mgi funds plc - mercer...2013/12/31 · mgi funds plc contents mgi funds plc 1 management and...

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

Interim Report and Unaudited Financial StatementsFor the period from 1 July 2013 to 31 December 2013

MGI Funds plc Contents

1MGI Funds plc

Management and Administration 2

Investment Manager’s Report 3

Portfolio Statements 11

Unaudited Balance Sheet – as at 31 December 2013 228

Comparative Audited Balance Sheet – as at 30 June 2013 230

Comparative Unaudited Balance Sheet – as at 31 December 2012 232

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

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

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

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

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

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

Notes to the Financial Statements 246

Supplemental Information 288

Significant Portfolio Movements 305

MGI Funds plc Management and Administration

2MGI Funds plc

REGISTERED OFFICE70 Sir John Rogerson’s QuayDublin 2Ireland

COMPANY REGISTRATION NUMBER421179

INVESTMENT MANAGER AND PROMOTERMercer Global Investments Europe Limited25/28 Adelaide RoadDublin 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 OF THE MANAGERMichael DempseyTom Finlay*Tom Geraghty**Paul Sullivan*

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

DISTRIBUTORMercer Global Investments Europe Limited25/28 Adelaide RoadDublin 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

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

MGI Funds plc Investment Manager’s Reportfor the period ended 31 December 2013

3MGI Funds plc

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

Over the six month period to 31 December 2013 the economic outlook for the developed world gradually improved. Despitethe noise in the financial markets, market sentiment improved as the recovery of all major developed economies began tobroaden. Optimism was called into question from time to time such as at the beginning of the year during the Italian electionsin early 2013 as well as the EU-IMF bail-out of Cyprus in March and the speech by Mr Bernanke on the potential tapering ofthe US Quantitative Easing programme. However, fears of deflationary pressures and recession significantly diminished in thesecond half of the year, as central banks around the world demonstrated a concerted effort to maintain liquidity in the markets.

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

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

MGI Emerging Markets Equity Fund

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

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

*Sub-Fund performance figures are gross of fees.

MGI Euro Bond Fund

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



% of Sub-FundIrish Life Investment Managers 84.0%PIMCO 16.0%

% of Sub-FundDimensional 33.0%Vontobel 14.0%Schroders 23.0%Mondrian 30.0%


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4MGI Funds plc

MGI Euro Cash Fund

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



MGI Eurozone Equity Fund

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



MGI Global Bond Fund

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



MGI Global Equity Fund

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



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

% of Sub-FundIrish Life Investment Managers 85.0%PIMCO 15.0%

% of Sub-FundLinghor 33.0%Hermes 31.0%TT 36.0%

% of Sub-FundIrish Life Investment Managers 100.0%


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5MGI Funds plc

MGI Japanese Equity Fund

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



MGI Pacific Basin (Ex Japan) Equity Fund

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



MGI UK Bond Fund

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



MGI UK Cash Fund

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



% of Sub-FundInsight 20.0%Fidelity 20.0%JP Morgan 20.0%Blackrock 20.0%Goldman Sachs 20.0%

% of Sub-FundHenderson 50.0%Insight 50.0%

% of Sub-FundSchroders 100.0%

% of Sub-FundJP Morgan 100.0%


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6MGI Funds plc

MGI UK Equity Fund

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



MGI U.S. Equity Fund

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



MGI UK Inflation Linked Bond Fund

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



MGI UK Long Gilt Fund

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



% of Sub-FundBlackrock 100.0%

% of Sub-FundBlackrock 100.0%

% of Sub-FundRobeco 65.0%Winslow 35.0%

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


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7MGI Funds plc

MGI Emerging Markets Debt Fund

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



Mercer Global Small Cap Equity Fund

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



Mercer Low Volatility Equity Fund

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



% of Sub-FundAcadian 30.0%First Eagle 30.0%Veritas 20.0%Magellan 20.0%

% of Sub-FundArrowstreet 40.0%Pyramis 30.0%Allianz 30.0%

% of Sub-FundWellington 19.0%Stone Harbor 31.0%JP Morgan 19.0%Investec 31.0%


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8MGI Funds plc

Mercer Diversified Growth Fund

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



MGI DAM Multi-Manager Global Equity Fund

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


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

Mercer Global High Yield Bond Fund (hedged GBP)

The Mercer Global High Yield Bond Fund (hedged GBP) returned 6.74%* in sterling terms for the period under review,outperforming the ML Global High Yield Constrained Index return of 6.13% in sterling terms for the same period. There wereno sub-investment manager changes during the period.



% of Sub-FundDDJ 20.0%Wellington 40.0%Franklin Templeton 40.0%

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

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

9MGI Funds plc


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Mercer Global High Yield Bond Fund (hedged EUR)

The Mercer Global High Yield Bond Fund (hedged EUR) returned 6.52%* in euro terms for the period under review,outperforming the ML Global High Yield Constrained Index return of 5.89% in euro terms for the same period. There were nosub-investment manager changes during the period.


*Sub-Fund performance figures are gross of fees

Mercer Short Duration Global Bond Fund 1

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



Mercer Short Duration Global Bond Fund 2

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



Mercer Global Buy & Maintain Credit Fund (hedged EUR)

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



% of Sub-FundAxa 50.0%Pramerica 50.0%

% of Sub-FundPIMCO 100.0%

% of Sub-FundQuoniam 100.0%

% of Sub-FundDDJ 20.0%Wellington 40.0%Franklin Templeton 40.0%

10MGI Funds plc

Mercer Passive Global Equity Fund (unhedged)

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



Mercer Passive Global Equity Fund (hedged EUR)

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



Mercer Passive Global Equity Fund (hedged GBP)

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



Market Outlook

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

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

Mercer Global Investments Europe Limited

25/28 Adelaide RoadDublin 2Ireland

January 2014

% of Sub-FundIrish Life Investment Managers 100%




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11MGI Funds plc

MGI Funds plcMGI Emerging Markets Equity Fund

Portfolio Statementas at 31 December 2013

Nominal Fair value % ofholdings US$ Net assets

Financial assets at fair value through profit or lossTransferable securitiesEquitiesBermudaCredicorp 48,100 6,380,465 0.56Huabao International Holdings 4,484,000 2,457,778 0.21

–––––––––––– –––––––8,838,243 0.77

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

12MGI Funds plc



(continued)


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

13MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Brazil (continued)Vale 103,700 1,569,620 0.14Vale - ADR - non-voting 683,000 9,562,000 0.83Vale - ADR - voting 247,200 3,767,328 0.33Vale - Pref 212,000 2,941,087 0.26Vanguarda Agro 101,644 147,344 0.01

–––––––––––– –––––––114,510,078 9.93

Cayman IslandsAgile Property Holdings 382,883 408,376 0.04Baidu - ADR 13,461 2,394,039 0.21Bosideng International Holdings 230,000 43,308 0.00China Great Star International 20,209 30,543 0.00Dongyue Group 387,000 153,228 0.01Integrated Memory Logic 26,000 56,705 0.01KWG Property Holding 402,500 221,657 0.02Li Ning 47,002 37,159 0.00Mindray Medical International - ADR 229,300 8,341,934 0.72Minth Group 148,000 305,401 0.03NetEase.com - ADR 11,800 927,362 0.08Regent Manner International 91,000 15,492 0.00Renhe Commercial Holdings 3,742,000 236,477 0.02Sands China 1,309,987 10,719,803 0.93Soho China 712,500 610,156 0.05Tencent Holdings 133,200 8,503,498 0.74XTEP International Holdings 129,500 65,971 0.01

–––––––––––– –––––––33,071,109 2.87

Channel IslandsRandgold Resources 16,080 1,009,105 0.09Randgold Resources - ADR 15,239 957,009 0.08

–––––––––––– –––––––1,966,114 0.17

ChileAquaChile 69,161 36,328 0.00Banco Santander Chile - ADR 122,177 2,877,268 0.25Besalco 10,088 10,675 0.00CAP 6,007 113,304 0.01Cencosud 112,088 402,105 0.04Cia Cervecerias Unidas 92,541 1,101,087 0.10Cia Cervecerias Unidas - ADR 23,434 564,291 0.05Cia General de Electricidad 37,008 197,207 0.02Cia Sud Americana de Vapores 2,067,567 106,241 0.01Corpbanca 27,131,833 372,291 0.03Cruz Blanca Salud 131,870 115,444 0.01Empresas CMPC 173,382 419,720 0.04Empresas COPEC 23,188 306,702 0.03Empresas Hites 77,435 54,527 0.00Empresas Iansa 1,072,025 35,704 0.00Empresas La Polar 97,987 12,867 0.00Enersis - ADR 465,266 6,969,683 0.60Gasco 19,388 199,249 0.02Grupo Security 275,507 91,757 0.01Inversiones Aguas Metropolitanas 173,501 293,874 0.03Inversiones Aguas Metropolitanas - ADR 29,000 982,396 0.09Latam Airlines Group - ADR 36,618 596,507 0.05



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14MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Chile (continued)Masisa 605,802 34,587 0.00PAZ 60,550 34,801 0.00Ripley 374,246 267,802 0.02Salfacorp 85,082 79,342 0.01Sigdo Koppers 46,597 70,066 0.01Sociedad Matriz SAAM 1,287,196 116,361 0.01Sociedad Quimica y Minera de Chile - ADR 28,197 729,174 0.06Socovesa 168,002 40,606 0.00Vina Concha y Toro 80,904 143,193 0.01Vina Concha y Toro - ADR 301 11,137 0.00

–––––––––––– –––––––17,386,296 1.51

ChinaAAC Technologies Holdings 363,500 1,765,052 0.15Agricultural Bank of China 2,945,000 1,447,100 0.13Air China 321,868 239,520 0.02Aluminum of China 711,417 246,811 0.02Angang Steel 378,723 280,364 0.02Anhui Conch Cement 19,500 72,304 0.01Asia Cement China Holdings 160,000 100,700 0.01Bank of China 10,321,541 4,752,270 0.41Bank of Communications 1,353,000 952,749 0.08Baoye Group 98,000 66,987 0.01BBMG 283,000 246,365 0.02Beijing Capital International Airport 580,538 452,975 0.04Beijing Capital Land 352,000 118,941 0.01Beijing North Star 48,000 10,648 0.00Central China Real Estate 199,000 61,339 0.01Changshouhua Food 10,000 12,858 0.00Chaowei Power Holdings 42,000 22,046 0.00China Aoyuan Property Group 353,000 73,753 0.01China Automation Group 152,000 34,306 0.00China BlueChemical 4,502,000 2,827,631 0.25China Citic Bank 1,108,338 600,357 0.05China Coal Energy 611,431 343,813 0.03China Communications Construction 639,000 515,073 0.04China Communications Services 482,000 297,141 0.03China Construction Bank 13,289,276 10,026,408 0.87China COSCO Holdings 432,769 210,419 0.02China Dongxiang Group 943,000 159,320 0.01China Eastern Airlines 198,000 74,565 0.01China Hongqiao Group 217,000 149,448 0.01China Huiyuan Juice Group 192,000 123,563 0.01China International Marine Containers Group 7,100 15,091 0.00China ITS Holdings 82,000 19,353 0.00China Life Insurance 594,000 1,857,746 0.16China Merchants Bank 296,666 632,071 0.06China Minsheng Banking 389,500 432,010 0.04China National Building Material 622,000 669,029 0.06China National Materials 340,000 72,791 0.01China Pacific Insurance Group 1,009,600 3,958,322 0.34China Petroleum & Chemical 9,216,400 7,524,077 0.65China Petroleum & Chemical - ADR 15,384 1,263,026 0.11China Railway Construction 313,000 311,638 0.03China Railway Group 495,000 255,999 0.02



(continued)

15MGI Funds plc


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



(continued)

16MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)China (continued)Sany Heavy Equipment International Holdings 279,000 86,718 0.01Semiconductor Manufacturing International 6,668,899 516,052 0.05Semiconductor Manufacturing International - ADR 10,758 41,741 0.00Shandong Chenming Paper Holdings 84,500 36,508 0.00Shanghai Electric 122,000 44,056 0.00Shanghai Jin Jiang International Hotels Group 450,000 151,475 0.01Shanghai Pharmaceuticals Holding 31,200 76,292 0.01Shui On Land 1,217,306 373,650 0.03Sinopec Shanghai Petrochemical 194,000 55,545 0.01Sinotrans 530,000 199,594 0.02SITC International Holdings 97,000 42,659 0.00Sunac China Holdings 366,000 217,134 0.02Tiangong International 334,000 96,490 0.01Tonly Electronics Holdings 15,925 11,563 0.00Travelsky Technology 302,000 297,180 0.03Tsingtao Brewery 250,514 2,111,377 0.18Weichai Power 345,000 1,392,681 0.12Weiqiao Textile 139,000 85,152 0.01West China Cement 818,000 120,267 0.01Winsway Coking Coal Holdings 616,000 38,531 0.00Xiamen International Port 142,000 20,511 0.00Xingda International Holdings 285,000 168,712 0.01Xinhua Winshare Publishing and Media 150,000 82,412 0.01Xinjiang Goldwind Science & Technology 131,600 149,188 0.01Yanzhou Coal Mining 480,000 438,291 0.04Yuanda China Holdings 514,000 45,078 0.00Yuzhou Properties 255,000 63,144 0.01Zhaojin Mining Industry 76,500 43,609 0.00Zhengzhou Coal Mining Machinery Group 21,800 14,929 0.00Zhong An Real Estate 225,000 40,626 0.00Zoomlion Heavy Industry Science and Technology 293,600 273,389 0.02

–––––––––––– –––––––75,455,081 6.55

ColombiaAlmacenes Exito 25,991 403,587 0.04Banco Davivienda - Pref 4,869 58,771 0.01Bancolombia 9,636 117,208 0.01Bancolombia - ADR 31,986 1,566,674 0.14Cementos Argos 53,071 267,827 0.02Ecopetrol - ADR 28,083 1,078,668 0.09Grupo de Inversiones Suramericana 26,411 460,689 0.04Grupo de Inversiones Suramericana - Pref 13,634 242,759 0.02Grupo Nutresa 28,105 379,679 0.03

–––––––––––– –––––––4,575,862 0.40

Czech RepublicCEZ 10,492 273,330 0.02Komercni Banka 3,651 809,428 0.07Telefonica Czech Republic 12,728 188,697 0.02Unipetrol 14,169 119,474 0.01

–––––––––––– –––––––1,390,929 0.12

EgyptCommercial International Bank Egypt - GDR 103,468 450,086 0.04

–––––––––––– –––––––



(continued)

17MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)GreeceMytilineos Holdings 4,729 37,013 0.00

–––––––––––– –––––––Hong Kong361 Degrees International 276,000 72,971 0.01AIA Group 755,800 3,786,920 0.33AMVIG Holdings 182,000 86,614 0.01Asian Citrus Holdings 240,000 65,929 0.01AVIC International Holding HK 518,000 23,048 0.00Beijing Enterprises Holdings 618,500 6,110,218 0.53Belle International Holdings 4,404,000 5,094,810 0.44Brilliance China Automotive Holdings 1,712,000 2,786,450 0.24BYD Electronic International 282,000 163,663 0.01C C Land Holdings 413,079 101,755 0.01Chaoda Modern Agriculture Holdings 262,710 37,270 0.00Chigo Holding 572,000 13,426 0.00China Aerospace International Holdings 678,000 75,200 0.01China Agri-Industries Holdings 722,000 358,498 0.03China Energine International Holdings 270,000 23,679 0.00China Everbright 298,000 468,883 0.04China Fiber Optic Network System Group 296,000 58,790 0.01China Foods 124,000 52,455 0.00China Gas Holdings 1,456,000 2,136,938 0.19China Glass Holdings 194,000 21,768 0.00China Haidian Holdings 810,000 79,394 0.01China High Speed Transmission Equipment Group 430,077 232,961 0.02China Household Holdings 190,000 24,259 0.00China Lumena New Materials 978,000 190,460 0.02China Merchants Holdings International 177,572 645,820 0.06China Metal Recycling Holdings 166,800 202,860 0.02China Mobile 1,509,000 15,617,892 1.36China Ocean Resources 30,200 121,332 0.01China Overseas Land & Investment 850,000 2,378,849 0.21China Precious Metal Resources Holdings 1,216,000 185,056 0.02China Resources Cement Holdings 153,078 102,858 0.01China Resources Enterprise 104,000 344,711 0.03China Resources Power Holdings 2,506,000 5,920,996 0.51China South City Holdings 590,000 166,642 0.01China Taiping Insurance Holdings 90,800 184,323 0.02China Tianyi Holdings 52,000 7,578 0.00China Travel International Inv HK 982,000 205,170 0.02China Unicom Hong Kong - ADR 61,984 933,479 0.08China Vanadium Titano - Magnetite Mining 301,000 41,537 0.00China WindPower Group 710,000 55,857 0.01CITIC Pacific 385,000 587,896 0.05CITIC Resources Holdings 950,000 124,972 0.01CNOOC 2,671,000 4,967,380 0.43CNOOC - ADR 1,027 192,563 0.02Comba Telecom Systems Holdings 309,000 106,404 0.01Cosco International Holdings 240,000 102,144 0.01Cosco Pacific 544,327 744,139 0.06Coslight Technology International Group 72,000 45,686 0.00CPMC Holdings 65,000 50,466 0.00Dah Chong Hong Holdings 76,000 56,850 0.01Dairy Farm International Holdings 60,300 572,850 0.05Digital China Holdings 76,080 89,093 0.01



(continued)

18MGI Funds plc


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



(continued)

19MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Hong Kong (continued)Sinofert Holdings 686,000 111,476 0.01Sinolink Worldwide Holdings 706,000 65,558 0.01Sinotrans Shipping 487,500 177,930 0.02Sinotruk Hong Kong 229,000 127,883 0.01Skyworth Digital Holdings 670,000 367,242 0.03Solargiga Energy Holdings 236,000 11,566 0.00SRE Group 1,726,000 57,877 0.01Sun Art Retail Group 320,500 450,550 0.04Superb Summit International Group 515,000 21,586 0.00TCC International Holdings 361,057 176,949 0.02TCL Multimedia Technology Holdings 159,258 73,737 0.01Tian An China Investment 136,000 112,431 0.01Tianjin Port Development Holdings 656,924 111,835 0.01Tianneng Power International 258,000 94,832 0.01Top Spring International Holdings 59,000 23,817 0.00TPV Technology 258,369 52,982 0.00VODone 1,004,000 134,665 0.01Wasion Group Holdings 140,000 85,404 0.01Yanchang Petroleum International 1,320,000 74,054 0.01Yip's Chemical Holdings 49,155 41,968 0.00Youyuan International Holdings 79,000 20,173 0.00Yuexiu Property 1,805,794 444,826 0.04

–––––––––––– –––––––83,605,288 7.25

HungaryOTP Bank 236,677 4,502,079 0.39Richter Gedeon 97,805 1,982,484 0.17

–––––––––––– –––––––6,484,563 0.56

IndiaAban Offshore 5,475 34,383 0.00ABG Shipyard 2,525 11,128 0.00ACC 6,017 107,641 0.01Adani Enterprises 84,176 356,886 0.03Adani Power 36,230 22,785 0.00Aditya Birla Nuvo 14,638 293,269 0.03Akzo Nobel India 421 5,840 0.00Allahabad Bank 36,114 55,524 0.01Alok Industries 391,081 53,109 0.01Amara Raja Batteries 10,513 57,192 0.01Ambuja Cements 40,536 119,599 0.01Amtek Auto 41,277 49,682 0.00Amtek India 19,375 20,157 0.00Anant Raj 39,679 40,029 0.00Andhra Bank 67,934 68,862 0.01Apollo Tyres 154,989 267,607 0.02Arvind 112,170 248,894 0.02Ashok Leyland 606,771 168,725 0.02Asian Paints 149,279 1,182,189 0.10Atul 4,846 35,298 0.00Aurobindo Pharma 28,542 180,905 0.02Axis Bank 221,115 4,645,542 0.40Axis Bank - GDR 153,661 3,203,832 0.28Bajaj Finance 4,259 108,446 0.01Bajaj Finserv 9,417 112,706 0.01



(continued)

20MGI Funds plc


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



(continued)

21MGI Funds plc


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



(continued)

22MGI Funds plc


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



(continued)

23MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)India (continued)State Bank of Bikaner & Jaipur 7,962 40,882 0.00State Bank of India 21,799 620,719 0.05Steel Authority of India 34,725 40,673 0.00Strides Arcolab 2,650 15,387 0.00Sun Pharmaceutical Industries 326,961 2,994,478 0.26Sundaram Finance 4,832 48,316 0.00Suzlon Energy 342,693 57,065 0.01Syndicate Bank 62,813 96,014 0.01Tata Chemicals 40,860 181,163 0.02Tata Communications 7,927 39,574 0.00Tata Consultancy Services 96,700 3,399,078 0.30Tata Global Beverages 66,993 173,290 0.02Tata Motors 156,576 953,049 0.08Tata Motors - ADR 43,666 1,344,476 0.12Tata Steel 106,143 725,953 0.06Tech Mahindra 3,028 89,976 0.01Thermax 3,542 40,256 0.00Tube Investments of India 12,259 31,126 0.00TV18 Broadcast 194,369 74,788 0.01UCO Bank 83,971 102,495 0.01Ultratech Cement 1,417 40,370 0.00Union Bank of India 61,964 130,780 0.01Unitech 581,249 142,834 0.01United Bank of India 6,494 3,370 0.00United Phosphorus 121,025 386,818 0.03United Spirits 12,198 512,925 0.05Videocon Industries 37,444 103,999 0.01Vijaya Bank 51,199 32,571 0.00Voltas 18,279 34,294 0.00Westlife Development 49,800 298,695 0.03Wipro 22,050 199,290 0.02Yes Bank 12,811 76,798 0.01Zee Entertainment Enterprises 275,708 1,232,674 0.11Zensar Technologies 2,348 13,426 0.00

–––––––––––– –––––––103,365,391 8.97

IndonesiaAdaro Energy 5,670,000 503,173 0.04Adhi Karya Persero 607,000 74,815 0.01Agis 2,811,000 101,630 0.01Agung Podomoro Land 3,799,500 67,123 0.01Alam Sutera Realty 5,677,500 200,602 0.02Aneka Tambang Persero 2,192,500 196,370 0.02Astra Agro Lestari 62,000 127,108 0.01Astra International 8,497,500 4,747,987 0.41Astra Otoparts 375,500 111,848 0.01Bakrie and Brothers 26,919,500 110,598 0.01Bakrieland Development 12,684,000 52,112 0.01Bank Bukopin 2,296,000 116,970 0.01Bank Bukopin - Rights 765,155 - 0.00Bank Central Asia 1,588,370 1,246,420 0.11Bank Danamon Indonesia 850,500 262,069 0.02Bank Mandiri 8,654,500 5,546,845 0.48Bank Negara Indonesia Persero 1,588,000 512,153 0.05Bank Pan Indonesia 2,722,500 143,172 0.01



(continued)

24MGI Funds plc


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



(continued)

25MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Indonesia (continued)Sinar Mas Multiartha 500,000 131,471 0.01Sugih Energy 1,187,500 43,421 0.00Summarecon Agung 1,796,500 115,141 0.01Surya Semesta Internusa 2,436,500 112,115 0.01Tambang Batubara Bukit Asam 68,500 57,130 0.01Telekomunikasi Indonesia Persero 9,359,400 1,653,468 0.14Tiga Pilar Sejahtera Food 973,500 114,388 0.01Timah Persero 1,036,500 132,863 0.01Tunas Ridean 701,000 30,528 0.00Unilever Indonesia 614,500 1,312,818 0.11United Tractors 273,500 419,127 0.04Vale Indonesia 1,101,000 230,694 0.02Visi Media Asia 879,500 19,512 0.00XL Axiata 818,000 342,794 0.03

–––––––––––– –––––––36,312,111 3.15

KazakhstanKazMunaiGas Exploration Production - GDR 149,180 2,342,126 0.20

–––––––––––– –––––––KoreaAK Holdings 2,000 77,605 0.01AMOREPACIFIC Group 221 96,956 0.01Asia Cement 1,097 86,380 0.01ASIA Holdings 480 57,081 0.01Asia Paper Manufacturing 2,440 49,593 0.00Asiana Airlines 26,080 121,707 0.01AtlasBX 1,394 53,034 0.01BS Financial Group 49,040 741,165 0.06Byucksan 17,160 43,252 0.00Capro 13,500 81,869 0.01Cheil Industries 3,638 304,732 0.03Cheil Worldwide 58,980 1,534,090 0.13Chosun Refractories 537 39,740 0.00CJ 2,896 318,317 0.03CJ CheilJedang 535 140,169 0.01CJ E&M 4,333 125,225 0.01CJ Korea Express 1,314 124,508 0.01Dae Han Flour Mills 372 54,107 0.01Dae Won Kang Up 1,320 9,306 0.00Daeduck Electronics 9,630 75,919 0.01Daeduck GDS 7,030 116,906 0.01Daegu Department Store 1,820 34,060 0.00Daehan Steel 5,220 28,688 0.00Daekyo 7,160 49,391 0.00Daelim Industrial 9,578 853,112 0.07Daesang Holdings 4,950 39,024 0.00Daewoo Engineering & Construction 35,660 249,030 0.02Daewoo Securities 57,560 485,416 0.04Daewoo Shipbuilding & Marine Engineering 7,540 249,345 0.02Daewoong 420 15,859 0.00Daishin Securities 19,760 146,981 0.01Daou Data 7,895 37,405 0.00Daou Technology 11,130 159,249 0.01DGB Financial Group 142,310 2,224,965 0.19Dong Ah Tire & Rubber 4,820 86,549 0.01



(continued)

26MGI Funds plc


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



(continued)

27MGI Funds plc


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



(continued)

28MGI Funds plc


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



(continued)

29MGI Funds plc


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



(continued)

30MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Korea (continued)Young Poong 30 36,016 0.00Young Poong Precision 4,744 43,693 0.00

–––––––––––– –––––––142,202,247 12.34

LuxembourgKernel Holding 10,443 131,548 0.01Pegas Nonwovens 1,821 54,269 0.01Samsonite International 279,000 845,590 0.07

–––––––––––– –––––––1,031,407 0.09

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



(continued)

31MGI Funds plc


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



(continued)

32MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Malaysia (continued)Star Publications Malaysia 167,400 113,968 0.01Sunway 470,566 389,325 0.03Supermax 312,500 263,319 0.02Suria Capital Holdings 29,700 23,938 0.00Ta Ann Holdings 122,900 155,337 0.01TA Enterprise 659,600 157,072 0.01TA Global 764,900 68,889 0.01Tan Chong Motor Holdings 37,200 70,300 0.01TDM 299,300 86,807 0.01Tebrau Teguh 160,800 63,328 0.01TH Plantations 186,380 105,836 0.01Time dotCom 218,100 236,378 0.02Tropicana 177,300 66,038 0.01UEM Sunrise 184,500 132,369 0.01Unisem M 292,100 88,731 0.01UOA Development 288,500 169,991 0.02Wah Seong 198,400 99,336 0.01WCT 502,100 311,178 0.03Wing Tai Malaysia 45,800 31,181 0.00WTK Holdings 100,900 40,046 0.00YNH Property 140,400 77,583 0.01YTL 1,031,800 510,309 0.04YTL Land & Development 78,400 22,379 0.00

–––––––––––– –––––––45,501,306 3.95

MaltaBrait 184,637 923,736 0.08

–––––––––––– –––––––MexicoAlfa 657,508 1,845,439 0.16Alpek 144,832 326,441 0.03America Movil - ADR 270,563 6,323,057 0.55Arca Continental 73,400 455,067 0.04Axtel 425,200 151,287 0.01Banregio Grupo Financiero 27,500 162,768 0.01Bio Pappel 43,316 104,444 0.01Bolsa Mexicana de Valores 13,267 30,328 0.00Cemex 1,071,900 1,253,005 0.11Cemex - ADR 310,578 3,671,032 0.32Cia Minera Autlan 71,410 54,687 0.00Coca-Cola Femsa 7,844 94,406 0.01Coca-Cola Femsa - ADR 13,213 1,608,947 0.14Compartamos 895,100 1,665,522 0.14Consorcio ARA 467,300 181,966 0.02Controladora Comercial Mexicana 191,679 827,033 0.07Corp GEO 192,500 24,251 0.00Desarrolladora Homex - ADR 8,265 9,587 0.00Empresas ICA 217,600 447,755 0.04Empresas ICA - ADR 16,826 142,011 0.01Fibra Uno Administracion REIT 2,588,500 8,314,648 0.72Fomento Economico Mexicano 147,900 1,425,456 0.12Fomento Economico Mexicano - ADR 66,558 6,512,700 0.57Gruma 124,494 934,288 0.08Gruma - ADR 2,021 61,358 0.01Grupo Aeromexico 89,800 123,210 0.01



(continued)

33MGI Funds plc


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

–––––––––––– –––––––79,752,398 6.92

NetherlandsCinema City International 1,790 18,449 0.00Yandex 83,839 3,616,814 0.32

–––––––––––– –––––––3,635,263 0.32

PanamaAvianca Holdings - Pref 39,939 75,454 0.01

–––––––––––– –––––––PeruCia de Minas Buenaventura - ADR 10,572 118,512 0.01

–––––––––––– –––––––PhilippinesAlliance Global Group 712,200 412,404 0.04Atlas Consolidated Mining & Development 425,200 139,298 0.01



(continued)

34MGI Funds plc


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

–––––––––––– –––––––16,224,272 1.41

PolandAgora 17,512 54,670 0.00Asseco Poland 44,818 680,265 0.06Bank Handlowy w Warszawie 2,945 100,722 0.01Bank Millennium 88,482 206,730 0.02Bank Pekao 5,496 325,303 0.03BRE Bank 495 79,398 0.01Ciech 12,624 127,895 0.01Cyfrowy Polsat 104,914 687,037 0.06Echo Investment 95,443 211,291 0.02



(continued)

35MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Poland (continued)Emperia Holding 2,309 54,713 0.00Enea 55,573 250,474 0.02Farmacol 1,688 37,050 0.00Getin Holding 106,884 133,895 0.01Getin Noble Bank 284,763 251,973 0.02Grupa Azoty 11,188 230,436 0.02Grupa Kety 2,439 175,805 0.02Grupa Lotos 35,855 415,889 0.04Impexmetal 91,865 102,294 0.01ING Bank Slaski 1,982 74,454 0.01Jastrzebska Spolka Weglowa 9,213 162,219 0.01KGHM Polska Miedz 12,309 471,156 0.04Kopex 11,010 37,327 0.00LC 116,865 61,580 0.01Lubelski Wegiel Bogdanka 6,096 246,470 0.02MCI Management 20,838 64,984 0.01Midas 119,006 23,664 0.00Netia 162,245 282,287 0.02Orbis 9,570 125,625 0.01Pelion 1,427 48,710 0.00PGE 138,957 748,331 0.07Polimex-Mostostal 152,567 6,573 0.00Polski Koncern Naftowy Orlen 59,863 805,858 0.07Powszechna Kasa Oszczednosci Bank Polski 251,607 3,262,815 0.28Rovese 296,427 197,458 0.02Tauron Polska Energia 424,085 614,178 0.05Trakcja 135,849 57,627 0.01

–––––––––––– –––––––11,417,156 0.99

PortugalJeronimo Martins 54,753 1,070,591 0.09

–––––––––––– –––––––RomaniaSocietatea Nationala de Gaze Naturale ROMGAZ - GDR 130,981 1,284,924 0.11

–––––––––––– –––––––RussiaGazprom - ADR 1,088,199 9,195,282 0.80Gazprom - ADR - UK listing 1,326,126 11,331,747 0.98Lukoil - ADR 103,850 6,551,897 0.57Lukoil - ADR - UK listing 26,022 1,623,773 0.14Magnit OJSC 9,404 2,638,157 0.23Magnitogorsk Iron & Steel Works - GDR 111,659 327,161 0.03Mail.ru Group - GDR 9,053 403,673 0.03Mail.ru Group - GDR - UK listing 22,246 991,949 0.09Mechel - ADR 78,583 200,387 0.02Mobile Telesystems - ADR 22,300 482,572 0.04Mobile Telesystems OJSC 234,271 2,339,572 0.20Moscow Exchange MICEX-RTS 380,902 750,560 0.06Novatek - GDR 7,950 1,087,560 0.09Novolipetsk Steel OJSC - GDR 4,369 73,792 0.01Rosneft - GDR 59,757 454,452 0.04RusHydro Management - ADR 445,566 769,047 0.07Sberbank of Russia - ADR - UK listing 45,024 565,051 1.03Sberbank of Russia - ADR – US listing 949,493 11,925,632 0.05



