 30/01/2017 USD 2,500,000 12,633 -Fixed 0.96% 5* USD 3 Month Libor 12/05/2017 USD 1,000,000 3,209 -Fixed 0.98% 5* EUR 6 Month Euribor 10/07/2021 EUR 3,500,000 105,647 0.01Fixed 1.00% 4* GBP 6 month Libor 28/01/2016 GBP 1,000,000 4,411 -Fixed 1.02% 5* USD 3 Month Libor 07/07/2017 USD 3,900,000 27,016 -

177MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 98.08%) (continued)Financial derivative instruments (2014: 1.89%) (continued)Interest rate swaps (2014: 0.34%) (continued)Fixed 1.04% 4* EUR 6 month Libor 14/02/2019 EUR 700,000 23,143 -Fixed 1.07% 6* EUR 6 Month Euribor 11/02/2018 EUR 1,190,000 35,518 -Fixed 1.10% 4* EUR 6 month Libor 13/11/2018 EUR 400,000 15,311 -Fixed 1.11% 5* USD 3 Month Libor 09/07/2017 USD 2,620,000 23,237 -Fixed 1.12% 4* EUR 6 month Libor 06/12/2018 EUR 1,060,000 41,356 0.01Fixed 1.13% 6* EUR 6 Month Euribor 10/07/2018 EUR 1,000,000 41,605 0.01Fixed 1.15% 5* EUR 6 Month Euribor 07/02/2018 EUR 1,300,000 42,100 0.01Fixed 1.15% 5* USD 3 Month Libor 05/05/2018 USD 1,500,000 411 -Fixed 1.15% 4* EUR 6 Month Euribor 05/02/2018 EUR 1,500,000 48,600 0.01Fixed 1.18% 5* USD 3 Month Libor 30/03/2018 USD 2,400,000 7,584 -Fixed 1.22% 5* USD 3 Month Libor 03/03/2018 USD 4,700,000 28,746 -Fixed 1.49% 5* EUR 6 Month Euribor 05/02/2020 EUR 1,600,000 94,872 0.01Fixed 1.56% 4* USD 3 Month Libor 26/07/2018 USD 600,000 9,379 -Fixed 2.27% 5* EUR 6 Month Euribor 07/02/2028 EUR 230,000 29,618 -Fixed 2.36% 6* EUR 6 Month Euribor 11/02/2033 EUR 130,000 18,121 -Fixed 2.69% 4* EUR 6 month Libor 13/11/2038 EUR 100,000 24,373 -Fixed 2.70% 3* EUR 6 Month Euribor 03/09/2033 EUR 200,000 45,613 0.01Fixed 2.83% 5* USD 3 Month Libor 05/08/2023 USD 300,000 16,426 -Fixed 2.95% 6* USD 3 Month Libor 03/04/2038 USD 350,000 7,991 -Fixed 2.97% 6* USD 3 Month Libor 19/02/2038 USD 850,000 25,497 -Fixed 3.00% 5* USD 3 Month Libor 03/06/2029 USD 3,200,000 136,190 0.02Fixed 3.05% 4* USD 3 Month Libor 24/05/2043 USD 240,000 7,726 -Fixed 3.17% 5* USD 3 Month Libor 03/06/2034 USD 2,500,000 146,355 0.03Fixed 3.21% 5* USD 3 Month Libor 05/03/2029 USD 600,000 46,150 0.01Fixed 3.24% 4* GBP 6 month Libor 05/03/2034 GBP 200,000 42,796 0.01Fixed 3.25% 4* GBP 6 month Libor 25/11/2033 GBP 300,000 61,419 0.01Fixed 3.26% 5* GBP 6 month Libor 07/07/2039 GBP 300,000 83,412 0.01Fixed 3.29% 4* USD 3 Month Libor 21/02/2029 USD 850,000 74,143 0.01Fixed 3.30% 4* USD 3 Month Libor 21/11/2028 USD 500,000 39,912 0.01Fixed 3.31% 4* USD 3 Month Libor 04/10/2028 USD 400,000 34,037 -Fixed 3.31% 4* GBP 6 month Libor 11/11/2033 GBP 100,000 22,140 -Fixed 3.32% 4* GBP 6 month Libor 30/09/2043 GBP 500,000 157,869 0.02Fixed 3.36% 4* GBP 6 month Libor 08/01/2034 GBP 170,000 42,446 0.01Fixed 3.46% 5* USD 3 Month Libor 03/04/2034 USD 700,000 75,560 0.01Fixed 3.47% 4* USD 3 Month Libor 05/11/2033 USD 1,300,000 138,455 0.03Fixed 3.57% 4* USD 3 Month Libor 05/11/2038 USD 640,000 84,225 0.01Fixed 3.63% 4* USD 3 Month Libor 04/10/2038 USD 1,100,000 157,850 0.03GBP 6 Month Libor 6* Fixed 1.66% 08/04/2022 GBP 400,000 11,716 -GBP 6 Month Libor 6* Fixed 1.58% 07/02/2020 GBP 1,400,000 6,007 -GBP 6 Month Libor 6* Fixed 1.17% 07/02/2018 GBP 1,200,000 3,107 -USD 3 Month Libor 5* Fixed 2.06% 24/04/2025 USD 4,800,000 139,082 0.03USD 3 Month Libor 5* Fixed 1.99% 09/04/2025 USD 800,000 27,458 -

––––––––––– –––––––Interest rate swaps at positive fair value 2,495,407 0.35



178MGI Funds plc



(continued)


Financial liabilities at fair value through profit or loss (2014: (0.66)%)Financial derivative instruments (2014: (0.66)%)Open forward foreign currency contracts (2014: (0.44)%)EUR 2* 11,050,000 GBP 8,074,909 11/09/2015 (368,897) (0.05)EUR 1* 13,673,722 USD 15,507,136 14/08/2015 (263,130) (0.04)EUR 2* 3,533,385 USD 4,000,000 11/09/2015 (59,206) (0.01)GBP 3* 787,807 USD 1,239,573 14/08/2015 (958) -USD 8* 158,052,791 EUR 143,798,349 07/07/2015 (2,177,590) (0.30)USD 8* 51,259,519 GBP 33,518,325 07/07/2015 (1,452,851) (0.20)USD 2* 16,100,000 GBP 10,393,487 11/09/2015 (237,577) (0.03)


Futures contracts (2014: Nil)



US Long Bond Futures 7* 21/09/2015 USD 34 (48,344) (0.01)––––––––––– –––––––

Unrealised loss on futures contracts (48,344) (0.01)

Interest rate swaps (2014: (0.22)%)


EUR 6 Month Euribor 4* Fixed 0.98% 26/06/2023 EUR (2,100,000) (7,616) -EUR 6 Month Euribor 4* Fixed 1.74% 04/07/2021 EUR (300,000) (26,518) -EUR 6 Month Euribor 5* Fixed 1.43% 10/07/2024 EUR (3,700,000) (185,509) (0.03)EUR 6 Month Libor 4* Fixed 1.96% 31/01/2024 EUR (300,000) (28,456) -EUR 6 Month Libor 4* Fixed 2.02% 04/12/2023 EUR (340,000) (35,624) -EUR 6 Month Libor 4* Fixed 1.83% 03/10/2021 EUR (500,000) (45,741) (0.01)EUR 6 Month Libor 4* Fixed 2.11% 03/10/2023 EUR (500,000) (58,723) (0.01)EUR 6 Month Libor 4* Fixed 1.57% 14/11/2020 EUR (1,000,000) (69,229) (0.01)EUR 6 Month Libor 4* Fixed 1.84% 05/12/2022 EUR (1,300,000) (116,056) (0.02)Fixed 0.80% 5*EUR 6 Month Euribor 27/04/2045 EUR (480,000) (120,827) (0.02)Fixed 1.55% 5*USD 3 Month Libor 24/04/2020 USD (4,400,000) (23,691) -GBP 6 Month Libor 4* Fixed 1.12% 02/10/2016 GBP (300,000) (1,760) -GBP 6 Month Libor 6* Fixed 0.84% 04/02/2016 GBP (1,000,000) (1,903) -GBP 6 Month Libor 5* Fixed 0.85% 05/02/2016 GBP (1,300,000) (2,495) -GBP 6 Month Libor 4* Fixed 1.00% 11/09/2023 GBP (110,000) (12,440) -GBP 6 Month Libor 6* Fixed 2.11% 04/02/2023 GBP (1,000,000) (13,524) -GBP 6 Month Libor 4* Fixed 2.60% 21/02/2022 GBP (200,000) (14,972) -GBP 6 Month Libor 4* Fixed 2.28% 12/11/2020 GBP (400,000) (16,828) -GBP 6 Month Libor 4* Fixed 2.20% 13/02/2023 GBP (750,000) (20,278) -GBP 6 Month Libor 4* Fixed 2.41% 29/01/2021 GBP (400,000) (24,147) -GBP 6 Month Libor 5* Fixed 2.15% 05/02/2023 GBP (1,400,000) (32,853) -GBP 6 Month Libor 4* Fixed 2.35% 04/02/2021 GBP (680,000) (36,988) (0.01)GBP 6 Month Libor 4* Fixed 3.11% 29/01/2028 GBP (300,000) (46,808) (0.01)GBP 6 Month Libor 4* Fixed 3.14% 28/01/2028 GBP (300,000) (48,351) (0.01)GBP 6 Month Libor 4* Fixed 3.08% 02/10/2028 GBP (500,000) (73,352) (0.01)GBP 6 Month Libor 4* Fixed 2.86% 07/03/2024 GBP (800,000) (83,443) (0.01)GBP 6 Month Libor 4* Fixed 2.73% 10/10/2023 GBP (1,000,000) (84,732) (0.01)GBP 6 Month Libor 6* Fixed 3.19% 07/02/2043 GBP (380,000) (99,773) (0.01)GBP 6 Month Libor 4* Fixed 3.21% 10/01/2029 GBP (660,000) (119,343) (0.02)GBP 6 Month Libor 4* Fixed 3.27% 06/03/2032 GBP (600,000) (124,361) (0.02)GBP 6 Month Libor 4* Fixed 3.30% 02/06/2032 GBP (650,000) (133,821) (0.02)GBP 6 Month Libor 5* Fixed 2.81% 13/06/2024 GBP (1,600,000) (146,741) (0.02)GBP 6 Month Libor 4* Fixed 3.28% 24/10/2043 GBP (530,000) (158,124) (0.02)

179MGI Funds plc


Financial liabilities at fair value through profit or loss (2014: (0.66)%) (continued)Financial derivative instruments (2014: (0.66)%) (continued)Interest rate swaps (2014: (0.22)%) (continued)GBP 6 Month Libor 4* Fixed 3.27% 20/03/2032 GBP (900,000) (184,070) (0.03)USD 3 Month Libor 4* Fixed 0.98% 11/02/2018 USD (6,600,000) (1,056) -USD 3 Month Libor 5* Fixed 1.69% 12/02/2020 USD (900,000) (5,933) -USD 3 Month Libor 4* Fixed 1.57% 14/11/2018 USD (1,200,000) (11,065) -USD 3 Month Libor 4* Fixed 1.54% 12/11/2018 USD (1,500,000) (12,432) -USD 3 Month Libor 4* Fixed 1.64% 31/01/2019 USD (1,800,000) (26,312) -USD 3 Month Libor 4* Fixed 1.56% 07/08/2018 USD (2,200,000) (32,483) -USD 3 Month Libor 5* Fixed 1.58% 03/10/2018 USD (5,150,000) (59,573) (0.01)USD 3 Month Libor 5* Fixed 3.05% 07/11/2044 USD (6,100,000) (209,879) (0.04)

––––––––––– –––––––Interest rate swaps at negative fair value (2,557,830) (0.35)





Cash (2014: 1.36%) 8,081,186 1.12




Financial assets at fair value through profit or lossTransferable securitiesCorporate bondsCayman Islands 1.18%Jersey 0.82%Government bondsGermany 0.02%


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 94.88OTC financial derivative instruments 2.80Other current assets 2.32

–––––––100.00

––––––––––––––


Reference Counterparty1* Barclays2* BNP Paribas3* Citibank4* Credit Suisse5* Deutsche Bank6* HSBC Bank7* Royal Bank of Scotland8* State Street BankCountry classifications are based upon country of incorporation and/or country of domicile.

Coca Cola Company, 3.15% November 2020 (Principal 315,000) and Mastercard Inc 2% 04/2019 (Principal 330,000) are pledged by Deutsche Bank and held by theSub-Fund in respect of OTC derivative financial instruments.



(continued)

180MGI Funds plc

MGI Funds plcMercer Passive Global Equity Fund



Financial assets at fair value through profit or loss (2014: 98.41%)Transferable securities (2014: 98.22%)Equities (2014: 98.22%)Australia (2014: 3.09%)AGL Energy 14,578 174,232 0.03Alumina 79,670 93,689 0.02Amcor 20,549 216,693 0.04AMP 44,034 203,744 0.04APA Group 16,337 103,467 0.02Asciano 15,807 80,793 0.01ASX 2,526 77,465 0.01Aurizon Holdings 45,556 179,624 0.03AusNet Services 8,492 9,105 -Australia & New Zealand Banking Group 44,842 1,109,791 0.20Bank of Queensland 14,550 142,809 0.03Bendigo & Adelaide Bank 7,063 66,555 0.01BHP Billiton 51,259 1,065,707 0.19Boral 22,501 101,171 0.02Brambles 23,565 191,988 0.03Caltex Australia 4,323 105,827 0.02CIMIC 361 6,035 -Coca-Cola Amatil 7,681 54,018 0.01Cochlear 137 8,440 -Commonwealth Bank of Australia 26,532 1,736,013 0.31Computershare 6,526 58,736 0.01Crown Resorts 4,859 45,562 0.01CSL 8,398 558,138 0.10Dexus Property Group REIT 13,426 75,330 0.01Federation Centres REIT 37,812 84,862 0.02Flight Centre Travel Group 1,584 41,528 0.01Fortescue Metals Group 18,377 26,978 0.01Goodman Group REIT 20,251 97,592 0.02GPT Group REIT 20,964 68,963 0.01Harvey Norman Holdings 673 2,333 -Iluka Resources 898 5,301 -Incitec Pivot 26,392 78,097 0.01Insurance Australia Group 36,460 156,369 0.03Lend Lease Group 6,980 80,633 0.01Macquarie Group 5,287 330,776 0.06Medibank Private 80,570 124,471 0.02Mirvac Group REIT 43,891 62,409 0.01National Australia Bank 44,683 1,143,977 0.21Newcrest Mining 9,423 94,298 0.02Orica 4,686 76,643 0.01Origin Energy 12,886 118,553 0.02Qantas Airways 1,504 3,653 -QBE Insurance Group 28,616 300,661 0.05Ramsay Health Care 1,841 86,980 0.02REA Group 223 6,720 -Rio Tinto 7,036 290,673 0.05Santos 15,155 91,205 0.02Scentre Group REIT 76,597 220,772 0.04Seek 5,164 55,805 0.01Sonic Healthcare 4,191 68,837 0.01South32 (Australia) 51,259 70,522 0.01South32 (UK) 35,289 47,729 0.01Stockland REIT 48,423 152,593 0.03Suncorp Group 24,659 254,538 0.05Sydney Airport 5,246 20,080 -Tabcorp Holdings 2,638 9,225 -Tatts Group 24,369 69,676 0.01


Australia (2014: 3.09%) (continued)Telstra 80,577 380,259 0.07Transurban Group 34,613 247,413 0.04Treasury Wine Estates 21,548 82,643 0.02Wesfarmers 17,803 534,062 0.10Westfield REIT 40,969 287,178 0.05Westpac Banking 49,772 1,229,890 0.22Woodside Petroleum 14,234 374,485 0.07Woolworths 21,784 451,396 0.08WorleyParsons 4,463 35,709 0.01

––––––––––– –––––––14,431,419 2.59

Austria (2014: 0.11%)ANDRITZ 1,194 66,052 0.01Erste Group Bank 2,848 80,838 0.02OMV 1,872 51,477 0.01Raiffeisen Bank International 464 6,747 -Voestalpine 1,896 78,861 0.01

––––––––––– –––––––283,975 0.05

Belgium (2014: 0.50%)Ageas 2,837 109,228 0.02Anheuser-Busch InBev 12,981 1,554,819 0.28Colruyt 1,311 58,670 0.01Delhaize Group 1,105 91,182 0.02Groupe Bruxelles Lambert 1,768 142,227 0.03KBC Groep 4,600 307,212 0.05Proximus 2,381 84,018 0.01Solvay 1,153 158,528 0.03Telenet Group Holding 151 8,208 -UCB 1,542 110,628 0.02Umicore 1,500 71,080 0.01

––––––––––– –––––––2,695,800 0.48

Bermuda (2014: 0.20%)Arch Capital Group 1,368 91,601 0.02Axis Capital Holdings 1,718 91,690 0.02Everest Re Group 949 172,727 0.03Marvell Technology Group 4,221 55,654 0.01Nabors Industries 3,720 53,680 0.01PartnerRe 652 83,782 0.01RenaissanceRe Holdings 1,101 111,762 0.02Seadrill 4,782 49,659 0.01Signet Jewelers 1,067 136,832 0.02

––––––––––– –––––––847,387 0.15

Canada (2014: 4.26%)Agnico Eagle Mines 2,234 63,453 0.01Agrium 2,327 246,726 0.04Alimentation Couche-Tard 7,096 303,688 0.06AltaGas 2,515 76,631 0.01ARC Resources 3,618 62,017 0.01Atco 288 9,110 -Bank of Montreal 10,009 593,349 0.11Bank of Nova Scotia 19,637 1,014,055 0.18Barrick Gold 20,989 224,441 0.04Baytex Energy 1,594 24,808 -BCE 4,771 202,771 0.04BlackBerry 11,136 91,072 0.02Bombardier 18,486 33,316 0.01Brookfield Asset Management 13,168 460,292 0.08

181MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Canada (2014: 4.26%) (continued)CAE 855 10,184 -Cameco 5,335 76,364 0.01Canadian Imperial Bank of Commerce 7,146 526,999 0.10Canadian National Railway 13,815 797,396 0.14Canadian Natural Resources 17,590 477,633 0.09Canadian Oil Sands 4,905 39,682 0.01Canadian Pacific Railway 2,632 421,685 0.08Canadian Tire 805 86,132 0.02Canadian Utilities 321 9,249 -Catamaran 3,785 231,414 0.04Cenovus Energy 12,493 199,836 0.04CGI Group 4,614 180,539 0.03CI Financial 2,782 74,873 0.01Constellation Software 338 134,247 0.02Constellation Software - Rights 338 68 -Crescent Point Energy 5,441 111,701 0.02Dollarama 2,074 125,757 0.02Eldorado Gold 11,229 46,591 0.01Empire 932 65,672 0.01Enbridge 13,393 626,605 0.11Encana 17,756 195,843 0.04Enerplus 586 5,144 -Fairfax Financial Holdings 476 234,818 0.04Finning International 4,019 75,619 0.01First Capital Realty 452 6,473 -First Quantum Minerals 15,957 208,721 0.04Fortis 5,710 160,444 0.03Franco-Nevada 3,816 182,081 0.03George Weston 987 77,564 0.01Gildan Activewear 2,424 80,557 0.02Goldcorp 14,781 239,986 0.04Great-West Lifeco 3,170 92,323 0.02H&R Real Estate Investment Trust REIT 598 10,749 -Husky Energy 8,066 154,349 0.03IGM Financial 1,633 52,033 0.01Imperial Oil 4,441 171,635 0.03Industrial Alliance Insurance & Financial Services 2,163 72,784 0.01Intact Financial 1,542 107,197 0.02Inter Pipeline 8,507 195,563 0.04Keyera 2,404 80,297 0.01Kinross Gold 14,947 34,840 0.01Loblaw 3,193 161,332 0.03Magna International 7,120 399,785 0.07Manulife Financial 31,667 588,723 0.11MEG Energy 2,506 40,949 0.01Methanex 1,179 65,842 0.01Metro 4,098 110,028 0.02National Bank of Canada 6,521 245,076 0.04Onex 1,124 62,221 0.01Open Text 1,223 49,696 0.01Pembina Pipeline 5,367 173,548 0.03Peyto Exploration & Development 2,250 55,022 0.01Potash of Saskatchewan 13,179 408,317 0.07Power Financial 2,913 83,695 0.02Power of Canada 8,968 229,435 0.04


Canada (2014: 4.26%) (continued)Prairieski Royality 3,245 81,901 0.02Restaurant Brands International 4,723 181,097 0.03RioCan Real Estate Investment Trust REIT 386 8,277 -Rogers Communications 7,037 249,701 0.05Royal Bank of Canada 22,726 1,390,374 0.25Saputo 2,668 64,560 0.01Shaw Communications 9,518 207,369 0.04Silver Wheaton 4,342 75,297 0.01SNC-Lavalin Group 1,698 57,069 0.01Sun Life Financial 10,189 340,327 0.06Suncor Energy 25,267 696,211 0.13Teck Resources 7,435 73,728 0.01Telus 2,095 72,208 0.01Thomson Reuters 5,731 218,324 0.04Toronto-Dominion Bank 29,941 1,272,034 0.23Tourmaline Oil 4,775 143,504 0.03TransAlta 778 6,032 -TransCanada 12,694 516,118 0.09Turquoise Hill Resources 1,811 6,890 -Valeant Pharmaceuticals International 5,207 1,155,596 0.21Vermilion Energy 1,191 51,467 0.01West Fraser Timber 1,838 101,039 0.02Yamana Gold 5,761 17,351 -

––––––––––– –––––––19,747,519 3.55

Channel Islands (2014: 0.02%)Randgold Resources 993 66,918 0.01

––––––––––– –––––––Denmark (2014: 0.59%)AP Moeller – Maersk – A 75 131,622 0.02AP Moeller – Maersk – B 144 260,673 0.05Carlsberg 2,160 195,988 0.03Coloplast 1,503 98,572 0.02Danske Bank 12,851 377,739 0.07DSV 1,923 62,269 0.01ISS 2,997 98,836 0.02Novo Nordisk 32,166 1,751,635 0.31Novozymes 4,595 218,313 0.04Pandora 1,395 149,807 0.03TDC 15,723 115,234 0.02Tryg 35 729 -Vestas Wind Systems 4,538 226,382 0.04William Demant Holding 40 3,050 -

––––––––––– –––––––3,690,849 0.66

Finland (2014: 0.32%)Elisa 3,716 117,711 0.02Fortum 9,246 164,212 0.03Kone 3,892 157,847 0.03Metso 2,121 58,230 0.01Neste Oil 550 14,009 -Nokia 62,820 426,264 0.08Nokian Renkaat 1,740 54,497 0.01Orion 132 4,615 -Sampo 7,053 332,019 0.06Stora Enso 6,592 67,903 0.01UPM-Kymmene 13,785 243,751 0.04Wartsila 4,367 204,457 0.04

––––––––––– –––––––1,845,515 0.33



(continued)

182MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)France (2014: 3.85%)Accor 3,219 162,366 0.03Aeroports de Paris 567 64,028 0.01Air Liquide 5,775 729,995 0.13Alcatel-Lucent 35,803 130,366 0.02Alstom 2,603 73,812 0.01Arkema 641 46,159 0.01AtoS 1,082 80,749 0.02AXA 28,860 727,686 0.13BNP Paribas 17,222 1,039,071 0.19Bollore 18,849 100,282 0.02Bouygues 3,672 137,203 0.03Bureau Veritas 2,893 66,595 0.01Cap Gemini 1,843 162,984 0.03Carrefour 11,468 366,974 0.07Casino Guichard Perrachon 661 50,044 0.01Christian Dior 1,009 196,852 0.04Cie de Saint-Gobain 6,288 282,135 0.05Cie Generale des Etablissements Michelin 2,943 308,202 0.06CNP Assurances 3,711 61,939 0.01Credit Agricole 13,779 204,803 0.04Danone 9,677 625,255 0.11Dassault Systemes 2,440 177,310 0.03Edenred 2,794 69,001 0.01Electricite de France 2,701 60,189 0.01Essilor International 3,445 410,711 0.07Eurazeo 33 2,182 -Eutelsat Communications 2,126 68,577 0.01Fonciere Des Regions REIT 106 9,002 -GDF Suez 23,559 436,791 0.08Gecina REIT 1,158 142,636 0.03Groupe Eurotunnel 6,106 88,375 0.02Hermes International 489 182,305 0.03ICADE REIT 121 8,637 -Iliad 305 67,575 0.01Imerys 34 2,599 -JCDecaux 1,451 60,513 0.01Kering 1,606 286,573 0.05Klepierre REIT 2,059 90,515 0.02L'Oreal 4,020 716,653 0.13Lafarge 2,349 155,046 0.03Lagardere 1,926 56,138 0.01Legrand 4,765 267,369 0.05LVMH Moet Hennessy Louis Vuitton 4,726 827,506 0.15Natixis 15,242 109,623 0.02Numericable 2,405 127,404 0.02Orange 29,571 455,012 0.08Pernod Ricard 3,755 433,444 0.08Peugeot 7,739 159,047 0.03Publicis Groupe 3,344 247,101 0.04Remy Cointreau 82 5,907 -Renault 3,300 343,492 0.06Rexel 3,287 52,958 0.01Safran 4,279 289,826 0.05Sanofi 19,483 1,915,510 0.34Schneider Electric 8,626 595,215 0.11SCOR 1,955 68,931 0.01


France (2014: 3.85%) (continued)Societe BIC 853 135,909 0.02Societe Generale 12,783 596,347 0.11Sodexo 979 92,915 0.02Suez Environnement 3,708 68,933 0.01Technip 928 57,406 0.01Thales 1,056 63,724 0.01Total 35,254 1,711,430 0.31Unibail-Rodamco REIT 1,573 397,323 0.07Valeo 1,636 257,657 0.05Vallourec 1,184 24,168 -Veolia Environnement 8,893 181,228 0.03Vinci 7,111 411,049 0.07Vivendi 19,958 503,117 0.09Wendel 407 49,860 0.01Zodiac Aerospace 3,738 121,615 0.02

––––––––––– –––––––19,279,854 3.46

Germany (2014: 3.70%)Adidas 3,685 281,865 0.05Allianz 7,213 1,122,730 0.20Axel Springer 23 1,207 -BASF 14,845 1,303,706 0.23Bayer 13,519 1,891,143 0.34Bayerische Motoren Werke 5,136 561,838 0.10Bayerische Motoren Werke - Pref 753 63,705 0.01Beiersdorf 2,065 172,884 0.03Brenntag 1,671 95,754 0.02Commerzbank 18,722 239,161 0.04Continental 1,808 427,572 0.08Daimler 15,545 1,414,024 0.25Deutsche Annington Immobilien 7,820 220,440 0.04Deutsche Bank 23,276 698,925 0.13Deutsche Boerse 4,319 357,308 0.06Deutsche Lufthansa 2,589 33,361 0.01Deutsche Post 14,910 435,336 0.08Deutsche Telekom 53,077 913,688 0.16Deutsche Wohnen 4,027 92,228 0.02E.ON 32,719 435,643 0.08Fraport Frankfurt Airport Services Worldwide 28 1,758 -Fresenius 7,113 456,101 0.08Fresenius Medical Care 3,200 263,985 0.05Fuchs Petrolub - Pref 1,414 59,687 0.01GEA Group 3,402 151,658 0.03Hannover Rueck 627 60,632 0.01HeidelbergCement 3,138 248,696 0.04Henkel 2,118 201,746 0.04Henkel - Pref 3,144 352,406 0.06Hugo Boss 845 94,385 0.02Infineon Technologies 19,228 238,447 0.04K&S 2,221 93,504 0.02Kabel Deutschland Holding 67 8,958 -Lanxess 976 57,516 0.01Linde 3,162 598,575 0.11MAN 534 54,971 0.01Merck 2,447 243,690 0.04METRO 2,112 66,548 0.01Muenchener Rueckversicherungs 3,038 538,205 0.10OSRAM Licht 1,002 47,956 0.01Porsche Automobil Holding - Pref 2,822 237,613 0.04ProSiebenSat.1 Media 2,905 143,388 0.03



(continued)

183MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Germany (2014: 3.70%) (continued)RWE 9,858 211,822 0.04SAP 14,769 1,030,122 0.18Siemens 12,680 1,276,470 0.23Symrise 1,726 107,060 0.02Telefonica Deutschland Holding 2,190 12,615 -ThyssenKrupp 7,524 195,623 0.04TUI 8,904 144,234 0.03United Internet 1,689 75,040 0.01Volkswagen 293 67,757 0.01Volkswagen - Pref 2,710 628,052 0.11

––––––––––– –––––––18,731,738 3.36

Hong Kong (2014: 1.14%)AIA Group 193,800 1,263,660 0.23ASM Pacific Technology 1,000 9,881 -Bank of East Asia 17,506 76,549 0.01BOC Hong Kong Holdings 78,000 325,983 0.06Cathay Pacific Airways 34,000 83,591 0.02Cheung Kong Infrastructure Holdings 11,000 85,346 0.02Cheung Kong Property Holdings 47,940 396,380 0.07CK Hutchison Holdings 47,940 707,423 0.13CLP Holdings 38,500 326,770 0.06First Pacific 8,000 6,738 -Galaxy Entertainment Group 43,000 170,834 0.03Hang Lung Properties 27,000 80,451 0.01Hang Seng Bank 11,900 232,549 0.04Henderson Land Development 15,957 109,604 0.02HKT Trust & HKT 67,260 78,950 0.01Hong Kong & China Gas 104,280 218,983 0.04Hong Kong Exchanges and Clearing 19,243 679,116 0.12Hysan Development 2,000 8,655 -Kerry Properties 2,000 7,843 -Li & Fung 66,000 52,357 0.01Link REIT 38,500 225,710 0.04MTR 17,394 80,884 0.01New World Development 71,957 94,488 0.02Noble Group 81,663 46,093 0.01NWS Holdings 3,111 4,518 -PCCW 15,500 9,237 -Power Assets Holdings 28,000 254,987 0.05Shangri-La Asia 38,000 52,937 0.01Sino Land 53,568 89,688 0.02SJM Holdings 21,000 22,673 -Sun Hung Kai Properties 31,166 506,130 0.09Swire Pacific 8,000 100,664 0.02Swire Properties 31,400 100,042 0.02Techtronic Industries 32,000 105,256 0.02Wharf Holdings 25,000 166,397 0.03Wheelock 16,000 82,038 0.01Yue Yuen Industrial Holdings 500 1,667 -

––––––––––– –––––––6,865,072 1.23

Ireland (2014: 1.11%)Accenture 10,593 1,025,191 0.18Alkermes 2,233 143,671 0.03Allergan 6,143 1,864,155 0.33


Ireland (2014: 1.11%) (continued)Bank of Ireland 575,596 232,161 0.04CRH 14,641 413,045 0.07Eaton 7,137 481,676 0.09Endo International 3,164 252,013 0.05Experian 19,934 363,349 0.06Ingersoll-Rand 5,302 357,461 0.06James Hardie Industries 5,415 72,085 0.01Jazz Pharmaceuticals 800 140,856 0.03Kerry Group 3,538 262,106 0.05Mallinckrodt 2,172 255,688 0.05Medtronic 23,106 1,712,155 0.31Pentair 2,278 156,612 0.03Perrigo 2,467 455,976 0.08Ryanair Holdings 258 3,398 -Seagate Technology 5,065 240,587 0.04Shire 9,815 786,467 0.14Tyco International 8,534 328,388 0.06Weatherford International 11,070 135,829 0.02Willis Group Holdings 2,022 94,832 0.02XL Group 5,322 197,978 0.04

––––––––––– –––––––9,975,679 1.79

Israel (2014: 0.18%)Bank Hapoalim 11,935 64,320 0.01Bank Leumi Le-Israel 22,168 93,787 0.02Bezeq The Israeli Telecommunication 5,542 9,446 -Delek Group 4 1,180 -Israel 3 1,059 -Israel Chemicals 6,425 44,912 0.01Mizrahi Tefahot Bank 380 4,715 -NICE-Systems 1,600 101,792 0.02Teva Pharmaceutical Industries 13,369 790,998 0.14

––––––––––– –––––––1,112,209 0.20

Italy (2014: 0.99%)Assicurazioni Generali 16,555 298,081 0.05Atlantia 7,961 196,562 0.04Banca Monte dei Paschi di Siena 34,958 68,007 0.01Banco Popolare 4,246 69,828 0.01Enel 99,242 449,379 0.08Enel Green Power 27,005 52,746 0.01Eni 41,350 733,469 0.13Exor 1,669 79,628 0.01Finmeccanica 7,454 93,683 0.02Intesa Sanpaolo 198,691 719,933 0.13Intesa Sanpaolo - Pref 30,555 97,435 0.02Luxottica Group 3,241 215,403 0.04Mediobanca 6,999 68,586 0.01Pirelli 3,787 63,883 0.01Prysmian 4,786 103,345 0.02Saipem 2,978 31,439 0.01Snam 26,282 124,982 0.02Telecom Italia 77,361 78,912 0.01Telecom Italia - Rights 249,565 316,438 0.06Terna Rete Elettrica Nazionale 33,028 145,874 0.03UniCredit 70,024 470,075 0.08Unione di Banche Italiane 10,091 80,896 0.02UnipolSai 3,144 7,784 -

––––––––––– –––––––4,566,368 0.82



(continued)

184MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Japan (2014: 8.06%)ABC-Mart 100 6,121 -Acom 1,400 5,377 -Advantest 600 6,247 -Aeon 6,800 96,555 0.02AEON Financial Service 300 8,336 -Aeon Mall 2,200 41,244 0.01Air Water 1,000 18,314 -Aisin Seiki 2,500 106,444 0.02Ajinomoto 7,000 151,681 0.03Amada 2,000 21,150 -ANA Holdings 3,000 8,142 -Aozora Bank 46,000 173,677 0.03Asahi Glass 14,000 84,093 0.02Asahi Group Holdings 6,200 197,225 0.04Asahi Kasei 28,000 230,082 0.04Asics 700 18,106 -Astellas Pharma 35,100 500,691 0.09Bandai Namco Holdings 2,900 56,121 0.01Bank of Kyoto 8,000 92,183 0.02Bank of Yokohama 15,000 92,012 0.02Benesse Holdings 100 2,509 -Bridgestone 10,400 384,800 0.07Brother Industries 4,800 68,019 0.01Calbee 200 8,434 -Canon 19,100 621,630 0.11Casio Computer 500 9,872 -Central Japan Railway 2,300 415,491 0.08Chiba Bank 11,000 83,872 0.02Chubu Electric Power 6,900 102,881 0.02Chugai Pharmaceutical 3,800 131,206 0.02Chugoku Bank 600 9,468 -Chugoku Electric Power 5,100 74,438 0.01Citizen Holdings 1,400 9,771 -Credit Saison 2,500 53,610 0.01Dai Nippon Printing 8,000 82,671 0.02Dai-ichi Life Insurance 18,900 371,698 0.07Daicel 1,000 12,847 -Daihatsu Motor 4,600 65,524 0.01Daiichi Sankyo 12,200 225,725 0.04Daikin Industries 5,000 359,948 0.07Daito Trust Construction 1,600 165,799 0.03Daiwa House Industry 13,600 317,091 0.06Daiwa Securities Group 42,000 314,815 0.06Denso 7,700 383,600 0.07Dentsu 4,400 227,974 0.04Don Quijote Holdings 4,200 178,826 0.03East Japan Railway 6,100 548,858 0.10Eisai 4,600 308,860 0.06Electric Power Development 2,200 77,759 0.01FamilyMart 300 13,803 -FANUC 2,900 594,386 0.11Fast Retailing 1,000 454,051 0.08Fuji Heavy Industries 10,700 394,194 0.07FUJIFILM Holdings 9,300 332,395 0.06Fujitsu 23,000 128,641 0.02Fukuoka Financial Group 22,000 114,167 0.02


Japan (2014: 8.06%) (continued)GungHo Online Entertainment 900 3,501 -Hachijuni Bank 1,000 7,551 -Hakuhodo DY Holdings 400 4,286 -Hamamatsu Photonics KK 4,200 123,908 0.02Hankyu Hanshin Holdings 15,000 88,628 0.02Hino Motors 5,000 61,864 0.01Hirose Electric 400 57,304 0.01Hiroshima Bank 1,000 5,982 -Hisamitsu Pharmaceutical 100 3,886 -Hitachi 82,000 540,658 0.10Hitachi Chemical 500 9,022 -Hitachi Construction Machinery 200 3,504 -Hitachi High-Technologies 100 2,815 -Hitachi Metals 3,000 46,116 0.01Hokuhoku Financial Group 4,000 9,447 -Hokuriku Electric Power 12,400 184,837 0.03Honda Motor 27,300 883,823 0.16Hoya 9,100 364,922 0.07Hulic 5,500 48,813 0.01Ibiden 100 1,692 -Idemitsu Kosan 5,000 98,190 0.02IHI 13,000 60,557 0.01Iida Group Holdings 600 9,562 -Inpex 17,200 195,593 0.04Isetan Mitsukoshi Holdings 6,200 110,862 0.02Isuzu Motors 7,500 98,527 0.02ITOCHU 23,100 305,256 0.06Iyo Bank 8,200 100,787 0.02J Front Retailing 5,000 94,145 0.02Japan Airlines 5,100 177,968 0.03Japan Exchange Group 7,400 240,387 0.04Japan Prime Realty Investment REIT 2 6,219 -Japan Real Estate Investment REIT 12 54,525 0.01Japan Retail Fund Investment REIT 32 64,044 0.01Japan Tobacco 19,500 694,886 0.13JFE Holdings 11,900 264,180 0.05JGC 3,000 56,683 0.01Joyo Bank 14,000 78,486 0.01JSR 600 10,611 -JTEKT 900 17,049 -JX Holdings 46,100 198,995 0.04Kajima 31,000 145,671 0.03Kakaku.com 500 7,241 -Kamigumi 1,000 9,398 -Kaneka 1,000 7,314 -Kansai Electric Power 7,000 77,543 0.01Kansai Paint 6,000 93,017 0.02Kao 7,900 367,545 0.07Kawasaki Heavy Industries 20,000 93,327 0.02KDDI 26,100 630,077 0.11Keihan Electric Railway 16,000 93,229 0.02Keikyu 8,000 60,409 0.01Keio 10,000 71,589 0.01Keisei Electric Railway 1,000 11,899 -Keyence 900 485,874 0.09Kikkoman 4,000 125,036 0.02Kintetsu 23,000 78,380 0.01Kirin Holdings 19,000 261,791 0.05Kobe Steel 47,000 79,124 0.01Koito Manufacturing 3,100 120,970 0.02



(continued)

185MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Japan (2014: 8.06%) (continued)Komatsu 12,700 255,007 0.05Konami 300 5,580 -Konica Minolta 7,700 89,922 0.02Kubota 18,000 285,596 0.05Kuraray 6,100 74,627 0.01Kurita Water Industries 400 9,329 -Kyocera 6,400 332,801 0.06Kyowa Hakko Kirin 1,000 13,084 -Kyushu Electric Power 5,900 68,467 0.01Lawson 700 47,939 0.01LIXIL Group 2,200 43,689 0.01M3 6,500 130,781 0.02Makita 1,400 75,969 0.01Marubeni 34,700 199,157 0.04Marui Group 700 9,462 -Maruichi Steel Tube 100 2,484 -Mazda Motor 8,800 172,455 0.03McDonald's Holdings Japan 200 4,225 -Medipal Holdings 300 4,896 -MEIJI Holdings 1,000 129,122 0.02Minebea 8,000 132,129 0.02Miraca Holdings 2,000 100,029 0.02Mitsubishi 23,900 525,794 0.09Mitsubishi Chemical Holdings 16,000 100,748 0.02Mitsubishi Electric 35,000 452,499 0.08Mitsubishi Estate 23,000 495,562 0.09Mitsubishi Gas Chemical 1,000 5,606 -Mitsubishi Heavy Industries 44,000 267,779 0.05Mitsubishi Materials 19,000 72,978 0.01Mitsubishi Motors 5,200 44,281 0.01Mitsubishi Tanabe Pharma 4,600 68,982 0.01Mitsubishi UFJ Financial Group 212,800 1,530,024 0.28Mitsubishi UFJ Lease & Finance 2,400 13,141 -Mitsui 29,900 406,233 0.07Mitsui Chemicals 2,000 7,437 -Mitsui Fudosan 14,000 392,089 0.07Mitsui OSK Lines 18,000 57,664 0.01Mizuho Financial Group 370,100 801,508 0.14MS&AD Insurance Group Holdings 10,000 311,609 0.06Murata Manufacturing 3,800 663,327 0.12Nabtesco 300 7,527 -Nagoya Railroad 24,000 89,830 0.02NEC 36,000 109,149 0.02Nexon 400 5,505 -NGK Insulators 4,000 103,134 0.02NGK Spark Plug 4,000 110,979 0.02NH Foods 5,000 114,167 0.02Nidec 4,700 352,025 0.06Nikon 5,000 57,860 0.01Nintendo 1,900 317,844 0.06Nippon Building Fund REIT 14 61,325 0.01Nippon Electric Glass 1,000 5,067 -Nippon Express 15,000 73,796 0.01Nippon Paint Holdings 1,000 28,235 0.01Nippon Prologis REIT 4 7,368 -Nippon Steel & Sumitomo Metal 126,000 326,829 0.06


Japan (2014: 8.06%) (continued)Nippon Telegraph & Telephone 14,200 514,491 0.09Nippon Yusen KK 26,000 72,455 0.01Nissan Motor 43,300 451,171 0.08Nisshin Seifun Group 300 3,991 -Nissin Foods Holdings 1,200 52,662 0.01Nitori Holdings 1,900 154,963 0.03Nitto Denko 3,000 246,639 0.04NOK 200 6,211 -Nomura Holdings 62,200 422,207 0.08Nomura Real Estate Holdings 500 10,501 -Nomura Research Institute 2,200 86,119 0.02NSK 8,000 123,630 0.02NTT Data 1,600 69,955 0.01NTT DOCOMO 26,600 509,544 0.09NTT Urban Development 400 3,982 -Obayashi 12,000 87,574 0.02Odakyu Electric Railway 9,000 84,068 0.02Oji Holdings 14,000 60,867 0.01Olympus 2,800 96,792 0.02Omron 2,700 117,386 0.02Ono Pharmaceutical 1,300 142,042 0.03Oriental Land 3,600 229,919 0.04ORIX 24,300 361,625 0.07Osaka Gas 21,000 82,943 0.02Otsuka Holdings 7,200 229,683 0.04Panasonic 37,900 520,809 0.09Park24 300 5,141 -Rakuten 15,600 252,106 0.05Recruit Holdings 3,000 91,570 0.02Resona Holdings 47,500 259,500 0.05Ricoh 7,900 81,992 0.02Rinnai 100 7,886 -Rohm 1,500 100,641 0.02Sankyo 200 7,085 -Sanrio 100 2,717 -Santen Pharmaceutical 7,000 99,138 0.02SBI Holdings 700 9,645 -Secom 2,700 175,307 0.03Sega Sammy Holdings 2,700 35,304 0.01Seibu Holdings 3,700 85,753 0.02Seiko Epson 4,400 78,065 0.01Sekisui Chemical 6,000 73,698 0.01Sekisui House 6,500 103,265 0.02Seven & I Holdings 12,000 515,834 0.09Seven Bank 2,300 10,657 -Sharp 23,000 28,006 0.01Shikoku Electric Power 700 10,486 -Shimadzu 1,000 13,590 -Shimamura 100 10,510 -Shimano 1,400 191,068 0.03Shimizu 17,000 143,235 0.03Shin-Etsu Chemical 7,400 459,548 0.08Shinsei Bank 34,000 68,631 0.01Shionogi 4,000 155,110 0.03Shiseido 5,000 113,513 0.02Shizuoka Bank 8,000 83,619 0.02Showa Shell Sekiyu KK 400 3,498 -SMC 700 210,890 0.04SoftBank 15,500 913,165 0.16Sompo Japan Nipponkoa Holdings 6,900 253,270 0.05



(continued)

186MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)Japan (2014: 8.06%) (continued)Sony 18,300 517,676 0.09Sony Financial Holdings 400 7,015 -Stanley Electric 3,500 72,995 0.01Sumitomo 15,900 185,033 0.03Sumitomo Chemical 22,000 132,325 0.02Sumitomo Dainippon Pharma 700 7,717 -Sumitomo Electric Industries 18,900 293,003 0.05Sumitomo Heavy Industries 16,000 93,360 0.02Sumitomo Metal Mining 7,000 106,603 0.02Sumitomo Mitsui Financial Group 21,700 968,090 0.17Sumitomo Mitsui Trust Holdings 59,000 270,301 0.05Sumitomo Realty & Development 5,000 175,438 0.03Sumitomo Rubber Industries 300 4,651 -Suntory Beverage & Food 2,100 83,664 0.02Suruga Bank 3,000 64,406 0.01Suzuken Japan 100 3,204 -Suzuki Motor 7,000 236,546 0.04Sysmex 2,500 149,144 0.03T&D Holdings 16,000 238,630 0.04Taiheiyo Cement 19,000 55,588 0.01Taisei 16,000 91,922 0.02Taisho Pharmaceutical Holdings 800 54,068 0.01Takeda Pharmaceutical 13,100 632,812 0.11TDK 2,600 199,093 0.04Teijin 2,000 7,764 -Terumo 3,000 72,006 0.01THK 400 8,650 -Tobu Railway 16,000 68,778 0.01Toho 200 4,977 -Toho Gas 1,000 5,925 -Tohoku Electric Power 6,500 88,073 0.02Tokio Marine Holdings 10,200 424,621 0.08Tokyo Electric Power 17,100 93,210 0.02Tokyo Electron 3,000 189,932 0.03Tokyo Gas 37,000 196,543 0.04Tokyo Tatemono 4,000 55,571 0.01Tokyu 11,000 73,714 0.01Tokyu Fudosan Holdings 8,800 67,889 0.01TonenGeneral Sekiyu KK 8,000 74,466 0.01Toppan Printing 10,000 83,684 0.02Toray Industries 38,000 321,571 0.06Toshiba 63,000 216,753 0.04TOTO 4,000 72,112 0.01Toyo Seikan Group Holdings 700 11,224 -Toyo Suisan Kaisha 2,800 102,170 0.02Toyoda Gosei 100 2,413 -Toyota Industries 3,200 182,536 0.03Toyota Motor 44,600 2,989,857 0.54Toyota Tsusho 3,000 80,538 0.01Trend Micro 2,100 71,908 0.01Unicharm 4,200 99,864 0.02United Urban Investment REIT 46 65,072 0.01USS 5,500 99,334 0.02West Japan Railway 4,300 275,328 0.05Yahoo Japan 16,600 67,016 0.01Yakult Honsha 1,700 100,862 0.02


Japan (2014: 8.06%) (continued)Yamada Denki 17,100 68,475 0.01Yamaguchi Financial Group 1,000 12,463 -Yamaha 700 14,130 -Yamaha Motor 5,200 113,761 0.02Yamato Holdings 4,200 81,330 0.02Yaskawa Electric 700 8,970 -Yokogawa Electric 4,200 54,025 0.01Yokohama Rubber 500 10,044 -

––––––––––– –––––––48,624,105 8.73

Luxembourg (2014: 0.20%)Altice 1,323 182,123 0.03ArcelorMittal 19,923 193,857 0.04Millicom International Cellular 735 54,167 0.01RTL Group 520 46,965 0.01SES 4,848 162,779 0.03Subsea 7 3,571 34,836 0.01Tenaris 10,134 136,399 0.02

––––––––––– –––––––811,126 0.15

Macau (2014: 0.08%)MGM China Holdings 3,600 5,888 -Sands China 28,400 95,246 0.02Wynn Macau 15,200 25,253 -

––––––––––– –––––––126,387 0.02

Netherlands (2014: 1.47%)Aegon 32,959 242,077 0.04Airbus Group 10,103 655,144 0.12Akzo Nobel 4,730 343,984 0.06ASML Holding 5,360 553,615 0.10Boskalis Westminster 2,735 133,778 0.02Chicago Bridge & Iron 996 49,840 0.01CNH Industrial 19,731 179,831 0.03Core Laboratories 607 69,222 0.01Delta Lloyd 3,177 52,124 0.01Fiat Chrysler Automobiles 16,271 238,217 0.04Gemalto 804 71,558 0.01Heineken 3,927 297,838 0.05Heineken Holding 1,157 81,151 0.02ING Groep 59,907 988,543 0.18Koninklijke Ahold 15,498 290,100 0.05Koninklijke DSM 2,743 158,925 0.03Koninklijke KPN 57,906 221,300 0.04Koninklijke Philips 16,692 424,411 0.08Koninklijke Vopak 103 5,195 -LyondellBasell Industries 6,869 711,079 0.13Mylan 7,213 489,474 0.09Nielsen 5,971 267,322 0.05NN Group 3,288 92,375 0.02OCI 1,330 37,566 0.01QIAGEN 1,926 47,286 0.01Randstad Holding 2,596 168,949 0.03RELX 14,092 334,045 0.06Sensata Technologies Holding 1,738 91,662 0.02STMicroelectronics 7,802 63,937 0.01TNT Express 7,493 63,525 0.01Unilever 25,913 1,078,523 0.19Wolters Kluwer 4,009 119,019 0.02

––––––––––– –––––––8,621,615 1.55



(continued)

187MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%)Equities (2014: 98.22%) (continued)New Zealand (2014: 0.05%)Auckland International Airport 1,359 4,536 -Contact Energy 337 1,142 -Fletcher Building 10,162 55,805 0.01Ryman Healthcare 1,323 7,086 -Spark New Zealand 35,289 66,705 0.02

––––––––––– –––––––135,274 0.03

Norway (2014: 0.28%)DNB 17,221 286,305 0.05Gjensidige Forsikring 3,123 50,174 0.01Norsk Hydro 13,968 58,677 0.01Orkla 19,336 151,641 0.03Statoil 19,900 354,368 0.06Telenor 12,610 275,361 0.05Yara International 2,750 142,752 0.03

––––––––––– –––––––1,319,278 0.24

Portugal (2014: 0.10%)Banco Comercial Portugues 1,218,463 105,894 0.02Banco Espirito Santo 7,996 - -Energias de Portugal 36,635 138,988 0.03Galp Energia 5,109 59,884 0.01Jeronimo Martins 4,437 56,853 0.01

––––––––––– –––––––361,619 0.07

Singapore (2014: 0.59%)Ascendas Real Estate Investment Trust REIT 4,000 7,308 -Avago Technologies 4,313 573,327 0.10CapitaCommercial Trust REIT 5,000 5,793 -CapitaLand 35,000 90,977 0.02CapitaMall Trust REIT 47,000 75,046 0.01City Developments 1,000 7,263 -ComfortDelGro 52,000 120,876 0.02DBS Group Holdings 28,611 439,630 0.08Flextronics International 7,868 88,987 0.02Genting Singapore 76,000 50,516 0.01Global Logistic Properties 39,000 73,279 0.01Golden Agri-Resources 30,000 9,135 -Hutchison Port Holdings Trust 147,000 92,610 0.02Jardine Cycle & Carriage 2,000 49,164 0.01Jardine Cycle & Carriage - Rights 222 1,171 -Keppel 24,000 146,513 0.03Oversea-Chinese Banking 45,198 341,712 0.06Sembcorp Industries 14,000 40,446 0.01Sembcorp Marine 2,000 4,218 -Singapore Airlines 9,000 71,719 0.01Singapore Exchange 14,000 81,411 0.02Singapore Press Holdings 13,000 39,391 0.01Singapore Technologies Engineering 27,000 66,172 0.01Singapore Telecommunications 30,600 96,584 0.02Singapore Telecommunications 112,000 350,182 0.06StarHub 3,000 8,801 -Suntec Real Estate Investment Trust REIT 104,400 133,747 0.03United Overseas Bank 19,000 325,533 0.06UOL Group 2,000 10,278 -


Singapore (2014: 0.59%) (continued)Wilmar International 32,000 77,950 0.01Yangzijiang Shipbuilding Holdings 2,000 2,102 -

––––––––––– –––––––3,481,841 0.63

Spain (2014: 1.49%)Abertis Infraestructuras 4,812 78,868 0.01Abertis Infraestructuras - Rights 4,812 3,967 -ACS Actividades de Construccion y Servicios 1,997 64,204 0.01Aena 1,610 168,157 0.03Amadeus IT Holding 8,467 337,310 0.06Banco Bilbao Vizcaya Argentaria 98,380 963,735 0.17Banco de Sabadell 83,206 200,713 0.04Banco de Sabadell (Extinct) 1,404 3,387 -Banco Popular Espanol 35,604 172,406 0.03Banco Santander 234,673 1,637,865 0.29Bankia 38,146 48,368 0.01Bankinter 11,231 82,952 0.02CaixaBank 39,307 182,016 0.03Distribuidora Internacional de Alimentacion 8,744 66,737 0.01Enagas 2,391 64,990 0.01Endesa 7,401 141,546 0.03Ferrovial 5,979 129,572 0.02Gas Natural SDG 4,112 93,190 0.02Grifols 1,506 60,626 0.01Iberdrola 87,203 587,050 0.11Inditex 17,545 569,940 0.10International Consolidated Airlines Group 23,593 183,380 0.03Mapfre 15,126 52,026 0.01Red Electrica 2,648 212,075 0.04Repsol 17,378 304,960 0.06Repsol - Rights 17,378 9,004 -Telefonica 74,188 1,053,918 0.19Zardoya Otis 497 5,410 -Zardoya Otis - Rights 497 216 -

––––––––––– –––––––7,478,588 1.34

Sweden (2014: 1.19%)Alfa Laval 4,284 75,328 0.01Assa Abloy 20,145 378,986 0.07Atlas Copco 9,607 268,614 0.05Atlas Copco (Non-voting rights) 8,775 218,384 0.04Boliden 8,389 152,766 0.03Electrolux 2,677 83,819 0.01Elekta 4,713 29,536 0.01Getinge 5,977 143,707 0.03Hennes & Mauritz 14,340 551,652 0.10Hexagon 4,901 177,434 0.03Husqvarna 1,515 11,402 -Industrivarden 80 1,506 -Investment Kinnevik 3,065 96,817 0.02Investor 7,834 291,645 0.05Lundin Petroleum 3,649 62,448 0.01Nordea Bank 45,833 571,152 0.10Sandvik 20,420 225,549 0.04Securitas 6,338 83,717 0.01Skandinaviska Enskilda Banken 27,159 346,954 0.06Skanska 7,320 148,209 0.03SKF 7,435 169,444 0.03Svenska Cellulosa 7,001 177,862 0.03



(continued)

188MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%)Equities (2014: 98.22%) (continued)Sweden (2014: 1.19%) (continued)Svenska Handelsbanken 21,953 320,134 0.06Swedbank 15,340 357,363 0.06Swedish Match 5,264 149,593 0.03Tele2 5,849 67,953 0.01Telefonaktiebolaget LM Ericsson 51,876 537,047 0.10TeliaSonera 42,530 250,183 0.04Volvo 29,707 368,406 0.07

––––––––––– –––––––6,317,610 1.13

Switzerland (2014: 4.14%)ABB 33,745 707,000 0.13ACE 5,022 510,637 0.09Actelion 1,326 194,101 0.04Adecco 2,543 206,531 0.04Aryzta 789 38,920 0.01Baloise Holding 1,124 137,110 0.02Barry Callebaut 4 4,558 -Chocoladefabriken Lindt & Sprungli 15 79,354 0.01Chocoladefabriken Lindt & Sprungli - Reg 1 62,576 0.01Cie Financiere Richemont 8,032 653,613 0.12Coca-Cola HBC 2,535 54,539 0.01Credit Suisse Group 26,831 737,849 0.13EMS-Chemie Holding 26 10,989 -Garmin 1,432 62,908 0.01Geberit 653 217,795 0.04Givaudan 176 304,711 0.05Glencore 174,516 700,700 0.13Julius Baer Group 4,043 226,906 0.04Kuehne & Nagel International 1,506 199,983 0.04LafargeHolcim 3,710 273,918 0.05Lonza Group 605 80,857 0.01Nestle 52,609 3,799,805 0.68Novartis 37,526 3,700,199 0.66Pargesa Holding 42 2,827 -Partners Group Holding 322 96,302 0.02Roche Holding 11,461 3,213,078 0.58Schindler Holding 50 8,170 -Schindler Holding (Non-voting rights) 601 98,328 0.02SGS 70 127,783 0.02Sika 21 74,108 0.01Sonova Holding 1,307 176,775 0.03Sulzer 544 55,969 0.01Swatch Group 664 49,877 0.01Swatch Group BR 694 270,382 0.05Swiss Life Holding 514 117,754 0.02Swiss Prime Site 925 70,225 0.01Swiss Re 5,751 509,224 0.09Swisscom 393 220,354 0.04Syngenta 1,643 668,065 0.12TE Connectivity 6,545 420,843 0.08Transocean 8,928 144,445 0.03UBS Group 58,943 1,250,698 0.22Wolseley 5,776 369,080 0.07Zurich Insurance Group 2,351 715,954 0.13

––––––––––– –––––––21,625,800 3.88


United Kingdom (2014: 8.49%)3i Group 20,191 164,011 0.03Aberdeen Asset Management 7,997 50,811 0.01Admiral Group 2,883 62,888 0.01Aggreko 3,028 68,527 0.01AMEC 3,624 46,593 0.01Anglo American 22,561 325,899 0.06Antofagasta 5,268 57,125 0.01Aon 4,831 481,554 0.09ARM Holdings 19,796 322,851 0.06Ashtead Group 7,046 121,783 0.02Associated British Foods 6,745 304,552 0.05AstraZeneca 19,846 1,254,403 0.22Aviva 61,501 476,359 0.09Babcock International Group 6,903 117,249 0.02BAE Systems 55,926 396,852 0.07Barclays 266,690 1,092,598 0.20BG Group 57,486 957,875 0.17BHP Billiton 35,289 693,183 0.12BP 298,631 1,973,264 0.35British American Tobacco 30,529 1,639,643 0.29British Land REIT 11,829 147,619 0.03BT Group 134,178 950,020 0.17Bunzl 6,714 183,517 0.03Burberry Group 10,185 251,642 0.05Capita 12,071 235,023 0.04Carnival 3,654 186,709 0.03Centrica 84,862 352,074 0.06Cobham 14,865 61,485 0.01Compass Group 29,025 480,670 0.09Croda International 1,872 81,021 0.01Delphi Automotive 4,365 371,418 0.07Diageo 39,888 1,154,894 0.21Direct Line Insurance Group 13,877 73,286 0.01Dixons Carphone 17,747 126,575 0.02easyJet 2,585 62,852 0.01Ensco 1,877 41,801 0.01Fresnillo 5,136 56,057 0.01G4S 16,853 71,192 0.01GKN 19,628 103,257 0.02GlaxoSmithKline 79,454 1,652,561 0.30Hammerson REIT 15,569 150,707 0.03Hargreaves Lansdown 2,647 47,999 0.01HSBC Holdings 308,110 2,762,504 0.50ICAP 10,207 84,998 0.02IMI 3,499 61,907 0.01Imperial Tobacco Group 15,370 741,368 0.13Inmarsat 5,374 77,375 0.01InterContinental Hotels Group 4,032 162,713 0.03Intertek Group 1,660 63,962 0.01Intu Properties REIT 17,774 85,984 0.02Investec 9,222 82,960 0.01ITV 76,027 314,822 0.06J Sainsbury 14,023 58,509 0.01Johnson Matthey 4,261 203,585 0.04Kingfisher 27,688 151,232 0.03Land Securities Group REIT 14,573 275,944 0.05Legal & General Group 104,913 410,677 0.07Liberty Global -A- Shares 4,489 242,720 0.04Liberty Global -C- Shares 10,935 553,639 0.10Lloyds Banking Group 909,791 1,219,638 0.22



(continued)

189MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%)Equities (2014: 98.22%) (continued)United Kingdom (2014: 8.49%) (continued)London Stock Exchange Group 5,364 199,932 0.04Marks & Spencer Group 28,348 238,964 0.04Meggitt 8,851 64,923 0.01Melrose Industries 11,315 44,043 0.01Merlin Entertainments 14,944 100,379 0.02Michael Kors Holdings 4,066 171,138 0.03National Grid 63,836 820,427 0.15Next 2,012 235,738 0.04Old Mutual 86,362 273,680 0.05Pearson 13,648 258,644 0.05Persimmon 3,162 98,214 0.02Petrofac 3,329 48,455 0.01Prudential 40,924 986,335 0.18Reckitt Benckiser Group 10,524 908,324 0.16RELX 18,508 301,263 0.05Rexam 7,404 64,276 0.01Rio Tinto 20,686 850,410 0.15Rolls-Royce Holdings 32,022 438,141 0.08Royal Bank of Scotland Group 36,138 199,772 0.04Royal Dutch Shell - A Shares 64,983 1,825,781 0.33Royal Dutch Shell - B Shares 39,621 1,125,977 0.20Royal Mail 7,934 64,198 0.01RSA Insurance Group 11,960 74,711 0.01SABMiller 16,085 835,809 0.15Sage Group 21,627 174,316 0.03Schroders 2,854 142,554 0.03Segro REIT 12,188 77,784 0.01Severn Trent 5,702 186,614 0.03Sky 17,688 288,472 0.05Smith & Nephew 13,533 228,583 0.04Smiths Group 4,296 76,279 0.01Sports Direct International 8,323 94,049 0.02SSE 17,461 421,800 0.08Standard Chartered 39,921 639,767 0.11Standard Life 37,625 262,727 0.05Tate & Lyle 5,127 41,889 0.01Tesco 145,577 486,631 0.09Travis Perkins 2,565 85,117 0.02Tullow Oil 11,413 60,974 0.01Unilever 20,983 900,899 0.16United Utilities Group 10,332 144,942 0.03Vodafone Group 417,422 1,508,919 0.27Weir Group 2,516 67,149 0.01Whitbread 4,021 312,777 0.06William Hill 11,155 70,718 0.01WM Morrison Supermarkets 21,733 61,797 0.01WPP 21,385 479,595 0.09

––––––––––– –––––––42,048,822 7.55

United States of America (2014: 52.01%)3M 9,679 1,493,470 0.27Abbott Laboratories 23,890 1,172,521 0.21AbbVie 28,531 1,916,998 0.34Activision Blizzard 8,899 215,445 0.04Adobe Systems 7,197 583,029 0.10ADT 2,256 75,734 0.01


United States of America (2014: 52.01%) (continued)Advance Auto Parts 1,369 218,068 0.04AES 6,991 92,701 0.02Aetna 6,012 766,290 0.14Affiliated Managers Group 710 155,206 0.03Aflac 7,252 451,074 0.08AGCO 1,482 84,148 0.02Agilent Technologies 6,282 242,360 0.04Air Products & Chemicals 3,529 482,873 0.09Airgas 655 69,286 0.01Akamai Technologies 3,297 230,197 0.04Albemarle 1,044 57,702 0.01Alcoa 21,192 236,291 0.04Alexion Pharmaceuticals 3,394 613,533 0.11Alleghany 351 164,535 0.03Alliance Data Systems 1,145 334,271 0.06Alliant Energy 1,310 75,613 0.01Allstate 7,119 461,810 0.08Ally Financial 6,100 136,823 0.02Altera 5,473 280,218 0.05Altria Group 32,699 1,599,308 0.29Amazon.com 6,509 2,825,492 0.51Ameren 3,030 114,170 0.02American Airlines Group 2,335 93,248 0.02American Capital Agency REIT 3,547 65,158 0.01American Electric Power 7,713 408,558 0.07American Express 14,834 1,152,898 0.21American International Group 22,314 1,379,451 0.25American Realty Capital Properties REIT 13,481 109,601 0.02American Tower REIT 6,570 612,915 0.11American Water Works 3,661 178,034 0.03Ameriprise Financial 3,397 424,387 0.08AmerisourceBergen 4,127 438,865 0.08AMETEK 5,220 285,952 0.05Amgen 12,590 1,932,817 0.35Amphenol 4,730 274,198 0.05Anadarko Petroleum 7,830 611,210 0.11Analog Devices 6,190 397,305 0.07Annaly Capital Management REIT 22,772 209,275 0.04ANSYS 906 82,663 0.01Anthem 4,129 677,734 0.12Apache 6,597 380,185 0.07Apple 95,678 12,000,413 2.15Applied Materials 21,109 405,715 0.07Archer-Daniels-Midland 9,971 480,802 0.09Arrow Electronics 1,392 77,674 0.01Ashland 730 88,987 0.02Assurant 942 63,114 0.01AT&T 81,714 2,902,481 0.52Autodesk 4,701 235,403 0.04Autoliv 1,299 151,658 0.03Automatic Data Processing 7,944 637,347 0.11AutoNation 1,741 109,648 0.02AutoZone 579 386,135 0.07AvalonBay Communities REIT 2,354 376,334 0.07Avery Dennison 1,439 87,693 0.02Avnet 1,536 63,145 0.01B/E Aerospace 1,046 57,425 0.01Baker Hughes 6,306 389,080 0.07Ball 2,685 188,353 0.03Bank of America 171,657 2,921,602 0.52



(continued)

190MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 52.01%) (continued)Bank of New York Mellon 18,424 773,255 0.14Baxter International 9,022 630,908 0.11BB&T 11,145 449,255 0.08Becton Dickinson 3,165 448,322 0.08Bed Bath & Beyond 2,423 167,139 0.03Berkshire Hathaway 18,845 2,564,993 0.46Best Buy 5,073 165,431 0.03Biogen 3,902 1,576,174 0.28BioMarin Pharmaceutical 2,798 382,710 0.07BlackRock 2,137 739,359 0.13Boeing 10,869 1,507,748 0.27BorgWarner 4,380 248,959 0.04Boston Properties REIT 2,909 352,105 0.06Boston Scientific 25,794 456,554 0.08Bristol-Myers Squibb 27,412 1,823,994 0.33Broadcom 8,514 438,386 0.08Brown-Forman 1,484 148,667 0.03Bunge 2,527 221,871 0.04CA 6,423 188,130 0.03Cablevision Systems 454 10,869 -Cabot Oil & Gas 8,104 255,600 0.05Calpine 3,570 64,224 0.01Camden Property Trust REIT 1,078 80,074 0.01Cameron International 2,901 151,925 0.03Campbell Soup 4,008 190,981 0.03Capital One Financial 9,447 831,053 0.15Cardinal Health 5,490 459,238 0.08CarMax 4,615 305,559 0.06Carnival 6,803 336,000 0.06Caterpillar 8,969 760,751 0.14CBRE Group 5,675 209,975 0.04CBS 8,589 476,689 0.09Celanese 2,882 207,158 0.04Celgene 12,881 1,490,783 0.27CenterPoint Energy 8,101 154,162 0.03CenturyLink 10,608 311,663 0.06Cerner 4,883 337,220 0.06CF Industries Holdings 3,810 244,907 0.04CH Robinson Worldwide 1,680 104,815 0.02Charles Schwab 20,314 663,252 0.12Charter Communications 1,153 197,451 0.04Cheniere Energy 3,202 221,771 0.04Chesapeake Energy 6,477 72,348 0.01Chevron 31,024 2,992,885 0.54Chipotle Mexican Grill 427 258,331 0.05Chubb 3,630 345,358 0.06Church & Dwight 1,722 139,706 0.03Cigna 4,347 704,214 0.13Cimarex Energy 1,580 174,290 0.03Cincinnati Financial 1,506 75,571 0.01Cintas 1,085 91,780 0.02Cisco Systems 84,337 2,315,894 0.42CIT Group 2,005 93,212 0.02Citigroup 49,629 2,741,506 0.49Citrix Systems 3,214 225,494 0.04Clorox 2,715 282,414 0.05


United States of America (2014: 52.01%) (continued)CME Group 5,324 495,451 0.09CMS Energy 6,946 221,161 0.04Coach 3,316 114,767 0.02Cobalt International Energy 3,080 29,907 0.01Coca-Cola 64,726 2,539,201 0.46Coca-Cola Enterprises 4,462 193,829 0.03Cognizant Technology Solutions 10,378 633,992 0.11Colgate-Palmolive 14,545 951,388 0.17Comcast 35,081 2,109,771 0.38Comcast - A Shares 7,710 462,137 0.08Comerica 3,378 173,359 0.03Communications Sales & Leasing REIT 1,525 37,698 0.01Computer Sciences 1,801 118,218 0.02ConAgra Foods 5,663 247,586 0.04Concho Resources 1,629 185,478 0.03ConocoPhillips 20,393 1,252,334 0.22CONSOL Energy 2,123 46,154 0.01Consolidated Edison 5,565 322,102 0.06Constellation Brands 3,319 385,070 0.07Continental Resources 1,046 44,340 0.01Coopers 676 120,308 0.02Corning 22,947 452,744 0.08Costco Wholesale 7,048 951,903 0.17CR Bard 951 162,336 0.03Crown Castle International 5,269 423,101 0.08Crown Holdings 1,527 80,794 0.01CSX 16,487 538,301 0.10Cummins 2,916 382,550 0.07CVS Health 18,816 1,973,422 0.35Danaher 10,313 882,690 0.16Darden Restaurants 1,348 95,816 0.02DaVita HealthCare Partners 3,743 297,456 0.05Deere 5,465 530,378 0.10Delta Air Lines 4,290 176,233 0.03DENTSPLY International 1,510 77,841 0.01Devon Energy 6,119 364,019 0.07Diamond Offshore Drilling 214 5,523 -Dick's Sporting Goods 1,463 75,740 0.01Digital Realty Trust REIT 2,670 178,036 0.03DIRECTV 8,020 744,176 0.13Discover Financial Services 7,743 446,152 0.08Discovery Communications 2,337 77,729 0.01Discovery Communications (Non-voting rights) 4,193 130,318 0.02DISH Network 4,545 307,742 0.06Dollar General 4,693 364,834 0.07Dollar Tree 4,384 346,292 0.06Dominion Resources 8,754 585,380 0.11Dover 1,994 139,939 0.03Dow Chemical 19,051 974,840 0.18DR Horton 3,087 84,460 0.02Dr Pepper Snapple Group 2,554 186,187 0.03DTE Energy 3,413 254,746 0.05Duke Energy 11,766 830,915 0.15Duke Realty REIT 3,932 73,017 0.01Dun & Bradstreet 654 79,788 0.01Eastman Chemical 2,533 207,250 0.04Eaton Vance 1,787 69,925 0.01eBay 18,251 1,099,440 0.20Ecolab 4,375 494,681 0.09



(continued)

191MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 52.01%) (continued)Edison International 5,846 324,921 0.06Edwards Lifesciences 1,859 264,777 0.05EI du Pont de Nemours 14,434 923,054 0.17Electronic Arts 4,136 275,044 0.05Eli Lilly 15,622 1,304,281 0.23EMC 32,927 868,944 0.16Emerson Electric 11,855 657,123 0.12Energen 811 55,391 0.01Energizer Holdings 753 99,057 0.02Entergy 2,917 205,648 0.04EOG Resources 9,192 804,760 0.14EQT 2,954 240,278 0.04Equifax 2,889 280,493 0.05Equinix REIT 843 214,122 0.04Equity Residential REIT 6,128 430,002 0.08Essex Property Trust REIT 1,358 288,575 0.05Estee Lauder 3,833 332,168 0.06Eversource Energy 3,950 179,370 0.03Exelon 13,385 420,557 0.08Expedia 2,044 223,511 0.04Expeditors International of Washington 2,098 96,728 0.02Express Scripts Holding 11,511 1,023,788 0.18Exxon Mobil 67,581 5,622,739 1.01F5 Networks 815 98,085 0.02Facebook 32,653 2,800,485 0.50Family Dollar Stores 1,164 91,735 0.02Fastenal 4,242 178,928 0.03Federal Realty Investment Trust REIT 1,427 182,784 0.03FedEx 4,545 774,468 0.14Fidelity National Financial 4,931 182,398 0.03Fidelity National Information Services 5,663 349,973 0.06Fifth Third Bancorp 17,061 355,210 0.06First Republic Bank 1,361 85,784 0.02FirstEnergy 5,406 175,965 0.03Fiserv 3,739 309,701 0.06FleetCor Technologies 1,295 202,098 0.04FLIR Systems 2,225 68,575 0.01Flowserve 1,787 94,103 0.02Fluor 3,172 168,148 0.03FMC 1,294 68,000 0.01FMC Technologies 3,554 147,455 0.03Foot Locker 2,012 134,824 0.02Ford Motor 58,379 876,269 0.16Franklin Resources 6,096 298,887 0.05Freeport-McMoRan 18,341 341,509 0.06Frontier Communications 14,454 71,547 0.01GameStop 1,977 84,932 0.02Gap 2,616 99,853 0.02General Dynamics 4,787 678,270 0.12General Electric 163,826 4,352,857 0.78General Growth Properties REIT 11,126 285,493 0.05General Mills 10,074 561,323 0.10General Motors 19,944 664,734 0.12Genuine Parts 2,448 219,169 0.04Gilead Sciences 24,716 2,893,749 0.52Goldman Sachs Group 6,286 1,312,454 0.24


United States of America (2014: 52.01%) (continued)Goodyear Tire & Rubber 6,000 180,900 0.03Google Class A 4,646 2,509,026 0.45Google Class C 4,790 2,493,243 0.45H&R Block 5,009 148,517 0.03Halliburton 13,722 591,007 0.11Hanesbrands 5,580 185,926 0.03Harley-Davidson 2,504 141,100 0.03Harris 2,064 158,742 0.03Hartford Financial Services Group 8,694 361,410 0.07Hasbro 1,368 102,313 0.02HCA Holdings 5,142 466,482 0.08HCP REIT 8,642 315,174 0.06Health Care REIT 6,162 404,412 0.07Helmerich & Payne 1,330 93,659 0.02Henry Schein 1,587 225,544 0.04Hershey 2,799 248,635 0.04Hertz Global Holdings 8,934 161,884 0.03Hess 4,081 272,937 0.05Hewlett-Packard 30,741 922,537 0.17Hilton Worldwide Holdings 9,289 255,912 0.05HollyFrontier 2,597 110,866 0.02Hologic 2,981 113,457 0.02Home Depot 21,499 2,389,184 0.43Honeywell International 11,764 1,199,575 0.22Hormel Foods 1,495 84,273 0.02Hospira 2,953 261,961 0.05Host Hotels & Resorts REIT 10,511 208,433 0.04Hudson City Bancorp 7,737 76,442 0.01Humana 2,778 531,376 0.10Huntington Bancshares 11,436 129,341 0.02IHS 1,452 186,771 0.03Illinois Tool Works 6,321 580,205 0.10Illumina 2,509 547,865 0.10Incyte 2,000 208,420 0.04Intel 79,129 2,406,709 0.43Intercontinental Exchange 1,741 389,305 0.07International Business Machines 15,438 2,511,145 0.45International Flavors & Fragrances 990 108,197 0.02International Paper 7,333 348,977 0.06Interpublic Group 8,652 166,724 0.03Intuit 4,690 472,611 0.08Intuitive Surgical 476 230,622 0.04Invesco 7,793 292,160 0.05Iron Mountain REIT 2,672 82,832 0.01Isis Pharmaceuticals 2,188 125,919 0.02Jacobs Engineering Group 1,182 48,013 0.01Jarden 2,557 132,325 0.02JB Hunt Transport Services 1,987 163,113 0.03JM Smucker 2,210 239,586 0.04Johnson & Johnson 45,664 4,450,413 0.80Johnson Controls 10,087 499,609 0.09JPMorgan Chase & Co 60,984 4,132,276 0.74Juniper Networks 4,989 129,564 0.02Kansas City Southern 1,712 156,134 0.03Kellogg 4,375 274,312 0.05Keurig Green Mountain 2,453 187,973 0.03KeyCorp 19,069 286,416 0.05Kimberly-Clark 5,544 587,498 0.11Kimco Realty REIT 7,897 177,998 0.03Kinder Morgan 29,418 1,129,357 0.20



(continued)

192MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 52.01%) (continued)KLA-Tencor 2,700 151,767 0.03Kohl's 4,453 278,802 0.05Kraft Foods Group 10,187 867,321 0.16Kroger 7,928 574,859 0.10L Brands 4,137 354,665 0.06L-3 Communications Holdings 1,078 122,224 0.02Laboratory of America Holdings 1,790 216,984 0.04Lam Research 3,521 286,433 0.05Las Vegas Sands 6,588 346,331 0.06Lear 1,000 112,260 0.02Legg Mason 1,715 88,374 0.02Leggett & Platt 2,169 105,587 0.02Lennar 1,673 85,390 0.02Leucadia National 6,668 161,899 0.03Level 3 Communications 3,986 209,943 0.04Liberty Interactive 9,537 264,652 0.05Liberty Media -A Shares 1,332 48,005 0.01Liberty Media -C Shares 2,664 95,638 0.02Liberty Property Trust REIT 1,841 59,317 0.01Lincoln National 4,261 252,336 0.05Linear Technology 2,840 125,613 0.02LinkedIn 1,841 380,406 0.07LKQ 3,062 92,610 0.02Lockheed Martin 4,414 820,563 0.15Loews 6,162 237,299 0.04Lowe's 15,698 1,051,295 0.19Lululemon Athletica 1,096 71,569 0.01M&T Bank 1,759 219,752 0.04Macerich REIT 2,543 189,708 0.03Macy's 6,169 416,222 0.07ManpowerGroup 837 74,811 0.01Marathon Oil 10,621 281,881 0.05Marathon Petroleum 8,546 447,041 0.08Marriott International 4,322 321,514 0.06Marsh & McLennan 8,042 455,981 0.08Martin Marietta Materials 656 92,831 0.02Masco 4,129 110,120 0.02MasterCard 16,677 1,558,966 0.28Mattel 4,247 109,105 0.02Maxim Integrated Products 5,437 187,984 0.03McCormick 2,342 189,585 0.03McDonald's 15,881 1,509,807 0.27McGraw Hill Financial 5,018 504,058 0.09McKesson 3,826 860,123 0.15MDU Resources Group 2,365 46,188 0.01Mead Johnson Nutrition 3,275 295,470 0.05MeadWestvaco 1,879 88,670 0.02Medivation 1,075 122,765 0.02Merck 46,595 2,652,653 0.48MetLife 16,313 913,365 0.16Mettler-Toledo International 347 118,487 0.02MGM Resorts International 4,978 90,849 0.02Microchip Technology 2,798 132,695 0.02Micron Technology 18,665 351,649 0.06Microsoft 127,749 5,640,118 1.01Mohawk Industries 929 177,346 0.03


United States of America (2014: 52.01%) (continued)Molson Coors Brewing 2,692 187,929 0.03Mondelez International 27,714 1,140,154 0.20Monsanto 7,449 793,989 0.14Monster Beverage 1,853 248,339 0.04Moody's 3,260 351,950 0.06Morgan Stanley 24,877 964,979 0.17Mosaic 6,418 300,683 0.05Motorola Solutions 2,893 165,885 0.03Murphy Oil 3,612 150,151 0.03NASDAQ OMX Group 1,903 92,885 0.02National Oilwell Varco 6,286 303,488 0.05Navient 3,965 72,203 0.01NetApp 5,114 161,398 0.03Netflix 1,045 686,502 0.12NetSuite 111 10,184 -New York Community Bancorp 9,228 169,611 0.03Newell Rubbermaid 3,912 160,822 0.03Newmont Mining 7,885 184,194 0.03News 4,083 59,571 0.01NextEra Energy 7,397 725,128 0.13NIKE 11,158 1,205,287 0.22NiSource 5,890 268,525 0.05Noble Energy 7,244 309,174 0.06Nordstrom 3,190 237,655 0.04Norfolk Southern 4,871 425,531 0.08Northern Trust 3,475 265,698 0.05Northrop Grumman 3,385 536,963 0.10Norwegian Cruise Line Holdings 2,372 132,927 0.02NRG Energy 6,165 141,055 0.03Nuance Communications 4,484 78,515 0.01Nucor 4,572 201,488 0.04NVIDIA 9,745 195,972 0.04O'Reilly Automotive 1,967 444,503 0.08Occidental Petroleum 12,577 978,113 0.18Oceaneering International 1,110 51,715 0.01OGE Energy 2,112 60,340 0.01Omnicare 987 93,025 0.02Omnicom Group 4,832 335,776 0.06Oneok 3,963 156,459 0.03Oracle 58,120 2,342,236 0.42Paccar 6,281 400,791 0.07Pall 1,360 169,252 0.03Palo Alto Networks 947 165,441 0.03Parker-Hannifin 2,308 268,490 0.05Patterson 330 16,055 -Paychex 6,048 283,530 0.05People's United Financial 4,985 80,807 0.01Pepco Holdings 3,647 98,250 0.02PepsiCo 24,749 2,310,072 0.41Pfizer 102,788 3,446,482 0.62PG&E 7,003 343,847 0.06Philip Morris International 24,775 1,986,212 0.36Phillips 66 8,908 717,628 0.13Pinnacle West Capital 1,263 71,852 0.01Pioneer Natural Resources 2,833 392,909 0.07Plum Creek Timber REIT 1,801 73,067 0.01PNC Financial Services Group 8,383 801,834 0.14Polaris Industries 708 104,862 0.02PPG Industries 4,252 487,789 0.09PPL 11,632 342,795 0.06



(continued)

193MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 52.01%) (continued)Praxair 4,925 588,784 0.11Precision Castparts 2,428 485,284 0.09Priceline Group 852 980,967 0.18Principal Financial Group 4,382 224,753 0.04Procter & Gamble 44,082 3,448,976 0.62Progressive 7,199 200,348 0.04Prologis REIT 8,008 297,097 0.05Prudential Financial 6,905 604,326 0.11Public Service Enterprise Group 8,178 321,232 0.06Public Storage REIT 2,396 441,751 0.08PulteGroup 3,585 72,238 0.01PVH 798 91,930 0.02Qorvo 2,243 180,046 0.03Qualcomm 27,400 1,716,062 0.31Quanta Services 2,240 64,557 0.01Quest Diagnostics 1,622 117,627 0.02Quintiles Transnational Holdings 1,725 125,252 0.02Rackspace Hosting 2,006 74,603 0.01Ralph Lauren 602 79,681 0.01Range Resources 3,599 177,719 0.03Raymond James Financial 1,226 73,045 0.01Raytheon 4,866 465,579 0.08Realogy Holdings 1,480 69,146 0.01Realty Income REIT 4,065 180,445 0.03Red Hat 2,323 176,385 0.03Regency Centers REIT 1,558 91,891 0.02Regeneron Pharmaceuticals 1,276 650,926 0.12Regions Financial 17,732 183,704 0.03Republic Services 5,400 211,518 0.04ResMed 1,627 91,714 0.02Reynolds American 7,853 586,305 0.11Robert Half International 1,633 90,632 0.02Rock-Tenn 2,871 172,834 0.03Rockwell Automation 2,043 254,640 0.05Rockwell Collins 1,804 166,599 0.03Roper Technologies 1,340 231,096 0.04Ross Stores 7,140 347,075 0.06Royal Caribbean Cruises 2,931 230,640 0.04salesforce.com 10,110 703,959 0.13SanDisk 3,514 204,585 0.04SBA Communications 2,105 242,012 0.04SCANA 1,454 73,645 0.01Schlumberger 21,143 1,822,315 0.33Scripps Networks Interactive 1,219 79,686 0.01Sealed Air 4,070 209,117 0.04SEI Investments 1,632 80,017 0.01Sempra Energy 4,039 399,619 0.07ServiceNow 2,581 191,794 0.03Sherwin-Williams 1,525 419,405 0.08Sigma-Aldrich 1,847 257,379 0.05Simon Property Group REIT 5,095 881,537 0.16Sirius XM Holdings 69,554 259,436 0.05Skyworks Solutions 2,653 276,177 0.05SL Green Realty REIT 2,124 233,406 0.04Snap-on 813 129,470 0.02Southern 13,321 558,150 0.10


United States of America (2014: 52.01%) (continued)Southwest Airlines 3,205 106,053 0.02Southwestern Energy 4,213 95,761 0.02Spectra Energy 10,295 335,617 0.06Sprint 9,545 43,525 0.01St Jude Medical 5,446 397,939 0.07Stanley Black & Decker 2,807 295,409 0.05Staples 12,464 190,824 0.03Starbucks 23,660 1,268,531 0.23Starwood Hotels & Resorts Worldwide 2,806 227,539 0.04State Street 7,093 546,161 0.10Stericycle 1,564 209,435 0.04Stryker 5,277 504,323 0.09SunTrust Banks 8,173 351,602 0.06Symantec 12,513 290,927 0.05Synchrony Financial 3,472 114,333 0.02Synopsys 1,693 85,750 0.02Sysco 10,579 381,902 0.07T Rowe Price Group 4,781 371,627 0.07T-Mobile US 5,037 195,284 0.04Talen Energy 1,452 24,916 -Target 9,947 811,974 0.15TD Ameritrade Holding 5,121 188,555 0.03Teradata 1,811 67,007 0.01Tesla Motors 1,372 368,053 0.07Tesoro 2,559 216,005 0.04Texas Instruments 16,348 842,085 0.15Textron 3,285 146,610 0.03Thermo Fisher Scientific 6,418 832,800 0.15Tiffany 2,476 227,297 0.04Time Warner 13,750 1,201,887 0.22Time Warner Cable 4,635 825,818 0.15TJX 11,253 744,611 0.13Toll Brothers 1,995 76,189 0.01Torchmark 1,369 79,703 0.01Total System Services 2,091 87,341 0.02Towers Watson 1,723 216,753 0.04Tractor Supply 2,531 227,638 0.04TransDigm Group 1,216 273,199 0.05Travelers 5,034 486,586 0.09Trimble Navigation 3,451 80,960 0.01TripAdvisor 1,293 112,672 0.02Twenty-First Century Fox Class A 22,106 719,440 0.13Twenty-First Century Fox Class B 8,161 262,947 0.05Twitter 5,699 206,418 0.04Tyson Foods 5,804 247,425 0.04UDR REIT 2,775 88,883 0.02Ulta Salon Cosmetics & Fragrance 607 93,751 0.02Under Armour 2,938 245,147 0.04Union Pacific 14,614 1,393,737 0.25United Continental Holdings 1,561 82,749 0.01United Parcel Service 11,129 1,078,511 0.19United Rentals 2,000 175,240 0.03United Technologies 13,731 1,523,180 0.27UnitedHealth Group 15,658 1,910,276 0.34Universal Health Services 1,742 247,538 0.04Unum Group 3,533 126,305 0.02Urban Outfitters 1,912 66,920 0.01US Bancorp 30,084 1,305,646 0.23Valero Energy 9,282 581,053 0.10Vantiv 3,375 128,891 0.02



(continued)

194MGI Funds plc


Financial assets at fair value through profit or loss (2014: 98.41%) (continued)Transferable securities (2014: 98.22%) (continued)Equities (2014: 98.22%) (continued)United States of America (2014: 52.01%) (continued)Varian Medical Systems 1,421 119,833 0.02Ventas REIT 4,709 292,382 0.05VeriSign 1,036 63,942 0.01Verisk Analytics 3,443 250,513 0.05Verizon Communications 67,698 3,155,404 0.57Vertex Pharmaceuticals 4,057 500,958 0.09VF 6,124 427,088 0.08Viacom 5,176 334,577 0.06Visa 31,622 2,123,417 0.38VMware 785 67,306 0.01Vornado Realty Trust REIT 2,999 284,695 0.05Voya Financial 2,717 126,259 0.02Vulcan Materials 3,234 271,430 0.05Wabtec 1,348 127,036 0.02Wal-Mart Stores 25,787 1,829,072 0.33Walgreens Boots Alliance 13,994 1,181,653 0.21Walt Disney 26,321 3,004,279 0.54Waste Management 6,623 306,976 0.06Waters 1,160 148,921 0.03WEC Energy Group 4,350 195,620 0.04Wells Fargo 80,398 4,521,584 0.81Western Digital 3,349 262,629 0.05Western Union 9,933 201,938 0.04Westlake Chemical 1,158 79,427 0.01Weyerhaeuser REIT 7,050 222,075 0.04Whirlpool 1,273 220,293 0.04Whiting Petroleum 4,018 135,005 0.02Whole Foods Market 5,706 225,045 0.04Williams 12,359 709,283 0.13Windstream Holdings 1,271 8,109 -Workday 2,500 190,975 0.03WR Berkley 1,798 93,370 0.02WW Grainger 1,151 272,384 0.05Wyndham Worldwide 2,735 224,024 0.04Wynn Resorts 946 93,342 0.02Xcel Energy 10,095 324,857 0.06Xerox 17,178 182,774 0.03Xilinx 4,559 201,325 0.04Xylem 2,498 92,601 0.02Yahoo! 14,041 551,671 0.10Yum! Brands 6,864 618,309 0.11Zillow Group 1,307 113,369 0.02Zimmer Biomet Holdings 2,955 322,775 0.06Zoetis 7,917 381,758 0.07

––––––––––– –––––––299,982,580 53.85





(continued)

195MGI Funds plc


Financial derivative instruments (2014: 0.19%)Open forward foreign currency contracts (2014: 0.18%)AUD 2* 405,365 USD 309,686 07/07/2015 1,788 -CHF 2* 391,247 USD 417,175 07/07/2015 1,540 -DKK 2* 505,046 USD 74,625 07/07/2015 818 -EUR 2* 135,297,422 USD 148,908,845 07/07/2015 1,849,195 0.34GBP 2* 12,887,834 USD 19,713,448 07/07/2015 554,517 0.11GBP 2* 2,314,142 USD 3,558,491 14/08/2015 79,878 0.01HKD 2* 1,122,365 USD 144,723 07/07/2015 51 -ILS 2* 99,274 USD 25,722 07/07/2015 594 -JPY 2* 571,650 USD 4,615 01/07/2015 57 -JPY 2* 124,735,003 USD 1,006,176 07/07/2015 13,250 -NOK 2* 225,217 USD 28,487 07/07/2015 136 -SEK 2* 1,124,938 USD 133,120 07/07/2015 2,468 -SGD 2* 84,504 USD 62,567 07/07/2015 186 -USD 2* 786,713 AUD 1,012,425 14/08/2015 10,377 -USD 2* 5,929,698 CAD 7,386,627 07/07/2015 13,500 -USD 2* 1,296,673 CAD 1,602,400 14/08/2015 13,893 -USD 2* 2,987,009 JPY 364,305,000 14/08/2015 8,337 -USD 2* 411,559 NOK 3,206,136 07/07/2015 4,088 -USD 2* 85,371 NZD 120,692 07/07/2015 3,783 -


Futures contracts (2014:0.01%)

No. ofcontracts Unrealised % of

Maturity date Currency long/(short) gain US$ Net assets

TOPIX Index Futures 1* 10/09/2015 JPY 7 5,482 -––––––––––– –––––––

Unrealised gain on futures contracts 5,482 -


Total Financial assets at fair value through profit or loss 547,638,885 98.31

Financial liabilities at fair value through profit or loss (2014: (0.14)%)Financial derivative instruments (2014: (0.14)%)Open forward foreign currency contracts (2014: (0.14)%)


AUD 2* 1,417,729 USD 1,114,605 14/08/2015 (27,477) -CAD 2* 516,439 USD 413,927 07/07/2015 (294) -CAD 2* 2,079,983 USD 1,708,528 14/08/2015 (43,426) (0.01)CHF 2* 1,540,892 USD 1,682,152 14/08/2015 (30,660) (0.01)EUR 2* 4,776,086 USD 5,392,636 14/08/2015 (68,067) (0.01)JPY 2* 494,054,944 USD 4,084,947 14/08/2015 (45,399) (0.01)NZD 2* 8,561 USD 6,035 07/07/2015 (248) -USD 2* 4,353,941 AUD 5,687,901 07/07/2015 (16,520) -USD 2* 6,007,470 CHF 5,640,784 07/07/2015 (29,328) (0.01)USD 2* 1,199,873 CHF 1,124,310 14/08/2015 (5,136) -USD 2* 1,075,079 DKK 7,288,828 07/07/2015 (13,713) -USD 2* 24,805,943 EUR 22,499,949 07/07/2015 (265,105) (0.05)USD 2* 4,095,015 EUR 3,689,890 14/08/2015 (18,620) -USD 2* 21,733,593 GBP 14,216,581 07/07/2015 (624,017) (0.11)USD 2* 2,736,414 GBP 1,774,965 14/08/2015 (54,243) (0.01)USD 2* 2,060,226 HKD 15,974,567 07/07/2015 (325) -



(continued)

196MGI Funds plc


Financial liabilities at fair value through profit or loss (2014: (0.14)%) (continued)Financial derivative instruments (2014: (0.14)%) (continued)Open forward foreign currency contracts (2014: (0.14)%) (continued)USD 2* 362,169 ILS 1,400,067 07/07/2015 (8,968) -USD 2* 14,287,764 JPY 1,771,804,105 07/07/2015 (192,712) (0.04)USD 2* 1,900,751 SEK 16,188,871 07/07/2015 (50,476) (0.01)USD 2* 896,051 SGD 1,208,187 07/07/2015 (1,152) -


Futures contracts (2014: 0.00%)

No. ofcontracts Unrealised % of

Maturity date Currency long/(short) loss US$ Net assets

Euro Stoxx 50 Index Futures 1* 18/09/2015 EUR 34 (3,749) -FTSE 100 Index Futures 1* 18/09/2015 GBP 8 (19,439) (0.01)S&P 60 Index Futures 1* 17/09/2015 CAD 3 (5,190) -S&P 500 E Mini Index Futures 1* 18/09/2015 USD 62 (177,060) (0.03)SPI 200 Futures 1* 17/09/2015 AUD 3 (4,842) -Swiss Market Index Futures 1* 18/09/2015 CHF 4 (3,221) -




Total financial derivative instruments 854,551 0.15


Cash (2014: 1.83%) 10,809,577 1.94

Net current assets (2014: (0.10)%) 319,464 0.06––––––––––– –––––––



Financial assets at fair value through profit or lossTransferable securitiesEquitiesGuernsey 0.01%


total assetsTransferable securities admitted to an official stock exchange listing or traded on a regulated market 97.39OTC financial derivative instruments 0.46Other current assets 2.15

–––––––100.00

––––––––––––––


Reference Counterparty1* Goldman Sachs2* State Street Bank




(continued)

197MGI Funds plc

MGI Funds plcMercer Euro Over 5 Year Bond Fund



Financial assets at fair value through profit or loss (2014: 97.81%)Transferable securities (2014: 97.81%)Government bonds (2014: 97.81%)Austria (2014: 3.34%)Austria (Government of) 3.90 15/07/2020 EUR 640,000 756,519 0.39Austria (Government of) 3.50 15/09/2021 EUR 670,000 794,400 0.41Austria (Government of) 3.65 20/04/2022 EUR 420,000 505,819 0.26Austria (Government of) 3.40 22/11/2022 EUR 510,000 609,368 0.32Austria (Government of) 1.75 20/10/2023 EUR 400,000 428,785 0.22Austria (Government of) 1.65 21/10/2024 EUR 520,000 549,696 0.28Austria (Government of) 4.85 15/03/2026 EUR 410,000 562,147 0.29Austria (Government of) 6.25 15/07/2027 EUR 350,000 544,516 0.28Austria (Government of) 2.40 23/05/2034 EUR 220,000 248,226 0.13Austria (Government of) 4.15 15/03/2037 EUR 580,000 841,114 0.44Austria (Government of) 3.15 20/06/2044 EUR 270,000 351,939 0.18Austria (Government of) 3.80 26/01/2062 EUR 160,000 254,296 0.13

––––––––––– –––––––6,446,825 3.33

Belgium (2014: 3.94%)Belgium (Government of) 3.75 28/09/2020 EUR 580,000 682,877 0.35Belgium (Government of) 4.25 28/09/2021 EUR 610,000 749,382 0.39Belgium (Government of) 4.00 28/03/2022 EUR 460,000 562,432 0.29Belgium (Government of) 4.25 28/09/2022 EUR 490,000 611,593 0.31Belgium (Government of) 2.25 22/06/2023 EUR 450,000 496,967 0.26Belgium (Government of) 2.60 22/06/2024 EUR 520,000 588,743 0.30Belgium (Government of) 0.80 22/06/2025 EUR 290,000 278,853 0.14Belgium (Government of) 4.50 28/03/2026 EUR 290,000 384,133 0.20Belgium (Government of) 5.50 28/03/2028 EUR 580,000 849,368 0.44Belgium (Government of) 1.00 22/06/2031 EUR 200,000 178,495 0.09Belgium (Government of) 4.00 28/03/2032 EUR 240,000 318,185 0.17Belgium (Government of) 3.00 22/06/2034 EUR 190,000 225,179 0.12Belgium (Government of) 5.00 28/03/2035 EUR 660,000 1,000,748 0.52Belgium (Government of) 4.25 28/03/2041 EUR 460,000 666,233 0.35Belgium (Government of) 3.75 22/06/2045 EUR 190,000 257,564 0.13

––––––––––– –––––––7,850,752 4.06

Finland (2014: 2.09%)Finland (Government of) 0.38 15/09/2020 EUR 180,000 180,916 0.09Finland (Government of) 0.38 15/09/2020 EUR 260,000 261,323 0.13Finland (Government of) 3.50 15/04/2021 EUR 460,000 541,901 0.28Finland (Government of) 1.63 15/09/2022 EUR 430,000 459,337 0.24Finland (Government of) 1.50 15/04/2023 EUR 420,000 443,426 0.23Finland (Government of) 2.00 15/04/2024 EUR 450,000 491,732 0.25Finland (Government of) 4.00 04/07/2025 EUR 480,000 616,107 0.32Finland (Government of) 2.75 04/07/2028 EUR 380,000 445,422 0.23Finland (Government of) 0.75 15/04/2031 EUR 250,000 223,718 0.12Finland (Government of) 2.63 04/07/2042 EUR 310,000 378,069 0.20

––––––––––– –––––––4,041,951 2.09

France (2014: 21.96%)France (Government of) 2.50 25/10/2020 EUR 1,910,000 2,123,161 1.10France (Government of) 3.75 25/04/2021 EUR 1,950,000 2,318,466 1.20France (Government of) 3.25 25/10/2021 EUR 2,240,000 2,615,733 1.35France (Government of) 3.00 25/04/2022 EUR 1,890,000 2,187,637 1.13France (Government of) 8.25 25/04/2022 EUR 60,000 90,598 0.05France (Government of) 2.25 25/10/2022 EUR 1,390,000 1,539,934 0.80France (Government of) 8.50 25/04/2023 EUR 590,000 936,994 0.48France (Government of) 1.75 25/05/2023 EUR 1,580,000 1,689,737 0.87France (Government of) 4.25 25/10/2023 EUR 2,200,000 2,791,905 1.44France (Government of) 2.25 25/05/2024 EUR 1,580,000 1,746,506 0.90France (Government of) 1.75 25/11/2024 EUR 1,700,000 1,799,195 0.93

198MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (2014: 97.81%) (continued)Transferable securities (2014: 97.81%) (continued)Government bonds (2014: 97.81%) (continued)France (2014: 21.96%) (continued)France (Government of) 0.50 25/05/2025 EUR 1,050,000 983,032 0.51France (Government of) 6.00 25/10/2025 EUR 1,210,000 1,777,310 0.92France (Government of) 3.50 25/04/2026 EUR 1,760,000 2,149,469 1.11France (Government of) 2.75 25/10/2027 EUR 1,840,000 2,100,796 1.09France (Government of) 5.50 25/04/2029 EUR 1,650,000 2,453,197 1.27France (Government of) 2.50 25/05/2030 EUR 1,390,000 1,537,969 0.79France (Government of) 5.75 25/10/2032 EUR 1,480,000 2,361,118 1.22France (Government of) 4.75 25/04/2035 EUR 1,240,000 1,824,155 0.94France (Government of) 4.00 25/10/2038 EUR 1,320,000 1,805,026 0.93France (Government of) 4.50 25/04/2041 EUR 1,280,000 1,900,336 0.98France (Government of) 3.25 25/05/2045 EUR 860,000 1,058,221 0.55France (Government of) 4.00 25/04/2055 EUR 830,000 1,202,598 0.62France (Government of) 4.00 25/04/2060 EUR 580,000 851,199 0.44

––––––––––– –––––––41,844,292 21.62

Germany (2014: 31.04%)Bundesrepublik Deutschland 3.00 04/07/2020 EUR 2,020,000 2,310,821 1.19Bundesrepublik Deutschland 2.25 04/09/2020 EUR 1,630,000 1,807,844 0.93Bundesrepublik Deutschland 2.50 04/01/2021 EUR 1,770,000 1,994,991 1.03Bundesrepublik Deutschland 3.25 04/07/2021 EUR 1,920,000 2,265,219 1.17Bundesrepublik Deutschland 2.25 04/09/2021 EUR 1,620,000 1,816,445 0.94Bundesrepublik Deutschland 2.00 04/01/2022 EUR 1,890,000 2,094,911 1.08Bundesrepublik Deutschland 1.75 04/07/2022 EUR 2,240,000 2,450,831 1.27Bundesrepublik Deutschland 1.50 04/09/2022 EUR 1,680,000 1,808,231 0.93Bundesrepublik Deutschland 1.50 15/02/2023 EUR 1,810,000 1,946,722 1.01Bundesrepublik Deutschland 1.50 15/05/2023 EUR 1,820,000 1,957,251 1.01Bundesrepublik Deutschland 2.00 15/08/2023 EUR 1,700,000 1,896,005 0.98Bundesrepublik Deutschland 6.25 04/01/2024 EUR 1,060,000 1,559,043 0.81Bundesrepublik Deutschland 1.75 15/02/2024 EUR 1,830,000 2,003,402 1.04Bundesrepublik Deutschland 1.50 15/05/2024 EUR 1,700,000 1,821,569 0.94Bundesrepublik Deutschland 1.00 15/08/2024 EUR 1,690,000 1,732,407 0.90Bundesrepublik Deutschland 0.50 15/02/2025 EUR 1,800,000 1,754,985 0.91Bundesrepublik Deutschland 6.50 04/07/2027 EUR 1,180,000 1,917,507 0.99Bundesrepublik Deutschland 5.63 04/01/2028 EUR 1,370,000 2,108,495 1.09Bundesrepublik Deutschland 4.75 04/07/2028 EUR 1,140,000 1,648,221 0.85Bundesrepublik Deutschland 6.25 04/01/2030 EUR 850,000 1,426,712 0.74Bundesrepublik Deutschland 5.50 04/01/2031 EUR 1,640,000 2,617,959 1.35Bundesrepublik Deutschland 4.75 04/07/2034 EUR 2,010,000 3,127,402 1.62Bundesrepublik Deutschland 4.00 04/01/2037 EUR 2,160,000 3,158,507 1.63Bundesrepublik Deutschland 4.25 04/07/2039 EUR 1,430,000 2,215,766 1.14Bundesrepublik Deutschland 4.75 04/07/2040 EUR 1,520,000 2,538,336 1.31Bundesrepublik Deutschland 3.25 04/07/2042 EUR 1,430,000 1,967,607 1.02Bundesrepublik Deutschland 2.50 04/07/2044 EUR 1,530,000 1,866,519 0.96Bundesrepublik Deutschland 2.50 15/08/2046 EUR 870,000 1,065,925 0.55

––––––––––– –––––––56,879,633 29.39

Ireland (2014: 1.83%)Ireland (Government of) 5.00 18/10/2020 EUR 490,000 598,534 0.31Ireland (Government of) 0.80 15/03/2022 EUR 300,000 296,846 0.15Ireland (Government of) 3.90 20/03/2023 EUR 430,000 512,828 0.27Ireland (Government of) 3.40 18/03/2024 EUR 510,000 589,280 0.30Ireland (Government of) 5.40 13/03/2025 EUR 830,000 1,107,921 0.57Ireland (Government of) 2.40 15/05/2030 EUR 200,000 207,766 0.11Ireland (Government of) 2.00 18/02/2045 EUR 400,000 351,181 0.18

––––––––––– –––––––3,664,356 1.89

199MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.81%) (continued)Transferable securities (2014: 97.81%) (continued)Government bonds (2014: 97.81%) (continued)Italy (2014: 16.05%)Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 970,000 1,101,536 0.57Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 940,000 1,058,777 0.55Italy Buoni Poliennali Del Tesoro 3.75 01/05/2021 EUR 800,000 899,978 0.47Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 1,090,000 1,227,189 0.63Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 1,010,000 1,195,838 0.62Italy Buoni Poliennali Del Tesoro 2.15 15/12/2021 EUR 690,000 710,235 0.37Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 800,000 965,278 0.50Italy Buoni Poliennali Del Tesoro 1.35 15/04/2022 EUR 480,000 467,760 0.24Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 760,000 942,711 0.49Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 890,000 1,105,261 0.57Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 710,000 839,027 0.43Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 1,070,000 1,283,704 0.66Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 510,000 773,498 0.40Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 990,000 1,168,243 0.60Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 820,000 919,448 0.48Italy Buoni Poliennali Del Tesoro 2.50 01/12/2024 EUR 870,000 888,009 0.46Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 980,000 1,201,349 0.62Italy Buoni Poliennali Del Tesoro 1.50 01/06/2025 EUR 430,000 400,149 0.21Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 900,000 1,071,246 0.55Italy Buoni Poliennali Del Tesoro 7.25 01/11/2026 EUR 350,000 509,488 0.26Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 1,040,000 1,449,440 0.75Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 740,000 904,680 0.47Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 1,140,000 1,464,176 0.76Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 680,000 741,719 0.38Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 1,230,000 1,710,054 0.88Italy Buoni Poliennali Del Tesoro 1.65 01/03/2032 EUR 300,000 259,974 0.14Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 690,000 947,979 0.49Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 930,000 1,188,437 0.61Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 1,040,000 1,167,347 0.60Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 780,000 1,003,652 0.52Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 830,000 1,067,030 0.55Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 650,000 820,089 0.42Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 320,000 320,223 0.17

––––––––––– –––––––31,773,524 16.42

Latvia (2014: 0.15%)Latvia (Government of) 2.63 21/01/2021 EUR 150,000 163,500 0.08Latvia (Government of) 2.88 30/04/2024 EUR 200,000 224,250 0.12

––––––––––– –––––––387,750 0.20

Lithuania (2014: Nil)Lithuania (Government of) 2.13 29/10/2026 EUR 650,000 669,825 0.35

––––––––––– –––––––Luxembourg (2014: 0.39%)Luxembourg (Government of) 2.25 21/03/2022 EUR 150,000 167,801 0.08Luxembourg (Government of) 2.13 10/07/2023 EUR 620,000 692,105 0.36

––––––––––– –––––––859,906 0.44

Netherlands (2014: 6.26%)Netherlands (Kingdom of) 3.50 15/07/2020 EUR 1,020,000 1,186,399 0.61Netherlands (Kingdom of) 3.25 15/07/2021 EUR 1,050,000 1,227,624 0.63Netherlands (Kingdom of) 2.25 15/07/2022 EUR 1,070,000 1,192,811 0.62Netherlands (Kingdom of) 3.75 15/01/2023 EUR 710,000 871,690 0.45Netherlands (Kingdom of) 7.50 15/01/2023 EUR 170,000 255,849 0.13Netherlands (Kingdom of) 1.75 15/07/2023 EUR 1,010,000 1,087,662 0.56Netherlands (Kingdom of) 2.00 15/07/2024 EUR 960,000 1,052,125 0.54Netherlands (Kingdom of) 0.25 15/07/2025 EUR 630,000 582,794 0.30



(continued)

200MGI Funds plc


Financial assets at fair value through profit or loss (2014: 97.81%) (continued)Transferable securities (2014: 97.81%) (continued)Government bonds (2014: 97.81%) (continued)Netherlands (2014: 6.26%) (continued)Netherlands (Kingdom of) 5.50 15/01/2028 EUR 810,000 1,210,976 0.63Netherlands (Kingdom of) 2.50 15/01/2033 EUR 650,000 752,328 0.39Netherlands (Kingdom of) 4.00 15/01/2037 EUR 860,000 1,246,209 0.64Netherlands (Kingdom of) 3.75 15/01/2042 EUR 1,000,000 1,462,247 0.76Netherlands (Kingdom of) 2.75 15/01/2047 EUR 550,000 687,214 0.36

––––––––––– –––––––12,815,928 6.62

Slovakia (2014: 0.47%)Slovakia (Government of) 3.00 28/02/2023 EUR 330,000 379,593 0.20Slovakia (Government of) 3.38 15/11/2024 EUR 100,000 118,878 0.06Slovakia (Government of) 4.35 14/10/2025 EUR 300,000 385,716 0.20Slovakia (Government of) 4.50 10/05/2026 EUR 66,388 86,466 0.04Slovakia (Government of) 1.38 21/01/2027 EUR 100,000 97,652 0.05Slovakia (Government of) 3.63 16/01/2029 EUR 120,000 146,295 0.08Slovakia (Government of) 3.88 08/02/2033 EUR 100,000 126,084 0.06

––––––––––– –––––––1,340,684 0.69

Slovenia (2014: 0.38%)Slovenia (Government of) 4.38 18/01/2021 EUR 100,000 115,390 0.06Slovenia (Government of) 3.00 08/04/2021 EUR 100,000 107,880 0.05Slovenia (Government of) 2.25 25/03/2022 EUR 100,000 102,820 0.05Slovenia (Government of) 4.63 09/09/2024 EUR 140,000 166,880 0.09Slovenia (Government of) 5.13 30/03/2026 EUR 150,000 186,540 0.10

––––––––––– –––––––679,510 0.35

Spain (2014: 9.91%)Spain (Kingdom of) 4.85 31/10/2020 EUR 1,030,000 1,214,676 0.63Spain (Kingdom of) 5.50 30/04/2021 EUR 1,130,000 1,381,205 0.71Spain (Kingdom of) 5.85 31/01/2022 EUR 1,260,000 1,583,667 0.82Spain (Kingdom of) 5.40 31/01/2023 EUR 840,000 1,044,238 0.54Spain (Kingdom of) 4.40 31/10/2023 EUR 1,090,000 1,282,005 0.66Spain (Kingdom of) 4.80 31/01/2024 EUR 700,000 846,449 0.44Spain (Kingdom of) 3.80 30/04/2024 EUR 1,160,000 1,309,918 0.68Spain (Kingdom of) 2.75 31/10/2024 EUR 1,260,000 1,313,034 0.68Spain (Kingdom of) 1.60 30/04/2025 EUR 940,000 885,645 0.46Spain (Kingdom of) 4.65 30/07/2025 EUR 870,000 1,050,910 0.54Spain (Kingdom of) 5.90 30/07/2026 EUR 830,000 1,103,346 0.57Spain (Kingdom of) 5.15 31/10/2028 EUR 650,000 823,371 0.42Spain (Kingdom of) 6.00 31/01/2029 EUR 1,150,000 1,568,706 0.81Spain (Kingdom of) 1.95 30/07/2030 EUR 450,000 403,966 0.21Spain (Kingdom of) 5.75 30/07/2032 EUR 960,000 1,322,167 0.68Spain (Kingdom of) 4.20 31/01/2037 EUR 960,000 1,114,738 0.58Spain (Kingdom of) 4.90 30/07/2040 EUR 630,000 810,298 0.42Spain (Kingdom of) 4.70 30/07/2041 EUR 610,000 763,628 0.39Spain (Kingdom of) 5.15 31/10/2044 EUR 530,000 710,840 0.37Spain (Kingdom of) 4.00 31/10/2064 EUR 100,000 110,856 0.06

––––––––––– –––––––20,643,663 10.67



(continued)

201MGI Funds plc

Fair value % of€ Net assets




Cash (2014: 0.58%) 915,202 0.47





–––––––100.00

––––––––––––––




(continued)

202MGI Funds plc

MGI Funds plcMercer Euro Nominal Bond Long Duration Fund



Financial assets at fair value through profit or loss (2014: 98.54%)Transferable securities (2014: 98.54%)Government bonds (2014: 98.54%)France (2014: 34.69%)France (Government of) 4.25 25/10/2023 EUR 42,523,100 53,963,844 6.76France (Government of) - 25/10/2025 EUR 60,850,100 53,198,200 6.67France (Government of) 3.50 25/04/2026 EUR 23,065,100 28,169,165 3.53France (Government of) - 25/04/2029 EUR 48,252,700 37,873,544 4.75France (Government of) - 25/10/2032 EUR 57,624,700 41,041,176 5.14France (Government of) - 25/10/2038 EUR 71,336,900 42,684,077 5.35France (Government of) - 25/04/2055 EUR 63,782,400 23,651,790 2.97France (Government of) 3.50 25/04/2026 EUR 2,160,000 2,637,985 0.33

––––––––––– –––––––283,219,781 35.50

Germany (2014: 32.59%)Bundesrepublik Deutschland 3.00 04/07/2020 EUR 17,545,400 20,071,422 2.52Bundesrepublik Deutschland 6.25 04/01/2024 EUR 36,540,300 53,743,298 6.74Bundesrepublik Deutschland 6.25 04/01/2030 EUR 29,917,000 50,215,238 6.29Bundesrepublik Deutschland 4.00 04/01/2037 EUR 42,143,800 61,625,680 7.72Bundesrepublik Deutschland 3.25 04/07/2042 EUR 50,697,000 69,756,474 8.74

––––––––––– –––––––255,412,112 32.01

Netherlands (2014: 31.26%)Netherlands (Kingdom of) 4.50 15/07/2017 EUR 11,106,800 12,171,526 1.53Netherlands (Kingdom of) 4.00 15/07/2018 EUR 11,183,000 12,564,860 1.57Netherlands (Kingdom of) 5.50 15/01/2028 EUR 29,168,600 43,608,005 5.47Netherlands (Kingdom of) 4.00 15/01/2037 EUR 58,902,900 85,355,014 10.70Netherlands (Kingdom of) 3.75 15/01/2042 EUR 64,488,000 94,297,423 11.82

––––––––––– –––––––247,996,828 31.09




Cash (2014: 0.15%) 1,459,185 0.18




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 98.52Other current assets 1.48

–––––––100.00

––––––––––––––


203MGI Funds plc

MGI Funds plcMercer Diversified Retirement Fund



Financial assets at fair value through profit or lossCollective investment schemesIrelandBlackRock Developed Real Estate Index Sub-Fund* 165,102 1,213,440 4.47BlackRock GiltTrak Fund 127,694 2,786,671 10.27BlackRock UK Index Sub Fund 48,862 1,689,263 6.23BlackRock - Euro Credit Bond Index Fund** 66,275 1,017,993 3.75BlackRock - UK Credit Bond Index Fund Flexible 41,829 1,058,268 3.90BlackRock - US Corporate Bond Index Fund*** 105,132 1,568,262 5.78Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 2,056,624 2,188,870 8.07iShares $ High Yield Corporate Bond Fund - GBP Class 520 34,936 0.13iShares $ High Yield Corporate Bond Fund - USD Class 24,963 1,675,205 6.17iShares Global Infrastructure Fund 64,704 978,768 3.61iShares JP Morgan $ Emerging Markets Bond Fund 21,076 1,455,192 5.36Mercer Passive Global Equity Fund 40,961 4,032,240 14.86MGI UK Cash Fund 31,119 3,118,141 11.49MGI UK Inflation Linked Bond Fund 16,309 2,721,491 10.04



Cash 860,985 3.17

Other net assets 730,612 2.70––––––––––– –––––––



total assetsCollective investment schemes 93.47Other current assets 6.53

–––––––100.00

––––––––––––––


*USD Flexible Accumulation Class**EUR Flexible Accumulation Class***USD Accumulation Class

204MGI Funds plc

MGI

Fun

ds p

lcBa

lanc

e Sh

eet

as a

t 30

June

201

5

Note

sAs

sets

Cash

at ba

nk6

Collat

eral a

nd m

argin

cash

6Re

ceiva

ble fo

r sec

uritie

s sold

Subs

cripti

ons r

eceiv

able

Othe

r asse

tsFin

ancia

l asse

ts at

amort

ised c

ost

- Mon

ey m

arket

instru

ments

-Rev

erse r

epurc

hase

agree

ments

- Dep

osits

with c

redit i

nstitu

tions

Finan

cial a

ssets

at fai

r valu

ethr

ough

profi

t or lo

ss- T

ransfe

rable

secu

rities

- Colle

ctive

inve

stmen

t sch

emes

- Fina

ncial

deriv

ative

instr

umen

ts5,1

0

Tota

l ass

ets

Liab

ilities

Finan

cial lia

bilitie

s at fa

ir valu

ethr

ough

profi

t or lo

ss- F

inanc

ial de

rivati

ve in

strum

ents

5,10

Collat

eral a

nd m

argin

cash

6Ba

nk O

verdr

aftEx

pens

es pa

yable

Intere

st pa

yable

Rede

mptio

ns pa

yable

Paya

ble fo

r sec

uritie

s purc

hase

d

Tota

l liab

ilities

(exc

ludi

ng n

et a

sset

sat

tribu

tabl

e to

hol

ders

of r

edee

mab

lepa

rticip

atin

g sh

ares

)

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

es

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

40,38

9,487

30,72

7,283

35,90

0,729

1,544

5,577

,964 - - -

1,106

,310,7

19 -2,3

28,11

5–––

––––––

––––

1,221

,235,8

41–––

––––––

––––

(2,60

0,959

)(28

,020,4

93)

(3,08

8)(1,

605,4

73)

(16)

(59,50

8)(34

,606,5

50)

––––––

––––––

–

(66,8

96,08

7)–––

––––––

––––

1,154

,339,7

54–––

––––––

––––

––––––

––––––

–

MGI

Euro

Bon

dFu

nd €

83,57

2 - -94

,035

385,1

83 - - -

25,20

2,163

4,886

,945 -

––––––

––––––

–30

,651,8

98–––

––––––

–––– - - -

(22,48

4) -(27

,021) -

––––––

––––––

–

(49,5

05)

––––––

––––––

–

30,60

2,393

––––––

––––––

––––

––––––

––––

MGI

Euro

Cas

hFu

nd €

4,169

,010 - -

604,0

8912

,445 - -

252,6

37,90

1 - - -–––

––––––

––––

257,4

23,44

5–––

––––––

–––– - - -

(57,59

1)(14

,162)

(214,1

72) -

––––––

––––––

–

(285

,925)

––––––

––––––

–

257,1

37,52

0–––

––––––

––––

––––––

––––––

–

MGI

Euro

zone

Equi

ty F

und €

1,142

,250 - -

2,871

398,6

24 - - -

115,4

87,55

4 - -–––

––––––

––––

117,0

31,29

9–––

––––––

–––– - - -

(113,8

89) - - -

––––––

––––––

–

(113,8

89)

––––––

––––––

–

116,9

17,41

0–––

––––––

––––

––––––

––––––

–

MGI

Glob

alBo

nd F

und

US$

58,67

3 - - -46

,082 - - -

4,534

,864

831,4

41 -–––

––––––

––––

5,471

,060

––––––

––––––

– - -(10

3)(9,

125) - - -

––––––

––––––

–

(9,22

8)–––

––––––

––––

5,461

,832

––––––

––––––

––––

––––––

––––

MGI

Glob

alEq

uity

Fun

dUS

$

30,86

0,859

6,685

,642

11,94

0,159

291,8

0199

3,072 - -

63,03

1,314

593,6

41,10

0 -5,0

66,53

2–––

––––––

––––

712,5

10,47

9–––

––––––

––––

(3,34

9,399

) - -(66

2,849

) -(13

,489,0

41)

(4,91

2,095

)–––

––––––

––––

(22,4

13,38

4)–––

––––––

––––

690,0

97,09

5–––

––––––

––––

––––––

––––––

–

MGI

Japa

nese

Equi

ty F

und ¥

21,34

6,822 -

3,707

,980 -

1,760

,061 - - -

1,762

,948,6

90 - -–––

––––––

––––

1,789

,763,5

53–––

––––––

–––– - - -

(2,78

4,195

) - -(2,

770,9

18)

––––––

––––––

–

(5,55

5,113

)–––

––––––

––––

1,784

,208,4

40–––

––––––

––––

––––––

––––––

–

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

223,6

65 - - -56

,916 - - -

9,363

,574 - -

––––––

––––––

–9,6

44,15

5–––

––––––

–––– - - -

(11,21

6) - -(2,

552)

––––––

––––––

–

(13,7

68)

––––––

––––––

–

9,630

,387

––––––

––––––

––––

––––––

––––

MGI

UK B

ond

Fund GB

£

732,6

34

144,2

0880

9,493

672,9

1974

9,593 - - -

67,53

8,163

3,349

,474

191,3

69–––

––––––

––––

74,18

7,853

––––––

––––––

–

(87,93

4) -(5,

269)

(43,61

6) -(7,

525,0

78)

(778,8

11)

––––––

––––––

–

(8,44

0,708

)–––

––––––

––––

65,74

7,145

––––––

––––––

––––

––––––

––––

MGI

UK C

ash

Fund GB

£

11,22

1,962 - -

13,61

536

,806 - - - -

148,1

17,72

8 -–––

––––––

––––

159,3

90,11

1–––

––––––

–––– - - -

(114,8

66) -

(71,50

1) -–––

––––––

––––

(186

,367)

––––––

––––––

–

159,2

03,74

4–––

––––––

––––

––––––

––––––

–

205MGI Funds plc

MGI

Fun

ds p

lcBa

lanc

e Sh

eet

as a

t 30

June

201

5(c

ontin

ued)

Note

sAs

sets

Cash

at ba

nk6

Collat

eral a

nd m

argin

cash

6Re

ceiva

ble fo

r sec

uritie

s sold

Subs

cripti

ons r

eceiv

able

Othe

r asse

tsFin

ancia

l asse

ts at

amort

ised c

ost

- Mon

ey m

arket

instru

ments

-Rev

erse r

epurc

hase

agree

ments

- Dep

osits

with c

redit i

nstitu

tions

Finan

cial a

ssets

at fai

r valu

ethr

ough

profi

t or lo

ss- T

ransfe

rable

secu

rities

- Colle

ctive

inve

stmen

t sch

emes

- Fina

ncial

deriv

ative

instr

umen

ts5,1

0

Tota

l ass

ets

Liab

ilities

Finan

cial lia

bilitie

s at fa

ir valu

ethr

ough

profi

t or lo

ss- F

inanc

ial de

rivati

ve in

strum

ents

5,10

Collat

eral a

nd m

argin

cash

6Ba

nk O

verdr

aftEx

pens

es pa

yable

Intere

st pa

yable

Rede

mptio

ns pa

yable

Paya

ble fo

r sec

uritie

s purc

hase

d

Tota

l liab

ilities

(exc

ludi

ng n

et a

sset

sat

tribu

tabl

e to

hol

ders

of r

edee

mab

lepa

rticip

atin

g sh

ares

)

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

es

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

781,2

38 - -40

,059

194,9

62 - - -

62,06

9,910 - -

––––––

––––––

–63

,086,1

69–––

––––––

–––– - - -

(52,47

1) -(2,

191,5

54) -

––––––

––––––

–

(2,24

4,025

)–––

––––––

––––

60,84

2,144

––––––

––––––

––––

––––––

––––

MGI

U.S.

Equ

ityFu

nd US$

1,028

,227 -

284,1

13 -43

,815 - - -

67,92

1,418 - -

––––––

––––––

–69

,277,5

73–––

––––––

–––– - - -

(53,88

4) - -(45

5,060

)–––

––––––

––––

(508

,944)

––––––

––––––

–

68,76

8,629

––––––

––––––

––––

––––––

––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

733,9

63 - -1,1

10,55

41,2

16,54

9 - - -

669,5

58,51

6 - -–––

––––––

––––

672,6

19,58

2–––

––––––

–––– - - -

(335,1

96) -

(808,9

56) -

––––––

––––––

–

(1,14

4,152

)–––

––––––

––––

671,4

75,43

0–––

––––––

––––

––––––

––––––

–

MGI

UK L

ong

Gilt

Fund GB

£

711,4

27 - - -1,0

88,27

1 - - -

167,5

19,28

0 - -–––

––––––

––––

169,3

18,97

8–––

––––––

–––– - - -

(77,82

4) - - -–––

––––––

––––

(77,8

24)

––––––

––––––

–

169,2

41,15

4–––

––––––

––––

––––––

––––––

–

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

53,16

8,153

3,336

,215 -

35,83

8,041

29,01

7,296 - - -

1,288

,240,4

2711

,871,0

7512

,535,0

07–––

––––––

––––

1,434

,006,2

14–––

––––––

––––

(18,65

6,032

) -(17

,498,7

94)

(1,66

8,946

) -(36

,032)

(21,81

6,682

)–––

––––––

––––

(59,6

76,48

6)–––

––––––

––––

1,374

,329,7

28–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

19,52

8,527 -

9,314

,645

2,105

1,006

,319 - - -

1,164

,377,1

34 - -–––

––––––

––––

1,194

,228,7

30–––

––––––

–––– - -

(54,42

4)(1,

320,4

41) -

(915,6

19)

(3,90

7,464

)–––

––––––

––––

(6,19

7,948

)–––

––––––

––––

1,188

,030,7

82–––

––––––

––––

––––––

––––––

–

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

93,78

8,639 -

71,72

6 -1,5

27,88

7 - - -

918,6

26,83

418

,885,5

767,1

12,43

5–––

––––––

––––

1,040

,013,0

97

––––––

––––––

–

(1,61

8,671

) -(12

,498)

(1,17

6,030

) -(42

1,708

)(46

7,805

)–––

––––––

––––

(3,69

6,712

)–––

––––––

––––

1,036

,316,3

85–––

––––––

––––

––––––

––––––

–

Merc

erDi

vers

ified

Grow

thFu

nd US$

29,58

3,366

5,710

,420 -

18,31

9,747

855,7

98 - -32

,008,7

96 -1,7

03,17

8,438

1,600

,076

––––––

––––––

–1,7

91,25

6,641

––––––

––––––

–

(1,56

0,896

) -(2,

790,5

18)

(666,8

63)

(33)

(798,9

25)

(7,49

9,142

)–––

––––––

––––

(13,3

16,37

7)–––

––––––

––––

1,777

,940,2

64–––

––––––

––––

––––––

––––––

–

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

3,828

,756 -

2,281

,840 -

375,7

42 - - -

230,5

66,81

6 -5,9

20–––

––––––

––––

237,0

59,07

4–––

––––––

–––– - - -

(326,9

29) - -

(2,30

8,324

)–––

––––––

––––

(2,63

5,253

)–––

––––––

––––

234,4

23,82

1–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

60,47

6,842

1,121

,618

3,607

,737

905,8

367,9

91,03

9 - - -

502,7

52,40

7 -6,0

03,89

7–––

––––––

––––

582,8

59,37

6–––

––––––

––––

(1,28

7,723

)(1,

359,6

68) -

(543,0

27) -

(13,75

6)(10

,583,2

12)

––––––

––––––

–

(13,7

87,38

6)–––

––––––

––––

569,0

71,99

0–––

––––––

––––

––––––

––––––

–

MGI

Fund

spl

cB

alan

ceSh

eet

asat

3DJu

ne20

15(c

ontin

ued)

Not

esA

sset

sC

asha

tban

k6

Colla

teral

and

mar

gin

cash

6Re

ceiv

able

for s

ecur

ities

sold

Subs

crip

tions

rece

ivab

leOt

her

asse

tsFi

nanc

ialas

sets

atam

ortis

edco

st-

Mon

eym

arke

t ins

trum

ents

-

Reve

rse

repu

rcha

seag

reem

ents

-

Dep

osits

with

cred

itin

stitu

tions

Fina

ncial

asse

tsat

fair v

alue

thro

ugh

prof

itor

loss

-Tr

ansf

erab

lese

curit

ies

-

Colle

ctive

inve

stmen

t sch

emes

-

Fina

ncial

deriv

ative

instr

umen

ts5,

10

Total

asse

ts

Liab

ilitie

sFi

nanc

iallia

biliti

esat

fair v

alue

thro

ugh

prof

itor

loss

-

Fina

ncial

deriv

ative

instr

umen

ts5,

10Co

llater

alan

dm

argi

nca

sh6

Bank

Over

draf

tEx

pens

espa

yabl

eIn

teres

t pay

able

Rede

mpt

ions

paya

ble

Paya

ble

for s

ecur

ities

purc

hase

d

Total

liabi

litie

s(e

xclu

ding

neta

sset

sat

tribu

tabl

eto

hold

ers

ofre

deem

able

parti

cipa

ting

shar

es)

Neta

sset

sat

tribu

tabl

eto

hold

ers

ofre

deem

able

parti

cipa

ting

shar

es

Onbe

half

ofth

eBo

ard

Mer

cer

Mer

cer

Shor

tSh

ort

Mer

cer

Mer

cer

Mer

cer

Mer

cer

Dura

tion

Dura

tion

Glob

alBu

yPa

ssiv

eEu

roOv

erEu

roNo

min

alGl

obal

Bond

Glob

alBo

nd&

Main

tain

Glob

al5

Year

Bond

Bond

Long

Fund

1Fu

nd2

Cred

itFu

ndEq

uity

Fund

Fund

Dura

tion

Fund

uss

uss

uss

uss

€€

1070

6,44

950

9476

27,

267,

078

3,78

2,75

16,

066,

314

814,

108

5,31

4.70

4-

-

--

70,7

704,

600.

721

2,83

5,30

18,

825,

597

-7,

9106

71-

800,

000

(4,1

99,1

88)

(11,

143,

355)

-

(405

,115

)(1

6.00

7)-

(335

,549

)(4

29,6

72)

9,95

2,13

388

4310

235,

573

178,

980

806,

517

(7.1

66,3

83)

(1,7

09,3

87)

--

-

(26,

866)

--

(587

,214

)(2

10.7

51)

(93,

896)

(441

,170

)

--

(15,

712)

(441

,063

)-

(155

,160

)(9

,940

,785

)(1

353,

560)

(2,4

28,7

37)

(249

,792

)-

-

891,

146

357,

646,

397

-53

,271

805

-

6313

1437

886,

735

54,5

85,5

596.3

3176

,410

,278

-7,

099,

866

-

718,

004

-

3379

3687

0

-

(47,

953,

940)

-

(26,

732,

525)

(30,

161)

(183

61,0

79)

(15,

126)

(10,

274,

696)

-

(142

06)

(7.32

0)(2

9895

,591

)(1

40.0

08)

(91,

622,

555)

*Mer

cer

Dive

rsifie

dRe

tirem

ent

Fund

GB

9152

02

2,82

3,52

3

MGI

Fund

spl

c €

1.45

9,18

5

130,

794

1018

7,45

7

433,

527,

668

428.

439,

089

6934

63,0

5054

5074

947

189,

898,

599

786.

628,

721

4,04

2.09

85,

370.

673

20.4

76,0

322.

563.

938

--

467,

974,

391

456,

576,

810

730,

9166

3555

9,69

6,39

819

3,63

7,32

479

8,40

6,15

7

-9,

662,

787,

975

25,5

38.7

401,

653,

613,

624

-

60,4

96,9

24

27,3

22,9

5212

,327

,698

,739

0*T

hisSu

b-Fu

ndla

unch

eddu

ring

the

year

ende

d30

June

2015

The

acco

mpa

nyin

gno

tes

fonn

anin

tegr

alpa

rtof

thes

efin

anci

alsta

tem

ents.