(continued)

36MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Russia (continued)Severstal - GDR 24,121 237,833 0.02Tatneft - ADR 11,944 455,664 0.04VTB Bank - GDR 256,470 767,102 0.07

–––––––––––– –––––––53,172,863 4.61

SingaporeDBS Group Holdings 179,046 2,417,816 0.21

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



(continued)

37MGI Funds plc


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

–––––––––––– –––––––49,253,626 4.27

TaiwanA-DATA Technology 21,000 49,464 0.00Ability Enterprise 183,000 114,820 0.01AcBel Polytech 35,000 35,994 0.00Accton Technology 297,000 156,953 0.01Acer 866,000 531,743 0.05Achem Technology 101,000 56,763 0.01Advanced International Multitech 10,000 10,636 0.00Advanced Semiconductor Engineering 238,000 220,803 0.02AGV Products 241,000 74,070 0.01ALI 51,000 53,219 0.00



(continued)

38MGI Funds plc


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



(continued)

39MGI Funds plc


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



(continued)

40MGI Funds plc


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



(continued)

41MGI Funds plc


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



(continued)

42MGI Funds plc


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



(continued)

43MGI Funds plc


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



(continued)

44MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Taiwan (continued)Young Fast Optoelectronics 64,000 68,287 0.01Youngtek Electronics 46,196 93,776 0.01Yuanta Financial Holding 1,071,000 639,650 0.06Yulon Motor 250,000 452,967 0.04Yung Chi Paint & Varnish Manufacturing 16,000 41,767 0.00Zig Sheng Industrial 230,280 79,970 0.01Zinwell 146,000 169,007 0.02

–––––––––––– –––––––108,998,611 9.46

ThailandAAPICO Hitech 23,100 10,264 0.00Advanced Info Service 214,600 1,302,882 0.11AJ Plast 26,600 7,447 0.00Amata 68,100 27,978 0.00AP Thailand 796,400 106,639 0.01Asia Aviation - NVDR 802,000 88,840 0.01Bangchak Petroleum 306,500 258,835 0.02Bangkok Bank 968,000 5,228,850 0.45Bangkok Bank - NVDR 42,300 228,492 0.02Bangkok Dusit Medical Services 55,100 197,025 0.02Bangkok Expressway 197,000 200,837 0.02Bangkok Insurance 9,000 101,613 0.01Bangkokland 5,094,900 237,224 0.02Banpu 432,000 397,687 0.04CalComp Electronics Thailand 659,300 58,988 0.01CH Karnchang 78,500 37,028 0.00Charoen Pokphand Foods 135,500 129,892 0.01Charoong Thai Wire & Cable 61,900 17,236 0.00CP ALL 1,497,000 1,902,000 0.17Delta Electronics Thailand 157,500 256,429 0.02Eastern Water Resources Development and Management 86,200 31,741 0.00Erawan Group 57,500 5,740 0.00Esso Thailand 775,500 141,601 0.01GFPT 59,800 23,112 0.00Golden Land Property Development 199,600 37,357 0.00Hana Microelectronics 162,100 124,559 0.01Indorama Ventures 360,400 219,355 0.02IRPC 3,328,200 330,187 0.03Kasikornbank 346,600 1,671,821 0.15Kasikornbank - NVDR 1,198,500 5,689,775 0.49KGI Securities Thailand 323,300 27,745 0.00Khon Kaen Sugar Industry 129,200 46,789 0.00Khonburi Sugar 163,100 46,657 0.00Kiatnakin Bank 184,300 208,922 0.02Krung Thai Bank 829,100 416,316 0.04Krungthai Card 25,600 22,982 0.00Laguna Resorts & Hotels 25,000 20,922 0.00Land and Houses Receipt - NVDR 1,913,600 512,467 0.05Lanna Resources 58,600 20,687 0.00LH Financial Group 2,420,500 89,866 0.01Loxley 178,200 19,523 0.00MBK 26,600 112,925 0.01Nation Multimedia Group 1,071,700 43,703 0.00Polyplex Thailand 152,500 42,928 0.00Precious Shipping 198,100 127,806 0.01



(continued)

45MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Thailand (continued)Property Perfect 1,731,100 47,940 0.01Pruksa Real Estate 139,400 76,785 0.01PTT 1,278,200 11,124,930 0.97PTT Chemical 1,298,400 3,111,656 0.27PTT Exploration & Production 52,200 264,495 0.02Quality Houses 1,493,900 119,112 0.01Regional Container Lines 145,000 27,579 0.00Rojana Industrial Park 116,500 24,463 0.00Saha-Union 66,300 71,627 0.01Sahaviriya Steel Industries 4,508,400 41,160 0.00Sansiri 1,836,500 99,482 0.01SC Asset 620,549 57,032 0.01Siam Future Development 274,300 47,164 0.00Siamgas & Petrochemicals 210,579 101,252 0.01Somboon Advance Technology 79,300 34,510 0.00Sri Ayudhya Capital 3,800 2,556 0.00Sri Trang Agro-Industry 327,000 129,367 0.01Srithai Superware 61,200 30,358 0.00Supalai 73,400 32,389 0.00Tata Steel Thailand 1,749,800 38,340 0.00Thai Airways International 484,200 203,346 0.02Thai Beverage 3,702,000 1,583,304 0.14Thai Carbon Black 16,400 11,229 0.00Thai Oil 176,200 300,280 0.03Thai Stanley Electric 3,500 21,409 0.00Thai Union Frozen Products 91,900 199,266 0.02Thai Vegetable Oil 88,100 49,600 0.01Thanachart Capital 294,300 284,359 0.03Thoresen Thai Agencies 243,500 128,938 0.01Ticon Industrial Connection 75,600 36,121 0.00Tipco Asphalt 8,500 13,128 0.00Tisco Financial Group 48,800 56,805 0.01TMB Bank 4,280,400 268,339 0.02Total Access Communication 10,500 30,915 0.00TPI Polene 524,900 170,920 0.02Univentures 74,800 15,593 0.00Vinythai 230,200 72,857 0.01

–––––––––––– –––––––39,760,278 3.45

TurkeyAdana Cimento Sanayii TAS 28,736 47,748 0.00Akbank 298,940 929,448 0.08Akenerji Elektrik Uretim 74,540 40,245 0.00Akfen Holding 49,599 97,420 0.01Aksa Akrilik Kimya Sanayii 38,084 142,161 0.01Aksigorta 16,380 20,280 0.00Alarko Holding 28,121 60,993 0.01Albaraka Turk Katilim Bankasi 175,649 125,900 0.01Altinyildiz Mensucat ve Konfeksiyon Fabrikalari 1,410 31,764 0.00Anadolu Anonim Tuerk Sigorta Sirketi 98,149 60,758 0.01Anadolu Cam Sanayii 77,909 69,623 0.01Anadolu Efes Biracilik ve Malt Sanayii 8,110 87,007 0.01Asya Katilim Bankasi 264,199 177,075 0.02Aygaz 41,892 159,884 0.01



(continued)

46MGI Funds plc


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



(continued)

47MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Turkey (continued)Vestel Beyaz Esya Sanayi ve Ticaret 40,471 57,264 0.01Vestel Elektronik Sanayi ve Ticaret 46,168 33,092 0.00Yapi ve Kredi Bankasi 121,781 210,857 0.02Zorlu Enerji Elektrik Uretim 122,983 58,959 0.01

–––––––––––– –––––––28,610,549 2.48

United Arab EmiratesEmaar Properties 748,040 1,555,956 0.14

–––––––––––– –––––––United KingdomBritish American Tobacco 193,790 10,363,775 0.90Etalon Group - GDR 13,954 73,956 0.01HSBC Holdings 543,808 5,901,847 0.51SABMiller 273,457 13,893,274 1.20Standard Chartered 74,701 1,682,639 0.15Unilever 190,949 7,849,550 0.68

–––––––––––– –––––––39,765,041 3.45

United States of AmericaYum! Brands 134,443 10,165,235 0.88

–––––––––––– –––––––

Total equities 1,126,727,531 97.76

Total transferable securities 1,126,727,531 97.76

Financial derivative instrumentsWarrantsMalaysiaMalaysian Resources, expires 16/09/2018 298,133 19,569 0.00

–––––––––––– –––––––

Total warrants 19,569 0.00

Open forward foreign currency contracts

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

USD 1* 809 PHP 35,852 02/01/2014 1 0.00USD 2* 21,369 ZAR 223,753 06/01/2014 14 0.00USD 2* 67,980 ZAR 704,568 03/01/2014 710 0.00USD 2* 20,034 ZAR 209,161 07/01/2014 75 0.00

–––––––––––– –––––––Unrealised gain on open forward foreign currency contracts 800 0.00

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

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

48MGI 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 lossOpen forward foreign currency contractsPHP 1* 219,203 USD 4,944 02/01/2014 (5) 0.00ZAR 2* 210,525 USD 20,164 07/01/2014 (75) 0.00

–––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (80) 0.00

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

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

Total financial derivative instruments 20,289 0.00

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

Cash 24,759,922 2.15

Net current assets 1,097,373 0.09–––––––––––– –––––––

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

Total assets comprised as follows:% of

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

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust2* Goldman Sachs International



(continued)

49MGI 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 lossTransferable securitiesGovernment bondsAustriaAustria (Government of) 3.50 15/07/2015 EUR 50,000 52,483 0.34Austria (Government of) 3.20 20/02/2017 EUR 50,000 54,088 0.36Austria (Government of) 4.65 15/01/2018 EUR 70,000 80,449 0.53Austria (Government of) 4.35 15/03/2019 EUR 50,000 57,840 0.38Austria (Government of) 3.50 15/09/2021 EUR 60,000 66,936 0.44Austria (Government of) 4.85 15/03/2026 EUR 80,000 98,840 0.65Austria (Government of) 4.15 15/03/2037 EUR 55,000 65,631 0.43

–––––––––––– –––––––476,267 3.13

BelgiumBelgium (Government of) 8.00 28/03/2015 EUR 40,000 43,783 0.29Belgium (Government of) 3.75 28/09/2015 EUR 50,000 53,011 0.35Belgium (Government of) 3.25 28/09/2016 EUR 70,000 75,132 0.49Belgium (Government of) 3.50 28/06/2017 EUR 70,000 76,416 0.50Belgium (Government of) 5.50 28/09/2017 EUR 40,000 46,734 0.31Belgium (Government of) 1.25 22/06/2018 EUR 50,000 50,138 0.33Belgium (Government of) 4.00 28/03/2019 EUR 40,000 45,116 0.30Belgium (Government of) 3.75 28/09/2020 EUR 55,000 61,581 0.40Belgium (Government of) 4.00 28/03/2022 EUR 45,000 50,917 0.33Belgium (Government of) 4.25 28/09/2022 EUR 50,000 57,372 0.38Belgium (Government of) 5.50 28/03/2028 EUR 70,000 89,673 0.59Belgium (Government of) 5.00 28/03/2035 EUR 60,000 75,039 0.49Belgium (Government of) 4.25 28/03/2041 EUR 65,000 74,016 0.49

–––––––––––– –––––––798,928 5.25

FinlandFinland (Government of) 3.88 15/09/2017 EUR 100,000 111,376 0.73Finland (Government of) 3.50 15/04/2021 EUR 30,000 33,607 0.22Finland (Government of) 4.00 04/07/2025 EUR 30,000 34,721 0.23Finland (Government of) 2.63 04/07/2042 EUR 10,000 9,492 0.06

–––––––––––– –––––––189,196 1.24

FranceFrance (Government of) 3.50 25/04/2015 EUR 150,000 156,387 1.03France (Government of) 3.00 25/10/2015 EUR 130,000 136,437 0.90France (Government of) 2.25 25/02/2016 EUR 130,000 135,321 0.89France (Government of) 3.25 25/04/2016 EUR 170,000 181,237 1.19France (Government of) 5.00 25/10/2016 EUR 100,000 112,571 0.74France (Government of) 1.75 25/02/2017 EUR 80,000 82,820 0.54France (Government of) 3.75 25/04/2017 EUR 130,000 143,098 0.94France (Government of) 4.25 25/10/2017 EUR 50,000 56,394 0.37France (Government of) 4.00 25/04/2018 EUR 150,000 168,933 1.11France (Government of) 4.25 25/10/2018 EUR 100,000 114,360 0.75France (Government of) 4.25 25/04/2019 EUR 170,000 195,381 1.28France (Government of) 3.50 25/04/2020 EUR 160,000 178,453 1.17France (Government of) 3.75 25/04/2021 EUR 140,000 158,209 1.04France (Government of) 3.00 25/04/2022 EUR 140,000 149,638 0.98France (Government of) 2.25 25/10/2022 EUR 100,000 100,102 0.66France (Government of) 4.25 25/10/2023 EUR 160,000 185,184 1.22France (Government of) 3.50 25/04/2026 EUR 120,000 128,907 0.85France (Government of) 5.50 25/04/2029 EUR 100,000 130,510 0.86France (Government of) 5.75 25/10/2032 EUR 10,000 13,712 0.09France (Government of) 4.75 25/04/2035 EUR 90,000 110,813 0.73

50MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)France (continued)France (Government of) 4.50 25/04/2041 EUR 100,000 120,090 0.79France (Government of) 4.00 25/04/2055 EUR 130,000 144,372 0.95

–––––––––––– –––––––2,902,929 19.08

GermanyBundesrepublik Deutschland 3.75 04/01/2015 EUR 125,000 129,485 0.85Bundesrepublik Deutschland 0.25 13/03/2015 EUR 70,000 70,063 0.46Bundesrepublik Deutschland 2.25 10/04/2015 EUR 100,000 102,427 0.67Bundesrepublik Deutschland 3.25 04/07/2015 EUR 195,000 203,886 1.34Bundesrepublik Deutschland 3.50 04/01/2016 EUR 120,000 127,851 0.84Bundesrepublik Deutschland 2.75 08/04/2016 EUR 80,000 84,295 0.55Bundesrepublik Deutschland 4.00 04/07/2016 EUR 110,000 119,978 0.79Bundesrepublik Deutschland 3.75 04/01/2017 EUR 80,000 88,046 0.58Bundesrepublik Deutschland 4.25 04/07/2017 EUR 90,000 101,520 0.67Bundesrepublik Deutschland 4.00 04/01/2018 EUR 100,000 113,073 0.74Bundesrepublik Deutschland 4.25 04/07/2018 EUR 100,000 115,256 0.76Bundesrepublik Deutschland 3.75 04/01/2019 EUR 100,000 113,623 0.75Bundesrepublik Deutschland 3.25 04/01/2020 EUR 50,000 55,975 0.37Bundesrepublik Deutschland 3.00 04/07/2020 EUR 120,000 132,826 0.87Bundesrepublik Deutschland 3.25 04/07/2021 EUR 70,000 78,657 0.52Bundesrepublik Deutschland 1.75 04/07/2022 EUR 90,000 90,146 0.59Bundesrepublik Deutschland 1.50 15/02/2023 EUR 100,000 97,125 0.64Bundesrepublik Deutschland 6.50 04/07/2027 EUR 100,000 148,038 0.97Bundesrepublik Deutschland 4.75 04/07/2028 EUR 40,000 51,068 0.34Bundesrepublik Deutschland 6.25 04/01/2030 EUR 60,000 89,030 0.59Bundesrepublik Deutschland 5.50 04/01/2031 EUR 50,000 69,637 0.46Bundesrepublik Deutschland 4.75 04/07/2034 EUR 70,000 92,306 0.61Bundesrepublik Deutschland 4.00 04/01/2037 EUR 120,000 145,144 0.95Bundesrepublik Deutschland 3.25 04/07/2042 EUR 120,000 131,574 0.86

–––––––––––– –––––––2,551,029 16.77

ItalyItaly Buoni Poliennali Del Tesoro 4.25 01/02/2015 EUR 210,000 217,302 1.43Italy Buoni Poliennali Del Tesoro 3.00 15/06/2015 EUR 150,000 153,960 1.01Italy Buoni Poliennali Del Tesoro 3.75 01/08/2015 EUR 150,000 155,895 1.02Italy Buoni Poliennali Del Tesoro 3.75 15/04/2016 EUR 90,000 94,471 0.62Italy Buoni Poliennali Del Tesoro 4.75 15/09/2016 EUR 110,000 118,745 0.78Italy Buoni Poliennali Del Tesoro 4.00 01/02/2017 EUR 100,000 106,104 0.70Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 115,000 126,914 0.83Italy Buoni Poliennali Del Tesoro 4.50 01/02/2018 EUR 100,000 108,006 0.71Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 110,000 119,130 0.78Italy Buoni Poliennali Del Tesoro 4.50 01/03/2019 EUR 285,000 308,156 2.02Italy Buoni Poliennali Del Tesoro 4.25 01/03/2020 EUR 240,000 254,976 1.68Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 120,000 122,710 0.81Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 85,000 95,442 0.63Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 130,000 138,821 0.91Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 50,000 51,805 0.34Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 130,000 139,484 0.92Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 100,000 121,034 0.80Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 100,000 107,968 0.71Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 120,000 136,501 0.90Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 90,000 93,398 0.61Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 160,000 165,312 1.09Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 50,000 49,476 0.32

–––––––––––– –––––––2,985,610 19.62



(continued)

51MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)LuxembourgLuxembourg (Government of) 3.38 18/05/2020 EUR 10,000 11,113 0.07

–––––––––––– –––––––NetherlandsNetherlands (Kingdom of) 2.75 15/01/2015 EUR 50,000 51,299 0.34Netherlands (Kingdom of) 3.25 15/07/2015 EUR 120,000 125,523 0.83Netherlands (Kingdom of) 2.50 15/01/2017 EUR 100,000 105,805 0.70Netherlands (Kingdom of) 4.00 15/07/2018 EUR 80,000 90,450 0.59Netherlands (Kingdom of) 4.00 15/07/2019 EUR 100,000 114,385 0.75Netherlands (Kingdom of) 3.25 15/07/2021 EUR 60,000 66,105 0.43Netherlands (Kingdom of) 3.75 15/01/2023 EUR 50,000 56,744 0.37Netherlands (Kingdom of) 1.75 15/07/2023 EUR 30,000 28,769 0.19Netherlands (Kingdom of) 5.50 15/01/2028 EUR 35,000 46,725 0.31Netherlands (Kingdom of) 2.50 15/01/2033 EUR 20,000 19,009 0.13Netherlands (Kingdom of) 4.00 15/01/2037 EUR 30,000 35,713 0.23Netherlands (Kingdom of) 3.75 15/01/2042 EUR 55,000 63,959 0.42

–––––––––––– –––––––804,486 5.29

SlovakiaSlovakia (Government of) 3.50 24/02/2016 EUR 40,000 42,304 0.28Slovakia (Government of) 4.35 14/10/2025 EUR 20,000 22,445 0.15

–––––––––––– –––––––64,749 0.43

SloveniaSlovenia (Government of) 4.13 26/01/2020 EUR 15,000 14,742 0.10

–––––––––––– –––––––SpainSpain (Kingdom of) 3.00 30/04/2015 EUR 100,000 102,329 0.67Spain (Kingdom of) 4.00 30/07/2015 EUR 80,000 83,304 0.55Spain (Kingdom of) 3.15 31/01/2016 EUR 110,000 113,371 0.75Spain (Kingdom of) 3.25 30/04/2016 EUR 70,000 72,360 0.48Spain (Kingdom of) 4.25 31/10/2016 EUR 100,000 106,202 0.70Spain (Kingdom of) 5.50 30/07/2017 EUR 90,000 99,865 0.66Spain (Kingdom of) 4.10 30/07/2018 EUR 150,000 158,730 1.04Spain (Kingdom of) 4.30 31/10/2019 EUR 120,000 127,666 0.84Spain (Kingdom of) 4.85 31/10/2020 EUR 120,000 129,947 0.85Spain (Kingdom of) 5.85 31/01/2022 EUR 85,000 96,526 0.63Spain (Kingdom of) 4.80 31/01/2024 EUR 90,000 94,473 0.62Spain (Kingdom of) 4.65 30/07/2025 EUR 100,000 102,600 0.67Spain (Kingdom of) 6.00 31/01/2029 EUR 100,000 114,380 0.75Spain (Kingdom of) 4.90 30/07/2040 EUR 110,000 109,334 0.72

–––––––––––– –––––––1,511,087 9.93

Total government bonds 12,310,136 80.91

Total transferable securities 12,310,136 80.91



(continued)

52MGI Funds plc

Nominal Fair value % ofholdings € Net assets

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

–––––––––––– –––––––

Total collective investment schemes 2,453,227 16.13

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

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

Cash 134,021 0.88

Net current assets 316,921 2.08–––––––––––– –––––––

Net assets attributable to holders of redeemable participating shares 15,214,305 100.00–––––––––––– ––––––––––––––––––– –––––––


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 80.86Collective investment schemes 16.11Other current assets 3.03

–––––––100.00

––––––––––––––



(continued)

53MGI Funds plc

MGI Funds plcMGI Euro Cash Fund



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

Total deposits with credit institutions 198,229,546 96.65

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

Cash 6,723,388 3.28




Total assetsDeposits with credit institutions 96.63%Other current assets 3.37%

–––––––100.00%––––––––––––––

54MGI Funds plc

MGI Funds plcMGI Eurozone Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustriaEVN 20,754 238,464 0.15Immofinanz 236,519 - 0.00OMV 6,717 232,476 0.14Raiffeisen International Bank 19,687 502,609 0.31Voestalpine 6,633 232,420 0.14

–––––––––––– –––––––1,205,969 0.74

BelgiumAgeas 44,086 1,364,462 0.84Anheuser-Busch 48,146 3,712,057 2.27Barco 14,528 823,738 0.50Belgacom 37,469 805,771 0.49Delhaize Group 18,864 812,472 0.50KBC Groep 7,071 290,865 0.18

–––––––––––– –––––––7,809,365 4.78

CyprusTCS Group Holding - GDR 22,040 248,879 0.15

–––––––––––– –––––––DenmarkNovo Nordisk 5,880 783,043 0.48

–––––––––––– –––––––FinlandFortum 14,071 234,001 0.14Metso 8,247 255,822 0.16Neste Oil 16,709 240,108 0.15Nokia 180,805 1,051,381 0.64Orion 12,596 257,210 0.16Outotec 32,900 250,369 0.15Stora Enso 33,123 241,632 0.15Tieto 15,191 249,740 0.15UPM-Kymmene 19,298 236,980 0.15

–––––––––––– –––––––3,017,243 1.85

FranceAlcatel-Lucent 203,338 662,475 0.41Alstom 35,550 941,186 0.58Alten 29,080 959,058 0.59Arkema 3,823 323,961 0.20AXA 133,866 2,705,432 1.66BNP Paribas 47,175 2,670,577 1.63Bureau Veritas 42,377 899,664 0.55Cap Gemini 9,520 467,718 0.29Carrefour 21,534 620,395 0.38Casino Guichard Perrachon 16,152 1,352,730 0.83Christian Dior 5,736 786,119 0.48Cie Generale des Etablissements Michelin 11,777 909,773 0.56CNP Assurances 68,086 1,011,418 0.62Credit Agricole 107,540 1,000,660 0.61Essilor International 15,801 1,221,101 0.75Etablissements Maurel et Prom 82,846 1,003,265 0.61Faurecia 18,348 508,240 0.31Havas 147,070 878,890 0.54Iliad 1,869 278,294 0.17Ingenico 7,337 427,600 0.26

55MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)France (continued)Legrand 35,542 1,423,813 0.87Louis Vuitton Moet Hennessy 11,500 1,524,900 0.93Metropole Television 59,774 995,237 0.61Neopost 16,284 910,601 0.56Orange 99,513 895,617 0.55Peugeot 56,403 532,331 0.33Renault 25,535 1,492,521 0.91Rexel 21,639 411,574 0.25Safran 20,154 1,017,979 0.62Sanofi 28,946 2,232,315 1.37Schneider Electric 15,398 976,233 0.60Sodexo 15,580 1,147,000 0.70Thales 21,500 1,001,792 0.61Total 65,032 2,895,875 1.77Valeo 33,379 2,684,339 1.64Vivendi 50,466 963,648 0.59Wendel 3,437 363,635 0.22

–––––––––––– –––––––41,097,966 25.16

GermanyAdidas 17,445 1,615,407 0.99Aixtron 34,006 356,723 0.22Allianz 7,394 964,178 0.59Aurubis 22,331 990,603 0.61BASF 38,282 2,974,511 1.82Bayer 46,917 4,790,226 2.93Bayerische Motoren Werke 30,098 2,572,175 1.57Bayerische Motoren Werke - Pref 12,717 789,344 0.48Bechtle 19,990 989,405 0.61Beiersdorf 8,002 589,587 0.36Bilfinger 13,081 1,066,886 0.65Commerzbank 79,229 926,979 0.57Continental 13,198 2,104,421 1.29Daimler 15,552 981,331 0.60Deutsche Boerse 22,647 1,360,858 0.83Deutsche Lufthansa 48,588 752,385 0.46Deutsche Post 28,084 747,175 0.46Deutsche Telekom 83,977 1,046,353 0.64Dialog Semiconductor 24,893 388,455 0.24Duerr 34,864 2,252,563 1.38E.ON 110,546 1,486,291 0.91Fresenius 12,640 1,413,152 0.87Fresenius Medical Care 18,941 978,303 0.60Gildemeister 41,002 951,246 0.58Hugo Boss 4,253 440,824 0.27Infineon Technologies 81,505 633,294 0.39LEG Immobilien 7,796 334,448 0.20Leoni 17,512 950,551 0.58Linde 10,900 1,659,525 1.02Merck 9,438 1,226,468 0.75MTU Aero Engines Holding 17,665 1,263,578 0.77Muenchener Rueckversicherungs 9,600 1,541,280 0.94Porsche Automobil Holding - Pref 27,112 2,048,854 1.25



(continued)

56MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Germany (continued)Rheinmetall 21,059 941,653 0.58SAP 57,586 3,600,853 2.20Siemens 18,499 1,840,836 1.13Software 33,436 849,943 0.52Suedzucker 49,751 975,866 0.60Talanx 38,825 955,483 0.59ThyssenKrupp 31,933 565,534 0.35Volkswagen 5,044 993,416 0.61Volkswagen - Pref 5,110 1,044,484 0.64Wirecard 18,695 535,799 0.33

–––––––––––– –––––––55,491,246 33.98

GreeceAlpha Bank 655,325 412,855 0.25Hellenic Exchanges - Athens Stock Exchange Holding 48,373 386,984 0.24Hellenic Telecommunications Organization 73,077 706,654 0.43OPAP 29,516 285,420 0.18Piraeus Bank 290,541 438,717 0.27

–––––––––––– –––––––2,230,630 1.37

IrelandRyanair Holdings 78,528 488,680 0.30Smurfit Kappa Group 94,924 1,691,545 1.04

–––––––––––– –––––––2,180,225 1.34

ItalyA2A 982,473 835,593 0.51Assicurazioni Generali 37,021 632,689 0.39Azimut Holding 36,772 729,189 0.45Banca Generali 29,958 674,355 0.41Enel 250,990 796,642 0.49Enel Green Power 308,015 563,975 0.35ENI 108,423 1,896,318 1.16Pirelli 72,288 907,937 0.56Societa Iniziative Autostradali e Servizi 109,365 789,068 0.48Telecom Italia 781,014 562,721 0.34UniCredit 168,412 906,057 0.56Unipol Gruppo Finanziario 219,633 954,086 0.58

–––––––––––– –––––––10,248,630 6.28

LuxembourgArcelorMittal 39,003 505,479 0.31Eurofins Scientific 2,253 440,236 0.27RTL Group 10,878 1,017,528 0.62

–––––––––––– –––––––1,963,243 1.20

NetherlandsAalberts Industries 36,668 848,681 0.52Aegon 122,014 837,260 0.51Airbus Group 17,511 977,289 0.60Arcadis 33,316 853,556 0.52ASM International 56,374 1,348,466 0.83ASML Holding 24,720 1,681,949 1.03



(continued)

57MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Netherlands (continued)Delta Lloyd 79,965 1,436,571 0.88Heineken Holding 17,164 788,772 0.48ING Groep 468,723 4,720,040 2.89Randstad Holding 15,455 728,703 0.45

–––––––––––– –––––––14,221,287 8.71

PolandEnerga 118,473 449,058 0.27

–––––––––––– –––––––PortugalEDP 295,461 786,222 0.48Portucel Empresa Produtora de Pasta e Papel 287,494 836,607 0.51Zon Optimus 110,195 592,739 0.37

–––––––––––– –––––––2,215,568 1.36

RussiaBank St Petersburg 394,861 366,175 0.23MegaFon OAO - GDR 16,416.00 397,430 0.24

–––––––––––– –––––––763,605 0.47

SpainAmadeus IT Holding 48,885 1,515,435 0.93Construcciones y Auxiliar de Ferrocarriles 2,157 815,346 0.50Duro Felguera 173,949 850,611 0.52Endesa 37,531 874,472 0.53Iberdrola 174,980 809,807 0.50Inditex 13,301 1,582,154 0.97Mapfre 147,594 447,210 0.27Repsol 74,834 1,364,972 0.84Repsol - Rights 30,304 15,031 0.01

–––––––––––– –––––––8,275,038 5.07

SwedenInvestment Kinnevik 31,556 1,060,778 0.65Swedbank 42,722 873,265 0.53

–––––––––––– –––––––1,934,043 1.18

SwitzerlandUBS 54,740 755,340 0.46

–––––––––––– –––––––TurkeyAkcansa Cimento 82,828 323,140 0.20Pegasus Hava Tasimaciligi 25,702 315,141 0.19

–––––––––––– –––––––638,281 0.39

United Arab EmiratesDAMAC Real Estate Development - GDR 50,310 558,615 0.34

–––––––––––– –––––––



(continued)

58MGI Funds plc


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

–––––––––––– –––––––3,844,424 2.35

Total equities 159,931,698 97.93



Cash 3,306,271 2.02




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 97.69Other current assets 2.31

–––––––100.00

––––––––––––––



(continued)

59MGI Funds plc

MGI Funds plcMGI Global Bond Fund


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

Financial assets at fair value through profit or lossTransferable securitiesGovernment bondsFranceFrance (Government of) 4.00 25/10/2014 EUR 370,000 525,315 9.42France (Government of) 4.25 25/04/2019 EUR 90,000 142,531 2.55

–––––––––––– –––––––667,846 11.97

GermanyBundesrepublik Deutschland 4.25 04/01/2014 EUR 70,000 96,456 1.73Bundesrepublik Deutschland 3.50 04/07/2019 EUR 205,000 319,113 5.72Bundesrepublik Deutschland 5.50 04/01/2031 EUR 100,000 191,914 3.44

–––––––––––– –––––––607,483 10.89

JapanJapan Government Ten Year Bond 1.50 20/12/2017 JPY 65,000,000 650,289 11.66Japan Government Ten Year Bond 1.50 20/09/2018 JPY 68,000,000 685,191 12.28

–––––––––––– –––––––1,335,480 23.94

NetherlandsNetherlands (Kingdom of) 4.00 15/07/2019 EUR 140,000 220,664 3.96Netherlands (Kingdom of) 5.50 15/01/2028 EUR 50,000 91,978 1.65

–––––––––––– –––––––312,642 5.61

United KingdomUnited Kingdom (Government of) 2.25 07/03/2014 GBP 50,000 83,102 1.49United Kingdom (Government of) 4.75 07/03/2020 GBP 140,000 264,616 4.74United Kingdom (Government of) 4.75 07/12/2038 GBP 50,000 98,572 1.77