(14,

491,

529)

(73,

331,

702)

(10,

198,

046)

(2,6

37,8

59)

(93,

896)

(596

,330

)

447,

482,

862

443,

185,

108

720,

718,

587,

058,

539

193,

543,

428

797,

809,

827

cY

7‘

20O

ctob

er20

15

(192

,615

)(2

24,8

54,5

92)

27,1

30,3

3712

,102

,844

,147

207MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Ba

lanc

e Sh

eet

as a

t 30

June

201

4

Note

sAs

sets

Cash

at ba

nk6

Collat

eral a

nd m

argin

cash

6Re

ceiva

ble fo

r sec

uritie

s sold

Subs

cripti

ons r

eceiv

able

Othe

r asse

tsFin

ancia

l asse

ts at

amort

ised c

ost

- Mon

ey m

arket

instru

ments

- Dep

osits

with c

redit i

nstitu

tions

Finan

cial a

ssets

at fai

r valu

ethr

ough

profi

t or lo

ss- T

ransfe

rable

secu

rities

-Colle

ctive

inve

stmen

t sch

emes

- Fina

ncial

deriv

ative

instr

umen

ts5,1

0

Tota

l ass

ets

Liab

ilities

Finan

cial lia

bilitie

s at fa

ir valu

ethr

ough

profi

t or lo

ss- F

inanc

ial de

rivati

ve in

strum

ents

5,10

Collat

eral a

nd m

argin

cash

6Ex

pens

es pa

yable

Rede

mptio

ns pa

yable

Paya

ble fo

r sec

uritie

s purc

hase

d

Tota

l liab

ilities

(exc

ludi

ng n

et a

sset

sat

tribu

tabl

e to

hol

ders

of r

edee

mab

lepa

rticip

atin

g sh

ares

)

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

es

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

53,91

2,516

806,3

751,6

04,65

613

,160,3

574,7

86,77

3 - -

1,429

,532,5

14 -13

9,941

––––––

––––––

–1,5

03,94

3,132

––––––

––––––

–

(61,40

2) -(1,

536,3

55)

(6,38

7,654

)(55

5,576

)–––

––––––

––––

(8,54

0,987

)–––

––––––

––––

1,495

,402,1

45–––

––––––

––––

––––––

––––––

–

MGI

Euro

Bon

dFu

nd €

93,67

1 - - -25

1,217 - -

14,18

1,234

2,667

,103 -

––––––

––––––

–17

,193,2

25–––

––––––

–––– - -

(10,08

5)(54

,189) -

––––––

––––––

–

(64,2

74)

––––––

––––––

–

17,12

8,951

––––––

––––––

––––

––––––

––––

MGI

Euro

Cas

hFu

nd €

2,917

,853 - -

311,5

4738

,859 -

110,7

31,49

8 - - -–––

––––––

––––

113,9

99,75

7–––

––––––

–––– - -

(29,95

7)(24

2,038

) -–––

––––––

––––

(271

,995)

––––––

––––––

–

113,7

27,76

2–––

––––––

––––

––––––

––––––

–

MGI

Euro

zone

Equi

ty F

und €

3,098

,125 -

904,8

122,8

7143

4,993 - -

152,6

90,87

0 - -–––

––––––

––––

157,1

31,67

1–––

––––––

–––– - -

(101,8

57)

(5,57

1)(1,

247,9

43)

––––––

––––––

–

(1,35

5,371

)–––

––––––

––––

155,7

76,30

0–––

––––––

––––

––––––

––––––

–

MGI

Glob

alBo

nd F

und

US$

48,38

9 - - -57

,831 - -

5,069

,909

901,0

11 -–––

––––––

––––

6,077

,140

––––––

––––––

– - -(5,

109)

(2,72

0) -–––

––––––

––––

(7,82

9)–––

––––––

––––

6,069

,311

––––––

––––––

––––

––––––

––––

MGI

Glob

alEq

uity

Fun

dUS

$

57,42

3,374

14,17

7,060

41,81

5,524

9,304

1,899

,086 -

66,53

4,881

928,9

80,33

6 -8,9

59,45

1–––

––––––

––––

1,119

,799,0

16–––

––––––

––––

(2,80

1,270

) -(80

1,919

)(40

,150,9

47)

(5,47

9,842

)–––

––––––

––––

(49,2

33,97

8)–––

––––––

––––

1,070

,565,0

38–––

––––––

––––

––––––

––––––

–

MGI

Japa

nese

Equi

ty F

und ¥

14,07

1,813 -

7,097

,409 -

1,258

,110 - -

1,558

,688,4

00 - -–––

––––––

––––

1,581

,115,7

32–––

––––––

–––– - -

(1,40

7,147

)(21

8,587

)(7,

498,2

48)

––––––

––––––

–

(9,12

3,982

)–––

––––––

––––

1,571

,991,7

50–––

––––––

––––

––––––

––––––

–

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

225,7

65 - - -67

,791 - -

12,36

4,879 - -

––––––

––––––

–-12

,658,4

35–––

––––––

–––– - -

(8,43

4) - -–––

––––––

––––-

(8,43

4)–––

––––––

––––

12,65

0,001

––––––

––––––

––––

––––––

––––

MGI

UK B

ond

Fund GB

£

1,460

,572

234,0

6914

,212,9

37 351

1,392

,826 - -

94,80

7,887

3,101

,435

172,8

32–––

––––––

––––

115,3

82,90

9–––

––––––

––––

(221,9

86) -

(53,66

2)(15

,522,5

65) -

––––––

––––––

–

(15,7

98,21

3)–––

––––––

––––

99,58

4,696

––––––

––––––

––––

––––––

––––

MGI

UK C

ash

Fund GB

£

4,113

,601 - - -

6,170 - - -

33,35

8,801 -

––––––

––––––

–37

,478,5

72–––

––––––

–––– - -

(10,98

8) - -–––

––––––

––––

(10,9

88)

––––––

––––––

–

37,46

7,584

––––––

––––––

––––

––––––

––––

208MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Ba

lanc

e Sh

eet

as a

t 30

June

201

4(c

ontin

ued)

Note

sAs

sets

Cash

at ba

nk6

Collat

eral a

nd m

argin

cash

6Re

ceiva

ble fo

r sec

uritie

s sold

Subs

cripti

ons r

eceiv

able

Othe

r asse

tsFin

ancia

l asse

ts at

amort

ised c

ost

- Mon

ey m

arket

instru

ments

- Dep

osits

with c

redit i

nstitu

tions

Finan

cial a

ssets

at fai

r valu

ethr

ough

profi

t or lo

ss- T

ransfe

rable

secu

rities

-Colle

ctive

inve

stmen

t sch

emes

- Fina

ncial

deriv

ative

instr

umen

ts5,1

0

Tota

l ass

ets

Liab

ilities

Finan

cial lia

bilitie

s at fa

ir valu

ethr

ough

profi

t or lo

ss- F

inanc

ial de

rivati

ve in

strum

ents

5,10

Collat

eral a

nd m

argin

cash

6Ex

pens

es pa

yable

Rede

mptio

ns pa

yable

Paya

ble fo

r sec

uritie

s purc

hase

d

Tota

l liab

ilities

(exc

ludi

ng n

et a

sset

sat

tribu

tabl

e to

hol

ders

of r

edee

mab

lepa

rticip

atin

g sh

ares

)

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

es

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

1,176

,981 -

4,995

,188 -

279,2

20 - -

80,38

9,621 - -

––––––

––––––

–86

,841,0

10–––

––––––

–––– - -

(56,49

9)(5,

504,9

47)

(28,97

5)–––

––––––

––––

(5,59

0,421

)–––

––––––

––––

81,25

0,589

––––––

––––––

––––

––––––

––––

MGI

U.S.

Equ

ityFu

nd US$

1,413

,010 -

254,3

43 -45

,473 - -

75,18

8,936 - 41

––––––

––––––

–76

,901,8

03–––

––––––

–––– - -

(42,18

3)(5,

463)

(108,3

48)

––––––

––––––

–

(155

,994)

––––––

––––––

–

76,74

5,809

––––––

––––––

––––

––––––

––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

3,369

,368 - -

4,750

1,402

,196 - -

606,9

61,92

9 - -–––

––––––

––––

611,7

38,24

3–––

––––––

–––– - -

(250,4

41)

(182,0

57) -

––––––

––––––

–

(432

,498)

––––––

––––––

–

611,3

05,74

5–––

––––––

––––

––––––

––––––

–

MGI

UK L

ong

Gilt

Fund GB

£

176,0

22 - - -48

2,630 - -

71,27

5,173 - -

––––––

––––––

–71

,933,8

25–––

––––––

–––– - -

(36,93

5) - -–––

––––––

––––

(36,9

35)

––––––

––––––

–

71,89

6,890

––––––

––––––

––––

––––––

––––

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

43,64

5,400

4,042

,616

12,58

5,221 -

29,55

2,473

6,154

,648 -

1,357

,150,2

3010

,395,5

808,3

58,20

7–––

––––––

––––

1,471

,884,3

75–––

––––––

––––

(10,82

3,243

)(72

1,378

)(1,

310,5

37)

(1,04

4,035

)(5,

383,7

75)

––––––

––––––

–

(19,2

82,96

8)–––

––––––

––––

1,452

,601,4

07–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

32,39

7,878 -

7,118

,561

9,628

,850

786,7

68 - -

1,008

,688,2

65 - 39–––

––––––

––––

1,058

,620,3

61–––

––––––

–––– (71) -

(1,01

8,340

)(1,

351,6

60)

(24,06

4,155

)–––

––––––

––––

(26,4

34,22

6)–––

––––––

––––

1,032

,186,1

35–––

––––––

––––

––––––

––––––

–

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

84,23

2,815 -

162,0

506,8

67,47

61,6

33,98

8 - -

996,9

95,98

915

,522,3

094,4

89,82

9–––

––––––

––––

1,109

,904,4

56–––

––––––

––––

(910,4

90) -

(1,02

1,087

)(27

0,161

)(74

4,444

)–––

––––––

––––

(2,94

6,182

)–––

––––––

––––

1,106

,958,2

74–––

––––––

––––

––––––

––––––

–

Merc

erDi

vers

ified

Grow

thFu

nd US$

26,09

7,323

13,29

6,705 -

1,412

,092

816,7

70 -44

,511,3

79 -1,1

68,19

4,658

1,452

,635

––––––

––––––

–1,2

55,78

1,562

––––––

––––––

–

(529,4

55) -

(357,5

70)

(1,06

7,718

) -–––

––––––

––––

(1,95

4,743

)–––

––––––

––––

1,253

,826,8

19–––

––––––

––––

––––––

––––––

–

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

5,001

,298

76,02

857

2,204 -

558,8

89 - -

265,5

19,85

2 -25

,495

––––––

––––––

–27

1,753

,766

––––––

––––––

– -(26

,742)

(305,8

94) -

(1,08

4,642

)–––

––––––

––––

(1,41

7,278

)–––

––––––

––––

270,3

36,48

8–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

31,65

1,900

2,784

21,55

0 -11

,560,0

77 - -

731,0

99,75

4 -9,2

62,59

1–––

––––––

––––

783,5

98,65

6–––

––––––

––––

(1,82

3,386

) -(45

2,407

)(74

,360)

(6,03

3,759

)–––

––––––

––––

(8,38

3,912

)–––

––––––

––––

775,2

14,74

4–––

––––––

––––

––––––

––––––

–

209MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Ba

lanc

e Sh

eet

as a

t 30

June

201

4(c

ontin

ued)

Note

sAs

sets

Cash

at ba

nk6

Collat

eral a

nd m

argin

cash

6Re

ceiva

ble fo

r sec

uritie

s sold

Subs

cripti

ons r

eceiv

able

Othe

r asse

tsFin

ancia

l asse

ts at

amort

ised c

ost

- Mon

ey m

arket

instru

ments

- Dep

osits

with c

redit i

nstitu

tions

Finan

cial a

ssets

at fai

r valu

ethr

ough

profi

t or lo

ss- T

ransfe

rable

secu

rities

-Colle

ctive

inve

stmen

t sch

emes

- Fina

ncial

deriv

ative

instr

umen

ts5,1

0

Tota

l ass

ets

Liab

ilities

Finan

cial lia

bilitie

s at fa

ir valu

ethr

ough

profi

t or lo

ss- F

inanc

ial de

rivati

ve in

strum

ents

5,10

Collat

eral a

nd m

argin

cash

6Ex

pens

es pa

yable

Rede

mptio

ns pa

yable

Paya

ble fo

r sec

uritie

s purc

hase

d

Tota

l liab

ilities

(exc

ludi

ng n

et a

sset

sat

tribu

tabl

e to

hol

ders

of r

edee

mab

lepa

rticip

atin

g sh

ares

)

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

es

*Thes

e Sub

-Fund

s lau

nche

d duri

ng th

e yea

r end

ed 30

June

2014

.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 1

US$

14,81

0,366

2,508

,354 -

98,52

44,5

29,00

1 - -

393,7

67,63

2 -27

4,844

––––––

––––––

–41

5,988

,721

––––––

––––––

–

(11,57

6,239

) -(25

2,061

) - -–––

––––––

––––

(11,82

8,300

)–––

––––––

––––

404,1

60,42

1–––

––––––

––––

––––––

––––––

–

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 2

US$

5,718

,582

2,821

,404

688,3

3219

1,612

2,844

,734 - -

367,3

05,09

9 -2,3

33,66

8–––

––––––

––––

381,9

03,43

1–––

––––––

––––

(13,79

0,424

)(1,

370,0

00)

(319,1

19) -

(3,26

3,372

)–––

––––––

––––

(18,7

42,91

5)–––

––––––

––––

363,1

60,51

6–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

Buy

& Ma

inta

inCr

edit

Fund US

$

9,768

,727 - -

1,367

9,440

,556 - -

689,7

98,18

7 -13

,519,1

91–––

––––––

––––

722,5

28,02

8–––

––––––

––––

(4,75

0,626

) -(67

7,712

)(8,

052) -

––––––

––––––

–

(5,43

6,390

)–––

––––––

––––

717,0

91,63

8–––

––––––

––––

––––––

––––––

–

*Mer

cer

Pass

iveGl

obal

Equi

ty F

und

US$

5,981

,907

896,6

6620

6,505

55,42

157

0,268 - -

369,6

28,24

4 -71

4,335

––––––

––––––

–37

8,053

,346

––––––

––––––

–

(513,1

58) -

(111,1

43)

(797,5

08)

(290,0

17)

––––––

––––––

–

(1,71

1,826

)–––

––––––

––––

376,3

41,52

0–––

––––––

––––

––––––

––––––

–

*Mer

cer

Euro

Ove

r5 Y

ear B

ond

Fund €

1,018

,340 - - -

2,907

,054 - -

172,6

25,70

6 - -–––

––––––

––––

176,5

51,10

0–––

––––––

–––– - -

(66,62

6) - -–––

––––––

––––

(66,6

26)

––––––

––––––

–

176,4

84,47

4–––

––––––

––––

––––––

––––––

–

*Mer

cer

Euro

Nom

inal

Bond

Lon

gDu

ratio

n Fu

nd €

972,4

69 - -12

2,113

8,811

,102 - -

623,7

34,92

5 - -–––

––––––

––––

633,6

40,60

9–––

––––––

–––– - -

(297,8

97)

(388,7

72) -

––––––

––––––

–

(686

,669)

––––––

––––––

–

632,9

53,94

0–––

––––––

––––

––––––

––––––

–

MGI

Fund

s pl

c €

292,9

93,30

728

,504,4

1972

,439,2

6623

,394,2

6267

,406,4

97

4,495

,068

191,8

34,52

2

8,344

,077,6

4980

5,310

,135

36,39

0,455

––––––

––––––

–9,8

66,84

5,580

––––––

––––––

–

(35,02

7,287

)(1,

546,9

76)

(7,03

0,187

)(64

,546,0

17)

(35,67

0,596

)–––

––––––

––––

(143

,821,0

63)

––––––

––––––

–

9,723

,024,5

17–––

––––––

––––

––––––

––––––

–

210MGI Funds plc

MGI

Fun

ds p

lcPr

ofit

and

Loss

Acc

ount

for

the

year

end

ed 3

0 Ju

ne 2

015

Note

sIn

com

eInc

ome f

rom in

vestm

ents

Bank

inter

est in

come

Reba

te inc

ome

Net g

ain/(lo

ss) on

finan

cial a

ssets

and l

iabiliti

es at

fair v

alue

throu

gh pr

ofit o

r loss

Net i

nves

tmen

t inc

ome

Expe

nses

2

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

ns

befo

re fi

nanc

e co

sts/t

axat

ion

Bank

inter

est e

xpen

seDis

tributi

ons

11Wi

thhold

ing ta

x4

Capit

al ga

ins ta

x4

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

nsaf

ter f

inan

ce c

osts

/taxa

tion

Chan

ge in

net

ass

ets

attri

buta

ble

to h

olde

rs o

f red

eem

able

parti

cipat

ing

shar

es

The C

ompa

ny ha

s no r

ecog

nised

gains

or lo

sses i

n the

finan

cial p

eriod

othe

r than

thos

e dea

lt with

in th

e Prof

it and

Loss

Acco

unt. A

ll res

ults a

re fro

m co

ntinu

ing ac

tivitie

s.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

39,23

8,296

165,1

34 -

(139,2

48,35

6)–––

––––––

––––

(99,8

44,92

6)–––

––––––

––––

(17,43

3,957

)–––

––––––

––––

(117,2

78,88

3)–––

––––––

––––

(17,03

3) -(4,

098,8

92)

(182,0

81)

––––––

––––––

–

(121,5

76,88

9)–––

––––––

––––

(121

,576,8

89)

––––––

––––––

––––

––––––

––––

MGI

Euro

Bon

dFu

nd €

368,9

89 -10

,275

75,42

7–––

––––––

––––

454,6

91–––

––––––

––––

(140,8

20)

––––––

––––––

–

313,8

71–––

––––––

––––

(1,10

9) - - -–––

––––––

––––

312,7

62–––

––––––

––––

312,7

62–––

––––––

––––

––––––

––––––

–

MGI

Euro

Cas

hFu

nd €

20,65

3 24 - -–––

––––––

––––

20,67

7–––

––––––

––––

(371,9

52)

––––––

––––––

–

(351,2

75)

––––––

––––––

–(26

,268) - - -

––––––

––––––

–

(377,5

43)

––––––

––––––

–

(377

,543)

––––––

––––––

––––

––––––

––––

MGI

Euro

zone

Equi

ty F

und €

5,326

,846 - -

13,87

5,801

––––––

––––––

–19

,202,6

47–––

––––––

––––

(994,8

42)

––––––

––––––

–

18,20

7,805

––––––

––––––

–(4,

297) -

(43,19

1) -–––

––––––

––––

18,16

0,317

––––––

––––––

–

18,16

0,317

––––––

––––––

––––

––––––

––––

MGI

Glob

alBo

nd F

und

US$

116,0

16 -2,5

10

(499,0

35)

––––––

––––––

–(3

80,50

9)–––

––––––

––––

(51,38

0)–––

––––––

––––

(431,8

89)

––––––

––––––

– (6) - - -–––

––––––

––––

(431,8

95)

––––––

––––––

–

(431

,895)

––––––

––––––

––––

––––––

––––

MGI

Glob

alEq

uity

Fun

dUS

$

16,65

3,086

3,982 -

(21,72

4,291

)–––

––––––

––––

(5,06

7,223

)–––

––––––

––––

(6,54

0,942

)–––

––––––

––––

(11,60

8,165

)–––

––––––

––––

(9,63

3) -(2,

546,7

03) -

––––––

––––––

–

(14,16

4,501

)–––

––––––

––––

(14,1

64,50

1)–––

––––––

––––

––––––

––––––

–

MGI

Japa

nese

Equi

ty F

und ¥

30,25

5,376 - -

408,5

79,32

8–––

––––––

––––

438,8

34,70

4–––

––––––

––––

(13,42

0,688

)–––

––––––

––––

425,4

14,01

6–––

––––––

––––

(35,88

3) -(4,

520,3

13) -

––––––

––––––

–

420,8

57,82

0–––

––––––

––––

420,8

57,82

0–––

––––––

––––

––––––

––––––

–

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

397,7

61 - -

(1,12

2,425

)–––

––––––

––––

(724

,664)

––––––

––––––

–(83

,371)

––––––

––––––

–

(808,0

35)

––––––

––––––

–(32

0) -(3,

747) -

––––––

––––––

–

(812,1

02)

––––––

––––––

–

(812

,102)

––––––

––––––

––––

––––––

––––

MGI

UK B

ond

Fund GB

£

2,542

,005

4,090 -

4,910

,389

––––––

––––––

–7,4

56,48

4–––

––––––

––––

(411,8

88)

––––––

––––––

–

7,044

,596

––––––

––––––

–(1,

260) - - -

––––––

––––––

–

7,043

,336

––––––

––––––

–

7,043

,336

––––––

––––––

––––

––––––

––––

MGI

UK C

ash

Fund GB

£

111,9

365,1

6422

8,956

447,2

51–––

––––––

––––

793,3

07–––

––––––

––––

(578,7

71)

––––––

––––––

–

214,5

36–––

––––––

–––– - - - -

––––––

––––––

–

214,5

36–––

––––––

––––

214,5

36–––

––––––

––––

––––––

––––––

–

211MGI Funds plc

MGI

Fun

ds p

lcPr

ofit

and

Loss

Acc

ount

for

the

year

end

ed 3

0 Ju

ne 2

015

(con

tinue

d)

Note

sIn

com

eInc

ome f

rom in

vestm

ents

Bank

inter

est in

come

Reba

te inc

ome

Net g

ain/(lo

ss) on

finan

cial a

ssets

and l

iabiliti

es at

fair v

alue

throu

gh pr

ofit o

r loss

Net i

nves

tmen

t inc

ome

Expe

nses

2

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

ns

befo

re fi

nanc

e co

sts/t

axat

ion

Bank

inter

est e

xpen

seDis

tributi

ons

11Wi

thhold

ing ta

x4

Capit

al ga

ins ta

x4

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

nsaf

ter f

inan

ce c

osts

/taxa

tion

Chan

ge in

net

ass

ets

attri

buta

ble

to h

olde

rs o

f red

eem

able

parti

cipat

ing

shar

es

The C

ompa

ny ha

s no r

ecog

nised

gains

or lo

sses i

n the

finan

cial p

eriod

othe

r than

thos

e dea

lt with

in th

e Prof

it and

Loss

Acco

unt. A

ll res

ults a

re fro

m co

ntinu

ing ac

tivitie

s.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

2,561

,758

1,737 -

1,794

,680

––––––

––––––

–4,3

58,17

5–––

––––––

––––

(533,8

47)

––––––

––––––

–

3,824

,328

––––––

––––––

–(47

6) -(8,

238) -

––––––

––––––

–

3,815

,614

––––––

––––––

–

3,815

,614

––––––

––––––

––––

––––––

––––

MGI

U.S.

Equ

ityFu

nd US$

1,051

,919 - -

5,095

,908

––––––

––––––

–6,1

47,82

7–––

––––––

––––

(467,5

64)

––––––

––––––

–

5,680

,263

––––––

––––––

–(96

6) -(28

9,419

) -–––

––––––

––––

5,389

,878

––––––

––––––

–

5,389

,878

––––––

––––––

––––

––––––

––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

8,770

,402

812 -

85,88

3,830

––––––

––––––

–94

,655,0

44–––

––––––

––––

(3,04

2,181

)–––

––––––

––––

91,61

2,863

––––––

––––––

–(8,

264)

(487,7

38) - -

––––––

––––––

–

91,11

6,861

––––––

––––––

–

91,11

6,861

––––––

––––––

––––

––––––

––––

MGI

UK L

ong

Gilt

Fund GB

£

3,637

,217 88 -

14,19

8,577

––––––

––––––

–17

,835,8

82–––

––––––

––––

(681,0

24)

––––––

––––––

–

17,15

4,858

––––––

––––––

–(3,

953) - - -

––––––

––––––

–

17,15

0,905

––––––

––––––

–

17,15

0,905

––––––

––––––

––––

––––––

––––

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

83,05

4,627

8,806 -

(314,5

41,97

5)–––

––––––

––––

(231

,478,5

42)

––––––

––––––

–(15

,553,4

35)

––––––

––––––

–

(247,0

31,97

7)–––

––––––

––––

(77,47

2)(1,

884,8

59)

(2,18

3,597

)(26

8,237

)–––

––––––

––––

(251,4

46,14

2)–––

––––––

––––

(251

,446,1

42)

––––––

––––––

––––

––––––

––––

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

16,96

1,871

1,253 -

58,23

3,492

––––––

––––––

–75

,196,6

16–––

––––––

––––

(12,72

4,647

)–––

––––––

––––

62,47

1,969

––––––

––––––

–(5,

519)

(33,81

3)(2,

757,6

70)

(204,3

73)

––––––

––––––

–

59,47

0,594

––––––

––––––

–

59,47

0,594

––––––

––––––

––––

––––––

––––

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

23,21

5,435 768 -

5,839

,660

––––––

––––––

–29

,055,8

63–––

––––––

––––

(11,89

0,369

)–––

––––––

––––

17,16

5,494

––––––

––––––

–(3,

339)

(416,5

92)

(4,15

0,095

) -–––

––––––

––––

12,59

5,468

––––––

––––––

–

12,59

5,468

––––––

––––––

––––

––––––

––––

Merc

erDi

vers

ified

Grow

thFu

nd US$

9,399

,327

740

1,360

,698

(48,07

8,413

)–––

––––––

––––

(37,3

17,64

8)–––

––––––

––––

(4,71

4,984

)–––

––––––

––––

(42,03

2,632

)–––

––––––

––––

(3,01

5) - - -–––

––––––

––––

(42,03

5,647

)–––

––––––

––––

(42,0

35,64

7)–––

––––––

––––

––––––

––––––

–

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

6,377

,806

419 -

3,539

,544

––––––

––––––

–9,9

17,76

9–––

––––––

––––

(3,37

1,533

)–––

––––––

––––

6,546

,236

––––––

––––––

–(6,

887) -

(1,08

0,191

) -–––

––––––

––––

5,459

,158

––––––

––––––

–

5,459

,158

––––––

––––––

––––

––––––

––––

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

35,85

5,779 596 -

(108,0

90,77

7)–––

––––––

––––

(72,2

34,40

2)–––

––––––

––––

(4,53

1,856

)–––

––––––

––––

(76,76

6,258

)–––

––––––

––––

(11,44

9)(4,

135,6

33)

(356,9

77) -

––––––

––––––

–

(81,27

0,317

)–––

––––––

––––

(81,2

70,31

7)–––

––––––

––––

––––––

––––––

–

MGI

Fund

spl

c

Inco

me

ncom

efro

min

vestm

ents

Bank

inte

rest

inco

me

Reba

tenc

ome

Netg

ain/

floss

)on

finan

ciala

sset

san

dlia

biliti

esat

fairv

alue

thro

ugh

prof

itor

loss

Neti

nves

tmen

t inc

ome

Expe

nses

Neti

ncom

el(Io

ss)t

rom

oper

atio

nsbe

fore

finan

ceco

sts/

taxa

tion

Bank

inte

rest

expe

nse

Distr

ibut

ions

With

hold

ing

taxCa

pital

gain

stax

Net i

ncom

e/(Io

ss)f

rom

oper

atio

nsaf

terf

inan

ceco

sts/

taxa

tion

Chan

gein

neta

sset

sat

tribu

tabl

eto

hold

ers

ofre

deem

able

parti

cipa

ting

shar

es

Prof

itan

dL

oss

Acc

ount

for

the

year

ende

d3D

June

2D15

(con

tinue

d)

MGI

Fund

spl

c €

56,7

3328

3244

,460

278

223,

076

-1,

4582

31

Not

es 2 11 4 4

Mer

cer

Mer

cer

Shor

tSh

ort

Mer

cer

Mer

cer

Mer

cer

Mer

cer

*Mer

cer

Dura

tion

Dura

tion

Glob

alBu

yPa

ssiv

eEu

roOv

erEu

roNo

min

alDi

versi

fied

Glob

alBo

ndGl

obal

Bond

&M

aintai

nGl

obal

5Ye

arBo

ndBo

ndLo

ngRe

tirem

ent

Fund

1Fu

nd2

Cred

itFu

ndEq

uity

Fund

Fund

Dura

tion

Fund

Fund

uSs

uss

uss

uss

€€

GB

9,89

1047

6,10

7,43

621

,674

,651

11,5

54,0

443,

843,

349

13.5

54,1

7827

3259

.024

2,53

829

6-

51

flOO,

879,

501)

(90,8

41.06

5)(8

0,02

8,33

0)(1

6.47

6.46

4)7,

804.

873

57,9

16,2

91(1

5099

05)

(492

,343

,715

)

(909

85,7

22)

(84,

6746

05)

(58,3

51,14

1)(4

,922

,124

)11

,648,2

2271

,470

,520

(1,4

5289

4)(2

07,4

1794

8)

(1,8

83,4

38)

(2,0

49,9

74)

(3,3

04,1

32)

(991

652)

(788

,197

)(3

,201

,796

)(1

8,36

3)(8

4,46

6,28

7)

(928

69,1

60)

(86,

724,

579)

(61.

655,

273)

(5,9

13.7

76)

10,8

60,0

2568

,268

,724

-(2

9188

4.23

5)

(8,4

26)

(12,

146)

(4,07

5)(2

,311

)(4

,087

)(9

,391)

-(2

00,4

62)

--

--

--

-

(6,08

1.173

1(1

1,21

4)-

16,15

9)(2

,095

,008

)-

--

(16.

536,

347)

--

--

--

-

(550

.022

)

(92,

888,

800)

(867

36.7

25)

(61.6

65,5

07)

(8,01

1 .09

5)10

,855

,938

68,2

59,3

33(1

471

257)

(315

.252

,239

)

(92,

888,

800)

(86,

736,

725)

(61,

665,

507)

(8,0

11,0

95)

10,8

55,9

3868

,259

,333

(1,4

71,2

57)

(315

,252

,239

)

0

The

Com

pany

has

nore

cogn

ised

gain

sor

loss

esin

the

finan

cialp

erio

dot

hert

han

thos

ede

altw

ithin

the

Prof

itan

dLo

ssAc

coun

t.All

resu

ltsar

efro

mco

ntin

uing

activ

ities

.

This

Sub-

Fund

laun

ched

durin

gth

eye

aren

ded

30Ju

ne20

15

The

acco

mpa

nyin

gno

tes

form

anin

tegr

alpa

rtof

thes

efin

ancia

lsta

tem

ents.

213MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Pr

ofit

and

Loss

Acc

ount

for

the

year

end

ed30

Jun

e 20

14

Note

sIn

com

eInc

ome f

rom in

vestm

ents

Bank

inter

est in

come

Reba

te inc

ome

Net g

ain/(lo

ss) on

finan

cial a

ssets

and l

iabiliti

es at

fair v

alue

throu

gh pr

ofit o

r loss

Net i

nves

tmen

t inc

ome

Expe

nses

2

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

ns

befo

re fi

nanc

e co

sts/t

axat

ion

Bank

inter

est e

xpen

seDis

tributi

ons

11Wi

thhold

ing ta

x4

Capit

al ga

ins ta

x4

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

nsaf

ter f

inan

ce c

osts

/taxa

tion

Chan

ge in

net

ass

ets

attri

buta

ble

to h

olde

rs o

f red

eem

able

parti

cipat

ing

shar

es

The C

ompa

ny ha

s no r

ecog

nised

gains

or lo

sses i

n the

finan

cial p

eriod

othe

r than

thos

e dea

lt with

in th

e Prof

it and

Loss

Acco

unt. A

ll res

ults a

re fro

m co

ntinu

ing ac

tivitie

s.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

32,82

8,129 71 -

129,8

49,55

8–––

––––––

––––

162,6

77,75

8–––

––––––

––––

(13,54

8,755

)–––

––––––

––––

149,1

29,00

3–––

––––––

––––

(7,04

4) -(3,

331,8

39)

(819,2

65)

––––––

––––––

–

144,9

70,85

5–––

––––––

––––

144,9

70,85

5–––

––––––

––––

––––––

––––––

–

MGI

Euro

Bon

dFu

nd €

314,4

77 -6,4

34

968,4

49–––

––––––

––––

1,289

,360

––––––

––––––

–(94

,985)

––––––

––––––

–

1,194

,375

––––––

––––––

– (57) - - -

––––––

––––––

–

1,194

,318

––––––

––––––

–

1,194

,318

––––––

––––––

––––

––––––

––––

MGI

Euro

Cas

hFu

nd €

126,3

80 379 -

(77)

––––––

––––––

–12

6,682

––––––

––––––

–(43

5,148

)–––

––––––

––––

(308,4

66)

––––––

––––––

–(40

2) - - -–––

––––––

––––

(308,8

68)

––––––

––––––

–

(308

,868)

––––––

––––––

––––

––––––

––––

MGI

Euro

zone

Equi

ty F

und €

4,244

,391 63 -

33,41

3,811

––––––

––––––

–37

,658,2

65–––

––––––

––––

(1,15

4,185

)–––

––––––

––––

36,50

4,080

––––––

––––––

–(1,

932) -

(302,7

50) -

––––––

––––––

–

36,19

9,398

––––––

––––––

–

36,19

9,398

––––––

––––––

––––

––––––

––––

MGI

Glob

alBo

nd F

und

US$

111,0

62 -2,2

55

194,5

08–––

––––––

––––

307,8

25–––

––––––

––––

(35,39

1)–––

––––––

––––

272,4

34–––

––––––

–––– (87) - - -

––––––

––––––

–

272,3

47–––

––––––

––––

272,3

47–––

––––––

––––

––––––

––––––

–

MGI

Glob

alEq

uity

Fun

dUS

$

27,25

2,189

3,231 -

326,5

73,48

1–––

––––––

––––

353,8

28,90

1–––

––––––

––––

(10,85

4,442

)–––

––––––

––––

342,9

74,45

9–––

––––––

––––

(2,33

2) -(4,

191,2

43) -

––––––

––––––

–

338,7

80,88

4–––

––––––

––––

338,7

80,88

4–––

––––––

––––

––––––

––––––

–

MGI

Japa

nese

Equi

ty F

und ¥

26,97

1,597 - -

144,8

49,62

0–––

––––––

––––

171,8

21,21

7–––

––––––

––––

(9,75

9,521

)–––

––––––

––––

162,0

61,69

6–––

––––––

––––

(16,59

0) -(3,

229,9

81) -

––––––

––––––

–

158,8

15,12

5–––

––––––

––––

158,8

15,12

5–––

––––––

––––

––––––

––––––

–

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

494,7

28 - -

1,501

,986

––––––

––––––

–1,9

96,71

4–––

––––––

––––

(84,33

6)–––

––––––

––––

1,912

,378

––––––

––––––

–(17

2) -(5,

964) -

––––––

––––––

–

1,906

,242

––––––

––––––

–

1,906

,242

––––––

––––––

––––

––––––

––––

MGI

UK B

ond

Fund GB

£

3,947

,794

1,361 -

2,119

,536

––––––

––––––

–6,0

68,69

1–––

––––––

––––

(587,4

33)

––––––

––––––

–

5,481

,258

––––––

––––––

–(32

6) - - -–––

––––––

––––

5,480

,932

––––––

––––––

–

5,480

,932

––––––

––––––

––––

––––––

––––

MGI

UK C

ash

Fund GB

£

13,22

6 7529

,768

49,88

5–––

––––––

––––

92,95

4–––

––––––

––––

(77,59

9)–––

––––––

––––

15,35

5–––

––––––

––––

(773) - - -

––––––

––––––

–

14,58

2–––

––––––

––––

14,58

2–––

––––––

––––

––––––

––––––

–

214MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Pr

ofit

and

Loss

Acc

ount

for

the

year

end

ed30

Jun

e 20

14(c

ontin

ued)

Note

sIn

com

eInc

ome f

rom in

vestm

ents

Bank

inter

est in

come

Reba

te inc

ome

Net g

ain/(lo

ss) on

finan

cial a

ssets

and l

iabiliti

es at

fair v

alue

throu

gh pr

ofit o

r loss

Net i

nves

tmen

t inc

ome

Expe

nses

2

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

ns

befo

re fi

nanc

e co

sts/t

axat

ion

Bank

inter

est e

xpen

seDis

tributi

ons

11Wi

thhold

ing ta

x4

Capit

al ga

ins ta

x4

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

nsaf

ter f

inan

ce c

osts

/taxa

tion

Chan

ge in

net

ass

ets

attri

buta

ble

to h

olde

rs o

f red

eem

able

parti

cipat

ing

shar

es

The C

ompa

ny ha

s no r

ecog

nised

gains

or lo

sses i

n the

finan

cial p

eriod

othe

r than

thos

e dea

lt with

in th

e Prof

it and

Loss

Acco

unt. A

ll res

ults a

re fro

m co

ntinu

ing ac

tivitie

s.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

3,682

,749

1,242 -

10,36

9,966

––––––

––––––

–14

,053,9

57–––

––––––

––––

(737,8

48)

––––––

––––––

–

13,31

6,109

––––––

––––––

–(23

6) -(5,

976) -

––––––

––––––

–

13,30

9,897

––––––

––––––

–

13,30

9,897

––––––

––––––

––––

––––––

––––

MGI

U.S.

Equ

ityFu

nd US$

1,049

,210 - -

13,87

2,445

––––––

––––––

–14

,921,6

55–––

––––––

––––

(457,1

19)

––––––

––––––

–

14,46

4,536

––––––

––––––

– (9) -(29

3,099

) -–––

––––––

––––

14,17

1,428

––––––

––––––

–

14,17

1,428

––––––

––––––

––––

––––––

––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

12,57

0,854 411 -

11,02

7,074

––––––

––––––

–23

,598,3

39–––

––––––

––––

(2,25

0,867

)–––

––––––

––––

21,34

7,472

––––––

––––––

–(2,

097)

(97,38

2) - -–––

––––––

––––

21,24

7,993

––––––

––––––

–

21,24

7,993

––––––

––––––

––––

––––––

––––

MGI

UK L

ong

Gilt

Fund GB

£

2,047

,265

267 -

1,315

,609

––––––

––––––

–3,3

63,14

1–––

––––––

––––

(337,8

96)

––––––

––––––

–

3,025

,245

––––––

––––––

–(3,

128) - - -

––––––

––––––

–

3,022

,117

––––––

––––––

–

3,022

,117

––––––

––––––

––––

––––––

––––

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

70,73

5,340

7,645

44,41

0

(23,67

2,881

)–––

––––––

––––

47,11

4,514

––––––

––––––

–(13

,717,3

16)

––––––

––––––

–

33,39

7,198

––––––

––––––

–(69

,582)

(251,7

97)

(1,23

8,677

)(9,

108)

––––––

––––––

–

31,82

8,034

––––––

––––––

–

31,82

8,034

––––––

––––––

––––

––––––

––––

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

11,68

7,143 778 -

172,4

55,94

8–––

––––––

––––

184,1

43,86

9–––

––––––

––––

(9,90

9,797

)–––

––––––

––––

174,2

34,07

2–––

––––––

––––

(1,27

1)(53

,468)

(1,69

1,924

) -–––

––––––

––––

172,4

87,40

9–––

––––––

––––

172,4

87,40

9–––

––––––

––––

––––––

––––––

–

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

25,83

3,191 991 -

185,2

60,05

7–––

––––––

––––

211,0

94,23

9–––

––––––

––––

(10,90

7,718

)–––

––––––

––––

200,1

86,52

1–––

––––––

––––

(349)

(175,0

25)

(4,33

5,375

) -–––

––––––

––––

195,6

75,77

2–––

––––––

––––

195,6

75,77

2–––

––––––

––––

––––––

––––––

–

Merc

erDi

vers

ified

Grow

thFu

nd US$

6,351

,846

318

1,352

,869

137,8

81,50

1–––

––––––

––––

145,5

86,53

4–––

––––––

––––

(2,88

9,704

)–––

––––––

––––

142,6

96,83

0–––

––––––

–––– (89) - - -

––––––

––––––

–

142,6

96,74

1–––

––––––

––––

142,6

96,74

1–––

––––––

––––

––––––

––––––

–

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

7,314

,596 86 -

57,81

6,066

––––––

––––––

–65

,130,7

48–––

––––––

––––

(3,68

8,368

)–––

––––––

––––

61,44

2,380

––––––

––––––

–(1,

809) -

(1,14

3,194

) -–––

––––––

––––

60,29

7,377

––––––

––––––

–

60,29

7,377

––––––

––––––

––––

––––––

––––

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

48,36

2,726

34,63

8 -

101,7

18,33

0–––

––––––

––––

150,1

15,69

4–––

––––––

––––

(5,19

6,680

)–––

––––––

––––

144,9

19,01

4–––

––––––

––––

(4,59

8)(1,

729,4

42)

(150,9

42) -

––––––

––––––

–

143,0

34,03

2–––

––––––

––––

143,0

34,03

2–––

––––––

––––

––––––

––––––

–

215MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e Pr

ofit

and

Loss

Acc

ount

for

the

year

end

ed30

Jun

e 20

14(c

ontin

ued)

Note

sIn

com

eInc

ome f

rom in

vestm

ents

Bank

inter

est in

come

Reba

te inc

ome

Net g

ain/(lo

ss) on

finan

cial a

ssets

and l

iabiliti

es at

fair v

alue

throu

gh pr

ofit o

r loss

Net i

nves

tmen

t inc

ome

Expe

nses

2

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

ns

befo

re fi

nanc

e co

sts/t

axat

ion

Bank

inter

est e

xpen

seDis

tributi

ons

11Wi

thhold

ing ta

x4

Capit

al ga

ins ta

x4

Net i

ncom

e/(lo

ss) f

rom

ope

ratio

nsaf

ter f

inan

ce c

osts

/taxa

tion

Chan

ge in

net

ass

ets

attri

buta

ble

to h

olde

rs o

f red

eem

able

parti

cipat

ing

shar

es

The C

ompa

ny ha

s no r

ecog

nised

gains

or lo

sses i

n the

finan

cial p

eriod

othe

r than

thos

e dea

lt with

in th

e Prof

it and

Loss

Acco

unt. A

ll res

ults a

re fro

m co

ntinu

ing ac

tivitie

s.

*Thes

e Sub

-Fund

s lau

nche

d duri

ng th

e yea

r end

ed 30

June

2014

.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 1

US$

6,316

,657

2,220 -

4,567

,726

––––––

––––––

–10

,886,6

03–––

––––––

––––

(1,32

2,840

)–––

––––––

––––

9,563

,763

––––––

––––––

–(3,

436) - - -

––––––

––––––

–

9,560

,327

––––––

––––––

–

9,560

,327

––––––

––––––

––––

––––––

––––

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 2

US$

4,286

,567

1,312 -

1,517

,681

––––––

––––––

–5,8

05,56

0–––

––––––

––––

(1,33

9,275

)–––

––––––

––––

4,466

,285

––––––

––––––

–(2,

542) -

(755) -

––––––

––––––

–

4,462

,988

––––––

––––––

–

4,462

,988

––––––

––––––

––––

––––––

––––

Merc

erGl

obal

Buy

& Ma

inta

inCr

edit

Fund US

$

15,93

7,066

2,031 -

72,89

8,133

––––––

––––––

–88

,837,2

30–––

––––––

––––

(2,66

6,230

)–––

––––––

––––

86,17

1,000

––––––

––––––

–(30

0) -(19

,871) -

––––––

––––––

–

86,15

0,829

––––––

––––––

–

86,15

0,829

––––––

––––––

––––

––––––

––––

*Mer

cer

Pass

iveGl

obal

Equi

ty F

und

US$

4,351

,188 - -

22,47

1,388

––––––

––––––

–26

,822,5

76–––

––––––

––––

(312,9

35)

––––––

––––––

–

26,50

9,641

––––––

––––––

– - -(72

3,630

) -–––

––––––

––––

25,78

6,011

––––––

––––––

–

25,78

6,011

––––––

––––––

––––

––––––

––––

*Mer

cer

Euro

Ove

r5 Y

ear B

ond

Fund €

2,197

,032 24 -

8,678

,831

––––––

––––––

–10

,875,8

87–––

––––––

––––

(285,7

29)

––––––

––––––

–

10,59

0,158

––––––

––––––

– (28) - - -

––––––

––––––

–

10,59

0,130

––––––

––––––

–

10,59

0,130

––––––

––––––

––––

––––––

––––

*Mer

cer

Euro

Nom

inal

Bond

Lon

gDu

ratio

n Fu

nd €

2,056

,066 25 -

15,89

2,453

––––––

––––––

–17

,948,5

44–––

––––––

––––

(465,4

17)

––––––

––––––

–

17,48

3,127

––––––

––––––

– - - - -–––

––––––

––––

17,48

3,127

––––––

––––––

–

17,48

3,127

––––––

––––––

––––

––––––

––––

MGI

Fund

s pl

c €

229,1

33,36

343

,715

1,070

,841

962,3

07,44

5–––

––––––

––––

1,192

,555,3

64–––

––––––

––––

(63,84

7,718

)–––

––––––

––––

1,128

,707,6

46–––

––––––

––––

(79,23

5)(1,

741,1

74)

(12,92

0,897

)(60

8,829

)–––

––––––

––––

1,113

,357,5

11–––

––––––

––––

1,11

3,35

7,51

1–––

––––––

––––

––––––

––––––

–

216MGI Funds plc

MGI

Fun

ds p

lcSt

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

e ye

ar e

nded

30

June

201

5

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

f yea

r

Proce

eds f

rom re

deem

able

partic

ipatin

g sha

res is

sued

8

Paym

ents

tored

eema

blepa

rticipa

ting s

hares

rede

emed

8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

of y

ear

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

1,495

,402,1

45

591,7

45,06

1

(811,2

30,56

3)

(121,5

76,88

9)–––

––––––

–––

1,154

,339,7

54–––

––––––

––––––

––––––

–––

MGI

Euro

Bon

dFu

nd €

17,12

8,951

15,87

1,197

(2,71

0,517

)

312,7

62–––

––––––

–––

30,60

2,393

––––––

––––––

––––––

––––––

MGI

Euro

Cas

hFu

nd €

113,7

27,76

2

239,0

84,35

7

(95,29

7,056

)

(377,5

43)

––––––

––––––

257,1

37,52

0–––

––––––

––––––

––––––

–––

MGI

Euro

zone

Equi

ty F

und €

155,7

76,30

0

15,54

8,806

(72,56

8,013

)

18,16

0,317

––––––

––––––

116,9

17,41

0–––

––––––

––––––

––––––

–––

MGI

Glob

alBo

nd F

und

US$

6,069

,311

387,0

10

(562,5

94)

(431,8

95)

––––––

––––––

5,461

,832

––––––

––––––

––––––

––––––

MGI

Glob

alEq

uity

Fun

dUS

$

1,070

,565,0

38

162,4

75,65

7

(528,7

79,09

9)

(14,16

4,501

)–––

––––––

–––

690,0

97,09

5–––

––––––

––––––

––––––

–––

MGI

Japa

nese

Equi

ty F

und ¥

1,571

,991,7

50

227,5

02,06

9

(436,1

43,19

9)

420,8

57,82

0–––

––––––

–––

1,784

,208,4

40–––

––––––

––––––

––––––

–––

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

12,65

0,001

1,668

,395

(3,87

5,907

)

(812,1

02)

––––––

––––––

9,630

,387

––––––

––––––

––––––

––––––

MGI

UK B

ond

Fund GB

£

99,58

4,696

4,535

,443

(45,41

6,330

)

7,043

,336

––––––

––––––

65,74

7,145

––––––

––––––

––––––

––––––

MGI

UK C

ash

Fund GB

£

37,46

7,584

1,016

,893,1

96

(895,3

71,57

2)

214,5

36–––

––––––

–––

159,2

03,74

4–––

––––––

––––––

––––––

–––

217MGI Funds plc

MGI

Fun

ds p

lcSt

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

e ye

ar e

nded

30

June

201

5 (c

ontin

ued)

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

f yea

r

Proce

eds f

rom re

deem

able

partic

ipatin

g sha

res is

sued

8

Paym

ents

tored

eema

blepa

rticipa

ting s

hares

rede

emed

8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

of y

ear

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

81,25

0,589

6,864

,297

(31,08

8,356

)

3,815

,614

––––––

––––––

60,84

2,144

––––––

––––––

––––––

––––––

MGI

U.S.

Equ

ityFu

nd US$

76,74

5,809

8,212

,647

(21,57

9,705

)

5,389

,878

––––––

––––––

68,76

8,629

––––––

––––––

––––––

––––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

611,3

05,74

5

316,6

45,07

8

(347,5

92,25

4)

91,11

6,861

––––––

––––––

671,4

75,43

0–––

––––––

––––––

––––––

–––

MGI

UK L

ong

Gilt

Fund GB

£

71,89

6,890

171,3

31,92

3

(91,13

8,564

)

17,15

0,905

––––––

––––––

169,2

41,15

4–––

––––––

––––––

––––––

–––

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

1,452

,601,4

07

557,9

57,81

1

(384,7

83,34

8)

(251,4

46,14

2)–––

––––––

–––

1,374

,329,7

28–––

––––––

––––––

––––––

–––

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

1,032

,186,1

35

509,9

28,73

4

(413,5

54,68

1)

59,47

0,594

––––––

––––––

1,188

,030,7

82–––

––––––

––––––

––––––

–––

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

1,106

,958,2

74

348,1

90,81

6

(431,4

28,17

3)

12,59

5,468

––––––

––––––

1,036

,316,3

85–––

––––––

––––––

––––––

–––

Merc

erDi

vers

ified

Grow

thFu

nd US$

1,253

,826,8

19

866,6

51,38

5

(300,5

02,29

3)

(42,03

5,647

)–––

––––––

–––

1,777

,940,2

64–––

––––––

––––––

––––––

–––

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

270,3

36,48

8

36,86

1,683

(78,23

3,508

)

5,459

,158

––––––

––––––

234,4

23,82

1–––

––––––

––––––

––––––

–––

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

775,2

14,74

4

444,8

09,02

2

(569,6

81,45

9)

(81,27

0,317

)–––

––––––

–––

569,0

71,99

0–––

––––––

––––––

––––––

–––

218MGI Funds plc

MGI

Fun

ds p

lcSt

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

e ye

ar e

nded

30

June

201

5 (c

ontin

ued)

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

f yea

r

Proce

eds f

rom re

deem

able

partic

ipatin

g sha

res is

sued

8

Paym

ents

tored

eema

blepa

rticipa

ting s

hares

rede

emed

8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

of y

ear

*This

Sub-F

und l

aunc

hed d

uring

the y

ear e

nded

30 Ju

ne 20

15.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 1

US$

404,1

60,42

1

144,1

33,21

9

(7,92

1,978

)

(92,88

8,800

)–––

––––––

–––

447,4

82,86

2–––

––––––

––––––

––––––

–––

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 2

US$

363,1

60,51

6

178,1

01,03

7

(11,33

9,720

)

(86,73

6,725

)–––

––––––

–––

443,1

85,10

8–––

––––––

––––––

––––––

–––

Merc

erGl

obal

Buy

& Ma

inta

inCr

edit

Fund US

$

717,0

91,63

8

162,6

49,58

1

(97,35

7,123

)

(61,66

5,507

)–––

––––––

–––

720,7

18,58

9–––

––––––

––––––

––––––

–––

Merc

erPa

ssive

Glob

alEq

uity

Fun

dUS

$

376,3

41,52

0

276,1

12,94

0

(87,38

4,826

)

(8,01

1,095

)–––

––––––

–––

557,0

58,53

9–––

––––––

––––––

––––––

–––

Merc

erEu

ro O

ver

5 Yea

r Bon

dFu

nd €

176,4

84,47

4

29,77

1,801

(23,56

8,785

)

10,85

5,938

––––––

––––––

193,5

43,42

8–––

––––––

––––––

––––––

–––

Merc

erEu

ro N

omin

alBo

nd L

ong

Dura

tion

Fund €

632,9

53,94

0

210,0

84,08

9

(113,4

87,53

5)

68,25

9,333

––––––

––––––

797,8

09,82

7–––

––––––

––––––

––––––

–––

*Mer

cer

Dive

rsifi

edRe

tirem

ent

Fund GB

£ -

30,89

9,775

(2,29

8,181

)

(1,47

1,257

)–––

––––––

–––

27,13

0,337

––––––

––––––

––––––

––––––

219MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e St

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

eye

ar e

nded

30 J

une

2014

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

fyea

r

Proce

edst

ored

eema

blepa

rticipa

ting s

hares

issu

ed8

Paym

ents

from

redee

mable

partic

ipatin

g sha

res re

deem

ed8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

ofy

ear

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

894,8

28,02

7

747,1

46,96

5

(291,5

43,70

2)

144,9

70,85

5–––

––––––

–––

1,495

,402,1

45–––

––––––

––––––

––––––

–––

MGI

Euro

Bon

dFu

nd €

10,19

9,022

7,395

,672

(1,66

0,061

)

1,194

,318

––––––

––––––

17,12

8,951

––––––

––––––

––––––

––––––

MGI

Euro

Cas

hFu

nd €

175,6

60,55

1

218,8

35,95

7

(280,4

59,87

8)

(308,8

68)

––––––

––––––

113,7

27,76

2–––

––––––

––––––

––––––

–––

MGI

Euro

zone

Equi

ty F

und €

134,9

14,34

5

15,57

3,526

(30,91

0,969

)

36,19

9,398

––––––

––––––

155,7

76,30

0–––

––––––

––––––

––––––

–––

MGI

Glob

alBo

nd F

und

US$

5,831

,683

1,020

,294

(1,05

5,013

)

272,3

47–––

––––––

–––

6,069

,311

––––––

––––––

––––––

––––––

MGI

Glob

alEq

uity

Fun

dUS

$

1,384

,998,5

44

484,5

21,15

7

(1,13

7,735

,547)

338,7

80,88

4–––

––––––

–––

1,070

,565,0

38–––

––––––

––––––

––––––

–––

MGI

Japa

nese

Equi

ty F

und ¥

1,357

,807,0

43

247,4

93,05

6

(192,1

23,47

4)

158,8

15,12

5–––

––––––

–––

1,571

,991,7

50–––

––––––

––––––

––––––

–––

MGI

Pacif

icBa

sin(E

x Ja

pan)

Equi

ty F

und

US$

12,41

2,305

895,4

52

(2,56

3,998

)

1,906

,242

––––––

––––––

12,65

0,001

––––––

––––––

––––––

––––––

MGI

UK B

ond

Fund GB

£

115,5

40,07

0

6,556

,850

(27,99

3,156

)

5,480

,932

––––––

––––––

99,58

4,696

––––––

––––––

––––––

––––––

MGI

UK C

ash

Fund GB

£

10,85

1,621

180,4

38,68

9

(153,8

37,30

8)

14,58

2–––

––––––

–––

37,46

7,584

––––––

––––––

––––––

––––––

220MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e St

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

eye

ar e

nded

30 J

une

2014

(c

ontin

ued)

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

fyea

r

Proce

eds f

rom re

deem

able

partic

ipatin

g sha

res is

sued

8

Paym

ents

tored

eema

blepa

rticipa

ting s

hares

rede

emed

8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

ofy

ear

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

MGI

UK E

quity

Fund GB

£

106,4

32,13

7

17,60

2,211

(56,09

3,656

)

13,30

9,897

––––––

––––––

81,25

0,589

––––––

––––––

––––––

––––––

MGI

U.S.

Equ

ityFu

nd US$

64,37

9,182

3,000

,876

(4,80

5,677

)

14,17

1,428

––––––

––––––

76,74

5,809

––––––

––––––

––––––

––––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

383,9

86,33

6

363,9

77,26

9

(157,9

05,85

3)

21,24

7,993

––––––

––––––

611,3

05,74

5–––

––––––

––––––

––––––

–––

MGI

UK L

ong

Gilt

Fund GB

£

110,7

40,66

4

41,70

4,194

(83,57

0,085

)

3,022

,117

––––––

––––––

71,89

6,890

––––––

––––––

––––––

––––––

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

1,171

,168,2

64

553,4

51,67

1

(303,8

46,56

2)

31,82

8,034

––––––

––––––

1,452

,601,4

07–––

––––––

––––––

––––––

–––

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

531,1

63,10

2

567,9

86,36

6

(239,4

50,74

2)

172,4

87,40

9–––

––––––

–––

1,032

,186,1

35–––

––––––

––––––

––––––

–––

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

1,018

,663,6

13

545,0

43,25

6

(652,4

24,36

7)

195,6

75,77

2–––

––––––

–––

1,106

,958,2

74–––

––––––

––––––

––––––

–––

Merc

erDi

vers

ified

Grow

thFu

nd US$

578,0

96,67

0

650,1

41,73

3

(117,1

08,32

5)

142,6

96,74

1–––

––––––

–––

1,253

,826,8

19–––

––––––

––––––

––––––

–––

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

257,0

23,81

5

38,51

7,426

(85,50

2,130

)

60,29

7,377

––––––

––––––

270,3

36,48

8–––

––––––

––––––

––––––

–––

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

589,5

06,89

8

592,7

13,23

5

(550,0

39,42

1)

143,0

34,03

2–––

––––––

–––

775,2

14,74

4–––

––––––

––––––

––––––

–––

221MGI Funds plc

MGI

Fun

ds p

lcCo

mpa

rativ

e St

atem

ent o

f Cha

nges

in N

et A

sset

s At

trib

utab

leto

Hol

ders

of R

edee

mab

le P

artic

ipat

ing

Shar

esfo

r th

eye

ar e

nded

30 J

une

2014

(c

ontin

ued)

Note

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

beg

inni

ng o

fyea

r

Proce

eds f

rom re

deem

able

partic

ipatin

g sha

res is

sued

8

Paym

ents

tored

eema

blepa

rticipa

ting s

hares

rede

emed

8

Chan

ges i

n net

asse

ts att

ributa

bleto

holde

rs of

redee

mable

partic

ipatin

g sha

res

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

esat

end

ofy

ear

*Thes

e Sub

-Fund

s lau

nche

d duri

ng th

e yea

r end

ed 30

June

2014

.

The a

ccom

pany

ing no

tes fo

rm an

integ

ral pa

rt of th

ese f

inanc

ial sta

temen

ts.

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 1

US$

181,5

94,22

5

213,6

38,96

6

(633,0

97)

9,560

,327

––––––

––––––

404,1

60,42

1–––

––––––

––––––

––––––

–––

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 2

US$

117,4

46,03

4

241,8

78,39

8

(626,9

04)

4,462

,988

––––––

––––––

363,1

60,51

6–––

––––––

––––––

––––––

–––

Merc

erGl

obal

Buy

& Ma

inta

inCr

edit

Fund US

$

341,5

40,53

2

302,8

26,76

0

(13,42

6,483

)

86,15

0,829

––––––

––––––

717,0

91,63

8–––

––––––

––––––

––––––

–––

*Mer

cer

Pass

iveGl

obal

Equi

ty F

und

US$ -

380,3

99,51

3

(29,84

4,004

)

25,78

6,011

––––––

––––––

376,3

41,52

0–––

––––––

––––––

––––––

–––

*Mer

cer

Euro

Ove

r5 Y

ear B

ond

Fund € -

168,9

66,37

6

(3,07

2,032

)

10,59

0,130

––––––

––––––

176,4

84,47

4–––

––––––

––––––

––––––

–––

*Mer

cer

Euro

Nom

inal

Bond

Lon

gDu

ratio

n Fu

nd € -

635,9

88,84

7

(20,51

8,034

)

17,48

3,127

––––––

––––––

632,9

53,94

0–––

––––––

––––––

––––––

–––

222MGI Funds plc

1. Accounting policies

The principal accounting policies adopted by the Company are as follows:

a) Basis of Preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation offinancial assets and financial liabilities held at fair value through profit or loss and comply with Financial ReportingStandards of the Financial Reporting Council, as promulgated by the Institute of Chartered Accountants in Ireland (“IrishGAAP”). The financial statements have been prepared in accordance with the accounting standards and Irish statutecomprising the Irish Companies Act, 2014 and the European Communities (Undertaking for Collective Investment inTransferable Securities) Regulations, 2011.

The financial statements have been prepared on a going concern basis.

Certain comparatives have been restated to conform with current year presentation.

With the exception of interest income and net gain/(loss) on financial assets at fair value through profit or loss, thepresentation of which has changed in the current year in the Profit and Loss Account, these financial statements havebeen prepared using the same measurement basis and have adopted the same accounting principles and practices asthose used in the annual audited financial statements for the year ended 30 June 2014.

The format and certain wordings of the financial statements has been adopted from those contained in the CompaniesAct 2014 and FRS 3 “Reporting Financial Performance” so that in the opinion of the Directors, they more appropriatelyreflect the nature of the Company's business as an investment fund.

b) Financial instruments

(i) ClassificationIn accordance with FRS 25 and FRS 26 the Company has classified certain financial assets and financial liabilities at fairvalue through profit or loss.

The Company classified financial assets and liabilities into the following categories;

Financial assets at fair value through profit or loss:

• Held for trading: Investments in transferable securities, collective investment schemes and financial derivativeinstruments.

Financial assets at amortised cost:

• Loans and receivables: Reverse repurchase agreements, deposits with credit institutions, collateral and margincash, cash at bank, money market instruments, subscriptions receivable, receivable for securities sold and otherassets.

Financial liabilities at fair value through profit or loss:

• Held for trading: securities sold short and derivative financial instruments.

Financial liabilities that are not at fair value through profit or loss:

• Loans and payables: Collateral and margin cash, expenses payable, redemptions payable and payable forsecurities purchased.

A financial instrument is classified as held for trading if:

• it is acquired or incurred principally for the purpose of selling or repurchasing it in the near-term;• on initial recognition it is part of a portfolio that is managed together and for which there is evidence of a recent

pattern of short-term profit taking; or• it is a derivative, other than a designated and effective hedging instrument.

MGI Funds plc Notes to the Financial Statementsfor the year ended 30 June 2015

223MGI Funds plc

1. Accounting policies (continued)

b) Financial instruments (continued)

(ii) MeasurementFinancial instruments are measured initially at fair value. Transaction costs on financial assets and financial liabilities atfair value through profit or loss are expensed immediately, while on other financial instruments they are amortised.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair valuewith changes in their fair value recognised in the Profit and Loss Account.

Financial assets classified as loans and receivables are carried at amortised cost using the effective interest ratemethod, less impairment losses, if any.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effectiveinterest rate. Financial liabilities arising from the redeemable shares issued by the Company are carried at theredemption amount representing the investors’ right to a residual interest in the Company’s assets.

(iii) Fair value measurement principlesThe fair value of financial instruments traded in active markets (such as equities) or any other regulated market (such ascorporate bonds, government bonds, municipal bonds, asset backed securities, mortgage backed securities,convertible securities and credit linked notes) is based on their quoted market prices at the Balance Sheet date withoutany deduction for estimated future selling costs. Financial assets are priced at current bid prices, while financialliabilities are priced at current asking prices.

When a Sub-Fund holds derivatives with offsetting market risks it uses mark to market valuations as a basis forestablishing fair values for the offsetting risk position. The fair value of the instruments that are not traded on activemarkets (for example over-the-counter ("OTC") derivatives) is estimated using valuation techniques, including use ofrecent arm’s length market transactions, reference to the current fair value or another investment that is substantially thesame, discounted cash flow techniques, option pricing models or any other valuation technique that provide a reliableestimate or prices obtained in actual market transactions.

Where the discounted cash flow techniques are used, estimated future cash flows are based on management’s bestestimate and the discount rate used is a market rate at the Balance Sheet date applicable for an instrument with similarterms and conditions. Where other pricing models are used, inputs are based on market data at the Balance Sheet date.Fair values for unquoted equity instruments are estimated, if possible, using applicable price/earnings ratios for similarlisted companies adjusted to reflect the specific circumstances of the issuer.

The fair value of derivatives that are not exchange-traded are estimated at the amount that the Company would receiveor pay to terminate the contract at the Balance Sheet date taking into account current market conditions and thecreditworthiness of the counterparties.

Financial assets include investments in open-ended investment funds and in closed-ended investment funds. Fair valueof such assets is based on the underlying fund administrator’s calculation of the net asset value per share (market valueof the fund’s assets less liabilities divided by the number of the shares) which will be the latest bid prices published bythe collective investment schemes, taking into account any adjustments that may be required to account for illiquidity,low trading volumes or any such factors that may indicate that the bid price may not be fair value. The fair value of anyinvestments in closed-ended investment funds is based on the bid prices available on the principal market for suchsecurity at the valuation date taking into account any adjustments that may be required to account for illiquidity, lowtrading volumes or any such factors that may indicate that the bid price may not be fair value.

The Sub-Funds’ investment in loans may be in the form of participations in loans or assignments of all or a portion ofloans from third parties. A loan is often administered by a bank or other financial institution that acts as agent for allholders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loanparticipation, (i) the Sub-Funds’ have the right to receive payments of principal, interest and any fees to which it isentitled only from the party from whom the Sub-Fund has purchased the participation and only upon receipt by that partyof payments from the borrower and (ii) the Sub-Fund generally has no right to enforce compliance by the borrower withthe terms of the loan agreement or to vote on matters arising under the loan agreement. Thus, the Sub-Fund may besubject to credit risk both of the party from whom it purchased the loan participation and the borrower and the Fund mayhave minimal control over the terms of any loan modification. When the Sub-Fund purchases assignments of loans, itgenerally acquires direct rights against the borrower.


(continued)

224MGI Funds plc


b) Financial instruments (continued)

(iii) Fair value measurement principles (continued)Mercer Global Investments Management Limited (“the AIFM/Manager”) has appointed Mercer Global InvestmentsEurope Limited (the “Investment Manager”) as investment manager for each of the Mercer Funds. The InvestmentManager has responsibility for the on-going monitoring of investments within each of the Sub-Funds of the Mercer Funds.This includes, but is not limited to, reviewing information on stale and static prices, suspended securities and securitiesin liquidation and securities valued at cost. If the Investment Manager has reasonable belief that a particular security’svaluation may not reflect fair market value, the Investment Manager Fair Value Pricing Committee (“FVPC”) will meet toconsider the appropriate valuation of the security in question. The FVPC meets on a quarterly basis and formally reviewsall new fair value assessments and other pricing issues. Ad-hoc fair value approvals may be received via email to thecommittee members or by means of extraordinary meetings of the FVPC should the need arise. This committee may thenmake recommendation to the Board of the Investment Manger, who in turn can then approve fair value pricing.

Financial assets or financial liabilities measured at amortised cost is the amount at which the financial asset or financialliability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation usingthe effective interest method of any difference between the initial amount recognised and the maturity amount, minusany reduction for impairment.

(iv) ImpairmentFinancial assets that are stated at cost or amortised cost are reviewed at each Balance Sheet date to determine whetherthere is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the Profitand Loss Account as the difference between the asset’s carrying amount and the present value of estimated future cashflows discounted at the financial asset’s original effective interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised costdecreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down isreversed through the Profit and Loss Account.

(v) Recognition and De-recognitionFinancial assets and liabilities at fair value through profit or loss are recognised initially on the trade date, which is thedate that the Company becomes a party to the contractual provisions of the instrument. Other financial assets andliabilities are recognised on the date they are originated.

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or ittransfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewardsof ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially allthe risks and rewards of ownership and do not retain control of the financial asset. Any interest in such transferredfinancial assets that is created or retained by the Company is recognised as a separate asset or liability.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amountallocated to the portion of the asset derecognised), and consideration received (including any new asset obtained lessany new liability assumed) is recognised in the Profit and Loss Account.

The Company enters into transactions whereby it transfers assets recognised on its Balance Sheet, but retains either allor substantially all of the risks and rewards of the transferred assets or a portion of them. If all or substantially all risksand rewards are retained, then the transferred assets are not derecognised. Transfers of assets with retention of all orsubstantially all risks and rewards include securities lending and repurchase transactions.

The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.

(vi) Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount presented in the Balance Sheet when and only when, theCompany has a legally enforceable right to offset the recognised amounts and there is an intention to settle on a netbasis, or realise the assets and settle the liability simultaneously.

c) Cash flow statement

The Company has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare acash flow statement.


(continued)

225MGI Funds plc


d) Income from investments

Dividend income is recognised in the Profit and Loss Account on the date that the right to receive payment isestablished. For quoted equity securities this is usually the ex-dividend date. For unquoted equity securities this isusually the date when the Shareholders have approved the payment of a dividend.

Bank interest income and interest income from debt instruments are recognised in the Profit and Loss Account usingeffective interest method. In the prior year, interest income from debt investments was included in net gain / (loss) onfinancial assets and liabilities at fair value through profit or loss. The prior year amounts have been re-stated to conformwith current year presentation. Interest expense arises on bank overdraft balances which occur during the year.

e) Net gains and losses

Net gains and losses from financial instruments at fair value through profit or loss includes all realised gains and losses,unrealised gains and losses from fair value changes and foreign exchange differences. The Company records itsinvestment transactions on trade date basis. Realised gains and losses are calculated based on the average costmethod.

All gains on securities and derivatives sold during the year are included in realised gain on investments and otherderivative contracts while all losses realised on the sale of securities and other derivatives during the year are includedin realised loss on investments and other derivative contracts.

The change in unrealised appreciation or depreciation represents a movement in fair value to cost of the investmentbetween reporting periods. Where a security's fair value over cost increases over the period, this is recorded as achange in unrealised appreciation on investments. Where a security's fair value over cost decreases over the period,this is recorded as a change in unrealised depreciation on investments. For investments and derivatives held at the endof the prior year and sold in their entirety during the current year, the unrealised gain or loss represents the differencebetween the carrying amount of a financial instrument at the beginning of the period, or the transaction price if it waspurchased in the current reporting period, and its carrying amount at the end of the period, being €Nil.

f) Operating expenses

The Company is responsible for all normal operating expenses including audit fees, stamp and other duties and chargesincurred on the acquisition and realisation of investments, which are accounted for on an accruals basis. Rebates ofexpenses arising as a result of the Voluntary Cap are shown separately as rebate income in the Profit and Loss Account.

g) Distributions

Distributions on distributing share classes with an ex-date during the financial year are included as a Finance Cost inthe Profit and Loss Account. Details of distributions made during the year are included in Note 12.

h) Cash at bank

Cash and cash equivalents are valued at their face value at amortised cost.

i) Foreign currencies

Transactions which occurred during the year, are translated into the reporting currency at the rate prevailing on thetransaction date. Assets and liabilities in foreign currencies are translated into the reporting currency at the ratesprevailing at the year end date. The exchange differences on translation are reflected in the Profit and Loss Account.

(i) Functional and presentation currencyItems included in the Company’s financial statements are measured using the currency of the primary economicenvironment in which the respective Sub-Funds operate (the “functional currency”). The functional currency, which iseither Euro, US Dollar, Japanese Yen or Pound Sterling, is shown in the Balance Sheet for each Sub-Fund. The Companyalso has adopted these functional currencies as the presentation currency of each of the Sub-Funds. The functional andpresentation currency of the Company is the Euro as the Company is incorporated in Ireland and authorised by theCentral Bank.


(continued)

226MGI Funds plc


j) Redeemable participating shares

Redeemable participating shares are redeemable at the Shareholder’s option and are classified as financial liabilities inaccordance with FRS 25.

The redeemable participating shares can be put back to the Sub-Fund at any time for cash equal to a proportionateshare of the Sub-Fund’s net asset value. The redeemable participating shares are carried at the redemption amount thatis payable at the Balance Sheet date if the Shareholders exercised the right to put the share back to the Sub-Fund.

k) Derivative financial instruments

(i) Forward foreign currency contractsThe fair value of open forward foreign currency contracts is calculated as the difference between the contracted rateand the current forward rate that would close out the contract on the valuation date. Gains or losses arising on thesettlement of forward foreign currency contracts are included on the net gain/(loss) on financial assets and liabilities atfair value through profit or loss in the Profit and Loss Account. Unrealised gains and losses on unsettled forwardcurrency contracts are included in the Balance Sheet and are shown in the Portfolio Statements. The unrealised gainsor losses on open forward foreign currency contracts is calculated by reference to the forward price. Realised gains orlosses include net gains and losses on contracts which have been settled or offset by other contracts.

(ii) Futures contracts on securitiesThe fair value of futures contracts is based upon daily quoted settlement prices. Changes in the value of the contractsare recognised as unrealised gains or losses in the Profit and Loss Account by “marking to market” the value of thecontract at the Balance Sheet date. When the contract is closed, the difference between the proceeds from (or cost of)the closing transactions and the original transaction is recorded as a realised gain/(loss) in the Profit and Loss Account.

(iii) Interest rate swaps, credit default swaps and total return swapsDerivatives such as interest rate swaps are used for trading purposes while credit default swaps are used for hedgingpurposes.

Interest rate swaps (“IRSs”) are measured initially at fair value on the date on which the derivative contract is enteredinto and subsequently remeasured at fair value. Fair values are obtained from counterparties or from quoted marketprices in active markets, including recent market transactions, and from valuation techniques using discounted cashflow models and option pricing models as appropriate. IRSs are included in assets when the fair value is positive, andin liabilities when the fair value is negative, unless there is the legal ability and intention to settle the asset and liabilityon a net basis. Revenues/payments arising on IRSs are included in the net gain/(loss) on financial assets and liabilitiesat fair value through profit or loss in the Profit and Loss Account. Swap contracts are carried at fair value based uponthe fair value of the underlying assets, the risk associated with the underlying assets, and any additional provisions ofthe derivative contract.

Credit default swap (“CDS”) contracts are valued at fair value based on a pricing methodology utilising certain factorswhich include the credit risk of the reference obligations of the underlying issuers, as well as the specific terms of thecontract. Certain CDS contracts entered into may include upfront fees that are paid by the buyer to the seller of the CDScontracts at the date of transaction. Such fees are reported as unrealised gains or losses in the Balance Sheet and asnet gains and losses in the Profit and Loss Account. These upfront payments represent the amounts paid or receivedwhen initially entering into the swap agreement to compensate for differences between the stated terms of the swapagreement and the prevailing market conditions and are included as realised gains or losses on the Profit and LossAccount upon termination or maturity of the swap.

Total return swap ("TRS") is an agreement in which one party makes payments based on a set rate, either fixed orvariable, while the other party makes payments based on the return of an underlying asset, which includes both theincome it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset,is usually a stock or fixed income index. This is owned by the party receiving the set rate payment. Total return swapsallow the party receiving the total return to gain exposure and benefit from a reference asset without actually having toown it.


(continued)

227MGI Funds plc


k) Derivative financial instruments (continued)

(iv) SwaptionsA Sub-Fund records an unrealised gain/(loss) for the amount expected to be received or paid under the swaptionagreement if the agreement was terminated on the Balance Sheet date and is reported within financial assets or financialliabilities at fair value through profit or loss in the Balance Sheet and Portfolio Statements.

When a Sub-Fund writes a swaption, a premium is received by the Sub-Fund and the swaption is initially recognised atthe amount of the premium. The swaption is subsequently marked-to-market to reflect the fair value of the swaptionwritten, which is reported within financial liabilities at fair value through profit or loss on the Balance Sheet and PortfolioStatements. The difference between the premium received and the fair value reported on the Balance Sheet gives riseto an unrealised gain/(loss). When a swaption which the Sub-Fund has written is exercised, the amount of the premiumoriginally received will offset the cost of the swap upon exercise of the option in arriving at the movement in unrealisedgain/(loss) to be included in the Profit and Loss Account. Premiums received on swaptions written which expireunexercised are treated as realised gains.

When a Sub-Fund purchases a swaption, a premium is paid by the Sub-Fund and the swaption is initially recognised atthe amount of the premium. The swaption is subsequently marked-to-market to reflect the fair value of the swaptionpurchased, which is reported within financial assets at fair value through profit or loss on the Balance Sheet. When aswaption which the Sub-Fund holds is exercised, the amount of the premium originally paid will offset the cost of theswap upon exercise of the option in arriving at the movement in unrealised gain/(loss) to be included in the Profit andLoss Account. Premiums paid from the purchase of swaptions which expire unexercised are treated as realised losses.

(v) WarrantsWarrants are sometimes used to gain exposure to emerging market equities where custody, liquidity, or other issuesmake ownership of local shares sub-optimal.

The valuation of the warrants depends on the level of trading. If the warrants are actively traded in the market then themarket price is used. If the warrants are not actively traded in the market the intrinsic value of the warrant based onunderlying equity price and warrant strike price is used. Warrants by their nature are covered investments.

(vi) OptionsA Sub-Fund may purchase and sell (write) call and put options on securities, securities indices and foreign currenciestraded on a national securities exchange or in an over-the-counter market.

When a Sub-Fund writes a call or a put option, a premium is received by the Sub-Fund. The premium is subsequentlymarked-to-market to reflect the fair value of the option written, which is reported within financial assets or liabilities at fairvalue through profit or loss on the Balance Sheet for each relevant Sub-Fund. The difference between the premiumamount and the fair value reported on the Balance Sheet gives rise to an unrealised gain/(loss).

When a Sub-Fund purchases a call or a put option, a premium is paid by the Sub-Fund. The premium on purchased putoptions exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency indetermining the realised gain or loss. The premium on purchased call options exercised is included in determining initialfair value of the securities or foreign currency purchased. Premiums paid on the purchase of options which expireunexercised are treated as realised losses. The option is subsequently marked-to-market to reflect the fair value of theoption purchased, which is reported within financial assets at fair value through profit or loss on the Balance Sheet foreach relevant Sub-Fund.

The over-the-counter options are valued at close of business on the dealing day at the settlement price as provided bythe counterparty/broker and the values are independently valued, at a minimum, weekly. The fair value of exchangetraded options are based upon their quoted daily settlement prices on the relevant exchange. In the event of it beingimpossible or incorrect to carry out a valuation of a specific investment in accordance with the valuation rules, or if suchvaluation is not representative of a security’s fair market value, the Directors are entitled to use other generallyrecognised valuation methods in order to reach a proper valuation of that specific instrument, provided that such methodof valuation has been approved by the Custodian and Trustee.


(continued)

228MGI Funds plc


k) Derivative financial instruments (continued)

(vi) Options (continued)If an option which a Sub-Fund has written either expires on its stipulated expiration date or a Sub-Fund enters into a closingpurchase transaction, a Sub-Fund realises a gain (or loss, if the cost of a closing purchase transaction exceeds thepremium received when the option was sold) without regard to any unrealised gain or loss on the underlying security, andthe liability related to such option is extinguished. If a call option which a Sub-Fund has written is exercised, a Sub-Fundrealises a capital gain or loss from the sale of the underlying security, and the proceeds from such sales are increased bythe premium originally received. When a put option which a Sub-Fund has written is exercised, the amount of the premiumoriginally received will reduce the cost of the security which a Sub-Fund purchases upon exercise of the option.

l) Reverse Repurchase AgreementsThe Company enters into reverse repurchase agreements for the purpose of efficient portfolio management. There areno material revenues arising from the use of reverse repurchase agreements and transaction costs are embedded inthe price of the investments and are not separately identifiable. Reverse repurchase agreements are collateralised byan individual security, details of which are disclosed as a footnote to the relevant Schedule of Investments. Securitiespurchased under agreements to resell are valued at fair value and adjusted for any movements in foreign exchangerates. Interest rates vary for each reverse repurchase agreement and are set at the initiation of the agreement. TheCompany will generally obtain additional collateral if the market value of the underlying securities is less than the facevalue of the reverse repurchase agreements plus any accrued interest. In the event of default on the obligation torepurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.In the event of default or bankruptcy by the counter-party to the agreement, realisation and/or retention of the collateralor proceeds may be subject to legal proceedings

m) Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires managementto make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingentassets and liabilities as at the date of the financial statements. Estimates also affect the reported amounts of income andexpenses for the reporting period in the Profit and Loss Account. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimates are revised and in any future accounting periods affected.

n) Segmental reporting

A business segment is a group of assets and operations engaged in providing products or services that are subject torisks and returns that are different from those of the other business segments.

The Company’s segments are based on the nature of the products provided and are considered to be each of the Sub-Funds.

o) Collateral and margin cash

Cash at broker is margin cash and cash collateral which is held by or due to brokers for open futures contracts andrepresents the exchange traded futures contracts’ margin deposits held with brokers. This amount is the minimumdeemed by the brokers and counterparties for collateral requirements and is as such restricted and is reportedseparately to the unrestricted cash on the Sub-Funds’ Balance Sheets.

p) Cross holdings within the Company

For the purposes of producing the combined Company total financial statements, investments by Sub-Funds within theCompany in the units of other Sub-Funds within the Company, also known as "Cross Investments" must be eliminated inorder to prevent double counting.

In preparing the Combined Company total Balance Sheet, the value of financial assets at fair value through profit or lossof the Company is reduced by the value of all Cross Investments as at 30 June 2015. In preparing the combinedCompany total Profit and Loss Account, the net gain/(loss) on financial assets at fair value through profit or loss, isreduced by the amount of realised and unrealised gains and losses earned during the year on such cross investments.

The total amount of adjustments made to the combined Company Balance Sheet and the combined Company Balanceand Loss Account are disclosed in Note 3.


(continued)

229MGI Funds plc


q) Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financialasset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired,issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entityshall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisitionor issue of the financial asset or financial liability.

Transaction costs on the purchase and sale of bonds, forwards and swaps are included in the purchase and sale priceof the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investmentand cannot be separately verified or disclosed.

Transaction costs on purchases and sales of equities, futures and options are included in net gain/(loss) on investmentsin the Profit and Loss Account for each Sub-Fund. Custody transactions costs are included in Custodian/Sub-Custodianfees in the Profit and Loss Account for each Sub-Fund. These costs are separately identifiable transaction costs and thetotal of these costs incurred by each Sub-Fund during the year are disclosed in Note 2.

r) Collateral

A Sub-Fund's assets may be deposited by or received by the Sub-Fund for collateral purposes with counterparties inrespect of OTC financial derivative instruments held on the Sub-Fund. Such assets remain in the ownership of therelevant Sub-Fund and are recorded as an asset on the Balance Sheet.

Cash received as collateral is recorded as an asset on the Balance Sheet and is valued at its fair value. A related liabilityto repay the collateral is recorded as a liability on the Balance Sheet and is also valued at its fair value in line with therequirement of FRS 26 "Financial instruments: Recognition and measurement".

Investments pledged by the Sub-Funds as collateral are recognised at fair value in the relevant Sub-Fund's PortfolioStatements and such investments are referenced accordingly at the base of the Schedule of Investments. Securitiesreceived by the Sub-Funds as collateral from counterparties do not form part of the Net Asset Value of the Sub-Fundsand are disclosed at the end of the relevant Portfolio Statement.

s) Anti-dilution levy

To enable a Sub-Fund to recover the cost of investing Sub-Fund assets upon an investor's subscription for shares andthe cost of liquidating Sub-Fund assets upon a Shareholder's redemption of shares and to preserve the value of theassets of the relevant Sub-Fund, each Shareholder may be subject to anti-dilution levy (as mentioned in the Prospectus)of up to 3% of the subscription proceeds or redemption proceeds, as applicable. The anti-dilution levy will be paid tothe Sub-Fund for the benefit of all Shareholders and will not be paid to the Manager or Investment Manager. The anti-dilution levy is deducted from subscription proceeds and will correspondingly reduce the number of shares purchasedby the investor or will be deducted from redemption proceeds and will correspondingly reduce the amounts receivedby a Shareholder upon redeeming its shares from the Sub-Fund. Proceeds from redeemable participating shares areinclusive of anti-dilution charges.

2. Fees and expenses

The Manager is responsible for the payment of the Investment Manager’s fee and the Distributor’s fee (includingreasonable out of pocket expenses) out of the Management fee. The fees and expenses of the Administrator and theCustodian (including reasonable out of pocket expenses) shall be paid by the Company out of the assets of the relevantSub-Fund. The Sub-Investment Managers (if any) are paid out of the fees of the Investment Manager with the exceptionof Mercer Global Buy & Maintain Credit Fund, Mercer Short Duration Global Bond Fund 1, Mercer Short Duration GlobalBond Fund 2, Mercer Euro Nominal Bond Long Duration Fund, Mercer Passive Global Equity Fund and Mercer Euro Over5 Year Bond Fund which are paid out of the assets of the respective Sub-Funds. The Company shall also reimburse theCustodian out of the assets of the relevant Sub-Fund for the reasonable fees and customary agent’s charges paid by theCustodian to any Sub-Custodian together with VAT if any, thereon. The aggregate fees and expenses of the Manager,Administrator, Custodian, Distributor, Investment Manager and Investment Advisers will not exceed 3% per annum of thenet assets. Investments by Sub-Funds of the Company into funds also managed by the Investment Manager are notcharged an investment management fee at the level of the underlying fund, thereby ensuring that there is no doublecharging of fees by the Investment Manager.


(continued)

230MGI Funds plc

2. Fees and expenses (continued)

The Manager has undertaken to limit the annual expenses through the use of a Voluntary Cap. For each class launchedwithin the launched Sub-Funds as at 30 June 2015 the Voluntary Cap as a percentage of net assets was as follows:

Sub-Fund Share Class Management Voluntary MaximumDescription Fee Cap Fee

MGI Emerging Markets Equity Fund Class I-1 € 0.75% 1.05% 3.00%Class M-1 €, Class M-1 £ 0.95% 1.25% 3.00%Class M-2 € 1.05% 1.35% 3.00%Class M-3 £ 1.15% 1.45% 3.00%Class M-4 € 1.25% 1.55% 3.00%Class M-5 £, Class M-5 $ 1.35% 1.65% 3.00%Class M-6 £ 1.75% 2.05% 3.00%Class M-7 €, Class M-7 £ 0.85% 1.15% 3.00%Class Z-1 £ 0.00% 0.30% 3.00%Class Z-1 € 0.00% 0.30% 3.00%

MGI Euro Bond Fund Class I-1 € 0.35% 0.49% 3.00%Class M-1 € 0.55% 0.69% 3.00%Class M-5 € 0.95% 1.09% 3.00%Class M-7 € 0.45% 0.59% 3.00%

MGI Euro Cash Fund Class I-1 € 0.20% 0.34% 3.00%Class M-1 € 0.40% 0.54% 3.00%Class M-5 € 0.80% 0.94% 3.00%Class M-6 € 1.20% 1.34% 3.00%Class M-7 € 0.30% 0.44% 3.00%Class M-8 € 0.13% 0.27% 3.00%Class Z-1 € 0.00% 0.14% 3.00%

MGI Eurozone Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class M-2 € 0.80% 0.94% 3.00%Class M-7 € 0.60% 0.74% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Global Bond Fund Class I-1 €, Class I-1 £, Class I-1 $ 0.35% 0.49% 3.00%Class M-1 € 0.55% 0.69% 3.00%

MGI Global Equity Fund Class I-1 €, Class I-1 £ 0.65% 0.79% 3.00%Class M-1 €, Class M-1 £ 0.75% 0.89% 3.00%Class M-1 € Hedged 0.70% 0.84% 3.00%Class M-2 €, Class M-2 £ 0.80% 0.94% 3.00%Class M-2 £ Hedged 0.75% 0.89% 3.00%Class M-3 € Hedged, Class M-3 £ Hedged 0.80% 0.94% 3.00%Class M-4 £ Hedged 1.30% 1.44% 3.00%Class M-5 £ 1.00% 1.14% 3.00%Class M-7 €, Class M-7 £ 0.60% 0.74% 3.00%Class M-7 € Hedged 0.65% 0.79% 3.00%Class M-9 £ 1.30% 1.44% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Japanese Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI Pacific Basin (Ex Japan) Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%


(continued)

231MGI Funds plc



MGI UK Bond Fund Class I-1 £ 0.35% 0.49% 3.00%Class M-1 £ 0.55% 0.69% 3.00%Class M-2 £ 0.65% 0.79% 3.00%Class M-7 £ 0.45% 0.59% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Cash Fund Class I-1 £ 0.20% 0.34% 3.00%Class M-2 £ 0.50% 0.64% 3.00%Class M-3 £ 0.60% 0.74% 3.00%Class M-4 £ 0.70% 0.84% 3.00%Class M-6 £ 1.20% 1.34% 3.00%Class M-7 £ 0.30% 0.44% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Equity Fund Class I-1 €, Class I-1 £ 0.50% 0.64% 3.00%Class M-1 €, Class M-1 £ 0.70% 0.84% 3.00%Class M-2 £ 0.80% 0.94% 3.00%Class M-7 £ 0.60% 0.74% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI U.S. Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Inflation Linked Bond Fund Class M-1 £, Class M-1 £ Distributing 0.35% 0.49% 3.00%Class M-4 £ 0.65% 0.79% 3.00%Class M-6 £ 1.15% 1.29% 3.00%Class M-7 £ 0.45% 0.59% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Long Gilt Fund Class I-1 £ 0.35% 0.40% 3.00%Class M-2 £ 0.65% 0.70% 3.00%Class M-3 £ 0.75% 0.80% 3.00%Class M-6 £ 1.35% 1.40% 3.00%Class M-7 £ 0.45% 0.50% 3.00%

MGI Emerging Markets Debt Fund Class M-2 £, Class M-2 £ Distributing 0.95% 1.09% 3.00%Class M-3 €, Class M-3 £ 1.10% 1.24% 3.00%Class M-4 £ 1.25% 1.39% 3.00%Class M-6 £ 1.55% 1.69% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

Mercer Global Small Cap Equity Fund Class M-3 £, Class M-3 £ Distributing 1.10% 1.24% 3.00%Class M-4 € 1.20% 1.34% 3.00%Class M-5 £ 1.30% 1.44% 3.00%Class M-7 £ 1.55% 1.69% 3.00%Class Z-1 CAD 0.00% n/a 3.00%Class Z-1 € 0.00% 0.14% 3.00%

Mercer Low Volatility Equity Fund Class M-3 €, Class M-3 £, Class M-3 £ Distributing 1.00% 1.14% 3.00%Class M-3 € Hedged, Class M-3 £ Hedged 1.05% 1.19% 3.00%Class M-5 £, Class M-5 $ 1.20% 1.34% 3.00%Class M-5 £ Hedged 1.25% 1.39% 3.00%Class M-7 £ 1.40% 1.54% 3.00%Class M-7 £ Hedged 1.45% 1.59% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%Class Z-1 € 0.00% 0.14% 3.00%


(continued)

232MGI Funds plc



Mercer Diversified Growth Fund Class M-2 £ 0.22% n/a 3.00%Class M-4 € 0.28% n/a 3.00%Class M-5 € 0.36% n/a 3.00%Class M-6 € Hedged, M-6 £ Hedged 0.45% n/a 3.00%Class M-6 £ 0.40% n/a 3.00%Class M-8 € 0.60% n/a 3.00%Class M-8 € Hedged 0.65% n/a 3.00%Class Z-1 € 0.00% n/a 3.00%Class M-10 $ 0.80% n/a 3.00%Class M-12 £ 1.10% n/a 3.00%Class M-12 £ Hedged 1.15% n/a 3.00%

MGI DAM Multi-Manager Global Equity Fund Class M-5 $ 0.85% n/a 3.00%Class M-2 NOK 2.00% n/a 3.00%

Mercer Global High Yield Bond Fund Class M-1 £ 0.70% 0.90% 3.00%Class M-1 AUD Hedged, Class M-1 £ Hedged,Class M-1 £ Hedged Distibuting 0.75% 0.95% 3.00%Class M-2 £, Class M-2 £ Distributing 0.80% 1.00% 3.00%Class M-2 £ Hedged,Class M-2 £ Hedged Distributing 0.85% 1.05% 3.00%Class M-3 €, Class M-3 £ 0.95% 1.15% 3.00%Class M-3 £ Hedged, Class M-3 € Hedged 1.00% 1.20% 3.00%Class M-4 $ 1.15% 1.35% 3.00%Class M-4 £ Hedged 1.20% 1.40% 3.00%Class M-5 £ 1.50% 1.70% 3.00%Class Z-1 € Hedged, Class Z-1 AUD Hedged 0.00% 0.20% 3.00%

Mercer Short Duration Global Bond Fund 1 Class M-1 NOK Hedged 0.20% 0.34% 3.00%Class M-2 SEK Hedged,Class M-2 € Hedged 0.35% 0.49% 3.00%Class M-3 € Hedged 0.60% 0.74% 3.00%

Mercer Short Duration Global Bond Fund 2 Class M-1 € Hedged,Class M-1 NOK Hedged 0.20% 0.34% 3.00%Class M-2 € Hedged,Class M-2 SEK Hedged 0.35% 0.49% 3.00%Class M-3 € Hedged 0.60% 0.74% 3.00%

Mercer Global Buy & Maintain Credit Fund Class M-1 € Hedged, Class M-1 £ Hedged 0.30% 0.44% 3.00%Class M-3 € Hedged, Class M-3 £ Hedged 0.50% 0.64% 3.00%Class Z-1 € Hedged 0.00% 0.14% 3.00%

Mercer Passive Global Equity Fund Class M-1 € 0.20% 0.25% 3.00%Class M-1 € Hedged 0.25% 0.30% 3.00%Class M-2 £ 0.30% 0.35% 3.00%Class M-2 £ Hedged, Class M-2 € Hedged 0.35% 0.40% 3.00%Class M-4 € Hedged 0.55% 0.60% 3.00%Class Z-1 $, Class Z-1 €,Class Z-1 € Hedged 0.00% 0.05% 3.00%

Mercer Euro Over 5 Year Bond Fund Class M-6€ 0.35% 0.40% 3.00%Class M-7€ 0.40% 0.45% 3.00%


(continued)

233MGI Funds plc



Mercer Euro Nominal Bond Long Duration Fund Class M-1 € 0.10% 0.24% 3.00%Class M-3 € 0.20% 0.34% 3.00%Class M-4 € 0.25% 0.39% 3.00%Class M-6 € 0.35% 0.49% 3.00%Class M-7 € 0.50% 0.64% 3.00%Class M-8 € 0.70% 0.84% 3.00%Class Z-1 € 0.00% 0.14% 3.00%

Mercer Diversified Retirement Fund Class M-1 £ 0.19% 0.23% 3.00%

To achieve this Voluntary Cap, the Manager will absorb, either directly by waiving a portion of its fees or byreimbursement to the account of the relevant class of the Sub-Funds, any annual expenses over the applicable VoluntaryCap that may arise. As each Voluntary Cap has been agreed by the Manager on a voluntary basis, the Manager mayfrom time to time increase or decrease the Voluntary Cap in respect of any particular class of the Sub-Funds subject toa maximum of 3.00% per annum in each class of the Sub-Funds, by notice in writing to the Company, in which case theCompany will notify the Shareholders of the relevant class.

Transaction costs

As detailed in Note 1, transaction costs on the purchase and sale of bonds, forwards, and swaps are included in thepurchase and sale prices of the investment. They cannot be practically or reliably gathered as they are embedded inthe cost of the investment and cannot be seperately verified or disclosed.

For the year ended the 30 June 2015, the Company incurred transaction costs on other purchases and sales as follows:

Transaction costs Custodyon purchase & sale transaction

MGI Funds plc of investments costs

MGI Emerging Markets Equity Fund US$ 2,329,106 US$ 402,621MGI Euro Bond Fund - € 3,676MGI Eurozone Equity Fund € 298,310.00 € 41,354MGI Global Bond Fund - US$ 256MGI Global Equity Fund US$ 1,054,661 US$ 156,957MGI Japanese Equity Fund ¥792,026 ¥3,617,042MGI Pacific Basin (Ex Japan) Equity Fund US$ 7,684 US$ 7,904MGI UK Bond Fund GB£ 3,732 GB£ 3,949MGI UK Equity Fund GB£ 174,414 GB£ 17,475MGI US Equity Fund US$ 34,779 US$ 27,899MGI UK Inflation Linked Bond Fund GB£ 980 GB£ 4,018MGI UK Long Gilt Fund GB£ 480 GB£ 3,441MGI Emerging Markets Debt Fund US$ 127,415 US$ 82,004Mercer Global Small Cap Equity Fund US$ 1,689,709 US$ 234,804Mercer Low Volatility Equity Fund US$ 563,781 US$ 69,156Mercer Diversified Growth Fund US$ 244,269 US$ 1,454MGI DAM Multi-Manager Global Equity Fund US$ 419,144 US$ 129,143Mercer Global High Yield Bond Fund US$ 61 US$ 19,126Mercer Short Duration Global Bond Fund 1 US$ 67,636 US$ 2,481Mercer Short Duration Global Bond Fund 2 US$ 23,676 US$ 7,552Mercer Global Buy & Maintain Credit Fund US$ 1,370 US$ 3,908Mercer Passive Global Equity Fund US$ 156,000 US$ 32,404Mercer Euro Nominal Long Duration Fund - € 5,392Mercer EUR Over 5 Year Bond Fund - € 4,764Mercer Diversified Retirement Fund GB£ 2,990 -


(continued)

234MGI Funds plc


Transaction costs (continued)

For the year ended the 30 June 2014, the Company incurred transaction costs on other purchases and sales as follows:

Transaction costs Custodyon purchase & sale transaction

MGI Funds plc of investments costs

MGI Emerging Markets Equity Fund US$ 2,418,613 US$ 688,582MGI Euro Bond Fund - € 2,616MGI Eurozone Equity Fund € 346,325 € 46,092MGI Global Bond Fund - US$ 383MGI Global Equity Fund US$ 2,047,179 US$ 216,536MGI Japanese Equity Fund ¥ 706,331 ¥ 3,667,996MGI Pacific Basin (Ex Japan) Equity Fund US$ 9,170 US$ 6,173MGI UK Bond Fund GB£ 2,229 GB£ 9,014MGI UK Equity Fund GB£ 118,974 GB£ 18,004MGI U.S. Equity Fund US$ 54,695 US$ 24,987MGI UK Inflation Linked Bond Fund - GB£ 5,937MGI UK Long Gilt Fund - GB£ 4,431MGI Emerging Markets Debt Fund US$ 47,175 US$ 86,670Mercer Global Small Cap Equity Fund US$ 1,517,931 US$ 260,825Mercer Low Volatility Equity Fund US$ 725,944 US$ 69,675Mercer Diversified Growth Fund US$ 365,797 US$ 1,980MGI DAM Multi-Manager Global Equity Fund US$ 439,380 US$ 128,401Mercer Global High Yield Bond Fund US$ 10,099 US$ 27,233Mercer Short Duration Global Bond Fund 1 US$ 54,276 US$ 5,790Mercer Short Duration Global Bond Fund 2 US$ 21,230 US$ 9,859Mercer Global Buy & Maintain Credit Fund US$ 66 US$ 10,424Mercer Passive Global Equity Fund US$ 233,075 US$ 81,854Mercer Euro Over 5 Year Bond Fund - € 2,772Mercer Euro Nominal Bond Long Duration Fund - € 420

Audit fees

Audit fees charged by the Auditor for services rendered during the financial year ended 30 June 2015 and year ended30 June 2014 relate to the following:

30 June 2015 30 June 2014MGI Fund plc € €

Statutory audit 220,410 196,970Tax advisory and compliance services 7,200 -

–––––––––––– ––––––––––––Total 227,610 196,970

–––––––––––– ––––––––––––


(continued)

235MGI Funds plc

3. Related parties

Transactions with entities with significant influence

Mercer Global Investments Management Limited has been appointed as Manager to the Company. For these servicesduring the year the Manager earned a fee of € 71,470,518 (30 June 2014: € 53,243,807). As detailed in Note 2, theManager had undertaken to limit the annual expenses for each class through the use of a Voluntary Cap. The applicationof the Voluntary Cap has resulted in a total reimbursement of € 47,812 (30 June 2014: € 113,241) which is detailed in thetable below. The Manager’s fee as per the Profit and Loss Account is net of the Sub-Fund reimbursement against theManagement fee (30 June 2014: € Nil). The outstanding amounts payable as at the year end were a management fee of€ 6,021,299 (30 June 2014: € 5,190,097) and a performance fee of € Nil (30 June 2014: € Nil).

The following table details the total reimbursement under the Voluntary Cap per Sub-Fund.

Year ended Year endedVoluntary Cap Reimbursement 30 June 2015 30 June 2014

MGI Emerging Markets Equity Fund - -MGI Euro Bond Fund € 7,435 € 13,061MGI Euro Cash Fund - -MGI Eurozone Equity Fund € 723 -MGI Global Bond Fund US$ 14,184 US$ 20,593MGI Global Equity Fund - -MGI Japanese Equity Fund ¥ 2,653,940 ¥ 4,531,178MGI Pacific Basin (Ex Japan) Equity Fund US$ 5,626 US$ 6,655MGI UK Bond Fund - -MGI UK Cash Fund - -MGI UK Equity Fund - -MGI U.S. Equity Fund - -MGI UK Inflation Linked Bond Fund - -MGI UK Long Gilt Fund - -MGI Emerging Markets Debt Fund - -Mercer Global Small Cap Equity Fund - -Mercer Low Volatility Equity Fund - -Mercer Diversified Growth Fund - -MGI DAM Multi-Manager Global Equity Fund - -Mercer Global High Yield Bond Fund - -Mercer Short Duration Global Bond Fund 1 - -Mercer Short Duration Global Bond Fund 2 - -Mercer Global Buy & Maintain Credit Fund - -Mercer Passive Global Equity Fund - US$ 21,380Mercer Euro Over 5 Year Bond Fund - -Mercer Euro Nominal Bond Long Duration Fund - € 36,378Mercer Diversified Retirement Fund GB£ 2,793 -

Transactions with key management personnel

The disclosure relating to Directors’ fees is included in Note 9. Michael Dempsey is business leader of Mercer GlobalInvestments Europe Limited, the Investment Manager. Tom Geraghty is no longer the Chief Executive Officer of Mercer(Ireland) Limited after the year end he took up a new role as Regional Business Leader, Retirement of Mercer (Ireland).The Manager and Investment Manager are related to Mercer (Ireland) Limited as all three entities are wholly ownedsubsidiaries of Mercer Ireland Holdings Limited (the “Parent”).


(continued)

236MGI Funds plc

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 thatthey are managed by the same Manager and Investment Manager. MGI Funds plc is further related to these MercerFunds by virtue of the fact that they have common Directors and Promoter. At the year end, the following related partiesheld interests in Sub-Funds of the Company:

Number of InvestorSub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015related party Investor (Sub-Fund of Mercer PIF Fund plc) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI EurozoneEquity Fund MGI Global (ex UK) Equity Fund Z-1 £ 11,625 US$ 2,924,547 535,342 324,210

MGI Global Equity Fund MGI UK Growth Fund Z-1 £ 26,214 GB£ 4,191,049 1,377,580 226,233MGI UK High Growth Fund Z-1 £ 55,348 GB£ 8,849,098 294,793 630,690MGI UK Moderate Growth Fund Z-1 £ 2,751 GB£ 439,873 149,921 44,095

MGI JapaneseEquity Fund MGI Global (ex UK) Equity Fund Z-1 £ 7,283 US$ 1,273,718 175,519 293,456

MGI Pacific Basin(Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 3,481 US$ 1,181,155 219,030 173,766

MGI UK Bond Fund MGI UK Defensive Fund Z-1 £ 122,560 GB£ 21,639,268 565,077 2,099,747MGI UK Growth Fund Z-1 £ 14,840 GB£ 2,618,541 1,205,010 354,821MGI UK Moderate Growth Fund Z-1 £ 3,271 GB£ 577,194 225,574 54,785

MGI UK Equity Fund MGI UK Growth Fund Z-1 £ 23,839 GB£ 3,377,784 1,264,120 224,977MGI UK High Growth Fund Z-1 £ 50,722 GB£ 7,186,700 330,163 139,000MGI UK Moderate Growth Fund Z-1 £ 2,504 GB£ 354,826 137,347 40,644

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 44,089 GB£ 7,357,128 - 805,927

MGI UK Moderate Growth Fund Z-1 £ 1,510 GB£ 252,019 103,269 39,909

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 9,631 US$ 2,946,400 328,751 547,735

MGI DiversifiedGrowth Fund MGI Balanced Managed Fund Z-1 € 248,811 € 39,588,342 1,350,000 1,722,244

MGI Emerging MarketsDebt Fund MGI Balanced Managed Fund Z-1 € 46,570 € 4,433,470 1,550,000 -

Mercer Enhanced Yield Fund Z-1 € 329,849 € 31,401,626 3,150,000 113,850,000

Mercer Global Buy& Maintain Credit Fund MGI Balanced Managed Fund Z-1 € Hedged 42,465 € 4,555,667 1,250,000 -

Mercer Enhanced Yield Fund Z-1 € Hedged 215,709 € 23,141,235 1,100,000 68,650,000

Mercer Global High YieldBond Fund MGI Balanced Managed Fund Z-1 € Hedged 31,136 € 3,636,317 1,000,000 131,040



(continued)

237MGI Funds plc


Other related party transactions (continued)


Mercer Passive GlobalEquity Fund MGI Balanced Managed Fund Z-1 € 1,727,042 € 22,796,958 800,000 2,237,046

MGI Diversified Equity Fund Z - 1 € 89,571 € 1,182,341 1,621,485 451,950MGI Diversified Equity Fund Z - 1 € Hedged 845,807 € 9,557,620 10,106,235 469,128

Mercer Global Small Cap Equity Fund MGI Diversified Equity Fund Z - 1 € 19,930 € 3,589,839 3,423,443 -

Mercer Low Volatility Equity Fund MGI Diversified Equity Fund Z - 1 € 30,876 € 4,646,804 4,583,697 44,050

MGI Emerging Markets Equity Fund MGI Diversified Equity Fund Z - 1 € 41,931 € 4,718,023 4,913,465 160,781

Mercer Euro Nominal Bond Long Duration Fund MGI Balanced Managed Fund Z - 1 € 132,531 € 15,141,664 - -

Number of InvestorSub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015related party Investor (Sub-Fund of Mercer QIF Fund plc) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI Emerging Markets Debt Fund Mercer LS Managed Fund Z - 1 € 54,467 € 5,185,220 5,159,057 150,000

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 67,075 € 6,811,454 638,312 200,000

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 22,826 € 4,111,414 - 1,343,141

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 104,969 € 15,797,864 - 3,761,398

Mercer Global Buy & Maintain Credit Fund Mercer LS Managed Fund Z - 1 € Hedge 32,027 € 3,435,815 3,440,299 -

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 84,027 € 9,454,697 1,234,182 1,860,000

Mercer Passive Global Equity Fund Mercer LS Managed Fund Z-1 € 257,915 € 3,404,475 132,685 650,000

Mercer LS Managed Fund Z-1 € Hedge 2,052,789 € 23,196,517 - 2,420,901

Number of UnderlyingSub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2015related party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2015 Currency 30 June 2015 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 13,900 GB£ 1,582,187 - 5,500,000


(continued)

238MGI Funds plc



30 June 2014


MGI EurozoneEquity Fund MGI Equity Fund Z-1 € 55,376 € 7,577,611 184,596 1,043,310

MGI Global (ex UK) Equity Fund Z-1 £ 10,704 US$ 2,812,751 - 272,439

MGI Global Equity Fund MGI Equity Fund Z-1 € 50,115 € 10,243,000 401,840 171,020MGI UK Growth Fund Z-1 £ 18,790 GB£ 2,695,117 888,847 4,648,050MGI UK High Growth Fund Z-1 £ 57,588 GB£ 8,259,798 71,823 5,489,322MGI UK Moderate Growth Fund Z-1 £ 2,059 GB£ 295,368 104,617 519,330

MGI JapaneseEquity Fund MGI Global (ex UK) Equity Fund Z-1 £ 7,895 US$ 1,299,085 191,031 70,184

MGI Pacific Basin(Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z-1 £ 3,328 US$ 1,214,575 168,963 80,929

MGI UK Bond Fund MGI UK Defensive Fund Z-1 £ 161,896 GB£ 26,495,955 432,242 823,975MGI UK Growth Fund Z-1 £ 9,996 GB£ 1,635,897 781,616 2,883,688MGI UK Moderate Growth Fund Z-1 £ 2,301 GB£ 376,510 181,185 655,618


MGI UK Equity Fund MGI UK Growth Fund Z-1 £ 16,287 GB£ 2,199,890 671,003 3,822,237MGI UK High Growth Fund Z-1 £ 49,282 GB£ 6,656,467 226,465 4,971,220MGI UK Moderate Growth Fund Z-1 £ 1,785 GB£ 241,141 89,624 439,896

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 59,948 GB£ 8,646,371 324,376 452,357

MGI UK Moderate Growth Fund Z-1 £ 1,118 GB£ 161,204 93,224 293,665

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 10,387 US$ 2,945,667 160,936 133,843

MGI DiversifiedGrowth Fund MGI Balanced Managed Fund Z-1 € 250,242 € 33,119,564 3,560,855 -

MGI Emerging MarketsDebt Fund MGI Balanced Managed Fund Z-1 € 30,614 € 2,813,688 - -

Mercer Enhanced Yield Fund Z-1 € 1,491,944 € 137,124,586 135,700,000 7,500,000

Mercer Global Buy& Maintain Credit Fund MGI Balanced Managed Fund Z-1 € Hedged 31,120 € 3,267,881 - -


Mercer Global High YieldBond Fund MGI Balanced Managed Fund Z-1 € Hedged 23,538 € 2,777,900 - -

Mercer Enhanced Yield Fund Z-1 € Hedged 1,040,873 € 122,843,886 - 13,500,000

Mercer Passive GlobalEquity Fund MGI Balanced Managed Fund Z-1 € 1,829,708 € 19,376,603 18,315,391 -


(continued)

239MGI Funds plc



30 June 2014 (continued)


Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z-1 € 30,801 € 4,309,960 - 800,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z-1 € 132,722 € 15,832,449 - 1,350,000

Mercer Dynamic Asset Allocation Fund Z-1 £ 107,844 GB£ 13,219,550 11,320,000 28,498,285

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z-1 € 89,085 € 8,788,283 2,340,526 -

Mercer Dynamic Asset Allocation Fund Z-1 £ 310,938 GB£ 32,346,916 28,050,000 63,558,384

MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z-1 £ 78,346 GB£ 7,337,909 7,870,000 14,109,229

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 62,767 € 6,381,520 6,283,020 -

Mercer Passive Global Equity Fund Mercer LS Managed Fund Z-1 € 299,463 € 3,171,309 3,096,831 100,000

Mercer LS Managed Fund Z-1 € Hedge 2,272,436 € 23,769,684 22,881,075 135,000

Number of UnderlyingSub-Fund with Related Party Investor Share shares held Sub-Fund Fair value Year ended 30 June 2014related party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2014 Currency 30 June 2014 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,073,252 - -

All of the above transactions are carried out on normal commercial terms, negotiated at arm’s length and in the bestinterest of the Shareholders.

During the month of May 2014 the following in-specie transfers occurred from Sub-Funds of Mercer PIF plc to MGI Fundsplc

Sub-Fund of Mercer PIF plc Sub-Fund of MGI Funds plc In-Specie TransferMercer PIF Euro Nominal Bond Long Duration Fund Mercer Euro Nominal Bond Long Duration Fund € 611,358,442Mercer Euro Over 5 Year Bond Fund Mercer Euro Over 5 Year Bond Fund € 164,555,727Mercer Passive Global Equity Fund Mercer Passive Global Equity Fund USD$ 93,658,887

Shareholders of the Company

Please see Note 8 for details of significant Shareholders in the Company.


(continued)

240MGI Funds plc


Cross holdings within the Company

The following table details the cross holdings within MGI Funds plc Sub-Funds at 30 June 2015 and 30 June 2014.

Cost of Marketinvestment Underlying value Unrealised

Share 30 June Sub-Fund 30 June appreciation/Investing Sub-Fund Sub-Fund Class 2015 Currency 2015 Purchases Sales depreciationMercer DiversifiedGrowth Fund Mercer Passive Global Equity Fund Class Z-1 $ 141,641,484* US$ 160,593,346* - - 18,951,863*Mercer Diversified Retirement Fund MGI UK Inflation Linked Bond Fund Class Z-1 £ 2,820,000 GB£ 2,721,491 2,820,000 - 98,509Mercer Diversified Retirement Fund MGI UK Cash Fund Class Z-1 £ 3,115,000 GB£ 3,118,141 3,115,000 - 3,141Mercer Diversified Retirement Fund Mercer Passive Global Equity Fund Class Z-1 £ 4,095,597 GB£ 4,032,240 4,095,597 - (63,356)

Cost of Marketinvestment Underlying value Unrealised

Share 30 June Sub-Fund 30 June appreciation/Investing Sub-Fund Sub-Fund Class 2014 Currency 2014 Purchases Sales depreciationMercer Diversified Growth Fund Mercer Passive Global Equity Fund Class Z-1 $ 141,641,484 US$ 158,381,859 159,000,000 17,593,715 16,740,376

*These amounts have been eliminated on combination.

4. Taxation

The Company is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. Therefore,the Company will not be liable to Irish tax in respect of its income and gains, other than on the occurrence of achargeable event. A chargeable event includes any distribution payments to shareholders or any encashment,redemption or transfer of shares or the ending period for which the investment was held.

Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or theending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares bythe Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of:

(i) a shareholder who is not an Irish resident and not ordinarily resident in Ireland at the time of the chargeable event,provided the necessary signed statutory declarations are held by the Company;

(ii) certain exempted Irish tax resident Investors who have provided the Company with the necessary signedstatutory declarations;

(iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund;

(iv) any transactions in relation to shares held in a recognised clearing system as designated by order of the RevenueCommissioners of Ireland;

(v) certain exchanges of shares between spouses and former spouses on the occasion of judicial separation and/ordivorce;

(vi) an exchange by a Shareholder, effected by way of an arm’s length bargain where no payment is made to theShareholder of Shares in the Company for other Shares in the Company.

Capital gains, dividends and interest (if any) received on investment made by the Company may be subject towithholding taxes imposed by the country from which the investment income/gains are received and such taxes may notbe recoverable by the Company or its shareholders.

In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of a chargeableevent, and the Company reserves its right to withhold such taxes from the relevant shareholders.


(continued)

241MGI Funds plc

5. Financial Instruments and Associated Risks

Introduction and overview

The investments of a Sub-Fund in securities and derivatives is subject to normal market fluctuations and other risksinherent in investing in securities and derivatives. In pursuing its investment objectives, the Company holds a numberof investments, including:

• Equities, collective investment schemes, money market instruments;• Bonds, mortgage backed securities, asset backed securities and other debt instruments;• Cash and liquid resources;• Swaps, futures, warrants, options, swaptions, equity and credit linked notes and forwards; and• Reverse repurchase agreements and deposits with credit institutions.

The Company’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate riskand equity price risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on theunpredictability of financial markets and seeks to minimise potential adverse effects on the Sub-Funds’ financialperformance.

The Company has maintained its aim of spreading investment risk.

Risk Management Framework

The Company’s investment activities expose it to the various types of risk which are associated with the financialinstruments and markets in which it invests. The following information is not intended to be a comprehensive summaryof all risks and investors should refer to the Prospectus and Supplements for a more detailed discussion of the risksinherent in investing in the Company.

The Board reviews reports from the Investment Manager in relation to the Sub-Funds’ performance and risk profile on aquarterly basis, or more frequently as required in relation to the Company’s performance and risk profile. The InvestmentManager is also responsible for ensuring that the Sub-Funds of the Company are managed in accordance with the termsof each Sub-Fund’s investment objective, policy, guidelines and limits as set out in the Prospectus and relevantSupplement, as well as the Investment Manager’s own internal investment guidelines and limits. The Companydelegates to the Manager, who in turn delegates to the Investment Manager, responsibility for the monitoring and riskoversight for the Sub-Funds.

The Company’s Custodian is responsible for independent day to day monitoring of compliance of each Sub-Fund’sinvestment guidelines and limits, reporting any breaches to the Manager, Investment Manager or Company, asappropriate. These guidelines and limits are set to ensure that the risk borne by each Sub-Fund is appropriate. Inaddition, the Investment Manager reviews and monitors risk, exposure and performance reports received from theindividual Sub-Investment Managers, supplemented with internally generated analysis using data fed directly from theCustodian.

Role of the Investment Manager

The Investment Manager has responsibility for the selection and monitoring of Sub-Investment Managers. To that end,the Investment Manager follows a well defined and rigorous due diligence review of each Sub-Investment Manager. Aspart of this process the Investment Manager will review the proposed use of Financial Derivative Instruments (“FDIs”)and the Sub-Investment Managers’ risk management processes. Additionally, Sub-Investment Managers will agree withthe Investment Managers that their use of FDIs will comply with the provisions of the Sub-Fund’s/Company’s RiskManagement Process (“RMP”). Any material deviations to a Sub-Investment Manager’s use of FDI and risk managementprocess require the prior notification of and approval of the Investment Manager. This is a condition of the investmentor currency management agreements with the Sub-Investment Managers. Each Sub-Investment Manager mustcomplete annual compliance questionnaires and are subject to periodic compliance reviews by the Compliance Groupof the Investment Manager.

The portfolio managers within the Investment Manager monitor the Sub-Funds on an ongoing basis. Any inappropriateuse of FDIs (such as a non-approved FDI) or excessive exposures will typically be picked up as part of their ongoingreview. Apart from ongoing review of the portfolios and “sense checks”, the Investment Manager will receive a detailedFDI report monthly from each Sub-Investment Manager. The report will list out the FDI positions and give details of thevarious exposure levels. This is reviewed in detail by the Investment Manager and any issues arising are followed upwith the relevant Sub-Investment Manager.


(continued)

242MGI Funds plc

5. Financial Instruments and Associated Risks (continued)

Role of the Administrator

The Administrator provides fund administration services and valuation of all assets and liabilities including FDIs used bythe Sub-Funds at each valuation point. Any issues that are identified by the Administrator are immediately brought to theattention of the Investment Manager for further investigation.

Role of the Custodian - Independent Compliance Monitoring

The Company’s Custodian carries out a separate and independent compliance monitoring role to those carried out bythe Investment Manager, Investment Service Providers, and Administrator. As part of its fiduciary role to a regulatedfund, the Custodian reviews all of the investment objectives and limits (including FDI limits) on an ongoing basis. Whilenot appointed by the Investment Manager (the Custodian is appointed by the Company), any breaches identified by theCustodian are immediately brought to the attention of the Investment Manager for investigation and resolution.

Role of Sub-Investment Managers

As mentioned above, discretionary investment management has been outsourced to the Sub-Investment Managers. Inaddition to the oversight and independent monitoring being carried out by the Investment Manager, Administrator andCustodian, each Sub-Investment Manager must have adequate controls and procedures in place to manage theirrespective portfolios within the limits prescribed under the UCITS Regulations and the Central Bank guidance in respectof FDIs.

Each Sub-Investment Manager must have a robust Risk Management Process (“RMP”) in place which is UCITS IVcompliant. As outlined in the various Sub-Investment Managers’ RMP documents, each Sub-Investment Manager mustmanage its portfolio in accordance with the UCITS Regulations and the Central Bank’s guidance on FDIs. Furthermore,the Sub-Investment Managers will only use the FDIs outlined in their respective RMPs. If a Sub-Investment Managerwishes to use a FDI not covered by the existing RMP, this change will necessitate an amendment to their RMP documentand, by implication, the Sub-Fund’s RMP. This will require the approval of the Central Bank before the FDI can be used.

Permanent Risk Management Function

The permanent risk management function is provided by the Investment Manager who is responsible for implementingand procuring the implementation by the delegates of their respective obligations under the risk management policy andprocedures. The Investment Manager is responsible for ensuring compliance with the UCITS risk limit system, includingstatutory limits concerning global exposure and counterparty risk. The Investment Manager provides the relevantDesignated Person and the Board with:

• Advice as regards the identification of the risk profile of each managed UCITS;• Reports on the consistency between the current levels of risk incurred by each managed UCITS and the risk

profile agreed for that UCITS;• Reports on exceptions to the compliance of each managed UCITS with relevant investment guidelines and

restrictions which are monitored by the Custodian and reported to the Compliance team daily;• Reports, where applicable, on the adequacy and effectiveness of the risk management process, indicating in

particular whether appropriate remedial measures have been taken in the event of any deficiencies; and• Review and support of the arrangements and procedures for the valuation of OTC derivatives.

Market Price Risk

Market price risk results mainly from the uncertainty about the future prices of financial instruments held. It representsthe potential loss a Sub-Fund may suffer through holding market positions in the face of market movements and changesin exchange rates.

All investments in securities present a risk of loss of capital. The Investment Manager and Sub-Investment Managersmoderate this risk by ensuring careful selection of securities and other financial instruments within the specified limitsas detailed in the Prospectus and approved by the Board of the Investment Manager.

Concentrations of risk are disclosed in more detail in the Portfolio Statements for each Sub-Fund.


(continued)

243MGI Funds plc


(continued)


Market Price Risk (continued)

Market risk is controlled and monitored through the application of pre-agreed portfolio control ranges which coverattributes such as asset allocation, duration, yield curve and liquidity. The Investment Manager uses historic data tomeasure market risk, which is controlled relative to the benchmark.

The majority of the assets held by the Company are equities, bonds and investments in collective investment schemes(“CIS”).

The following tables highlight the market price risk associated with the various financial instruments held by theCompany other than financial derivative instruments, the market risk of which is shown separately by Sub-Fund.

30 June 2015

MGI Funds plc Impact of 5%Fair Value price increase

€ €

Transferable securities and CISEquities 4,374,510,984 218,725,549Government bonds 3,521,575,518 176,078,776Municipal bonds 7,103,075 355,154Corporate bonds 1,666,002,930 83,300,147Asset backed securities 19,068,023 953,401Mortgage backed securities 73,669,507 3,683,475Convertible securities 857,938 42,897CIS 1,653,613,624 82,680,681

––––––––––––– –––––––––––––Total 11,316,401,599 565,820,080

––––––––––––– –––––––––––––

MGI Funds plc Impact of 5%Nominal price increase

€ €

Financial Derivative InstrumentsFuturesMGI Emerging Markets Equity Fund 26,012,040 1,300,602MGI Global Equity Fund 78,322,470 3,916,124MGI UK Bond Fund (2,961,958) (148,098)MGI Emerging Markets Debt Fund 44,075,834 2,203,792Mercer Diversified Growth Fund 37,853,621 1,892,681Mercer Short Duration Global Bond Fund 1 3,170,918,705 158,545,935Mercer Short Duration Global Bond Fund 2 31,881,812 1,594,091Mercer Passive Global Equity Fund 9,622,201 481,110Mercer Global Buy & Maintain Credit Fund 1,349,273 67,464

30 June 2014

MGI Funds plc Impact of 5%Fair Value price increase

€ €

Transferable securities and CISEquities 3,979,968,922 198,998,446Government bonds 2,791,091,767 139,554,588Municipal bonds 7,045,748 352,287Corporate bonds 1,471,057,790 73,552,890Asset backed securities 16,205,999 810,300Mortgage backed securities 57,933,773 2,896,689Credit linked notes 18,395,201 919,760Convertible securities 2,378,451 118,922CIS 805,310,135 40,265,507

––––––––––––– –––––––––––––Total 9,149,387,786 457,469,389

––––––––––––– –––––––––––––

244MGI Funds plc


Market Price Risk (continued)

30 June 2014

MGI Funds plc Impact of 5%Nominal price increase

€ €

Financial Derivative InstrumentsFuturesMGI Emerging Markets Equity Fund 15,175,608 758,780MGI Global Equity Fund 79,378,303 3,968,915MGI UK Bond Fund (9,349,446) (467,472)MGI Emerging Markets Debt Fund (62,505,416) (3,125,271)Mercer Diversified Growth Fund 58,030,750 2,901,538MGI DAM Multi-Manager Global Equity Fund 1,140,754 57,038Mercer Short Duration Global Bond Fund 1 (5,283,121,571) (264,156,079)Mercer Short Duration Global Bond Fund 2 (17,141,570) (857,079)Mercer Passive Global Equity Fund 1,461,147 73,057

If the price of each of the Sub-Fund’s underlying investments to which the relevant Sub-Fund had exposure at 30 June2015 and at 30 June 2014 had increased by 5%, (1% for cash funds), with all other variables held constant, the impactis as shown in the tables above. Conversely, if the price of each of the Sub-Fund’s underlying investments to which therelevant Sub-Fund has exposure had decreased by 5%, (1% for cash funds), this would have an equal but oppositeeffect on net assets attributable to holders of redeemable participating shares of the relevant Sub-Fund.

Liquidity Risk

The Company’s assets comprise mainly of realisable securities and investments in collective investment schemes whichin normal circumstances can be readily sold. The investee funds have the ability to redeem daily and therefore in normalcircumstances, can be readily sold. The Company’s main liability and exposure is to daily cash redemptions ofredeemable shares. Assets from a Sub-Fund may need to be sold if insufficient cash is available to finance suchredemptions. It therefore invests the majority of its assets in investments that are traded in an active market and can bereadily disposed of.

The Sub-Funds may, from time to time, invest in derivative contracts traded OTC, which are not traded in an organisedmarket and may be less liquid. As a result, the Sub-Funds may not be able to liquidate these as quickly as its cashinvestments at an amount which represent their fair value. However, this will be managed as per the below and wouldalways be a small proportion of a portfolio.

The majority of assets held by the Sub-Funds are negotiable securities. The ability to sell on demand ensures that theInvestment Manager can efficiently alter the investment strategy as required. The ability to sell also permits the financingof any unexpected withdrawals from a portfolio. It is important that these assets are readily tradeable and the InvestmentManager will ensure that assets are only held where an efficient secondary market is operating. From time to time thesecondary market in any particular issue or market may become less liquid, so to minimise this risk the Manager will alsoensure that a portfolio is well diversified. In some circumstances the markets in which the Sub-Funds trade can beilliquid, thereby making it difficult to acquire or dispose of investments at prices quoted on the relevant exchanges. Inaddition, suspension by an exchange of trading in a particular security could make it impossible for positions to berealised and thereby expose the Company to losses.

Investors in the Company may redeem daily. The Company may, if it receives a request for the repurchase of shares inrespect of 10% or more of the outstanding shares of any Sub-Fund, elect to restrict the total number of sharesrepurchased to 10% or more of the outstanding shares, in which case, redemption requests will be scaled down prorata and the balance of outstanding redemption requests shall be treated as if they were received on each subsequentdealing day until all the shares to which the original request related have been redeemed. Redemption requests canalso be met, following approval by the Directors and agreement with the relevant Shareholder, through a transfer ofassets of the Sub-Fund in-specie to the relevant Shareholder.


(continued)

245MGI Funds plc


Liquidity Risk (continued)

All liabilities of the Sub-Funds including the net assets attributable to redeemable participating shareholders are duewithin one month with the exception of the following:

30 June 2015

Sub-Fund Currency 1-3 Months 3 Months > 1 Yearto 1 Year

MGI Global Equity Fund US$ (1,946,912) - -MGI UK Bond Fund GB£ (30,408) - (51,486)MGI Emerging Markets Debt Fund US$ (13,356,446) (124,246) (3,381,769)Mercer Diversified Growth Fund US$ (1,050,726) - -MGI Global High Yield Bond Fund US$ (79,959) (15,615) -Mercer Short Duration Global Bond Fund 1 US$ (152,234) (50,875) (160,474)Mercer Short Duration Global Bond Fund 2 US$ (369,483) (143,856) (260,308)Mercer Global Buy & Maintain Credit Fund US$ (978,112) (4,398) (2,553,432)MGI Emerging Markets Equity Fund US$ (1,903,695) - -Mercer Passive Global Equity Fund US$ (506,529) - -

30 June 2014

Sub-Fund Currency 1-3 Months 3 Months > 1 Yearto 1 Year

MGI Global Equity Fund US$ (650,106) - -MGI UK Bond Fund GB£ (50,210) - (167,706)MGI Emerging Markets Debt Fund US$ (3,328,233) (184,130) (2,302,113)Mercer Diversified Growth Fund US$ (326,149) - -MGI Global High Yield Bond Fund US$ - (138,839) (19,304)Mercer Short Duration Global Bond Fund 1 US$ (554,978) (47,372) (50,036)Mercer Short Duration Global Bond Fund 2 US$ (1,796,775) (104,722) (2,808,926)Mercer Global Buy & Maintain Credit Fund US$ (1,473,786) (595) (1,567,085)MGI Emerging Markets Equity Fund US$ (44,653) (8,302) -Mercer Passive Global Equity Fund US$ (48,053) - -

Interest rate swaps and credit default swaps settle on a net basis and the net inflows/outflows are represented by theunrealised gain/(loss) as disclosed in the Portfolio Statements of the relevant Sub-Funds.

The tables below analyse each Sub-Fund’s financial derivative instruments that will be settled on a gross basis intorelevant maturity groupings based on the remaining period at the year end date to the contractual maturity date.

30 June 2015

MGI Emerging Markets Equity Fund 1-3 MonthsUS$

Open forward foreign currency contractsInflows 374,503,280Outflows (374,266,677)

MGI Global Equity Fund < 1 Month 1-3 MonthsUS$ US$

Open forward foreign currency contractsInflows 670,125,163 669,868,729Outflows (666,618,979) (669,863,074)


(continued)

246MGI Funds plc




MGI UK Bond Fund < 1 Month 1-3 MonthsGB£ GB£

Open forward foreign currency contractsInflows 4,452,133 844,868Outflows (4,380,513) (844,043)

MGI Emerging Markets Debt Fund < 1 Month 1-3 Months 3 Monthsto 1 Year

US$ US$ US$Open forward foreign currency contractsInflows 291,519,557 1,207,386,015 38,705,621Outflows (289,557,686) (1,214,140,896) (37,621,661)

Mercer Low Volatility Equity Fund < 1 MonthUS$


Mercer Diversified Growth Fund < 1 Month 1-3 MonthsUS$ US$


Mercer Global High Yield Bond Fund < 1 Month 1-3 Months 3 Monthsto 1 Year

US$ US$ US$Open forward foreign currency contractsInflows 438,390,740 50,103,625 9,436,009Outflows (435,065,617) (50,067,728) (9,373,384)

Mercer Short Duration Global Bond Fund 1 < 1 MonthUS$


Mercer Short Duration Global Bond Fund 2 < 1 Month 1-3 Months 3 Monthsto 1 Year

US$ US$ US$Open forward foreign currency contractsInflows 1,053,311,785 253,102,131 51,018,520Outflows (1,061,471,715) (252,004,880) (50,772,803)


(continued)

247MGI Funds plc




Mercer Global Buy & Maintain Credit Fund < 1 Month 1-3 MonthsUS$ US$


Mercer Passive Global Equity Fund < 1 Month 1-3 MonthsUS$ US$


30 June 2014

MGI Emerging Markets Equity Fund 1-3 MonthsUS$


MGI Global Equity Fund < 1 Month 1-3 MonthsUS$ US$

Open forward foreign currency contractsInflows 1,179,722,414 75,013,538Outflows (1,174,492,109) (75,625,652)

MGI UK Bond Fund < 1 Month 1-3 MonthsGB£ GB£


MGI Emerging Markets Debt Fund < 1 Month 1-3 Months 3 Months > 1 yearto 1 Year

US$ US$ US$ US$Open forward foreign currency contractsInflows 600,416,939 608,853,309 69,605,154 1,009,364Outflows (600,817,597) (609,797,114) (69,399,672) (986,960)

Mercer Global Small Cap Equity Fund < 1 MonthUS$

Open forward foreign currency contractsInflows 78,649Outflows (78,681)

Mercer Low Volatility Equity Fund < 1 MonthUS$



(continued)

248MGI Funds plc




Mercer Diversified Growth Fund < 1 Month 1-3 MonthsUS$ US$


Mercer Global High Yield Bond Fund < 1 Month 1-3 Months 3 Monthsto 1 Year


Mercer Short Duration Global Bond Fund 1 < 1 MonthUS$


Mercer Short Duration Global Bond Fund 2 < 1 Month 1-3 Months 3 Monthsto 1 Year


Mercer Global Buy & Maintain Credit Fund < 1 Month 1-3 MonthsUS$ US$


Mercer Passive Global Equity Fund < 1 Month 1-3 MonthsUS$ US$


Credit Risk

The Company takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in fullwhen due.

Investments in equities are not exposed to credit risk except for exposure to the Custodian and Sub-Custodian. Periodicmonitoring and an annual credit review is performed on the Custodian.

The Company has counterparty risk in relation to transactions it enters into with brokers, banks and other third parties ifthe counterparty was to fail to complete any transaction to which the Company is a party. The Investment Managerconducts periodic reviews of the counterparties with whom it conducts transactions. The counterparties for the financialderivative instruments are listed in the Portfolio Statements.


(continued)

249MGI Funds plc


Credit Risk (continued)

The Company is exposed to credit risk on reverse repurchase agreements. Reverse repurchase agreements arecollateralised by an individual security, details of which are disclosed as a footnote to the relevant Schedule ofInvestments. Securities purchased under agreements to resell are valued at fair value and adjusted for any movementsin foreign exchange rates. Interest rates vary for each reverse repurchase agreement and are set at the initiation of theagreement. The Company will generally obtain additional collateral if the market value of the underlying securities is lessthan the face value of the reverse repurchase agreements plus any accrued interest. In the event of default on theobligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction ofthe obligation. In the event of default or bankruptcy by the counter-party to the agreement, realisation and/or retentionof the collateral or proceeds may be subject to legal proceedings.

All cash at bank balances and bank overdrafts are held by State Street Bank, London which had a credit rating of AA-at the year end (30 June 2014: A+).

Cash at broker balances held with counterparties at 30 June 2015 are disclosed in Note 6. This amount is the minimumrequired by the brokers and counterparties for collateral requirements and is as such restricted and is reported separatelyto the unrestricted cash on the Sub-Funds’ Balance Sheets. Collateral may be pledged by the Sub-Funds, generally byway of cash or cash equivalents, and held by the counterparties. Details of non-cash collateral held by counterparties atyear end by counterparties are asterisked within the Portfolio Statments of the Sub-Funds. Amounts of cash collateral heldat year end are disclosed on the Balance Sheet of the relevant Sub-Funds. See Note 6 to the financial statements for fulldetails of cash collateral pledged to or by the relevant Sub-Funds as at 30 June 2015 and 30 June 2014.

The Mercer Global Buy & Maintain Credit Fund received collateral in the form of securities from Deutsche Bank whichwas valued at 30 June 2015 at US$ 659,998 (30 June 2014: US$ 849,847 with HSBC). Mercer Short Duration GlobalBond Fund 2 received collateral in the form of securities which was valued at 30 June 2015 at US$ 949,127 (30 June2014: Nil). This does not form part of the net asset value of the Sub-Funds and is recorded at the base of the PortfolioStatements for reference purposes only.

The Company is also exposed to counterparty risk on its derivative positions, being the risk that a counterparty willdefault on or be unable to pay in full its financial obligations. Controlling credit risk is paramount in the InvestmentManager’s choice of counterparties. Credit risk arises from receivables from investee funds relating to redemptions ortransactions awaiting settlement. Risk relating to unsettled receivables is considered small due to the short settlementperiod involved and the due diligence permitted on the investee funds. The maximum exposure related to unsettledtrades equals the amount receivable for securities sold and payable for securities purchased as shown in the BalanceSheet. There are no past due or impaired assets as at 30 June 2015 (30 June 2014: Nil).

Credit linked notes are purchased from a trust or other special purpose vehicle that pays a fixed or floating couponduring the life of the note. At maturity, investors receive par unless the referenced credit defaults or declares bankruptcy,in which case they receive an amount equal to the recovery rate. The trust enters into a default swap with a counterparty,and in the event of default, the trust pays the counterparty par minus the recovery rate in exchange for an annual feethat is passed on to the investors in the form of a higher yield on the notes. These transactions involve certain risks,including the risk that the seller may be unable to fulfil the transaction.