–––––––––––– –––––––446,290 8.00

United States of AmericaUnited States Treasury Bill 2.00 15/02/2022 USD 100,000 94,898 1.70United States Treasury Bond 8.88 15/02/2019 USD 100,000 135,188 2.42United States Treasury Bond 6.13 15/11/2027 USD 110,000 143,138 2.57United States Treasury Bond 3.50 15/02/2039 USD 120,000 113,006 2.03United States Treasury Bond 4.38 15/05/2040 USD 140,000 152,075 2.73United States Treasury Bond 3.13 15/02/2042 USD 30,000 25,866 0.46United States Treasury Note 2.38 31/08/2014 USD 40,000 40,589 0.73United States Treasury Note 2.63 31/12/2014 USD 40,000 40,972 0.73United States Treasury Note 1.25 30/09/2015 USD 30,000 30,486 0.55United States Treasury Note 1.88 30/09/2017 USD 150,000 153,832 2.76United States Treasury Note 3.75 15/11/2018 USD 100,000 109,742 1.97United States Treasury Note 3.13 15/05/2019 USD 200,000 213,125 3.82United States Treasury Note 3.63 15/02/2021 USD 80,000 86,331 1.55United States Treasury Note 2.00 15/11/2021 USD 120,000 114,534 2.05

–––––––––––– –––––––1,453,782 26.07



60MGI Funds plc


Collective investment schemesIrelandPIMCO Global Investment Grade Credit Fund - Accumulation 44,711 683,635 12.26

Total collective investment schemes 683,635 12.26


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

Cash 19,899 0.36




Total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 86.41Collective investment schemes 12.25Other current assets 1.34

–––––––100.00

––––––––––––––



(continued)

61MGI Funds plc

MGI Funds plcMGI Global Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesArgentinaArcos Dorados Holdings 63,603 770,232 0.06MercadoLibre 40,000 4,311,600 0.34

–––––––––––– –––––––5,081,832 0.40

AustraliaAsciano 51,918 267,543 0.02Aurizon Holdings 66,899 292,074 0.02Australia & New Zealand Banking Group 12,622 363,837 0.03BHP Billiton 24,534 833,636 0.07Brambles 222,065 1,817,834 0.14Cochlear 90,000 4,744,148 0.38Commonwealth Bank of Australia 7,922 551,401 0.04CSL 75,000 4,621,760 0.37Fortescue Metals Group 23,397 121,616 0.01Goodman Group 6,087 25,758 0.00Mesoblast 78,185 408,497 0.03Mirvac Group 368,214 553,430 0.04National Australia Bank 18,508 576,556 0.05Newcrest Mining 5,519 38,513 0.00Recall Holdings 44,412 161,317 0.01Rio Tinto 8,493 517,441 0.04Stockland REIT 106,553 344,133 0.03Telstra 97,808 458,520 0.04Wesfarmers 10,922 430,331 0.03Westfield Group 50,438 455,304 0.04Westpac Banking 14,934 432,486 0.04Woolworths 8,915 269,901 0.02

–––––––––––– –––––––18,286,036 1.45

AustriaErste Group Bank 66,405 2,313,189 0.18

–––––––––––– –––––––BelgiumAnheuser-Busch 8,740 928,537 0.08Belgacom 9,532 282,460 0.02Umicore 100,000 4,678,138 0.37

–––––––––––– –––––––5,889,135 0.47

BermudaCredicorp 13,368 1,773,265 0.14Lazard 27,533 1,246,694 0.10Marvell Technology Group 148,822 2,138,572 0.17Nabors Industries 23,941 406,758 0.03

–––––––––––– –––––––5,565,289 0.44

BrazilALL America Latina Logistica 105,358 292,953 0.02AMBEV - ADR 559,695 4,108,161 0.33Banco Bradesco - ADR 10,320 129,310 0.01BM&FBovespa 237,800 1,112,774 0.09BR Properties 33,106 261,003 0.02Braskem - ADR 48,852 871,031 0.07Diagnosticos da America 57,933 357,531 0.03Embraer - ADR 25,574 822,460 0.06Gol Linhas Aereas Inteligentes - ADR 51,088 232,450 0.02

62MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Brazil (continued)Itau Unibanco Holding - ADR 92,656 1,257,342 0.10Lojas Renner 29,182 754,397 0.06Petroleo Brasileiro - ADR 61,724 906,108 0.07

–––––––––––– –––––––11,105,520 0.88

CanadaBank of Nova Scotia 80,000 4,999,529 0.40Barrick Gold 15,792 278,088 0.02BCE 25,528 1,104,251 0.09Centerra Gold 3,400 13,824 0.00CGI Group 11,397 381,008 0.03Detour Gold 27,622 106,328 0.01Domtar 6,451 608,587 0.05Eldorado Gold 5,148 29,168 0.00Fairfax Financial Holdings 4,840 1,931,444 0.15Goldcorp 5,847 126,515 0.01Magna International 12,874 1,055,002 0.08Pan American Silver 12,500 144,706 0.01Potash corp of Saskatchewan 47,226 1,556,569 0.12Ritchie Bros Auctioneers 43,293 992,709 0.08Tim Hortons 13,636 795,444 0.06Yamana Gold 5,418 46,608 0.01

–––––––––––– –––––––14,169,780 1.12

Cayman IslandsBaidu - ADR 13,800 2,454,330 0.19Home Inns & Hotels Management - ADR 17,736 772,935 0.06Li Ning 280,616 221,851 0.02MGM China Holdings 59,200 251,574 0.02Mindray Medical International - ADR 69,902 2,543,035 0.20Sands China 22,800 186,575 0.02

–––––––––––– –––––––6,430,300 0.51

Channel IslandsRandgold Resources 630 39,536 0.00Shire 38,714 1,828,062 0.15

–––––––––––– –––––––1,867,598 0.15

ChileLatam Airlines Group - ADR 47,306 770,615 0.06Latam Airlines Group - Rights 6,065 6,489 0.00

–––––––––––– –––––––777,104 0.06

ChinaBank of China 637,000 293,289 0.02China Life Insurance 788,632 2,466,461 0.20China Life Insurance - ADR 3,869 182,655 0.01Dongfeng Motor Group 2,534,065 3,947,960 0.31Industrial & Commercial Bank of China 2,203,000 1,488,792 0.12Jiangxi Copper 372,000 671,675 0.05Ping An Insurance Group of China 274,269 2,463,690 0.20Shandong Weigao Group Medical Polymer 848,000 1,141,786 0.09Tsingtao Brewery 128,000 1,078,807 0.09

–––––––––––– –––––––13,735,115 1.09

63MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)DenmarkAP Moeller - Maersk - B 464 5,043,571 0.40Carlsberg 19,043 2,110,379 0.17Coloplast 3,082 204,305 0.02Jyske Bank 20,479 1,106,390 0.09Novo Nordisk 4,967 911,456 0.07TDC 17,807 173,002 0.01

–––––––––––– –––––––9,549,103 0.76

EgyptGlobal Telecom Holding - GDR 199,984 659,947 0.05

–––––––––––– –––––––FinlandSampo 20,215 994,154 0.08

–––––––––––– –––––––FranceAlcatel-Lucent 257,000 1,153,765 0.09Alstom 5,518 201,303 0.02AXA 4,987 138,880 0.01BNP Paribas 4,088 318,887 0.03Casino Guichard Perrachon 215 24,812 0.00Credit Agricole 50,786 651,169 0.05Danone 4,320 311,447 0.02Dassault Systemes 43,000 5,345,700 0.42Essilor International 1,322 140,777 0.01GDF Suez 15,998 376,299 0.03L'Oreal 2,236 393,456 0.03Louis Vuitton Moet Hennessy 12,798 2,338,401 0.19Neopost 886 68,271 0.01Orange 389,821 4,834,383 0.38Sanofi 19,943 2,119,292 0.17Schneider Electric 1,657 144,759 0.01SCOR 12,390 451,746 0.04Societe Generale 14,022 815,758 0.06Sodexo 2,103 213,338 0.02Total 28,698 1,760,912 0.14Vivendi 15,310 402,836 0.03

–––––––––––– –––––––22,206,191 1.76

GermanyAdidas 15,435 1,969,477 0.16Allianz 15,512 2,787,268 0.22Axel Springer 26,831 1,729,724 0.14BASF 12,042 1,289,297 0.10Bayer 11,808 1,661,252 0.13Bayerische Motoren Werke 3,984 469,154 0.04Daimler 4,081 354,837 0.03Deutsche Bank 10,909 521,612 0.04Deutsche Boerse 17,907 1,482,717 0.12Deutsche Lufthansa 133,872 2,856,500 0.23Deutsche Post 94,836 3,476,721 0.27Deutsche Telekom 42,300 726,259 0.06Deutsche Telekom - ADR 15,405 265,736 0.02E.ON 26,713 494,899 0.04Fraport Frankfurt Airport Services Worldwide 37,864 2,839,346 0.22Infineon Technologies 323,458 3,463,157 0.27



(continued)

64MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Germany (continued)Merck 1,841 329,658 0.03MTU Aero Engines Holding 43,600 4,297,422 0.34Muenchener Rueckversicherungs 3,888 860,142 0.07OSRAM Licht 990 55,931 0.01ProSiebenSat.1 Media 11,653 577,820 0.04RWE 4,781 175,636 0.01SAP 12,771 1,100,390 0.09Siemens 7,661 1,050,475 0.08TAG Immobilien 20,196 244,256 0.02Telefonica Deutschland Holding 135,105 1,116,076 0.09Volkswagen - Pref 1,685 474,585 0.04

–––––––––––– –––––––36,670,347 2.91

GreecePublic Power 17,649 262,650 0.02

–––––––––––– –––––––Hong KongAIA Group 71,000 355,744 0.03China Mobile 123,000 1,273,029 0.10China Mobile - ADR 3,095 161,838 0.01China Resources Enterprise 484,000 1,604,230 0.13Hengan International Group 400,000 4,715,138 0.37Hutchison Whampoa 321,000 4,367,629 0.35Jardine Matheson Holdings 24,000 1,255,200 0.10Noble Group 5,500,001 4,639,236 0.37SJM Holdings 121,431 405,618 0.03Sun Hung Kai Properties 72,724 918,693 0.07Swire Pacific - A 345,530 4,044,088 0.32

–––––––––––– –––––––23,740,443 1.88

IndiaHDFC Bank - ADR 17,093 588,341 0.05ICICI Bank - ADR 139,617 5,186,772 0.41Larsen & Toubro - GDR 21,755 324,149 0.02

–––––––––––– –––––––6,099,262 0.48

IndonesiaBank Mandiri 2,841,500 1,821,175 0.15Bank Negara Indonesia Persero 1,331,000 429,267 0.03

–––––––––––– –––––––2,250,442 0.18

IrelandAlkermes 100,000 4,063,000 0.32Bank of Ireland 2,790,212 965,038 0.08CRH 30,803 776,995 0.06Dragon Oil 79,012 742,651 0.06Eaton 7,372 560,935 0.04Ryanair Holdings 345,726 2,964,593 0.24Shire - ADR 1,623 229,314 0.02

–––––––––––– –––––––10,302,526 0.82

IsraelTeva Pharmaceutical Industries 15,100 603,391 0.05Teva Pharmaceutical Industries - ADR 44,812 1,796,065 0.14

–––––––––––– –––––––2,399,456 0.19



(continued)

65MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)ItalyEnel 44,459 194,446 0.02ENI 164,614 3,967,253 0.31Exor 21,506 856,724 0.07Intesa Sanpaolo 1,468,283 3,629,656 0.29Luxottica Group 92,234 4,946,491 0.39Mediobanca 34,767 304,690 0.02Telecom Italia 764,153 758,661 0.06

–––––––––––– –––––––14,657,921 1.16

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



(continued)

66MGI Funds plc


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



(continued)

67MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Japan (continued)Tokio Marine Holdings 9,100 303,896 0.02Tokyo Electron 31,100 1,701,394 0.13Tokyo Gas 127,000 623,491 0.05Tokyu 41,000 265,259 0.02Toppan Printing 58,000 462,985 0.04Toyo Suisan Kaisha 7,000 209,790 0.02Toyota Boshoku 8,000 99,786 0.01Toyota Industries 10,900 491,566 0.04Toyota Motor 137,600 8,391,761 0.66Toyota Motor - ADR 4,159 506,816 0.04Unicharm 4,200 239,361 0.02West Japan Railway 16,300 706,403 0.06Yahoo! Japan 154,100 856,233 0.07Yamada Denki 29,800 97,249 0.01Yamaha 29,700 470,487 0.04Yamaha Motor 390,491 5,847,798 0.46Yamato Holdings 42,400 856,835 0.07Yaskawa Electric 350,000 5,531,136 0.44

–––––––––––– –––––––133,811,717 10.60

KoreaHyundai Engineering & Construction 6,979 401,407 0.03Hyundai Motor 5,558 1,242,894 0.10Hyundai Motor - GDR 16,889 987,162 0.08KB Financial Group - ADR 13,683 553,888 0.04Korea Electric Power - ADR 32,064 532,262 0.04KT - ADR 19,326 287,378 0.02LG Display - ADR 20,600 249,672 0.02Posco - ADR 7,877 614,012 0.05Samsung Electronics 6,284 8,163,514 0.65Samsung Electronics - GDR 3,865 2,518,047 0.20Samsung Electronics - GDR 1,335 869,753 0.07Shinhan Financial Group - ADR 3,269 149,295 0.01SK Telecom - ADR 10,090 248,315 0.02

–––––––––––– –––––––16,817,599 1.33

LuxembourgMillicom International Cellular 14,993 1,494,024 0.12RTL Group 616 78,558 0.01

–––––––––––– –––––––1,572,582 0.13

MacauWynn Macau 108,033 489,048 0.04

–––––––––––– –––––––MexicoGrupo Televisa - ADR 52,490 1,588,348 0.12Wal-Mart de Mexico - ADR 3,726 97,360 0.01

–––––––––––– –––––––1,685,708 0.13

NetherlandsAegon 70,563 667,208 0.05Akzo Nobel 2,241 173,977 0.01ASML Holding 50,000 4,687,784 0.37Heineken 58,953 3,985,759 0.32ING Groep 29,611 410,881 0.03



(continued)

68MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Netherlands (continued)Koninklijke Ahold 13,322 239,559 0.02Koninklijke KPN 1,291,694 4,170,280 0.33Koninklijke Philips 13,409 492,318 0.04LyondellBasell Industries 17,067 1,369,968 0.11QIAGEN 55,210 1,291,020 0.10Qiagen 42,000 1,000,020 0.08Reed Elsevier 34,687 736,073 0.06Unilever - CVS 183,337 7,395,718 0.59VistaPrint 7,008 398,054 0.03X5 Retail Group - GDR 35,821 597,494 0.05

–––––––––––– –––––––27,616,113 2.19

NorwayNorsk Hydro 158,722 708,210 0.06REC Silicon 805,627 324,277 0.02Schibsted 20,875 1,380,461 0.11Statoil 27,657 669,674 0.05Telenor 9,215 219,635 0.02

–––––––––––– –––––––3,302,257 0.26

PhilippinesSM Investments 18,594 297,663 0.02

–––––––––––– –––––––PortugalPortugal Telecom SGPS 31,892 138,780 0.01

–––––––––––– –––––––RussiaGazprom - ADR 824,507 6,967,084 0.55Lukoil - ADR 20,425 1,288,613 0.10Lukoill - ADR - UK listing 10,909 680,722 0.05Rosneft Oil - GDR 126,555 962,451 0.08Sberbank of Russia - ADR - UK listing 189,630 2,379,857 0.19Sberbank of Russia - ADR - US listing 101,433 1,273,998 0.10VTB Bank OJSC - GDR 828,973 2,479,458 0.20

–––––––––––– –––––––16,032,183 1.27

SingaporeDBS Group Holdings 293,772 3,967,062 0.32Flextronics International 22,558 175,050 0.01Genting Singapore 3,348,000 3,937,732 0.31Singapore Telecommunications 89,000 256,582 0.02United Overseas Bank 293,000 4,928,972 0.39

–––––––––––– –––––––13,265,398 1.05

South AfricaGold Fields 98,918 308,453 0.02MTN Group 36,243 750,969 0.06MTN Group - ADR 12,122 253,592 0.02Naspers 48,077 5,013,917 0.40Naspers - ADR 9,791 1,011,410 0.08Shoprite Holdings 73,356 1,140,988 0.09

–––––––––––– –––––––8,479,329 0.67

SpainAmadeus IT Holding 13,151 561,764 0.04



(continued)

69MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Spain (continued)Banco Bilbao Vizcaya Argentaria 37,514 461,096 0.04Banco Santander 89,933 805,500 0.06Distribuidora Internacional de Alimentacion 99,154 886,724 0.07Gas Natural DG 23,916 612,964 0.05Iberdrola 68,390 436,133 0.03Inditex 1,148 188,165 0.02Telefonica 46,399 754,439 0.06

–––––––––––– –––––––4,706,785 0.37

SwedenAssa Abloy 12,732 673,611 0.05Atlas Copco 86,808 2,205,815 0.18Elekta 325,000 4,976,762 0.39Hennes & Mauritz 7,122 328,233 0.03Intrum Justitia 16,793 470,641 0.04Investor -B- 63,139 2,174,563 0.17Nordea Bank 22,547 303,664 0.02Sandvik 13,348 188,397 0.02Securitas 43,971 467,602 0.04Skandinaviska Enskilda Banken 66,059 871,173 0.07Skanska 7,414 151,683 0.01Svenska Cellulosa 15,753 485,153 0.04Svenska Handelsbanken 88,302 4,343,195 0.34Swedbank -A- 7,556 212,823 0.02Swedish Match 4,238 136,327 0.01Telefonaktiebolaget LM Ericsson 252,782 3,087,651 0.24TeliaSonera 286,548 2,386,933 0.19Volvo 97,360 1,279,417 0.10

–––––––––––– –––––––24,743,643 1.96

SwitzerlandABB 190,667 5,031,714 0.40Baloise Holding 4,945 631,087 0.05Cie Financiere Richemont 22,791 2,273,078 0.18Coca-Cola HBC 91,638 2,671,246 0.21Credit Suisse Group 15,480 474,661 0.04Glencore International 140,853 729,490 0.06Julius Baer Group 65,091 3,134,702 0.25Nestle 71,522 5,247,440 0.42Novartis 61,970 4,957,739 0.39Partners Group Holding 20,853 5,573,462 0.44Roche 51,888 14,533,424 1.15Roche Holding - ADR 16,406 1,158,920 0.09Schindler Holding 15,266 2,252,093 0.18Swatch Group BR 208 137,755 0.01Swisscom 605 320,204 0.03Syngenta 12,478 4,982,221 0.39Tyco International 131,600 5,399,548 0.43UBS 41,434 787,821 0.06Wolseley 45,687 2,591,665 0.20Zurich Insurance Group 1,928 559,962 0.04

–––––––––––– –––––––63,448,232 5.02

TaiwanChunghwa Telecom - ADR 6,190 191,642 0.02



(continued)

70MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Taiwan (continued)Hon Hai Precision Industry - GDR 31,167 165,809 0.01Taiwan Semiconductor Manufacturing - ADR 140,688 2,452,192 0.19

–––––––––––– –––––––2,809,643 0.22

ThailandBangkok Bank 77,500 418,632 0.03CP ALL 351,752 446,915 0.04Kasikornbank 125,000 602,937 0.05

–––––––––––– –––––––1,468,484 0.12

TurkeyTurkiye Garanti Bankasi 183,719 595,152 0.05Turkiye Is Bankasi 56,313 121,878 0.01

–––––––––––– –––––––717,030 0.06

United KingdomAberdeen Asset Management 625,000 5,125,055 0.41Aggreko 25,217 713,775 0.06Anglo American 9,022 197,243 0.02Aon 5,154 432,318 0.03ARM Holdings 275,000 4,996,489 0.40AstraZeneca 71,678 4,243,525 0.34AstraZeneca - ADR 17,050 1,011,747 0.08Aviva 25,447 189,491 0.01Balfour Beatty 26,890 127,775 0.01Barclays 169,473 763,054 0.06BG Group 234,193 5,032,768 0.40BHP Billiton 24,894 769,364 0.06BP 237,512 1,919,886 0.15British American Tobacco 51,043 2,735,712 0.22British Sky Broadcasting Group 55,720 778,895 0.06BT Group 302,723 1,900,248 0.15Bunzl 62,845 1,506,138 0.12Burberry Group 195,474 4,908,104 0.39Centrica 63,986 367,951 0.03Compass Group 25,675 411,422 0.03Diageo 25,390 840,623 0.07GlaxoSmithKline 89,044 2,376,624 0.19GlaxoSmithKline - ADR 1,888 100,781 0.01Hays 517,289 1,106,933 0.09HSBC Holdings 469,712 5,152,429 0.41Imperial Tobacco Group 16,847 652,089 0.05InterContinental Hotels Group 29,499 983,505 0.08J Sainsbury 127,059 767,480 0.06London Stock Exchange Group 8,760 251,291 0.02National Grid 35,586 464,441 0.04Pearson 8,671 192,585 0.01Prudential 284,969 6,319,807 0.50QinetiQ Group 277,942 998,940 0.08Reckitt Benckiser Group 67,663 5,365,757 0.42Reed Elsevier 65,823 979,538 0.08Rio Tinto 94,679 5,340,232 0.42Rolls-Royce Holdings 161,008 3,394,700 0.27Rolls-Royce Holdings (Non-voting rights) 13,846,689 22,934 0.00Royal Bank of Scotland Group 698,258 3,910,089 0.31



(continued)

71MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)United Kingdom (continued)Royal Dutch Shell - A Shares 107,138 3,836,408 0.30Royal Dutch Shell - B Shares 36,133 1,364,172 0.11SABMiller 61,201 3,139,246 0.25Scottish & Southern Energy 14,149 320,581 0.02Smith & Nephew 37,611 536,033 0.04Standard Chartered 49,321 1,110,955 0.09Tesco 97,936 542,337 0.04Tullow Oil 54,473 771,388 0.06Unilever 9,720 399,571 0.03Vodafone Group 1,887,467 7,408,893 0.59Vodafone Group - ADR 116,253 4,568,743 0.36WM Morrison Supermarkets 100,250 433,196 0.03

–––––––––––– –––––––101,783,261 8.06

United States of AmericaAAON 6,019 191,886 0.02AbbVie 39,219 2,070,763 0.16Actavis 2,894 486,221 0.04Activision Blizzard 38,983 694,677 0.06Adobe Systems 13,809 826,745 0.07Advanced Energy Industries 18,134 414,362 0.03Advent Software 8,508 297,525 0.02AES 13,054 189,152 0.02Aetna 7,922 543,212 0.04Affiliated Managers Group 2,541 551,168 0.04Aflac 12,872 859,721 0.07Albany International 4,952 177,876 0.01Alcoa 43,496 461,927 0.04Allstate 32,196 1,755,648 0.14Altera 28,869 938,820 0.07Amazon.com 21,270 8,471,416 0.67AMC Networks 12,438 847,028 0.07Amerco 1,052 249,345 0.02Ameren 16,660 602,426 0.05American Electric Power 5,495 256,781 0.02American Express 5,445 493,970 0.04American International Group 68,952 3,520,000 0.28American Tower REIT 60,000 4,787,400 0.38Ameriprise Financial 10,532 1,211,601 0.10Amgen 26,419 3,014,408 0.24AOL 19,021 886,759 0.07Apple 19,503 10,937,672 0.87Archer-Daniels-Midland 58,100 2,521,540 0.20Ashland 8,756 849,682 0.07Assurant 13,453 892,607 0.07AT&T 76,401 2,684,731 0.21Athenahealth 35,000 4,707,500 0.37AutoZone 1,362 650,900 0.05Axiall Corp REIT 25,060 1,188,847 0.09Baker Hughes 22,040 1,217,930 0.10Bank of America 347,797 5,415,199 0.43BE Aerospace 4,356 379,103 0.03Bed Bath & Beyond 15,124 1,214,306 0.10Benchmark Electronics 19,697 454,213 0.04Berkshire Hathaway 5,791 686,349 0.05



(continued)

72MGI Funds plc


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



(continued)

73MGI Funds plc


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



(continued)

74MGI Funds plc


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



(continued)

75MGI Funds plc


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



(continued)

76MGI Funds plc


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

–––––––––––– –––––––514,919,631 40.77

Total equities 1,153,118,426 91.32


Financial derivative instrumentsOpen forward foreign currency contracts


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



(continued)

77MGI Funds plc


Financial assets at fair value through profit or loss (continued)Financial derivative instruments (continued)Open forward foreign currency contracts (continued)USD 1* 24,005,396 AUD 26,428,776 06/01/2014 365,564 0.03USD 2* 6,203,051 AUD 6,871,207 19/03/2014 85,996 0.01USD 1* 8,998,868 HKD 69,760,671 06/01/2014 1,828 0.00USD 1* 65,853,285 JPY 6,747,666,347 06/01/2014 1,653,995 0.12USD 2* 20,021,393 JPY 2,074,692,193 19/03/2014 275,019 0.02USD 2* 3,516,607 KRW 3,722,962,000 26/03/2014 6,937 0.00USD 1* 4,742,216 SGD 5,951,470 06/01/2014 28,557 0.00

–––––––––––– –––––––Unrealised gain on open forward foreign currency contracts 11,687,297 0.92

Futures contractsNo. of

Notional Maturity contracts Unrealised % ofAmount date Currency long/(short) gain US$ Net assets

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

Unrealised gain on futures contracts 3,486,040 0.28

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


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


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

–––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (3,810,903) (0.30)



(continued)

78MGI Funds plc

Unrealised % ofloss US$ Net assets

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

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

Total financial derivative instruments 11,362,434 0.90


Financial assets at amortised costDeposits with Credit Institutions


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

–––––––––––– –––––––Total deposits with credit institutions 63,019,976 4.99


Cash 41,604,250 3.29

Net current liabilities (6,310,849) (0.50)–––––––––––– –––––––



total assetsDeposits with credit institutions 4.92Transferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 89.98Financial derivative instruments dealt in on a regulated market 0.27OTC financial derivative instruments 0.91Other assets 3.92

–––––––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* State Street Trust Canada3* State Street Trust London4* Goldman Sachs International



(continued)

79MGI Funds plc

MGI Funds plcMGI Japanese Equity Fund


Nominal Fair value % ofholdings ¥ Net assets

Financial assets at fair value through profit or lossTransferable securitiesEquitiesJapanAirlinesANA Holdings 21,000 4,389,000 0.28

–––––––––––– –––––––Basic MaterialsJFE Holdings 6,300 15,756,300 0.99JSR 2,600 5,288,400 0.33Mitsubishi Gas Chemical 24,000 18,552,000 1.17Mitsui Chemicals 25,000 6,350,000 0.40Nippon Steel 66,000 23,166,000 1.45Nitto Denko 2,900 12,847,000 0.81Sumitomo Bakelite 26,000 9,802,000 0.62Sumitomo Chemical 26,000 10,686,000 0.67Zeon 8,000 7,872,000 0.49

–––––––––––– –––––––110,319,700 6.93

ChemicalsAir Water 1,000 1,419,000 0.09

–––––––––––– –––––––CommunicationsKDDI 2,300 14,858,000 0.93Nippon Telegraph & Telephone 1,600 9,040,000 0.57Softbank 6,100 56,059,000 3.52

–––––––––––– –––––––79,957,000 5.02

Consumer, CyclicalAeon 6,200 8,816,400 0.55Ajinomoto 11,000 16,731,000 1.05Arcs 1,000 2,011,000 0.13Daiwa House Industry 6,000 12,192,000 0.77Fast Retailing 100 4,330,000 0.27H2O Retailing 5,000 4,195,000 0.26Honda Motor 11,100 48,007,500 3.02Izumi 1,800 5,931,000 0.37Kirin Holdings 7,000 10,584,000 0.66Maruha Nichiro Holdings 53,000 9,699,000 0.61Marui Group 11,100 11,821,500 0.74Mazda Motor 40,000 21,720,000 1.36Mitsui 19,500 28,509,000 1.79NGK Spark Plug 1,000 2,484,000 0.16Nippon Meat Packers 4,000 7,220,000 0.45Nissan Motor 13,100 11,567,300 0.73Onward Holdings 2,000 1,590,000 0.10Panasonic 3,800 4,643,600 0.29Ryohin Keikaku 100 1,135,000 0.07Sanrio 3,000 13,245,000 0.83Sega Sammy Holdings 3,800 10,157,400 0.64Sekisui Chemical 9,000 11,592,000 0.73Seven & I Holdings 5,900 24,603,000 1.55Shimamura 300 2,952,000 0.19Sony 9,700 17,692,800 1.11Sumitomo 17,000 22,423,000 1.41Sumitomo Electric Industries 10,600 18,571,200 1.17Sumitomo Rubber Industries 7,700 11,480,700 0.72Sundrug 600 2,817,000 0.18Suzuki Motor 2,100 5,928,300 0.37

80MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Consumer, Cyclical (continued)Takashimaya 1,000 1,044,000 0.07Toyota Motor 12,900 82,689,000 5.19Yamaha Motor 7,200 11,332,800 0.71

–––––––––––– –––––––449,715,500 28.25

Consumer, Non-CyclicalDentsu 5,900 25,281,500 1.59Hisamitsu Pharmaceutical 2,700 14,283,000 0.90Itoham Foods 4,000 1,828,000 0.11Japan Airlines 2,000 10,360,000 0.65Japan Tobacco 10,200 34,782,000 2.18Kyowa Hakko Kirin 11,000 12,716,000 0.80Medipal Holdings 300 416,100 0.03Otsuka Holdings 8,000 24,240,000 1.52Suzuken 4,800 16,320,000 1.03

–––––––––––– –––––––140,226,600 8.81

ElectronicsKeyence 300 13,470,000 0.85

–––––––––––– –––––––EnergyJX Holdings 35,300 19,062,000 1.20

–––––––––––– –––––––Financial77 Bank 2,000 1,016,000 0.06Bank of Yokohama 2,000 1,168,000 0.07Dai-ichi Life Insurance 13,200 23,166,000 1.46Gunma Bank 12,000 7,032,000 0.44Hachijuni Bank 8,000 4,888,000 0.31Hokuhoku Financial Group 35,000 7,315,000 0.46Mitsubishi Estate 2,000 6,270,000 0.39Mitsubishi UFJ Financial Group 110,700 76,715,100 4.82Mitsui Fudosan 10,000 37,750,000 2.37Nishi-Nippon City Bank 33,000 9,306,000 0.58Nomura Holdings 28,500 23,028,000 1.45North Pacific Bank 18,300 7,814,100 0.49ORIX 25,200 46,494,000 2.92Resona Holdings 17,400 9,326,400 0.59Sumitomo Mitsui Financial Group 6,900 37,329,000 2.35Sumitomo Mitsui Trust Holdings 2,000 1,106,000 0.07Tokio Marine Holdings 400 1,404,000 0.09Tokyo Tatemono 14,000 16,310,000 1.02

–––––––––––– –––––––317,437,600 19.94

IndustrialAmada 8,000 7,408,000 0.46Central Japan Railway 1,500 18,555,000 1.17Daikin Industries 5,400 35,316,000 2.22Dainippon Screen Manufacturing 14,000 8,316,000 0.52East Japan Railway 2,400 20,088,000 1.26Furukawa Electric 18,000 4,734,000 0.30Hitachi 48,000 38,160,000 2.40Kajima 28,000 11,032,000 0.69Kubota 13,000 22,555,000 1.42Minebea 4,000 3,076,000 0.19

81MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Industrial (continued)Mitsubishi 2,600 5,239,000 0.33Mitsubishi Electric 10,000 13,190,000 0.83Mori Seiki 13,100 24,772,100 1.56Nippon Express 1,000 508,000 0.03Nippon Yusen KK 25,000 8,375,000 0.53Rinnai 1,600 13,088,000 0.82Taiyo Yuden 7,600 10,412,000 0.65Yamato Holdings 6,100 12,956,400 0.81

–––––––––––– –––––––257,780,500 16.19

MachineryKawasaki Heavy Industries 58,000 25,520,000 1.60

–––––––––––– –––––––MediaFuji Media Holdings 1,200 2,578,800 0.16

–––––––––––– –––––––PharmaceuticalsSawai Pharmaceutical 1,300 8,814,000 0.56Taisho Pharmaceutical Holdings 1,000 7,220,000 0.45

–––––––––––– –––––––16,034,000 1.01

Real estateTokyu Fudosan Holdings 5,000 4,940,000 0.31

–––––––––––– –––––––TechnologyFujitsu 16,000 8,704,000 0.55Hirose Electric 800 11,976,000 0.75Itochu Techno-Solutions 900 3,834,000 0.24Mabuchi Motor 1,400 8,722,000 0.55Nidec 300 3,087,000 0.19Nomura Research Institute 3,600 11,934,000 0.75Omron 3,200 14,832,000 0.93Otsuka 700 9,387,000 0.59Ricoh 13,000 14,508,000 0.91Seiko Epson 5,400 15,238,800 0.96

–––––––––––– –––––––102,222,800 6.42

UtilitiesElectric Power Development 4,000 12,240,000 0.77Kansai Electric Power 5,400 6,517,800 0.41Kyushu Electric Power 4,400 5,891,600 0.37Tokyo Gas 16,000 8,256,000 0.51

–––––––––––– –––––––32,905,400 2.06



(continued)

82MGI Funds plc


Total equities 1,577,977,900 99.12



Cash 14,143,843 0.89

Net current liabilities (106,840) (0.01)–––––––––––– –––––––



total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 99.02Other current assets 0.98

–––––––100.00

––––––––––––––



(continued)

83MGI Funds plc

MGI Funds plcMGI Pacific Basin (Ex Japan) Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustraliaAGL Energy 16,831 225,416 1.69Australia & New Zealand Banking Group 22,212 640,275 4.80BHP Billiton 30,822 1,047,294 7.85Brambles 50,753 415,466 3.11Commonwealth Bank of Australia 10,573 735,920 5.51Computershare 20,669 210,064 1.57CSL 7,728 476,226 3.57DuluxGroup 15,698 75,277 0.56Incitec Pivot 62,617 149,574 1.12Lend Lease Group 11,849 117,986 0.88National Australia Bank 23,058 718,296 5.38Newcrest Mining 8,560 59,734 0.45Orica 8,163 174,250 1.31QBE Insurance Group 15,663 161,288 1.21Recall Holdings 26,727 97,080 0.73Rio Tinto 6,755 411,553 3.08Suncorp Group 20,167 236,355 1.77Telstra 45,166 211,737 1.59Wesfarmers 6,731 265,204 1.99Westpac Banking 18,283 529,472 3.97Woodside Petroleum 4,540 158,001 1.18Woolworths 15,553 470,866 3.53

–––––––––––– –––––––7,587,334 56.85

BermudaHongkong Land Holdings 41,000 241,900 1.81

–––––––––––– –––––––Hong KongAIA Group 116,000 581,216 4.35BOC Hong Kong Holdings 36,500 116,744 0.87Cheung Kong Holdings 14,000 221,183 1.66Hang Lung Group 20,000 100,983 0.76Hutchison Whampoa 29,000 394,583 2.96Jardine Matheson Holdings 4,000 209,200 1.57Jardine Strategic Holdings 9,500 304,000 2.28Kerry Logistics Network 750 1,064 0.01Kerry Properties 29,500 101,964 0.76Swire Pacific 32,500 72,932 0.55Swire Pacific - A 21,500 251,636 1.89Swire Properties 50,050 125,871 0.94Television Broadcasts 13,000 86,681 0.65Wing Hang Bank 10,500 158,169 1.18

–––––––––––– –––––––2,726,226 20.43

IrelandJames Hardie Industries 26,847 309,600 2.32

–––––––––––– –––––––SingaporeCapitaLand 31,000 74,149 0.56City Developments 8,000 60,637 0.45DBS Group Holdings 9,000 121,535 0.91Jardine Cycle & Carriage 6,000 170,838 1.28Keppel 28,300 250,365 1.88Sembcorp Industries 21,000 91,311 0.68Singapore Telecommunications 106,000 305,592 2.29

84MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Singapore (continued)United Overseas Bank 22,000 370,093 2.77UOL Group 24,000 117,472 0.88

–––––––––––– –––––––1,561,992 11.70

United KingdomHSBC Holdings 11,600 125,893 0.94

–––––––––––– –––––––United States of AmericaResMed 41,756 197,992 1.49Twenty First Century Fox 4,891 172,535 1.29

–––––––––––– –––––––370,527 2.78




Cash 399,807 3.00





–––––––100.00

––––––––––––––



(continued)

85MGI 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 lossTransferable securitiesBondsAsset backed securitiesAnnington Finance No 1 8.00 02/10/2021 GBP 241,121 293,987 0.26Annington Finance No 4 0.00 07/12/2022 GBP 300,000 216,171 0.19Aspire Defence Finance -A- 4.67 31/03/2040 GBP 80,000 78,874 0.07Aspire Defence Finance -B- 4.67 31/03/2040 GBP 201,000 198,647 0.18BL Superstores Finance 4.48 04/10/2025 GBP 200,000 208,084 0.18Broadgate Financing 4.85 05/04/2031 GBP 100,000 105,662 0.09Canary Wharf Finance II 6.46 22/04/2030 GBP 404,693 484,936 0.43DWR Cymru Financing 6.91 31/03/2021 GBP 250,000 301,540 0.27Freshwater Finance 4.61 17/10/2036 GBP 100,000 95,626 0.08Greene King Finance 5.11 15/03/2034 GBP 260,000 271,523 0.24Juturna European Loan Conduit No 16 5.06 10/08/2033 GBP 94,923 101,491 0.09Telereal Secured Finance 4.01 10/12/2031 GBP 207,644 200,050 0.18Telereal Securitisation 4.09 10/12/2033 GBP 300,000 297,705 0.26

–––––––––––– –––––––2,854,296 2.52

Corporate bondsAA Bond 6.27 31/07/2025 GBP 650,000 696,475 0.62Abbey National Treasury Services 5.13 14/04/2021 GBP 100,000 111,405 0.10Abbey National Treasury Services 5.75 02/03/2026 GBP 540,000 630,050 0.56ABN AMRO Bank 4.88 16/01/2019 GBP 200,000 215,406 0.19ABP Finance 6.25 14/12/2026 GBP 100,000 113,000 0.10Achmea 2.50 19/11/2020 EUR 100,000 82,433 0.07Affinity Sutton Capital Markets 4.25 08/10/2042 GBP 200,000 193,020 0.17Affinity Water Programme Finance 4.50 31/03/2036 GBP 100,000 99,586 0.09Altria Group 9.25 06/08/2019 USD 34,000 27,042 0.02Altria Group 10.20 06/02/2039 USD 49,000 46,159 0.04America Movil 5.75 28/06/2030 GBP 150,000 165,396 0.15America Movil SAB de CV 4.38 07/08/2041 GBP 350,000 319,578 0.28America Movil SAB de CV 4.38 16/07/2042 USD 200,000 100,324 0.09American International Group 6.77 15/11/2017 GBP 100,000 115,316 0.10American International Group 5.00 26/04/2023 GBP 550,000 590,425 0.52Amgen 4.00 13/09/2029 GBP 250,000 230,551 0.20Anglian Water Services Financing 4.50 22/02/2026 GBP 220,000 211,673 0.19Anglian Water Services Financing 4.50 05/10/2027 GBP 100,000 100,492 0.09Anglo American Capital 6.88 01/05/2018 GBP 120,000 136,336 0.12Anheuser-Busch InBev 4.00 24/09/2025 GBP 500,000 495,480 0.44Annington Repackaging No 1 5.32 10/01/2023 GBP 150,000 161,987 0.14AP Moeller - Maersk 4.00 04/04/2025 GBP 280,000 265,943 0.24APT Pipelines 4.25 26/11/2024 GBP 210,000 205,626 0.18AT&T 5.88 28/04/2017 GBP 350,000 389,884 0.35AT&T 4.25 01/06/2043 GBP 610,000 536,638 0.47AT&T 4.88 01/06/2044 GBP 160,000 156,120 0.14BAA Funding 6.25 10/09/2018 GBP 100,000 111,936 0.10BAA Funding 6.00 20/03/2020 GBP 160,000 176,096 0.16BAA Funding 7.13 14/02/2024 GBP 500,000 587,248 0.52BAA Funding 6.75 03/12/2026 GBP 249,000 305,022 0.27BAA Funding 5.88 13/05/2041 GBP 150,000 173,499 0.15Bank of America 5.50 04/12/2019 GBP 338,000 376,837 0.33Bank of America 6.13 15/09/2021 GBP 300,000 344,858 0.31Bank of America 7.00 31/07/2028 GBP 150,000 186,878 0.17Bank of Scotland 4.88 20/12/2024 GBP 85,000 92,650 0.08Barclays Bank 4.25 12/01/2022 GBP 770,000 814,932 0.72BAT International Finance 6.00 29/06/2022 GBP 150,000 174,275 0.15BAT International Finance 6.00 24/11/2034 GBP 187,000 223,139 0.20BG Energy Capital 5.13 07/12/2017 GBP 483,000 534,990 0.47

86MGI Funds plc



(continued)


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

87MGI Funds plc


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



(continued)

88MGI Funds plc


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

–––––––––––– –––––––46,839,235 41.47

Government bondsUnited Kingdom (Government of) 4.75 07/09/2015 GBP 1,638,000 1,752,332 1.55United Kingdom (Government of) 8.00 07/12/2015 GBP 357,000 408,015 0.36



(continued)

89MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Bonds (continued)Government bonds (continued)United Kingdom (Government of) 2.00 22/01/2016 GBP 1,047,000 1,073,489 0.95United Kingdom (Government of) 4.00 07/09/2016 GBP 1,729,000 1,869,568 1.66United Kingdom (Government of) 1.75 22/01/2017 GBP 1,160,000 1,179,488 1.04United Kingdom (Government of) 8.75 25/08/2017 GBP 127,000 159,931 0.14United Kingdom (Government of) 5.00 07/03/2018 GBP 380,304 431,569 0.38United Kingdom (Government of) 1.25 22/07/2018 GBP 5,562,518 5,415,668 4.80United Kingdom (Government of) 4.50 07/03/2019 GBP 1,314,753 1,472,655 1.30United Kingdom (Government of) 3.75 07/09/2019 GBP 817,000 884,403 0.78United Kingdom (Government of) 4.75 07/03/2020 GBP 2,861,535 3,265,584 2.89United Kingdom (Government of) 3.75 07/09/2020 GBP 2,098,822 2,270,506 2.01United Kingdom (Government of) 8.00 07/06/2021 GBP 1,172,748 1,604,437 1.42United Kingdom (Government of) 3.75 07/09/2021 GBP 2,235,000 2,409,330 2.13United Kingdom (Government of) 4.00 07/03/2022 GBP 427,000 467,181 0.41United Kingdom (Government of) 1.75 07/09/2022 GBP 999,000 914,585 0.81United Kingdom (Government of) 2.25 07/09/2023 GBP 1,615,000 1,510,994 1.34United Kingdom (Government of) 5.00 07/03/2025 GBP 1,846,000 2,162,220 1.92United Kingdom (Government of) 4.25 07/12/2027 GBP 808,000 885,649 0.78United Kingdom (Government of) 6.00 07/12/2028 GBP 920,610 1,200,015 1.06United Kingdom (Government of) 4.75 07/12/2030 GBP 1,639,925 1,910,021 1.69United Kingdom (Government of) 4.25 07/06/2032 GBP 3,247,323 3,574,004 3.17United Kingdom (Government of) 4.50 07/09/2034 GBP 1,227,196 1,395,445 1.24United Kingdom (Government of) 4.25 07/03/2036 GBP 315,000 346,752 0.31United Kingdom (Government of) 4.25 07/09/2039 GBP 204,000 225,644 0.20United Kingdom (Government of) 4.25 07/12/2040 GBP 2,437,438 2,700,194 2.39United Kingdom (Government of) 4.50 07/12/2042 GBP 874,287 1,013,036 0.90United Kingdom (Government of) 3.25 22/01/2044 GBP 2,858,000 2,643,936 2.34United Kingdom (Government of) 4.25 07/12/2046 GBP 745,000 834,996 0.74United Kingdom (Government of) 4.25 07/12/2049 GBP 485,000 549,408 0.49United Kingdom (Government of) 3.75 22/07/2052 GBP 503,000 518,241 0.46United Kingdom (Government of) 4.25 07/12/2055 GBP 706,000 810,912 0.72United Kingdom (Government of) 4.00 22/01/2060 GBP 484,000 531,819 0.47United Kingdom (Government of) 3.50 22/07/2068 GBP 1,572,000 1,539,617 1.36United Kingdom Gilt Inflation Linked 1.25 22/11/2017 GBP 1,209,279 1,336,253 1.18United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 573,742 327,168 0.29

–––––––––––– –––––––51,595,065 45.68

Mortgage backed securitiesChapel 0.59 17/07/2066 EUR 376,084 270,650 0.24Equity Release Funding No 3 5.05 26/04/2033 GBP 200,000 207,485 0.18Longstone Finance 4.79 19/04/2030 GBP 314,305 339,228 0.30Meadowhall Finance 4.99 12/01/2032 GBP 89,773 97,670 0.09PYME Bancaja 5 Fondo de Titulizacion de Activos 0.50 14/02/2039 EUR 400,000 314,302 0.28Silverstone Master Issuer 5.06 21/10/2016 GBP 354,000 385,317 0.34Tesco Property Finance 3 5.74 13/04/2040 GBP 277,368 297,661 0.26Tesco Property Finance 4 5.80 13/10/2040 GBP 645,066 689,487 0.62Tesco Property Finance 6 5.41 13/07/2044 GBP 200,000 203,509 0.18Utrecht Funding 3.23 28/07/2016 EUR 350,263 289,951 0.26Whinstone Capital Management 4.24 25/04/2045 USD 600,000 345,057 0.31White City Property Finance 5.12 17/04/2035 GBP 97,216 102,492 0.09

–––––––––––– –––––––3,542,809 3.15

Total bonds 104,831,405 92.82




(continued)

90MGI Funds plc

Nominal Fair value % ofholdings GB£ Net assets

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

–––––––––––– –––––––Total collective investment schemes 4,440,548 3.93


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

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

–––––––––––– –––––––Unrealised gain on open forward foreign currency contracts 36,181 0.03

Interest rate swaps

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

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

–––––––––––– –––––––Interest rate swaps at positive fair value 116,131 0.10


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

10 Year US Treasury Notes Futures 4* 20/03/2014 USD (7) 10,598 0.0110 Year US Treasury Notes Futures 4* 20/03/2014 USD (9) 7,472 0.01Euro Bobl Futures 4* 06/03/2014 EUR (1) 1,065 0.00Euro Bund Futures 4* 06/03/2014 EUR (3) 5,092 0.01Euro Bund Futures 4* 06/03/2014 EUR (3) 1,706 0.00US Long Bond Futures 5* 20/03/2014 USD (2) 868 0.00US Ultra Bond Futures 4* 20/03/2014 USD (3) 4,755 0.00US Ultra Bond Futures 4* 20/03/2014 USD (3) 1,245 0.00

–––––––––––– –––––––Unrealised gain on futures contracts 32,801 0.03





(continued)

91MGI Funds plc

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

Financial liabilities at fair value through profit or lossFinancial derivative instrumentsOpen forward foreign currency contractsGBP 3* 1,421,442 EUR 1,716,000 15/01/2014 (6,321) (0.01)

–––––––––––– –––––––Unrealised loss on open forward foreign currency contracts (6,321) (0.01)

Interest rate swaps

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

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

–––––––––––– –––––––Interest rate swaps at negative fair value (190,595) (0.17)

Futures contractsMaturity No. of Unrealised % of

date Currency contracts loss GB£ Net assets

Long Gilt Future 4* 26/06/2014 GBP 2 (4,340) 0.00Long Gilt Future 5* 27/03/2014 GBP 32 (29,760) (0.03)

–––––––––––– –––––––Unrealised loss on futures contracts (34,100) (0.03)

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

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

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


Cash 2,192,329 1.94





(continued)

92MGI Funds plc


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 92.10Transferable securities and money market instruments other than those admitted to an official stock exchange listing or tradedon a regulated market 0.48Collective investment schemes 3.92Financial derivative instruments dealt in on a regulated market 0.03OTC traded financial derivative instruments 0.13Other assets 3.34

–––––––100.00

––––––––––––––

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

Reference Counterparty1* JP Morgan2* Royal Bank of Scotland3* Citibank4* UBS5* Goldman Sachs6* Deutsche Bank7* HSBC



(continued)

93MGI Funds plc

MGI Funds plcMGI UK Cash Fund



Financial assets at fair value through profit or lossCollective investment schemesIrelandFidelity Institutional Cash Fund - The Sterling Fund 110 2,257,603 19.45Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 162 2,261,567 19.48Insight Liquidity Funds plc - Insight Liquid Reserve Liquidity Fund 2,248,067 2,248,067 19.37Institutional Cash Series - Institutional Sterling Fund 22,249 2,259,324 19.46

–––––––––––– –––––––9,026,561 77.76

LuxembourgJP Morgan Liquidity Funds - Sterling Liquidity Fund 142 2,254,041 19.42

–––––––––––– –––––––

Total collective investment schemes 11,280,602 97.18


Cash 324,123 2.79

Other net assets 3,379 0.03–––––––––––– –––––––



total assetsCollective investment schemes 97.15Other current assets 2.85

–––––––100.00

––––––––––––––

94MGI Funds plc

MGI Funds plcMGI UK Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesBermudaCatlin Group 36,370 211,128 0.19Hiscox 12,511 86,826 0.08Lancashire Holdings 16,925 137,008 0.13

–––––––––––– –––––––434,962 0.40

Channel IslandsGlencore International 191,206 597,901 0.55Petrofac 11,704 142,555 0.13Shire 21,700 618,667 0.57Wolseley 45,216 1,548,648 1.42

–––––––––––– –––––––2,907,771 2.67

Isle Of ManPlaytech 9,342 68,290 0.06

–––––––––––– –––––––United Kingdom3i Group 361,200 1,390,981 1.27A.G.Barr 102,380 578,447 0.53Admiral Group 12,005 157,145 0.14Amlin 18,764 85,827 0.08Anglo American 47,353 625,060 0.57Antofagasta 13,010 107,202 0.10ARM Holdings 6,058 66,456 0.06Ashtead Group 196,926 1,495,653 1.37Associated British Foods 5,881 143,790 0.13AstraZeneca 62,916 2,248,932 2.06Aviva 105,927 476,248 0.44Babcock International Group 10,018 135,443 0.12BAE Systems 74,303 322,847 0.30Barclays 818,638 2,225,467 2.04Barratt Developments 33,194 115,615 0.11Bellway 5,215 81,876 0.07Berkeley Group Holdings 58,100 1,540,231 1.41BG Group 161,380 2,093,906 1.92BHP Billiton 48,354 902,286 0.83BP 832,171 4,061,411 3.72Bradford Bingley 65,579 0.00 0.00British American Tobacco 125,646 4,065,905 3.72British Sky Broadcasting Group 77,777 656,438 0.60BT Group 281,106 1,065,392 0.98Bunzl 9,338 135,121 0.12Burberry Group 68,329 1,035,868 0.95Cable & Wireless Communications 254,807 143,329 0.13Capital & Counties Properties 502,083 1,652,857 1.51Centrica 132,924 461,512 0.42Chemring Group 31,687 70,979 0.07Compass Group 253,600 2,453,580 2.25CSR 16,604 104,937 0.10Daily Mail & General Trust 193,221 1,836,566 1.68Debenhams 110,559 80,708 0.07Diageo 234,902 4,695,691 4.30Dixons Retail 149,841 72,643 0.07Drax Group 16,179 129,432 0.12EasyJet 7,385 113,286 0.10Elementis 36,449 98,011 0.09

95MGI Funds plc


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



(continued)

96MGI Funds plc


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

–––––––––––– –––––––103,684,582 94.97




Cash 1,830,855 1.68





–––––––100.00

––––––––––––––



(continued)

97MGI Funds plc

MGI Funds plcMGI U.S. Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesBermudaAxis Capital Holdings 1,927 91,629 0.12Validus Holdings 5,975 240,732 0.33

–––––––––––– –––––––332,361 0.45

CanadaCatamaran 4,700 223,109 0.30

–––––––––––– –––––––Cayman IslandsBaidu - ADR 2,100 373,485 0.50

–––––––––––– –––––––FranceSanofi - ADR 13,731 735,570 0.99

–––––––––––– –––––––GermanySiemens - ADR 2,666 369,081 0.50

–––––––––––– –––––––IrelandCovidien 6,620 450,756 0.61Seagate Technology 5,881 330,277 0.44

–––––––––––– –––––––781,033 1.05

NetherlandsNXP Semiconductor 4,600 211,232 0.28

–––––––––––– –––––––SingaporeAvago Technologies 2,262 119,660 0.16

–––––––––––– –––––––SwitzerlandACE 5,670 586,902 0.79TE Connectivity 5,529 304,592 0.41Tyco International 6,140 251,924 0.34

–––––––––––– –––––––1,143,418 1.54

United KingdomARM Holdings - ADR 7,100 388,583 0.52Liberty Global 7,704 649,601 0.87Liberty Global -A- Shares 3,700 329,263 0.44Royal Dutch Shell - ADR 8,312 591,981 0.80

–––––––––––– –––––––1,959,428 2.63

United States of AmericaAbbVie 5,617 296,578 0.40AES 41,689 604,074 0.81AGCO 4,651 275,293 0.37Agilent Technologies 5,162 295,215 0.40Alexion Pharmaceuticals 2,500 332,475 0.45Allstate 7,179 391,471 0.53Amazon.com 2,460 979,769 1.32American Capital Agency REIT 5,855 112,943 0.15American Express 3,750 340,200 0.46American Homes 4 Rent REIT 13,504 218,765 0.29American Tower REIT 4,400 351,076 0.47Amgen 8,856 1,010,470 1.36Apple 1,295 726,262 0.98Applied Materials 13,600 240,448 0.32

98MGI Funds plc


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



(continued)

99MGI Funds plc


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



(continued)

100MGI Funds plc


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

–––––––––––– –––––––66,635,044 89.65




Cash 1,398,208 1.88

Net current assets 48,976 0.07

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

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


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 97.95Other assets 2.05

–––––––100.00

––––––––––––––



(continued)

101MGI Funds plc

MGI Funds plcMGI UK Inflation Linked Bond Fund



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

–––––––––––– –––––––502,967,899 99.18




Cash 3,019,724 0.60





–––––––100.00

––––––––––––––

102MGI Funds plc

MGI Funds plcMGI UK Long Gilt Fund



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

–––––––––––– –––––––51,405,317 98.48





Cash 457,996 0.88





–––––––100.00

––––––––––––––

103MGI Funds plc

MGI Funds plcMGI Emerging Markets Debt Fund



Financial assets at fair value through profit or lossTransferable securitiesGovernment bondsBrazilBrazil Letras do Tesouro Nacional 0.00 01/01/2017 BRL 23,920,000 7,139,916 0.62Brazil Notas do Tesouro Nacional 10.00 01/01/2015 BRL 8,786,000 3,703,646 0.32Brazil Notas do Tesouro Nacional 6.00 15/05/2015 BRL 1,623,000 1,668,773 0.14Brazil Notas do Tesouro Nacional 0.00 01/01/2017 BRL 25,600,000 10,257,568 0.89Brazil Notas do Tesouro Nacional 10.00 01/01/2017 BRL 10,254,000 4,108,637 0.35Brazil Notas do Tesouro Nacional 10.00 01/01/2018 BRL 30,000,000 11,726,735 1.01Brazil Notas do Tesouro Nacional 10.00 01/01/2021 BRL 70,336,000 25,913,878 2.23Brazil Notas do Tesouro Nacional 6.00 15/08/2022 BRL 2,074,000 2,071,218 0.18Brazil Notas do Tesouro Nacional 0.00 01/01/2023 BRL 81,467,000 29,164,669 2.51Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 11,872,000 4,250,098 0.38Brazil Notas do Tesouro Nacional 6.00 15/08/2030 BRL 1,231,000 1,199,817 0.10

–––––––––––– –––––––101,204,955 8.73

ChileBonos de la Tesoreria de la Republica en pesos 6.00 01/01/2018 CLP 2,045,000,000 4,172,898 0.36Bonos de la Tesoreria de la Republica en pesos 6.00 01/01/2020 CLP 470,000,000 968,444 0.08Bonos de la Tesoreria de la Republica en pesos 6.00 01/01/2022 CLP 1,270,000,000 2,630,878 0.23Bonos del Banco Central de Chile en Pesos 6.00 01/05/2014 CLP 1,240,000,000 2,395,516 0.21Bonos del Banco Central de Chile en Pesos 6.00 01/08/2016 CLP 1,280,000,000 2,578,757 0.22Bonos del Banco Central de Chile en Pesos 6.00 01/05/2018 CLP 590,000,000 1,183,818 0.10Chile (Government of) 6.00 01/01/2022 CLP 50,000,000 100,654 0.01

–––––––––––– –––––––14,030,965 1.21

ColombiaBogota Distrito Capital 9.75 26/07/2028 COP 500,000,000 291,278 0.03Bogota Distrito Capital 9.75 26/07/2028 COP 3,500,000,000 2,038,949 0.17Colombia (Government of) 12.00 22/10/2015 COP 3,810,000,000 2,222,500 0.19Colombia (Government of) 7.25 15/06/2016 COP 7,573,700,000 4,121,629 0.36Colombia (Government of) 4.25 17/05/2017 COP 2,223,867,670 1,207,703 0.10Colombia (Government of) 11.00 24/07/2020 COP 2,801,400,000 1,771,320 0.15Colombia (Government of) 7.75 14/04/2021 COP 3,700,000,000 2,113,328 0.18Colombia (Government of) 9.85 28/06/2027 COP 878,000,000 569,337 0.05Colombia (Government of) 7.00 04/05/2022 COP 5,779,500,000 3,021,374 0.26Colombia (Government of) 7.50 26/08/2026 COP 4,543,600,000 2,392,210 0.21Colombia (Government of) 6.00 28/04/2028 COP 9,766,000,000 4,509,951 0.39

–––––––––––– –––––––24,259,579 2.09

HungaryHungary (Government of) 5.50 12/02/2014 HUF 525,990,000 2,445,358 0.21Hungary (Government of) 6.75 22/08/2014 HUF 504,910,000 2,392,968 0.21Hungary (Government of) 8.00 12/02/2015 HUF 367,690,000 1,794,533 0.15Hungary (Government of) 7.75 24/08/2015 HUF 1,083,060,000 5,372,211 0.46Hungary (Government of) 5.50 12/02/2016 HUF 240,210,000 1,156,288 0.10Hungary (Government of) 5.50 22/12/2016 HUF 710,350,000 3,423,710 0.30Hungary (Government of) 6.75 24/02/2017 HUF 1,257,740,000 6,261,268 0.54Hungary (Government of) 6.75 24/11/2017 HUF 1,319,420,000 6,628,922 0.57Hungary (Government of) 5.50 20/12/2018 HUF 2,210,400,000 10,600,264 0.91Hungary (Government of) 6.50 24/06/2019 HUF 63,100,000 315,482 0.03Hungary (Government of) 7.50 12/11/2020 HUF 293,600,000 1,531,311 0.13Hungary (Government of) 7.00 24/06/2022 HUF 911,000,000 4,610,100 0.40Hungary (Government of) 6.00 24/11/2023 HUF 126,620,000 601,878 0.05Hungary (Government of) 6.75 22/10/2028 HUF 110,550,000 534,412 0.05

–––––––––––– –––––––47,668,705 4.11

104MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)IndonesiaIndonesia (Government of) 7.38 15/09/2016 IDR 14,000,000,000 1,133,114 0.10Indonesia (Government of) 6.25 15/04/2017 IDR 20,000,000,000 1,569,433 0.13Indonesia (Government of) 5.25 15/05/2018 IDR 22,927,000,000 1,695,505 0.15Indonesia (Government of) 7.88 15/04/2019 IDR 44,160,000,000 3,588,680 0.31Indonesia (Government of) 7.00 15/05/2022 IDR 70,400,000,000 5,264,092 0.45Indonesia (Government of) 5.63 15/05/2023 IDR 112,172,000,000 7,581,058 0.65Indonesia (Government of) 8.38 15/03/2024 IDR 49,848,000,000 4,085,734 0.35Indonesia (Government of) 7.00 15/05/2027 IDR 66,773,000,000 4,636,252 0.40Indonesia (Government of) 6.13 15/05/2028 IDR 10,333,000,000 658,018 0.06Indonesia (Government of) 9.00 15/03/2029 IDR 98,364,000,000 8,137,136 0.71Indonesia (Government of) 9.50 15/07/2031 IDR 16,000,000,000 1,367,297 0.12Indonesia (Government of) 8.25 15/06/2032 IDR 54,723,000,000 4,170,549 0.36Indonesia (Government of) 6.63 15/05/2033 IDR 63,290,000,000 4,082,387 0.35

–––––––––––– –––––––47,969,255 4.14

KoreaKorea Treasury Bond 3.50 10/06/2014 KRW 2,535,510,000 2,411,748 0.21Korea Treasury Bond 3.25 10/12/2014 KRW 3,170,160,000 3,019,938 0.26Korea Treasury Bond 4.50 10/03/2015 KRW 3,068,390,000 2,968,228 0.25Korea Treasury Bond 5.25 10/09/2015 KRW 2,335,680,000 2,302,051 0.20

–––––––––––– –––––––10,701,965 0.92

MalaysiaMalaysia (Government of) 3.43 15/08/2014 MYR 18,425,000 5,641,166 0.49Malaysia (Government of) 3.74 27/02/2015 MYR 10,860,000 3,332,009 0.29Malaysia (Government of) 3.84 12/08/2015 MYR 9,690,000 2,982,550 0.26Malaysia (Government of) 3.17 15/07/2016 MYR 2,330,000 708,560 0.06Malaysia (Government of) 4.26 15/09/2016 MYR 2,690,000 840,348 0.07Malaysia (Government of) 4.01 15/09/2017 MYR 14,600,000 4,512,098 0.39Malaysia (Government of) 3.31 31/10/2017 MYR 38,390,000 11,572,355 1.00Malaysia (Government of) 3.26 01/03/2018 MYR 9,500,000 2,853,715 0.25Malaysia (Government of) 3.58 28/09/2018 MYR 6,505,000 1,968,502 0.17Malaysia (Government of) 4.38 29/11/2019 MYR 13,880,000 4,320,619 0.37Malaysia (Government of) 3.49 31/03/2020 MYR 9,020,000 2,676,050 0.23Malaysia (Government of) 3.89 31/07/2020 MYR 1,430,000 433,577 0.04Malaysia (Government of) 4.16 15/07/2021 MYR 5,850,000 1,794,965 0.15Malaysia (Government of) 3.42 15/08/2022 MYR 30,595,000 8,836,309 0.76Malaysia (Government of) 3.48 15/03/2023 MYR 12,898,000 3,746,815 0.32Malaysia (Government of) 4.39 15/04/2026 MYR 940,000 283,106 0.02Malaysia (Government of) 3.73 15/06/2028 MYR 4,959,000 1,402,008 0.12Malaysia (Government of) 3.84 15/04/2033 MYR 2,830,000 785,065 0.07

–––––––––––– –––––––58,689,817 5.06

MexicoMexican (Government of) 7.00 19/06/2014 MXN 42,823,500 3,321,002 0.29Mexican (Government of) 9.50 18/12/2014 MXN 155,506,200 12,513,612 1.08Mexican (Government of) 6.00 18/06/2015 MXN 6,456,000 508,773 0.04Mexican (Government of) 6.25 16/06/2016 MXN 32,487,000 2,604,687 0.22Mexican (Government of) 7.25 15/12/2016 MXN 113,000,000 9,285,462 0.80Mexican (Government of) 5.00 15/06/2017 MXN 2,330,000 179,071 0.02Mexican (Government of) 4.75 14/06/2018 MXN 28,940,000 2,156,890 0.19Mexican (Government of) 8.50 13/12/2018 MXN 10,270,000 886,492 0.08Mexican (Government of) 8.00 11/06/2020 MXN 121,700,000 10,381,912 0.89



(continued)

105MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)Mexico (continued)Mexican (Government of) 6.50 10/06/2021 MXN 59,780,000 4,682,870 0.40Mexican (Government of) 6.50 09/06/2022 MXN 121,680,000 9,391,977 0.81Mexican (Government of) 8.00 07/12/2023 MXN 270,152,100 22,942,142 1.98Mexican (Government of) 10.00 05/12/2024 MXN 49,351,100 4,811,540 0.41Mexican (Government of) 7.50 03/06/2027 MXN 64,217,000 5,228,347 0.45Mexican (Government of) 8.50 31/05/2029 MXN 124,137,000 10,765,750 0.93Mexican (Government of) 7.75 29/05/2031 MXN 175,431,000 14,022,291 1.21Mexican (Government of) 10.00 20/11/2036 MXN 12,000,000 1,163,616 0.10Mexican (Government of) 8.50 18/11/2038 MXN 29,405,200 2,479,901 0.21Mexican (Government of) 4.00 15/11/2040 MXN 23,067,071 1,799,197 0.16