The Sub-Funds may enter into credit derivatives to isolate and transfer the credit risk associated with a particularreference asset. Credit default swaps provide a measure of protection against defaults of debt issuers. The Sub-Funds’use of credit default swaps does not assure their use will be effective or will have the desired result. A Sub-Fund mayeither be the buyer or seller in a credit default swap transaction. Credit default swaps are transactions under which theparties’ obligations depend on whether a credit event has occurred in relation to the reference asset. The credit eventsare specified in the contract and are intended to identify the occurrence of a significant deterioration in thecreditworthiness of the reference asset. On settlement, credit default products may be cash settled or involve thephysical delivery of an obligation of the reference entity following a default. The buyer in a credit default swap contractis obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of defaulton an underlying reference asset has occurred. If a credit event occurs, the seller must pay the buyer the full notionalvalue of the reference asset that may have little or no value. If the Sub-Fund is a buyer and no credit event occurs theSub-Fund’s losses will be limited to the periodic stream of payments over the term of the contract. As a seller, the Sub-Funds will receive a fixed rate of income throughout the term of the contract, provided that there is no credit event. If acredit event occurs, the seller must pay the buyer the full notional value of the reference obligation. The counterpartiesto the credit default swaps are referenced in the Portfolio Statements of each relevant Sub-Fund. The credit rating of thecounterparties can be found on pages 253 to 254.


(continued)

250MGI Funds plc



Credit spreads utilised in determining the fair value of credit default swap agreements on corporate issues as of yearend, together with the period of expiration, serve as an indicator of the payment/performance risk and represent thelikelihood or risk of default for the credit derivative. For example, the Sub-Fund is least likely to pay or otherwise berequired to perform where the credit spread on the underlying is below 250 basis point and the period of expiration iswithin the next 12 – 24 months. The likelihood of payment or performance is generally greater as the credit spread onthe underlying and the period of expiration increases. The credit spreads are disclosed in the Portfolio Statements.

The notional amount of credit default swaps represents the maximum potential amount the Sub-Fund could be requiredto make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined underthe terms of that particular swap agreement. The notional amounts for purchased and sold protection are disclosed inthe Portfolio Statements.

The Sub-Funds invest in financial assets, which are rated by one or more well known rating agencies. For unrated assets(“Not Rated”) a rating is assigned using an approach that is consistent with rating agencies.

The overall credit exposures were as follows:

30 June 2015 30 June 2014

MGI Emerging Markets Debt Fund % Holding US$ MGI Emerging Markets Debt Fund % Holding US$AAA 0.37% 4,734,775 AAA 0.98% 13,339,123AA- 0.08% 1,059,675 AA 0.02% 259,990A 21.53% 277,294,732 AA- 0.64% 8,792,523A- 15.42% 198,700,596 A 29.54% 402,723,233BBB+ 23.76% 306,030,180 A- 4.42% 60,235,357BBB 14.40% 185,482,908 BBB+ 26.32% 358,868,317BBB- 15.98% 205,819,593 BBB 18.60% 253,599,534BB+ 6.98% 89,912,097 BBB- 9.86% 134,343,040Not rated 1.48% 19,205,871 BB+ 0.03% 357,255

BB 4.58% 62,456,324B- 1.14% 15,522,571Not rated 3.87% 52,807,611

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 1,288,240,427 100.00% 1,363,304,878

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI Euro Bond Fund % Holding € MGI Euro Bond Fund % Holding €

AAA 23.68% 5,967,390 AAA 27.54% 3,905,464AA+ 28.00% 7,056,324 AA+ 27.47% 3,894,544AA 3.68% 927,230 AA 2.33% 331,093AA- 3.88% 978,100 AA- 4.44% 629,327A+ 1.93% 485,179 A 0.55% 78,151A 0.50% 125,727 A- 0.27% 38,598A- 0.20% 50,895 BBB 37.40% 5,304,057BBB 37.44% 9,436,640Not rated 0.69% 174,678

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 25,202,163 100.00% 14,181,234

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

251MGI Funds plc



30 June 2015 30 June 2014

MGI Global Bond Fund % Holding US$ MGI Global Bond Fund % Holding US$AAA 47.53% 2,155,600 AAA 50.90% 2,580,333AA+ 15.49% 702,207 AA+ 16.85% 854,347AA- 0.58% 26,237 AA- 27.51% 1,395,089A+ 25.72% 1,166,559 BBB 4.74% 240,140BBB 10.68% 484,261

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 4,534,864 100.00% 5,069,909

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Bond Fund % Holding GB£ MGI UK Bond Fund % Holding GB£AAA 4.04% 2,730,303 AAA 7.17% 6,797,812AA+ 47.40% 32,011,133 AA+ 45.54% 43,183,039AA 1.53% 1,032,640 AA 1.49% 1,408,003AA- 1.56% 1,051,881 AA- 1.31% 1,240,252A+ 4.14% 2,794,502 A+ 3.90% 3,700,576A 3.08% 2,080,465 A 4.98% 4,722,451A- 8.24% 5,565,533 A- 11.90% 11,282,391BBB+ 12.13% 8,195,110 BBB+ 6.54% 6,196,455BBB 15.06% 10,173,095 BBB 12.61% 11,952,152BBB- 1.99% 1,344,660 BBB- 2.74% 2,595,502B 0.83% 558,841 BB+ 0.36% 343,436

BB 0.17% 163,598BB- 0.37% 349,885B 0.64% 605,981Not rated 0.28% 266,354

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 67,538,163 100.00% 94,807,887

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Inflation Linked Bond Fund % Holding GB£ MGI UK Inflation Linked Bond Fund % Holding GB£AAA 100.00% 669,558,516 AAA 100.00% 606,961,929

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 669,558,516 100.00% 606,961,929

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

MGI UK Long Gilt Fund % Holding GB£ MGI UK Long Gilt Fund % Holding GB£AA+ 100.00% 167,519,280 AAA 100.00% 71,275,173

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 167,519,280 100.00% 71,275,173

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

252MGI Funds plc



30 June 2015 30 June 2014

Mercer Global High Yield Bond Fund % Holding US$ Mercer Global High Yield Bond Fund % Holding US$BBB 0.11% 559,781 A 0.45% 3,291,140BBB- 1.73% 8,722,107 A- 0.08% 599,500BB+ 12.47% 62,673,779 BBB 0.56% 4,118,625BB 15.69% 78,899,657 BBB- 1.15% 8,392,119BB- 11.72% 58,897,627 BB+ 9.28% 67,864,281B+ 19.90% 100,074,424 BB 13.65% 99,778,963B 12.36% 62,152,280 BB- 12.55% 91,745,774B- 11.91% 59,868,040 B+ 11.80% 86,331,522CCC+ 10.62% 53,368,354 B 17.53% 128,177,368CCC 2.10% 10,555,972 B- 13.61% 99,445,569CCC- 0.35% 1,747,216 CCC+ 14.78% 108,025,373D 0.24% 1,210,000 CCC 1.61% 11,773,163Not rated 0.80% 4,019,480 CCC- 1.07% 7,805,100

Not Rated 1.88% 13,751,257–––––––––––– –––––––––––– –––––––––––– ––––––––––––

100.00% 502,748,717 100.00% 731,099,754–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Short Duration Mercer Short DurationGlobal Bond Fund 1 % Holding US$ Global Bond Fund 1 % Holding US$AAA 1.68% 7,268,994 AAA 2.01% 7,896,420AA+ 2.80% 12,153,674 AA+ 2.47% 9,720,742AA 2.54% 11,026,052 AA 4.15% 16,354,505AA- 9.47% 41,060,663 AA- 12.04% 47,395,837A+ 4.88% 21,135,172 A+ 8.43% 33,193,906A 16.42% 71,163,716 A 13.27% 52,258,168A- 10.64% 46,117,927 A- 14.12% 55,590,614BBB+ 17.73% 76,876,781 BBB+ 13.11% 51,621,907BBB 23.21% 100,623,825 BBB 19.82% 78,059,130BBB- 10.45% 45,319,845 BBB- 10.16% 40,003,211BB+ 0.18% 781,019 BB 0.42% 1,673,192

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 433,527,668 100.00% 393,767,632

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

253MGI Funds plc



30 June 2015 30 June 2014

Mercer Short Duration Mercer Short DurationGlobal Bond Fund 2 % Holding US$ Global Bond Fund 2 % Holding US$AAA 31.35% 134,299,213 AAA 29.32% 107,704,728AA+ 6.26% 26,824,129 AA+ 11.16% 40,961,965AA 1.40% 5,958,704 AA 3.50% 12,856,380AA- 2.00% 8,585,405 AA- 1.13% 4,135,038A+ 5.82% 24,940,491 A+ 3.76% 13,813,968A 10.65% 45,634,557 A 10.50% 38,561,131A- 13.55% 58,042,641 A- 13.70% 50,304,363BBB+ 5.03% 21,531,078 BBB+ 1.95% 7,177,372BBB 8.96% 38,395,348 BBB 11.76% 43,210,452BBB- 2.35% 10,081,276 BBB- 3.50% 12,861,111BB+ 2.13% 9,126,803 BB+ 0.75% 2,747,759BB 1.60% 6,873,218 BB 1.23% 4,523,986BB- 0.05% 223,890 Not Rated 7.74% 28,446,846not rated 8.85% 37,922,336

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 428,439,089 100.00% 367,305,099

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Global Buy Mercer Global Buy& Maintain Credit Fund % Holding US$ & Maintain Credit Fund % Holding US$AAA 4.32% 29,969,079 AAA 4.45% 30,684,715AA+ 1.14% 7,903,581 AA+ 1.19% 8,227,273AA 3.11% 21,536,246 AA 3.05% 21,069,692AA- 5.42% 37,605,243 AA- 6.14% 42,367,026A+ 9.61% 66,632,537 A+ 8.57% 59,142,468A 15.20% 105,412,776 A 13.71% 94,585,683A- 19.79% 137,274,942 A- 20.77% 143,240,525BBB+ 17.78% 123,320,573 BBB+ 19.22% 132,596,011BBB 16.48% 114,267,924 BBB 17.20% 118,635,796BBB- 5.04% 34,935,722 BBB- 5.24% 36,094,239BB+ 1.66% 11,491,816 BB+ 0.36% 2,463,509BB- 0.45% 3,112,611 BB- 0.10% 691,250

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 693,463,050 100.00% 689,798,187

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Low Volatility Equity Fund % Holding US$ Mercer Low Volatility Equity Fund % Holding US$AAA 72.15% 1,770,756 AAA 100.00% 781,558A 27.85% 683,562

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 2,454,318 100.00% 781,558

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

254MGI Funds plc



30 June 2015 30 June 2014

Mercer Euro Over 5 Year Bond Fund % Holding € Mercer Euro Over 5 Year Bond Fund % Holding €

AAA 36.29% 68,920,548 AAA 40.67% 70,211,014AA+ 26.56% 50,432,733 AA+ 25.87% 44,658,906AA- 2.38% 4,511,040 AA- 4.03% 6,953,825AA 2.76% 5,240,048 A 0.48% 836,642A+ 1.93% 3,664,356 A- 2.41% 4,155,384A 0.71% 1,340,684 BBB 26.54% 45,809,935A- 0.91% 1,737,085BBB 27.60% 52,417,186Not rated 0.86% 1,634,919

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 189,898,599 100.00% 172,625,706

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

30 June 2015 30 June 2014

Mercer Euro Nominal Bond Mercer Euro Nominal BondLong Duration Fund % Holding € Long Duration Fund % Holding €

AAA 78.58% 618,088,423 AAA 64.79% 404,149,000AA+ 12.99% 102,204,431 AA+ 11.37% 70,883,409Not rated 8.43% 66,335,867 A+ 23.84% 148,702,516

–––––––––––– –––––––––––– –––––––––––– ––––––––––––100.00% 786,628,721 100.00% 623,734,925

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

The following are the credit ratings of the counterparties to the derivative contracts held by the Sub-Funds:

30 June 2015 30 June 2014

Bank of America A Bank of America A-Barclays Bank A- Barclays Bank A-BNP Paribas A+ BNP Paribas A+Citibank A Citibank ACommonwealth Bank of Australia AA- Commonwealth Bank of Australia AA-Credit Suisse A Credit Suisse ADeutsche Bank BBB+ Deutsche Bank AGoldman Sachs A Goldman Sachs AHSBC AA- HSBC AA-JP Morgan A+ JP Morgan A+Merrill Lynch A Merrill Lynch A-Morgan Stanley A Morgan Stanley A-Royal Bank of Canada AA- Royal Bank of Canada AA-Royal Bank of Scotland BBB+ Royal Bank of Scotland A-Societe Generale A Societe Generale AStandard Chartered Bank A+ Standard Chartered Bank AA-State Street Bank AA- State Street Bank A+Toronto Dominion Bank AA- Toronto Dominion Bank AA-UBS A UBS AWestpac Banking Corporation AA- Westpac Banking Corporation AA-


(continued)

255MGI Funds plc



The following are the ratings of the financial institutions within which the deposits with credit institutions are invested.

30 June 2015 30 June 2014

Australia & New Zealand Banking Group Bank AA- Australia & New Zealand Banking Group AA-Bank of Nova Scotia A+ Bank of Nova Scotia A+Commonwealth Bank of Australia London AA- Commonwealth Bank of Australia London AA-DNB Bank A+ DNB Bank A+HSBC Bank AA- HSBC Bank AA-Nordea Bank AA- Nordea Bank AA-Rabobank International A Rabobank International AA-Societe Generale A Societe Generale ASvenska Hadelsbanken AA- Svenska Hadelsbanken AA-Toronto Dominion Bank AA- Toronto Dominion Bank AA-

Concentration Risk

The Investment Manager reviews the concentration of debt and equity securities held based on industries andgeographical location. Details of the geographical locations can be found in the Portfolio Statements.

The concentration risk for investments in Collective Investment Schemes are also disclosed in the portfolio of investments.

At 30 June 2015 the Sub-Funds’ exposure to industries above 5% of the Net Asset Value (“NAV”) was as follows:

Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsSovereignTelecommunication ServicesUtilities

MGIEmerging

MarketsEquity Fund

% of NAV

10.62%9.73%5.35%

25.48%-

9.18%13.33%

6.67%-

5.93%5.29%

MGIEuro Bond

Fund% of NAV

--------

82.35%--

MGIEurozone

Equity Fund% of NAV

16.74%6.85%

-19.53%

7.37%13.84%10.79%

8.72%---

MGIGlobal

Bond Fund% of NAV

--------

83.03%--

MGIGlobal

Equity Fund% of NAV

14.66%7.15%

-15.31%10.47%

9.06%14.18%

6.40%---

MGIJapanese

Equity Fund% of NAV

21.43%7.90%

-19.02%

5.32%19.07%11.84%

6.62%---


(continued)

256MGI Funds plc


Concentration Risk (continued)

CommunicationsConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsSovereignTelecommunication ServicesUtilities

CommunicationsConsumer DiscretionaryConsumer StaplesCyclical ServicesEnergyFinancialsGeneral IndustrialsHealth CareIndustrialsInformation TechnologyMaterialsNon-Cyclical Consumer GoodsNon-Cyclical ServicesResourcesSovereignTechnologyUtilities

MGIPacificBasin

(Ex Japan)Equity Fund

% of NAV

----

46.16%5.76%

10.31%-

13.49%-

6.21%-

MGIUK Bond

Fund% of NAV

5.86%---

25.17%----

50.09%-

11.49%

MGIUK Equity

Fund% of NAV

-20.77%17.16%10.26%24.62%

8.88%--

6.56%---

MGIU.S. Equity

Fund% of NAV

-13.76%

-5.38%

19.96%19.25%

8.08%22.52%

----

MGIUK Inflation

LinkedBond Fund

% of NAV

---------

99.71%--

MGIUK LongGilt Fund% of NAV

---------

98.99%--

MGIEmerging

MarketsDebt Fund% of NAV

---------

92.14%--

MercerGlobal

Small CapEquity Fund

% of NAV

-18.08%

---

17.68%-

13.74%16.70%16.97%

7.13%------

MercerLow

VolatilityEquity Fund

% of NAV

---

8.11%-

31.25%---

6.63%-

12.26%6.39%

----

MGIDAM Multi-

ManagerGlobal

Equity Fund% of NAV

-14.33%

7.20%--

16.03%-

15.29%12.41%15.89%

8.13%------

MercerGlobal

High YieldBond Fund

% of NAV

19.36%--

10.11%11.00%10.25%

--

7.50%-

7.06%-

12.86%--

6.62%-

MercerShort

DurationGlobal Bond

Fund 1% of NAV

15.26%--

6.13%6.77%

19.89%--

6.95%-

5.88%22.81%

---

5.10%7.12%

MercerShort

DurationGlobal Bond

Fund 2% of NAV

-----

47.46%--------

37.60%--

MercerGlobal Buy& Maintain

Credit Fund% of NAV

10.54%--

5.97%10.06%24.00%

--

9.19%--

18.32%----

9.39%


(continued)

257MGI Funds plc



Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologySovereign

At 30 June 2014 the Sub-Funds’ exposure to industries above 5% of the NAV was as follows:

Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsSovereignTelecommunication Services

Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsSovereignUtilities

MercerPassive

GlobalEquity

Fund% of NAV

13.03%9.12%7.13%

20.35%13.34%10.04%13.09%

-

MercerEuro

Over 5Year

Bond Fund% of NAV

-------

98.12%

MercerEuro

NominalBond Long

DurationFund

% of NAV

-------

98.60%

MGIEmerging

MarketsEquity Fund

% of NAV

10.81%9.01%8.87%

24.14%-

10.65%10.02%

8.78%-

5.42%

MGIEuro Bond

Fund% of NAV

--------

82.79%-

MGIEurozone

Equity Fund% of NAV

18.70%5.82%5.19%

16.95%8.90%

12.45%9.22%7.17%

-5.53%

MGIGlobal

Bond Fund% of NAV

--------

83.53%-

MGIGlobal

Equity Fund% of NAV

10.47%8.04%9.03%

15.13%11.41%

8.58%13.40%

---

MGIJapanese

Equity Fund% of NAV

20.46%7.94%

-19.07%

5.63%20.04%10.53%

7.26%--

MGIPacificBasin

(Ex Japan)Equity Fund

% of NAV

-6.90%

-42.76%

-13.95%

-16.17%

--

MGIUK Bond

Fund% of NAV

---

24.39%----

44.09%9.83%

MGIUK Equity

Fund% of NAV

18.28%14.58%13.17%27.06%

7.64%--

7.10%--

MGIU.S. Equity

Fund% of NAV

15.30%-

11.42%20.10%14.54%

9.32%18.57%

---

MGIUK Inflation

LinkedBond Fund

% of NAV

--------

99.29%-

MGIUK LongGilt Fund% of NAV

--------

99.14%-

MGIEmerging

MarketsDebt Fund% of NAV

--------

90.16%-

MercerGlobal

Small CapEquity Fund

% of NAV

13.33%-

9.12%17.21%10.79%18.78%14.72%

5.32%--


(continued)

258MGI Funds plc



CommunicationsConsumer DiscretionaryConsumer StaplesCyclical ServicesEnergyFinancialsGeneral IndustrialsHealth CareIndustrialsInformation TechnologyMaterialsNon-Cyclical Consumer GoodsResourcesSovereignTelecommunication ServicesUtilities

Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsSovereign

Foreign Currency Risk

Foreign currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency otherthan the functional currency in which they are measured. The value of the Company’s investments can be affected bycurrency translation movements as some of the assets and income may be denominated in currencies other than thebase or functional currency of that Company. Shares are issued and redeemed in Australian Dollar, British Pound, Euro,Norwegian Krone, Swedish Krona and US Dollar. A portion of the financial assets/net assets of the Sub-Funds aredenominated in currencies other than base currency with the effect that the Balance Sheet and total returns can besignificantly affected by currency movements. The Company is therefore exposed to currency risk, as the value of thesecurities denominated in other currencies will fluctuate due to changes in exchange rates.

The Investment Manager has identified three principal areas where foreign currency risk could impact the Company:

• movements in exchange rates affecting the value of investments;• movements in exchange rates affecting the income received; and• movements in exchange rates affecting the holders of redeemable participating shares in currencies other than

the operational currency of the relevant Sub-Fund.

MercerLow

VolatilityEquity Fund

% of NAV

---

8.81%-

33.77%-----

13.35%6.62%

-- -

MGIDAM Multi-

ManagerGlobal

Equity Fund% of NAV

-9.84%6.56%

-10.71%14.60%

-15.90%

9.34%15.78%

5.04%---

5.16%-

MercerGlobal

High YieldBond Fund

% of NAV

20.71%-

8.73%-

14.46%12.33%

7.84%---

6.62%13.63%

----

MercerShort

DurationGlobal Bond

Fund 1% of NAV

11.02%---

6.83%31.00%

--

5.27%--

23.15%---

7.77%

MercerShort

DurationGlobal Bond

Fund 2% of NAV

-----

40.54%-------

55.47%--

MercerGlobal Buy& Maintain

Credit Fund% of NAV

10.48%--

6.32%9.71%

30.15%--

8.95%--

15.14%---

8.84%

MercerPassive

GlobalEquity

Fund% of NAV

11.87%9.44%9.91%

19.98%11.47%10.86%12.21%

5.66%-

MercerEuro

Over 5Year

Bond Fund% of NAV

--------

97.81%

MercerEuro

NominalBond Long

DurationFund

% of NAV

--------

98.54%


(continued)

259MGI Funds plc


Foreign Currency Risk (continued)

Currency exposure is monitored closely and is considered to be part of the overall investment process. Currencyforwards may be used to ensure that the currency exposure of a Sub-Fund is in line with its investment objectives. TheSub-Funds may receive income in currencies other than its base currency and the base value can be affected bymovements in exchange rates. Sub-Funds with hedge share classes may receive subscriptions or pay redemptions incurrencies other than its base currency.

Per FRS 29, currency risk does not arise from financial instruments that are non-monetary items or from financialinstruments denominated in the functional currency. However, it is the Company’s policy that foreign exchange risk ismonitored and managed by the Sub-Investment Managers for both monetary and non-monetary assets and liabilitiesand that the overall exposure is reviewed by the Board.

In line with the Prospectus, in some cases the Company manages the Sub-Funds’ exposure to foreign exchangemovements by entering into foreign exchange hedging transactions, while in others the Company elects not to hedgethe foreign currency risk but take the effect of the exposure.

The tabled below summarises the foreign currency risk exposure of the Sub-Funds’ assets and liabilities, monetary andnon-monetary, and reflects the way the risk is monitored and managed. The sensitivity details the effect of a 5% increasein relevant foreign currency exchange rate. A 5% decrease in exchange rates would have an equal and opposite effect.The tables show only the Sub-Funds and currencies with a significant foreign currency risk sensitivity greater than +/-10,000 in the relevant currency of the Sub-Funds.

30 June 2015


Net Monetary Non-monetaryassets and assets

Monetary liabilities InvestmentsInvestments and other and other Share class Hedge Non-Hedge Net

assets/liabilities assets exposure Forwards Forwards exposure SensitivityUS$ US$ US$ US$ US$ US$ US$

Brazilian Real 2,605,269 63,484,987 - - 25,193,602 91,283,858 (4,346,850)Chilean Peso 99,500 6,444,780 - - 7,960,228 14,504,508 (690,691)Chinese Renminbi 586,411 - - - - 586,411 (27,924)Colombian Peso 3,450 1,618,292 - - (5,607,388) (3,985,646) 189,793Czech Koruna 130,989 530,104 - - 3,466,065 4,127,158 (196,531)Euro 83,221 965,505 (331,633,739) - - (330,585,013) 15,742,143Hong Kong Dollar 1,247,501 177,606,062 - - 3,924,582 182,778,145 (8,703,721)Hungarian Forint 34,458 931,424 - - 11,051,702 12,017,584 (572,266)Indian Rupee 420,763 117,748,208 - - 15,343,103 133,512,074 (6,357,718)Indonesia Rupiah 26,751 39,735,171 - - (6,727,704) 33,034,218 (1,573,058)Israeli Shekel (124,791) - - - 11,746,629 11,621,838 (553,421)Malaysian Ringgit 2,258,220 46,514,386 - - 1,159,940 49,932,546 (2,377,740)Mexican Peso 245,926 44,797,997 - - (44,648,624) 395,299 (18,824)New Turkish Lira 10,277 22,553,226 - - 9,046,118 31,609,621 (1,505,220)Pakistani Rupee 15,754 1,072,761 - - - 1,088,515 (51,834)Philippine Peso 21,802 7,441,131 - - (3,732,538) 3,730,395 (177,638)Polish Zloty 293,065 13,465,686 - - 3,376,811 17,135,562 (815,979)Pound Sterling (11,766) 10,154,157 (809,751,336) - 58,939 (799,550,006) 38,073,810Qatar Riyal - 9,267,411 - - - 9,267,411 (441,305)Singapore Dollar (50,441) 3,854,056 - - (14,919,634) (11,116,019) 529,334South African Rand 433,064 85,288,757 - - 1,196,291 86,918,112 (4,138,958)South Korean Won 2,258,869 100,725,108 - - (10,150,459) 92,833,518 (4,420,644)Taiwan Dollar 2,897,581 116,082,823 - - 20,522,635 139,503,039 (6,643,002)Thai Baht 1,365,517 27,586,631 - - 2,678,717 31,630,865 (1,506,232)United Arab Emirates Dirham (62) 5,167,152 - - - 5,167,090 (246,052)


(continued)

260MGI Funds plc







assets/liabilities assets exposure Forwards Forwards exposure Sensitivity€ € € € € € €

British Pound 32,940 1,576,152 (2,624,834) - - (1,015,742) 48,369Swiss Franc 13,953 462,794 - - - 476,747 (22,702)US Dollar 6,945 207,343 - - - 214,288 (10,204)





Euro 1,232,120 - (2,279,196) - - (1,047,076) 49,861British Pound 412,342 - (2,106,652) - - (1,694,310) 80,681Japanese Yen 1,173,096 - - - - 1,173,096 (55,862)





Australian Dollar 254,402 5,317,073 - (5,962,231) (3,030,086) (3,420,842) 162,897Brazilian Real 57,961 967,069 - - - 1,025,030 (48,811)Canadian Dollar 231,495 5,346,699 - (8,077,935) (3,923,302) (6,423,043) 305,859Danish Krone 56,159 7,347,334 - (1,487,818) (64,887) 5,850,788 (278,609)Euro 567,331 74,210,678 (283,108,311) 78,286,555 9,165,361 (120,878,386) 5,756,114Hong Kong Dollar 96,558 10,927,065 - (2,813,071) (94,006) 8,116,546 (386,502)Israeli Shekel 19,306 806,188 - (506,043) (639,771) (320,320) 15,253Japanese Yen 1,241,966 61,119,291 - (19,766,440) (5,522,762) 37,072,055 (1,765,336)New Turkish Lira 50,842 885,578 - - - 936,420 (44,591)Norwegian Krone 232,930 2,360,130 - (556,380) (295,148) 1,741,532 (82,930)Philippine Peso - 482,018 - - - 482,018 (22,953)Pound Sterling (12,960,839) 36,853,703 (406,988,781) 104,291,558 (891,291) (279,695,650) 13,318,840Singapore Dollar 31,423 1,748,707 - (1,225,026) (890,019) (334,915) 15,948South African Rand 256,894 7,143,276 - - - 7,400,170 (352,389)South Korean Won 7 3,737,436 - - 72,176 3,809,619 (181,410)Swedish Krona 361,666 15,168,959 - (2,665,103) (429,071) 12,436,451 (592,212)Swiss Franc (351,914) 20,853,283 - (8,244,951) (4,941,416) 7,315,002 (348,333)


(continued)

261MGI Funds plc







assets/liabilities assets exposure Forwards Forwards exposure Sensitivity¥ ¥ ¥ ¥ ¥ ¥ ¥

Euro - - (1,628,344,014) - - (1,628,344,014) 77,540,191Pound Sterling 180,602 - (155,864,426) - - (155,683,824) 7,413,515





Australian Dollar 40,901 5,676,406 - - - 5,717,307 (272,253)Euro 892 - (8,449,225.00) - - (8,448,333) 402,302Hong Kong Dollar 19,469 2,159,816 - - - 2,179,285 (103,775)Singapore Dollar 37 993,051 - - - 993,088 (47,290)

MGI UK Equity Fund



assets/liabilities assets exposure Forwards Forwards exposure SensitivityGB£ GB£ GB£ GB£ GB£ GB£ GB£

Euro 268 - (12,477,399) - - (12,477,131) 594,149





Euro 60 - (65,822,254) - - (65,822,194) 3,134,390Pound Sterling 287 - (2,946,375) - - (2,946,088) 140,290


(continued)

262MGI Funds plc








Brazilian Real 142,965,349 - - - (28,950,938) 114,014,411 (5,429,258)Canadian Dollar - - - - (3,780,865) (3,780,865) 180,041 Chilean Peso 1,040,536 - - - 34,655,112 35,695,649 (1,699,793)Chinese Yuan Renminbi 320,392 - - - 20,440,053 20,760,445 (988,593)Colombian Peso 78,994,489 - - - 2,153,026 81,147,515 (3,864,167)Czech Koruna 405,063 - - - - 405,063 (19,289)Egyptian Pound - - - - 14,776,647 14,776,647 (703,650)Euro 11,409,515 - (523,918,542) - (15,950,046) (528,459,073) 25,164,718 British Pound 22,886 - (850,411,186) - (3,854,561) (854,242,861) 40,678,231 Hungarian Forint 75,025,750 - - - (147,161) 74,878,589 (3,565,647)Indonesian Rupiah 127,123,643 - - - 7,272,878 134,396,521 (6,399,834)Israeli Shekel 2,302 - - - - 2,302 (110)Indian Rupee (121,755) - - - 33,313,214 33,191,459 (1,580,546)Japanese Yen - - - 15,309,486 15,309,487 (729,023)Kenyan Shilling - - - - (73,356) (73,356) 3,493 South Korean Won 1,515,635 - - - (21,561,805) (20,046,170) 954,580 Kazakhstani Tenge - - - - 3,902,454 3,902,454 (185,831)Mexican Peso 180,409,616 - - - 11,305,775 191,715,391 (9,129,304)Malaysian Ringgit 122,874,424 - - - 29,323,193 152,197,617 (7,247,506)Nigerian Naira 20,353,767 - - - (3,286,580) 17,067,187 (812,723)New Zealand Dollar - - - - (3,561,354) (3,561,354) 169,588 Peruvian Nuevo Sol 81,784,793 - - - (58,422,874) 23,361,919 (1,112,472)Philippine Peso 2,318,784 - - - 30,081,491 32,400,275 (1,542,870)Polish Zloty 108,072,244 - - - 25,883,181 133,955,425 (6,378,830)Romanian Leu 22,542,385 - - - (399,315) 22,143,071 (1,054,432)Russian Ruble 78,038,399 - - - (9,336,589) 68,701,810 (3,271,515)Singapore Dollar 306,606 - - - (41,441,284) (41,134,678) 1,958,794 Thailand Baht 42,868,464 - - - 11,078,291 53,946,755 (2,568,893)Turkish Lira 109,944,088 - - - 45,040,320 154,984,408 (7,380,210)Taiwan New Dollar - - - - (23,818,725) (23,818,725) 1,134,225 Uruguayan Peso 5,074,970 - - - - 5,074,970 (241,665)South African Rand 142,535,508 - - - (51,663,126) 90,872,382 (4,327,256)Zambian Kwacha - - - - 7,809,828 7,809,828 (371,897)


(continued)

263MGI Funds plc








Australian Dollar 543,280 8,805,254 - - - 9,348,534 (445,168)Brazilian Real 16,027 417,500 - - - 433,527 (20,644)Canadian Dollar 15,287 14,802,343 (192,484,043) - - (177,666,413) 8,460,305Danish Krone 38,594 11,365,391 - - - 11,403,985 (543,047)Euro 2,010,240 158,933,928 (227,724,744) - - (66,780,576) 3,180,027Hong Kong Dollar 50,616 19,063,212 - - - 19,113,828 (910,182)Indian Rupee 22,034 2,077,244 - - - 2,099,278 (99,966)Japanese Yen 882,986 168,596,652 - - - 169,479,638 (8,070,459)New Turkish Lira 9,923 1,807,662 - - - 1,817,585 (86,552)New Zealand Dollar 5,377 2,780,306 - - - 2,785,683 (132,652)Norwegian Krone 45,755 5,617,359 - - - 5,663,114 (269,672)Philippine Peso 988 1,124,314 - - - 1,125,302 (53,586)Pound Sterling (372,357) 70,092,064 (757,906,853) - - (688,187,146) 32,770,816Singapore Dollar 17,352 460,945 - - - 478,297 (22,776)South African Rand 14,997 1,318,444 - - - 1,333,441 (63,497)South Korean Won 18,936 768,965 - - - 787,901 (37,519)Swedish Krona 517,524 31,848,630 - - - 32,366,154 (1,541,245)Swiss Franc 14,399 13,355,378 - - - 13,369,777 (636,656)Taiwan Dollar 170,791 2,618,785 - - - 2,789,576 (132,837)Thai Baht 22,895 821,918 - - - 844,813 (40,229)





Australian Dollar 3,843 24,969,124 - (6,826,672) - 18,146,295 (864,109)Brazilian Real 3,239 1,356,259 - - - 1,359,498 (64,738)Canadian Dollar 201,702 30,283,388 - (9,247,887) - 21,237,203 (1,011,295)Danish Krone 20,334 5,482,326 - (1,703,114) - 3,799,546 (180,931)Euro 396,140 102,366,323 (434,807,055) 20,452,283 38,997 (311,553,312) 14,835,872Hong Kong Dollar 29,441 7,526,530 - (3,220,530) - 4,335,441 (206,450)Israeli Shekel 25,432 8,536,879 - (579,455) - 7,982,856 (380,136)Japanese Yen 298,296 76,531,716 - (22,630,307) - 54,199,705 (2,580,938)Mexican Peso 684,671 490,482 - - - 1,175,153 (55,960)New Zealand Dollar 244,638 8,898,620 - (127,503) - 9,015,755 (429,322)Norwegian Krone 37,874 9,735,216 - (636,964) - 9,136,126 (435,054)Pound Sterling 25,820 73,900,069 (583,692,165) 189,093,264 382,217 (320,290,795) 15,251,943Singapore Dollar 1,781,518 1,539,492 - (1,402,457) - 1,918,553 (91,360)South African Rand - 5,653,849 - - - 5,653,849 (269,231)South Korean Won - 4,519,498 - - - 4,519,498 (215,214)Swedish Krona - 12,317,418 - (3,050,966) - 9,266,452 (441,260)Swiss Franc 5,316 36,801,107 - (9,438,905) - 27,367,518 (1,303,215)Thai Baht (6,332) 1,540,891 - - 1,060 1,535,619 (73,125)


(continued)

264MGI Funds plc








Australian Dollar 79,029 - - (2,252,191) 1,070,121 (1,103,042) 52,526Canadian Dollar 108,351 - - (2,336,671) 1,519,034 (709,287) 33,776Euro 358,689 374,896,015 (428,517,546) 58,238,433 4,685,883 9,661,474 (460,070)Japanese Yen 114,950 - - (4,724,051) 3,747,479 (861,622) 41,030Pound Sterling 220,846 339,763,846 (1,293,974,046) 10,190,521 2,512,062 (941,286,772) 44,823,180Swedish Krona - - - (547,922) - (547,922) 26,092Swiss Franc 7,355 - - (1,240,572) 1,499,919 266,702 (12,700)





Australian Dollar 12,164 1,945,401 - - - 1,957,565 (93,217)Brazilian Real 22,043 654,513 - - - 676,556 (32,217)Canadian Dollar 19,765 1,468,821 - - - 1,488,586 (70,885)Danish Krone 9,819 1,629,813 - - - 1,639,632 (78,078)Euro 190,557 28,916,829 - - - 29,107,386 (1,386,066)Hong Kong Dollar 53,380 4,338,301 - - - 4,391,681 (209,128)Indonesia Rupiah 13,340 714,943 - - - 728,283 (34,680)Japanese Yen 101,237 20,057,804 - - - 20,159,041 (959,954)Mexican Peso 11,624 198,429 - - - 210,053 (10,003)Norwegian Krone 9,928 916,430 (1,277,163) - - (350,805) 16,705Philippine Peso 5,635 273,601 - - - 279,236 (13,297)Pound Sterling 126,672 15,763,260 - - - 15,889,932 (756,663)Singapore Dollar 7,524 673,977 - - - 681,501 (32,452)South African Rand 7,004 3,046,918 - - - 3,053,922 (145,425)South Korean Won 8,194 768,269 - - - 776,463 (36,974)Swedish Krona 22,705 4,694,929 - - - 4,717,634 (224,649)Swiss Franc 10,589 6,636,218 - - - 6,646,807 (316,515)Taiwan Dollar 24,747 339,556 - - - 364,303 (17,348)Thai Baht 50,718 651,601 - - - 702,319 (33,444)Turkish Lira 66,161 354,782 - - - 420,943 (20,045)


(continued)

265MGI Funds plc




Mercer Global High Yield Bond Fund




Australian Dollar 8 - (141,697,524) 144,389,256 - 2,691,740 (128,178)Canadian Dollar 2,304,707 - - (1,520,479) 1,364,371 2,148,599 (102,314)Euro 78,182,556 - (98,746,380) 38,186,737 577,290 18,200,203 (866,676)Pound Sterling 12,092,293 - (42,891,302) 95,961,509 7,323,264 72,485,764 (3,451,703)





Australian Dollar 313,869 - - - - 313,869 (14,946)Canadian Dollar 437,561 - - - - 437,561 (20,836)Norwegian Krone 60,397 - (329,463,928) 331,698,591 - 2,295,060 (109,289)





Canadian Dollar 5,496,871 - - - (11,427,363) (5,930,492) 282,404Danish Krone 42,576,373 - - - (42,940,005) (363,632) 17,316Euro 176,546,313 5,203,314 (72,987,477) 73,422,126 (183,065,095) (880,819) 41,944Norwegian Krone 2,906,247 (345,629,204) 347,776,201 (2,829,124) 2,224,120 (105,910)Polish Zloty 11,972 - - - (452,756) (440,784) 20,990


(continued)

266MGI Funds plc




Mercer Global Buy & Maintain Credit Fund




Euro 125,348,014 - (183,959,670) 31,416,667 15,219,215 (11,975,773) 598,789Pound Sterling 102,064,155 - (536,758,920) 495,261,603 (39,593,794) 20,973,044 (1,048,652)





Australian Dollar 133,528 14,455,775 - (4,058,987) 310,791 10,841,107 (516,243)Canadian Dollar 68,213 19,747,519 - (5,502,565) 382,323 14,695,490 (699,785)Danish Krone 14,490 3,690,849 - (1,013,349) - 2,691,990 (128,190)Euro (52,620) 63,675,071 (374,724,184) 125,686,992 1,616,279 (183,798,462) 8,752,308Hong Kong Dollar 20,696 6,945,367 - (1,915,779) - 5,050,284 (240,490)Israeli Shekel 1,335 1,112,209 - (344,821) - 768,723 (36,606)Japanese Yen 287,859 48,624,105 - (13,461,050) 1,065,548 36,516,462 (1,738,879)Norwegian Krone 3,620 1,403,772 - (378,848) - 1,028,544 (48,978)Pound Sterling 293,156 42,719,569 (21,737,010) (2,089,645) 848,521 20,034,591 (954,028)Singapore Dollar 4,669 2,773,010 - (834,451) - 1,943,228 (92,535)Swedish Krona 1,731 6,371,777 - (1,815,640) - 4,557,868 (217,041)Swiss Franc 15,799 19,507,093 - (5,618,083) 446,483 14,351,292 (683,395)





Euro 64,495 3,206,863 - - - 3,271,358 (155,779)US Dollar 5,466 5,435,674 - - - 5,441,140 (259,102)


(continued)

267MGI Funds plc



30 June 2014





Brazilian Real 109,010 94,139,228 - 3,267,082 - 97,515,320 (4,643,587)Chilean Peso 71,850 8,386,428 - - 453,247 8,911,525 (424,358)Chinese Renminbi 516,949 - - - - 516,949 (24,617)Colombian Peso 47,424 2,522,779 - - - 2,570,203 (122,391)Czech Koruna 2,185 828,148 - 134,779 - 965,112 (45,958)Euro 7,356 4,062,685 (327,865,882) - - (323,795,841) 15,418,850Hong Kong Dollar 3,137,155 204,025,331 - 5,437,507 - 212,599,993 (10,123,809)Hungarian Forint 28,535 852,806 - - 92,629 973,970 (46,380)Indian Rupee 887,268 131,420,379 - - - 132,307,647 (6,300,364)Indonesia Rupiah 135,290 51,405,826 - 730,856 - 52,271,972 (2,489,142)Malaysian Ringgit (46,608) 66,659,539 - 1,179,457 - 67,792,388 (3,228,209)Mexican Peso 46,066 65,246,085 - 1,548,200 - 66,840,351 (3,182,874)Philippine Peso 68,365 7,459,454 - 297,388 - 7,825,207 (372,629)Polish Zloty 110,065 17,375,642 - - 527,649 18,013,356 (857,779)Pound Sterling 112,678 13,954,236 (1,156,156,369) - - (1,142,089,455) 54,385,212Russian Rouble 14,427 - - 387,281 - 401,708 (19,129)Singapore Dollar (1,104) 4,168,054 - - 47,328 4,214,278 (200,680)South African Rand 345,848 101,887,302 - 2,220,773 - 104,453,923 (4,973,996)South Korean Won 458,256 151,308,713 - 4,652,675 - 156,419,644 (7,448,554)Taiwan Dollar 1,576,557 124,306,543 - 3,654,101 - 129,537,201 (6,168,438)Thai Baht 3,756 41,113,661 - - 650,960 41,768,377 (1,988,970)Turkish Lira 197,114 38,198,998 - 506,021 - 38,902,133 (1,852,483)

Eurozone Equity Fund



assets/liabilities assets exposure Forwards Forwards exposure Sensitivity€ € € € € € €

British Pound 22,882 848,441 (2,054,401) - - (1,183,078) 56,337Danish Krone 1,776 829,792 - - - 831,568 (39,598)Hungarian Forint 14,624 484,272 - - - 498,896 (23,757)Swedish Krone 493 916,108 - - - 916,601 (43,648)Swiss Franc 8,180 1,381,725 - - - 1,389,905 (66,186)US Dollar 106,444 1,619,657 - - - 1,726,101 (82,195)


(continued)

268MGI Funds plc








Euro 1,483,671 - (2,573,565) - - (1,089,894) 51,900British Pound 424,459 - (2,166,506) - - (1,742,047) 82,955Japanese Yen 1,403,035 - - - - 1,403,035 (66,811)





Australian Dollar 2,334,006 7,600,125 - (15,774,190) (6,205,867) (12,045,926) 573,616Brazilian Real 36,972 2,884,352 - - - 2,921,324 (139,111)Canadian Dollar 5,716,813 13,311,304 - (20,268,705) (7,332,349) (8,572,938) 408,235Chinese Renminbi 61,512 - - - - 61,512 (2,929)Danish Krone 81,075 7,465,387 - (342,565) (2,586,447) 4,617,450 (219,879)Euro 2,175,131 123,871,915 (336,261,220) 75,466,142 (12,939,474) (147,687,505) 7,032,738Hong Kong Dollar 457,244 28,199,212 - (5,540,989) 4,098,619 27,214,086 (1,295,909)Hungarian Forint - 1,361,058 - - - 1,361,058 (64,812)Indonesia Rupiah 13,087 3,159,996 - - 5,095,624 8,268,707 (393,748)Israeli Shekel (36,680) 848,093 - (1,007,950) (518,277) (714,814) 34,039Japanese Yen 829,582 91,436,378 - (38,508,553) (1,284,547) 52,472,860 (2,498,708)Malaysian Ringgit 6 - - - - 6 (0)Mexican Peso 1,806 - - - - 1,806 (86)New Turkish Lira - - - - - - -New Zealand Dollar 270 - - (256,052) - (255,782) 12,180Norwegian Krone 93,557 3,323,548 - (1,661,120) (523,984) 1,232,001 (58,667)Philippine Peso - 680,177 - - - 680,177 (32,389)Polish Zloty - - - - - - -Pound Sterling 3,820,988 85,344,658 (734,718,405) 306,127,543 (5,057,027) (344,482,243) 16,403,916Russian Rouble 5,833 - - - - 5,833 (278)Singapore Dollar 204,888 7,627,025 - (2,949,529) 343,865 5,226,248 (248,869)South African Rand 7,868 8,517,051 - - - 8,524,919 (405,949)South Korean Won - 10,314,971 - - - 10,314,971 (491,189)Swedish Krona 481,319 13,851,103 - (6,122,744) (497,143) 7,712,535 (367,264)Swiss Fran 65,987 40,760,759 - (18,270,811) (3,166,330) 19,389,605 (923,315)Thai Baht - 5,827,531 - - - 5,827,531 (277,501)


(continued)

269MGI Funds plc







assets/liabilities assets exposure Forwards Forwards exposure Sensitivity¥ ¥ ¥ ¥ ¥ ¥ ¥

Euro 275,767 - (1,441,865,265) - - (1,441,589,498) 68,647,119Pound Sterling 162,560 - (131,608,385) - - (131,445,825) 6,259,325





Australian Dollar 64,094 8,059,701 - - - 8,123,795 (386,847)Euro 1,096 - (11,439,972) - - (11,438,876) 544,708Hong Kong Dollar 2,189 2,174,533 - - - 2,176,722 (103,653)Pound Sterling 1 - (1,214,572) - - (1,214,571) 57,837Singapore Dollar 2,206 1,410,485 - - - 1,412,691 (67,271)

MGI UK Equity Fund




Euro 183 - (14,706,155) - - (14,705,972) 700,284





British Pound 312 - (2,945,747) - - (2,945,435) 140,259Euro (4,417) - (73,813,851) - 5,504 (73,812,764) 3,514,894


(continued)

270MGI Funds plc








Brazilian Real 142,965,349 - - - (28,950,938) 114,014,411 (5,429,258)Canadian Dollar - - - - (3,780,865) (3,780,865) 180,041 Chilean Peso 1,040,536 - - - 34,655,112 35,695,649 (1,699,793)Chinese Yuan Renminbi 320,392 - - - 20,440,053 20,760,445 (988,593)Colombian Peso 78,994,489 - - - 2,153,026 81,147,515 (3,864,167)Czech Koruna 405,063 - - - - 405,063 (19,289)Egyptian Pound - - - - 14,776,647 14,776,647 (703,650)Euro 11,409,515 - (523,918,542) - (15,950,046) (528,459,073) 25,164,718 British Pound 22,886 - (850,411,186) - (3,854,561) (854,242,861) 40,678,231 Hungarian Forint 75,025,750 - - - (147,161) 74,878,589 (3,565,647)Indonesian Rupiah 127,123,643 - - - 7,272,878 134,396,521 (6,399,834)Indian Rupee (121,755) - - - 33,313,214 33,191,459 (1,580,546)Japanese Yen - - - - 15,309,486 15,309,486 (729,023)South Korean Won - - - - (21,561,805) (21,561,805) 1,026,753 Kazakhstani Tenge 180,409,616 - - - 3,902,454 184,312,070 (8,776,765)Mexican Peso 122,874,424 - - - 11,305,775 134,180,198 (6,389,533)Malaysian Ringgit 20,353,767 - - - 29,323,193 49,676,960 (2,365,570)Nigerian Naira - - - - (3,286,580) (3,286,580) 156,504 New Zealand Dollar 81,784,793 - - - (3,561,354) 78,223,439 (3,724,926)Peruvian Nuevo Sol 2,318,784 - - - (58,422,874) (56,104,090) 2,671,623 Philippine Peso 108,072,244 - - - 30,081,491 138,153,736 (6,578,749)Polish Zloty 22,542,385 - - - 25,883,181 48,425,567 (2,305,979)Romanian Leu 78,038,399 - - - (399,315) 77,639,085 (3,697,099)Russian Ruble 306,606 - - - (9,336,589) (9,029,983) 429,999 Singapore Dollar 42,868,464 - - - (41,441,284) 1,427,180 (67,961)Thailand Baht 109,944,088 - - - 11,078,291 121,022,379 (5,762,970)Turkish Lira - - - - 45,040,320 45,040,320 (2,144,777)Taiwan New Dollar 5,074,970 - - - (23,818,725) (18,743,754) 892,560 Uruguayan Peso 142,535,508 - - - - 142,535,508 (6,787,405)South African Rand - - - - (51,663,126) (51,663,126) 2,460,149 Zambian Kwacha - - - - 7,809,828 7,809,828 (371,897)


(continued)

271MGI Funds plc




MGI Emerging Markets Debt Fund (continued)




Mexican Peso 142,756,957 - - - 11,621,068 154,378,026 (7,351,335)New Israeli Shekel 35 - - - (7,996,350) (7,996,314) 380,777New Romanian Leu 35,561,218 - - - 702,047 36,263,266 (1,726,822)New Russian Ruble 96,024,737 - - - 25,288,648 121,313,385 (5,776,828)New Taiwan Dollar - - - - (16,944,979) (16,944,979) 806,904New Zealand Dollar - - - - (3,668,333) (3,668,333) 174,683Nigerian Naira 18,209,063 - - - 15,445,881 33,654,944 (1,602,616)Peruvian Nouveau Sol 21,720,580 - - - 28,682,454 50,403,034 (2,400,144)Philippines Peso 1,995,397 - - - 13,098,037 1,093,434 (718,735)Polish Zloty 142,969,490 - - - 38,775,824 11,745,314 (8,654,539)Pound Sterling 74,624 - (848,637,280) - - (848,562,656) 40,407,746Singapore Dollar 12,428,526 - - - (31,494,762) (19,066,236) 907,916South African Rand 147,731,500 - - - (56,534,105) 91,197,394 (4,342,733)South Korean Won 8,669,259 - - - 4,297,735 12,966,995 (617,476)Swiss Franc - - - - (1,698,214) (1,698,214) 80,867Thailand Baht 24,959,187 - - - 18,357,235 43,316,422 (2,062,687)Turkish Lira 138,803,045 - - - (11,421,252) 127,381,792 (6,065,800)Uganda Shilling - - - - 929,690 929,690 (44,271)Ukraine Hryvna - - - - 529,211 529,211 (25,201)Uruguayan Peso 3,667,788 - - - 2,500,084 6,167,872 (293,708)Zambian Kwacha - - - - 857,304 857,304 (40,824)





Australian Dollar 37,350 10,463,299 - - - 10,500,649 (500,031)Brazilian Real 22,589 1,122,897 - - - 1,145,486 (54,547)Canadian Dollar (735,269) 32,620,712 - - - 31,885,443 (1,518,354)Danish Krone 27,973 15,860,178 - - - 15,888,151 (756,579)Euro (1,503,247) 139,373,547 (259,179,005) - - (121,308,705) 5,776,605Hong Kong Dollar 134,917 15,737,172 - - - 15,872,089 (755,814)Indian Rupee (8,149) 2,003,355 - - - 1,995,206 (95,010)Indonesia Rupiah 1,897 467,550 - - - 469,447 (22,355)Israeli Shekel 6,371 1,620,162 - - - 1,626,533 (77,454)Japanese Yen 757,959 96,670,151 - - - 97,428,110 (4,639,434)New Turkish Lira 12,537 1,381,314 - - - 1,393,851 (66,374)New Zealand Dollar 32,403 3,934,175 - - - 3,966,578 (188,885)Norwegian Krone (78,845) 8,777,000 - - - 8,698,155 (414,198)Philippine Peso 11,421 800,508 - - - 811,929 (38,663)Polish Zloty 1,245 691,724 - - - 692,969 (32,999)Pound Sterling 765,495 58,395,602 (774,092,531) - - (714,931,434) 34,044,354Singapore Dollar 18,742 661,782 - - - 680,524 (32,406)South African Rand 99,439 1,817,139 - - (78,681) 1,837,897 (87,519)


(continued)

272MGI Funds plc




Mercer Global Small Cap Equity Fund (continued)




South Korean Won (58,204) 2,484,563 - - - 2,426,359 (115,541)Swedish Krona 504,388 17,147,055 - - - 17,651,443 (840,545)Swiss Franc 38,176 7,891,242 - - - 7,929,418 (377,591)Taiwan Dollar 1,048,452 2,990,731 - - - 4,039,183 (192,342)Thai Baht 23,827 1,326,028 - - - 1,349,855 (64,279)




Australian Dollar (94,669) 21,414,925 - (6,087,886) - 15,232,370 (725,351)Brazilian Real 47,143 7,811,715 - - - 7,858,858 (374,231)Canadian Dollar 137,458 33,985,596 - (7,820,608) - 26,302,446 (1,252,497)Danish Krone 850 8,900,982 - (995,240) - 7,906,592 (376,504)Euro 909,428 119,255,039 (458,643,017) (23,878,348) - (362,356,898) 17,255,090Hong Kong Dollar (13,520) 13,337,331 - (2,137,484) - 11,186,327 (532,682)Israeli Shekel 68,956 8,605,222 - (388,849) - 8,285,329 (394,539)Japanese Yen (62,520) 65,559,034 - (14,860,103) - 50,636,411 (2,411,258)Mexican Peso - 699,570 - - - 699,570 (33,313)New Zealand Dollar 19,603 9,846,569 - (98,599) - 9,767,573 (465,123)Norwegian Krone 121,440 14,978,200 - (640,764) - 14,458,876 (688,518)Pound Sterling 4,648,905 80,777,630 (631,500,136) 172,036,176 - (374,037,425) 17,811,306Singapore Dollar 1,096,351 4,704,608 - (1,138,824) - 4,662,135 (222,006)South African Rand - 6,308,072 - - - 6,308,072 (300,384)South Korean Won - 3,831,521 - - - 3,831,521 (182,453)Swedish Krona (49,714) 14,054,380 - (2,362,206) - 11,642,460 (554,403)Swiss Franc (335,072) 49,753,181 - (7,050,464) - 42,367,645 (2,017,507)Thai Baht - 1,306,989 - - - 1,306,989 (62,238)





Australian Dollar 396,495 - - (1,404,639) 2,250,222 1,242,079 (59,147)Canadian Dollar 723,105 - - (2,125,810) 2,857,680 1,454,976 (69,285)Euro 1,597,894 232,294,770 (242,914,988) 35,236,077 8,999,626 35,213,379 (1,676,828)Japanese Yen 1,334,181 - - (2,108,794) 5,490,735 4,716,123 (224,577)Pound Sterling 1,037,460 310,579,219 (954,784,317) (4,926,978) 5,578,997 (642,515,619) 30,595,982Swedish Krona - - - (317,044) - (317,044) 15,097Swiss Franc 566,856 - - (819,331) 2,523,646 2,271,171 (108,151)


(continued)

273MGI Funds plc








Australian Dollar 61,813 3,523,159 - - - 3,584,973 (170,713)Brazilian Real 20,695 883,198 - - - 903,893 (43,043)Canadian Dollar 43,457 6,642,793 - - - 6,686,250 (318,393)Danish Krone 6,745 956,216 - - - 962,960 (45,855)Euro 147,988 31,569,198 - - - 31,717,186 (1,510,342)Hong Kong Dollar 70,757 7,913,511 - - - 7,984,268 (380,203)Hungarian Forint - 615,596 - - - 615,596 (29,314)Indonesia Rupiah 15,003 818,501 - - - 833,504 (39,691)Israeli Shekel 38,787 546,203 - - - 584,990 (27,857)Japanese Yen 340,923 14,281,394 - - - 14,622,317 (696,301)Mexican Peso 14,695 337,822 - - - 352,516 (16,786)New Turkish Lira 10,018 207,877 - - - 217,895 (10,376)Norwegian Krone (312,280) 2,486,671 (63,365,515) - - (61,191,124) 2,913,863Philippine Peso 5,821 289,373 - - - 295,194 (14,057)Polish Zloty 10,947 413,467 - - - 424,414 (20,210)Pound Sterling 35,059 20,401,014 - - - 20,436,073 (973,146)Singapore Dollar 8,146 433,835 - - - 441,980 (21,047)South African Rand 16,572 2,907,930 - - - 2,924,502 (139,262)South Korean Won 9,029 2,018,476 - - - 2,027,505 (96,548)Swedish Krone 55,358 2,423,290 - - - 2,478,648 (118,031)Swiss Franc 9,946 5,544,698 - - - 5,554,643 (264,507)Taiwan Dollar 17,299 1,242,764 - - - 1,260,063 (60,003)Thai Baht 28,223 1,832,506 - - - 1,860,728 (88,606)

Mercer Global High Yield Bond Fund




Australian Dollar - - (170,885,149) 169,298,705 - (1,586,444) 75,545Canadian Dollar 3,008,740 - - (3,590,079) 2,457,077 1,875,738 (89,321)Euro 122,701,199 - (238,636,462) 119,141,746 3,253,348 6,459,831 (307,611)Pound Sterling 16,944,500 - (248,554,334) 199,123,749 8,420,854 (24,065,231) 1,145,963


(continued)

274MGI Funds plc








Australian Dollar 228,772 - - - - 228,772 (10,894)Canadian Dollar 499,649 - - - - 499,649 (23,793)Euro 110,602,402 - (15,545,808) 15,521,536 (110,770,094) (191,964) 9,141Norwegian Krone 78,320 - (354,354,593) 353,755,256 - (521,017) 24,810Swedish Krone 27,672 - (34,895,844) 34,842,583 - (25,589) 1,219





Australian Dollar 9,108,302 - - - (5,699,309) 3,408,993 (162,333)Brazilian Real - - - - (1,442,727) (1,442,727) 68,701Canadian Dollar 3,852,698 - - - (373,997) 3,478,701 (165,652)Euro 239,860,631 - (30,968,766) 30,669,408 (239,086,319) 474,954 (22,617)Japanese Yen 16,157,546 - - - (24,666,675) (8,509,129) 405,197Mexican Peso 27,095,800 - - (129,974,719) (102,878,919) 4,898,996New Zealand Dollar 7,428,580 - - - (12,388,741) (4,960,161) 236,198Norwegian Krone 258,331 - (297,689,567) 296,618,943 (167,724) (980,017) 46,667Swedish Krone 27,672 - (34,867,467) 34,749,703 - (90,092) 4,290Swiss Franc 796 - - - (1,585,476) (1,584,680) 75,461

Mercer Global Buy & Maintain Credit Fund




British Pound 125,069,807 - (531,396,870) 477,050,797 (74,270,233) (3,546,499) 168,881Euro 154,517,893 - (187,192,083) 15,163,218 18,395,605 884,633 (42,125)


(continued)

275MGI Funds plc








Australian Dollar 148,277 11,707,554 - (3,212,217) 217,667 8,861,281 (421,966)Canadian Dollar 133,271 16,040,635 - (4,128,636) 270,609 12,315,879 (586,470)Swiss Franc 83,123 13,791,236 - (3,721,264) 245,176 10,398,271 (495,156)Danish Krone 8,006 2,224,136 - (528,688) - 1,703,454 (81,117)Euro 142,795 47,253,087 (205,376,684) 73,017,893 707,547 (84,255,362) 4,012,160Pound Sterling 246,741 32,545,773 (12,691,689) 3,695,618 510,933 24,307,376 (1,157,494)Hong Kong Dollar 25,821 4,304,170 - (1,129,099) - 3,200,892 (152,423)Israeli Shekel 8,118 688,124 - (205,364) - 490,878 (23,375)Japanese Yen 287,891 30,339,338 - (7,843,012) 541,694 23,325,911 (1,110,758)Norwegian Krone 46,461 1,324,766 - (338,502) - 1,032,725 (49,177)New Zealand Dollar 3,419 176,966 - (52,293) - 128,092 (6,100)Swedish Krona 53,656 4,552,701 - (1,247,355) - 3,359,002 (159,952)Singapore Dollar 26,689 2,054,070 - (600,429) - 1,480,330 (70,492)

Interest Rate Risk

Interest rate risk profile of financial assets at 30 June 2015

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuatebecause of changes in market interest rates.

The Company’s interest-bearing financial assets and liabilities expose it to risks associated with the effects offluctuations in the prevailing levels of market interest rates on its financial position and cash flows. The Company investssome of its assets in equities, investee funds and open forward foreign currency contracts, none of which pay interest.As a result the Company is subject to limited risk due to fluctuations in the prevailing levels of market interest rates onthese investments.

Current market conditions in Europe have led to negative interest rates on deposits in certain credit institutions. MGI EuroCash Fund is exposed to such negative interest rates, however the effect of such rates on income for the year has beeninsignificant. Details of the interest rates applicable at 30 June 2015 can be found on the portfolio statements.

The Sub-Funds may invest in inflation-linked bonds. Inflation-linked bonds are fixed income securities whose principalvalue is adjusted periodically according to the rate of inflation. Index-linked gilts differ from conventional gilts in that boththe semi-annual coupon payments and the principal payment are adjusted in line with movements in a specified index.They are designed to cut out the inflation risk of a bond.

The inflation-linked bonds held by the Sub-Funds are linked to movements in the below indices;UK Government General Index of Retail Prices in UKGermany EU HICP ex Tobacco


(continued)

276MGI Funds plc


Interest Rate Risk (continued)

Interest rate risk profile of financial assets at 30 June 2015 (continued)

The interest bearing securities held by the Sub-Funds all earn a fixed interest rate with the following exceptions:

Fixed Floating30 June 2015MGI UK Bond Fund GB£ 64,244,511 GB£ 3,293,653MGI Emerging Markets Debt Fund US$ 1,285,654,052 US$ 2,586,376Mercer Global High Yield Bond Fund US$ 466,860,058 US$ 35,888,658Mercer Short Duration Global Bond Fund 2 US$ 307,424,756 US$ 121,014,332Mercer Global Buy & Maintain Credit Fund US$ 685,498,344 US$ 7,964,707

Fixed Floating30 June 2014MGI UK Bond Fund GB£ 90,537,033 GB£ 4,270,854MGI Emerging Markets Debt Fund US$ 1,351,081,218 US$ 6,069,012Mercer Global High Yield Bond Fund US$ 676,516,108 US$ 53,245,198Mercer Short Duration Global Bond Fund 2 US$ 299,102,698 US$ 68,202,401Mercer Global Buy & Maintain Credit Fund US$ 681,084,039 US$ 8,714,148

The following details the interest exposure arising in the Sub-Funds which focus on fixed income investments and thesensitivity of such exposures to a change in interest rates.