–––––––––––– –––––––119,125,532 10.27

NigeriaNigeria (Government of) 4.00 23/04/2015 NGN 456,070,000 2,533,976 0.22Nigeria (Government of) 16.00 29/06/2019 NGN 168,050,000 1,166,001 0.10Nigeria (Government of) 16.39 27/01/2022 NGN 197,460,000 1,422,403 0.12

–––––––––––– –––––––5,122,380 0.44

PeruPeruvian (Republic of) 9.91 05/05/2015 PEN 3,400,000 1,312,125 0.11Peruvian (Republic of) 8.60 12/08/2017 PEN 3,500,000 1,437,069 0.12Peruvian (Republic of) 7.84 12/08/2020 PEN 14,840,000 6,041,170 0.52Peruvian (Republic of) 5.20 12/09/2023 PEN 9,845,000 3,425,175 0.29Peruvian (Republic of) 8.20 12/08/2026 PEN 7,775,000 3,261,291 0.28Peruvian (Republic of) 6.95 12/08/2031 PEN 10,695,000 3,820,326 0.33Peruvian (Republic of) 6.90 12/08/2037 PEN 7,135,000 2,494,057 0.23Peruvian (Republic of) 6.85 12/02/2042 PEN 5,950,000 2,053,471 0.18

–––––––––––– –––––––23,844,684 2.06

PolandPoland (Government of) 5.75 25/04/2014 PLN 6,685,000 2,238,483 0.19Poland (Government of) 0.00 25/07/2014 PLN 9,080,000 2,969,141 0.26Poland (Government of) 5.50 25/04/2015 PLN 24,440,000 8,385,355 0.72Poland (Government of) 0.00 25/01/2016 PLN 3,080,000 959,486 0.08Poland (Government of) 5.00 25/04/2016 PLN 7,485,000 2,584,755 0.22Poland (Government of) 3.00 24/08/2016 PLN 21,347,060 7,428,263 0.64Poland (Government of) 4.75 25/10/2016 PLN 8,905,000 3,066,263 0.26Poland (Government of) 4.75 25/04/2017 PLN 4,080,000 1,410,277 0.12Poland (Government of) 5.25 25/10/2017 PLN 11,215,000 3,950,867 0.34Poland (Government of) 3.75 25/04/2018 PLN 27,914,000 9,321,099 0.80Poland (Government of) 2.50 25/07/2018 PLN 16,630,000 5,235,712 0.45Poland (Government of) 5.50 25/10/2019 PLN 1,435,000 514,551 0.05Poland (Government of) 5.25 25/10/2020 PLN 4,060,000 1,443,013 0.13Poland (Government of) 5.75 25/10/2021 PLN 44,070,000 16,050,947 1.38Poland (Government of) 5.75 23/09/2022 PLN 29,357,000 10,733,875 0.93Poland (Government of) 4.00 25/10/2023 PLN 9,161,000 2,954,339 0.26Poland (Government of) 5.75 25/04/2029 PLN 12,617,000 4,668,472 0.40

–––––––––––– –––––––83,914,898 7.23

RomaniaRomania (Goverment of) 5.85 28/07/2014 RON 6,910,000 2,165,785 0.19Romania (Goverment of) 5.80 26/10/2015 RON 7,810,000 2,503,366 0.22Romania (Goverment of) 5.90 26/07/2017 RON 5,900,000 1,908,667 0.16



(continued)

106MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)Romania (continued)Romania (Goverment of) 5.95 11/06/2021 RON 3,070,000 988,416 0.09Romania (Goverment of) 5.80 26/07/2027 RON 1,280,000 405,605 0.03

–––––––––––– –––––––7,971,839 0.69

RussiaRussia (Goverment of) 7.35 20/01/2016 RUB 140,370,000 4,370,009 0.38Russia (Goverment of) 6.90 03/08/2016 RUB 343,275,000 10,540,611 0.91Russia (Goverment of) 7.40 14/06/2017 RUB 173,700,000 5,389,140 0.46Russia (Goverment of) 6.20 31/01/2018 RUB 72,714,000 2,155,308 0.19Russia (Goverment of) 7.85 10/03/2018 RUB 190,000,000 5,959,617 0.51Russia (Goverment of) 7.50 15/03/2018 RUB 120,286,000 3,748,047 0.32Russia (Goverment of) 7.50 27/02/2019 RUB 31,800,000 986,613 0.09Russia (Goverment of) 6.80 11/12/2019 RUB 53,800,000 1,604,668 0.14Russia (Goverment of) 6.40 27/05/2020 RUB 7,890,000 228,944 0.02Russia (Goverment of) 7.60 14/04/2021 RUB 633,420,000 19,526,916 1.68Russia (Goverment of) 7.00 24/11/2021 RUB 53,850,000 1,555,193 0.13Russia (Goverment of) 7.60 20/07/2022 RUB 142,775,000 4,362,337 0.38Russia (Goverment of) 7.00 25/01/2023 RUB 467,960,000 13,735,466 1.18Russia (Goverment of) 7.00 16/08/2023 RUB 30,500,000 887,619 0.08Russia (Goverment of) 8.15 03/02/2027 RUB 487,660,000 15,322,853 1.32Russia (Goverment of) 7.05 19/01/2028 RUB 159,895,000 4,527,787 0.39

–––––––––––– –––––––94,901,128 8.18

SloveniaSlovenia Government International Bond 4.13 26/01/2020 EUR 710,000 961,566 0.08Slovenia Government International Bond 4.38 18/01/2021 EUR 650,000 887,158 0.08Slovenia Government International Bond 5.85 10/05/2023 USD 415,000 421,225 0.04Slovenia Government International Bond 4.63 09/09/2024 EUR 1,960,000 2,605,578 0.22

–––––––––––– –––––––4,875,527 0.42

South AfricaSouth Africa (Goverment of) 13.50 15/09/2015 ZAR 64,128,000 6,837,804 0.59South Africa (Goverment of) 8.25 15/09/2017 ZAR 42,170,000 4,198,290 0.36South Africa (Goverment of) 8.00 21/12/2018 ZAR 217,940,000 21,518,083 1.86South Africa (Goverment of) 7.25 15/01/2020 ZAR 79,579,000 7,517,637 0.65South Africa (Goverment of) 6.75 31/03/2021 ZAR 141,070,000 12,809,594 1.10South Africa (Goverment of) 7.75 28/02/2023 ZAR 62,295,000 5,892,413 0.51South Africa (Goverment of) 10.50 21/12/2026 ZAR 235,073,000 26,447,174 2.28South Africa (Goverment of) 7.00 28/02/2031 ZAR 103,816,000 8,264,641 0.71South Africa (Goverment of) 6.25 31/03/2036 ZAR 61,900,000 4,342,524 0.37South Africa (Goverment of) 8.50 31/01/2037 ZAR 31,358,000 2,824,003 0.24South Africa (Goverment of) 6.50 28/02/2041 ZAR 5,869,500 412,959 0.04South Africa (Goverment of) 8.75 28/02/2048 ZAR 39,861,500 3,609,466 0.31

–––––––––––– –––––––104,674,588 9.02

ThailandThailand (Goverment of) 3.13 11/12/2015 THB 37,000,000 1,136,140 0.10Thailand (Goverment of) 3.25 16/06/2017 THB 335,775,000 10,301,140 0.89Thailand (Goverment of) 2.80 10/10/2017 THB 70,000,000 2,104,614 0.18Thailand (Goverment of) 3.45 08/03/2019 THB 40,000,000 1,217,749 0.11Thailand (Goverment of) 3.88 13/06/2019 THB 171,745,000 5,347,196 0.46Thailand (Goverment of) 1.20 14/07/2021 THB 118,651,688 3,366,122 0.29Thailand (Goverment of) 3.65 17/12/2021 THB 281,980,000 8,519,005 0.73Thailand (Goverment of) 3.63 16/06/2023 THB 478,675,000 14,257,581 1.23Thailand (Goverment of) 3.58 17/12/2027 THB 94,630,000 2,713,724 0.23



(continued)

107MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Government bonds (continued)Thailand (continued)Thailand (Goverment of) 4.88 22/06/2029 THB 74,140,000 2,411,096 0.21Thailand (Goverment of) 3.78 25/06/2032 THB 18,100,000 512,578 0.04

–––––––––––– –––––––51,886,945 4.47

TurkeyTurkey (Government of) 8.00 29/01/2014 TRY 17,750,000 8,264,056 0.71Turkey (Government of) 9.00 05/03/2014 TRY 5,200,000 2,423,246 0.21Turkey (Government of) 11.00 06/08/2014 TRY 2,334,000 1,096,985 0.10Turkey (Government of) 7.50 24/09/2014 TRY 18,975,000 8,702,358 0.75Turkey (Government of) 6.50 07/01/2015 TRY 19,387,000 8,742,414 0.76Turkey (Government of) 4.50 11/02/2015 TRY 8,790,477 4,124,180 0.36Turkey (Government of) 4.00 29/04/2015 TRY 5,201,439 2,433,068 0.21Turkey (Government of) 8.30 07/10/2015 TRY 3,580,000 1,649,616 0.14Turkey (Government of) 9.00 27/01/2016 TRY 3,075,000 1,405,326 0.12Turkey (Government of) 2.50 04/05/2016 TRY 2,980,926 1,335,416 0.12Turkey (Government of) 9.00 08/03/2017 TRY 28,520,000 12,901,367 1.11Turkey (Government of) 6.30 14/02/2018 TRY 5,690,000 2,330,291 0.20Turkey (Government of) 8.30 20/06/2018 TRY 1,370,000 599,459 0.05Turkey (Government of) 4.00 01/04/2020 TRY 4,187,827 2,013,291 0.17Turkey (Government of) 10.50 15/01/2020 TRY 8,368,000 3,980,496 0.34Turkey (Government of) 9.50 12/01/2022 TRY 18,303,743 8,201,517 0.71Turkey (Government of) 3.00 23/02/2022 TRY 7,812,006 3,514,596 0.30Turkey (Government of) 8.50 14/09/2022 TRY 11,610,000 4,879,064 0.42Turkey (Government of) 7.10 08/03/2023 TRY 17,071,286 6,506,715 0.56

–––––––––––– –––––––85,103,461 7.34

VenezuelaVenezuela Government International Bond 12.75 23/08/2022 USD 1,370,000 1,263,825 0.11

–––––––––––– –––––––


Corporate bondsColombiaEmgesa ESP 8.75 25/01/2021 COP 3,585,000,000 1,958,204 0.17Empresa de Telecomunicaciones de Bogota 7.00 17/01/2023 COP 726,000,000 328,541 0.03Empresas Publicas de Medellin ESP 8.38 01/02/2021 COP 1,244,000,000 666,751 0.06

–––––––––––– –––––––2,953,496 0.26

GermanyDeutsche Bank 6.63 17/05/2033 IDR 7,900,000,000 507,950 0.04

–––––––––––– –––––––Isle Of ManSasol Financing International 4.50 14/11/2022 USD 200,000 186,000 0.02

–––––––––––– –––––––LuxembourgEuropean Investment Bank 0.00 31/12/2018 ZAR 3,035,000 203,411 0.01

–––––––––––– –––––––MexicoControladora Mabe 7.88 28/10/2019 USD 1,555,000 1,733,825 0.15

–––––––––––– –––––––United KingdomEuropean Bank for Reconstruction & Development 0.00 31/12/2020 ZAR 3,750,000 207,051 0.02

–––––––––––– –––––––



(continued)

108MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)South AfricaEskom Holdings SOC 0.00 31/12/2018 ZAR 4,000,000 239,549 0.02Eskom Holdings SOC 0.00 18/08/2027 ZAR 5,460,000 133,118 0.01Transnet SOC 9.50 13/05/2021 ZAR 23,520,000 2,218,447 0.19Transnet SOC 10.00 30/03/2029 ZAR 6,000,000 522,132 0.05

–––––––––––– –––––––3,113,246 0.27

United States of AmericaCemex Finance LLC 9.38 12/10/2022 USD 535,000 603,213 0.05Citigroup 7.00 05/05/2022 COP 2,187,000,000 1,142,741 0.10JPMorgan Chase Bank 7.00 07/04/2022 COP 1,770,000,000 935,113 0.08

–––––––––––– –––––––2,681,067 0.23

VenezuelaPetroleos de Venezuela 8.50 02/11/2017 USD 5,115,000 4,258,238 0.37

–––––––––––– –––––––Total corporate bonds 15,844,284 1.37

Total Bonds 903,054,332 77.86

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

–––––––––––– –––––––Total credit linked notes 27,115,288 2.34


Collective investment schemesLuxembourgInvestec Global Strategy Fund - Emerging Markets Investment Grade Corporate Debt 580,302 11,159,210 0.96JPMorgan Funds - Emerging Markets Local Currency Debt 1,059,417 149,033,323 12.85




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



(continued)

109MGI Funds plc


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


Futures contracts

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

US Long Bond Futures 7* 20/03/2014 USD (10) 26,412 0.005 year US Treasury Note Futures 7* 31/03/2014 USD (17) 26,563 0.0110 year US Treasury Note Futures 7* 20/03/2014 USD (50) 126,766 0.01




(continued)

110MGI Funds plc

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

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

–––––––––––– –––––––Total interest rate swaps at positive fair value 537,194 0.05



Open forward foreign currency contracts


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



(continued)

111MGI Funds plc


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


Interest rate swaps

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

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

–––––––––––– –––––––Total interest rate swaps at negative fair value (653,266) (0.06)


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

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

Financial assets at amortised costMoney market instruments


NigeriaNigeria (Government of) 0.00 24/04/2014 NGN 69,000,000 415,005 0.04Nigeria (Government of) 0.00 16/01/2014 NGN 30,120,000 187,296 0.02Nigeria (Government of) 0.00 13/02/2014 NGN 95,558,000 589,311 0.05Nigeria (Government of) 0.00 10/04/2014 NGN 156,247,000 944,134 0.08Nigeria (Government of) 0.00 04/09/2014 NGN 185,110,000 1,064,310 0.09Nigeria (Government of) 0.00 23/01/2014 NGN 383,600,000 2,381,941 0.20Nigeria (Government of) 0.00 06/02/2014 NGN 187,620,000 1,160,030 0.10Nigeria (Government of) 0.00 20/02/2014 NGN 226,960,000 1,396,510 0.12Nigeria (Government of) 0.00 08/05/2014 NGN 316,000,000 1,892,918 0.16Nigeria (Government of) 0.00 22/05/2014 NGN 53,000,000 316,134 0.03

–––––––––––– –––––––10,347,589 0.89

SerbiaSerbia Treasury Bills 0.00 23/01/2014 RSD 60,100,000 707,917 0.06Serbia Treasury Bills 0.00 30/01/2014 RSD 11,350,000 133,454 0.01



(continued)

112MGI Funds plc


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

–––––––––––– –––––––1,322,804 0.11

Total money market instruments 11,670,393 1.00


Cash 42,341,077 3.65




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 80.65Collective investment schemes 13.72Financial derivative instruments dealt in on a regulated market 0.02OTC financial derivative instruments 0.25Other assets 5.36

–––––––100.00

––––––––––––––

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

Reference Counterparty1* Bank of America2* Barclays Bank3* BNP Paribas4* Citibank5* Credit Suisse6* Deutsche Bank7* Goldman Sachs8* HSBC9* JP Morgan10* Morgan Stanley11* Royal Bank of Scotland12* Standard Chartered Bank13* State Street Bank14* UBS15* Westpac Banking Corporation



(continued)

113MGI Funds plc

MGI Funds plcMercer Global Small Cap Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustraliaAinsworth Game Technology 66,209 259,444 0.03Bluescope Steel 123,525 642,072 0.07Goodman Group 175,973 744,664 0.09REA Group 22,607 763,709 0.09Spark Infrastructure Group 1,623,187 2,352,538 0.27Treasury Wine Estates 477,752 2,051,619 0.24Vocation 255,000 467,678 0.05

–––––––––––– –––––––7,281,724 0.84

AustriaSchoeller-Bleckmann Oilfield Equipment 13,143 1,463,319 0.17Wienerberger 60,867 971,234 0.11

–––––––––––– –––––––2,434,553 0.28

BelgiumBarco 4,715 368,382 0.04

–––––––––––– –––––––BermudaCatlin Group 144,622 1,390,472 0.16Emperor International Holdings 1,692,000 456,073 0.05Future Bright Holdings 996,000 601,165 0.07Helen of Troy 9,727 480,708 0.06Orient-Express Hotels 22,623 341,381 0.04

–––––––––––– –––––––3,269,799 0.38

BrazilTegma Gestao Logistica 129,500 985,830 0.11

–––––––––––– –––––––CanadaCelestica 89,003 924,793 0.11Constellation Software 13,700 2,897,953 0.33Copper Mountain Mining 137,600 217,570 0.03Corus Entertainment 26,558 641,891 0.07Davis + Henderson 37,691 1,054,639 0.12Dominion Diamond 93,700 1,324,587 0.15Dominion Diamond – US listing 2,000 28,700 0.00Resolute Forest Products 25,004 400,314 0.05Trican Well Service 65,275 796,816 0.09

–––––––––––– –––––––8,287,263 0.95

Cayman IslandsShenzhou International Group Holdings 641,000 2,397,421 0.28Xinyi Glass Holdings 820,000 718,078 0.08

–––––––––––– –––––––3,115,499 0.36

Channel IslandsAtrium European Real Estate 320,296 1,844,850 0.21Beazley 149,400 671,067 0.08

–––––––––––– –––––––2,515,917 0.29

ChinaChina Machinery Engineering 983,000 789,823 0.09Shenzhen Expressway 1,478,000 659,536 0.08SPT Energy Group 608,000 358,351 0.04

114MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)China (continued)Sunny Optical Technology Group 508,000 491,375 0.06Tiangong International 1,270,000 366,894 0.04

–––––––––––– –––––––2,665,979 0.31

DenmarkJyske Bank 30,673 1,657,127 0.19Pandora 87,915 4,772,394 0.55SimCorp 53,269 2,100,614 0.24Topdanmark 38,597 1,018,018 0.12Vestas Wind Systems 64,572 1,910,647 0.22

–––––––––––– –––––––11,458,800 1.32

FinlandAmer Sports 179,851 3,747,123 0.43Konecranes 60,568 2,158,267 0.25Sponda 81,467 382,798 0.04Vacon 22,693 1,827,720 0.21

–––––––––––– –––––––8,115,908 0.93

FranceAlcatel-Lucent 430,733 1,933,715 0.22Alcatel-Lucent - ADR 59,909 262,402 0.03Alten 12,540 569,878 0.07Euler Hermes 7,950 1,090,102 0.13IPSOS 75,161 3,223,038 0.37Sartorius Stedim Biotech 12,189 2,040,693 0.23Virbac 6,382 1,356,046 0.16

–––––––––––– –––––––10,475,874 1.21

GermanyAareal Bank 55,000 2,191,009 0.25Drillisch 45,830 1,328,074 0.15ElringKlinger 46,598 1,890,333 0.22Grammer 10,911 521,031 0.06Kloeckner 27,863 381,251 0.04KUKA 7,889 370,635 0.04MTU Aero Engines Holding 11,935 1,176,370 0.14QSC 68,591 406,509 0.05Wirecard 38,654 1,526,525 0.18

–––––––––––– –––––––9,791,737 1.13

GreeceIntralot SA-Integrated Lottery Systems & Services 71,586 180,515 0.02Jumbo 29,362 469,328 0.05Public Power 64,504 959,939 0.11

–––––––––––– –––––––1,609,782 0.18

Hong KongChina Everbright International 845,000 1,126,848 0.13Ju Teng International Holdings 1,528,000 1,008,978 0.12Techtronic Industries 1,014,000 2,863,982 0.33Wing Hang Bank 83,964 1,264,807 0.14

–––––––––––– –––––––6,264,615 0.72

115MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)IrelandAlkermes 51,340 2,085,944 0.24Bank of Ireland 9,740,414 3,368,872 0.39C&C Group 368,600 2,158,627 0.25FBD Holdings 17,300 427,186 0.05Glanbia 84,280 1,307,664 0.15ICON 37,629 1,520,588 0.17Paddy Power 13,859 1,182,868 0.14United Drug 533,756 2,864,266 0.33

–––––––––––– –––––––14,916,015 1.72

Isle Of ManPlaytech 265,964 3,220,074 0.37

–––––––––––– –––––––IsraelClicksoftware Technologies 140,053 1,050,397 0.12EZchip Semiconductor 70,700 1,737,099 0.20Mizrahi Tefahot Bank 137,798 1,803,959 0.21NICE Systems - ADR 39,400 1,611,854 0.18

–––––––––––– –––––––6,203,309 0.71

ItalyA2A 527,602 618,321 0.07ASTM 63,727 1,008,967 0.12Banca Generali 8,997 279,066 0.03Banca IFIS 32,248 573,226 0.07Credito Emiliano 106,834 852,357 0.10De'Longhi 106,495 1,741,860 0.20Fondiaria-Sai 1,402 346,580 0.04Iren 195,088 298,392 0.03Mediolanum 268,584 2,331,600 0.27Safilo Group 15,404 358,930 0.04Societa Cattolica di Assicurazioni 24,552 662,081 0.08Societa Iniziative Autostradali e Servizi 52,990 526,821 0.06Yoox 43,668 1,959,210 0.22

–––––––––––– –––––––11,557,411 1.33

JapanADEKA 47,100 518,479 0.06Aeon Financial Service 61,400 1,643,876 0.19Ai Holdings 14,100 175,604 0.02Aica Kogyo 57,100 1,126,734 0.13Aichi Steel 89,000 367,499 0.04Aida Engineering 53,900 583,590 0.07Aiful 223,000 931,421 0.11Alpen 18,900 339,141 0.04Alpine Electronics 24,000 335,664 0.04Alps Electric 97,900 1,111,219 0.13Amano 53,600 490,587 0.06Anritsu 76,800 844,687 0.10Calsonic Kansei 88,000 453,794 0.05Central Glass 160,000 529,756 0.06Chiyoda 51,600 992,676 0.11Chugoku Marine Paints 84,000 443,556 0.05CKD 25,400 275,496 0.03COOKPAD 34,100 1,065,777 0.12



(continued)

116MGI Funds plc


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



(continued)

117MGI Funds plc


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



(continued)

118MGI Funds plc


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

–––––––––––– –––––––119,939,069 13.82

KoreaDuksan Hi-Metal 28,478 511,354 0.06Grand Korea Leisure 11,180 426,394 0.05Hyundai Department Store 2,815 426,778 0.05KEPCO Plant Service & Engineering 20,672 1,069,495 0.12Korea Investment Holdings 28,760 1,110,504 0.13Magnachip Semiconductor 48,203 938,512 0.11

–––––––––––– –––––––4,483,037 0.52

LuxembourgRegus 1,110,913 3,983,488 0.46

–––––––––––– –––––––MaltaUnibet Group 9,266 447,964 0.05

–––––––––––– –––––––



(continued)

119MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Marshall IslandsScorpio Tankers 90,704 1,068,493 0.12

–––––––––––– –––––––NetherlandsAerCap Holdings 94,192 3,612,263 0.42SNS REAAL 133,061 — 0.00Unit4 27,046 1,429,415 0.16USG People 45,707 608,406 0.07VistaPrint 25,148 1,428,406 0.16

–––––––––––– –––––––7,078,490 0.81

New ZealandFisher & Paykel Healthcare 169,001 535,520 0.06Metlifecare 146,595 477,794 0.06Trade Me 111,618 372,981 0.04

–––––––––––– –––––––1,386,295 0.16

NorwayAker 15,793 577,902 0.07Austevoll Seafood 15,819 92,043 0.01Norwegian Air Shuttle 17,234 534,333 0.06Opera Software 26,616 361,937 0.04REC Silicon 716,662 288,467 0.03Schibsted 45,404 3,002,561 0.35SpareBank 1 SMN 78,961 712,580 0.08SpareBank 1 SR Bank 224,350 2,228,024 0.26Storebrand 375,449 2,343,597 0.27

–––––––––––– –––––––10,141,444 1.17

PhilippinesCentury Properties Group 7,272,000 216,280 0.02

–––––––––––– –––––––PolandWarsaw Stock Exchange 61,102 840,356 0.10

–––––––––––– –––––––PortugalMota-Engil 82,703 492,651 0.06Zon Optimus 119,628 886,682 0.10

–––––––––––– –––––––1,379,333 0.16

Puerto RicoFirst BanCorp 126,063 779,069 0.09Popular 26,630 764,814 0.09

–––––––––––– –––––––1,543,883 0.18

SingaporeCourts Asia 519,000 252,800 0.03Fortune Real Estate Investment Trust 2,599,000 2,061,435 0.24

–––––––––––– –––––––2,314,235 0.27

South AfricaNampak 671,100 2,621,928 0.30

–––––––––––– –––––––SpainGamesa Tecnologica 259,952 2,695,461 0.31Indra Sistemas 46,594 770,450 0.09



(continued)

120MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Spain (continued)Melia Hotels International 116,101 1,465,429 0.17

–––––––––––– –––––––4,931,340 0.57

SwedenAxis Communications 55,255 1,923,678 0.22Betsson 81,726 2,595,850 0.30Bilia 16,687 424,801 0.05Castellum 176,089 2,741,709 0.31Creades 5,703 138,965 0.02Indutrade 17,527 732,725 0.08Intrum Justitia 34,376 963,423 0.11Net Entertainment 15,571 328,507 0.04New Wave Group 33,313 170,647 0.02Nibe Industrier 22,150 500,070 0.06Saab 18,280 490,685 0.06Trelleborg 61,539 1,224,533 0.14Wallenstam 72,773 1,101,917 0.13

–––––––––––– –––––––13,337,510 1.54

SwitzerlandBurckhardt Compression Holding 3,085 1,353,709 0.16GAM Holding 54,604 1,062,179 0.12Georg Fischer 2,582 1,821,786 0.21Lonza Group 15,286 1,453,232 0.17

–––––––––––– –––––––5,690,906 0.66

TaiwanChipbond Technology 252,000 396,135 0.05GeoVision 102,000 639,992 0.08Hermes Microvision 17,000 551,579 0.06Hermes Microvision - GDR 3,450 111,938 0.01

–––––––––––– –––––––1,699,644 0.20

ThailandAP Thailand 7,568,600 1,013,446 0.12

–––––––––––– –––––––TurkeyAsya Katilim Bankasi 467,139 313,093 0.03Coca-Cola Icecek 100,000 2,397,021 0.28

–––––––––––– –––––––2,710,114 0.31

United KingdomAshmore Group 339,939 2,259,414 0.26Ashtead Group 53,211 669,352 0.08ASOS 7,018 710,432 0.08Aveva Group 25,822 923,354 0.11Barratt Developments 420,221 2,424,135 0.28BBA Aviation 103,234 548,166 0.06Bellway 23,320 606,392 0.07BTG 134,133 1,274,074 0.15Cable & Wireless Communications 1,444,941 1,346,165 0.16Cineworld Group 48,002 300,721 0.03CSR 41,576 435,196 0.05Dairy Crest Group 50,843 454,727 0.05De La Rue 140,800 2,031,170 0.23



(continued)

121MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)United Kingdom (continued)Drax Group 217,500 2,881,873 0.33Elementis 202,073 899,963 0.10Firstgroup 335,762 687,346 0.08Greene King 107,767 1,571,595 0.18Hikma Pharmaceuticals 82,490 1,635,389 0.19IG Group Holdings 137,826 1,398,179 0.16Interserve 89,680 925,357 0.11John Wood Group 160,700 1,820,529 0.21Man Group 678,162 954,163 0.11Michael Page International 221,147 1,786,687 0.21Micro Focus International 30,037 381,075 0.04Mitchells & Butlers 65,104 454,928 0.05Ocado Group 112,861 823,409 0.09Restaurant Group 224,905 2,205,192 0.25Rotork 34,212 1,626,245 0.19Senior 151,042 767,000 0.09Spectris 21,146 893,438 0.10Spirax-Sarco Engineering 38,791 1,920,359 0.22Sthree 97,194 576,299 0.07TalkTalk Telecom Group 311,003 1,576,201 0.18Taylor Wimpey 2,754,601 5,086,970 0.59Travis Perkins 64,023 1,981,851 0.23Victrex 41,860 1,273,603 0.15WH Smith 39,432 653,092 0.08

–––––––––––– –––––––48,764,041 5.62

United States of AmericaAAR 40,656 1,137,961 0.13Acadia Healthcare 53,075 2,509,917 0.29Acorda Therapeutics 11,962 349,051 0.04Acxiom 10,135 374,590 0.04ADTRAN 32,623 880,821 0.10Advanced Energy Industries 71,290 1,628,977 0.19Advanced Micro Devices 219,051 845,537 0.10Advent Software 28,609 1,000,457 0.12AECOM Technology 19,553 575,445 0.07Aeropostale 70,224 638,336 0.07AFC Enterprises 15,898 612,073 0.07Affymetrix 74,928 640,634 0.07Air Lease 49,654 1,542,253 0.18Air Methods 89,200 5,198,576 0.60Akorn 50,708 1,247,924 0.14Alaska Air Group 15,144 1,111,267 0.13Albany International 19,867 713,623 0.08Albemarle 22,332 1,415,402 0.16Alere 29,629 1,072,570 0.12AMC Networks 21,841 1,487,372 0.17Amedisys 15,587 227,882 0.03Amerco 3,621 858,249 0.10American Axle & Manufacturing Holdings 97,462 1,992,123 0.23American Capital 109,257 1,708,779 0.20American Equity Investment Life Holding 22,154 583,979 0.07American Financial Group 652 37,633 0.00American National Insurance 2,503 286,619 0.03AMN Healthcare Services 18,679 274,581 0.03



(continued)

122MGI Funds plc


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



(continued)

123MGI Funds plc


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



(continued)

124MGI Funds plc


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



(continued)

125MGI Funds plc


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



(continued)

126MGI Funds plc


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



(continued)

127MGI Funds plc


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



(continued)

128MGI Funds plc


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

–––––––––––– –––––––504,349,309 58.11





(continued)

129MGI Funds plc


Financial assets at fair value through profit or loss (continued)Financial derivative instrumentsOpen forward foreign currency contractsUSD 1* 143,425 JPY 15,064,580 08/01/2014 95 0.00USD 3* 445,641 JPY 46,681,768 06/01/2014 1,497 0.00USD 2* 394,708 JPY 41,404,429 07/01/2014 774 0.00




Financial liabilities at fair value through profit of lossFinancial derivative instrumentsOpen forward foreign currency contracts


JPY 1* 49,264,673 USD 469,033 08/01/2014 (312) 0.00–––––––––––– –––––––

Unrealised loss on open forward foreign currency contracts (312) 0.00

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



Cash 19,037,495 2.19

Net current liabilities (5,604,320) (0.64)–––––––––––– –––––––



total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regular market 96.96OTC financial derivative instruments 0.00Other assets 3.04

–––––––100.00

––––––––––––––


Reference Counterparty1* Bank of New York2* Goldman Sachs3* Barclays Capital



(continued)

130MGI Funds plc

MGI Funds plcMercer Low Volatility Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustraliaNewcrest Mining 279,521 1,950,572 0.18Sonic Healthcare 497,000 7,341,021 0.69Telstra 519,222 2,434,094 0.23WorleyParsons 311,000 4,615,936 0.43

–––––––––––– –––––––16,341,623 1.53

AustriaEVN 16,600 262,822 0.03Oesterreichische Post 3,041 144,860 0.01OMV 24,960 1,190,363 0.11Verbund 21,517 458,824 0.04

–––––––––––– –––––––2,056,869 0.19

BelgiumGroupe Bruxelles Lambert 32,418 2,980,853 0.28

–––––––––––– –––––––BermudaBunge 37,707 3,096,122 0.29

–––––––––––– –––––––BrazilCia de Saneamento de Minas Gerais-COPASA 437,000 6,890,495 0.65

–––––––––––– –––––––CanadaAgnico-Eagle Mines 53,893 1,420,239 0.13Bank of Montreal 46,900 3,124,312 0.29Barrick Gold 86,493 1,524,007 0.14BCE 70,933 3,069,980 0.29Bell Aliant 103,198 2,596,219 0.24Canadian Imperial Bank of Commerce 39,900 3,406,052 0.32Canadian Natural Resources 104,500 3,531,854 0.33Canadian Tire 33,200 3,107,832 0.29Cenovus Energy 102,919 2,947,600 0.28E-L Financial 200 133,647 0.01Empire 9,000 613,101 0.06First Capital Realty 22,300 371,282 0.04Fortis/Canada 49,200 1,409,088 0.13George Weston 24,500 1,784,061 0.17Goldcorp 109,959 2,382,812 0.22Kinross Gold 320,506 1,400,611 0.13Lassonde Industries 200 19,411 0.00Manitoba Telecom Services 91,000 2,542,005 0.24Manulife Financial 12,400 244,499 0.02Metro 41,900 2,555,801 0.24National Bank of Canada 3,400 282,816 0.03North West 4,754 115,080 0.01Penn West Petroleum 133,134 1,113,000 0.10Potash corp of Saskatchewan 69,410 2,287,754 0.21Power Financial 1,900 64,341 0.01Rogers Sugar 21,387 107,891 0.01Saputo 3,900 177,620 0.02TELUS 51,300 1,765,203 0.17Thomson Reuters 10,400 393,095 0.04

131MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Canada (continued)Tim Hortons 1,285 74,993 0.01Valener 30,716 440,287 0.04

–––––––––––– –––––––45,006,493 4.22

DenmarkALK-Abello 14,785 1,676,731 0.16AP Moeller - Maersk 52 565,228 0.05D/S Norden 14,485 762,495 0.07GN Store Nord 27,585 678,658 0.06Jyske Bank 2,540 137,225 0.01Novo Nordisk 12,608 2,313,597 0.22Royal Unibrew 15,776 2,141,697 0.20SimCorp 6,070 239,365 0.02Sydbank 9,699 257,966 0.03TDC 381,146 3,702,976 0.35Topdanmark 63,583 1,677,038 0.16

–––––––––––– –––––––14,152,976 1.33

FranceBouygues 81,385 3,075,000 0.29Carrefour 66,691 2,647,548 0.25Cie de St-Gobain 45,454 2,503,767 0.24Danone 71,245 5,136,360 0.48Edenred 254,450 8,528,813 0.80Legrand 14,415 795,718 0.08Medica 10,588 276,621 0.03Neopost 12,979 1,000,096 0.09Safran 126,000 8,769,629 0.82Sanofi 96,709 10,277,020 0.96Societe Television Francaise 48,496 935,885 0.09Sodexo 24,209 2,455,873 0.23Total 55,340 3,395,667 0.32Wendel 6,693 975,753 0.09

–––––––––––– –––––––50,773,750 4.77

GermanyAdidas 27,082 3,455,612 0.32Biotest - Pref 721 75,754 0.01Daimler 18,850 1,638,981 0.15Fielmann 28,099 3,281,823 0.31Fraport Frankfurt Airport Services Worldwide 4,505 337,821 0.03Fresenius Medical Care 13,380 952,269 0.09HeidelbergCement 53,029 4,045,957 0.38Hornbach Baumarkt 376 14,502 0.00Interseroh 1,962 163,564 0.02Merck 4,509 807,402 0.08Rhoen Klinikum 5,345 156,767 0.01Stada Arzneimittel 36,112 1,782,422 0.17Wincor Nixdorf 1,311 90,885 0.01

–––––––––––– –––––––16,803,759 1.58

Hong KongAeon Stores 4,000 5,082 0.00Chow Tai Fook Jewellery Group 502,800 748,323 0.07CLP Holdings 383,500 3,029,421 0.29



(continued)

132MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Hong Kong (continued)Guoco Group 44,202 541,284 0.05Jardine Matheson Holdings 30,900 1,616,070 0.15Li & Fung 5,785,380 7,461,396 0.70Regal REIT 265,000 75,873 0.01

–––––––––––– –––––––13,477,449 1.27

IrelandCRH 74,296 1,874,092 0.17Greencore Group 26,544 97,599 0.01ICON 25,396 1,026,252 0.10Kerry Group 38,446 2,664,725 0.25Paddy Power 2,415 206,121 0.02Willis Group Holdings 31,168 1,395,703 0.13

–––––––––––– –––––––7,264,492 0.68

IsraelAzrieli Group 75,304 2,479,760 0.23Check Point Software Technologies 1,362 87,876 0.01Israel Chemicals 116,925 973,533 0.09Osem Investments 22,111 536,818 0.05Strauss Group 6,614 126,525 0.01Teva Pharmaceutical Industries 84,336 3,370,038 0.32

–––––––––––– –––––––7,574,550 0.71

ItalyAscopiave 19,319 47,677 0.00Italcementi 120,263 1,030,756 0.10Italmobiliare 15,555 526,205 0.05

–––––––––––– –––––––1,604,638 0.15

JapanAlpen 27,500 493,459 0.05Astellas Pharmaceutical 54,114 3,202,408 0.30Bic Camera 289 162,228 0.02Chofu Seisakusho 11,300 266,521 0.02Coca-Cola West 17,800 376,644 0.04Doutor Nichires Holdings 4,600 76,721 0.01Dydo Drinco 14,600 611,893 0.06Earth Chemical 2,400 84,259 0.01Fancl 99,400 1,074,339 0.10FANUC 21,727 3,973,103 0.37Fukuda Denshi 3,000 122,164 0.01Hirose Electric 14,845 2,114,359 0.20House Foods 96,700 1,461,931 0.14Hoya 116,251 3,229,655 0.30Ito En 29,400 615,385 0.06KDDI 67,300 4,136,416 0.39Kentucky Fried Chicken Japan 2,000 40,074 0.00Kewpie 178,400 2,476,434 0.23Keyence 11,239 4,801,209 0.45Kose 71,300 2,258,970 0.21Lion 453,000 2,525,646 0.24Mandom 12,500 394,843 0.04Matsumotokiyoshi Holdings 8,300 289,815 0.03McDonald's 38,800 991,919 0.09



(continued)

133MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Japan (continued)Megmilk Snow Brand 41,800 526,154 0.05Ministop 22,500 350,863 0.03MISUMI Group 30,296 951,209 0.09Mitsubishi Estate 82,362 2,456,637 0.23Morinaga & Co/Japan 132,000 270,016 0.03Morinaga Milk Industry 84,000 248,551 0.02MOS Food Services 33,800 641,237 0.06MS&AD Insurance Group 119,797 3,210,772 0.30Nippon Flour Mills 25,000 122,734 0.01Nippon Telegraph & Telephone 17,000 913,848 0.09Nisshin Oillio Group 58,000 187,622 0.02Nissin Foods Holdings 33,300 1,405,123 0.13NKSJ Holdings 111,303 3,095,368 0.29Noevir Holdings 27,700 501,264 0.05Nomura Research Institute 30,500 961,967 0.09NTT DoCoMo 200,100 3,280,265 0.31Ohsho Food Service 22,000 671,900 0.06Okinawa Cellular Telephone 5,000 130,869 0.01Ono Pharmaceutical 17,700 1,547,624 0.14Plenus 24,400 544,621 0.05Royal Holdings 38,700 579,552 0.05Secom 77,715 4,673,030 0.44Shimano 31,621 2,710,672 0.25Shin-Etsu Chemical 6,028 351,569 0.03Shinkin Central Bank - Pref 51 91,126 0.01Showa Sangyo 16,000 48,561 0.00SMC 16,771 4,223,666 0.40Starbucks Coffee Japan 67,300 745,323 0.07WATAMI 8,000 105,038 0.01Yoshinoya Holdings 105,200 1,287,162 0.12

–––––––––––– –––––––72,614,738 6.81

KoreaKT&G 29,275 2,063,827 0.19Lotte Confectionery 200 361,018 0.04Namyang Dairy Products 400 355,143 0.03

–––––––––––– –––––––2,779,988 0.26

LuxembourgMillicom International Cellular 83,000 8,270,794 0.77SES - GDR 312,000 10,098,826 0.95

–––––––––––– –––––––18,369,620 1.72

MalaysiaGenting 270,500 360,061 0.03

–––––––––––– –––––––MexicoGrupo Televisa - ADR 121,654 3,681,250 0.35Industrias Penoles 30,810 764,537 0.07

–––––––––––– –––––––4,445,787 0.42

NetherlandsConstellium 6,797 157,826 0.02Sligro Food Group 21,737 838,670 0.08



(continued)

134MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Netherlands (continued)TNT Express 113,594 1,056,243 0.10Unilever -CVS- 98,621 3,978,319 0.37

–––––––––––– –––––––6,031,058 0.57

New ZealandAir New Zealand 90,762 122,511 0.01Argosy Property 224,097 168,765 0.02Auckland International Airport 67,205 195,255 0.02Fisher & Paykel Healthcare 21,970 69,617 0.01Infratil 818,906 1,529,981 0.14Mainfreight 30,086 296,405 0.03Port of Tauranga 57,223 638,641 0.06Ryman Healthcare 461,916 2,984,413 0.28Sky City Entertainment Group 115,622 354,957 0.03Sky Network Television 300,747 1,445,574 0.13

–––––––––––– –––––––7,806,119 0.73

NorwayOrkla 349,919 2,728,132 0.25Statoil 135,031 3,269,580 0.31Telenor 147,391 3,512,983 0.33

–––––––––––– –––––––9,510,695 0.89

PortugalEDP 852,739 3,126,758 0.29Redes Energeticas Nacionais 10,689 32,963 0.00Sonaecom 54,009 190,148 0.02

–––––––––––– –––––––3,349,869 0.31

SingaporeChina Yuchai International 6,540 136,490 0.01ComfortDelGro 8,670 13,734 0.00Great Eastern Holdings 14,000 194,709 0.02Haw Par 27,300 174,922 0.02Hong Leong Finance 18,000 39,062 0.00M1 476,000 1,232,789 0.12Sabana Shari'ah Compliant Industrial REIT 108,000 91,953 0.01Singapore Post 1,346,000 1,412,522 0.13Singapore Press Holdings 136,000 442,706 0.04Singapore Telecommunications 82,000 237,051 0.02StarHub 518,000 1,755,932 0.16United Industrial 114,000 268,161 0.03Yanlord Land Group 96,000 93,141 0.01

–––––––––––– –––––––6,093,172 0.57

South AfricaAngloGold Ashanti - ADR 119,594 1,400,446 0.13Gold Fields - ADR 184,342 588,051 0.05Harmony Gold Mining - ADR 51,838 130,632 0.01MTN Group 497,000 10,298,025 0.97Sibanye Gold - ADR 11,402 54,729 0.01

–––––––––––– –––––––12,471,883 1.17



(continued)

135MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)SpainAbengoa 335,567 975,652 0.09Amadeus IT Holding 11,766 502,602 0.05Red Electrica 25,267 1,671,199 0.16

–––––––––––– –––––––3,149,453 0.30

SwedenAxfood 7,332 368,278 0.04Hennes & Mauritz 16,032 738,871 0.07Investor -A- 33,047 1,106,781 0.10Investor -B- 34,217 1,178,463 0.11TeliaSonera 425,258 3,542,382 0.33

–––––––––––– –––––––6,934,775 0.65

SwitzerlandAllreal Holding 7,672 1,061,063 0.10Alpiq Holding 1,688 232,127 0.02Aryzta 1,309 100,528 0.01Basler Kantonalbank 6,293 508,054 0.05Berner Kantonalbank 685 158,666 0.01Emmi 750 227,905 0.02Galenica 3,053 3,080,978 0.29Intershop Holdings 1,251 469,820 0.04Kuehne & Nagel International 2,120 278,900 0.03Luzerner Kantonalbank 299 115,233 0.01Mobimo Holding 4,370 911,000 0.09Nestle 149,883 10,996,644 1.03Novartis 68,394 5,471,674 0.51Pargesa Holding 28,644 2,315,740 0.22Roche 27,000 7,562,489 0.71Swisscom 6,171 3,266,082 0.31Weatherford International 315,000 4,876,200 0.46

–––––––––––– –––––––41,633,103 3.91

ThailandBangkok Bank - NVDR 205,984 1,112,665 0.10

–––––––––––– –––––––United KingdomAnglo American 24,179 528,613 0.05Associated British Foods 106,686 4,320,280 0.41AstraZeneca 61,103 3,617,457 0.34Berkeley Group Holdings 52,967 2,325,630 0.22BG Group 374,000 8,037,196 0.76BP 1,000,000 8,083,323 0.76British American Tobacco 44,251 2,371,686 0.22Capita Group 669,000 11,468,116 1.08Centrica 209,266 1,203,383 0.11Cranswick 10,012 196,667 0.02Dairy Crest Group 8,955 80,091 0.01Diageo 56,582 1,873,340 0.18Fresnillo 118,584 1,456,340 0.14GlaxoSmithKline 595,149 15,884,795 1.49Greggs 185,650 1,323,713 0.12Imperial Tobacco Group 38,896 1,505,529 0.14J Sainsbury 536,606 3,241,282 0.30Next 26,416 2,382,268 0.22



(continued)

136MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)United Kingdom (continued)Royal Dutch Shell 69,264 2,472,433 0.23Scottish & Southern Energy 126,004 2,854,934 0.27Synergy Health 54,562 1,087,130 0.10Tate & Lyle 137,251 1,837,897 0.17Tesco 1,495,373 8,280,879 0.78Vodafone Group 1,718,800 6,746,823 0.63WM Morrison Supermarkets 1,190,576 5,144,661 0.48

–––––––––––– –––––––98,324,466 9.23

United States of America3M 32,340 4,535,038 0.43Alleghany 877 350,932 0.03Allergan 52,500 5,831,700 0.55Alliant Techsystems 15,727 1,913,976 0.18Altria Group 81,968 3,145,932 0.30Amdocs 80,853 3,334,378 0.31American Express 107,130 9,718,834 0.91Apache 11,179 960,611 0.09Archer-Daniels-Midland 60,613 2,630,604 0.25Associated Banc 79,485 1,382,244 0.13Astoria Financial 8,990 124,332 0.01AT&T 12,471 438,231 0.04Atrion 621 183,667 0.02Automatic Data Processing 59,349 4,794,806 0.45Bank of New York Mellon 330,439 11,542,234 1.08BB&T 75,645 2,823,071 0.27Becton Dickinson 29,534 3,262,621 0.31Berkshire Hathaway 20 3,552,020 0.33Brookline Bancorp 46,522 444,285 0.04Cablevision Systems 188,690 3,381,325 0.32CACI International 10,365 758,614 0.07Capella Education 2,016 133,762 0.01Capitol Federal Financial 240,465 2,909,626 0.27Cardinal Health 46,952 3,136,394 0.29Charles River Laboratories International 13,024 690,793 0.06CIGNA 37,203 3,253,774 0.31Cincinnati Financial 46,791 2,449,977 0.23Cintas 70,350 4,190,749 0.39Cisco Systems 202,566 4,545,581 0.43Citigroup 96,900 5,047,521 0.47Clorox 35,460 3,289,624 0.31Coca-Cola 48,031 1,983,200 0.19Coca-Cola Bottling 1,609 117,747 0.01Colgate-Palmolive 50,115 3,267,498 0.31Comcast 97,092 4,842,949 0.45ConocoPhillips 86,807 6,133,783 0.58CVS Caremark 110,700 7,921,692 0.74Dealertrack Technologies 18,324 880,285 0.08Deltic Timber 6,281 424,721 0.04Devon Energy 36,979 2,288,261 0.21DirecTV Group 116,073 8,018,323 0.75DST Systems 38,577 3,500,863 0.33eBay 220,789 12,114,692 1.14Empire District Electric 98,489 2,233,731 0.21Energizer Holdings 4,073 440,739 0.04



(continued)

137MGI Funds plc


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



(continued)

138MGI Funds plc


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

–––––––––––– –––––––472,544,539 44.35



Collective investment schemesChannel IslandsETFS Physical Gold 111,290 13,013,140 1.21




(continued)

139MGI Funds plc


Financial derivative instruments

WarrantsUnited States of AmericaJPMorgan - To Pur Co call expires 28/10/2018 38,748 737,762 0.07

–––––––––––– –––––––Total warrants 737,762 0.07


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

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





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



(continued)

140MGI Funds plc


Financial liabilities at fair value through profit or loss (continued)Open forward foreign currency contracts (continued)USD 1* 98,113 NZD 120,907 07/01/2014 (1,400) 0.00USD 1* 2,665,020 SEK 17,500,622 06/01/2014 (59,643) (0.01)






Cash 94,686,880 8.89




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 89.45Collective investment schemes 1.22Financial derivative instruments dealt in on a regulated market 0.07OTC financial derivative instruments 0.28Other assets 8.98

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust



(continued)

141MGI Funds plc

MGI Funds plcMercer Diversified Growth Fund



Financial assets at fair value through profit or lossCollective investment schemesChannel IslandsETFS Physical Gold 344,872 40,346,575 4.70

–––––––––––– –––––––IrelandBlackRock Emerging Markets Index Sub-Fund 8,955,656 121,573,024 14.15BlackRock Euro Corporate Bond Index Fund 1,621,431 45,149,716 5.26BlackRock UK Corp Bond Index Fund 1,082,515 40,758,313 4.75BlackRock US Corporate Bond Index Fund 2,402,140 53,034,444 6.18Irish Life Investment Managers - Indexed Min Volatility Global Fund 32,765,147 48,942,565 5.70Irish Life Investment Managers - World Small Cap Index Equity Fund 30,904,570 50,507,098 5.88iShares FTSE/EPRA European Property Index Fund 569,272 21,530,119 2.51iShares FTSE EPRA/NAREIT UK Property Fund 2,517,151 21,506,976 2.51iShares FTSE EPRA/NAREIT US Property Yield Fund 961,930 21,683,390 2.53iShares JPMorgan $ Emerging Markets Bond Fund 777,477 83,886,917 9.77Mercer Passive Global Equity Fund 1,481,568 156,942,490 18.28Russell Investment Company plc - Acadian Global Managed Volatility Fund 3,059,323 40,413,656 4.71

–––––––––––– –––––––705,928,708 82.23

GermanyiShares Dow Jones - UBS Commodity Swap (DE) 1,288,670 42,226,674 4.92




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


142MGI Funds plc



(continued)

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

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

–––––––––––– –––––––Unrealised gain on futures contracts 2,335,837 0.27



Financial liabilities at fair value through profit or lossFinancial derivative instrumentsOpen forward foreign currency contracts


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






143MGI Funds plc

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

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

–––––––––––– –––––––47,005,044 5.48

Total deposits with credit institutions 47,005,044 5.48


Cash 16,374,356 1.91




total assetsDeposits with credit institutions 5.47Collective investment schemes 91.74Financial derivative instruments dealt in on a regulated market 0.27OTC financial derivative instruments 0.04Other assets 2.48

–––––––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)

144MGI Funds plc

MGI Funds plcMGI DAM Multi-Manager Global Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustraliaAdelaide Brighton 47,768 156,840 0.05ALS 21,048 165,897 0.05ARB 4,701 49,165 0.01Cardno 10,992 67,756 0.02CSL 3,331 205,268 0.07Flight Centre 2,207 93,788 0.03Macquarie Group 3,924 192,662 0.06Mermaid Marine Australia 20,399 62,050 0.02Mesoblast 34,175 178,556 0.06Mineral Resources 19,703 209,236 0.07Monadelphous Group 9,087 151,130 0.05NRW Holdings 22,582 27,678 0.01Resolute Mining 34,144 16,954 0.01Sydney Airport 4,158 14,099 0.00Telstra 76,878 360,401 0.11TPG Telecom 24,362 115,952 0.04Westfield Retail Trust REIT 37,990 100,604 0.03Woolworths 17,070 516,793 0.17WorleyParsons 2,530 37,551 0.01Wotif.com Holdings 8,373 20,750 0.01

–––––––––––– –––––––2,743,130 0.88

AustriaAMS 412 50,032 0.02Erste Group Bank 29,338 1,021,976 0.33Oesterreichische Post 2,875 136,953 0.04OMV 9,632 459,358 0.15

–––––––––––– –––––––1,668,319 0.54

BelgiumBarco 833 65,082 0.02Belgacom 6,750 200,022 0.06Colruyt 6,476 361,941 0.12Mobistar 2,027 38,489 0.01

–––––––––––– –––––––665,534 0.21

BermudaArch Capital Group 4,900 292,236 0.09Axis Capital Holdings 7,900 375,645 0.12Catlin Group 8,761 84,233 0.03Credicorp 5,639 748,013 0.24Emperor International Holdings 174,000 46,901 0.02Giordano International 86,000 76,531 0.02Hiscox 28,774 330,739 0.11Lancashire Holdings 8,496 113,909 0.04Lazard 29,654 1,342,732 0.43Marvell Technology Group 36,878 529,937 0.17RenaissanceRe Holdings 2,700 262,845 0.09SmarTone Telecommunications Holding 54,500 61,924 0.02VTech Holdings 14,800 192,212 0.06

–––––––––––– –––––––4,457,857 1.44

145MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)BrazilAES Tiete - Pref 6,400 51,786 0.02AMBEV - ADR 175,952 1,291,488 0.42BR Properties 14,078 110,989 0.04Braskem - ADR 21,788 388,480 0.12Cia Energetica de Minas Gerais - ADR 7,300 56,794 0.02Cia Hering 2,500 31,631 0.01Diagnosticos da America 25,470 157,187 0.05Embraer - ADR 10,392 334,207 0.11Ez Tec Empreendimentos e Participacoes 8,100 99,325 0.03Gol Linhas Aereas Inteligentes - ADR 20,401 92,825 0.03Grendene 7,700 58,747 0.02Itau Unibanco Holding - ADR 35,363 479,876 0.15Lojas Renner 12,829 331,648 0.11Santos Brasil Participacoes 8,600 69,004 0.02Telefonica Brasil - ADR 2,000 38,400 0.01Tractebel Energia 6,900 105,112 0.03

–––––––––––– –––––––3,697,499 1.19

CanadaAlamos Gold 9,900 119,825 0.04Canadian Oil Sands 5,300 99,615 0.03Canadian Pacific Railway 4,800 725,856 0.23Detour Gold 11,842 45,585 0.01Evertz Technologies 1,700 24,512 0.01Genworth MI 4,000 137,713 0.04Jean Coutu Group 3,000 51,953 0.02Magna International 3,300 270,429 0.09Metro 2,000 121,995 0.04Nevsun Resources 15,300 50,400 0.02Pason Systems 7,500 162,000 0.05Power Financial 3,500 118,522 0.04Rogers Communications 5,200 235,260 0.08Saputo 4,700 214,055 0.07Tim Hortons 4,000 233,440 0.08TransGlobe Energy 5,500 45,605 0.01

–––––––––––– –––––––2,656,765 0.86

Cayman IslandsAnta Sports Products 29,000 35,868 0.01Baidu - ADR 6,400 1,138,239 0.37Bosideng International Holdings 128,000 24,102 0.01Home Inns & Hotels Management - ADR 7,222 314,735 0.10Li Ning 124,828 98,687 0.03Mindray Medical International - ADR 6,437 234,178 0.08NagaCorp 146,000 153,650 0.05NetEase.com - ADR 2,500 196,475 0.06Pacific Textile Holdings 49,000 74,697 0.02Phoenix Satellite Television Holdings 192,000 69,582 0.02Shenguan Holdings Group 246,000 109,457 0.04Shenzhou International Group Holdings 20,000 74,803 0.03Tencent Holdings 16,200 1,034,208 0.33XTEP International Holdings 74,500 37,953 0.01

–––––––––––– –––––––3,596,634 1.16



(continued)

146MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Channel IslandsBeazley 57,225 257,040 0.08Centamin 74,091 54,669 0.02Shire 300 14,166 0.01

–––––––––––– –––––––325,875 0.11

ChinaChina BlueChemical 84,000 52,759 0.01China Life Insurance 374,931 1,172,603 0.38China Lilang 36,000 22,007 0.01China Shenhua Energy 47,000 148,206 0.05Ping An Insurance Group of China 203,845 1,831,089 0.59Travelsky Technology 40,000 39,362 0.01

–––––––––––– –––––––3,266,026 1.05

CyprusGlobaltrans - GDR 4,698 74,228 0.02

–––––––––––– –––––––Czech RepublicCEZ 5,196 135,363 0.04

–––––––––––– –––––––DenmarkAP Moeller - Maersk 20 217,395 0.07Coloplast 1,824 120,913 0.04Novozymes 1,376 58,175 0.02SimCorp 2,289 90,265 0.03TDC 22,514 218,732 0.07

–––––––––––– –––––––705,480 0.23

FinlandNokia - ADR 26,686 216,424 0.07Nokian Renkaat 856 41,130 0.01Orion 15,708 441,987 0.14Sampo 5,090 250,321 0.08Tikkurila 682 18,701 0.01

–––––––––––– –––––––968,563 0.31

FranceAlcatel-Lucent 66,286 297,582 0.10Alten 1,012 45,990 0.01AXA 29,500 821,527 0.26AXA - ADR 10,609 295,673 0.10BioMerieux 2,526 264,672 0.09BNP Paribas 8,380 653,688 0.21Cie Generale des Etablissements Michelin 3,953 420,783 0.14CNP Assurances 20,670 423,103 0.14Hermes International 1,750 633,840 0.20Louis Vuitton Moet Hennessy 8,635 1,577,754 0.51Metropole Television 10,119 232,159 0.07Neopost 994 76,593 0.02Orange 31,335 388,602 0.13Sanofi - ADR 10,520 563,556 0.18Schneider Electric 8,200 716,368 0.23SEB 642 58,121 0.02Societe BIC 2,274 278,063 0.09



(continued)

147MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)France (continued)Societe Generale 2,141 124,557 0.04

–––––––––––– –––––––7,872,631 2.54

GabonTotal Gabon 23 14,515 0.00

–––––––––––– –––––––GermanyAdidas 6,146 784,218 0.25Allianz - ADR 19,269 347,227 0.11Axel Springer 13,842 892,357 0.29BASF 4,427 473,984 0.15Bayerische Motoren Werke 6,700 788,989 0.26Bertrandt 807 123,433 0.04Continental 483 106,122 0.04Daimler 10,100 878,181 0.28Deutsche Lufthansa 58,188 1,241,589 0.40Deutsche Post 23,862 874,789 0.28Deutsche Post - ADR 5,888 216,090 0.07Deutsche Telekom - ADR 2,878 49,646 0.02Fielmann 854 99,743 0.03Fraport Frankfurt Airport Services Worldwide 16,688 1,251,400 0.40Fuchs Petrolub - Pref 1,249 122,436 0.04Hannover Rueckversicherung 343 29,535 0.01HeidelbergCement 8,700 663,784 0.21Hugo Boss 617 88,123 0.03Infineon Technologies 139,870 1,497,542 0.48Muenchener Rueckversicherungs 1,287 284,723 0.09ProSiebenSat.1 Media 4,570 226,606 0.07Software 2,306 80,773 0.03TAG Immobilien 8,720 105,462 0.04Telefonica Deutschland Holding 61,172 505,330 0.16

–––––––––––– –––––––11,732,082 3.78

Gibraltar888 Holdings 27,137 76,947 0.03

–––––––––––– –––––––GreeceOPAP 7,447 99,230 0.03

–––––––––––– –––––––Hong KongChina Lumena New Materials 256,000 49,855 0.02China Mobile 21,000 217,346 0.07China Resources Enterprise 196,400 650,973 0.21CNOOC 140,000 260,364 0.08Dah Sing Financial Holdings 14,800 84,844 0.03Guangdong Investment 154,000 150,549 0.05Hutchison Telecommunications Hong Kong Holdings 98,000 37,159 0.01Hysan Development 23,000 99,075 0.03Kerry Logistics Network 10,000 14,187 0.00Kerry Properties 20,000 69,128 0.02Power Assets Holdings 2,500 19,877 0.01Sino Biopharmaceutical 148,000 117,197 0.04SJM Holdings 87,000 290,608 0.09Sun Hung Kai Properties 41,397 522,952 0.17Swire Properties 36,800 92,549 0.03



(continued)

148MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Hong Kong (continued)Television Broadcasts 19,000 126,687 0.04Tibet 5100 Water Resources Holdings 121,000 47,596 0.02Wharf Holdings 17,000 129,795 0.04

–––––––––––– –––––––2,980,741 0.96

IndiaICICI Bank - ADR 39,626 1,472,106 0.47

–––––––––––– –––––––IndonesiaIndo Tambangraya Megah 53,500 121,551 0.04Perusahaan Gas Negara Persero 588,000 215,004 0.07Tambang Batubara Bukit Asam 63,500 52,960 0.02Telekomunikasi Indonesia Persero 1,087,500 192,122 0.06United Tractors 66,000 101,142 0.03

–––––––––––– –––––––682,779 0.22

IrelandAccenture 6,800 559,164 0.18Allegion 3,333 147,285 0.05Eaton 9,400 715,246 0.23Ingersoll-Rand 10,000 616,000 0.20Paddy Power 2,444 208,596 0.07Seagate Technology 2,000 112,320 0.03Shire - ADR 1,824 257,713 0.08

–––––––––––– –––––––2,616,324 0.84

Isle Of ManPlaytech 9,850 119,256 0.04

–––––––––––– –––––––IsraelBezeq Israeli Telecommunication 222,706 377,593 0.12Check Point Software Technologies 2,500 161,300 0.05Israel Chemicals 32,974 274,546 0.09Osem Investments 4,155 100,876 0.04Teva Pharmaceutical Industries - ADR 49,768 1,994,701 0.64

–––––––––––– –––––––2,909,016 0.94

ItalyBanca Monte dei Paschi di Siena 148,302 35,762 0.01DiaSorin 8,204 384,925 0.13Intesa Sanpaolo 91,882 227,135 0.07Mediobanca 11,380 99,732 0.03Recordati 23,068 330,898 0.11Telecom Italia 325,343 323,005 0.10

–––––––––––– –––––––1,401,457 0.45

JapanABC-Mart 2,200 96,075 0.03Aisin Seiki 3,200 129,852 0.04Asahi Kasei 12,000 93,963 0.03Astellas Pharmaceutical 6,600 390,581 0.13Bridgestone 9,800 370,629 0.12Canon 4,900 155,012 0.05Canon - ADR 7,094 226,937 0.07Canon Electronics 2,600 47,817 0.02



(continued)

149MGI Funds plc


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



(continued)

150MGI Funds plc


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

–––––––––––– –––––––30,586,730 9.85

KazakhstanKazMunaiGas Exploration Production - GDR 8,119 127,468 0.04

–––––––––––– –––––––



(continued)

151MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)KoreaAMOREPACIFIC Group 221 96,956 0.03CJ O Shopping 116 45,615 0.02Dongsuh 3,315 52,771 0.02Halla Climate Control 2,690 98,643 0.03Hyundai Engineering & Construction 3,067 176,403 0.06Hyundai Mobis 832 230,992 0.07Hyundai Motor 2,483 555,255 0.18Kia Motors 4,042 214,480 0.07Korea Zinc 498 149,822 0.05Samsung Electronics 504 654,744 0.21Samsung Electronics - GDR 2,732 1,779,898 0.57Samsung Electronics - GDR 950 618,925 0.20

–––––––––––– –––––––4,674,504 1.51

LuxembourgMillicom International Cellular 7,690 766,294 0.25Oriflame Cosmetics 8,114 249,386 0.08

–––––––––––– –––––––1,015,680 0.33

MacauWynn Macau 26,000 117,698 0.04

–––––––––––– –––––––MalaysiaCarlsberg Brewery Malaysia 23,100 85,757 0.03Hartalega Holdings 7,800 17,098 0.01Petronas Chemicals Group 65,400 138,167 0.04UMW Holdings 31,000 113,949 0.03

–––––––––––– –––––––354,971 0.11

MaltaUnibet Group 1,085 52,454 0.02

–––––––––––– –––––––MexicoAmerica Movil - ADR 13,700 320,169 0.10Grupo Mexico 82,500 272,373 0.09Grupo Televisa - ADR 22,855 691,592 0.22