MGI Euro Bond Fund3 Months Non-Interest

< 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total€ € € € € €

AssetsFinancial assets at fair valuethrough profit or loss - 60,301 10,074,516 15,067,346 4,886,945 30,089,108Other assets - - - - 479,218 479,218Cash at bank 83,572 - - - 83,572

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 83,572 60,301 10,074,516 15,067,346 5,366,163 30,651,898

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - - - - (49,505) (49,505)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - - (49,505) (49,505)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 83,572 60,301 10,074,516 15,067,346

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

277MGI Funds plc


(continued)




MGI Euro Cash Fund3 Months Non-Interest

< 1 Month 1-3 Months to 1 Year Bearing Total€ € € € €

AssetsFinancial assets at amortised cost 98,995,196 98,646,647 54,996,058 - 252,637,901Other assets - - - 616,534 616,534Cash at bank 4,169,010 - - - 4,169,010

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 103,164,206 98,646,647 54,996,058 616,534 257,423,445

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - - - (285,925) (285,925)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (285,925) (285,925)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 103,164,206 98,646,647 54,996,058

–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––

MGI Global Bond Fund3 Months Non-Interest

< 1 Month to 1 Year 1-5 Years > 5 Years Bearing TotalUS$ US$ US$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss - 50,055 2,455,435 2,029,374 831,441 5,366,305Other assets - - - - 46,082 46,082Cash at bank 58,673 - - - 58,673

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 58,673 50,055 2,455,435 2,029,374 877,523 5,471,060

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - - - - (9,125) (9,125)Bank overdraft - - - - (103) (103)



–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

278MGI Funds plc




MGI Global Equity FundNon-Interest

< 1 Month Bearing TotalUS$ US$ US$

AssetsFinancial assets at amortised cost 63,031,314 - 63,031,314Financial assets at fair value through profit or loss - 593,641,100 593,641,100Derivative financial assets - 5,066,532 5,066,532Other assets - 13,225,032 13,225,032Cash at bank 30,860,859 - 30,860,859Collateral and margin cash - 6,685,642 6,685,642

–––––––––––– –––––––––––– ––––––––––––Total assets 93,892,173 618,618,306 712,510,479

–––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - (3,349,399) (3,349,399)Other liabilities - (19,063,985) (19,063,985)

–––––––––––– –––––––––––– ––––––––––––Total liabilities - (22,413,384) (22,413,384)

–––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 93,892,173

––––––––––––––––––––––––

MGI UK Bond Fund3 Months Non-Interest

< 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing TotalGB£ GB£ GB£ GB£ GB£ GB£ GB£

AssetsFinancial assets at fair valuethrough profit or loss 982,094 144,233 1,079,109 12,694,684 52,638,043 3,349,474 70,887,637Derivative financial assets - - - 7,454 32,839 151,076 191,369Other assets - - - - - 2,232,005 2,232,005Cash at bank 732,634 - - - - - 732,634Collateral and margin cash - - - - - 144,208 144,208

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 1,714,728 144,233 1,079,109 12,702,138 52,670,882 5,876,763 74,187,853

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (51,486) - (36,448) (87,934)Other liabilities - - - - - (8,347,505) (8,347,505)Bank overdraft - - - - - (5,269) (5,269)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (51,486) - (8,389,222) (8,440,708)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 1,714,728 144,233 1,079,109 12,650,652 52,670,882

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

279MGI Funds plc




MGI UK Inflation Linked Bond FundNon-Interest

< 1 Month > 5 Years Bearing TotalGB£ GB£ GB£ GB£

AssetsFinancial assets at fair valuethrough profit or loss - 669,558,516 - 669,558,516Other assets - - 2,327,103 2,327,103Cash at bank 733,963 - - 733,963

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 733,963 669,558,516 2,327,103 672,619,582

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - - (1,144,152) (1,144,152)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (1,144,152) (1,144,152)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 733,963 669,558,516

–––––––––––– –––––––––––––––––––––––– ––––––––––––

MGI UK Long Gilt FundNon-Interest



–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 711,427 167,519,280 1,088,271 169,318,978

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - - (77,824) (77,824)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (77,824) (77,824)


–––––––––––– –––––––––––––––––––––––– ––––––––––––


(continued)

280MGI Funds plc




MGI Emerging Markets Debt Fund3 Months Non-Interest

< 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing TotalUS$ US$ US$ US$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss 2,586,376 - 20,589,981 382,268,501 882,795,569 11,871,075 1,300,111,502Derivative financial assets - - - 531,818 388,266 11,614,923 12,535,007Other assets - - - - - 64,855,337 64,855,337Cash at bank 53,168,153 - - - - - 53,168,153Collateral and margin cash - - - - - 3,336,215 3,336,215

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 55,754,529 - 20,589,981 382,800,319 883,183,835 91,677,550 1,434,006,214

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (1,063,855) (2,317,914) (15,274,263) (18,656,032)Other liabilities - - - - - (23,521,660) (23,521,660)Bank overdraft - - - - - (17,498,794) (17,498,794)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (1,063,855) (2,317,914) (56,294,717) (59,676,486)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 55,754,529 - 20,589,981 381,736,464 880,865,921

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Low Volatility Equity FundNon-Interest

< 1 Month 1-5 Years > 5 Years Bearing TotalUS$ US$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss - 2,128,406 325,912 935,058,092 937,512,410Derivative financial assets - - - 7,112,435 7,112,435Other assets - - - 1,599,613 1,599,613Cash at bank 93,788,639 - - - 93,788,639

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 93,788,639 2,128,406 325,912 943,770,140 1,040,013,097

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (1,618,671) (1,618,671)Other liabilities - - - (2,065,543) (2,065,543)Bank overdraft - - - (12,498) (12,498)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (3,696,712) (3,696,712)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 93,788,639 2,128,406 325,912

–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––


(continued)

281MGI Funds plc




Mercer Diversified Growth FundNon-Interest


AssetsFinancial assets atamortised cost 32,008,796 - 32,008,796Financial assets at fair valuethrough profit or loss - 1,703,178,438 1,703,178,438Derivative financial assets - 1,600,076 1,600,076Other assets - 19,175,545 19,175,545Cash at bank 29,583,366 29,583,366Collateral and margin cash - 5,710,420 5,710,420

–––––––––––– –––––––––––– ––––––––––––Total assets 61,592,162 1,729,664,479 1,791,256,641

–––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities (1,560,896) (1,560,896)Other liabilities (8,964,963) (8,964,963)Bank overdraft (2,790,518) (2,790,518)


–––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 61,592,162

––––––––––––––––––––––––

Mercer Global High Yield Bond Fund3 Months Non-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 1,680,367 1,062,947 86,590,785 413,414,618 3,690 502,752,407Derivative financial assets - - - 1,292,529 - 4,711,368 6,003,897Other assets - - - - - 12,504,612 12,504,612Cash at bank 60,476,842 - - - - - 60,476,842Collateral and margin cash - - - - - 1,121,618 1,121,618

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 60,476,842 1,680,367 1,062,947 87,883,314 413,414,618 18,341,288 582,859,376

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - - - (1,287,723) (1,287,723)Other liabilities - - - - -- (11,139,995) (11,139,995)Bank overdraft - - - - - (1,359,668) (1,359,668)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - - - (13,787,386) (13,787,386)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 60,476,842 1,680,367 1,062,947 87,883,314 413,414,618

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

282MGI Funds plc




Mercer Short Duration Global Bond Fund 13 Months 3 Months Non-Interest

< 1 Month to 1 Year to 1 Year 1-5 Years > 5 Years Bearing TotalUS$ US$ US$ US$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss - 2,109,545 18,587,540 238,827,755 174,002,828 - 433,527,668Derivative financial assets - - - - - 4,042,098 4,042,098Other assets - - - - - 9,915,425 9,915,425Cash at bank 10,706,449 - - - - - 10,706,449Collateral and margin cash - - - - - 3,782,751 3,782,751

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 10,706,449 2,109,545 18,587,540 238,827,755 174,002,828 17,740,274 461,974,391

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - - - (4,199,188) (4,199,188)Other liabilities - - - - - (10,276,334) (10,276,334)Bank overdraft - - - - - (16,007) (16,007)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - - - (14,491,529) (14,491,529)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Short Duration Global Bond Fund 23 Months Non-Interest


AssetsFinancial assets at amortised cost 8,710,671 - - - - - 8,710,671Financial assets at fair valuethrough profit or loss 27,662,521 122,866,063 57,254,310 111,777,335 108,878,860 - 428,439,089Derivative financial assets - - - 16,800 696,298 4,657,575 5,370,673Other assets - - - - - 2,835,301 2,835,301Cash at bank 5,094,762 - - - - - 5,094,762Collateral and margin cash - - - - - 6,066,314 6,066,314

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 41,467,954 122,866,063 57,254,310 111,794,135 109,575,158 13,559,190 456,516,810

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (24,450) (235,858) (10,883,047) (11,143,355)Other liabilities - - - - - (1,783,232) (1,783,232)Collateral and margin cash - - - - - (405,115) (405,115)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (24,450) (235,858) (13,071,394) (13,331,702)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

283MGI Funds plc




Mercer Global Buy & Maintain Credit Fund3 Months Non-Interest


AssetsFinancial assets at fair valuethrough profit or loss 3,952,173 952,378 5,138,563 186,397,893 497,022,043 - 693,463,050Derivative financial assets - - 39,523 599,483 1,856,401 17,980,625 20,476,032Other assets - - - - - 8,896,367 8,896,367Cash at bank 7,267,078 - - - - - 7,267,078Collateral and margin cash - - - - - 814,108 814,108

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 11,219,251 952,378 5,178,086 186,997,376 498,878,444 27,691,100 730,916,635

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial assets - - (4,398) (174,305) (2,379,127) (4,608,553) (7,166,383)Other liabilities - - - - - (3,031,663) (3,031,663)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (4,398) (174,305) (2,379,127) (7,640,216) (10,198,046)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Euro Over 5 Year Bond FundNon-Interest

< 1 Month > 5 Years Bearing Total€ € € €


–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 915,202 189,898,599 2,823,523 193,637,324

–––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––––––––––––––– ––––––––––––


(continued)

284MGI Funds plc




Mercer Euro Nominal Bond Long Duration FundNon-Interest

< 1 Month 1-5 Years > 5 Years Bearing Total€ € € € €

AssetsFinancial assets at fair valuethrough profit or loss - 24,736,385 761,892,336 - 786,628,721Other assets - - - 10,318,251 10,318,251Cash at bank 1,459,185 - - - 1,459,185

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 1,459,185 24,736,385 761,892,336 10,318,251 798,406,157

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––

Interest rate risk profile of financial assets at 30 June 2014

The following details the interest exposure arising in the Sub-Funds which focus on fixed income investments and thesensitivity of such exposures to a change in interest rates.

MGI Euro Bond Fund3 Months Non-Interest

< 1 Month to 1 Year 1-5 Years > 5 Years Bearing Total€ € € € € €

AssetsFinancial assets at fair valuethrough profit or loss - 194,621 5,965,379 8,021,234 2,667,103 16,848,337Other assets - - - - 251,217 251,217Cash at bank 93,671 - - - - 93,671

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 93,671 194,621 5,965,379 8,021,234 2,918,320 17,193,225

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

285MGI Funds plc


(continued)




MGI Euro Cash Fund3 Months Non-Interest

< 1 Month 1-3 Months to 1 Year Bearing Total€ € € € €

AssetsFinancial assets at fair valuethrough profit or loss 42,343,230 57,387,107 11,001,161 - 110,731,498Other assets - - - 350,406 350,406Cash at bank 2,917,853 - - - 2,917,853

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 45,261,083 57,387,107 11,001,161 350,406 113,999,757

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––

MGI Global Bond Fund3 Months Non-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 382,222 2,216,157 2,471,530 901,011 5,970,920Other assets - - - - 57,831 57,831Cash at bank 48,389 - - - - 48,389

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 48,389 382,222 2,216,157 2,471,530 958,842 6,077,140

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––

286MGI Funds plc




MGI Global Equity FundNon-Interest


AssetsFinancial assets at fair valuethrough profit or loss 66,534,881 928,980,336 995,515,217Derivative financial assets - 8,959,451 8,959,451Other assets - 43,723,914 43,723,914Cash at bank 57,423,374 - 57,423,374Margin cash - 14,177,060 14,177,060

–––––––––––– –––––––––––– ––––––––––––Total assets 123,958,255 995,840,761 1,119,799,016

–––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - (2,801,270) (2,801,270)Other liabilities - (46,432,708) (46,432,708)


–––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 123,958,255 -

–––––––––––– –––––––––––––––––––––––– ––––––––––––

MGI UK Bond Fund3 Months Non-Interest

< 1 Month 1-3 Months to 1 Year 1-5 Years > 5 Years Bearing TotalGB£ GB£ GB£ GB£ GB£ GB£ GB£

AssetsFinancial assets at fair valuethrough profit or loss 1,318,689 948,841 1,304,888 19,711,748 71,523,721 3,101,435 97,909,322Derivative financial assets - - - 63,529 10,822 98,481 172,832Other assets - - - - - 15,606,114 15,606,114Cash at bank 1,460,572 - - - - - 1,460,572Margin cash - - - - - 234,069 234,069

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 2,779,261 948,841 1,304,888 19,775,277 71,534,543 19,040,099 115,382,909

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (48,794) (118,912) (54,280) (221,986)Other liabilities - - - - - (15,576,227) (15,576,227)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (48,794) (118,912) (15,630,507) (15,798,213)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

287MGI Funds plc




MGI UK Cash FundNon-Interest

< 1 Month Bearing TotalGB£ GB£ GB£

AssetsFinancial assets at fair valuethrough profit or loss - 33,358,801 33,358,801Other assets - 6,170 6,170Cash at bank 4,113,601 - 4,113,601

–––––––––––– –––––––––––– ––––––––––––Total assets 4,113,601 33,364,971 37,478,572

–––––––––––– –––––––––––– ––––––––––––

LiabilitiesOther liabilities - (10,988) (10,988)

–––––––––––– –––––––––––– ––––––––––––Total liabilities - (10,988) (10,988)


–––––––––––– –––––––––––––––––––––––– ––––––––––––

MGI UK Inflation Linked Bond FundNon-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 606,961,929 - 606,961,929Other assets - - 1,406,946 1,406,946Cash at bank 3,369,368 - - 3,369,368

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 3,369,368 606,961,929 1,406,946 611,738,243

–––––––––––– –––––––––––– –––––––––––– ––––––––––––



–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 3,369,368 606,961,929

–––––––––––– –––––––––––––––––––––––– ––––––––––––


(continued)

288MGI Funds plc




MGI UK Long Gilt FundNon-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 71,275,173 - 71,275,173Other assets - - 482,630 482,630Cash at bank 176,022 - - 176,022

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 176,022 71,275,173 482,630 71,933,825

–––––––––––– –––––––––––– –––––––––––– ––––––––––––




–––––––––––– –––––––––––––––––––––––– ––––––––––––

MGI Emerging Markets Debt Fund3 Months Non-Interest


AssetsFinancial assets at amortised cost - 2,646,007 3,508,641 - - - 6,154,648Financial assets at fair valuethrough profit or loss 5,566,230 4,095,796 101,512,493 449,186,002 796,789,709 10,395,580 1,367,545,810Derivative financial assets - - - - 158,074 8,200,133 8,358,207Other assets - - - - - 42,137,694 42,137,694Cash at bank 43,645,400 - - - - - 43,645,400Margin cash - - - - - 4,042,616 4,042,616

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 49,211,630 6,741,803 105,021,134 449,186,002 796,947,783 64,776,023 1,471,884,375

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - (105,902) (2,196,211) (8,521,130) (10,823,243)Other liabilities - - - - - (7,738,347) (7,738,347)Bank overdraft - - - - - (721,378) (721,378)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - (105,902) (2,196,211) (16,980,855) (19,282,968)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

289MGI Funds plc




Mercer Low Volatility Equity FundNon-Interest

< 1 Month 1-5 Years Bearing TotalUS$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss - 781,558 1,011,736,740 1,012,518,298Derivative financial assets - - 4,489,829 4,489,829Other assets - - 8,663,514 8,663,514Cash at bank 84,232,815 - - 84,232,815

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 84,232,815 781,558 1,024,890,083 1,109,904,456

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - (910,490) (910,490)Other liabilities - - (2,035,692) (2,035,692)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (2,946,182) (2,946,182)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 84,232,815 781,558 -

–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––

Mercer Diversified Growth FundNon-Interest


AssetsFinancial assets atamortised cost 44,511,379 - 44,511,379Financial assets at fair valuethrough profit or loss - 1,168,194,658 1,168,194,658Derivative financial assets - 1,452,635 1,452,635Other assets - 2,228,862 2,228,862Cash at bank 26,097,323 - 26,097,323Margin cash - 13,296,705 13,296,705

–––––––––––– –––––––––––– ––––––––––––Total assets 70,608,702 1,185,172,860 1,255,781,562

–––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - (529,455) (529,455)Other liabilities - (1,425,288) (1,425,288)



–––––––––––– –––––––––––––––––––––––– ––––––––––––


(continued)

290MGI Funds plc




Mercer Global High Yield Bond FundNon-Interest

< 1 Month 1-3 Months 1-5 Years > 5 Years Bearing TotalUS$ US$ US$ US$ US$ US$

AssetsFinancial assets at fair valuethrough profit or loss 2,490,964 485,000 142,973,598 583,811,744 1,338,448 731,099,754Derivative financial assets - - - - 9,262,591 9,262,591Other assets - - - - 11,581,627 11,581,627Cash at bank 31,651,900 - - - - 31,651,900Margin cash - - - - 2,784 2,784

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 34,142,864 485,000 142,973,598 583,811,744 22,185,450 783,598,656

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - (19,304) - (1,804,082) (1,823,386)Other liabilities - - - - (6,560,526) (6,560,526)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (19,304) - (8,364,608) (8,383,912)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 34,142,864 485,000 142,954,294 583,811,744

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––



AssetsFinancial assets at fair valuethrough profit or loss - 10,196,257 263,184,336 120,387,039 - 393,767,632Derivative financial assets - - - - 274,844 274,844Other assets - - - - 4,627,525 4,627,525Cash at bank 14,810,366 - - - - 14,810,366Margin cash - - - - 2,508,354 2,508,354

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 14,810,366 10,196,257 263,184,336 120,387,039 7,410,723 415,988,721

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - - - (11,576,239) (11,576,239)Other liabilities - - - - (252,061) (252,061)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - - - (11,828,300) (11,828,300)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 14,810,366 10,196,257 263,184,336 120,387,039

–––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

291MGI Funds plc






AssetsFinancial assets at fair valuethrough profit or loss 18,733,322 42,357,410 54,563,449 166,937,424 84,713,494 - 367,305,099Derivative financial assets - - - 299,275 676,475 1,357,918 2,333,668Other assets - - - - - 3,724,678 3,724,678Cash at bank 5,718,582 - - - - - 5,718,582Margin cash - - - - - 2,821,404 2,821,404

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 24,451,904 42,357,410 54,563,449 167,236,699 85,389,969 7,904,000 381,903,431

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial liabilities - - (9,549) (105,814) (2,703,112) (10,971,949) (13,790,424)Other liabilities - - - - - (3,582,491) (3,582,491)Bank overdraft - - - - - (1,370,000) (1,370,000)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (9,549) (105,814) (2,703,112) (15,924,440) (18,742,915)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Mercer Global Buy & Maintain Credit Fund3 Months Non-Interest


AssetsFinancial assets at fair valuethrough profit or loss 2,671,819 2,799,849 19,486,501 196,309,654 468,530,364 - 689,798,187Derivative financial assets - - 8,195 788,703 1,615,628 11,106,665 13,519,191Other assets - - - - - 9,441,923 9,441,923Cash at bank 9,768,727 - - - - - 9,768,727

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 12,440,546 2,799,849 19,494,696 197,098,357 470,145,992 20,548,588 722,528,028

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

LiabilitiesDerivative financial assets - - (595) (178,547) (1,388,538) (3,182,946) (4,750,626)Other liabilities - - - - - (685,764) (685,764)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total liabilities - - (595) (178,547) (1,388,538) (3,868,710) (5,436,390)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


(continued)

292MGI Funds plc




Mercer Euro Over 5 Year Bond FundNon-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 845,617 171,780,089 - 172,625,706Other assets - - - 2,907,054 2,907,054Cash at bank 1,018,340 - - - 1,018,340

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 1,018,340 845,617 171,780,089 2,907,054 176,551,100

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––



–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 1,018,340 845,617 171,780,089

–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––

Mercer Euro Nominal Bond Long Duration FundNon-Interest


AssetsFinancial assets at fair valuethrough profit or loss - 21,873,669 601,861,256 - 623,734,925Other assets - - - 8,933,215 8,933,215Cash at bank 972,469 - - - 972,469

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total assets 972,469 21,873,669 601,861,256 8,933,215 633,640,609

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––



–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Total interest sensitivity gap 972,469 21,873,669 601,861,256

–––––––––––– –––––––––––– –––––––––––––––––––––––– –––––––––––– ––––––––––––


(continued)

293MGI Funds plc



The table below summarises the Sub-Fund's relative sensitivity to interest rate changes. Effective duration, measured inyears, indicates the sensitivity of a portfolio to a change in interest rates. The calculation is based on a semi-annuallycompounded spot rate term structure and calculated numerically based on an increase or a decrease of 25 basis pointsshock on interest rates for all fixed income securities.

30 June 2015EffectiveDuration

Sub Fund (Years)MGI UK Bond Fund 9.8Mercer Global High Yield Bond Fund 4.0MGI UK Inflation Linked Bond Fund 23.7MGI UK Long Gilt 17.2MGI Emerging Markets Debt Fund 5.3Mercer Global Buy and Maintain Credit Fund 6.6Mercer Short Duration Global Bond Fund 1 2.0MGI Euro Bond Fund 6.9MGI Global Bond Fund 6.6Mercer Euro Over 5 Year Bond Fund 9.7Mercer Euro Nominal Bond Long Duration Fund 14.2

30 June 2014EffectiveDuration

Sub Fund (Years)MGI UK Bond Fund 8.2Mercer Global High Yield Bond Fund 3.8MGI UK Inflation Linked Bond Fund 21.1MGI UK Long Gilt 16.4MGI Emerging Markets Debt Fund 4.1Mercer Global Buy and Maintain Credit Fund 5.4Mercer Short Duration Global Bond Fund 1 1.4Mercer Short Duration Global Bond Fund 2 0.2MGI Euro Bond Fund 6.5MGI Global Bond Fund 9.4Mercer Euro Over 5 Year Bond Fund 9.4Mercer Euro Nominal Bond Long Duration Fund 14.2

The relevant benchmarks used are disclosed in the Investment Managers Report.

Fair Value of Financial Assets and Liabilities

The majority of the financial assets of the Company are held at fair value with the exception of Money Market Instrumentsand Deposits with Credit Institutions which are carried at amortised cost. All other assets and financial liabilities arestated at cost, which approximates fair value with the exception of redeemable participating shares which are stated attheir redemption amount.

These financial assets are held at amortised cost as they are financial assets with fixed or determinable payments thatare not quoted in an active market. The Company does not intend to sell immediately or in the near future and they arenot designated as available for sale. The carrying amount of the loans and receivables held at amortised cost at the yearend approximates their fair value.

FRS 29 requires the Company to classify assets and liabilities in a fair value hierarchy that reflects the significance ofthe inputs used in making the measurements. FRS 29 establishes a fair value hierarchy that prioritises the inputs tovaluation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices inactive 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;


(continued)

294MGI Funds plc


Fair Value of Financial Assets and Liabilities (continued)

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability eitherdirectly (that is, as prices) or indirectly (that is, derived from prices);

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determinedon the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, thesignificance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement usesobservable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requiresjudgement, considering factors specific to the asset or liability.

The determination of what constitutes “observable” requires significant judgement by the Company. The Companyconsiders observable data to be that market data that is readily available, regularly distributed or updated, reliable andverifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Fair Value Measurements

The financial instruments at 30 June 2015 and 30 June 2014 are classified as follows:

LevelAsset backed securities 2Government bonds 2Corporate bonds 2Mortgage backed securities 2Credit linked notes 2Convertible securities 2Municipal bonds 2Collective investment schemes (CIS) 2Credit default swaps 2Equities 1Futures contracts 1Interest rate swaps 2Total return swaps 2Open forward foreign currency contracts 2Swaptions 2Rights 1Warrants 1Options purchased 2Options written 2


(continued)

295MGI Funds plc


Fair Value Measurements (continued)

The exceptions with respect to the above classification are listed below.

30 June 30 June 30 June 30 JuneInvestment 2015 2015 2014 2014

Sub-Fund Security Type Level Currency Fair Value Level Currency Fair ValueMGI Emerging Markets SK Broadband Equity 2 US$ 117,651 1 US$ 117,428Equity Fund JD Group Equity 2 US$ 175,815 1 US$ 173,703

Kai Yuan Holdings Equity 2 US$ 35,405 1 US$ 16,041REXLot Holdings Equity 2 US$ 125,893 1 US$ 228,155Benakat Integra Equity 2 US$ 101,987 1 US$ 180,648Welspun Enterprises Equity 2 US$ 11,925 2 US$ 371Great Wall Motor Co Equity 2 US$ 1,414,115 - US$ -Air China Equity 2 US$ 2,274,121 1 US$ 362,673Corp GEO Equity 3 US$ 1,444 3 US$ 3,609African Bank Investments Equity 2 US$ 15,828 1 US$ 393,784Wintek Equity 2 US$ 2,847 1 US$ 330,002Bakrieland Development Equity 2 US$ 47,568 1 US$ 53,496Woojeon & Handan Equity 2 US$ 3,420 1 US$ 9,137Anxin-China Holdings Equity 2 US$ 65,354 1 US$ 138,745Borneo Lumbung Energi & Metal Equity 2 US$ 10,499 2 US$ 22,906Nirvikara Paper Mills Equity 2 US$ 666 - US$ -Arvind Infrastructure Equity 2 US$ - - US$ -Adani Transmissions Equity 3 US$ 4,517 - US$ -Bakrie and Brothers Equity 2 US$ 100,954 1 US$ 113,536China Shanshui Cement Group Equity 2 US$ 189,553 1 US$ 330,403NVC Lighting Holding Equity 2 US$ 87,938 1 US$ 84,997China Lumena New Materials Equity 3 US$ 152,401 2 US$ 152,445China Metal Recycling Holdings Equity 3 US$ - 3 US$ 202,949Kaisa Group Holdings Equity 2 US$ 196,797 1 US$ 290,232Central Omega Resources Equity 3 US$ 3,275 2 US$ 3,684Chaoda Modern Agriculture Holdings Equity - US$ - 3 US$ 37,286Trans Asia Oil Petroleum Equity - US$ - 3 US$ 403,005

MGI Eurozone Equity Fund Immofinanz Equity 3 US$ - 3 EUR -Let's GOWEX Equity 3 US$ - 1 EUR 465,088

MGI UK Equity Fund Bradford Bingley Equity 3 GB£ - 3 GB£ -

MGI U.S. Equity Fund Marriott International Equity 3 US$ - 3 US$ -

Mercer Global Small Cap SNS REAAL Equity 3 US$ - 3 US$ -Equity Fund Let's GOWEX Equity 3 US$ - 1 US$ 659,269

Mota Engil* Equity - US$ - - US$ -

Mercer Low Volatility ETFS Physical Gold CIS 1 US$ 18,885,576 1 US$ 15,522,309Equity Fund

Mercer Diversified iShares $ Global High Yield Corporate Bond CIS 1 US$ 63,289,395 - - -Growth Fund iShares J.P. Morgan $ Emerging Markets

Bond Fund CIS 1 US$ 196,529,081 1 US$ 136,824,469iShares $ High Yield Corporate Bond CIS 1 US$ 23,206,980 - - -SPDR Thomson Reuters Global Convertible Bond CIS 1 US$ 58,351,484 - - -iShares European Property Yield CIS - US$ - 1 US$ 31,201,046iShares US Property Yield CIS - US$ - 1 US$ 43,184,186iShares UK Property CIS - US$ - 1 US$ 43,319,673ETFS Physical Gold CIS - US$ - 1 US$ 38,844,019iShares Dow Jones-UBS Commodity Swap CIS - US$ - 1 US$ 49,576,056

*These securities were sold during the year ended 30 June 2015.


(continued)

296MGI Funds plc


Fair Value Measurements (continued)

The exceptions with respect to the above classification are listed below.

30 June 30 June 30 June 30 JuneInvestment 2015 2015 2014 2014

Sub-Fund Security Type Level Currency Fair Value Level Currency Fair ValueMGI DAM Multi-Manager Rolls-Royce Holdings Equity 2 US$ 12,810 - - -Global Equity Fund China Lumena New Materials Equity 3 US$ 35,085 3 US$ 35,095

MGI Global Equity Fund Rolls-Royce Holdings Equity 2 US$ 18,872 - - -

Mercer Global High Yield NewPage Bond 3 US$ - 3 US$ -Bond Fund CEVA Group* Bond - US$ - - US$ -

Mercer Short Duration Apollo Trust Asset backed security - - - 2 US$ 815,163Global Bond Fund 2

Mercer Passive Global Banco Espirito Santo Equity 3 US$ - 1 US$ 6,591Equity Fund

Mercer Deversified iShares Global Infrastructure Fund CIS 1 GB£ 978,768 - - -Retirement Fund iShares JP Morgan $ Emerging Markets

Bond Fund CIS 1 GB£ 1,455,192 - - -iShares High Yield Corporate CIS 1 GB£ 1,675,205 - - -iShares $ High Yield Corporate CIS 1 GB£ 34,936 - - -

*These securities were sold during the year ended 30 June 2015.


Immofinanz security is classified as Level 3 at 30 June 2015 and 30 June 2014 as these are escrow shares valued atzero. Lets's GOWEX transferred from Level 3 to Level 1 as this security was suspended from trading on 2 July 2014following a report by Gotham City Research that the company has no value. The portfolio manager has determined thatthis security should be valued at zero.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised withinLevel 3 for the years ended 30 June 2015 and 30 June 2014.

Year ended Year ended30 June 2015 30 June 2014

Level 3 Level 3€ €

Closing value value 30 June 2014 - -Sales - -Realised - -Unrealised (465,088) -Tranfer into Level 3 465,088 -

–––––––––––– ––––––––––––Closing value 30 June 2015 - -

–––––––––––– –––––––––––––––––––––––– ––––––––––––


Chaoda Modern Agriculture Holdings and Trans Asia Oil Petroleum, both classified as Level 3 at 30 June 2014transferred to Level 1 during the year as a quoted price in an active market became available for these securities.

Air China, Benakat Integra, JD Group, Kai Yuan Holdings, REXLot Holdings, Kaisa Group Holdings and SK Broadbandtransferred from Level 1 to Level 2 during the year as these securities, were suspended from their respective exchangeswhere they traded.


(continued)

297MGI Funds plc


MGI Emerging Markets Equity Fund (continued)

Adani Transmissions was acquired through corporate actions on the Sub-Fund and this position has not yet beenadmitted to trading. This security is classified as Level 3 in the fair value hierarchy.

Central Omega Resources and Great Wall Motor are classified as Level 3 as these securities were suspended fromtrading from the respective exchanges where they trade. There is currently no further information regarding thesesecurities and it is not known if trading will commence again.

Welspun Enterprise was classified as level 2 at 30 June 2014 and 30 June 2015 as there is no active market for thissecurity at these dates.

China Lumena New Materials, China Metal Recycling Holdings and Corp GEO have been valued at fair value inaccordance with the fair value measurement policy in the accounting policies.




Closing value value 30 June 2014 243,861 -Purchases 4,517 17Sales - -Realised - -Unrealised (242,417) -Transfer from Level 1 to Level 3 155,676 243,844

–––––––––––– ––––––––––––Closing value 30 June 2015 161,637 243,861

–––––––––––– –––––––––––––––––––––––– ––––––––––––


Rolls-Royce Holdings non-voting security transferred from Level 1 to Level 2 during the year as there was no activemarket for this security during the year.


(continued)

298MGI Funds plc



SNS REAAL continues to be classified as Level 3 in the fair value hierarchy and is valued at fair value in accordancewith the fair value measurement policy in the accounting policies.

Let's GOWEX transferred from Level 1 to Level 3 during this year as this security was suspended from its stockexchange. There is currently no further information regarding this security.




Closing value 30 June 2014 - -Purchases - -Sales - -Realised - -Unrealised (659,269) (145,459)Transfer into level 3: 659,269 145,459


–––––––––––– –––––––––––––––––––––––– ––––––––––––

MGI Global High Yield Bond Fund

NewPage 11.38 31/12/2014 is classified as Level 3 at 30 June 2015 and 30 June 2014 as this security is in default.




Closing value 30 June 2014 - 974,250Purchases - -Sales - (830,000)Realised - (144,250)Unrealised - -Transfer into level 3 - -


–––––––––––– –––––––––––––––––––––––– ––––––––––––


(continued)

299MGI Funds plc


Mercer Diversified Growth Fund, Mercer Diversified Retirement Fund and Mercer Low Volatility Equity Fund

The Collective Investment Schemes in Mercer Diversified Growth Fund, Mercer Diversified Retirement Fund and MercerLow Volatility Equity Fund are exchange traded funds and are therefore valued using quoted prices in active markets.These securities are classified as Level 1 in the fair value hierarchy.


China Lumena New Materials is classified as Level 3 at 30 June 2015 and 30 June 2014 as it suspended tradingfollowing the announcement the annual results were to be postponed to a later date. A 15% discount has been appliedto the last traded price.

Rolls-Royce Holdings -non-voting are classified as Level 2 as these are C Shares arising from a corporate action andmay be redeemed for further C Shares or a cash equivalent.




Closing value 30 June 2014 35,095 -Purchases - 47,957Sales - -Realised - -Unrealised (10) (12,862)

–––––––––––– ––––––––––––Closing value 30 June 2015 35,085 35,095

–––––––––––– –––––––––––––––––––––––– ––––––––––––


Banco Espirito Santo transferred from level 1 to level 3 during the year as this security suspended trading during theyear. Due to the significant period of time that this security has remained suspended, it has been fair valued at US$ 0.

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised withinLevel 3 for the years ended 30 June 2015.

Year ended30 June 2015

Level 3€

Closing value 30 June 2014 -Purchases -Sales -Realised -Unrealised (6,591)Transfer into Level 3 6,591

––––––––––––Closing value 30 June 2015 -

––––––––––––––––––––––––

No sensitivity analysis with respect to securities falling into the Level 3 classification has been provided as there is nosignificant risk to the Sub-Funds for exposure to fluctuations resulting from a change in the underlying investments.

The collective investment schemes held by the Company are not quoted in active markets.


(continued)

300MGI Funds plc


(continued)


Mercer Passive Global Equity Fund (continued)

The collective investment schemes classified in Level 2 were fair valued using the net asset value of the investee funds,as reported by the respective collective investment schemes’ administrator. For these collective investment schemes,the Directors and Investment Manager believe the Company could have redeemed its investment at the net asset valueper share at the Balance Sheet date.

Leverage Risk

Any leverage resulting from the use of financial derivative instruments and efficient portfolio management techniques arein accordance with the requirements of the Central Bank and will not exceed 100% of the net asset value of the Sub-Fund,with the exception of those Sub-Funds detailed on page 300.

Calculation of Global Exposure

The global exposure of the assets held within each Sub-Fund is monitored on a daily basis. In accordance with theregulatory requirements, global exposure can be calculated in 2 ways, either;

(1) the incremental exposure generated by the instruments held by a Sub Fund; or(2) where complex investment strategies are used, an advanced risk management methodology such as Value at

Risk (“VaR”) will be employed.

The Board of the Investment Manager monitors the assets of each Sub-Fund to ensure that global exposure andleverage, at all times, remains within the limits set by the Central Bank. The commitment approach is used to calculateglobal exposure on all Sub-Funds which use derivatives, with the exception of Mercer Short Duration Global Bond Fund1 and Mercer Short Duration Global Band Fund 2, both of which use the VaR method.

Where the relevant Sub-Fund has been classified as investing in non-sophisticated financial instruments and strategies,the Investment Manager will apply the Commitment Approach for the purposes of calculating both global exposure andleverage in accordance with the Regulations.

In accordance with the Commitment Approach, global exposure is broadly defined as the total market value of theequivalent underlying to all of the Financial Derivative Instruments (“FDIs”) entered into by a Sub-Fund (subject to allspecific valuation rules described in the European Securities and Markets Authority guidelines).

As detailed above, two Sub-Funds use relative VaR as part of its investment management process. The table belowprovides the analysis for the relevant Sub-Funds at 30 June 2015 and 30 June 2014.

VaR represents an estimate of the potential loss which might arise from unfavourable market movements if the currentpositions were to be held unchanged for 1 month, measured at a confidence level of 99%.

VaR utilisation measures the Sub-Funds' VaR relative to the Sub-Funds' VaR limit. The below table details the approachfor each Sub-Fund, the minimum, maximum and average daily VaR utilisation (relative VAR) that occurred during oneyear period ending 30 June 2015 and 30 June 2014 expressed as a percentage of the VaR limit and the VaR expressedas a percetage of the net asset value of the Sub-Fund at the year end.


30 June 2015 30 June 2014Lowest utilisation of the VaR limit 97% 120%Highest utilisation of the VaR limit 152% 164%Average utilisation of the VaR limit 122% 148%VaR at year end 0.77% 0.74%Relative VaR 32.71% -

301MGI Funds plc


Calculation of Global Exposure (continued)


30 June 2015 30 June 2014Lowest utilisation of the VaR limit 127% 113%Highest utilisation of the VaR limit 345% 376%Average utilisation of the VaR limit 206% 225%VaR at year end 0.86% 1.34%Relative VaR 37.61% -

The VaR calculation is a representation of the minimum expected loss, under normal market conditions at a givenconfidence level. Some limitations of this analysis are listed below:

• The models are based on historical data (1 year) and cannot take account of the possibility that the future marketprice movements, correlation between markets and levels of market liquidity in conditions of market stress maybear no relation to historical patterns;

• The market price information represents a hypothetical outcome and is not intended to be predictive (in the caseof probability-based methods, such as VaR, profits and losses are almost certain to exceed the reported amountwith a frequency depending on the confidence interval chosen); and

• Future market conditions could vary significantly from those experienced in the past.

Note: Value at Risk Methodology – For the purposes of calculating the above VaR, the Company has employed a historicmeasurement of volatility on the Sub-Funds’ prices and using an assumption of a normal distribution of returns. TheCompany therefore has the inputs required to generate a VaR figure as a measurement of the Sub-Funds’ Market Risk.

In accordance with the UCITS regulations, a Sub-Fund using VaR must disclose the level of leverage employed by theSub-Fund during the year under review, calculated as the sum of the absolute value of notionals of the derivatives used.The leverage is calculated on a gross basis and does not take into account any netting and hedging arrangements thatthe Sub-Funds may have in place at any time, even though these arrangements may be used for risk reductionpurposes. Therefore this calculation may not provide an accurate measure of the Sub-Funds' actual investmentexposures. Below is the average daily level of leverage for each of the above Sub-Funds during the year ending 30 June2015 and 30 June 2014.

Average leverage employed during the year as % of NAV30 June 2015 30 June 2014

Mercer Short Duration Global Bond Fund 1 152% 140%Mercer Short Duration Global Bond Fund 2 345% 252%

Emerging Markets Risk

The Company invests in equities and bonds in emerging markets and also in collective investment schemes investingin emerging markets. It should be appreciated that liquidity and settlement risks may not provide the same degree ofShareholder protection or information to investors as would generally apply internationally.


(continued)

302MGI Funds plc


Legal, Tax and Regulatory Risk

Legal, tax and regulatory changes could occur during the duration of the Company which may adversely affect theCompany. See Note 4 for details of taxation.

Tax Risk Disclaimer for MGI Funds plc on MGI Emerging Markets Equity Fund, MGI Global Equity Fund, MGIPacific Basin (ex Japan) Equity Fund, MGI U.S. Equity Fund, Mercer Global Small Cap Equity Fund , MGI DAMMulti-Manager Global Equity Fund, Mercer Short Duration Global Bond Fund 1 and Mercer Short Duration GlobalBond Fund 2

Taxation in the People’s Republic of China (“PRC”)

PRC withholding tax has been enforced on payment of dividends and interest to Qualified Foreign Institutional Investors(“QFIIs”) from PRC listed companies at the rate of 10%. However, PRC tax authorities have generally not sought tocollect such withholding tax to date on capital gains realised by QFIIs on selling of A-Shares although withholding tax islegally applicable to such capital gains. There is a risk that the PRC tax authorities would seek to collect this tax oncapital gains realised by QFIIs on sales of A-Shares, on a retrospective basis, without giving any prior warning. In sucha case, the Sub-Funds might be adversely impacted.

6. Cash and cash at broker balances

All cash and overdraft balances as at 30 June 2015 are held with State Street Bank, London which holds a credit ratingof AA- at the year end (30 June 2014: A+). Cash held in U.S. Dollar bank accounts with State Street Bank, Londonautomatically transfer into overnight deposit accounts held by State Street Cayman Trust Company Ltd., Cayman Islands.

Margin Cash

Margin cash balances at 30 June 2015 were as follows:

Counterparty Sub-Fund AmountCredit Suisse MGI Emerging Markets Equity Fund (US$ 71,352)Merrill Lynch MGI Emerging Markets Equity Fund (US$ 629,141)Barclays MGI Emerging Markets Equity Fund US$ 1,934,523JPMorgan MGI Emerging Markets Equity Fund US$ 230,001Societe Generale MGI Global Equity Fund US$ 2,539,588Goldman Sachs MGI Global Equity Fund US$ 4,146,054UBS MGI UK Bond Fund GB£ 360Goldman Sachs MGI UK Bond Fund GB£ 143,848Goldman Sachs MGI Emerging Markets Debt Fund US$ 882,524Investec MGI Emerging Markets Debt Fund US$ 383,691Goldman Sachs Mercer Diversified Growth Fund US$ 5,710,420Deutsche Bank Mercer Global High Yield Bond Fund (US$ 1,359,668)JPMorgan Mercer Short Duration Global Bond 1 US$ 3,782,751Credit Suisse Mercer Short Duration Global Bond 2 (US$ 405,115)Goldman Sachs Mercer Passive Global Equity Fund US$ 884,310Royal Bank of Scotland Mercer Global Buy & Maintain Credit Fund US$ 204,108


(continued)

303MGI Funds plc

6. Cash and cash at broker balances (continued)

Margin Cash (continued)

Margin cash balances at 30 June 2014 were as follows:

Counterparty Sub-Fund AmountGoldman Sachs MGI Emerging Markets Equity Fund US$ 1,375JPMorgan MGI Emerging Markets Equity Fund US$ 78,000Barclays MGI Emerging Markets Equity Fund US$ 727,000JPMorgan MGI Global Equity Fund US$ 1,594,509Goldman Sachs MGI Global Equity Fund US$ 12,582,551UBS MGI UK Bond Fund GB£ 101,790Goldman Sachs MGI UK Bond Fund GB£ 132,279Goldman Sachs MGI Emerging Markets Debt Fund US$ 636,238Goldman Sachs Mercer Diversified Growth Fund US$ 13,296,705UBS MGI DAM Multi-Manager Global Equity Fund US$ 49,286Credit Suisse Mercer Global High Yield Bond Fund US$ 2,784JPMorgan Mercer Short Duration Global Bond Fund 1 US$ 2,508,354Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 2,516,404Goldman Sachs Mercer Passive Global Equity Fund US$ 896,666

Collateral

Cash collateral

In addition to the above, the following amounts were pledged or held as cash collateral with the following counterpartiesat 30 June 2015:

Counterparty Sub-Fund AmountCitibank Collateral held MGI Emerging Markets Equity Fund (US$ 27,320,000)Bank of America Collateral pledged MGI Emerging Markets Equity Fund US$ 1,709,918Goldman Sachs Collateral pledged MGI Emerging Markets Equity Fund US$ 26,852,841Deutsche Bank Collateral pledged Mercer Global High Yield Bond Fund US$ 1,121,618Credit Suisse Collateral pledged Mercer Global Buy & Maintain Credit Fund US$ 610,000BNP Paribas Collateral pledged MGI Emerging Markets Debt Fund US$ 250,000Bank of America Collateral pledged MGI Emerging Markets Debt Fund US$ 40,000Deutsche Bank Collateral pledged MGI Emerging Markets Debt Fund US$ 1,320,000Goldman Sachs Collateral pledged MGI Emerging Markets Debt Fund US$ 460,000Citibank Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 311,976Bank of America Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 841,221HSBC Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 1,493,028Goldman Sachs Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 570,000Credit Suisse Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 1,898,562UBS Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 951,527

The following amounts were pledged or held as cash collateral with the following counterparties at 30 June 2014:

Counterparty Sub-Fund AmountGoldman Sachs Collateral pledged MGI Emerging Markets Debt Fund US$ 2,130,000Bank of America Collateral pledged MGI Emerging Markets Debt Fund US$ 300,000Deutsche Bank Collateral pledged MGI Emerging Markets Debt Fund US$ 255,000BNP Paribas Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 290,000BNP Paribas Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 90,000)HSBC Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 280,000)Goldman Sachs Collateral held Mercer Short Duration Global Bond Fund 2 (US$ 1,000,000)Credit Suisse Collateral pledged Mercer Short Duration Global Bond Fund 2 US$ 15,000

The margin cash and cash collateral is the minimum deemed by the brokers and counterparties for collateralrequirements and is as such restricted and reported separately from the unrestricted cash on the Balance Sheet. Thecredit ratings attaching to each of the above counterparties are disclosed in Note 5. Amounts due to broker relate toamounts owing by the Sub-Fund to the relevant counterparty to maintain margin requirements and are shown as aliability on the Balance Sheet.


(continued)

304MGI Funds plc

7. Debtors and Creditors

All debtors and creditors amounts fall due within one year.

Trade and other creditors are payable at various dates in accordance with the suppliers' usual and customary creditterms.

8. Share capital

Authorised share capital

The authorised share capital of the Company is 500,000,000,002 shares of no par value divided into 2 subscriber sharesof no par value and 500,000,000,000 unclassified shares of no par value. The proceeds from the issue of shares shallbe 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 thefinancial statements by way of this note only. In the opinion of the Directors, this disclosure reflects the nature of theCompany’s business as an investment fund. All share classes carry the same rights. The amounts relating to proceedsfrom redeemable participating shares issued and payment for redeemable participating shares redeemed are reflectedin 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 theholders to participate in the profits or assets of the Company except for a return of capital on a winding up. Shares entitlethe holders to attend and vote at general meetings of the Company and to participate equally (subject to any differencesbetween fees, charges and expenses applicable to different classes of shares) in the profits and assets of the Companyon 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 numberof shares, sub-divide shares into a larger number of shares or cancel any shares not taken or agreed to be taken by anyperson. The Company may by special resolution from time to time reduce its share capital in any way permitted by law.

Share movement

30 June 2015

MGI Emerging Markets Equity Fund Class Class Class Class ClassI-1 € M-1 € M-2 € M-4 € M-7 €

Shares in issue as at 30 June 2014 131,608 350,453 391,980 42,612 915,241Shares issued during the year 14,819 192,849 25,148 10,137 286,400Shares redeemed during the year (23,499) (99,367) (52,264) (7,256) (192,016)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 122,928 443,935 364,864 45,493 1,009,625

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,711,578 34,461,163 4,015,645 1,679,458 46,944,392Payment for redeemable participating shares redeemed (4,289,239) (17,282,724) (8,283,136) (1,245,712) (30,552,682)

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $Shares in issue as at 30 June 2014 2,175,926 2,161,889 668,822 1,148,812 130,382Shares issued during the year 1,241,061 1,186,396 232,470 221,154 221Shares redeemed during the year (1,287,460) (1,908,840) (428,321) (547,187) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 2,129,527 1,439,445 472,971 822,779 130,603

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 232,008,660 187,127,618 35,761,648 38,566,906 33,724Payment for redeemable participating shares redeemed (235,489,728) (293,799,920) (65,181,726) (93,814,029) -


(continued)

305MGI Funds plc

8. Share capital (continued)

Share movement (continued)


MGI Emerging Markets Equity Fund Class Class Class(continued) Z-1 € Z-1 £ M-6 £Shares in issue as at 30 June 2014 89,085 310,938 25,173Shares issued during the year 55,378 - 7,549Shares redeemed during the year (18,506) (310,938) (15,851)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 125,957 - 16,871

–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,091,052 - 1,343,217Payment for redeemable participating shares redeemed (2,432,300) (56,083,186) (2,776,181)

MGI Euro Bond Fund Class Class Class ClassI-1 € M-1 € M-5 € M-7 €

Shares in issue as at 30 June 2014 89,421 35,369 10,013 2,604Shares issued during the year 117,420 25 1,869 629Shares redeemed during the year (11,764) (6,025) (2,195) (750)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 195,077 29,369 9,687 2,483

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,548,578 4,153 235,499 82,967Payment for redeemable participating shares redeemed (1,547,798) (794,979) (272,285) (95,455)

MGI Euro Cash Fund Class Class Class Class ClassI-1 € M-1 € M-5 € M-6 € M-7 €

Shares in issue as at 30 June 2014 286,382 125,331 10,779 - 203,251Shares issued during the year 105,444 1,262,720 95,198 139,535 47,749Shares redeemed during the year (120,271) (100,036) (98,717) (99,239) (170,548)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 271,555 1,288,015 7,260 40,296 80,452

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––


MGI Euro Cash Fund Class Class(continued) M-8 € Z-1 €Shares in issue as at 30 June 2014 372,238 72,407Shares issued during the year 584,209 19,496Shares redeemed during the year (311,116) (13,401)

–––––––––––– ––––––––––––Shares in issue as at 30 June 2015 645,331 78,502

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 58,652,505 2,195,756Payment for redeemable participating shares redeemed (31,226,377) (1,509,413)


(continued)

306MGI Funds plc




MGI Eurozone Equity Fund Class Class Class Class Class ClassI-1 € M-1 € M-2 € M-7 € Z-1 € Z-1 £

Shares in issue as at 30 June 2014 397,919 301,813 183,320 177,884 55,375 10,704Shares issued during the year 26,539 5,073 8,087 65,143 2,812 2,213Shares redeemed during the year (200,845) (190,978) (51,908) (8,889) (58,187) (1,292)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 223,613 115,908 139,499 234,138 - 11,625

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,464,043 669,855 1,132,323 9,473,755 373,059 435,771Payment for redeemable participating shares redeemed (29,175,933) (25,451,875) (7,342,475) (1,254,409) (9,048,800) (294,521)

MGI Global Bond Fund Class Class Class ClassI-1 € I-1 £ I-1 $ M-1 €

Shares in issue as at 30 June 2014 4,866 9,414 10,785 11,741Shares issued during the year 1,721 441 194 7Shares redeemed during the year (641) - (1,589) (1,860)


–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 261,934 100,549 23,388 1,139Payment for redeemable participating shares redeemed (97,739) - (189,849) (275,006)

MGI Global Equity Fund Class Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 € M-2 € M-7 €

HedgedShares in issue as at 30 June 2014 11,711 293,171 381,616 135,520 18,431 530,021Shares issued during the year 157,783 26,520 1,137 10,020 2 18,231Shares redeemed during the year (11,713) (13,699) (79,965) (36,587) (18,433) (12,412)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 157,781 305,992 302,788 108,953 - 535,840

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 18,059,245 6,736,023 243,511 1,911,796 910 3,316,178Payment for redeemable participating shares redeemed (3,659,610) (3,474,198) (16,498,932) (6,796,796) (3,464,543) (2,294,255)

MGI Global Equity Fund Class Class Class Class Class(continued) M-7 € M-1 £ M-2 £ M-2 £ M-3 £

Hedged Hedged HedgedShares in issue as at 30 June 2014 407,706 536,518 72,442 994,743 360,413Shares issued during the year 95,010 166,951 41,867 45,337 119,060Shares redeemed during the year (164,727) (381,811) (53,307) (661,075) (398,534)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 337,989 321,658 61,002 379,005 80,939

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––



(continued)

307MGI Funds plc




MGI Global Equity Fund Class Class Class Class Class Class(continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £

Hedged HedgedShares in issue as at 30 June 2014 180,110 68,720 50,075 269,034 27,216 78,437Shares issued during the year 841 35,164 94 83 359 11,618Shares redeemed during the year (32,514) (89,514) (50,169) (46,195) (27,575) (5,742)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 148,437 14,370 - 222,922 - 84,313

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 141,302 8,135,307 22,413 40,663 77,144 2,867,607Payment for redeemable participating shares redeemed (5,042,651) (20,666,049) (10,665,900) (13,897,218) (5,966,369) (1,411,899)

MGI Global Equity Fund Class(continued) Z-1 €Shares in issue as at 30 June 2014 50,115Shares issued during the year -Shares redeemed during the year (50,115)

––––––––––––Shares in issue as at 30 June 2015 -

––––––––––––

Proceeds from redeemable participating shares issued 2,785Payment for redeemable participating shares redeemed (14,333,466)

MGI Japanese Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Shares in issue as at 30 June 2014 121,637 8,956 7,895Shares issued during the year 17,914 6 1,125Shares redeemed during the year (30,554) (2,525) (1,737)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 108,997 6,437 7,283

–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 206,984,239 83,205 20,434,625Payment for redeemable participating shares redeemed (370,483,481) (32,229,101) (33,430,617)

MGI Pacific Basin (Ex Japan) Equity Fund Class ClassI-1 € Z-1 £

Shares in issue as at 30 June 2014 43,921 3,328Shares issued during the year 5,825 633Shares redeemed during the year (14,678) (480)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,449,030 219,365Payment for redeemable participating shares redeemed (3,702,123) (173,784)


(continued)

308MGI Funds plc


(continued)




MGI UK Bond Fund Class Class Class Class ClassI-1 £ M-1 £ M-2 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2014 13,387 64,453 172,227 226,617 174,192Shares issued during the year 9,943 39 3,388 1,076 11,380Shares redeemed during the year (1,605) (325) (19,889) (210,316) (44,900)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 1,741,667 20,755 539,098 194,361 2,039,562Payment for redeemable participating shares redeemed (277,009) (51,000) (3,183,523) (33,987,888) (7,916,910)

MGI UK Cash Fund Class Class Class ClassI-1 £ M-2 £ M-3 £ M-4 £

Shares in issue as at 30 June 2014 122,186 28,702 - 10,912Shares issued during the year 25,474 2,767,836 2,399,974 492,861Shares redeemed during the year (78,430) (1,990,360) (2,048,461) (356,249)


–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,897,005 288,964,270 239,997,028 49,170,502Payment for redeemable participating shares redeemed (8,916,618) (211,817,596) (204,827,856) (35,491,810)

MGI UK Cash Fund (continued) Class Class ClassM-6 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2014 - 171,442 -Shares issued during the year 200,187 856,781 3,206,535Shares redeemed during the year (181,269) (885,826) (3,175,416)


–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 20,018,455 95,150,936 320,695,000Payment for redeemable participating shares redeemed (18,111,552) (98,385,712) (317,820,428)

MGI UK Equity Fund Class Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 £ M-2 £ M-7 £

Shares in issue as at 30 June 2014 145,638 73,970 9,447 174,094 105,852 41,307Shares issued during the year 8,951 - 6 5,431 16,512 2,205Shares redeemed during the year (36,373) (5,359) (1,580) (136,880) (32,840) (14,218)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 118,216 68,611 7,873 42,645 89,524 29,294

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 863,664 2,535 821 694,935 3,227,055 340,837Payment for redeemable participating shares redeemed (3,523,075) (696,000) (157,205) (17,523,740) (6,557,621) (2,226,094)

309MGI Funds plc




MGI UK Equity Fund Class(continued) Z-1 £Shares in issue as at 30 June 2014 67,354Shares issued during the year 12,575Shares redeemed during the year (2,864)

––––––––––––Shares in issue as at 30 June 2015 77,065

––––––––––––

Proceeds from redeemable participating shares issued 1,734,450Payment for redeemable participating shares redeemed (404,621)

MGI U.S. Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Shares in issue as at 30 June 2014 357,509 20,671 10,387Shares issued during the year 38,867 11 1,109Shares redeemed during the year (99,206) (3,648) (1,865)


–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,879,896 3,245 329,506Payment for redeemable participating shares redeemed (20,281,214) (750,709) (547,782)

MGI UK Inflation Linked Bond Fund Class Class Class Class Class ClassM-1 £ M-1 £ M-4 £ M-6 £ M-7 £ Z-1 £

DistributingShares in issue as at 30 June 2014 2,809,684 368,091 360,908 123,930 805,147 61,066Shares issued during the year 801,416 69,203 244,876 92,557 836,706 16,946Shares redeemed during the year (1,111,284) (437,294) (267,098) (45,343) (491,184) (5,129)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 2,499,816 - 338,686 171,144 1,150,669 72,883

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 127,849,942 7,748,327 37,156,149 10,112,162 130,854,972 2,923,526Payment for redeemable participating shares redeemed (169,505,110) (50,461,521) (41,692,505) (4,748,410) (80,338,872) (845,836)

MGI UK Long Gilt Fund Class Class Class Class ClassI-1 £ M-2 £ M-3 £ M-6 £ M-7 £

Shares in issue as at 30 June 2014 204,355 62,691 70,763 49,175 162,954Shares issued during the year 814,785 34,149 6,554 34,118 222,800Shares redeemed during the year (277,138) (39,351) (42,760) (58,645) (177,673)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 127,430,919 5,400,548 799,794 3,340,037 34,360,625Payment for redeemable participating shares redeemed (44,271,090) (6,439,168) (5,125,287) (6,228,836) (29,074,183)


(continued)

310MGI Funds plc


(continued)




MGI Emerging Markets Debt Fund Class Class Class Class Class ClassM-3 € M-2 £ M-2 £ M-3 £ M-4 £ Z-1 £

DistributingShares in issue as at 30 June 2014 2,884,890 229,850 4,201,084 550,863 146,937 78,346Shares issued during the year 1,685,288 148,627 1,455,412 472,627 80,336 -Shares redeemed during the year (585,700) - (666,207) (294,790) (63,053) (78,346)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 3,984,478 378,477 4,990,289 728,700 164,220 -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 225,749,793 21,664,020 213,445,338 72,014,979 12,233,291 -Payment for redeemable participating shares redeemed (74,974,446) - (98,632,120) (43,131,526) (9,699,137) (12,431,372)

MGI Emerging Markets Debt Fund Class Class(continued) Z-1 € M-6 £Shares in issue as at 30 June 2014 1,522,558 9,060Shares issued during the year 104,984 4,674Shares redeemed during the year (1,196,656) (3,246)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 12,084,662 765,728Payment for redeemable participating shares redeemed (145,396,191) (518,556)

Mercer Global Small Cap Equity Fund Class Class Class Class Class ClassM-4 € M-3 £ M-5 £ Z-1 € Z-1 CAD M-3 £

DistributingShares in issue as at 30 June 2014 871,391 2,837,352 231,059 434,962 - 265,408Shares issued during the year 334,704 947,910 66,464 133,681 2,030,755 1,288Shares redeemed during the year (157,076) (1,102,490) (91,117) (525,887) (17,647) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,049,019 2,682,772 206,406 42,756 2,013,108 266,696

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 65,407,264 214,544,098 14,804,632 24,532,649 179,880,182 225,186Payment for redeemable participating shares redeemed (32,131,004) (262,397,681) (21,101,494) (95,150,503) (1,717,789) -

Mercer Global Small Cap Equity Fund Class Class(continued) M-7 £ M-7 £

DistributingShares in issue as at 30 June 2014 20,488 -Shares issued during the year 3,142 100,000Shares redeemed during the year (5,871) -


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 534,723 10,000,000Payment for redeemable participating shares redeemed (1,056,210) -

311MGI Funds plc




Mercer Low Volatility Equity Fund Class Class Class Class Class ClassM-3 € M-3 € M-3 £ M-3 £ M-3 £ M-5 £

Hedged Distributing HedgedShares in issue as at 30 June 2014 2,114,038 - 1,532,905 312,197 910,218 89,251Shares redeemed during the year 192,033 433,815 377,903 1,283 627,498 35,508Shares redeemed during the year (580,127) (23,112) (546,651) - (565,340) (46,260)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,725,944 410,703 1,364,157 313,480 972,376 78,499

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 39,568,978 56,368,129 82,060,040 230,906 118,652,245 7,617,589Payment for redeemable participating shares redeemed (120,473,069) (2,825,179) (121,064,094) - (107,766,811) (10,143,187)

Mercer Low Volatility Equity Fund Class Class Class Class Class Class(continued) M-5 £ M-5 $ M-7 £ M-7 £ Z-1 € Z-1 £

Hedged HedgedShares in issue as at 30 June 2014 69,706 138,072 5,751 5,629 132,722 107,844Shares redeemed during the year 16,130 276,507 800 1,037 31,168 -Shares redeemed during the year (33,542) (276,308) (1,893) (2,062) (28,045) (107,844)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 52,294 138,271 4,658 4,604 135,845 -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,991,035 35,181,243 145,303 182,231 5,193,117 -Payment for redeemable participating shares redeemed (6,383,244) (35,156,042) (344,103) (369,953) (4,598,706) (22,303,785)

Mercer Diversified Growth Fund Class Class Class Class Class ClassM-4 € M-5 € M-6 € M-6 £ Z-1 € M-2 £

Hedged HedgedShares in issue as at 30 June 2014 876,334 - 242,566 - 250,242 4,694,706Shares issued during the year 850,389 324,464 290,583 60,454 9,184 2,344,751Shares redeemed during the year (194,590) (7,421) (39,982) - (10,615) (689,052)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,532,133 317,043 493,167 60,454 248,811 6,350,405

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 149,686,821 40,903,099 42,669,875 9,136,779 1,620,423 456,938,971Payment for redeemable participating shares redeemed (34,299,722) (947,607) (5,956,240) - (1,936,984) (134,006,160)

Mercer Diversified Growth Fund Class Class Class Class Class Class(continued) M-6 £ M-8 € M-8 € M-10 $ M-12 £ M-12 £

Hedged HedgedShares in issue as at 30 June 2014 - - - 487,067 154,793 -Shares issued during the year 60,838 64,721 8,481 974,663 151,667 57,779Shares redeemed during the year - - - (974,370) (53,939) (6,900)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 9,232,016 7,049,328 943,535 113,016,724 25,692,261 9,761,553Payment for redeemable participating shares redeemed - - - (112,982,916) (9,281,331) (1,091,333)


(continued)

312MGI Funds plc




MGI DAM Multi-Manager Global Equity Fund Class ClassM-5 $ M-2 NOK

Shares in issue as at 30 June 2014 1,327,924 270,606Shares issued during the year 208,204 11,754Shares redeemed during the year (68,277) (276,939)

–––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,467,851 5,421

–––––––––––– ––––––––––––


Mercer Global High Yield Bond Fund Class Class Class Class Class ClassM-1 £ M-1 £ M-1 AUD M-2 £ M-3 £ M-3 €

Hedged Hedged Hedged HedgedShares in issue as at 30 June 2014 34,355 456,224 - 5,194 71,188 -Shares issued during the year 327,650 202,492 1,809,119 11,403 29,761 39,128Shares redeemed during the year (81,119) (206,859) - (2,289) (37,102) (395)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 280,886 451,857 1,809,119 14,308 63,847 38,733

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 53,110,825 38,844,922 157,656,084 2,172,096 6,020,038 4,476,071Payment for redeemable participating shares redeemed (13,463,303) (41,318,247) - (441,187) (7,289,929) (45,855)

Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) M-3 € M-4 $ M-5 £ M-2 £ M-2 £

Hedged Hedge DistributingDistributing

Shares in issue as at 30 June 2014 416,664 1,013,300 - 215,195 59,607Shares issued during the year 347,398 3,180 4,452 46 109,512Shares redeemed during the year (378,710) (350,972) (700) (215,241) (59,947)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 385,352 665,508 3,752 - 109,172

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 45,180,778 637,103 677,236 8,660 16,643,032Payment for redeemable participating shares redeemed (56,034,289) (39,978,456) (107,898) (37,749,906) (9,429,926)


(continued)

313MGI Funds plc


(continued)




Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) M-1 £ M-4 £ Z-1 AUD Z-1 € M-2 £

Hedged Hedged Hedged HedgedDistributing

Shares in issue as at 30 June 2014 360,312 26,646 1,675,275 1,064,411 6,444Shares issued during the year 558 13,144 - 112,086 250,388Shares redeemed during the year (360,870) (15,981) (1,675,275) (830,908) (42,807)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 - 23,809 - 345,589 214,025

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 236,689 2,529,518 216,228 16,066,003 40,323,927Payment for redeemable participating shares redeemed (53,768,543) (3,200,027) (155,863,598) (124,012,737) (7,036,847)

Mercer Global High Yield Bond Fund Class Class(continued) M-3 £ M-4 £

Shares in issue as at 30 June 2014 20,811 28,647Shares issued during the year 299,730 73,470Shares redeemed during the year (94,685) (26,522)


–––––––––––– ––––––––––––


Mercer Short Duration Global Bond Fund 1 Class Class Class ClassM-1 NOK M-2 € M-3 € M-2 SEK

Hedged Hedged Hedged HedgedShares in issue as at 30 June 2014 2,074,844 109,777 - 229,434Shares issued during the year 360,690 608,556 89,998 41,940Shares redeemed during the year - (10,752) (7,329) (48,521)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 2,435,534 707,581 82,669 222,853

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 50,771,970 76,482,151 10,626,642 6,252,456Payment for redeemable participating shares redeemed - (1,323,073) (837,155) (5,761,750)

314MGI Funds plc




Mercer Short Duration Global Bond Fund 2 Class Class Class Class ClassM-1 NOK M-2 € M-1 € M-3 € M-2 SEK

Hedged Hedged Hedged Hedged HedgedShares in issue as at 30 June 2014 1,754,556 159,647 62,767 - 229,414Shares issued during the year 822,460 163,105 197,430 83,812 41,960Shares redeemed during the year - (10,599) (1,963) (7,170) (70,549)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 2,577,016 312,153 258,234 76,642 200,825

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 116,240,055 19,447,134 26,237,613 9,919,653 6,256,582Payment for redeemable participating shares redeemed - (1,287,149) (250,190) (814,846) (8,987,535)

Mercer Global Buy & Maintain Credit Fund Class Class Class Class ClassM-1 £ M-1 € M-3 € M-3 £ Z-1 €

Hedged Hedged Hedged Hedged HedgedShares in issue as at 30 June 2014 2,947,230 426,421 - - 878,751Shares issued during the year 222,917 820,088 31,209 35,801 53,338Shares redeemed during the year (45,896) (13,868) - - (641,888)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 37,259,346 108,739,627 3,875,394 5,968,256 6,806,958Payment for redeemable participating shares redeemed (7,747,787) (1,820,225) - - (87,789,111)

Mercer Passive Global Equity Fund Class Class Class Class Class* ClassM-1 € M-1 € M-2 £ M-2 £ M-2 € M-4 €

Hedged Hedged Hedged HedgedShares in issue as at 30 June 2014 605,506 200,173 - 71,406 169,775 -Shares issued during the year 1,073,879 350,738 36,707 117,408 84,695 41,610Shares redeemed during the year (310,898) (39,571) (3,761) (133,023) - -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,368,487 511,340 32,946 55,791 254,470 41,610

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 155,338,428 46,191,840 6,104,554 20,700,455 11,011,866 4,744,789Payment for redeemable participating shares redeemed (44,939,433) (5,133,483) (630,398) (22,914,647) - -

*All of this share class is owed by Mercer Diversified Growth Fund and is eliminated on combination (See Note 3).