–––––––––––– –––––––1,284,134 0.41

NetherlandsAegon 34,848 329,505 0.11Aegon - ADR 4,279 40,522 0.01Koninklijke Ahold 19,783 355,743 0.11Koninklijke KPN 130,830 422,389 0.14LyondellBasell Industries 6,600 529,782 0.17QIAGEN 24,272 567,572 0.18Unilever 44,577 1,798,213 0.58VistaPrint 10,205 579,644 0.19X5 Retail Group - GDR 15,836 264,144 0.08

–––––––––––– –––––––4,887,514 1.57

New ZealandSky Network Television 24,440 117,474 0.04

–––––––––––– –––––––



(continued)

152MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)NorwayFred Olsen Energy 1,275 51,783 0.02Gjensidige Forsikring 11,768 224,426 0.07Kongsberg Gruppen 2,616 54,762 0.02Statoil 19,161 463,955 0.15Storebrand 10,999 68,657 0.02Telenor 9,525 227,023 0.07TGS Nopec Geophysical 9,823 259,870 0.08Yara International 7,763 333,970 0.11

–––––––––––– –––––––1,684,446 0.54

PhilippinesSM Investments 7,524 120,448 0.04

–––––––––––– –––––––PolandKGHM Polska Miedz 5,708 218,487 0.07PGE 25,246 135,958 0.04

–––––––––––– –––––––354,445 0.11

PortugalPortucel Empresa Produtora de Pasta e Papel 38,144 152,951 0.05

–––––––––––– –––––––RussiaCTC Media 3,900 54,171 0.02Gazprom - ADR 108,734 918,802 0.30Lukoil - ADR 17,442 1,100,417 0.35Lukoill - ADR - UK listing 4,502 280,925 0.09Rosneft Oil - GDR 59,031 448,931 0.15Sberbank of Russia - ADR 94,808 1,190,788 0.38Sberbank of Russia - ADR - UK listing 55,202 692,785 0.22Tatneft - ADR 1,840 70,196 0.02VTB Bank OJSC - GDR 362,852 1,085,290 0.35

–––––––––––– –––––––5,842,305 1.88

SingaporeAvago Technologies 1,200 63,480 0.02ComfortDelGro 97,000 153,651 0.05Great Eastern Holdings 1,000 13,908 0.00Hong Leong Finance 12,000 26,041 0.01OSIM International 25,000 45,343 0.01UOL Group 22,000 107,683 0.04

–––––––––––– –––––––410,106 0.13

South AfricaAVI 20,827 114,100 0.04Gold Fields 43,354 135,190 0.04Kumba Iron Ore 2,238 93,804 0.03Lewis Group 5,005 33,770 0.01Life Healthcare Group Holdings 16,345 65,325 0.02MTN Group 30,108 623,849 0.20Reunert 11,933 78,044 0.03Sanlam 15,804 79,746 0.03Sasol 4,054 199,144 0.06Shoprite Holdings 31,386 488,182 0.16Spar Group 8,698 109,238 0.04Sun International/South Africa 2,996 27,063 0.01



(continued)

153MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)South Africa (continued)Truworths International 17,605 129,023 0.04Vodacom Group 18,129 230,210 0.07

–––––––––––– –––––––2,406,688 0.78

SpainAmadeus IT Holding 5,036 215,120 0.07Banco Bilbao Vizcaya Argentaria 13,961 171,599 0.06Bolsas y Mercados Espanoles 3,439 130,743 0.04Enagas 11,274 293,766 0.09Gas Natural DG 7,177 183,946 0.06Red Electrica 5,565 368,078 0.12Viscofan 4,923 278,129 0.09

–––––––––––– –––––––1,641,381 0.53

SwedenAlfa Laval 28,400 729,170 0.24Atlas Copco 21,016 583,106 0.19Axfood 3,929 197,349 0.06Betsson 2,262 71,848 0.02Clas Ohlson 1,278 24,027 0.01Hexpol 953 71,223 0.02Intrum Justitia 7,079 198,396 0.06Nordea Bank 67,619 910,697 0.29Skandinaviska Enskilda Banken 14,279 188,309 0.06Svenska Handelsbanken 2,957 145,442 0.05Swedbank 25,700 723,870 0.23Telefonaktiebolaget LM Ericsson 58,380 713,093 0.23Telefonaktiebolaget LM Ericsson - ADR 28,100 343,663 0.11TeliaSonera 50,562 421,179 0.14

–––––––––––– –––––––5,321,372 1.71

SwitzerlandACE 9,040 935,730 0.30Actelion 4,707 398,535 0.13Allied World Assurance Holdings 1,700 191,675 0.06Cie Financiere Richemont 6,900 688,177 0.22Garmin 3,600 166,356 0.05Julius Baer Group 26,916 1,296,241 0.42Novartis 15,505 1,240,435 0.40Roche 8,929 2,500,944 0.81Roche Holding - ADR 6,246 441,217 0.14Syngenta 1,480 590,935 0.19TE Connectivity 4,100 225,869 0.07

–––––––––––– –––––––8,676,114 2.79

TaiwanChipbond Technology 46,000 72,310 0.02Phison Electronics 12,000 76,501 0.03Powertech Technology 48,000 73,361 0.02Realtek Semiconductor 42,420 113,866 0.04TPK Holding 18,000 106,296 0.04Vanguard International Semiconductor 85,000 100,819 0.03

–––––––––––– –––––––543,153 0.18



(continued)

154MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)ThailandAdvanced Info Service 21,300 129,317 0.04Bangkok Bank 32,300 174,475 0.06BEC World 17,000 26,126 0.01BEC World - NVDR 46,800 71,923 0.02CP ALL 154,583 196,404 0.06Delta Electronics Thailand 40,300 65,613 0.02Delta Electronics Thailand - NVDR 23,600 38,424 0.01Kasikornbank 50,400 243,104 0.08MCOT 11,800 10,324 0.00PTT Exploration & Production 11,400 57,763 0.02PTT Exploration & Production - NVDR 39,500 200,145 0.07Thai Tap Water Supply 231,700 70,511 0.02

–––––––––––– –––––––1,284,129 0.41

TurkeyKoza Altin Isletmeleri 8,707 89,968 0.03Koza Anadolu Metal Madencilik Isletmeleri 23,681 26,674 0.01Turk Telekomunikasyon 11,765 32,636 0.01Turk Traktor ve Ziraat Makineleri 1,436 41,105 0.01

–––––––––––– –––––––190,383 0.06

United KingdomAberdeen Asset Management 19,767 162,091 0.05Admiral Group 16,107 349,205 0.11Afren 65,496 183,435 0.06AMEC 19,099 343,531 0.11Amlin 31,056 235,270 0.08Antofagasta 27,397 373,900 0.12Ashmore Group 23,083 153,422 0.05AstraZeneca 22,341 1,322,645 0.43AstraZeneca - ADR 5,922 351,411 0.11BP 37,252 301,120 0.10British Sky Broadcasting Group 51,246 716,355 0.23BT Group - ADR 8,341 526,234 0.17Burberry Group 8,477 212,847 0.07Centrica 86,620 498,108 0.16Close Brothers Group 5,478 124,299 0.04Cobham 59,526 270,333 0.09CSR 5,392 56,441 0.02Debenhams 37,299 45,097 0.01Delphi Automotive 6,500 390,780 0.13Devro 11,806 55,865 0.02Diageo 20,800 688,655 0.22Domino Printing Sciences 4,762 60,336 0.02Dunelm Group 7,128 106,252 0.03EnQuest 25,463 56,765 0.02Fenner 12,131 97,406 0.03Fidessa Group 1,022 38,136 0.01Fresnillo 5,948 73,048 0.02GlaxoSmithKline 75,992 2,028,261 0.65GlaxoSmithKline - ADR 1,309 69,874 0.02Greggs 2,927 20,870 0.01Halfords Group 7,788 57,529 0.02Halma 18,706 186,665 0.06



(continued)

155MGI Funds plc


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

–––––––––––– –––––––27,831,217 8.96

United States of America3M 3,500 490,805 0.16AAR 10,245 286,758 0.09Abbott Laboratories 12,100 463,793 0.15AbbVie 28,642 1,512,298 0.49Actavis 1,640 275,538 0.09Activision Blizzard 29,911 533,014 0.17Adobe Systems 16,508 988,334 0.32



(continued)

156MGI Funds plc


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



(continued)

157MGI Funds plc


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



(continued)

158MGI Funds plc


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



(continued)

159MGI Funds plc


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



(continued)

160MGI Funds plc


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



(continued)

161MGI Funds plc


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

–––––––––––– –––––––151,238,817 48.71





(continued)

162MGI Funds plc


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

–––––––––––– –––––––

Total collective investment schemes 138,686 0.05



Cash 2,881,466 0.93

Net current liabilities (356,622) (0.12)

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

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


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 98.65Collective investment schemes 0.04Other assets 1.31

–––––––100.00

––––––––––––––



(continued)

163MGI Funds plc

MGI Funds plcMercer Global High Yield Bond Fund



Financial assets at fair value through profit or lossTransferable securitiesConvertible securitiesLuxembourgIntelsat 5.75 01/05/2016 USD 7,132 468,972 0.06

–––––––––––– –––––––Total convertible securities 468,972 0.06


Corporate bondsAustraliaBarminco Finance 9.00 01/06/2018 USD 1,499,987 1,380,000 0.16Bluescope Steel 7.13 01/05/2018 USD 1,499,987 1,571,250 0.19FMG Resources August 2006 8.25 01/11/2019 USD 3,499,986 3,928,750 0.46

–––––––––––– –––––––6,880,000 0.81

BermudaDigicel 6.00 15/04/2021 USD 499,990 482,500 0.06Digicel Group 8.25 30/09/2020 USD 1,599,990 1,658,000 0.19Seadrill 5.63 15/09/2017 USD 199,990 207,000 0.03Seadrill 5.63 15/09/2017 USD 679,990 703,800 0.08

–––––––––––– –––––––3,051,300 0.36

BrazilBanco BTG Pactual 5.75 28/09/2022 USD 799,987 692,000 0.08Hypermarcas 6.50 20/04/2021 USD 449,987 472,500 0.05Hypermarcas 6.50 20/04/2021 USD 1,599,986 1,680,000 0.20

–––––––––––– –––––––2,844,500 0.33

CanadaAinsworth Lumber 7.50 15/12/2017 USD 1,421,997 1,528,650 0.18Eldorado Gold 6.13 15/12/2020 USD 2,999,997 2,887,500 0.34Gibson Energy 6.75 15/07/2021 USD 2,179,997 2,305,350 0.27Great Canadian Gaming 6.63 25/07/2022 CAD 3,447,997 3,388,646 0.40Inmet Mining 8.75 01/06/2020 USD 2,199,997 2,387,000 0.28Inmet Mining 7.50 01/06/2021 USD 199,998 209,000 0.02Kinder Morgan Finance 5.70 05/01/2016 USD 214,998 230,938 0.03Kodiak Oil & Gas 8.13 01/12/2019 USD 799,997 888,000 0.10Kodiak Oil & Gas 5.50 15/01/2021 USD 799,997 798,000 0.09Novelis 8.38 15/12/2017 USD 899,997 960,750 0.11Novelis 8.75 15/12/2020 USD 879,997 979,000 0.11Valeant Pharmaceuticals International 7.50 15/07/2021 USD 699,997 768,250 0.09Valeant Pharmaceuticals International 5.63 01/12/2021 USD 999,997 1,005,000 0.12VPII Escrow 6.75 15/08/2018 USD 1,009,997 1,109,738 0.13

–––––––––––– –––––––19,445,822 2.27

Cayman IslandsCountry Garden Holdings 7.25 04/04/2021 USD 4,214,995 4,183,388 0.49Drill Rigs Holdings 6.50 01/10/2017 USD 999,995 1,080,000 0.13Fibria Overseas Finance 7.50 04/05/2020 USD 658,996 720,781 0.08Offshore Group Investment 7.50 01/11/2019 USD 1,299,995 1,413,750 0.16Offshore Group Investment 7.13 01/04/2023 USD 499,996 510,000 0.06UPCB Finance 7.63 15/01/2020 EUR 154,996 230,583 0.03UPCB Finance III 6.63 01/07/2020 USD 149,996 159,375 0.02

164MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)Cayman Islands (continued)UPCB Finance V 7.25 15/11/2021 USD 389,996 423,150 0.05UPCB Finance VI 6.88 15/01/2022 USD 999,995 1,062,500 0.12

–––––––––––– –––––––9,783,527 1.14

Channel IslandsAvis Budget Finance 6.00 01/03/2021 EUR 1,799,986 2,630,368 0.31Galaxy Bidco 6.38 15/11/2020 GBP 164,987 274,306 0.03Galaxy Finco 7.88 15/11/2021 GBP 144,987 239,856 0.03

–––––––––––– –––––––3,144,530 0.37

Equatorial GuineaBarclays 8.25 31/12/2049 USD 909,996 935,025 0.11Infinis 7.00 15/02/2019 GBP 999,996 1,760,145 0.20New Look Bondco I 8.75 14/05/2018 GBP 1,499,995 2,620,119 0.31Royal Bank of Scotland 4.35 23/01/2017 EUR 299,996 431,964 0.05Royal Bank of Scotland Group 6.99 31/12/2049 USD 1,379,996 1,469,700 0.17Royal Bank of Scotland Group 7.64 31/12/2049 USD 1,999,995 1,950,000 0.23Tullow Oil 6.00 01/11/2020 USD 1,919,995 1,948,800 0.23Vedanta Resources 8.25 07/06/2021 USD 749,996 752,813 0.09Virgin Media Finance 7.00 15/04/2023 GBP 1,999,995 3,437,346 0.40

–––––––––––– –––––––15,305,912 1.79

FranceBPCE 6.12 31/12/2049 EUR 749,996 1,091,160 0.13BPCE 9.00 31/12/2049 EUR 99,997 145,718 0.02Cegedim 6.75 01/04/2020 EUR 2,254,996 3,200,712 0.37Cie Generale de Geophysique Veritas 6.50 01/06/2021 USD 2,499,996 2,562,500 0.30Loxam SAS 7.38 24/01/2020 EUR 1,199,996 1,762,012 0.21Societe Generale 4.20 31/12/2049 EUR 134,997 185,869 0.02Societe Generale 7.00 31/12/2049 EUR 249,997 373,914 0.04Societe Generale 7.88 31/12/2049 USD 1,534,996 1,545,745 0.18Societe Generale 8.25 31/12/2049 USD 1,349,996 1,446,188 0.17Societe Generale 8.88 31/12/2049 GBP 149,997 274,021 0.03Societe Generale 9.38 31/12/2049 EUR 649,996 1,066,981 0.13

–––––––––––– –––––––13,654,820 1.60

GermanyCeramTec Group 8.25 15/08/2021 EUR 2,675,996 3,982,384 0.47Deutsche Raststaetten Gruppe IV 6.75 30/12/2020 EUR 1,099,997 1,582,058 0.18Krauss Maffei Group 8.75 15/12/2020 EUR 1,199,997 1,843,697 0.22Orion Engineered Carbons Bondco 10.00 15/06/2018 EUR 854,997 1,301,852 0.15Techem 6.13 01/10/2019 EUR 629,997 946,525 0.11Techem Energy Metering Service GmbH & Co KG 7.88 01/10/2020 EUR 1,384,997 2,140,338 0.25Unitymedia 9.63 01/12/2019 EUR 349,997 533,226 0.06Unitymedia 9.50 15/03/2021 EUR 399,997 639,793 0.07Unitymedia 5.50 15/09/2022 EUR 1,554,996 2,197,629 0.26Unitymedia 5.75 15/01/2023 EUR 2,469,996 3,505,641 0.41Unitymedia 5.13 21/01/2023 EUR 675,997 926,445 0.11Unitymedia 5.63 15/04/2023 EUR 1,499,996 2,097,928 0.25

–––––––––––– –––––––21,697,516 2.54

IrelandArdagh Glass Finance 7.13 15/06/2017 EUR 874,997 1,243,927 0.15Ardagh Packaging Finance 7.38 15/10/2017 USD 199,998 215,000 0.03Ardagh Packaging Finance 7.38 15/10/2017 EUR 834,997 1,231,129 0.14



(continued)

165MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)Ireland (continued)Ardagh Packaging Finance 9.13 15/10/2020 USD 1,499,997 1,642,500 0.19Ardagh Packaging Finance 9.25 15/10/2020 EUR 1,119,997 1,680,349 0.20Ardagh Packaging Finance 7.00 15/11/2020 USD 499,997 505,000 0.06Ardagh Packaging Finance 5.00 15/11/2022 EUR 249,998 343,626 0.04Baggot Securities 10.24 31/12/2049 EUR 240,998 349,132 0.04Bank of Ireland 10.00 30/07/2016 EUR 1,074,997 1,580,054 0.18Borets Finance 7.63 26/09/2018 USD 1,974,997 1,955,250 0.23Nara Cable Funding 8.88 01/12/2018 USD 349,998 376,250 0.04Nara Cable Funding 8.88 01/12/2018 EUR 1,494,997 2,229,987 0.26Nara Cable Funding II 8.50 01/03/2020 EUR 1,364,997 2,179,588 0.25Smurfit Kappa Acquisitions 4.13 30/01/2020 EUR 2,949,997 4,212,305 0.49Vimpel Communications Via VIP Finance Ireland 6.49 02/02/2016 USD 279,998 298,900 0.04

–––––––––––– –––––––20,042,997 2.34

IsraelIsrael Electric 5.63 21/06/2018 USD 994,987 1,052,461 0.12Israel Electric 7.25 15/01/2019 USD 1,479,986 1,644,650 0.19Israel Electric 7.25 15/01/2019 USD 1,039,987 1,155,700 0.14

–––––––––––– –––––––3,852,811 0.45

ItalyIntesa Sanpaolo 8.05 31/12/2049 EUR 1,699,987 2,472,875 0.29Intesa Sanpaolo 8.38 31/12/2049 EUR 649,987 971,799 0.11Telecom Italia 5.38 29/01/2019 EUR 2,499,986 3,667,929 0.43

–––––––––––– –––––––7,112,603 0.83

JapaneAccess 8.38 01/04/2018 EUR 449,987 682,860 0.08Softbank 4.50 15/04/2020 USD 1,439,986 1,404,000 0.16Softbank 4.63 15/04/2020 EUR 1,055,987 1,495,130 0.18

–––––––––––– –––––––3,581,990 0.42

LuxembourgAguila 3 7.88 31/01/2018 USD 2,304,999 2,443,300 0.29Aguila 3 7.88 31/01/2018 USD 149,999 159,000 0.02ALROSA Finance 7.75 03/11/2020 USD 1,824,999 2,023,012 0.24Altice Financing 8.00 15/12/2019 EUR 2,169,999 3,266,739 0.38Altice Financing 6.50 15/01/2022 USD 1,199,999 1,212,000 0.14Altice Finco 8.13 15/01/2024 USD 434,999 451,313 0.05ArcelorMittal 6.13 01/06/2018 USD 199,999 219,500 0.03ArcelorMittal 6.00 01/03/2021 USD 3,999,999 4,240,000 0.50ARD Finance 11.13 01/06/2018 EUR 247,028 364,238 0.04Capsugel Finance 9.88 01/08/2019 EUR 1,799,999 2,765,793 0.32CHC Helicopter 9.25 15/10/2020 USD 1,999,999 2,155,000 0.25CHC Helicopter 9.38 01/06/2021 USD 999,999 1,025,000 0.12Expro Finance Luxembourg 8.50 15/12/2016 USD 1,599,999 1,668,000 0.20Fiat Finance & Trade 6.38 01/04/2016 EUR 99,999 146,969 0.02Fiat Industrial Finance Europe 6.25 09/03/2018 EUR 899,999 1,400,879 0.16Fiat Industrial Finance Europe 6.25 09/03/2018 EUR 899,999 1,400,879 0.16Findus Bondco 9.13 01/07/2018 EUR 1,199,999 1,823,110 0.21INEOS Group Holdings 7.88 15/02/2016 EUR 1,839,082 2,548,938 0.30INEOS Group Holdings 6.50 15/08/2018 EUR 3,389,999 4,800,175 0.56Intelsat Jackson Holdings 7.50 01/04/2021 USD 2,609,999 2,877,525 0.34Intelsat Jackson Holdings 6.63 15/12/2022 USD 2,959,999 3,048,800 0.36Intelsat Jackson Holdings 6.63 15/12/2022 USD 214,999 221,450 0.03



(continued)

166MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)Luxembourg (continued)Intelsat Jackson Holdings 5.50 01/08/2023 USD 499,999 475,625 0.06Intelsat Luxembourg 6.75 01/06/2018 USD 194,999 207,188 0.02Intelsat Luxembourg 7.75 01/06/2021 USD 4,399,998 4,719,000 0.55International Automotive Components Group 9.13 01/06/2018 USD 699,999 729,750 0.09KION Finance 7.88 15/04/2018 EUR 614,999 894,048 0.10KION Finance 6.75 15/02/2020 EUR 314,999 473,445 0.06Millicom International Cellular 6.63 15/10/2021 USD 1,499,999 1,551,750 0.18Mobile Challenger Intermediate Group 8.75 15/03/2019 EUR 1,799,999 2,579,645 0.30Nielsen Luxembourg SARL 5.50 01/10/2021 USD 599,999 609,000 0.07NII International Telecom 7.88 15/08/2019 USD 1,139,999 860,700 0.10Ontex IV 7.50 15/04/2018 EUR 949,999 1,373,457 0.16Ontex IV 9.00 15/04/2019 EUR 1,899,999 2,834,359 0.33Orion Engineered Carbons Finance 9.25 01/08/2019 USD 499,999 522,500 0.06Wind Acquisition Finance 11.75 15/07/2017 USD 1,784,999 1,898,794 0.22Wind Acquisition Finance 11.75 15/07/2017 USD 2,999,999 3,191,250 0.37Wind Acquisition Finance 7.25 15/02/2018 USD 1,079,999 1,136,700 0.13Wind Acquisition Finance 7.38 15/02/2018 EUR 2,874,999 4,182,068 0.49

–––––––––––– –––––––68,500,899 8.01

MexicoCemex 9.00 11/01/2018 USD 1,499,992 1,646,250 0.19Cemex 3.75 15/03/2018 USD 659,992 895,125 0.10Cemex 5.88 25/03/2019 USD 3,449,992 3,458,625 0.40Cemex 7.25 15/01/2021 USD 2,189,992 2,266,650 0.27Tenedora Nemak de CV 5.50 28/02/2023 USD 2,139,992 2,097,200 0.25

–––––––––––– –––––––10,363,850 1.21

NetherlandsCable Communications Systems 7.50 01/11/2020 EUR 1,199,997 1,700,053 0.20Carlson Wagonlit 7.50 15/06/2019 EUR 1,319,997 1,964,405 0.23EDP Finance 4.75 26/09/2016 EUR 1,164,997 1,695,610 0.20EDP Finance 5.75 21/09/2017 EUR 884,997 1,336,800 0.16GMAC International Finance 7.50 21/04/2015 EUR 79,998 117,600 0.01HeidelbergCement Finance 6.50 03/08/2015 EUR 404,997 600,064 0.07HeidelbergCement Finance 8.00 31/01/2017 EUR 1,254,997 2,021,150 0.24ING Groep 8.00 31/12/2049 EUR 1,314,997 1,857,902 0.22InterGen 7.00 30/06/2023 USD 1,199,997 1,242,000 0.14Nokia Siemens Networks Finance 7.13 15/04/2020 EUR 1,299,997 2,039,130 0.24NXP Funding 3.75 01/06/2018 USD 374,997 377,812 0.04UPC Holding 6.38 15/09/2022 EUR 1,879,997 2,631,087 0.31VimpelCom Holdings 5.20 13/02/2019 USD 4,190,000 4,190,000 0.49VimpelCom Holdings 7.50 01/03/2022 USD 199,997 208,924 0.02VimpelCom Holdings 5.95 13/02/2023 USD 199,998 188,500 0.02

–––––––––––– –––––––22,171,037 2.59

PortugalBanco Espirito Santo 5.88 09/11/2015 EUR 1,199,960 1,733,736 0.20

–––––––––––– –––––––South AfricaEdcon 9.50 01/03/2018 EUR 1,799,980 2,545,541 0.30Edcon Holdings 13.38 30/06/2019 EUR 199,980 290,417 0.03

–––––––––––– –––––––2,835,958 0.33



(continued)

167MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)SpainAbengoa Finance 8.88 01/11/2017 USD 1,399,995 1,505,000 0.18Abengoa Finance 7.75 01/02/2020 USD 1,504,995 1,550,150 0.18Banco Bilbao Vizcaya Argentaria 9.00 31/12/2049 USD 1,199,995 1,290,000 0.15BBVA International Preferred 5.92 31/12/2049 USD 3,005,995 2,893,275 0.34BBVA International Preferred 8.50 31/12/2049 EUR 349,995 496,968 0.06Empark Funding 6.75 15/12/2019 EUR 799,995 1,129,169 0.13NH Hoteles 6.88 15/11/2019 EUR 1,949,995 2,831,428 0.33Santander Finance Preffered 11.30 31/12/2049 GBP 549,995 944,623 0.11

–––––––––––– –––––––12,640,613 1.48

SwedenEileme 2 11.75 31/01/2020 EUR 569,987 947,128 0.11Perstorp Holding 8.75 15/05/2017 USD 1,199,987 1,290,000 0.15TVN Finance III 7.38 15/12/2020 EUR 2,744,986 4,080,341 0.48

–––––––––––– –––––––6,317,469 0.74

SwitzerlandCredit Suisse Group 7.50 31/12/2049 USD 1,784,986 1,882,247 0.22UBS 7.63 17/08/2022 USD 1,599,987 1,832,504 0.21UBS 7.15 31/12/2049 EUR 99,987 152,378 0.02

–––––––––––– –––––––3,867,129 0.45

TurkeyArcelik 5.00 03/04/2023 USD 2,189,960 1,889,970 0.22

–––––––––––– –––––––United KingdomAlgeco Scotsman Global Finance 8.50 15/10/2018 USD 799,997 866,000 0.10Barclays Bank 6.00 14/01/2021 EUR 294,997 460,354 0.05Barclays Bank 4.75 31/12/2049 EUR 549,997 644,775 0.08Barclays Bank 14.00 31/12/2049 GBP 99,997 219,801 0.03Boparan Finance 9.88 30/04/2018 GBP 1,099,997 2,000,909 0.23CEVA Group 4.00 01/05/2018 USD 999,997 875,000 0.10ConvaTec Healthcare 7.38 15/12/2017 EUR 539,997 785,293 0.09Ineos Finance 8.38 15/02/2019 USD 1,534,997 1,707,687 0.20Ineos Finance 8.38 15/02/2019 USD 799,997 890,000 0.11Kerling 10.63 01/02/2017 EUR 999,997 1,464,140 0.17Lloyds TSB Bank 6.50 24/03/2020 EUR 739,997 1,181,058 0.14Royal Bank of Scotland 6.93 09/04/2018 EUR 2,199,996 3,437,961 0.40Royal Bank of Scotland Group 6.13 15/12/2022 USD 1,499,997 1,533,002 0.18

–––––––––––– –––––––16,065,980 1.88

United States of America99 Cents Only Stores 11.00 15/12/2019 USD 625,000 709,375 0.08Acadia Healthcare 6.13 15/03/2021 USD 4,599,999 4,715,000 0.55Activision Blizzard 5.63 15/09/2021 USD 4,344,999 4,497,075 0.53AK Steel 7.63 15/05/2020 USD 55,000 54,863 0.01AK Steel 8.38 01/04/2022 USD 155,000 155,388 0.02Alcatel-Lucent USA 6.75 15/11/2020 USD 4,224,999 4,388,719 0.51Alcatel-Lucent USA 6.50 15/01/2028 USD 270,000 236,250 0.03Alcatel-Lucent USA 6.45 15/03/2029 USD 965,000 854,025 0.10Alere 7.25 01/07/2018 USD 1,500,000 1,648,125 0.19Alere 6.50 15/06/2020 USD 1,655,000 1,692,237 0.20Ally Financial 8.00 31/12/2018 USD 150,000 177,000 0.02



(continued)

168MGI Funds plc


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



(continued)

169MGI Funds plc


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



(continued)

170MGI Funds plc


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



(continued)

171MGI Funds plc


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



(continued)

172MGI Funds plc


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



(continued)

173MGI Funds plc


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



(continued)

174MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)United States of America (continued)VWR Funding 7.25 15/09/2017 USD 3,369,999 3,614,325 0.42W&T Offshore 8.50 15/06/2019 USD 1,200,000 1,269,000 0.15WellCare Health Plans 5.75 15/11/2020 USD 630,000 644,175 0.08WESCO Distribution 5.38 15/12/2021 USD 1,020,000 1,020,000 0.12Windstream 8.13 01/09/2018 USD 560,000 602,000 0.07Windstream 7.75 15/10/2020 USD 1,500,000 1,591,875 0.19Windstream 6.38 01/08/2023 USD 25,000 23,375 0.00

–––––––––––– –––––––517,697,395 60.51

VenezuelaAlgeco Scotsman Global Finance 9.00 15/10/2018 EUR 699,987 1,046,553 0.12Petroleos de Venezuela 8.50 02/11/2017 USD 2,119,986 1,764,900 0.21Petroleos de Venezuela 9.00 17/11/2021 USD 1,209,987 898,426 0.10

–––––––––––– –––––––3,709,879 0.43

Total corporate bonds 798,192,243 93.30



Bank loansFaenza Acquisition 1.00 30/08/2020 EUR 20,703 28,966 0.00

–––––––––––– –––––––Total bank loans 28,966 0.00

Financial derivative instrumentsOpen forward foreign currency contractsCurrency Buy Currency Sell Contract Unrealised % ofbuy amount sell amount date gain US$ Net assets

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




(continued)

175MGI Funds plc

Credit default swapsFund Fund Maturity Notional Fair value % ofpays receives date Currency holding US$ Net assets

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

Credit default swaps at positive fair value 972,819 0.11



Financial liabilities at fair value through profit or lossFinancial derivative instrumentsOpen forward foreign currency contractsCurrency Buy Currency Sell Contract Unrealised % ofbuy amount sell amount date loss US$ Net assets

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





Cash 31,287,103 3.66





(continued)

176MGI Funds plc


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 92.53Over-the-counter financial derivative instruments 1.02Current assets 6.45

–––––––100.00

––––––––––––––

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

Reference Counterparty1* Barclays Bank2* Deutsche Bank3* State Street Bank and Trust4* Credit Suisse5* UBS



(continued)