(continued)

315MGI Funds plc




Mercer Passive Global Equity Fund Class Class Class Class Class(continued) M-5 € Z-1 £ Z-1 $ Z-1 € Z-1 €

HedgedShares in issue as at 30 June 2014 - - 1,408,590 2,129,170 2,272,436Shares issued during the year 41,610 40,961 55,255 199,298 886,530Shares redeemed during the year - - (55,255) (253,940) (260,370)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2015 41,610 40,961 1,408,590 2,074,528 2,898,596

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,744,517 6,502,084 6,428,905 2,906,166 11,439,336Payment for redeemable participating shares redeemed - - (6,460,451) (3,805,405) (3,501,009)

Mercer Euro Over 5 Year Bond Fund Class ClassM-6 € M-7 €

Shares in issue as at 30 June 2014 1,614,447 43,959Shares issued during the year 260,310 -Shares redeemed during the year (162,441) (43,959)

–––––––––––– ––––––––––––Shares in issue as at 30 June 2015 1,712,316 -

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 29,771,801 -Payment for redeemable participating shares redeemed (18,647,815) (4,920,970)

Mercer Euro Nominal Bond Class Class Class Class ClassLong Duration Fund M-1 € M-3 € M-4 € M-6 € M-7 €Shares in issue as at 30 June 2014 448,505 44,706 1,410,878 1,949,067 1,719,869Shares issued during the year 428,123 193,150 567,110 370,456 220,637Shares redeemed during the year (311,034) (8,358) (279,263) (168,941) (171,993)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 49,807,119 21,195,716 65,387,955 40,661,838 25,601,807Payment for redeemable participating shares redeemed (36,961,920) (952,903) (33,067,809) (19,056,772) (19,707,540)

Mercer Euro Nominal Bond Class ClassLong Duration Fund (continued) M-8 € Z-1 €Shares in issue as at 30 June 2014 435,350 132,532Shares issued during the year 66,685 -Shares redeemed during the year (32,732) -


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,429,654 -Payment for redeemable participating shares redeemed (3,740,591) -


(continued)

316MGI Funds plc




Mercer Diversified Retirement Fund ClassM-1 £

Shares in issue as at 30 June 2014 -Shares issued during the year 313,079Shares redeemed during the year (23,525)


––––––––––––

Proceeds from redeemable participating shares issued 30,899,775Payment for redeemable participating shares redeemed (2,298,181)

30 June 2014

MGI Emerging Markets Equity Fund Class Class Class Class Class ClassI-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 40,216 741,621Shares issued during the year 28,129 1,998 78,310 87,796 10,381 245,658Shares redeemed during the year (2,012) (17,785) (39,113) (57,352) (7,985) (72,038)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 131,608 - 350,453 391,980 42,612 915,241

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 4,898,144 616,247 13,364,167 13,042,342 1,708,840 37,679,706Payment for redeemable participating shares redeemed (356,316) (5,517,699) (6,768,723) (8,615,543) (1,374,830) (11,670,417)

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $Shares in issue as at 30 June 2013 1,103,355 1,318,232 392,005 555,187 38,034Shares issued during the year 1,427,250 1,183,917 415,598 694,805 92,348Shares redeemed during the year (354,679) (340,260) (138,781) (101,180) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,175,926 2,161,889 668,822 1,148,812 130,382

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 258,765,453 179,900,100 62,050,953 114,934,962 9,577,742Payment for redeemable participating shares redeemed (63,594,774) (50,507,847) (20,191,394) (18,138,446) -

MGI Emerging Markets Equity Fund Class Class Class(continued) Z-1 € Z-1 £ M-6 £Shares in issue as at 30 June 2013 63,511 686,189 -Shares issued during the year 25,574 270,937 26,918Shares redeemed during the year - (646,188) (1,745)


–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,041,642 43,146,548 4,420,119Payment for redeemable participating shares redeemed - (104,512,026) (295,687)


(continued)

317MGI Funds plc





Shares in issue as at 30 June 2013 32,576 43,627 10,461 2,370Shares issued during the year 59,715 137 2,239 302Shares redeemed during the year (2,870) (8,395) (2,687) (68)


–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 7,087,609 17,362 254,796 35,905Payment for redeemable participating shares redeemed (349,442) (996,729) (305,881) (8,009)

MGI Euro Cash Fund Class Class Class Class Class ClassI-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 61,160Shares issued during the year 1,269,107 151,183 5,091 223,047 333,696 30,370Shares redeemed during the year (1,283,621) (138,621) (15,723) (1,021,043) (104,173) (19,123)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 141,133,916 16,562,204 538,587 23,653,532 33,528,024 3,419,694Payment for redeemable participating shares redeemed (142,660,546) (15,184,474) (1,663,678) (108,330,583) (10,467,289) (2,153,308)

MGI Eurozone Equity Fund Class Class Class Class Class ClassI-1 € M-1 € M-2 € M-7 € Z-1 € Z-1 £

Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746 62,664 11,841Shares issued during the year 129,326 1,614 1,565 1,093 1,453 -Shares redeemed during the year (116,959) (70,626) (21,694) (28,955) (8,742) (1,137)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 14,846,691 201,901 217,908 121,299 185,483 244Payment for redeemable participating shares redeemed (14,179,010) (8,983,024) (2,799,691) (3,706,601) (1,043,310) (199,333)


Shares in issue as at 30 June 2013 4,008 8,289 9,768 15,392Shares issued during the year 1,647 1,844 2,795 46Shares redeemed during the year (789) (719) (1,778) (3,697)


–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 254,439 418,625 340,032 7,198Payment for redeemable participating shares redeemed (120,906) (163,261) (212,608) (558,238)


(continued)

318MGI Funds plc




MGI Global Equity Fund Class Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 € M-2 € M-7 €

HedgedShares in issue as at 30 June 2013 13,856 92,716 447,259 1,139,883 20,125 643,164Shares issued during the year 3 389,498 18,849 3,492 8 139,194Shares redeemed during the year (2,148) (189,043) (84,492) (1,007,855) (1,702) (252,337)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,606 90,668,063 3,700,998 678,241 3,920 21,725,894Payment for redeemable participating shares redeemed (592,446) (43,279,277) (15,893,298) (181,578,757) (305,991) (38,773,171)

MGI Global Equity Fund Class Class Class Class Class Class(continued) M-7 € M-1 £ M-2 £ M-2 £ M-3 £ M-4 £

Hedged Hedged HedgedShares in issue as at 30 June 2013 468,223 435,987 104,168 2,053,107 1,221,844 18,011Shares issued during the year 50,502 425,502 204,958 215,732 235,602 49,545Shares redeemed during the year (111,019) (324,971) (236,684) (1,274,096) (1,097,033) (67,556)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 407,706 536,518 72,442 994,743 360,413 -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 9,404,765 121,330,840 53,028,335 42,834,027 46,836,960 11,367,366Payment for redeemable participating shares redeemed (18,896,665) (95,551,362) (63,110,391) (279,835,426) (234,097,616) (16,202,492)

MGI Global Equity Fund Class Class Class Class Class Class(continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £

Hedged HedgedShares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466 146,928Shares issued during the year 148,167 79,804 26,834 138,668 750 7,656Shares redeemed during the year (2,178) (351,796) (33,380) (182,373) - (76,147)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 23,153,477 15,589,793 5,232,910 36,483,240 159,663 1,766,165Payment for redeemable participating shares redeemed (339,988) (74,518,421) (6,779,797) (49,894,730) - (17,852,002)

MGI Global Equity Fund Class(continued) Z-1 €Shares in issue as at 30 June 2013 48,877Shares issued during the year 2,127Shares redeemed during the year (889)


––––––––––––

Proceeds from redeemable participating shares issued 552,894Payment for redeemable participating shares redeemed (233,717)


(continued)

319MGI Funds plc





Shares in issue as at 30 June 2013 112,292 14,263 7,089Shares issued during the year 21,715 14 1,259Shares redeemed during the year (12,370) (5,321) (453)


–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 228,185,746 160,126 19,147,184Payment for redeemable participating shares redeemed (129,634,036) (55,490,447) (6,998,991)


Shares in issue as at 30 June 2013 50,972 3,026Shares issued during the year 3,038 524Shares redeemed during the year (10,089) (222)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 726,269 169,183Payment for redeemable participating shares redeemed (2,483,058) (80,940)

MGI UK Bond Fund Class Class Class Class ClassI-1 £ M-1 £ M-2 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2013 14,318 88,239 190,734 306,801 192,358Shares issued during the year 961 4,648 3,426 25,979 8,778Shares redeemed during the year (1,892) (28,434) (21,933) (106,163) (26,944)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 149,773 677,339 481,679 3,853,017 1,395,042Payment for redeemable participating shares redeemed (290,157) (4,050,989) (3,076,978) (16,211,752) (4,363,280)

MGI UK Cash Fund Class Class Class ClassI-1 £ M-2 £ M-4 £ M-7 £

Shares in issue as at 30 June 2013 89,617 - 3,047 3,523Shares issued during the year 46,963 508,947 202,323 840,635Shares redeemed during the year (14,394) (480,245) (194,458) (672,716)


–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 5,330,925 61,712,293 20,128,450 93,267,021Payment for redeemable participating shares redeemed (1,633,541) (58,228,498) (19,341,797) (74,633,472)


(continued)

320MGI Funds plc




MGI UK Equity Fund Class Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 £ M-2 £ M-7 £

Shares in issue as at 30 June 2013 163,606 100,310 12,456 279,247 113,606 116,874Shares issued during the year 1,809 - 12 53 83,270 1,876Shares redeemed during the year (19,777) (26,340) (3,021) (105,206) (91,024) (77,443)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 176,461 1,955 1,319 10,454 16,149,517 273,575Payment for redeemable participating shares redeemed (1,792,665) (3,289,008) (279,741) (12,572,013) (17,900,294) (11,020,912)

MGI UK Equity Fund Class(continued) Z-1 £Shares in issue as at 30 June 2013 128,458Shares issued during the year 7,520Shares redeemed during the year (68,624)


––––––––––––

Proceeds from redeemable participating shares issued 988,930Payment for redeemable participating shares redeemed (9,239,023)


Shares in issue as at 30 June 2013 358,733 29,502 10,286Shares issued during the year 15,106 323 616Shares redeemed during the year (16,330) (9,154) (515)


–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,784,937 55,019 160,920Payment for redeemable participating shares redeemed (3,007,579) (1,664,241) (133,857)

MGI UK Inflation Linked Bond Fund Class Class Class Class Class ClassM-1 £ M-1 £ M-4 £ M-6 £ M-7 £ Z-1 £

DistributingShares in issue as at 30 June 2013 1,803,997 - 280,312 45,072 684,029 63,221Shares issued during the year 1,658,724 376,312 174,335 115,969 501,411 3,004Shares redeemed during the year (653,037) (8,221) (93,739) (37,111) (380,293) (5,159)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,809,684 368,091 360,908 123,930 805,147 61,066

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 222,171,577 37,945,785 23,036,449 11,283,488 69,121,821 418,149Payment for redeemable participating shares redeemed (88,867,965) (840,234) (12,380,982) (3,514,601) (51,556,049) (746,022)


(continued)

321MGI Funds plc





Shares in issue as at 30 June 2013 602,231 53,408 12,157 48,232 134,957Shares issued during the year 136,193 32,938 66,803 1,579 89,212Shares redeemed during the year (534,069) (23,655) (8,197) (636) (61,215)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 18,471,610 4,431,056 6,761,678 147,361 11,892,489Payment for redeemable participating shares redeemed (71,525,690) (3,063,570) (836,105) (58,560) (8,086,160)

MGI Emerging Markets Debt Fund Class Class Class Class Class ClassM-3 € M-2 £ M-2 £ M-3 £ M-4 £ Z-1 £

DistributingShares in issue as at 30 June 2013 2,868,080 - 3,911,072 624,334 110,527 152,657Shares issued during the year 536,268 229,850 1,223,623 209,266 111,358 77,725Shares redeemed during the year (519,458) - (933,611) (282,737) (74,948) (152,036)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,884,890 229,850 4,201,084 550,863 146,937 78,346

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 74,072,052 37,461,968 191,603,369 32,426,454 17,602,978 12,109,715Payment for redeemable participating shares redeemed (72,078,894) - (142,652,009) (43,181,624) (11,688,452) (23,257,216)

MGI Emerging Markets Debt Fund Class Class(continued) Z-1 € M-6 £Shares in issue as at 30 June 2013 30,614 -Shares issued during the year 1,575,396 12,927Shares redeemed during the year (83,452) (3,867)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 186,048,483 2,126,652Payment for redeemable participating shares redeemed (10,341,408) (646,959)

Mercer Global Small Cap Equity Fund Class Class Class Class Class ClassM-4 € M-3 £ M-5 £ Z-1 € M-3 £ M-7 £

DistributingShares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036 - -Shares issued during the year 378,460 1,809,834 152,003 215,801 265,408 22,418Shares redeemed during the year (106,885) (852,425) (68,418) (123,875) - (1,930)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 871,391 2,837,352 231,059 434,962 265,408 20,488

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 67,684,564 383,477,155 32,001,891 37,895,607 43,262,028 3,665,121Payment for redeemable participating shares redeemed (18,882,633) (184,238,987) (14,966,756) (21,028,303) - (334,063)


(continued)

322MGI Funds plc




Mercer Low Volatility Equity Fund Class Class Class Class Class ClassM-3 € M-3 £ M-3 £ M-3 £ M-5 £ M-5 £

Distributing Hedged HedgedShares in issue as at 30 June 2013 2,035,574 2,923,492 - - 249,057 -Shares redeemed during the year 361,279 658,229 312,197 1,425,050 61,793 102,907Shares redeemed during the year (282,815) (2,048,816) - (514,832) (221,599) (33,201)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,114,038 1,532,905 312,197 910,218 89,251 69,706

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 66,958,022 133,748,096 50,883,335 228,712,933 12,463,978 16,485,491Payment for redeemable participating shares redeemed (53,454,693) (392,992,619) - (93,040,039) (41,884,614) (5,988,352)

Mercer Low Volatility Equity Fund Class Class Class Class Class(continued) M-5 $ M-7 £ M-7 £ Z-1 € Z-1 £

HedgedShares in issue as at 30 June 2013 137,886 - - 144,932 255,576Shares redeemed during the year 138,131 7,342 7,350 - 95,425Shares redeemed during the year (137,945) (1,591) (1,721) (12,210) (243,157)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,957,513 1,199,416 1,198,576 5,603 17,430,293Payment for redeemable participating shares redeemed (15,931,311) (273,413) (301,356) (1,843,164) (46,714,806)

Mercer Diversified Growth Fund Class Class Class Class Class ClassM-4 € M-6 € Z-1 € M-2 £ M-10 $ M-12 £

HedgedShares in issue as at 30 June 2013 142,172 9,104 221,551 2,686,606 486,906 149,172Shares issued during the year 774,707 241,312 28,691 2,305,636 487,135 8,590Shares redeemed during the year (40,545) (7,850) - (297,536) (486,974) (2,969)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 876,334 242,566 250,242 4,694,706 487,067 154,793

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 128,962,526 38,545,747 4,894,031 423,469,996 52,902,696 1,366,737Payment for redeemable participating shares redeemed (6,866,502) (1,271,535) - (55,591,789) (52,885,366) (493,133)


Shares in issue as at 30 June 2013 1,738,999 199,415Shares issued during the year 118,986 107,070Shares redeemed during the year (530,061) (35,879)


–––––––––––– ––––––––––––



(continued)

323MGI Funds plc




Mercer Global High Yield Bond Fund Class Class Class Class Class ClassM-1 £ M-1 £ M-2 £ M-3 £ M-3 € M-4 $

Hedged Hedged Hedged HedgedShares in issue as at 30 June 2013 - 1,510,264 259,494 376,033 288,960 172,721Shares issued during the year 74,591 74,828 41,432 96,790 179,983 1,013,402Shares redeemed during the year (40,236) (1,128,868) (295,732) (401,635) (52,279) (172,823)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 34,355 456,224 5,194 71,188 416,664 1,013,300

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 15,514,932 11,477,038 8,071,882 19,346,047 26,641,286 115,285,596Payment for redeemable participating shares redeemed (226,262,032) (6,634,850) (55,038,462) (73,929,033) (7,828,234) (19,119,382)

Mercer Global High Yield Bond Fund Class Class Class Class Class Class(continued) M-5 £ M-2 £ M-2 £ M-5 £ M-1 £ M-4 £

Hedged Hedge Distributing Hedged HedgedDistributing Distributing

Shares in issue as at 30 June 2013 - - - - - 62,273Shares issued during the year 2,137 302,055 111,913 5,434 360,312 41,101Shares redeemed during the year (2,137) (86,860) (52,306) (5,434) - (76,728)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 - 215,195 59,607 - 360,312 26,646

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 349,066 49,794,401 17,337,523 886,760 58,828,591 8,085,256Payment for redeemable participating shares redeemed (380,817) (14,724,132) (8,334,357) (914,599) - (14,190,273)

Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) Z-1 AUD Z-1 € M-2 £ M-3 £ M-4 £

Hedged HedgedShares in issue as at 30 June 2013 - 1,183,226 - - -Shares issued during the year 1,675,275 - 284,934 314,901 79,800Shares redeemed during the year - (118,815) (278,490) (294,090) (51,153)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 154,345,934 478,461 44,679,325 49,000,487 12,590,650Payment for redeemable participating shares redeemed - (18,446,859) (46,684,221) (49,054,123) (8,498,047)


(continued)

324MGI Funds plc


(continued)




Mercer Short Duration Global Bond Fund 1 Class Class ClassM-1 NOK M-2 € M-2 SEK

Hedged Hedged HedgedShares in issue as at 30 June 2013 1,062,056 60,860 -Shares issued during the yer 1,012,788 53,444 229,434Shares redeemed during the year - (4,527) -

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,074,844 109,777 229,434

–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 170,840,231 7,451,940 35,346,795Payment for redeemable participating shares redeemed - (633,097) -

Mercer Short Duration Global Bond Fund 2 Class Class Class ClassM-1 NOK M-2 € M-1 € M-2 SEK

Hedged Hedged Hedged HedgedShares in issue as at 30 June 2013 663,178 60,799 - -Shares issued during the year 1,091,378 103,400 62,767 229,414Shares redeemed during the year - (4,552) - -

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 1,754,556 159,647 62,767 229,414

–––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 184,517,263 13,895,388 8,113,856 35,351,891Payment for redeemable participating shares redeemed - (626,904) - -

Mercer Global Buy & Maintain Credit Fund Class Class ClassM-1 £ M-1 € Z-1 €

Hedged Hedged HedgedShares in issue as at 30 June 2013 1,384,822 127,962 922,971Shares issued during the year 1,569,040 313,878 29,173Shares redeemed during the year (6,632) (15,419) (73,393)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 2,947,230 426,421 878,751

–––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 255,660,503 42,984,856 4,181,401Payment for redeemable participating shares redeemed (1,134,691) (2,027,287) (10,264,505)

Mercer Passive Global Equity Fund Class Class Class Class Class* ClassM-1 € M-1 € M-2 £ M-2 € Z-1 $ Z-1 €

Hedged Hedged HedgedShares in issue as at 30 June 2013 - - - - - -Shares issued during the year 657,388 231,459 71,406 169,775 1,581,216 2,139,081Shares redeemed during the year (51,882) (31,286) - - (172,626) (9,911)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2014 605,506 200,173 71,406 169,775 1,408,590 2,129,170

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 92,711,485 32,446,532 11,984,342 23,107,742 159,000,000 29,560,769Payment for redeemable participating shares redeemed (7,492,203) (4,432,355) - - (17,593,715) (138,670)

325MGI Funds plc




Mercer Passive Global Equity Fund Class(continued) Z-1 €

HedgedShares in issue as at 30 June 2013 -Shares issued during the year 2,285,819Shares redeemed during the year (13,383)

––––––––––––Shares in issue as at 30 June 2014 2,272,436

––––––––––––

Proceeds from redeemable participating shares issued 31,588,643Payment for redeemable participating shares redeemed (187,061)

*All of this share class is owed by Mercer Diversified Growth Fund and is eliminated on combination (See Note 3).


Shares in issue as at 30 June 2013 - -Shares issued during the year 1,629,517 58,602Shares redeemed during the year (15,070) (14,643)


–––––––––––– ––––––––––––


Mercer Euro Nominal Bond Class Class Class Class ClassLong Duration Fund M-1 € M-3 € M-4 € M-6 € M-7 €Shares in issue as at 30 June 2013 - - - - -Shares issued during the year 459,789 47,414 1,542,949 1,988,174 1,736,826Shares redeemed during the year (11,284) (2,708) (132,071) (39,107) (16,957)


–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 46,265,447 4,742,556 154,434,107 198,992,683 174,745,690Payment for redeemable participating shares redeemed (1,145,439) (275,376) (13,358,218) (4,005,335) (1,714,066)


(continued)

326MGI Funds plc




Mercer Euro Nominal Bond Class ClassLong Duration Fund (continued) M-8 € Z-1 €Shares in issue as at 30 June 2013 - -Shares issued during the year 435,546 132,532Shares redeemed during the year (196) -


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 43,555,266 13,253,098Payment for redeemable participating shares redeemed (19,600) -

Significant Shareholders

The following table details the number of Shareholders with significant holdings of at least 20% of the relevant Sub-Fundsand the percentage of that holding as at 30 June 2015.

Aggregate AggregateShareholding Shareholding

Total as a % of the Total as a % of theNumber of Holding Sub-Fund Holding Sub-FundSignificant as at 30 June as at 30 June as at 30 June as at 30 June

Fund Shareholders 2015 2015 2014 2014MGI Euro Bond Fund 2 155,295 65.63% 117,278 85.35%MGI Euro Cash Fund 2 1,740,914 72.19% 295,059 27.57%MGI Eurozone Equity Fund 2 348,913 48.14% 228,521 20.28%MGI Global Bond Fund 2 35,079 100.00% 36,806 100.00%MGI Japanese Equity Fund 2 108,997 88.82% 121,637 87.83%MGI Pacific Basin (Ex Japan) Equity Fund 1 32,045 83.10% 40,920 86.61%MGI UK Bond Fund 2 207,064 51.81% 317,404 42.21%MGI UK Cash Fund 1 411,711 26.28% 167,570 50.28%MGI U.S. Equity Fund 1 242,617 74.92% 301,741 77.65%MGI UK Long Gilt Fund 2 546,649 51.24% - -MGI Emerging Markets Debt Fund *1 - - 2,062,561 21.43%Mercer Diversified Growth Fund 1 2,405,554 24.23% 3,022,979 45.08%Mercer Diversified Retirement Fund 2 264,517 93.38% - -MGI DAM Multi-Manager Global Equity Fund 1 1,467,852 99.63% 1,592,415 99.62%Mercer Euro Over 5 Year Bond Fund 1 660,344 38.56% - -Mercer Global High Yield Bond Fund 1 1,809,119 38.43% 1,675,275 30.71%Mercer Global Small Cap Equity Fund 1 2,013,108 31.56% - -Mercer Short Duration Global Bond Fund 1 1 914,714 26.52% 736,117 30.49%Mercer Short Duration Global Bond Fund 2 1 824,974 24.09% 739,109 33.50%Mercer Global Buy & Maintain Credit Fund 2 2,533,743 53.75% 3,281,281 77.16%Mercer Passive Global Equity 2 4,071,270 46.64% 5,810,197 84.73%

* Number of shareholders relates to prior year.

9. Directors’ fees

The Directors earned € 78,099 for the year ended 30 June 2015 (30 June 2014: € 64,948) of which € 5,706 was payableas at 30 June 2015 (30 June 2014: € 6,689). There were no Fund related expenses paid to the Directors.


(continued)

327MGI Funds plc

10. Financial derivative instruments

The Company may employ investment techniques and instruments for efficient portfolio management of the assets of theCompany or of any Sub-Fund and for short-term investment purposes under the conditions and limits set out by theCentral Bank under the UCITS Regulations, 2011 and in the Prospectus. The Company may, for the purposes of hedging,enter into put and call options, spot and forward contracts, interest rate swaps, credit default swaps, financial futures,stock and bond index futures contracts, repurchase and reverse repurchase agreements and securities lendingagreements. In particular, a Sub-Fund may seek to hedge its investments against currency fluctuations which are adverseto its base currency by utilising currency options, futures contracts and forward foreign currency contracts. For financialderivative instruments that were entered into during the year, please refer to the Portfolio Statements.

A Sub-Fund may also from time to time make use of exchange traded stock index and other futures contracts for thepurpose of efficient portfolio management to enable it to maintain the appropriate exposure to stock markets inaccordance with the relevant Investment Manager’s recommended overall asset allocation. The use of exchange tradedstock index and other futures contracts by the Company will be subject to the conditions and limits laid down by theCentral Bank under the UCITS Regulations, 2011.

Certain Sub-Funds utilise FDIs for investment purposes and/or for efficient portfolio management (“EPM”) purposes. Inaddition to investment in FDIs set down in the Prospectus, and subject to the conditions and within the limits laid downby the Central Bank, certain Sub-Funds may employ techniques and instruments for EPM of the assets of the Sub-Fundrelating to transferable securities and money market instruments. Transactions for the purposes of EPM may beundertaken 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 developedwhich may be suitable for use by a Sub-Fund and the Manager may employ such techniques and instruments. Investmentin FDIs are subject to the conditions and limits laid down by the Central Bank.

The Company enters into repurchase agreements and reverse repurchase agreements for the purpose of efficientportfolio management. There are no material revenues arising from the use of repurchase agreements or reverserepurchase agreements.

11. Dividends

The following Sub-Funds paid dividends during the year ended 30 June 2015:

Sub Fund Share Class Dividend per Share Ex-DateMGI UK Inflation Linked Bond Fund Class M - 1 £ Distributing GB£ 0.5266 1 July 2014

Class M - 1 £ Distributing GB£ 0.2127 1 October 2014Class M - 1 £ Distributing GB£ 0.5737 2 January 2015

MGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 1.5170 1 July 2014Class M - 2 £ Distributing GB£ 1.1159 1 October 2014Class M - 2 £ Distributing GB£ 1.5053 2 January 2015Class M - 2 £ Distributing GB£ 0.9709 1 April 2015

Mercer Low Volatility Equity Fund Class M - 3 £ Distributing GB£ 0.4879 1 July 2014Class M - 3 £ Distributing GB£ 0.1312 1 October 2014Class M - 3 £ Distributing GB£ 0.0646 2 January 2015Class M - 3 £ Distributing GB£ 0.1250 1 April 2015

Mercer Global High Yield Bond Fund Class M - 2 £ Hedged Distributing GB£ 1.5146 1 July 2014Class M - 1 £ Hedged Distributing GB£ 1.3844 1 July 2014Class M - 2 £ Distributing GB£ 1.2504 1 July 2014Class M - 1 £ Hedged Distributing GB£ 1.4975 1 October 2014Class M - 1 £ Hedged Distributing GB£ 1.4908 2 January 2015Class M - 1 £ Hedged Distributing GB£ 1.4391 1 April 2015Class M - 2 £ Distributing GB£ 1.1710 1 April 2015

Mercer Global Small Cap Equity Fund Class M - 3 £ Distributing GB£ 0.0745 1 July 2014


(continued)

328MGI Funds plc

11. Dividends (continued)

The following Sub-Funds paid dividends during the year ended 30 June 2014 :

Sub Fund Share Class Dividend per Share Ex-DateMGI UK Inflation Linked Bond Fund Class M - 1 £ Distributing GB£ 0.1585 02 Jan 2014

Class M - 1 £ Distributing GB£ 0.3221 01 Apr 2014

MGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 0.6576 01 Apr 2014

Mercer Low Volatility Equity Fund Class M - 3£ Distributing GB£ 0.3366 01 Apr 2014

Mercer Global High Yield Bond Fund Class M - 2 £ Distributing GB£ 1.2830 01 Oct 2013Class M - 2 £ Hedged Distributing GB£ 1.3215 01 Oct 2013Class M - 2 £ Distributing GB£ 0.8701 02 Jan 2014Class M - 2 £ Hedged Distributing GB£ 2.3959 02 Jan 2014Class M - 1 £ Hedged Distributing GB£ 0.9760 01 Apr 2014Class M - 2 £ Distributing GB£ 2.1189 01 Apr 2014Class M - 2 £ Hedged Distributing GB£ 0.7822 01 Apr 2014

Mercer Global Small Cap Equity Fund Class M - 2£ Distributing GB£ 0.1210 01 Apr 2014

12. Subsequent events

The following distributions have been declared since the year end date:

Sub-Fund Share Class Distribution per share Ex dateMGI Emerging Markets Debt Fund Class M - 2 £ Distributing GB£ 1.2685 1 July 2015

Mercer Low Volatility Equity Fund Class M - 3 £ Distributing GB£ 0.4504 1 July 2015

Mercer Global High Yield Bond Fund Class M - 2 £ Distributing GB£ 1.2707 1 July 2015

Mercer Global Small Cap Equity Fund Class M – 3 £ Distributing GB£ 0.035 1 July 2015

A decision has been made by the Investment Manager to de-list the following share classes from the Irish StockExchange. The de-listing was effective from 13 October 2015.

Sub-Fund Share ClassMGI UK Equity Fund Class M-1€, Class I-1€, Class Z-1£MGI Eurozone Equity Fund Class M-1€, Class I-1€, Class Z-1€ (inactive class)MGI UK Bond Fund Class I-1£, Class Z-1£MGI Euro Bond Fund Class M-1€, Class M-5€, Class I-1€

MGI US Equity Fund Class M-1€, Class I-1€, Class Z-1£MGI Japanese Equity Fund Class M-1€, Class I-1€, Class Z-1£MGI Pacific Basin (ex Japan) Equity Fund Class I-1€, Class Z-1£MGI Emerging Markets Equity Fund Class M-1€, Class I-1€

MGI Global Bond Fund Class M-1€, Class I-1€, Class I-1£, Class I-1$MGI Euro Cash Fund Class M-1€, Class M-5€, Class I-1€, Class Z-1€

MGI UK Cash Fund Class I-1£MGI UK Inflation Linked Bond Fund Class M-7£

13. Approval of financial statements

The financial statements were approved by the Board of MGI Funds plc on 20 October 2015.


(continued)

329MGI Funds plc

Underlying Fund Jurisdiction/ Fund Manager Share class Perf fee RedemptionRegulatory management fee % % fee %Status*

Acadian Global Managed Volatility Equity Ireland Russell Investments Ireland Limited 0.75% n/a Not specified

BlackRock Developed Real Estate Index Ireland BlackRock Asset Management Ireland Limited 0.00% n/a NoneSub-Fund

BlackRock Developed World Index Sub-Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified

BlackRock Emerging Markets Index Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specified

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specifiedEuro Credit Bond Index Fund

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specifiedUK Credit Bond Index Fund Flexible

BlackRock Fixed Income Dublin Funds plc - Ireland BlackRock Asset Management Ireland Limited 0.00% n/a Not specifiedUS Corporate Bond Index Fund

BlackRock GiltTrak Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a None

BlackRock UK Index Sub Fund Ireland BlackRock Asset Management Ireland Limited 0.00% n/a None

ETFS Physical Gold Jersey ETFS Management Company (Jersey) Limited 0.39% n/a Not specified

Fidelity Institutional Liquidity Fund Ireland Fidelity Investment Management (Ireland) Limited0.15% n/a Not specified

Goldman Sachs Funds Ireland Goldman Sachs Asset Management International0.15% n/a Not specified

Insight Global Funds II Ireland Insight Investment Management (Global) Limited0.15% n/a Not specified

Insight Liquidity Funds Ireland Insight Investment Funds Management Limited 0.15% n/a Not specified

Institutional Cash Series - Institutional Ireland BlackRock Asset Management Ireland Limited 0.15% n/a Not specifiedSterling Liquidity Fund

Investec Global Strategy Fund - Emerging Luxembourg Investec Asset Management 0.75% n/a Not specifiedMarkets Investment Grade Corporate Debt

Irish Life Investment Managers - Indexed Ireland Irish Life Investment Managers Limited 0.07% n/a NoneMinimum Volatility Global Equity Fund

Irish Life Investment Managers - Indexed World Ireland Irish Life Investment Managers Limited 0.04% n/a NoneSmall Cap Equity Fund

iShares Global High Yield Corp Ireland BlackRock Asset Management Ireland Limited 0.50% n/a NoneBond GBP Hedged

iShares Global Infrastructure Fund Ireland BlackRock Asset Management Ireland Limited 0.65% n/a None

iShares JP Morgan $ Emerging Markets Ireland BlackRock Asset Management Ireland Limited 0.45% n/a Not specifiedBond Fund

MGI Funds plc Unaudited Information in Respect of Underlying Investmentsas at year ended 30 June 2015

330MGI Funds plc

MGI Funds plc Unaudited Information in Respect of Underlying Investmentsas at year ended 30 June 2015

(continued)

Underlying Fund Jurisdiction/ Fund Manager Share class Perf fee RedemptionRegulatory management fee % % fee %Status*

iShares $ High Yield Corporate Bond Ireland BlackRock Asset Management Ireland Limited 0.50% n/a None

iShares $ High Yield Corporate Ireland BlackRock Asset Management Ireland Limited 0.50% n/a NoneBond Fund - GBP Class

iShares $ High Yield Corporate Ireland BlackRock Asset Management Ireland Limited 0.50% n/a NoneBond Fund - USD Class

JPMorgan Liquidity Funds - Sterling Liquidity Fund Luxembourg JP Morgan 0.20% n/a Not specified

Mercer Passive Global Equity Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

MGI UK Cash Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

MGI UK Inflation Linked Bond Fund Ireland Mercer Global Investments Management Limited n/a n/a Not specified

PIMCO Euro Credit Fund - Accumulation Ireland Pimco Europe Limited 0.30% n/a Not specified

PIMCO Global Investment Grade Credit Fund - Ireland Pimco Europe Limited 0.30% n/a Not specifiedAccumulation

SPDR Thomson Reuters Global Ireland Blackrock Asset Management Ireland Limited 0.50% n/a Not specifiedConvertible Bond

*The funds are regulated in the jurisdiction noted above.

331MGI Funds plc

MGI Funds plc Supplemental Unaudited Information

General

MGI Funds plc is an open-ended umbrella fund investment company with variable capital and with segregated liability betweenSub-Funds. The share capital of the Company is divided into different series of shares with each series of shares representinga portfolio of assets which comprises a separate fund (each a “Sub-Fund”). The Company is authorised by the Central Bank ofIreland as an Undertaking for the Collective Investment in Transferable Securities pursuant to the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations, 2011.

The investment objective of the Company is the collective investment of its Sub-Funds in financial assets with the aim ofspreading its investment risk and giving the Shareholders of the Company the benefit of the results of the management of Sub-Funds. The Company’s objective to spread investment risk has been maintained during the year.

The Company comprises of thirty-three Sub-Funds, twenty-seven of which are in operation at the year end.

FunctionalFunctional Currency Launch

Name Currency Symbol Date

MGI Bond Fund Euro € n/aMGI Emerging Markets Equity Fund US Dollar US$ 19/09/2006MGI Euro Bond Fund Euro € 25/09/2006MGI Euro Cash Fund Euro € 21/09/2006MGI Euro Long Bond Fund Euro € n/aMGI Eurozone Equity Fund Euro € 19/09/2006MGI Global Bond Fund US Dollar US$ 19/09/2006MGI Global Equity Fund US Dollar US$ 18/02/2008MGI Japanese Equity Fund Japanese Yen ¥ 19/09/2006MGI Pacific Basin (Ex Japan) Equity Fund US Dollar US$ 18/12/2006MGI UK Bond Fund British Pound GB£ 05/10/2006MGI UK Cash Fund British Pound GB£ 10/10/2006MGI UK Equity Active Fund British Pound GB£ n/aMGI UK Equity Fund British Pound GB£ 19/09/2006MGI UK Equity High Alpha Fund British Pound GB£ n/aMGI UK Inflation Linked Bond Fund British Pound GB£ 01/09/2009MGI US Equity Growth Fund US Dollar US$ n/aMGI U.S. Equity Fund US Dollar US$ 19/09/2006MGI US Equity Value Fund US Dollar US$ n/aMGI UK Long Gilt Fund British Pound GB£ 09/03/2010MGI Emerging Markets Debt Fund US Dollar US$ 19/10/2010Mercer Global Small Cap Equity Fund US Dollar US$ 29/03/2011Mercer Low Volatility Equity Fund US Dollar US$ 23/05/2011Mercer Diversified Growth Fund US Dollar US$ 08/06/2011MGI DAM Multi-Manager Global Equity Fund US Dollar US$ 22/11/2011Mercer Global High Yield Bond Fund US Dollar US$ 21/06/2012Mercer Short Duration Global Bond Fund 1 US Dollar US$ 23/10/2012Mercer Short Duration Global Bond Fund 2 US Dollar US$ 19/10/2012Mercer Global Buy & Maintain Credit Fund US Dollar US$ 30/01/2013Mercer Passive Global Equity Fund US Dollar US$ 08/10/2013Mercer Euro Over 5 Year Bond Fund Euro € 06/02/2014Mercer Euro Nominal Bond Long Duration Fund Euro € 09/05/2014Mercer Diversified Retirement Fund British Pound GB£ 23/03/2015

Where it is appropriate to its investment objective and policies a Sub-Fund may also invest in other Sub-Funds of this Company.A Sub-Fund may only invest in another Sub-Fund of this Company if the Sub-Fund in which it is investing does not itself holdShares in any other Sub-Fund of this Company. Any commission received by the Manager or Investment Manager in respectof such investment will be paid into the assets of the Sub-Fund. Any Sub-Fund that is invested in another Sub-Fund of thisCompany or any other fund to which the Manager or the Investment Manager has been appointed will be invested in a shareclass for which no management or investment management fee is charged. No subscription, conversion or redemption fees willbe 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.

332MGI Funds plc

MGI Funds plc Supplemental Unaudited Information(continued)

Net asset value

The dealing net asset value per share for the Sub-Funds at the 30 June 2015 is determined by dividing the value of the netassets of each Sub-Fund by the total number of redeemable participating shares in issue in each Sub-Fund at the year end.

MGI Emerging Markets Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-2 € M-4 €

Total net asset value30 June 2015 € 19,085,971 - € 67,754,342 € 50,020,404 € 6,709,14030 June 2014 € 18,046,578 - € 47,332,882 € 47,600,738 € 5,577,89430 June 2013 € 13,592,573 GB£ 3,194,311 € 39,582,373 € 41,377,792 € 4,971,463Net asset value per share30 June 2015 € 155.26 - € 152.62 € 137.09 € 147.4830 June 2014 € 137.12 - € 135.06 € 121.44 € 130.9030 June 2013 € 128.85 GB£ 202.34 € 127.17 € 114.45 € 123.62

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-7 € M-1 £ M-3 £ M-5 £ M-6 £Total net asset value30 June 2015 € 139,899,969 GB£ 243,738,880 GB£ 137,067,351 GB£ 44,494,898 GB£ 1,852,14330 June 2014 € 112,120,519 GB£ 249,118,982 GB£ 206,336,527 GB£ 63,191,399 GB£ 2,786,45330 June 2013 € 85,456,989 GB£ 127,316,158 GB£ 127,037,972 GB£ 37,471,796 -Net asset value per share30 June 2015 € 138.57 GB£ 114.46 GB£ 95.22 GB£ 94.08 GB£ 109.7830 June 2014 € 122.50 GB£ 114.49 GB£ 95.44 GB£ 94.48 GB£ 110.6930 June 2013 € 115.23 GB£ 115.39 GB£ 96.37 GB£ 95.59 -

MGI Emerging Markets Equity Fund Class Class Class Class(continued) M-7 £ M-5 $ Z-1 £ Z-1 €Total net asset value30 June 2015 GB£ 87,726,305 US$ 12,954,680 - € 14,173,11330 June 2014 GB£ 122,392,915 US$ 14,119,506 GB£ 32,348,308 € 8,788,07130 June 2013 GB£ 59,549,387 US$ 3,696,187 GB£ 71,260,751 € 5,843,020Net asset value per share30 June 2015 GB£ 106.62 US$ 99.19 - € 112.5230 June 2014 GB£ 106.54 US$ 108.29 GB£ 104.03 € 98.6530 June 2013 GB£ 107.26 US$ 97.18 GB£ 103.85 € 92


Total net asset value30 June 2015 € 25,351,416 € 3,750,223 € 1,180,736 € 320,01830 June 2014 € 11,243,896 € 4,378,652 € 1,187,970 € 325,06430 June 2013 € 3,782,436 € 4,997,441 € 1,153,096 € 273,525Net asset value per share30 June 2015 € 129.96 € 127.69 € 121.89 € 128.8930 June 2014 € 125.74 € 123.80 € 118.65 € 124.8330 June 2013 € 116.11 € 114.55 € 110.23 € 115.39

333MGI Funds plc


Net asset value (continued)

MGI Euro Cash Fund Class Class Class Class ClassI-1 € M-1 € M-5 € M-6 € M-7 €

Total net asset value30 June 2015 € 30,091,594 € 140,239,064 € 759,663 € 4,007,968 € 8,489,41130 June 2014 € 31,813,389 € 13,706,839 € 1,137,402 - € 21,521,25930 June 2013 € 6,886,043 € 14,348,550 € 106,292,370 - € 2,276,580Net asset value per share30 June 2015 € 110.81 € 108.88 € 104.63 € 99.46 € 105.5230 June 2014 € 111.09 € 109.37 € 105.52 - € 105.8930 June 2013 € 112.59 € 100.54 € 106.16 - € 106.33

MGI Euro Cash Fund Class Class(continued) M-8 € Z-1 €Total net asset value30 June 2015 € 64,711,580 € 8,838,24030 June 2014 € 37,392,925 € 8,155,94830 June 2013 € 12,377,563 € 33,477,698Net asset value per share30 June 2015 € 100.28 € 112.5930 June 2014 € 100.45 € 112.6430 June 2013 € 109.76 € 111.26

MGI Eurozone Equity Fund Class Class Class ClassI-1 € M-1 € M-2 € M-7 €

Total net asset value30 June 2015 € 36,285,518 € 16,530,747 GB£ 9,254,321 € 1,081,18230 June 2014 € 55,161,314 € 41,192,584 € 26,328,109 € 23,478,87430 June 2013 € 42,086,900 € 39,934,168 € 23,079,212 € 21,405,843Net asset value per share30 June 2015 € 162.27 € 159.45 € 167.62 € 154.3630 June 2014 € 138.62 € 136.48 € 143.62 € 131.9930 June 2013 € 109.16 € 107.69 € 113.44 € 104.04

MGI Eurozone Equity Fund Class Class(continued) Z-1 € Z-1 £Total net asset value30 June 2015 - GB£ 5,358,64630 June 2014 € 7,577,841 GB£ 1,645,04830 June 2013 € 6,718,826 GB£ 1,526,131Net asset value per share30 June 2015 - GB£ 159.9630 June 2014 € 136.84 GB£ 153.6830 June 2013 € 107.22 GB£ 128.88


Total net asset value30 June 2015 € 776,301 GB£ 1,339,512 € 1,075,984 € 1,269,28930 June 2014 € 556,679 GB£ 1,267,074 US$ 1,330,439 € 1,323,00230 June 2013 € 460,282 GB£ 1,198,878 US$ 1,148,469 € 1,744,794Net asset value per share30 June 2015 € 130.57 GB£ 135.92 US$ 114.59 € 128.3630 June 2014 € 114.39 GB£ 134.59 US$ 123.36 € 112.6830 June 2013 € 114.85 GB£ 144.63 US$ 117.58 € 113.36

334MGI Funds plc



MGI Global Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 € M-2 €

HedgedTotal net asset value30 June 2015 € 16,545,272 GB£ 50,238,988 € 57,007,078 € 17,676,075 -30 June 2014 € 2,685,484 GB£ 43,462,467 € 57,456,639 € 20,260,537 € 2,648,27730 June 2013 € 2,709,311 GB£ 12,547,297 € 57,477,229 € 141,049,156 € 2,469,344Net asset value per share30 June 2015 € 104.86 GB£ 164.18 € 188.27 € 162.24 -30 June 2014 € 229.32 GB£ 148.25 € 150.56 € 149.50 € 143.6930 June 2013 € 195.53 GB£ 135.33 € 128.51 € 123.74 € 122.70

MGI Global Equity Fund Class Class Class Class Class(continued) M-7 € M-7 € M-1 £ M-2 £ M-2 £

Hedged HedgedTotal net asset value30 June 2015 € 89,680,545 € 53,174,041 GB£ 65,611,435 GB£ 11,662,147 GB£ 60,168,31130 June 2014 € 70,830,571 € 59,080,554 GB£ 98,929,201 GB£ 12,524,481 GB£ 145,159,43530 June 2013 € 73,249,987 € 56,275,677 GB£ 73,446,435 GB£ 16,463,710 GB£ 248,035,815Net asset value per share30 June 2015 € 167.36 € 157.32 GB£ 203.98 GB£ 191.18 GB£ 158.7530 June 2014 € 133.64 € 144.91 GB£ 184.39 GB£ 172.89 GB£ 145.9330 June 2013 € 113.89 € 120.19 GB£ 168.46 GB£ 158.05 GB£ 120.81

MGI Global Equity Fund Class Class Class Class Class(continued) M-3 £ M-4 £ M-4 £ M-5 £ M-7 £

Hedged HedgedTotal net asset value30 June 2015 € 20,008,113 - GB£ 2,180,039 - GB£ 42,637,34830 June 2014 GB£ 52,428,204 - GB£ 9,635,512 GB£ 6,381,787 GB£ 46,443,28930 June 2013 GB£ 147,195,532 GB£ 2,474,208 GB£ 39,754,236 GB£ 6,608,851 GB£ 49,247,062Net asset value per share30 June 2015 GB£ 158.21 - GB£ 151.70 - GB£ 191.2730 June 2014 GB£ 145.47 - GB£ 140.21 GB£ 127.45 GB£ 172.6330 June 2013 GB£ 120.47 GB£ 137.37 GB£ 116.68 GB£ 116.72 GB£ 157.47

MGI Global Equity Fund Class Class Class Class(continued) M-3 € M-9 £ Z-1 £ Z-1 €

HedgedTotal net asset value30 June 2015 € 20,008,113 - € 13,479,913.00 -30 June 2014 € 22,393,274 GB£ 3,483,006 GB£ 11,250,471 € 10,243,13330 June 2013 € 3,525,384 GB£ 3,111,110 GB£ 19,106,546 € 8,462,472Net asset value per share30 June 2015 € 134.79 - GB£ 159.88 -30 June 2014 € 124.33 GB£ 127.98 GB£ 143.43 € 204.3930 June 2013 € 103.32 GB£ 117.55 GB£ 130.04 € 173.14


Total net asset value30 June 2015 € 11,287,500 € 655,841 GB£ 809,92330 June 2014 € 9,691,922 € 703,513 GB£ 759,79230 June 2013 € 8,634,172 € 1,083,395 GB£ 700,987Net asset value per share30 June 2015 € 103.56 € 101.89 GB£ 111.2130 June 2014 € 79.68 € 78.55 GB£ 96.2330 June 2013 € 76.89 € 75.96 GB£ 98.89

335MGI Funds plc




Total net asset value30 June 2015 € 7,583,222 GB£ 751,04130 June 2014 € 8,355,527 GB£ 710,33930 June 2013 € 8,829,488 GB£ 626,278Net asset value per share30 June 2015 € 216.24 GB£ 215.7530 June 2014 € 190.24 GB£ 213.4630 June 2013 € 173.22 GB£ 206.98

MGI UK Bond Fund Class Class Class ClassI-1 £ M-1 £ M-2 £ M-7 £

Total net asset value30 June 2015 GB£ 3,665,811 GB£ 10,154,851 GB£ 24,253,962 GB£ 2,850,30530 June 2014 GB£ 2,102,338 GB£ 9,512,386 GB£ 25,040,947 GB£ 34,639,39230 June 2013 GB£ 2,144,545 GB£ 12,445,333 GB£ 26,529,271 GB£ 44,771,443Net asset value per share30 June 2015 GB£ 168.74 GB£ 158.26 GB£ 155.75 GB£ 164.0330 June 2014 GB£ 157.05 GB£ 147.59 GB£ 145.39 GB£ 152.8530 June 2013 GB£ 149.78 GB£ 141.04 GB£ 139.09 GB£ 145.93

MGI UK Bond Fund Class(continued) Z-1 £Total net asset value30 June 2015 GB£ 24,822,21730 June 2014 GB£ 28,507,87130 June 2013 GB£ 29,919,388Net asset value per share30 June 2015 GB£ 176.4630 June 2014 GB£ 163.6630 June 2013 GB£ 155.54

MGI UK Cash Fund Class Class Class Class ClassI-1 £ M-2 £ M-3 £ M-4 £ M-6 £

Total net asset value30 June 2015 € 7,880,196 € 80,611,301 € 35,142,703 € 14,738,805 € 1,888,94930 June 2014 GB£ 13,876,905 GB£ 3,478,395 - GB£ 1,084,435 -30 June 2013 GB£ 10,157,185 - - GB£ 303,405 -Net asset value per share30 June 2015 € 113.83 € 99.99 € 99.98 € 99.91 € 99.8530 June 2014 GB£ 113.57 GB£ 121.19 - GB£ 99.38 -30 June 2013 GB£ 113.34 - - GB£ 99.58 -

MGI UK Cash Fund Class Class(continued) M-7 £ Class Z-1 £Total net asset value30 June 2015 € 15,823,766 € 3,118,02430 June 2014 GB£ 19,027,849 -30 June 2013 GB£ 390,669 -Net asset value per share30 June 2015 € 111.12 € 100.2030 June 2014 GB£ 110.99 -30 June 2013 GB£ 110.87 -

336MGI Funds plc



MGI UK Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 £ M-2 £

Total net asset value30 June 2015 € 16,530,747 GB£ 9,254,321 € 1,081,182 GB£ 5,358,646 GB£ 18,296,23030 June 2014 € 17,263,704 GB£ 9,558,214 € 1,101,922 GB£ 21,000,690 GB£ 20,787,44130 June 2013 € 16,023,605 GB£ 11,461,448 € 1,202,909 GB£ 29,845,931 GB£ 19,787,794Net asset value per share30 June 2015 € 139.84 134.88 € 137.33 GB£ 125.66 GB£ 204.3730 June 2014 € 118.54 GB£ 129.22 € 116.64 GB£ 120.63 GB£ 196.3830 June 2013 € 97.94 GB£ 114.26 € 96.57 GB£ 106.88 GB£ 174.18

MGI UK Equity Fund Class Class(continued) M-7 £ Z-1 £Total net asset value30 June 2015 GB£ 4,535,933 GB£ 10,919,61530 June 2014 GB£ 6,133,528 GB£ 9,097,27430 June 2013 GB£ 15,360,703 GB£ 15,264,644Net asset value per share30 June 2015 GB£ 154.84 GB£ 141.6930 June 2014 GB£ 148.49 GB£ 135.0730 June 2013 GB£ 131.43 GB£ 118.83


Total net asset value30 June 2015 € 55,926,622 € 3,149,182 GB£ 1,873,45030 June 2014 € 51,009,148 € 2,903,013 GB£ 1,722,81230 June 2013 € 44,145,725 € 3,581,005 GB£ 1,566,983Net asset value per share30 June 2015 € 188.20 € 184.88 GB£ 194.5330 June 2014 € 142.68 € 140.44 GB£ 165.8530 June 2013 € 123.06 € 121.38 GB£ 152.34

MGI UK Inflation Linked Bond Fund Class Class Class Class ClassM-1 £ M-1 £ M-4 £ M-6 £ M-7 £

DistributingTotal net asset value30 June 2015 GB£ 399,784,349 - GB£ 53,166,020 GB£ 19,393,787 GB£ 186,969,01830 June 2014 GB£ 389,730,836 GB£ 37,619,739 GB£ 49,285,364 GB£ 12,278,059 GB£ 113,584,08330 June 2013 GB£ 240,923,796 - GB£ 36,967,503 GB£ 4,334,124 GB£ 93,007,525Net asset value per share30 June 2015 GB£ 159.93 - GB£ 156.98 GB£ 113.32 GB£ 162.4930 June 2014 GB£ 138.71 GB£ 102.20 GB£ 136.56 GB£ 99.07 GB£ 141.0730 June 2013 GB£ 133.55 - GB£ 131.88 GB£ 96.16 GB£ 135.97

MGI UK Inflation Linked Bond Fund Class(continued) Z-1 £Total net asset value30 June 2015 GB£ 12,162,25630 June 2014 GB£ 8,807,66430 June 2013 GB£ 8,748,487Net asset value per share30 June 2015 GB£ 166.8730 June 2014 GB£ 144.2330 June 2013 GB£ 138.38

337MGI Funds plc




Total net asset value30 June 2015 GB£ 119,906,134 GB£ 9,085,261 GB£ 4,194,477 GB£ 2,679,080 GB£ 33,376,20230 June 2014 GB£ 28,555,397 GB£ 8,592,544 GB£ 7,456,656 GB£ 4,668,709 GB£ 22,623,58430 June 2013 GB£ 80,229,204 GB£ 6,999,155 GB£ 1,226,223 GB£ 4,409,406 GB£ 17,879,145Net asset value per share30 June 2015 GB£ 161.60 GB£ 158.03 GB£ 121.38 GB£ 108.69 GB£ 160.4030 June 2014 GB£ 139.73 GB£ 137.06 GB£ 105.38 GB£ 94.94 GB£ 138.8330 June 2013 GB£ 133.22 GB£ 131.05 GB£ 100.86 GB£ 91.42 GB£ 132.48

MGI Emerging Markets Debt Fund Class Class Class Class ClassM-3 € M-2 £ M-3 £ M-4 £ Z-1 £

Total net asset value30 June 2015 € 429,200,724 GB£ 429,316,736 GB£ 62,263,979 GB£ 14,240,732 -30 June 2014 € 303,327,634 GB£ 398,144,399 GB£ 51,931,210 GB£ 14,079,327 GB£ 7,338,08230 June 2013 € 312,305,251 GB£ 410,232,322 GB£ 65,242,901 GB£ 11,757,899 GB£ 15,676,351Net asset value per share30 June 2015 € 107.72 GB£ 86.03 GB£ 85.45 GB£ 86.72 -30 June 2014 € 105.14 GB£ 94.77 GB£ 94.27 GB£ 95.82 GB£ 93.6630 June 2013 € 108.89 GB£ 104.89 GB£ 104.50 GB£ 106.38 GB£ 102.69

MGI Emerging Markets Debt Fund Class Class Class(continued) Z-1 € M-2 £ M-6 £

DistributingTotal net asset value30 June 2015 € 41,018,787 GB£ 33,929,150 GB£ 982,50530 June 2014 € 139,930,913 GB£ 23,889,399 GB£ 940,55030 June 2013 € 2,881,650 - -Net asset value per share30 June 2015 € 95.20 GB£ 89.65 GB£ 93.6830 June 2014 € 91.91 GB£ 103.93 GB£ 103.8230 June 2013 € 94.13 - -

Mercer Global Small Cap Equity Fund Class Class Class Class ClassM-4 € M-3 £ M-3 £ M-5 £ M-7 £

DistributingTotal net asset value30 June 2015 € 196,682,896 GB£ 416,711,348 GB£ 31,330,253 GB£ 31,792,674 GB£ 2,080,03930 June 2014 € 128,434,981 GB£ 391,233,432 GB£ 27,694,341 GB£ 31,658,164 GB£ 2,139,75930 June 2013 € 74,671,140 GB£ 234,128,155 - GB£ 18,285,307 -Net asset value per share30 June 2015 € 187.49 GB£ 155.33 GB£ 117.48 GB£ 154.03 GB£ 117.1330 June 2014 € 147.39 GB£ 137.89 GB£ 104.35 GB£ 137.01 GB£ 104.4430 June 2013 € 124.49 GB£ 124.54 - GB£ 123.99 -

Mercer Global Small Cap Equity Fund Class Class Class(continued) Z-1 CAD Z-1 € M-8 $Total net asset value30 June 2015 CA$ 240,306,704 € 7,701,200 US$ 9,915,14330 June 2014 - € 60,864,181 -30 June 2013 - € 40,059,662 -Net asset value per share30 June 2015 CA$ 119.37 € 180.12 US$ 99.1530 June 2014 - € 139.93 -30 June 2013 - € 116.78 -

338MGI Funds plc



Mercer Low Volatility Equity Fund Class Class Class Class ClassM-3 € M-3 € M-3 £ M-3 £ M-3 £

Hedged Distributing HedgedTotal net asset value30 June 2015 € 325,492,595 € 44,304,047 GB£ 193,730,766 GB£ 36,432,272 GB£ 122,279,44030 June 2014 € 319,151,428 - GB£ 196,974,414 GB£ 33,071,786 GB£ 105,384,78430 June 2013 € 272,359,919 - GB£ 356,373,571 - -Net asset value per share30 June 2015 € 188.59 € 107.87 GB£ 142.01 GB£ 116.22 GB£ 125.7530 June 2014 € 150.97 - GB£ 128.50 GB£ 105.93 GB£ 115.7830 June 2013 € 133.80 - GB£ 121.90 - -

Mercer Low Volatility Equity Fund Class Class Class Class Class(continued) M-5 £ M-5 £ M-5 $ M-7 £ M-7 £

Hedged HedgedTotal net asset value30 June 2015 GB£ 11,055,133 GB£ 6,550,860 US$ 17,817,165 GB£ 543,631 GB£ 547,97730 June 2014 GB£ 11,396,896 GB£ 8,054,862 US$ 17,535,897 GB£ 609,711 GB£ 619,19430 June 2013 GB£ 30,233,164 - US$ 14,764,874 - -Net asset value per share30 June 2015 GB£ 140.83 GB£ 125.27 US$ 128.86 GB£ 116.70 GB£ 119.0130 June 2014 GB£ 127.69 GB£ 115.55 US$ 127.01 GB£ 106.02 GB£ 110.0030 June 2013 GB£ 121.39 - US$ 107.08 - -

Mercer Low Volatility Equity Fund Class Class(continued) Z-1 € Z-1 £Total net asset value30 June 2015 € 20,444,863 -30 June 2014 € 15,832,259 GB£ 13,219,31430 June 2013 € 15,170,047 GB£ 29,421,913Net asset value per share30 June 2015 € 150.50 -30 June 2014 € 119.29 GB£ 122.5830 June 2013 € 104.67 GB£ 115.12

Mercer Diversified Growth Fund Class Class Class Class ClassM-4 € M-5 € M-6 € M-6 £ M-2 £

Hedged HedgedTotal net asset value30 June 2015 € 240,226,116 € 35,530,892 € 62,146,676 GB£ 5,848,669 GB£ 779,277,54930 June 2014 € 114,615,475 - € 29,684,977 - GB£ 542,831,70730 June 2013 € 16,625,674 - € 975,642 - GB£ 297,084,843Net asset value per share30 June 2015 € 156.79 € 112.07 € 126.02 GB£ 96.75 GB£ 122.7130 June 2014 € 130.79 - € 122.38 - GB£ 115.6330 June 2013 € 116.94 - € 107.17 - GB£ 110.58

Mercer Diversified Growth Fund Class Class Class Class Class(continued) M-6 £ M-8 € M-8 € M-10 $ M-12 £

HedgedTotal net asset value30 June 2015 GB£ 5,706,368 € 6,283,062 € 820,489 US$ 55,448,672 GB£ 26,736,30030 June 2014 - - - US$ 57,096,326 GB£ 15,571,03630 June 2013 - - - US$ 48,700,312 GB£ 14,477,139Net asset value per share30 June 2015 GB£ 93.80 € 97.08 € 96.74 US$ 113.77 GB£ 105.8830 June 2014 - - - US$ 117.22 GB£ 100.5930 June 2013 - - - US$ 100.02 GB£ 97.05

339MGI Funds plc


Mercer Diversified Growth Fund Class Class(continued) M-12 £ Z-1 €

HedgedTotal net asset value30 June 2015 GB£ 5,203,217 € 39,589,40630 June 2014 - € 33,119,79730 June 2013 - € 26,140,820Net asset value per share30 June 2015 GB£ 102.27 € 159.1130 June 2014 - € 132.3530 June 2013 - € 117.99


Total net asset value30 June 2015 US$ 233,146,658 NOK 10,048,08230 June 2014 US$ 207,100,035 NOK 388,829,81530 June 2013 US$ 219,148,671 NOK 233,100,742Net asset value per share30 June 2015 US$ 158.84 NOK 1,853.5230 June 2014 US$ 155.96 NOK 1,436.8830 June 2013 US$ 126.02 NOK 1,168.92

Mercer Global High Yield Bond Fund Class Class Class Class ClassM-1 AUD M-1 £ M-1 £ M-1 £ M-2 £Hedged Hedged Hedged

DistributingTotal net asset value30 June 2015 AUD 184,357,972 GB£ 29,077,598 GB£ 56,021,217 - GB£ 22,121,43630 June 2014 - GB£ 3,458,620 GB£ 57,336,383 GB£ 37,551,489 GB£ 648,13730 June 2013 - - GB£ 168,787,064 - -Net asset value per share30 June 2015 AUD 101.90 GB£ 103.52 GB£ 123.98 GB£ 103.3630 June 2014 - GB£ 100.67 GB£ 125.68 GB£ 104.22 GB£ 100.5830 June 2013 - - GB£ 111.76 - -

Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) M-2 £ M-2 £ M-2 £ M-3 € M-3 £

Distributing Hedged HedgedDistributing

Total net asset value30 June 2015 GB£ 10,567,992 GB£ 1,769,183 - € 3,995,884 GB£ 23,265,78230 June 2014 GB£ 5,652,748 GB£ 651,575 GB£ 22,867,913 - GB£ 2,090,19730 June 2013 - GB£ 28,993,296 - - -Net asset value per share30 June 2015 GB£ 96.80 GB£ 123.65 - € 103.16 GB£ 103.0130 June 2014 GB£ 94.83 GB£ 125.44 GB£ 106.27 - GB£ 100.4430 June 2013 - GB£ 111.73 - - -

Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) M-3 £ M-3 € M-4 £ M-4 $ M-4 £

Hedged Hedged HedgedTotal net asset value30 June 2015 GB£ 7,868,657 € 44,268,668 GB£ 2,916,091 US$ 74,273,632 GB£ 7,756,94630 June 2014 GB£ 8,915,427 € 48,676,452 GB£ 3,322,752 US$ 120,034,588 GB£ 2,871,01530 June 2013 GB£ 41,953,963 € 30,176,095 GB£ 6,930,979 US$ 18,056,288 -Net asset value per share30 June 2015 GB£ 123.24 € 114.88 GB£ 122.48 US$ 111.60 GB£ 102.6130 June 2014 GB£ 125.24 € 116.82 GB£ 124.70 US$ 118.46 GB£ 100.2130 June 2013 GB£ 111.57 € 104.43 GB£ 111.30 US$ 104.54 -


340MGI Funds plc



Mercer Global High Yield Bond Fund Class Class Class(continued) M-5 £ Z-1 AUD Z-1 €

Hedged HedgedTotal net asset value30 June 2015 GB£ 366,137 - € 40,360,81830 June 2014 - AUD 181,051,106 € 125,618,84730 June 2013 - - € 123,599,73Net asset value per share30 June 2015 GB£ 97.59 - € 116.7930 June 2014 - AUD 108.07 € 118.0230 June 2013 - - € 104.46

Mercer Short Duration Global Bond Fund 1 Class Class Class ClassM-1 NOK M-2 € M - 2 SEK M-3 €

Hedged Hedged Hedged HedgedTotal net asset value30 June 2015 NOK 2,592,057,442 € 73,150,508 SEK 226,857,669 € 8,233,85530 June 2014 NOK 2,174,426,087 € 11,354,347 SEK 233,290,930 -30 June 2013 NOK 1,062,353,278 € 6,100,608 - -Net asset value per share30 June 2015 NOK 1,064.27 € 103.38 SEK 1,017.97 € 99.6030 June 2014 NOK 1,047.99 € 103.43 SEK 1,016.81 -30 June 2013 NOK 1,000.28 € 100.24 - -

Mercer Short Duration Global Bond Fund 2 Class Class Class Class ClassM-1 NOK M-1 € M-2 € M-2 SEK M-3 €

Hedged Hedged Hedged Hedged HedgedTotal net asset value30 June 2015 NOK 2,719,237,752 € 26,223,525 € 31,662,976 € 203,856,521 SEK 7,620,12530 June 2014 NOK 1,826,712,484 € 6,381,724 € 16,237,243 SEK 233,101,219 -30 June 2013 NOK 669,384,922 - € 6,087,211 - -Net asset value per share30 June 2015 NOK 1,055.19 € 101.55 € 101.43 € 1,015.10 SEK 99.4330 June 2014 NOK 1,041.12 € 101.67 € 101.71 SEK 1,016.07 -30 June 2013 NOK 1,009.36 - € 100.12 - -

Mercer Global Buy & Maintain Credit Fund Class Class Class Class ClassM-1 £ M-1 € M-3 € M-3 £ Z-1 €

Hedged Hedged Hedged Hedged HedgedTotal net asset value30 June 2015 GB£ 337,668,981 € 130,854,132 € 3,117,704 GB£ 3,628,642 € 31,132,88730 June 2014 GB£ 310,785,865 € 44,441,682 - - € 92,279,67230 June 2013 GB£ 137,000,422 € 12,554,350 - - € 90,958,802Net asset value per share30 June 2015 GB£ 108.08 € 106.16 € 99.90 GB£ 101.36 € 107.2830 June 2014 GB£ 105.45 € 104.22 - - € 105.0130 June 2013 GB£ 98.93 € 98.11 - - € 98.55

341MGI Funds plc


Mercer Passive Global Equity Fund Class Class Class Class ClassM-1 € M-1 € M-2 £ M-2 £ M-2 €

Hedge Hedge HedgeTotal net asset value30 June 2015 € 180,407,755 € 57,623,168 GB£ 3,530,944 GB£ 6,258,128 € 29,932,61430 June 2014 € 64,198,082 € 20,933,759 - GB£ 7,422,696 € 18,549,132Net asset value per share30 June 2015 € 131.83 € 112.69 GB£ 107.17 GB£ 112.17 € 117.6330 June 2014 € 106.02 € 104.58 - GB£ 103.95 € 109.26

Mercer Passive Global Equity Fund Class Class Class(continued) Z-1 $* Z-1 € Z-1 €

HedgedTotal net asset value30 June 2015 US$ 160,597,346 € 27,384,436 € 32,740,80830 June 2014 US$ 158,386,346 € 22,557,164 € 23,764,885Net asset value per share30 June 2015 US$ 114.01 € 13.20 € 11.3030 June 2014 US$ 112.44 € 10.59 € 10.46


Total net asset value30 June 2015 € 193,543,428 -30 June 2014 € 171,901,037 € 4,679,645Net asset value per share30 June 2015 € 113.03 -30 June 2014 € 106.48 € 106.45

Mercer Euro Nominal Bond Long Duration Fund Class Class Class Class ClassM - 1 € M - 3 € M - 4 € M - 6 € M - 7 €

Total net asset value30 June 2015 € 64,544,708 € 25,811,192 € 193,522,105 € 244,707,810 € 200,894,59830 June 2014 € 46,319,913 € 4,554,929 € 145,676,819 € 201,210,219 € 177,515,688Net asset value per share30 June 2015 € 114.12 € 112.47 € 113.92 € 113.79 € 113.6030 June 2014 € 103.28 € 101.89 € 103.25 € 103.23 € 103.21

Mercer Euro Nominal Bond Long Duration Fund Class Class(continued) M - 8 € Z - 1 €Total net asset value30 June 2015 € 53,188,014 € 15,141,40030 June 2014 € 44,920,903 € 13,689,149Net asset value per share30 June 2015 € 113.33 € 114.2530 June 2014 € 103.18 € 103.29

Mercer Diversified Retirement Fund ClassM-1 £

Total net asset value30 June 2015 GB£ 27,130,33730 June 2014 -Net asset value per share30 June 2015 GB£ 93.7030 June 2014 -

*All of this share class is owned by Mercer Diversified Growth Fund.


342MGI Funds plc


Soft commissions arrangements

Sub-Investment Managers appointed by the Investment Manager may be entitled to effect transactions with or through theagency of another person with whom the Sub-Investment Manager has an arrangement under which that person will from timeto time provide to or procure for the Sub-Investment Manager services or other benefits, the nature of which are such that theyare lawful and appropriate aids to the Sub Investment Manager in carrying out its investment decision making responsibilitiesand in the provision of investment services to the Company and for which it makes no direct payment. Any such arrangementsshall be provided for best execution standards. Such benefits may not directly accrue to the Company.

One Sub-Investment manager appointed by the Investment Manager entered into soft commission agreements during theperiod ended 30 June 2014, the benefit to the MGI Emerging Markets Equity Fund of which is the provision of assistance toanalysts and portfolio managers. All services for which soft commissions are used are research related.

There were no other soft commission arrangements in place during the year ended 30 June 2015.

Exchange rates

The applicable year end exchange rates were as follows:

As at As at30 June 2015 30 June 2014

Exchange Rate Exchange Rateto € to €

Australian Dollar 1.4496 1.4506Brazilian Real 3.4612 3.0177British Pound 0.7085 0.8007Canadian Dollar 1.3910 1.4584Chilean Peso 712.5643 758.0574Chinese Yuan Renimbi 6.9092 -Colombian Peso 2,896.4741 2,573.6603Czech Koruna 27.2595 27.4500Danish Krone 7.4599 7.4553Hong Kong Dollar 8.6379 10.6114Hungarian Forint 315.2700 309.5101Indian Rupee 70.9523 82.3475Indonesian Rupiah 14,855.0704 16,231.2769Israeli Shekel 4.2032 4.6945Japanese Yen 136.3391 138.7018Kenyan Shilling 110.5843 119.9786Korean Won 1,242.8343 1,385.3063Malaysian Ringitt 4.2039 4.3963Mexican Peso 17.4825 17.7620New Romanian Leu 4.4780 4.3837New Zealand Dollar 1.6475 1.5638Nigerian Naira 221.6144 222.9661Norwegian Krone 8.7660 8.4015Pakistani Rupee 1.6475 -Peruvian Nouveau Sol 3.5405 3.8240Philippines Peso 50.2393 59.7634Polish Zloty 4.1904 4.1577Qatari Rial 4.0571 4.9845Russian Ruble 62.0775 46.6229Serbian Dinar - 115.8370Singapore Dollar 1.5003 1.7069South African Rand 13.5239 14.5660Swedish Krone 9.2451 9.1532Swiss Franc 1.0413 1.2142

343MGI Funds plc


Exchange rates (continued)

The applicable year end exchange rates were as follows:

As at As at30 June 2015 30 June 2014

Exchange Rate Exchange Rateto € to €

Taiwan Dollar 34.3781 40.8801Thailand Baht 37.6327 44.4358Turkish Lira 2.9849 2.9030United Arab Emirates Dirham 4.0924 -Uruguayan Peso 30.0388 -US Dollar 1.1142 1.3692

The applicable average exchange rates were as follows:


British Pound 0.7564 0.8317Japanese Yen 137.3687 137.4999US Dollar 1.1903 1.3606

344MGI Funds plc

MGI

Fun

ds p

lcSu

pple

men

tal U

naud

ited

Info

rmat

ion

(con

tinue

d)

Adju

stm

ent f

rom

bid

mar

ket p

rices

to la

st tr

aded

mar

ket p

rices

In ac

cord

ance

with

the p

rovisi

ons o

f the P

rospe

ctus,

listed

inve

stmen

ts an

d inv

estm

ents

with

price

s quo

ted b

y ove

r the

coun

ter m

arkets

or b

y mark

et ma

kers

are st

ated

at the

last

trade

d pr

ice on

the v

aluati

on d

ay fo

r the

purp

ose o

fde

termi

ning

Net A

sset

Value

per

Share

for s

ubsc

riptio

ns a

nd re

demp

tions

and

for v

ariou

s fee

calc

ulatio

ns. H

owev

er as

state

d in

the a

ccou

nting

poli

cy fo

r the

purp

ose

of co

mplia

nce

with

Irish

GAAP

and

for r

eport

ing p

urpos

es, t

heCo

mpan

y valu

es its

inve

stmen

ts at

the re

levan

t bid

marke

t pric

es on

the B

alanc

e She

et da

te. A

s at 3

0 Jun

e 201

4, the

diffe

rence

betw

een t

he va

luatio

n of in

vestm

ents

stated

in th

e fina

ncial

state

ments

and v

aluati

on m

ethod

ology

indic

ated

in the

Pros

pectu

s, res

ults i

n cha

nges

in th

e valu

e of in

vestm

ents.

The d

ifferen

ces d

escri

bed

abov

e are

show

n as “

Adjus

tmen

t from

bid

marke

t pric

es to

last

trade

d pr

ices”

on th

e tab

les b

elow.

30 J

une

2014

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

espe

r fin

ancia

l sta

tem

ents

(a

t bid

mar

ket p

rices

)

Adjus

tmen

ts fro

m bid

mark

et pri

ces

to las

ttrad

ed m

arket

price

sAd

justm

ent fo

r sha

re ca

pital

activi

ty 30

June

2014

Net a

sset

s at

tribu

tabl

e to

rede

emab

lepa

rticip

atin

g sh

areh

olde

rs(a

t las

t tra

ded

mar

ket p

rices

)

MGI

Emer

ging

Mark

ets

Equi

ty F

und

US$

1,495

,402,1

45

2,739

,612 -

––––––

––––––

–

1,498

,141,7

57–––

––––––

––––

––––––

––––––

–

MGI

Euro

Bon

dFu

nd €

17,12

8,951

6,631 -

––––––

––––––

–

17,13

5,582

––––––

––––––

––––

––––––

––––

MGI

Euro

Cas

hFu

nd €

113,7

27,76

2 - -–––

––––––

––––

113,7

27,76

2–––

––––––

––––

––––––

––––––

–

MGI

Euro

zone

Equi

ty F

und €

155,7

76,30

0

16,82

4 -–––

––––––

––––

155,7

93,12

4–––

––––––

––––

––––––

––––––

–

MGI

Glob

alBo

nd F

und

US$

6,069

,311

1,198 -

––––––

––––––

–

6,070

,509

––––––

––––––

––––

––––––

––––

MGI

Glob

alEq

uity

Fun

dUS

$

1,070

,565,0

38

414,5

86 -–––

––––––

––––

1,070

,979,6

24–––

––––––

––––

––––––

––––––

–

MGI

Japa

nese

Equi

ty F

und ¥

1,571

,991,7

50

1,481

,900 -

––––––

––––––

–

1,573

,473,6

50–––

––––––

––––

––––––

––––––

–

MGI

Pacif

icBa

sin(E

x Jap

an)

Equi

ty F

und

US$

12,65

0,001

4,543 -

––––––

––––––

–

12,65

4,544

––––––

––––––

––––

––––––

––––

MGI

UK B

ond

Fund GB

£

99,58

4,696

218,2

38

15,45

8,361

––––––

––––––

–

115,2

61,29

5–––

––––––

––––

––––––

––––––

–

MGI

UK C

ash

Fund GB

£

37,46

7,584 - -

––––––

––––––

–

37,46

7,584

––––––

––––––

––––

––––––

––––

MGI

UK E

quity

Fund GB

£

81,25

0,589

32,71

4 -–––

––––––

––––

81,28

3,303

––––––

––––––

––––

––––––

––––

MGI

U.S.

Equ

ityFu

nd US$

76,74

5,809

13,78

9 -–––

––––––

––––

76,75

9,598

––––––

––––––

––––

––––––

––––

MGI

UK In

flatio

nLi

nked

Bond

Fun

dGB

£

611,3

05,74

5 - -–––

––––––

––––

611,3

05,74

5–––

––––––

––––

––––––

––––––

–

MGI

UK L

ong

Gilt

Fund GB

£

71,89

6,890 - -

––––––

––––––

–

71,89

6,890

––––––

––––––

––––

––––––

––––

345MGI Funds plc

MGI

Fun

ds p

lcSu

pple

men

tal U

naud

ited

Info

rmat

ion

(con

tinue

d)

Adju

stm

ent f

rom

bid

mar

ket p

rices

to la

st tr

aded

mar

ketp

rices

(con

tinue

d)

30 J

une

2014

Net a

sset

s at

tribu

tabl

e to

hol

ders

of re

deem

able

parti

cipat

ing

shar

espe

r fin

ancia

l sta

tem

ents

(a

t bid

mar

ket p

rices

)

Adjus

tmen

ts fro

m bid

mark

et pri

ces

to las

ttrad

ed m

arket

price

sAd

justm

ent fo

r sha

re ca

pital

activi

ty 30

June

2014

Net a

sset

s at

tribu

tabl

e to

rede

emab

lepa

rticip

atin

g sh

areh

olde

rs(a

t las

t tra

ded

mar

ket p

rices

)

MGI

Emer

ging

Mark

ets

Debt

Fun

dUS

$

1,452

,601,4

07

2,923

,447 -

––––––

––––––

–

1,455

,524,8

54–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

Small

Cap

Equi

ty F

und

US$

1,032

,186,1

35

1,085

,401 -

––––––

––––––

–

1,033

,271,5

36–––

––––––

––––

––––––

––––––

–

Merc

erLo

wVo

latilit

yEq

uity

Fun

dUS

$

1,106

,958,2

74

720,7

76 -–––

––––––

––––

1,107

,679,0

50–––

––––––

––––

––––––

––––––

–

Merc

erDi

vers

ified

Grow

thFu

nd US$

1,253

,826,8

19

968,8

12 -–––

––––––

––––

1,254

,795,6

31–––

––––––

––––

––––––

––––––

–

MGI

DAM

Multi

-Ma

nage

rGl

obal

Equi

ty F

und

US$

270,3

36,48

8

129,0

63 -–––

––––––

––––

270,4

65,55

1–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

High

Yiel

dBo

nd F

und

US$

775,2

14,74

4

2,895

,790 -

––––––

––––––

–

778,1

10,53

4–––

––––––

––––

––––––

––––––

–

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 1

US$

404,1

60,42

1

635,8

23 -–––

––––––

––––

404,7

96,24

4–––

––––––

––––

––––––

––––––

–

Merc

erSh

ort

Dura

tion

Glob

al Bo

ndFu

nd 2

US$

363,1

60,51

6

365,2

83 -–––

––––––

––––

363,5

25,79

9–––

––––––

––––

––––––

––––––

–

Merc

erGl

obal

Buy &

Main

tain

Cred

it Fu

nd US$

717,0

91,63

8

1,497

,315 -

––––––

––––––

–

718,5

88,95

3–––

––––––

––––

––––––

––––––

–

Merc

erPa

ssive

Glob

alEq

uity

Fun

dUS

$

376,3

41,52

0

113,2

00 -–––

––––––

––––

376,4

54,72

0–––

––––––

––––

––––––

––––––

–

Merc

erEu

ro O

ver

5 Yea

r Bon

dFu

nd €

176,4

84,47

4

96,20

8 -–––

––––––

––––

176,5

80,68

2–––

––––––

––––

––––––

––––––

–

Merc

erEu

ro N

omin

alBo

nd L

ong

Dura

tion

Fund €

632,9

53,94

0

933,6

80 -–––

––––––

––––

633,8

87,62

0–––

––––––

––––

––––––

––––––

–

MGI

Fund

s plc €

9,723

,024,5

17

11,97

3,878

19,30

6,058

––––––

––––––

–

9,754

,304,4

53–––

––––––

––––

––––––

––––––

–

346MGI Funds plc


(Unaudited) Significant Portfolio Movements

CostPurchases US$’000

Housing Development Finance 11,766Cairn India 11,430Infosys - ADR 10,884Taiwan Semiconductor Manufacturing - ADR 10,880MediaTek 9,644Tenaga Nasional 9,394Ambev - ADR 8,935China Mobile - ADR 8,743Bajaj Auto 8,506Tencent Holdings 8,025MTN Group 7,960Itau Unibanco Holding - ADR 7,282Tata Motors - ADR 6,775Inotera Memories 6,530Cielo 6,038Qatar Electricity & Water 6,010First Gulf Bank 5,997Naspers 5,954Sands China 4,859Samsung Electronics - GDR 4,789

ProceedsSales US$’000

Sanlam 12,357MTN Group 12,324China Mobile 11,321PTT 10,930Infosys - ADR 10,308Taiwan Semiconductor Manufacturing - ADR 9,120America Movil - ADR 7,874SABMiller 7,790Housing Development Finance 7,622China Mobile - ADR 7,582Samsung Electronics 7,541Itau Unibanco Holding - ADR 7,450Yum! Brands 7,308Tupras Turkiye Petrol Rafinerileri 7,191Tata Motors - ADR 6,768Bank of China 6,374China Shenhua Energy 6,246Belle International Holdings 6,208Hyundai Mobis 5,991MediaTek 5,818


CostPurchases €’000

PIMCO Euro Credit Fund - Accumulation 2,575Italy Buoni Poliennali Del Tesoro 4.25% due 01/09/2019 207France (Government of) 5.75% due 25/10/2032 200Italy Buoni Poliennali Del Tesoro 6.00% due 01/05/2031 199France (Government of) 2.50% due 25/10/2020 192France (Government of) 4.00% due 25/10/2038 182Italy Buoni Poliennali Del Tesoro 5.00% due 01/03/2022 178France (Government of) 2.25% due 25/05/2024 173Bundesrepublik Deutschland 6.25% due 04/01/2024 164France (Government of) 2.75% due 25/10/2027 163France (Government of) 6.00% due 25/10/2025 156Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 155Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 154France (Government of) 1.75% due 25/11/2024 152Italy Buoni Poliennali Del Tesoro 6.50% due 01/11/2027 147France (Government of) 2.50% due 25/05/2030 144Bundesrepublik Deutschland 1.50% due 15/05/2023 141Spain (Kingdom of) 5.90% due 30/07/2026 133Spain (Kingdom of) 2.75% due 31/10/2024 133Italy Buoni Poliennali Del Tesoro 4.50% due 01/03/2026 126

ProceedsSales €’000

PIMCO Euro Credit Fund - Accumulation 400Italy Buoni Poliennali Del Tesoro 3.75% due 01/08/2015 227Italy Buoni Poliennali Del Tesoro 3.75% due 15/04/2016 207Bundesrepublik Deutschland 3.50% due 04/01/2016 207Bundesrepublik Deutschland 3.25% due 04/07/2015 201Bundesrepublik Deutschland 2.75% due 08/04/2016 196Italy Buoni Poliennali Del Tesoro 3.00% due 15/06/2015 195France (Government of) 3.25% due 25/04/2016 176France (Government of) 3.00% due 25/10/2015 155Bundesrepublik Deutschland 1.75% due 09/10/2015 142France (Government of) 2.25% due 25/02/2016 133Spain (Kingdom of) 3.15% due 31/01/2016 123Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 123Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 123Netherlands (Kingdom of) 3.25% due 15/07/2015 113Spain (Kingdom of) 3.25% due 30/04/2016 103Spain (Kingdom of) 4.00% due 30/07/2015 83Italy Buoni Poliennali Del Tesoro 4.50% due 15/07/2015 62Austria (Government of) 3.50% due 15/07/2015 62Belgium (Government of) 3.75% due 28/09/2015 52Italy Buoni Poliennali Del Tesoro 4.50% due 01/03/2019 46Finland (Government of) 3.86% due 15/09/2017 44Slovakia (Government of) 3.50% due 24/02/2016 41Belgium (Kingdom of) 2.75% due 28/03/2016 41

347MGI Funds plc

MGI Funds plcMGI Euro Cash Fund

(Unaudited) Significant Portfolio Movements(continued)


BNP Paribas, 0.00% due 18/12/2014 75,744Lloyds Bank, 0.00% due 27/10/2014 71,999Calyon Corporate and Investment Bank, 0.02% due 19/12/2014 62,003Nordea Bank, (0.23)% due 19/03/2015 55,002Svenska Handelsbanken, 0.09% due 14/11/2014 51,595DNB Bank, 0.01% due 14/10/2014 44,998Standard Chartered, 0.01% due 30/03/2016 40,000Bank of Tokyo, 0.00% due 24/07/2015 32,001ING Bank, 0.02% due 24/11/2014 30,001Pohjola Bank, 0.03% due 14/07/2015 30,000Australia & New Zealand Banking Group, (0.25)% due 29/09/2015 28,000BNP Paribas, 0.06% due 18/12/2014 27,499Commonwealth Bank of Australia, (0.10)% due 30/07/2015 26,000Bank Nederlandse Gemeenten, (0.30)% due 29/07/2015 22,000Bank of Nova Scotia, (0.24)% due 29/09/2015 22,000Rabobank International Utrecht, (0.11)% due 09/03/2015 15,000Rabobank International Utrecht, 0.00% due 09/12/2015 14,999Credit Industrail et Commercia, (0.08)% due 26/06/2015 12,000Standard Chartered, 0.01% due 12/03/2015 10,000Pohjola Bank, 0.03% due 14/07/2015 10,000


Lloyds Bank, 0.00% due 27/10/2014 71,999BNP Paribas, 0.00% due 18/12/2014 61,496Calyon Corporate and Investment Bank, 0.02% due 19/12/2014 54,003Nordea Bank, (0.23)% due 19/03/2015 50,008DNB Bank, 0.01% due 14/10/2014 49,998Svenska Handelsbanken, 0.09% due 14/11/2015 49,583ING Bank, 0.02% due 24/11/2014 30,001BNP Paribas, (0.06)% due 18/12/2014 27,499Australia & New Zealand Banking Group, 0.05% due 18/09/2014 25,634Standard Chartered, (0.05)% due 12/06/2015 20,000Rabobank International, (0.11)% due 09/03/2015 15,000Pohjola Bank, 0.05% due 14/01/2015 15,000Credit Industrail et Commercia, (0.08)% due 26/06/2015 12,000Commonwealth Bank of Australia, 0.16% due 24/11/2014 11,001Toronto Dominion Bank, 0.03% due 03/07/2014 11,000Bank of Tokyo, 0.02% due 24/02/2015 11,000Bank of Nova Scotia, 0.14% due 21/07/2014 10,005Standard Chartered, 0.01% due 12/03/2015 10,000Bank of Nova Scotia, 0.18% due 22/07/2014 8,705Societe Generale, 0.09% due 11/08/2014 7,000Societe Generale, 0.05% due 12/01/2015 6,001Societe Generale, (0.25)% due 12/02/2015 6,001Calyon Corporate and Investment Bank, 0.11% due 18/06/2015 6,000Societe Generale, 0.09% due 11/11/2014 6,000Societe Generale, (0.06)% due 12/05/2015 5,999



Nokia 2,499Allianz 1,977Gamesa 1,914Daimler 1,848Zodiac Aerospace 1,604SAP 1,591Sanofi 1,528Societe Generale 1,351Muenchener Rueckversicherungs 1,345Thales 1,307Groupe Eurotunnel 1,300Intesa Sanpaolo 1,247Deutsche Telekom 1,235Rocket Internet 1,217UniCredit 1,186Airbus Group 1,181Royal Dutch Shell 1,174AXA 1,152Duerr 1,137Deutsche Boerse 1,044


SAP 3,237Total 2,766Bayer 2,723ING Groep 2,565Allianz 2,542UniCredit 2,514Muenchener Rueckversicherungs 2,472Anheuser-Busch 2,343Duerr 2,184BNP Paribas 2,102BASF 2,049Renault 2,021Sanofi 2,010Merck 1,991Valeo 1,920E.ON 1,857Fresenius 1,802Continental 1,619Arcadis 1,548Deutsche Boerse 1,534

348MGI Funds plc




CostPurchases* US$’000

PIMCO Global Investment Grade Credit Fund - Accumulation 235France (Government of) 5.75% due 25/10/2032 80United States Treasury Note 2.00% due 15/02/2025 60France (Government of) 3.25% due 25/10/2021 60Spain (Kingdom of) 6.00% due 31/01/2029 53United States Treasury Note 0.38% due 31/03/2016 50Italy Buoni Poliennali Del Tesoro 4.75% due 01/08/2023 47France (Government of) 4.00% due 25/04/2055 36Belgium (Government of) 3.75% due 28/09/2020 30Spain (Kingdom of) 4.20% due 31/01/2037 29Spain (Kingdom of) 5.50% due 30/07/2017 29Italy Buoni Poliennali Del Tesoro 4.00% due 01/02/2037 28Italy Buoni Poliennali Del Tesoro 4.50% due 01/08/2018 28Austria (Government of) 3.50% due 15/09/2021 28Japan Government Thirty Year Bond 2.00% due 20/09/2040 21

ProceedsSales* US$’000

PIMCO Global Investment Grade Credit Fund - Accumulation 325United States Treasury Note 1.25% due 30/09/2015 90United States Treasury Note 2.63% due 31/12/2014 90Netherlands (Kingdom of) 4.00% due 15/07/2019 90Bundesrepublik Deutschland 3.50% due 04/07/2019 38


Apple 8,266Taiwan Semiconductor Manufacturing - ADR 4,854Novartis 4,729Citigroup 4,721Roche Holding 4,442Bayer 4,420Micron Technology 4,353Freeport-McMoRan 4,271Itau Unibanco Holding - ADR 4,050Assa Abloy 4,044Volkswagen 3,804American International Group 3,790General Motors 3,789Bayerische Motoren Werke 3,529Toshiba 3,364Procter & Gamble 3,330Bank of America 3,289Philip Morris International 3,267Comcast -B Shares 3,233Teva Pharmaceutical Industries - ADR 3,182


Apple 16,336Roche Holding 13,054Novartis 11,401Unilever 8,297Vodafone Group 7,826Microsoft 7,248AstraZeneca 7,037Taiwan Semiconductor Manufacturing - ADR 6,889KDDI 6,149Gazprom - ADR 6,127Amazon.com 5,981Samsung Electronics 5,966Bayer 5,813Sanofi 5,805Yamaha Motor 5,699Johnson & Johnson 5,665Qualcomm 5,516Mitsubishi 5,491Philip Morris International 5,334East Japan Railway 5,332

*The above represents all purchase and sale transactions during the year.

349MGI Funds plc



CostPurchases JP¥’000

Mitsubishi 29,794Sysmex 17,761Nomura Real Estate Holdings 17,618Bridgestone 17,542Sumitomo Realty & Development 16,456Sompo Japan Nipponkoa Holdings 15,907Nidec 15,841Fast Retailing 15,602Toyota Motor 15,077Nippon Shokubai 14,660DIC 14,507Shimadzu 13,889JCR Pharmaceuticals 13,489Sawai Pharmaceutical 12,916Mitsui OSK Lines 12,618Otsuka Holdings 12,322Oriental Land 12,125Nissan Motor 11,630Japan Airlines 11,565Mitsubishi Materials 11,483Bandai Namco Holdings 10,500Nippon Telegraph & Telephone 10,026Sumitomo Mitsui Financial Group 9,706Suzuki Motor 9,636Tokyu Fudosan Holdings 9,587Toppan Printing 9,581Sumitomo Electric Industries 8,965H2O Retailing 8,938DENA 8,217Sumitomo 8,148Konica Minolta 7,840Sumco 7,735Haseko 7,596

ProceedsSales JP¥’000

Kubota 29,392Mitsui 25,863Toyota Motor 24,416Central Japan Railway 21,737SoftBank 20,079Tokyo Tatemono 19,946Kyowa Hakko Kirin 18,504Tokyu Fudosan Holdings 18,199Mitsubishi Gas Chemical 17,660Mitsubishi UFJ Financial Group 17,177JFE Holdings 16,671Sumitomo 16,618Nissan Motor 16,560Bridgestone 15,370Unicharm 15,313Japan Tobacco 14,936Fujitsu 14,339Sawai Pharmaceutical 13,768Seven & I Holdings 13,456Suzuken Japan 13,433MS&AD Insurance Group Holdings 13,334Hirose Electric 13,272ORIX 12,644Otsuka Holdings 12,337Sumitomo Electric Industries 11,934Nitto Denko 11,830Honda Motor 11,798Sekisui Chemical 11,205Dentsu 10,446Yamaha Motor 10,314J Front Retailing 10,239Hitachi 10,180Mitsui Fudosan 10,148Tokyo Gas 9,792Nomura Real Estate Holdings 9,747

350MGI Funds plc

MGI Funds plcMGI Pacific Basin (Ex Japan) Equity Fund


National Australia Bank 149Galaxy Entertainment Group 135Techtronic Industries 134Medibank Private 126StarHub 120ComfortDelGro 118Venture 107BHP Billiton 99CK Hutchison Holdings 99Westpac Banking 95Singapore Telecommunications 93Sands China 92AIA Group 84HKT Trust & HKT 82Telstra 81Orica 74Keppel Land 67Hang Seng Bank 67Brambles 64CSL 59Cheung Kong Holdings 54Swire Pacific 53China Pacific Insurance Group 50Commonwealth Bank of Australia 49Woolworths 49Australia & New Zealand Banking Group 48AGL Energy 45Woodside Petroleum 44UOL Group 43Hongkong Land Holdings 41Hutchison Whampoa 40United Overseas Bank 36Jardine Cycle & Carriage 32Incitec Pivot 27


Commonwealth Bank of Australia 247Cheung Kong Holdings 237BHP Billiton 209AIA Group 208Keppel 180United Overseas Bank 178Singapore Telecommunications 161Australia & New Zealand Banking Group 152National Australia Bank 150Woolworths 140Westpac Banking 138CSL 132Wing Hang Bank 129Jardine Cycle & Carriage 127Brambles 123Swire Pacific 119Incitec Pivot 118Woodside Petroleum 107Hutchison Whampoa 104Rio Tinto 97AGL Energy 97Wesfarmers 95Hongkong Land Holdings 95Telstra 92Jardine Strategic Holdings 89Keppel Land 87Newcrest Mining 85Capitaland 75Sands China 71James Hardie Industries 69DBS Group Holdings 69Sembcorp Industries 64CK Hutchison Holdings 59Television Broadcasts 50Jardine Matheson Holdings 48


351MGI Funds plc



CostPurchases GB£’000

United Kingdom (Government of) 3.50% due 22/01/2045 8,499United Kingdom (Government of) 1.25% due 22/07/2018 5,757United Kingdom (Government of) 3.25% due 22/01/2044 4,947United Kingdom (Government of) 4.25% due 07/06/2032 4,422United Kingdom (Government of) 4.25% due 07/09/2039 4,406Insight Liquidity Funds - GBP Liquidity Fund 3,930Italy Buoni Poliennali Del Tesoro 4.75% due 01/09/2044 3,053United Kingdom (Government of) 1.75% due 07/09/2022 2,394United Kingdom (Government of) 2.75% due 22/01/2015 1,957United Kingdom (Government of) 4.25% due 07/12/2040 1,933United Kingdom (Government of) 4.00% due 07/09/2016 1,412United Kingdom (Government of) 4.25% due 07/12/2055 1,347United Kingdom (Government of) 1.75% due 22/01/2017 1,184Insight Global Funds II - Insight Emerging Markets Debt Fund 1,165United Kingdom (Government of) 4.50% due 07/03/2019 1,131Kennedy Wilson Europe Real Estate 3.95% due 30/06/2022 1,053United Kingdom (Government of) 4.75% due 07/12/2030 1,013Royal Bank of Scotland 7.50% due 29/04/2024 865Bankia 3.50% due 17/01/2019 847Eastern Power Networks 6.25% due 12/11/2036 845

ProceedsSales GB£’000

United Kingdom (Government of) 3.50% due 22/01/2045 6,456United Kingdom (Government of) 1.25% due 22/07/2018 4,178United Kingdom (Government of) 4.25% due 07/06/2032 3,897Insight Liquidity Funds - GBP Liquidity Fund 3,745United Kingdom (Government of) 3.25% due 22/01/2044 3,451Italy Buoni Poliennali Del Tesoro 4.75% due 01/09/2044 3,383United Kingdom (Government of) 4.00% due 22/01/2060 2,067United Kingdom (Government of) 2.75% due 22/01/2015 2,041United Kingdom (Government of) 1.75% due 07/09/2022 1,953United Kingdom (Government of) 3.50% due 22/07/2068 1,923United Kingdom (Government of) 5.00% due 07/03/2025 1,685United Kingdom (Government of) 4.25% due 07/12/2040 1,549United Kingdom (Government of) 4.00% due 07/09/2016 1,413United Kingdom (Government of) 4.25% due 07/12/2055 1,347United Kingdom (Government of) 4.25% due 07/09/2039 1,228United Kingdom (Government of) 1.75% due 22/01/2017 1,185United Kingdom (Government of) 4.50% due 07/03/2019 1,133United Kingdom (Government of) 4.75% due 07/12/2030 1,017Barclays Bank 4.25% due 12/01/2022 872Bankia 3.50% due 17/01/2019 855United Kingdom (Government of) 4.50% due 07/09/2034 844

MGI Funds plcMGI UK Cash Fund

CostPurchases* GB£’000

JPMorgan Liquidity Funds - Sterling Liquidity Fund 110,962Fidelity Institutional Liquidity Fund Plc - The Sterling Fund 110,950Goldman Sachs Funds Plc - Sterling Liquid Reserves Fund 110,950Insight Liquidity Funds Plc - GBP Liquidity Fund 110,950Institutional Cash Series Plc - Institutional Sterling Liquidity Fund 110,950

ProceedsSales* GB£’000

Fidelity Institutional Liquidity Fund Plc - The Sterling Fund 88,100Goldman Sachs Funds Plc - Sterling Liquid Reserves Fund 88,100JPMorgan Liquidity Funds - Sterling Liquidity Fund 88,100Institutional Cash Series Plc - Institutional Sterling Liquidity Fund 88,100Insight Liquidity Funds Plc - GBP Liquidity Fund 88,050

*The above represents all purchases and sales transactions during the year.

352MGI Funds plc




Royal Dutch Shell - B Shares 1,643BHP Billiton 1,260HSBC Holdings 1,234Reed Elsevier 1,143Shire 1,095Vodafone Group 1,073Carnival 1,034BP 969Rio Tinto 964GlaxoSmithKline 917British American Tobacco 891Imperial Tobacco Group 868Unilever 724BG Group 626ITV 618CRH 584Auto Trader Group 569Dixons Carphone 560Lloyds Banking Group 465Compass Group 463Wolseley 425SSP Group 413Reckitt Benckiser Group 396Tesco 363Hargreaves Lansdown 343AstraZeneca 343Rightmove 297Foxtons Group 295Booker Group 281Patisserie Holdings 268Standard Chartered 268


HSBC Holdings 2,281Royal Dutch Shell - B Shares 1,995Diageo 1,821Reed Elsevier 1,610BG Group 1,579BP 1,369AstraZeneca 1,355Rio Tinto 1,256Hargreaves Lansdown 1,103Essentra 1,100Vodafone Group 1,079Compass Group 1,065Ashtead Group 1,053GlaxoSmithKline 1,039British American Tobacco 1,035Berkeley Group Holdings 1,020Unilever 1,008Wolseley 972Next 968Schroders 896Pearson 872London Stock Exchange Group 846Barclays 793BHPBilliton 7583i Group 743Sage Group 634Royal Dutch Shell - A Shares 597Shire 588Paragon Group Companies 509Rathbone Brothers 495Reckitt Benckiser Group 481Greene King 477Lloyds Banking Group 470Standard Chartered 470Daily Mail & General Trust 467

353MGI Funds plc



Merck 955United Technologies 840Gilead Sciences 756Alibaba Group Holding - ADR 667Apple 629Occidental Petroleum 622American International Group 606Citigroup 601Adobe Systems 600Delta Air Lines 580Teva Pharmaceutical Industries Ltd - ADR 550LinkedIn 535Comcast 534Honeywell International 530Canadian Natural Resources 528Netflix 509Dollar General 490Activision Blizzard 486Hewlett-Packard 480AbbVie 465Halliburton 458Target 452Anthem 436Gap 409eBay 396Twenty-First Century Fox 394Williams 394


Exxon Mobil 2,065Apple 1,285Comcast 1,079Citigroup 951Time Warner 900AbbVie 884Schlumberger 860Union Pacific 853Twenty First Century Fox 753Monsanto 736Amgen 711McKesson 676Dollar General 658CVS Health 612Occidental Petroleum 590CBS 541Home Depot 541Fifth Third Bancorp 524Starbucks 498Gilead Sciences 496


354MGI Funds plc

MGI Funds plcMGI UK Long Gilt Fund

CostPurchases* GB£’000

United Kingdom (Government of) 4.75% due 07/12/2030 14,904United Kingdom (Government of) 4.25% due 07/06/2032 14,242United Kingdom (Government of) 4.50% due 07/09/2034 13,071United Kingdom (Government of) 4.25% due 07/12/2055 11,907United Kingdom (Government of) 4.50% due 07/12/2042 11,492United Kingdom (Government of) 4.25% due 07/12/2040 11,214United Kingdom (Government of) 4.75% due 07/12/2038 10,790United Kingdom (Government of) 3.25% due 22/01/2044 10,126United Kingdom (Government of) 4.00% due 22/01/2060 9,416United Kingdom (Government of) 4.25% due 07/12/2046 8,921United Kingdom (Government of) 4.25% due 07/12/2049 8,604United Kingdom (Government of) 3.75% due 22/07/2052 8,557United Kingdom (Government of) 3.50% due 22/01/2045 8,067United Kingdom (Government of) 4.25% due 07/09/2039 8,003United Kingdom (Government of) 4.25% due 07/03/2036 7,878United Kingdom (Government of) 3.50% due 22/07/2068 6,954United Kingdom (Government of) 4.25% due 07/03/2036 3,593

ProceedsSales* GB£’000

United Kingdom (Government of) 4.25% due 07/06/2032 7,549United Kingdom (Government of) 4.75% due 07/12/2030 6,991United Kingdom (Government of) 4.50% due 07/09/2034 6,703United Kingdom (Government of) 4.25% due 07/12/2055 6,638United Kingdom (Government of) 4.25% due 07/12/2040 6,383United Kingdom (Government of) 4.50% due 07/12/2042 6,076United Kingdom (Government of) 4.25% due 07/03/2036 5,790United Kingdom (Government of) 3.25% due 22/01/2044 5,408United Kingdom (Government of) 4.75% due 07/12/2038 5,229United Kingdom (Government of) 4.25% due 07/12/2049 4,816United Kingdom (Government of) 4.25% due 07/12/2046 4,698United Kingdom (Government of) 4.00% due 22/01/2060 4,634United Kingdom (Government of) 4.25% due 07/09/2039 4,355United Kingdom (Government of) 3.75% due 22/07/2052 4,205United Kingdom (Government of) 3.50% due 22/07/2068 3,041United Kingdom (Government of) 3.50% due 22/01/2045 2,301United Kingdom (Government of) 4.25% due 07/03/2036 334

MGI Funds plcMGI UK Inflation Linked Bond Fund



United Kingdom Gilt Inflation Linked 0.13% due 22/03/2058 21,901United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 21,048United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 20,365United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 18,760United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 16,863United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 15,727United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 15,103United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 14,817United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 14,621United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 14,615United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 13,691United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 13,670United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 13,417United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 12,704United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 12,193United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 12,022United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 10,565United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 8,792United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 7,114United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 7,026United Kingdom Gilt Inflation Linked 0.13% due 03/22/2046 6,352United Kingdom Gilt Inflation Linked 7.74% due 04/16/2020 5,589United Kingdom Gilt Inflation Linked 0.13% due 11/22/2019 3,626


United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 45,946United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 21,860United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 18,665United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 16,678United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 15,899United Kingdom Gilt Inflation Linked 0.13% due 22/11/2019 15,799United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 14,912United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 14,501United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 14,277United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 14,223United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 14,139United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 14,109United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 13,775United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 13,687United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 13,526United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 12,013United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 11,965United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 11,542United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 9,933United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 8,383United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 8,023United Kingdom Gilt Inflation Linked 0.13% due 03/22/2058 3,543


355MGI Funds plc




Brazil Notas do Tesouro Nacional 10.00% due 01/01/2025 76,849Mexican (Government of) 10.00% due 05/12/2024 48,222Colombia (Government of) 10.00% due 24/07/2024 46,734Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 45,833Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 43,390Poland (Government of) 3.25% due 25/07/2025 42,603Indonesia (Government of) 9.00% due 15/03/2029 32,581Indonesia (Government of) 8.38% due 15/03/2024 29,093South Africa (Government of) 6.25% due 31/03/2036 28,378Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 27,681South Africa (Government of) 6.75% due 31/03/2021 26,373Russia (Government of) 7.50% due 31/03/2030 26,326Brazil Letras do Tesouro Nacional 0.00% due 01/01/2018 25,026Colombia (Government of) 6.00% due 28/04/2028 24,115Turkey (Government of) 10.40% due 20/03/2024 23,350Russia (Government of) 8.15% due 03/02/2027 23,033Mexican (Government of) 8.00% due 11/06/2020 22,984Poland (Government of) 5.50% due 25/10/2019 21,582Mexican (Government of) 8.50% due 13/12/2018 20,914Mexican (Government of) 8.50% due 18/11/2038 20,869Mexican (Government of) 6.25% due 16/06/2016 20,171


Brazil Notas do Tesouro Nacional 10.00% due 01/01/2025 41,247Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 40,720Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 36,010Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 30,272Russia (Government of) 7.50% due 31/03/2030 27,630Poland (Government of) 3.25% due 25/07/2025 26,901Turkey (Government of) 9.00% due 27/01/2016 26,435South Africa (Government of) 6.75% due 31/03/2021 25,904South Africa (Government of) 7.25% due 15/01/2020 24,525South Africa (Government of) 6.25% due 31/03/2036 24,163South Africa (Government of) 7.75% due 28/02/2023 21,130Hungary (Government of) 6.00% due 24/11/2023 20,729Brazil Letras do Tesouro Nacional 0.00% due 01/01/2016 19,962Indonesia (Government of) 9.00% due 15/03/2029 19,602Mexican (Government of) 7.25% due 15/12/2016 19,499Indonesia (Government of) 8.38% due 15/03/2024 19,109Colombia (Government of) 10.00% due 24/07/2024 18,789Malaysia (Government of) 3.74% due 27/02/2015 18,780Singapore (Government of) 3.00% due 01/09/2024 18,582Turkey (Government of) 10.50% due 15/01/2020 18,505Turkey (Government of) 7.10% due 08/03/2023 18,382Mexican (Government of) 10.00% due 05/12/2024 18,372Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 17,609

356MGI Funds plc



Amsurg 9,116Assured Guaranty 7,381Phoen-Klinikum 7,220Acuity Brands 5,846Brookdale Senior Living 5,631Cypress Semiconductor 5,509Starz 5,349Centene 5,290Freescale Semiconductor 5,240Taser International 5,028AMC Networks 4,958Domino's Pizza 4,801Berry Plastics Group 4,659DexCom 4,601PTC 4,581Moncler 4,459Liberty Ventures 4,443Springleaf Holdings 4,430Cogent Communications Holdings 4,421Rite Aid 4,315


Amsurg 6,607Phoen-Klinikum 6,538Cubist Pharmaceuticals 6,368Rite Aid 6,048Aspen Technology 6,042Skyworks Solutions 5,797Incyte 5,735Abengoa -B Shares 5,478Pacira Pharmaceuticals 5,391Alaska Air Group 5,304Rock Tenn 5,171Freescale Semiconductor 5,129Cypress Semiconductor 5,052AMC Networks 5,046Salix Pharmaceuticals 4,680Interactive Brokers Group 4,673Hikma Pharmaceuticals 4,625Centene 4,542E*TRADE Financial 4,476Old Dominion Freight Line 4,457




International Business Machines 10,110Intel 10,025Home Depot 9,712Lloyds Banking Group 8,536American Express 8,338SAP 7,101Taiwan Semiconductor Manufacturing - ADR 6,864Wal-Mart Stores 6,789Woolworths 6,611Google Class A 6,212London Stock Exchange Group 6,198Microsoft 5,376ETFS Physical Gold 5,283Halliburton 5,173Unilever 5,065Oracle 4,910Comcast 4,830Airbus Group 4,536Time Warner Cable 4,514eBay 4,507QUALCOMM 3,945


Wal-Mart Stores 13,203Laboratory of America Holdings 12,631DIRECTV Holdings 12,541Target 8,074SAP 7,991Microsoft 7,984Novartis 7,214Danone 7,092BG Group 6,663Lowe's 6,652Unilever 6,411US Bancorp 6,000Nestle 5,971Oracle 5,869McDonald's 5,811Allergan 5,767QUALCOMM 5,543Li & Fung 5,511UnitedHealth Group 5,304Johnson & Johnson 5,190Omnicare 5,171Fiserv 5,136Citigroup 5,131Wells Fargo 5,021Cisco Systems 4,717

357MGI Funds plc



Apple 2,711Roche Holding 2,206Johnson & Johnson 1,975Commerzbank 1,834Precision Castparts 1,827Vale - ADR 1,815Volkswagen 1,801ICICI Bank - ADR 1,781Itau Unibanco Holding - ADR 1,766Exxon Mobil 1,673AstraZeneca 1,649Westlake Chemical 1,628Syngenta 1,623Citigroup 1,560LVMH Moet Hennessy Louis Vuitton 1,494UniCredit 1,446Bank of America 1,436Procter & Gamble 1,425General Motors 1,395Canadian National Railway 1,388


Apple 5,234AbbVie 2,581Roche Holding 2,288Johnson & Johnson 2,241Goldman Sachs Group 2,078Amazon.com 2,046Vale - ADR 1,929Pfizer 1,899Kinder Morgan 1,700Eli Lilly 1,693ICICI Bank - ADR 1,684Merck 1,626Occidental Petroleum 1,589Syngenta 1,565Discover Financial Services 1,565Shire 1,557Ping An Insurance Group of China 1,548ConocoPhillips 1,520Unilever 1,518Allstate 1,484


CostPurchases* US$’000

BlackRock Developed Real Estate Index Sub-Fund 167,000BlackRock Emerging Markets Index Fund 97,000BlackRock Developed World Index Sub-Fund 97,000BlackRock - Euro Credit Bond Index Fund 92,041Irish Life Investment Managers - Indexed World Small Cap Equity Fund 74,224iShares J.P. Morgan $ Emerging Markets Bond Fund 68,220BlackRock - US Corporate Bond Index Fund 67,000iShares Global High Yield Corp Bond GBP Hedged 63,022SPDR Thomson Reuters Global Convertible Bond 57,233BlackRock - UK Credit Bond Index Fund Flexible 24,978iShares $ High Yield Corporate Bond 24,072Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 20,898iShares Diversified Commodity Swap 19,477ETFS Physical Gold 17,876iShares UK Property 7,026iShares European Property Yield 6,989iShares US Property Yield 4,023Acadian Global Managed Volatility Equity 485

ProceedsSales* US$’000

BlackRock Emerging Markets Index Fund 67,500iShares Diversified Commodity Swap 52,262ETFS Physical Gold 51,130iShares UK Property 49,088iShares US Property Yield 48,737iShares European Property Yield 34,192BlackRock Developed World Index Sub-Fund 29,000


*The above represents all purchase and sale transactions during the year

358MGI Funds plc



Wind Acquisition Finance 4.00% due 15/07/2020 5,300US Foods 8.50% due 30/06/2019 4,526New Red Finance 6.00% due 01/04/2022 4,349FMG Resources August 2006 6.88% due 01/04/2022 4,153CDW Finance 6.00% due 15/08/2022 3,956MPH Acquisition Holdings 6.63% due 01/04/2022 3,910Zayo Group 6.00% due 01/04/2023 3,827Energy Transfer Equity 5.50% due 01/06/2027 3,516Fiat Chrysler Automobiles 4.50% due 15/04/2020 3,500First Data 8.25% due 15/01/2021 3,281Iglo Foods Bondco 4.49% due 15/06/2020 3,201Steel Dynamics 5.13% due 01/10/2021 3,138Sprint 7.25% due 15/09/2021 3,118Ardagh Packaging Finance 6.00% due 30/06/2021 3,054FMG Resources August 2006 9.75% due 01/03/2022 2,987Matterhorn Telecom 3.88% due 01/05/2022 2,945Jaguar Holding 9.38% due 15/10/2017 2,792Building Materials of America 5.38% due 15/11/2024 2,730Infor US 5.75% due 15/05/2022 2,725New Look Secured Issuer 6.50% due 01/07/2022 2,705


Foresight Energy 7.88% due 15/08/2021 7,378Ancestry.com 11.00% due 15/12/2020 6,558HRG Group 7.75% due 15/01/2022 6,399Crown Castle International 5.25% due 15/01/2023 6,059BreitBurn Energy Partners 7.88% due 15/04/2022 4,890Acadia Healthcare 6.13% due 15/03/2021 4,773RCN Telecom Services 8.50% due 15/08/2020 4,662Clear Channel Worldwide Holdings 6.50% due 15/11/2022 4,518US Foods 8.50% due 30/06/2019 4,488Memorial Production Partners 7.63% due 01/05/2021 4,453FMG Resources August 2006 8.25% due 01/11/2019 4,398Peabody Energy 6.25% due 15/11/2021 4,286Caesars Entertainment Operating 11.25% due 01/06/2017 4,219Alcatel-Lucent 6.75% due 15/11/2020 4,104Ally Financial 7.50% due 15/09/2020 4,073Royal Bank of Scotland Group 7.64% due 31/12/2049 4,028Nuance Communications 5.38% due 15/08/2020 3,933Hillman Group 10.88% due 01/06/2018 3,751CyrusOne Finance 6.38% due 15/11/2022 3,743VWR Funding 7.25% due 15/09/2017 3,547


359MGI Funds plc



Wyndham Worldwide 4.25% due 01/03/2022 4,364Mastercard 2.00% due 01/04/2019 4,285Priceline Group 2.38% due 23/09/2024 4,242Time Warner Cable 4.00% due 01/09/2021 4,211EMC 2.65% due 01/06/2020 4,188Dollar General 3.25% due 15/04/2023 3,435Illinois Tool Works 1.75% due 20/05/2022 3,272Bharti Airtel International Netherlands 5.13% due 11/03/2023 3,240Amphenol 2.55% due 30/01/2019 3,240LyondellBasell Industries 5.75% due 15/04/2024 3,140Gap 5.95% due 12/04/2021 3,110China Mengniu Dairy 3.50% due 27/11/2018 3,084Tencent Holdings 3.38% due 02/05/2019 3,070Valero Energy 3.65% due 15/03/2025 3,034APT Pipelines 1.38% due 22/03/2022 2,961McKesson 2.28% due 15/03/2019 2,780Comcast 5.15% due 01/03/2020 2,762Mondelez International 1.00% due 07/03/2022 2,718Kinder Morgan Energy Partners 3.50% due 01/03/2021 2,701Western Union 5.93% due 01/10/2016 2,638American Express Credit 2.80% due 19/09/2016 2,574CVS Health 2.25% due 05/12/2018 2,420International Paper 3.65% due 15/06/2015 2,360Albemarle 1.88% due 15/06/2024 2,266Eli Lilly 1.00% due 02/06/2022 2,199PPG Industries 0.88% due 13/03/2022 2,137Kering 2.50% due 15/07/2020 2,132China Merchants Finance 5.00% due 04/05/2022 2,128Telefonaktiebolaget LM Ericsson 4.13% due 15/05/2022 2,100Amazon.com 3.30% due 05/12/2021 2,096Norfolk Southern 3.85% due 15/01/2024 2,092Tingyi Cayman Islands Holding 3.88% due 20/06/2017 2,077Adobe Systems 3.25% due 01/02/2025 2,036EI du Pont de Nemours 2.80% due 15/02/2023 2,019Mylan 2.55% due 28/03/2019 1,997Apple 2.15% due 09/02/2022 1,964Canadian Pacific Railway 2.90% due 01/02/2025 1,950AbbVie 2.90% due 06/11/2022 1,934Boston Scientific 2.65% due 01/10/2018 1,931Telstra 3.75% due 16/05/2022 1,868International 4.75% due 15/02/2022 1,848AusNet Services Holdings 3.38% due 24/07/2020 1,796Embraer 5.15% due 15/06/2022 1,698Gas Natural Fenosa Finance 1.38% due 21/01/2025 1,652Becton Dickinson 3.13% due 08/11/2021 1,646Tencent Holdings 2.00% due 02/05/2017 1,611


AKCB Finance 3.25% due 22/10/2018 3,566Abbott Laboratories 5.13% due 01/04/2019 3,481Siemens Financieringsmaatschappij 5.13% due 20/02/2017 2,608Merck 0.70% due 18/05/2016 2,605Air Lease 4.50% due 15/01/2016 2,473Kellogg 1.75% due 17/05/2017 2,015Diageo Capital 1.50% due 11/05/2017 1,909Lukoil International Finance 6.36% due 07/06/2017 1,872FGB Sukuk 3.80% due 02/08/2016 1,861Barclays Bank 4.13% due 15/03/2016 1,843BPCE 3.00% due 19/07/2024 1,831Diageo Capital 5.75% due 23/10/2017 1,798Svenska Handelsbanken 3.75% due 24/02/2017 1,736Ford Motor Credit 4.38% due 06/08/2023 1,723Markel 4.90% due 01/07/2022 1,710Bancolombia 5.95% due 03/06/2021 1,667LYB International Finance 4.00% due 15/07/2023 1,658Talen Energy Supply 6.50% due 01/05/2018 1,615ICICI Bank 4.80% due 22/05/2019 1,581Transocean 6.00% due 15/03/2018 1,549Repsol International Finance 4.38% due 20/02/2018 1,493ADIB Sukuk 3.75% due 04/11/2015 1,430International Business Machines 2.90% due 01/11/2021 1,422Coca-Cola 1.50% due 15/11/2015 1,415Walgreen 1.80% due 15/09/2017 1,409Motability Operations 5.25% due 28/09/2016 1,376Goldman Sachs Group 3.30% due 03/05/2015 1,317Transocean 6.50% due 15/11/2020 1,226Vornado Realty 5.00% due 15/01/2022 1,199Allegheny Technologies 6.38% due 15/08/2023 1,170Kinder Morgan Energy Partners 5.95% due 15/02/2018 1,129Agilent Technologies 3.88% due 15/07/2023 1,127International Business Machines 5.70% due 14/09/2017 1,121Colgate-Palmolive 1.95% due 01/02/2023 1,118Oracle 5.25% due 15/01/20169 1,053RCI Banque 4.00% due 16/03/2016 1,052Moet Hennessy 3.38% 07/04/2015 1,037RCI Banque 1.75% due 06/07/2016 1,024Poly Real Estate Finance 4.50% due 06/08/2018 1,013Citigroup 2.65% due 02/03/2015 1,007GTECH 5.38% due 05/12/2016 871Genentech 4.75% due 15/07/2015 824PNC Funding 3.63% due 08/02/2015 806


360MGI Funds plc



France (Government of) 1.75% due 25/11/2024 29,287Italy Buoni Ordinari del Tesoro BOT 0.00% due 14/09/2015 19,974Federal Home Loan Bank Discount Notes 0.00% due 14/11/2014 14,399Federal Home Loan Bank Discount Notes 0.00% due 12/01/2015 14,395Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 12,671Federal Home Loan Bank Discount Notes 0.00% due 09/09/2015 11,897Federal Home Loan Bank Discount Notes 0.00% due 29/04/2015 10,999Federal Home Loan Bank Discount Notes 0.00% due 12/08/2015 10,997Spain (Government of) 3.80% due 30/04/2024 10,518WM Covered Bond Program 4.00% due 27/09/2016 9,850United States Treasury Note 2.50% due 15/05/2024 9,843Federal Home Loan Bank Discount Notes 0.00% due 01/05/2015 9,499Bundesrepublik Deutschland 0.50% due 15/02/2025 9,214Federal Home Loan Bank Discount Notes 0.00% due 03/06/2015 9,199Poland (Government of) 3.25% due 25/07/2025 9,080Federal Home Loan Bank Discount Notes 0.00% due 17/12/2014 8,699Spain (Government of) 5.40% due 31/01/2023 8,667Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 8,656Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 8,581Federal Home Loan Bank Discount Notes 0.00% due 05/06/2015 8,499Spain (Government of) 1.60% due 30/04/2025 8,271Federal Home Loan Bank Discount Notes 0.00% due 29/07/2015 7,898Italy Buoni Poliennali Del Tesoro 3.00% due 01/11/2015 7,621Federal Home Loan Bank Discount Notes 0.00% due 16/04/2015 7,597Nykredit Realkredit 2.00% due 01/10/2015 7,251Federal Home Loan Bank Discount Notes 0.00% due 17/09/2015 6,999Bundesrepublik Deutschland 4.25% due 04/07/2039 6,547United States Treasury Note 1.00% due 15/12/2017 6,485


France (Government of) 1.75% due 25/11/2024 26,649United States Treasury Note 0.38% due 31/08/2015 14,928Federal Home Loan Bank Discount Notes 0.00% due 14/11/2014 14,400Federal Home Loan Bank Discount Notes 0.00% due 12/01/2015 14,398Italy Buoni Poliennali Del Tesoro 2.75% due 01/12/2015 12,341Federal Home Loan Bank Discount Notes 0.00% due 29/04/2015 10,999Spain (Government of) 4.50% due 31/01/2018 10,490Spain (Government of) 3.80% due 30/04/2024 9,986Federal Home Loan Bank Discount Notes 0.00% due 01/10/2014 9,899Spain (Government of) 5.40% due 31/01/2023 9,848Federal Home Loan Bank Discount Notes 0.00% due 01/05/2015 9,499Bundesrepublik Deutschland 0.50% due 15/02/2025 9,334Federal Home Loan Bank Discount Notes 0.00% due 03/06/2015 9,199United States Treasury Note/Bond 2.50% due 15/05/2024 8,867Federal Home Loan Bank Discount Notes 0.00% due 05/06/2015 8,499Italy Buoni Poliennali Del Tesoro 3.75% due 01/09/2024 8,348Poland (Government of) 3.25% due 25/07/2025 8,053Italy Buoni Poliennali Del Tesoro 5.50% due 01/11/2022 7,908Federal Home Loan Bank Discount Notes 0.00% due 29/07/2015 7,899Spain (Government of) 1.60% due 30/04/2025 7,729Federal Home Loan Bank Discount Notes 0.00% due 16/04/2015 7,599Federal Home Loan Bank Discount Notes 0.00% due 09/09/2015 7,299Federal Home Loan Bank Discount Notes 0.00% due 12/08/2015 6,699Dexia Credit Local 2.25% due 30/01/2019 6,692Federal Home Loan Bank Discount Notes 0.00% due 03/11/2014 6,399Federal Home Loan Bank Discount Notes 0.00% due 17/12/2014 6,299Bundesrepublik Deutschland 4.25% due 04/07/2039 5,914United States Treasury Note 1.00% due 15/12/2017 5,124Spain (Government of) 5.50% due 30/07/2017 5,118Federal Home Loan Bank Discount Notes 0.00% due 12/06/2015 5,000United Mexican States 0.00% due 16/10/2014 4,993


361MGI Funds plc



United States Treasury Bond 3.13% due 15/08/2044 14,122United States Treasury Note 2.00% due 15/02/2025 12,664United States Treasury Bond 3.38% due 15/05/2044 7,693United States Treasury Bond 3.00% due 15/11/2044 6,652Bundesrepublik Deutschland 2.00% due 04/01/2022 4,938United States Treasury Note 1.38% due 31/03/2020 4,245United States Treasury Note 1.38% due 29/02/2020 4,174United States Treasury Note 1.50% due 31/10/2019 4,047Bundesrepublik Deutschland 1.50% due 15/05/2023 4,020State Grid Europe Development 2014 1.50% due 26/01/2022 3,899Bundesrepublik Deutschland 1.50% due 15/05/2024 3,829Novartis Capital 4.40% due 06/05/2044 3,768Danone 3.00% due 15/06/2022 3,716JM Smucker 3.50% due 15/03/2025 3,673Roche Holdings 7.00% due 01/03/2039 3,657Scentre Group Trust 1 3.88% due 16/07/2026 3,592Adobe Systems 3.25% due 01/02/2025 3,532Electricite de France 6.95% due 26/01/2039 3,515Lowe's Cos 3.13% due 15/09/2024 3,501Alibaba Group Holding 3.13% due 28/11/2021 3,501Sydney Airport Finance 3.38% due 30/04/2025 3,388Agrium 4.90% due 01/06/2043 3,217Medtronic 4.63% due 15/03/2015 2,799Bundesrepublik Deutschland 2.50% due 04/01/2021 2,789Ryder System 2.65% due 02/03/2020 2,785Devon Energy 7.95% due 15/04/2032 2,750Kering 1.38% due 01/10/2021 2,740Scentre Group Trust 1 2.25% due 16/07/2024 2,699United States Treasury Note 1.25% due 31/01/2020 2,665Bundesrepublik Deutschland 1.00% due 15/08/2024 2,601Credit Suisse 3.63% due 09/09/2024 2,581Actavis Funding 3.80% due 15/03/2025 2,572LYB International Finance 4.88% due 15/03/2044 2,556United Kingdom Gilt 1.25% due 22/07/2018 2,536Morgan Stanley 6.38% due 24/07/2042 2,447Bundesrepublik Deutschland 2.25% due 04/09/2020 2,445Kraft Heinz Foods 2.00% due 30/06/2023 2,438


United States Treasury Bond 3.13% due 15/08/2044 14,063United States Treasury Note 2.00% due 15/02/2025 12,473United States Treasury Bond 3.38% due 15/05/2044 7,723United States Treasury Bond 3.00% due 15/11/2044 5,980Bundesrepublik Deutschland 2.00% due 04/01/2022 4,940United States Treasury Note 1.38% due 31/03/2020 4,244United States Treasury Note 1.38% due 29/02/2020 4,184United States Treasury Note 1.50% due 31/10/2019 4,050Bundesrepublik Deutschland 1.50% due 15/05/2023 4,018Bundesrepublik Deutschland 1.50% due 15/05/2024 3,833Bundesrepublik Deutschland 2.50% due 04/01/2021 2,917Kering 1.88% due 08/10/2018 2,882Annington Repackaging No 1 5.32% due 10/01/2023 2,760Barclays Bank 5.13% due 08/01/2020 2,702BMW Finance 3.25% due 14/01/2019 2,695United States Treasury Note 1.25% due 31/01/2020 2,666Bundesrepublik Deutschland 1.00% due 15/08/2024 2,588United Kingdom Gilt 1.25% due 22/07/2018 2,549Bundesrepublik Deutschland 2.25% due 04/09/2020 2,444Daimler International Finance 3.50% due 06/06/2019 2,070Bundesrepublik Deutschland 0.50% due 15/02/2025 2,044Hammerson 6.88% due 30/03/2020 1,811United Kingdom Gilt 4.75% due 07/03/2020 1,771Morgan Stanley 5.50% due 24/07/2020 1,707Manchester Airport Group Funding 4.13% due 02/04/2024 1,693Vonovia Finance 2.13% due 25/07/2016 1,653Schlumberger Norge 1.95% due 14/09/2016 1,601United States Treasury Note 0.50% due 31/01/2017 1,598


362MGI Funds plc



Apple 3,281Exxon Mobil 1,989Microsoft 1,869Johnson & Johnson 1,538General Electric 1,385Wells Fargo 1,349Nestle 1,291Procter & Gamble 1,207JPMorgan Chase 1,171Novartis 1,161Chevron 1,150Roche Holding 1,086Verizon Communications 1,083Pfizer 978Berkshire Hathaway 907Google Class C 906HSBC Holdings 905Facebook 886Bank of America 881Google Class A 857


Kinder Morgan 272Apple 251TRW Automotive 211Salix Pharmaceuticals 167Travelers 166General Growth Properties REIT 148Ameriprise Financial 146Exxon Mobil 128Petsmart 101Concur Technologies 100Rockwell Automation 99Keysight Technologies 96Wal-Mart Stores 85Safeway 83Klepierre REIT 78MS&AD Insurance Group Holdings 62CDK Global 60Owens-Illinois 55Superior Energy Services 54SPX 52Peabody Energy 48Joy Global 45KBR 45Genworth Financial 44Noble 43Celesio 43Pengrowth Energy 41Fossil Group 40Cree 40QEP Resources 39Immofinanz 37


363MGI Funds plc



Bundesrepublik Deutschland 0.50% due 15/02/2025 1,952France (Government of) 1.75% due 25/11/2024 1,912Bundesrepublik Deutschland 1.00% due 15/08/2024 1,886Bundesrepublik Deutschland 1.50% due 15/05/2024 1,721Spain (Kingdom of) 2.75% due 31/10/2024 1,327France (Government of) 2.50% due 25/05/2030 1,322Spain (Kingdom of) 3.80% due 30/04/2024 1,253France (Government of) 0.50% due 25/05/2025 1,036Spain (Kingdom of) 1.60% due 30/04/2025 932Netherlands (Kingdom of) 2.00% due 15/07/2024 930Italy Buoni Poliennali Del Tesoro 2.50% due 01/12/2024 918Italy Buoni Poliennali Del Tesoro 2.15% due 15/12/2021 881France (Government of) 4.25% due 25/10/2023 842Bundesrepublik Deutschland 4.00% due 04/01/2037 792Bundesrepublik Deutschland 2.50% due 15/08/2046 788Bundesrepublik Deutschland 2.50% due 04/01/2021 715Italy Buoni Poliennali Del Tesoro 3.50% due 01/03/2030 700Lithuania (Government of) 2.13% due 29/10/2026 682Spain (Kingdom of) 5.85% due 31/01/2022 677Bundesrepublik Deutschland 4.75% due 04/07/2040 661Bundesrepublik Deutschland 5.63% due 04/01/2028 656Spain (Kingdom of) 5.15% due 31/10/2044 647Spain (Kingdom of) 6.00% due 31/01/2029 639France (Government of) 2.75% due 25/10/2027 616Italy Buoni Poliennali Del Tesoro 1.35% due 15/04/2022 610Netherlands (Kingdom of) 0.25% due 15/07/2025 605Bundesrepublik Deutschland 6.25% due 04/01/2024 599Bundesrepublik Deutschland 6.25% due 04/01/2030 598


Bundesrepublik Deutschland 3.50% due 04/07/2019 2,682Bundesrepublik Deutschland 3.25% due 04/01/2020 2,632France (Government of) 3.50% due 25/04/2020 2,476France (Government of) 3.75% due 25/10/2019 2,063Spain (Kingdom of) 4.00% due 30/04/2020 1,462Italy Buoni Poliennali Del Tesoro 4.25% due 01/03/2020 1,246Spain (Kingdom of) 4.30% due 31/10/2019 1,187Netherlands (Kingdom of) 4.00% due 15/07/2019 1,128Italy Buoni Poliennali Del Tesoro 4.25% due 01/09/2019 1,097Italy Buoni Poliennali Del Tesoro 4.50% due 01/02/2020 1,081Spain (Kingdom of) 4.60% due 30/07/2019 1,014Bundesrepublik Deutschland 2.50% due 04/01/2021 966Bundesrepublik Deutschland 4.00% due 04/01/2037 938Bundesrepublik Deutschland 5.66% due 04/01/2028 742Ireland (Government of) 4.50% due 18/04/2020 724Bundesrepublik Deutschland 4.75% due 04/07/2040 722Bundesrepublik Deutschland 6.25% due 04/01/2030 713France (Government of) 8.50% due 25/10/2019 675Bundesrepublik Deutschland 4.25% due 04/07/2039 580Bundesrepublik Deutschland 1.50% due 04/09/2022 577Bundesrepublik Deutschland 2.00% due 04/01/2022 571Bundesrepublik Deutschland 1.75% due 04/07/2022 556Finland (Government of) 3.38% due 15/04/2020 546France (Government of) 4.50% due 25/04/2041 523Bundesrepublik Deutschland 5.50% due 04/01/2031 501France (Government of) 5.75% due 25/10/2032 493Bundesrepublik Deutschland 0.00% due 17/04/2020 480Bundesrepublik Deutschland 6.25% due 04/01/2024 478Ireland (Government of) 4.40% due 18/06/2019 468


364MGI Funds plc

MGI Funds plcMercer Euro Nominal Bond Long Duration Fund

CostPurchases* €’000

Netherlands (Kingdom of) 3.75% due 15/01/2042 19,245Netherlands (Kingdom of) 4.00% due 15/01/2037 17,415Bundesrepublik Deutschland 3.25% due 04/07/2042 14,115Bundesrepublik Deutschland 4.00% due 04/01/2037 12,511France (Government of) 4.25% due 25/10/2023 11,058Bundesrepublik Deutschland 6.25% due 04/01/2024 11,019France (Government of) 0.00% due 25/10/2025 10,684Bundesrepublik Deutschland 6.25% due 04/01/2030 10,201Netherlands (Kingdom of) 5.50% due 15/01/2028 8,968France (Government of) 0.00% due 25/10/2038 8,721France (Government of) 0.00% due 25/10/2032 8,311France (Government of) 0.00% due 25/04/2029 7,651France (Government of) 0.00% due 25/04/2055 5,002Bundesrepublik Deutschland 3.00% due 04/07/2020 4,117France (Government of) 3.50% due 04/25/2026 3,460France (Government of) 3.50% due 25/04/2026 2,821Netherlands (Kingdom of) 4.00% due 15/07/2018 2,546Netherlands (Kingdom of) 4.50% due 15/07/2017 2,481

ProceedsSales* €’000

Netherlands (Kingdom of) 3.75% due 15/01/2042 6,359Netherlands (Kingdom of) 4.00% due 15/01/2037 5,740Bundesrepublik Deutschland 3.25% due 04/07/2042 4,666Bundesrepublik Deutschland 4.00% due 04/01/2037 4,107Bundesrepublik Deutschland 6.25% due 04/01/2024 3,570France (Government of) 4.25% due 25/10/2023 3,536France (Government of) 0.00% due 25/10/2025 3,463Bundesrepublik Deutschland 6.25% due 04/01/2030 3,343Netherlands (Kingdom of) 5.50% due 15/01/2028 2,924France (Government of) 0.00% due 25/10/2038 2,888France (Government of) 0.00% due 25/10/2032 2,727France (Government of) 0.00% due 25/04/2029 2,482France (Government of) 0.00.% due 25/04/2055 1,753France (Government of) 3.50% due 25/04/2026 1,410Bundesrepublik Deutschland 3.00% due 04/07/2020 1,265Netherlands (Kingdom of) 4.00% due 15/07/2018 800Netherlands (Kingdom of) 4.50% due 15/07/2017 771France (Government of) 3.50% due 04/25/2026 611


*The above represents all purchase and sale transactions during the year.

365MGI Funds plc


Mercer Passive Global Equity Fund (Mercer PIF Fund Plc) 4,286Mercer Passive Global Equity Fund (MGI Funds Plc) 4,096MGI UK Cash Fund 3,115BlackRock GiltTrak Fund 2,875MGI UK Inflation Linked Bond Fund 2,820Irish Life Investment Managers - Indexed Minimum Volatility Global Equity Fund 2,364iShares $ High Yield Corporate Bond Fund - USD Class 1,832BlackRock UK Index Sub Fund 1,778BlackRock - US Corporate Bond Index Fund - USD Accumulation Class 1,690iShares JP Morgan $ Emerging Markets Bond Fund 1,577BlackRock Developed Real Estate Index Sub-Fund - USD Flexible Accumulation Class 1,364BlackRock - UK Credit Bond Index Fund 1,100iShares Global Infrastructure Fund 1,082BlackRock - Euro Credit Bond Index Fund - EUR Flexible Accumulation Class 1,069BlackRock - US Corporate Bond Index Fund - USD Institutional Class 60BlackRock UK Index Sub Fund - Institutional Accumulating Class 50BlackRock - Euro Credit Bond Index Fund - EUR Institutional Accumulation Class 40BlackRock - UK Credit Bond Index Fund Flexible - GBP Institutional Accumulating Class 40BlackRock Developed Real Estate Index Sub-Fund - USD Accumulation Class 37iShares $ High Yield Corporate Bond Fund - GBP Class 35


Mercer Passive Global Equity Fund (Mercer PIF Fund Plc) 4,069BlackRock - US Corporate Bond Index Fund - USD Institutional Class 60BlackRock UK Index Sub Fund - Institutional Accumulating Class 48BlackRock - Euro Credit Bond Index Fund - EUR Institutional Accumulation Class 40BlackRock - UK Credit Bond Index Fund Flexible - GBP Institutional Accumulating Class 40BlackRock Developed Real Estate Index Sub-Fund - USD Accumulation Class 37

MGI Funds plcMercer Diversified Retirement Fund


MGI Funds plc - Mercer...2015/06/30 · MGI Funds plc 3 MGI Funds plc Investment Manager’s Report...

Documents

Transcript of MGI Funds plc - Mercer...2015/06/30 · MGI Funds plc 3 MGI Funds plc Investment Manager’s Report...