177MGI Funds plc

MGI Funds plcMercer Short Duration Global Bond Fund 1



Financial assets at fair value through profit or lossTransferable securitiesCorporate bonds3i Group 5.63 17/03/2017 EUR 700,000 1,059,497 0.39ABB Finance 2.63 26/03/2019 EUR 800,000 1,143,217 0.43Abbey National Treasury Services 3.05 23/08/2018 USD 800,000 822,024 0.31Actavis 1.88 01/10/2017 USD 400,000 395,828 0.15ADIB Sukuk 3.75 04/11/2015 USD 1,400,000 1,453,900 0.54Ahold Finance USA 6.50 14/03/2017 GBP 500,000 935,263 0.35AIA Group 1.75 13/03/2018 USD 900,000 878,679 0.33AIA Group 3.13 13/03/2023 USD 1,500,000 1,362,105 0.51Air Liquide 2.91 12/10/2018 EUR 700,000 1,027,184 0.38AKCB Finance 3.25 22/10/2018 USD 2,600,000 2,574,000 0.96American Express Credit 2.80 19/09/2016 USD 400,000 417,952 0.16American International Group 4.38 26/04/2016 EUR 400,000 589,073 0.22Amgen 2.13 15/05/2017 USD 200,000 202,531 0.08Amgen 5.85 01/06/2017 USD 800,000 907,678 0.34Amgen 6.15 01/06/2018 USD 500,000 583,816 0.22Amgen 3.45 01/10/2020 USD 500,000 507,337 0.19Anheuser-Busch InBev 8.63 30/01/2017 EUR 1,500,000 2,530,402 0.94Anheuser-Busch InBev 5.38 15/01/2020 USD 300,000 344,297 0.13AT&T 2.50 15/08/2015 USD 300,000 308,009 0.12AT&T 2.95 15/05/2016 USD 500,000 521,373 0.19AT&T 5.50 01/02/2018 USD 700,000 787,976 0.29AT&T 4.45 15/05/2021 USD 400,000 421,132 0.16Atlantia 4.50 08/02/2019 EUR 400,000 605,812 0.23Atlas Copco 2.63 15/03/2019 EUR 600,000 860,390 0.32Atrium European Real Estate 4.00 20/04/2020 EUR 300,000 411,653 0.15Australia & New Zealand Banking Group 3.75 10/03/2017 EUR 600,000 891,836 0.33Australia & New Zealand Banking Group 1.45 15/05/2018 USD 1,200,000 1,161,336 0.43Baidu 2.25 28/11/2017 USD 800,000 794,480 0.29Baidu 3.25 06/08/2018 USD 1,800,000 1,819,436 0.68Bancolombia 4.25 12/01/2016 USD 1,100,000 1,141,250 0.43Bank of America 5.63 14/10/2016 USD 300,000 334,315 0.12Bank of America 5.65 01/05/2018 USD 800,000 910,615 0.34Bank of America 5.63 01/07/2020 USD 600,000 685,628 0.26Bank of Montreal 2.50 11/01/2017 USD 800,000 824,072 0.31Barclays Bank 4.13 15/03/2016 EUR 1,300,000 1,913,181 0.71Barclays Bank 5.75 17/08/2021 GBP 100,000 187,711 0.07Bear Stearns 7.25 01/02/2018 USD 300,000 359,211 0.13Berkshire Hathaway 5.40 15/05/2018 USD 300,000 345,069 0.13Berkshire Hathaway 3.75 15/08/2021 USD 1,400,000 1,443,443 0.54BG Energy Capital 3.00 16/11/2018 EUR 800,000 1,163,679 0.43BG Energy Capital 3.63 16/07/2019 EUR 500,000 747,020 0.28BHP Billiton Finance 2.13 29/11/2018 EUR 1,000,000 1,407,685 0.52BNP Paribas 2.00 28/01/2019 EUR 800,000 1,112,430 0.42BP Capital Markets 2.18 16/02/2016 EUR 500,000 708,131 0.26Bristol-Myers Squibb 4.38 15/11/2016 EUR 500,000 755,368 0.28British Sky Broadcasting Group 3.13 26/11/2022 USD 300,000 279,311 0.10British Telecommunications 8.50 07/12/2016 GBP 200,000 390,547 0.15British Telecommunications 6.63 23/06/2017 GBP 700,000 1,321,557 0.49BUPA Finance 7.50 04/07/2016 GBP 600,000 1,124,920 0.42Cap Gemini 5.25 29/11/2016 EUR 1,000,000 1,519,405 0.57Campbell Soup 2.50 02/08/2022 USD 800,000 705,734 0.26Carrefour 5.13 10/10/2014 EUR 300,000 427,688 0.16Casino Guichard Perrachon 4.73 26/05/2021 EUR 200,000 308,003 0.11CBQ Finance 3.38 11/04/2017 USD 1,900,000 1,961,750 0.73Cellco Partnership 8.75 18/12/2015 EUR 300,000 475,637 0.18Centrica 7.00 19/09/2018 GBP 1,100,000 2,161,264 0.81

178MGI Funds plc



(continued)


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

179MGI Funds plc


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



(continued)

180MGI Funds plc


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



(continued)

181MGI Funds plc


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

–––––––––––– –––––––Total corporate bonds 246,500,752 91.86




EUR 1* 8,019,199 USD 10,898,431 01/06/2014 151,605 0.06NOK 1* 1,599,187,804 USD 260,797,211 01/06/2014 2,767,568 1.03




(continued)

182MGI Funds plc

No. ofMaturity contracts Unrealised % of

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

Financial assets at fair value through profit or loss (continued)Financial derivative instruments (continued)Futures contracts2 Year US Tresury Note Futures 2* 31/03/2014 USD (19) 7,703 0.003 Month Euro Euribor Interest Rate Futures 2* 14/09/2015 EUR (14) 2,980 0.003 Month Euroyen Futures 2* 16/03/2015 JPY (14) 24 0.005 Year US Treasury Note Futures 2* 31/03/2014 USD (327) 478,594 0.1810 Year US Tresury Notes Futures 2* 20/03/2014 USD (228) 517,155 0.1990 Day Australia Bank Bill Futures 2* 12/03/2015 AUD (9) 587 0.0090 Day Australia Bank Bill Futures 2* 11/09/2014 AUD (41) 4,464 0.0090 Day Eurodollar Futures 2* 16/03/2015 USD (86) 6,975 0.0090 Day Eurodollar Futures 2* 14/09/2015 USD (38) 15,838 0.0190 Day Sterling Futures 2* 19/03/2014 GBP 98 124 0.0090 Day Sterling Futures 2* 18/03/2015 GBP (114) 47,803 0.0290 Day Sterling Futures 2* 17/09/2014 GBP (36) 4,058 0.0090 Day Sterling Futures 2* 16/09/2015 GBP (23) 17,028 0.01Bank Accept Futures 2* 17/03/2014 CAD 20 259 0.00Bank Accept Futures 2* 16/03/2015 CAD (90) 4,024 0.00German Euro Bobl Futures 2* 16/03/2014 EUR (97) 145,071 0.05German Euro Bund Futures 2* 16/03/2014 EUR (74) 191,811 0.07Long Gilt Futures 2* 27/03/2014 GBP 4 14,906 0.01

–––––––––––– –––––––Unrealised gain on futures contracts 1,459,404 0.54





USD 1* 84,991,680 EUR 61,800,000 13/01/2014 (165,201) (0.06)USD 1* 34,405 EUR 25,000 06/01/2014 (44) 0.00USD 1* 16,935,414 GBP 10,300,000 13/01/2014 (122,853) (0.05)USD 1* 6,217,856 NOK 38,075,474 06/01/2014 (57,426) (0.02)



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

3 Month Euribor Interest Rate Futures 2* 17/03/2014 EUR 10 (585) 0.003 Month Euribor Interest Rate Futures 2* 16/03/2015 EUR (38) (12,194) (0.01)3 Month Euribor Interest Rate Futures 2* 15/09/2014 EUR (23) (6,873) 0.003 Month Euroyen Futures 2* 12/09/2014 JPY 10 (36) 0.003 Year Australian Treasury Bond Futures 2* 17/03/2014 AUD (30) (7,221) 0.0010 Year Australian Treasury Bond Futures 2* 21/03/2014 AUD (6) (5,640) 0.0010 Year Government of Canada Bond Futures 2* 20/03/2014 CAD 2 (3,878) 0.00



(continued)

183MGI Funds plc

No. ofMaturity contracts Unrealised % of

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

Financial liabilities at fair value through profit or loss (continued)Futures contracts (continued)90 Day Australia Bank Bill Futures 2* 13/03/2014 AUD 142 (6,187) 0.0090 Day Eurodollar Futures 2* 17/03/2014 USD 9 (63) 0.0090 Day Eurodollar Futures 2* 15/09/2014 USD (52) (1,488) 0.00Bank Accept Futures 2* 15/09/2014 CAD (59) (3,671) 0.00German Euro Schatz Futures 2* 06/03/2014 EUR 15 (4,547) 0.00Japan 10 Year Bond Futures 2* 11/03/2014 JPY 1 (6,470) (0.01)





Cash 14,259,302 5.31




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 91.65Financial derivative instruments dealt in on a regulated market 0.54OTC traded financial derivative instruments 1.09Other assets 6.72

–––––––100.00

––––––––––––––

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

Reference Counterparty1* State Street Bank and Trust2* JP Morgan



(continued)

184MGI Funds plc




Financial assets at fair value through profit or lossTransferable securitiesAsset backed securitiesApollo Trust 3.55 24/06/2044 AUD 1,015,010 901,703 0.46Bank of America Commercial Mortgage Trust 2006-6 5.31 10/10/2045 USD 33,436 33,509 0.02Bilkreditt 3 0.75 26/04/2027 EUR 164,068 226,336 0.12Bilkreditt 4 0.68 25/12/2027 EUR 629,020 868,027 0.44CD 2005-CD1 Commercial Mortgage Trust 5.22 15/07/2044 USD 195,144 196,481 0.10COBALT CMBS Commercial Mortgage Trust 2007-C3 5.77 15/05/2046 USD 792,459 874,393 0.45Commercial Mortgage Trust 2005-GG5 5.22 10/04/2037 USD 1,200,000 1,265,494 0.65Credit Suisse Commercial Mortgage Trust Series 2006-C3 5.79 15/06/2038 USD 425,011 460,334 0.24E-CARAT 2012-1 1.30 18/06/2020 GBP 217,649 360,574 0.18ECAR 2013-1 0.85 18/11/2020 EUR 397,306 547,113 0.28Epic More London 0.77 15/07/2017 GBP 277,107 456,434 0.23EuroMASTR 0.73 15/06/2040 GBP 387,304 575,575 0.29Eurosail 0.68 10/06/2044 GBP 319,240 509,290 0.26Eurosail 0.52 15/12/2044 EUR 900,000 1,111,343 0.56Eurosail 0.39 13/03/2045 EUR 86,793 119,572 0.06Great Hall Mortgages 0.66 18/03/2039 GBP 316,972 489,404 0.25Great Hall Mortgages 0.42 18/03/2039 EUR 1,267,887 1,623,721 0.83Landmark Mortgage Securities 0.73 17/06/2039 GBP 192,733 289,305 0.15Leek Finance Number Eighteen 0.51 21/09/2038 USD 522,350 536,753 0.27Lunet RMBS 2013-1 0.79 26/12/2045 EUR 841,176 1,159,915 0.59Newgate Funding 0.53 01/12/2050 EUR 800,000 939,518 0.49Opera Finance 0.72 02/02/2017 GBP 237,626 393,100 0.20SLM Private Credit Student Loan Trust 2006 0.42 15/03/2024 USD 600,000 578,866 0.30SLM Private Education Loan Trust 2013 0.82 15/07/2022 USD 519,605 519,345 0.27Silver Arrow 0.47 20/10/2021 EUR 600,000 826,969 0.42Uropa Securities 0.43 10/10/2040 EUR 964,655 1,277,051 0.64

–––––––––––– –––––––17,140,125 8.75

Corporate bondsAbbey National Treasury Services 3.38 08/06/2015 EUR 300,000 430,124 0.22AbbVie 2.00 06/11/2018 USD 600,000 593,526 0.30American Tower 7.00 15/10/2017 USD 1,100,000 1,267,852 0.65BA Covered Bond Issuer 4.25 05/04/2017 EUR 200,000 302,620 0.16Baidu 3.25 06/08/2018 USD 1,200,000 1,212,958 0.62Banco de Sabadell 3.25 15/06/2015 EUR 900,000 1,272,367 0.65Banco Santander 3.13 28/09/2015 EUR 900,000 1,280,910 0.65Bank Nederlandse Gemeenten 2.25 12/01/2017 EUR 500,000 720,110 0.37Bank of America 7.38 15/05/2014 USD 500,000 512,444 0.26Bank of Nova Scotia 1.65 29/10/2015 USD 900,000 917,640 0.47Banque PSA Finance 4.25 25/02/2016 EUR 400,000 573,519 0.29BP Capital Markets 6.00 17/03/2015 AUD 1,600,000 1,472,993 0.75Burlington Northern Santa Fe 5.65 01/05/2017 USD 1,200,000 1,345,813 0.69CaixaBank 3.25 05/10/2015 EUR 1,000,000 1,426,705 0.73Citigroup 5.50 15/10/2014 USD 64,000 66,377 0.03Council of Europe Development Bank 5.63 14/12/2015 AUD 1,200,000 1,122,111 0.57Council of Europe Development Bank 1.13 22/10/2018 EUR 2,300,000 3,169,728 1.62Depfa ACS Bank 4.38 15/01/2015 EUR 700,000 994,849 0.51Depfa ACS Bank 3.88 14/11/2016 EUR 400,000 578,511 0.30Dexia Credit Local 2.75 10/01/2014 USD 1,600,000 1,600,720 0.82Dexia Credit Local 0.41 04/11/2015 EUR 1,200,000 1,652,250 0.84Dexia Credit Local 0.62 07/11/2016 USD 2,600,000 2,598,521 1.33Eurofima 5.63 24/10/2016 AUD 500,000 472,311 0.24Eurofima 6.25 28/12/2018 AUD 200,000 194,699 0.10European Investment Bank 6.25 08/06/2021 AUD 1,600,000 1,546,185 0.79European Union 2.75 03/06/2016 EUR 500,000 727,387 0.37European Union 3.25 04/04/2018 EUR 300,000 453,652 0.23

185MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Corporate bonds (continued)European Union 2.75 04/04/2022 EUR 500,000 730,567 0.37FMS Wertmanagement AoeR 1.63 22/02/2017 EUR 800,000 1,130,073 0.58FMS Wertmanagement AoeR 1.00 18/07/2017 EUR 500,000 693,769 0.35Ford Motor Credit 2.38 16/01/2018 USD 1,200,000 1,211,952 0.62General Electric Capital Australia Funding 6.00 15/04/2015 AUD 500,000 462,746 0.24General Electric Capital Australia Funding 4.50 30/01/2018 AUD 700,000 629,444 0.32German Postal Pensions Securitisation 3.38 18/01/2016 EUR 3,200,000 4,658,174 2.38HBOS 5.37 30/06/2021 EUR 100,000 141,540 0.07HSH N Finance Guernsey 0.74 21/12/2015 EUR 400,000 553,500 0.28International Lease Finance 5.75 15/05/2016 USD 500,000 535,625 0.27KFW 2.00 30/11/2015 EUR 800,000 1,135,463 0.58KFW 3.75 07/09/2016 GBP 2,100,000 3,710,518 1.90KFW 0.88 25/06/2018 EUR 300,000 410,747 0.21Landwirtschaftliche Rentenbank 4.25 24/01/2023 AUD 600,000 505,923 0.26Lloyds TSB Bank 1.50 02/05/2017 GBP 500,000 827,321 0.42Morgan Stanley 6.25 28/08/2017 USD 1,000,000 1,144,229 0.58Nykredit Realkredit 2.00 01/01/2015 DKK 2,200,000 413,368 0.21Petrobras Global Finance 1.86 20/05/2016 USD 1,200,000 1,197,000 0.61Realkredit Danmark 2.00 01/01/2015 DKK 1,600,000 300,605 0.15Royal Bank of Scotland 1.02 14/10/2016 USD 800,000 768,031 0.39Royal Bank of Scotland 3.36 17/02/2017 AUD 1,000,000 795,737 0.41SLM 6.00 25/01/2017 USD 1,100,000 1,190,750 0.61Stadshypotek 3.69 10/10/2017 AUD 500,000 449,946 0.23Stadshypotek 1.88 02/10/2019 USD 900,000 867,420 0.44Svensk Exportkredit 1.13 05/04/2018 USD 1,000,000 975,540 0.50VeriSign 4.63 01/05/2023 USD 300,000 286,500 0.15Verizon Communications 1.99 14/09/2018 USD 900,000 946,348 0.48Westpac Banking 1.85 26/11/2018 USD 500,000 491,050 0.25

–––––––––––– –––––––55,670,768 28.42

Government bondsAustralia Government Bond 4.50 21/04/2033 AUD 1,600,000 1,377,030 0.70Autonomous Community of Madrid Spain 4.20 24/09/2014 EUR 400,000 561,509 0.29Bundesobligation 1.00 12/10/2018 EUR 800,000 1,106,464 0.56France Government Bond 3.50 25/04/2015 EUR 3,700,000 5,315,488 2.71France Government Bond 1.00 25/11/2018 EUR 400,000 545,371 0.28Instituto de Credito Oficial 5.00 15/05/2015 NOK 1,000,000 166,511 0.08Italy Buoni Poliennali Del Tesoro 4.50 15/07/2015 EUR 500,000 723,295 0.37Italy Buoni Poliennali Del Tesoro 3.00 01/11/2015 EUR 1,100,000 1,564,119 0.80Italy Buoni Poliennali Del Tesoro 4.75 01/05/2017 EUR 200,000 298,850 0.15Italy Buoni Poliennali Del Tesoro 4.75 01/06/2017 EUR 3,000,000 4,481,468 2.29Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 1,000,000 1,520,704 0.78Italy Buoni Poliennali Del Tesoro 3.50 01/11/2017 EUR 600,000 862,900 0.44Junta de Castilla y Leon 6.51 01/03/2019 EUR 300,000 471,891 0.24Kommunalbanken 1.38 08/06/2017 USD 1,100,000 1,105,830 0.56Mexican Government Bond 7.00 19/06/2014 MXN 150,000,000 11,632,638 5.94Mexican Government Bond 10.00 05/12/2024 MXN 2,400,000 233,991 0.12Mexican Bonos 7.75 14/12/2017 MXN 1,600,000 133,914 0.07Mexico Cetes 0.00 06/03/2014 MXN 570,000,000 4,327,416 2.21Mexico Cetes 0.00 20/03/2014 MXN 600,000,000 4,546,837 2.32New Zealand Government Bond 5.00 15/03/2019 NZD 8,500,000 7,244,770 3.70New Zealand Government Bond 5.50 15/04/2023 NZD 1,000,000 870,499 0.44New Zealand Government Bond 2.00 20/09/2025 NZD 500,000 385,138 0.20New Zealand Government Bond 3.00 20/09/2030 NZD 2,000,000 1,647,812 0.84Province of Ontario Canada 4.30 08/03/2017 CAD 1,600,000 1,628,205 0.83Province of Quebec Canada 4.50 01/12/2017 CAD 1,600,000 1,643,625 0.84



(continued)

186MGI Funds plc


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

–––––––––––– –––––––126,616,220 64.64




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




(continued)

187MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Interest rate swaps6 Month LIBOR 1* Fixed 3.50% 19/03/2044 GBP 1,500,000 855 0.006 Month LIBOR 1* Fixed 3.00% 19/03/2024 GBP 400,000 4,538 0.00Fixed 5.51% 2* Less than 1 Month TIIE 11/09/2018 MXN 12,200,000 5,436 0.003 Month LIBOR 1* Fixed 3.00% 18/12/2023 USD 4,600,000 5,006 0.003 Month LIBOR 1* Fixed 3.50% 18/12/2043 USD 800,000 53,395 0.03

–––––––––––– –––––––Total interest rate swaps at positive fair value 69,230 0.03


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

3 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR (3) 1,964 0.003 Year Australian TBond Futures 1* 17/03/2014 AUD 18 4,039 0.0010 Year Canadian TBond Futures 1* 20/03/2014 CAD (46) 34,869 0.0210 Year Japan Bond Futures 1* 11/03/2014 JPY (1) 6,375 0.0010 Year US Treasury Notes Futures 1* 20/03/2014 USD (98) 88,780 0.0590 Day Euro Futures 1* 16/06/2014 USD 60 825 0.0090 Day Sterling Futures 1* 17/12/2014 GBP 209 17,856 0.01Euro Bobl Futures 1* 06/03/2014 EUR (28) 49,386 0.03Euro BTP Futures 1* 06/03/2014 EUR 5 1,998 0.00Euro Bund Futures 1* 06/03/2014 EUR (82) 100,301 0.05Long Gilt Futures 1* 27/03/2014 GBP (89) 257,083 0.12US Long Bond Futures 1* 20/03/2014 USD (70) 167,922 0.09


Options - purchased

Expired Notional Fair value % ofCurrency date amount US$ Net assets

Call at 128.5010 Year US Treasury Note Future Option 1* USD 24/01/2014 8,000 125 0.00

–––––––––––– –––––––Unrealised gain on options purchased 125 0.00





(continued)

188MGI Funds plc


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


Interest rate swaps

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

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

–––––––––––– –––––––Total interest rate swaps at negative fair value (602,250) (0.31)


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

3 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR (3) (258) 0.003 Month Euribor Interest Rate Futures 1* 15/12/2014 EUR 23 (2,773) 0.003 Month Euribor Interest Rate Futures 1* 15/09/2014 EUR 10 (861) 0.0090 Day Euro Futures 1* 15/12/2014 USD 127 (6,758) 0.0090 Day Euro Futures 1* 16/03/2015 USD 11 (1,788) 0.0090 Day Euro Futures 1* 15/09/2014 USD 65 (1,288) 0.0090 Day Sterling Futures 1* 18/06/2014 GBP 108 (2,236) 0.0090 Day Sterling Futures 1* 17/09/2014 GBP 78 (9,006) (0.01)




(continued)

189MGI Funds plc


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

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

–––––––––––– –––––––Unrealised loss on swaptions written (5,351) (0.00)

Options - written


Call at 124.0010 Year US Treasury Note Future Option 1* USD 24/01/2014 (8,000) (1,875) 0.00Call at 124.5010 Year US Treasury Note Future Option 1* USD 24/01/2014 (9,000) (1125) 0.00Call at 99.75Eurodollar Future Option 1* USD 16/06/2014 (57,500) (1,150) 0.00Put at 99.75Eurodollar Future Option 1* USD 16/06/2014 (57,500) (4,888) (0.01)

–––––––––––– –––––––Unrealised loss on options written (9,038) (0.01)





Cash (4,212,789) (2.15)





(continued)

190MGI Funds plc


total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on a regulated market 94.12Financial derivative instruments dealt in on a regulated market 0.35OTC financial derivative instruments 1.55Other current assets 3.98

–––––––100.00

––––––––––––––

Reference Counterparty1* Credit Suisse2* Morgan Stanley3* Royal Bank of Scotland4* UBS5* Goldman Sachs6* HSBC7* Bank of America8* BNP Paribas9* State Street Bank10* Deutsche Bank11* JP Morgan Chase12* Societe Generale13* Westpac Banking Corporation



(continued)

191MGI Funds plc

MGI Funds plcMercer Global Buy & Maintain Credit Fund



Financial assets at fair value through profit or lossTransferable securitiesBondsCorporate bondsAustraliaBHP Billiton Finance 3.25 21/11/2021 USD 1,200,000 1,192,889 0.20BHP Billiton Finance 3.85 30/09/2023 USD 250,000 251,085 0.04Rio Tinto Finance 9.00 01/05/2019 USD 710,000 926,992 0.15Telstra 4.80 12/10/2021 USD 1,520,000 1,636,690 0.27Wesfarmers 2.75 02/08/2022 EUR 2,090,000 2,881,066 0.48

–––––––––––– –––––––6,888,722 1.14

BelgiumAnheuser-Busch InBev 9.75 30/07/2024 GBP 175,000 433,276 0.07Anheuser-Busch InBev 4.00 24/09/2025 GBP 220,000 361,081 0.06Brussels Airport Holding 3.25 01/07/2020 EUR 400,000 570,528 0.09Eandis 2.88 09/10/2023 EUR 1,900,000 2,605,649 0.43Elia System Operator 3.25 04/04/2028 EUR 600,000 817,747 0.14

–––––––––––– –––––––4,788,281 0.79

BermudaHolcim GB Finance 8.75 24/04/2017 GBP 500,000 990,364 0.16Novartis Securities Investment 5.13 10/02/2019 USD 1,415,000 1,602,304 0.27Qtel International Finance 4.75 16/02/2021 USD 1,200,000 1,260,000 0.21Qtel International Finance 4.75 16/02/2021 USD 1,350,000 1,417,500 0.23

–––––––––––– –––––––5,270,168 0.87

BrazilVale Overseas 6.25 23/01/2017 USD 1,300,000 1,441,878 0.24Votorantim Cimentos 5.25 28/04/2017 EUR 1,250,000 1,850,758 0.30

–––––––––––– –––––––3,292,636 0.54

British Virgin IslandsCNOOC 4.25 26/01/2021 USD 2,600,000 2,640,274 0.43

–––––––––––– –––––––CanadaCanadian National Railway 5.55 01/03/2019 USD 1,200,000 1,377,012 0.23Cenovus Energy 3.00 15/08/2022 USD 1,700,000 1,594,156 0.26Thomson Reuters 1.30 23/02/2017 USD 860,000 856,207 0.14

–––––––––––– –––––––3,827,375 0.63

Cayman IslandsHutchison Whampoa 6.25 24/01/2014 USD 1,300,000 1,303,601 0.22Hutchison Whampoa 7.63 09/04/2019 USD 1,500,000 1,826,880 0.30Petrobras International Finance - Pifco 5.75 20/01/2020 USD 2,550,000 2,623,794 0.43Tencent Holdings 4.63 12/12/2016 USD 2,550,000 2,747,569 0.45Yorkshire Water Services Bradford Finance 6.00 21/08/2019 GBP 800,000 1,521,893 0.25

–––––––––––– –––––––10,023,737 1.65

Channel IslandsAnnington Repackaging No 1 5.32 10/01/2023 GBP 1,550,000 2,772,329 0.46Heathrow Funding 5.23 15/02/2023 GBP 500,000 894,568 0.15Heathrow Funding 4.63 31/10/2046 GBP 600,000 962,082 0.16Porterbrook Rail Finance 5.50 20/04/2019 GBP 1,660,000 3,010,850 0.49

–––––––––––– –––––––7,639,829 1.26

Czech RepublicCEZ 4.25 03/04/2022 USD 2,650,000 2,647,207 0.44

–––––––––––– –––––––

192MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Bonds (continued)Corporate bonds (continued)FranceAeroports de Paris 2.75 05/06/2028 EUR 500,000 654,080 0.11Areva 3.88 23/09/2016 EUR 600,000 879,054 0.15Areva 4.63 05/10/2017 EUR 1,500,000 2,271,632 0.37Banque Federative du Credit Mutuel 3.00 28/11/2023 EUR 600,000 834,043 0.14BNP Paribas 5.00 15/01/2021 USD 1,910,000 2,095,245 0.35BNP Paribas 3.25 03/03/2023 USD 800,000 756,914 0.12Casino Guichard Perrachon 4.47 04/04/2016 EUR 700,000 1,033,785 0.17Casino Guichard Perrachon 4.48 12/11/2018 EUR 600,000 915,499 0.15Casino Guichard Perrachon 3.16 06/08/2019 EUR 600,000 855,327 0.14Cie de St-Gobain 5.63 15/12/2016 GBP 850,000 1,542,753 0.25Danone 2.25 15/11/2021 EUR 2,000,000 2,737,069 0.45Electricite de France 5.88 18/07/2031 GBP 1,625,000 3,051,435 0.50Eutelsat 3.13 10/10/2022 EUR 700,000 949,990 0.16France Telecom 8.00 20/12/2017 GBP 550,000 1,096,252 0.18GDF Suez 6.13 11/02/2021 GBP 850,000 1,652,116 0.27Kering 1.88 08/10/2018 EUR 2,200,000 3,020,700 0.50Klepierre 4.75 14/03/2021 EUR 1,800,000 2,820,980 0.47Orange 7.25 10/11/2020 GBP 200,000 400,512 0.07RCI Banque 5.63 13/03/2015 EUR 500,000 725,344 0.12RCI Banque 2.88 22/01/2018 EUR 600,000 852,839 0.14Total Capital 3.88 14/12/2018 GBP 1,660,000 2,935,416 0.48Total Capital 4.25 15/12/2021 USD 1,680,000 1,778,030 0.29Total Capital 2.88 19/11/2025 EUR 1,100,000 1,503,289 0.25Unibail-Rodamco 4.63 23/09/2016 EUR 1,200,000 1,805,936 0.30Unibail-Rodamco 2.38 25/02/2021 EUR 700,000 956,838 0.16WPP Finance 5.25 30/01/2015 EUR 1,000,000 1,442,204 0.24

–––––––––––– –––––––39,567,282 6.53

GermanyBertelsmann 4.75 26/09/2016 EUR 1,850,000 2,793,751 0.46Daimler 1.50 19/11/2018 EUR 500,000 687,960 0.11Deutsche Post 2.75 09/10/2023 EUR 2,200,000 3,028,165 0.50Metro 7.63 05/03/2015 EUR 850,000 1,260,817 0.21Vier Gas Transport 3.13 10/07/2023 EUR 1,950,000 2,746,147 0.45

–––––––––––– –––––––10,516,840 1.73

Hong KongLi & Fung 5.50 16/05/2017 USD 1,360,000 1,469,736 0.24

–––––––––––– –––––––IrelandGE Capital UK Funding 5.88 04/11/2020 GBP 1,470,000 2,795,352 0.46GE Capital UK Funding 4.13 13/09/2023 GBP 200,000 333,733 0.06Russian Railways via RZD Capital 5.74 03/04/2017 USD 2,650,000 2,871,937 0.47Willow No.2 Ireland for Zurich Insurance 3.38 27/06/2022 EUR 1,500,000 2,176,017 0.36

–––––––––––– –––––––8,177,039 1.35

ItalyAtlantia 6.25 09/06/2022 GBP 1,610,000 2,941,610 0.49Eni 4.88 11/10/2017 EUR 1,930,000 2,979,001 0.49Intesa Sanpaolo 3.63 12/08/2015 USD 950,000 977,498 0.16Intesa Sanpaolo 4.00 09/11/2017 EUR 1,930,000 2,800,659 0.46Intesa Sanpaolo 3.00 28/01/2019 EUR 550,000 763,700 0.13Luxottica Group 4.00 10/11/2015 EUR 1,750,000 2,541,735 0.42Luxottica Group 3.63 19/03/2019 EUR 900,000 1,340,954 0.22

193MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Bonds (continued)Corporate bonds (continued)Italy (continued)Snam 3.88 19/03/2018 EUR 1,900,000 2,829,446 0.47UniCredit 2.63 31/10/2015 EUR 1,980,000 2,810,977 0.46

–––––––––––– –––––––19,985,580 3.30

JapanNomura Holdings 2.00 13/09/2016 USD 400,000 403,307 0.07

–––––––––––– –––––––KoreaKorea Gas 2.25 25/07/2017 USD 2,850,000 2,844,542 0.47Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 1,300,000 1,193,767 0.19Korea Hydro & Nuclear Power 3.00 19/09/2022 USD 1,370,000 1,258,046 0.21KT 3.88 20/01/2017 USD 2,610,000 2,718,683 0.45

–––––––––––– –––––––8,015,038 1.32

LuxembourgGazprom Via Gaz Capital 5.88 01/06/2015 EUR 1,250,000 1,822,295 0.30Glencore Finance Europe 6.50 27/02/2019 GBP 600,000 1,115,682 0.18Schlumberger Investment 3.30 14/09/2021 USD 1,700,000 1,690,137 0.28Schlumberger Investment 3.65 01/12/2023 USD 1,300,000 1,288,681 0.21SES 3.60 04/04/2023 USD 500,000 465,860 0.08Telecom Italia Capital 5.25 01/10/2015 USD 1,680,000 1,766,100 0.29Tyco International Finance 3.38 15/10/2015 USD 1,400,000 1,452,576 0.24

–––––––––––– –––––––9,601,331 1.58

MexicoAmerica Movil 5.00 16/10/2019 USD 2,020,000 2,206,850 0.37America Movil 5.00 30/03/2020 USD 2,500,000 2,707,657 0.45Grupo Bimbo 4.50 25/01/2022 USD 2,650,000 2,627,714 0.43Petroleos Mexicanos 3.13 27/11/2020 EUR 364,000 506,584 0.08

–––––––––––– –––––––8,048,805 1.33

NetherlandsABN AMRO Bank 4.25 02/02/2017 USD 770,000 825,503 0.14Achmea 2.50 19/11/2020 EUR 3,087,000 4,214,660 0.70BMW Finance 3.25 14/01/2019 EUR 1,940,000 2,871,719 0.47Daimler International Finance 3.50 06/06/2019 GBP 2,900,000 4,942,307 0.82Delta Lloyd 4.25 17/11/2017 EUR 1,840,000 2,722,752 0.45Deutsche Annington Finance 2.13 25/07/2016 EUR 1,300,000 1,817,486 0.30Deutsche Annington Finance 3.63 08/10/2021 EUR 900,000 1,269,985 0.21Deutsche Telekom International Finance 7.38 04/12/2019 GBP 700,000 1,417,032 0.23Enel Finance International 3.88 07/10/2014 USD 1,440,000 1,471,226 0.24ING Bank 3.75 07/03/2017 USD 770,000 810,979 0.13LANXESS Finance 4.13 23/05/2018 EUR 1,900,000 2,855,733 0.47RWE Finance 6.50 20/04/2021 GBP 350,000 670,895 0.11RWE Finance 5.50 06/07/2022 GBP 500,000 904,143 0.15Shell International Finance 2.00 15/11/2018 USD 1,210,000 1,210,763 0.20Shell International Finance 6.38 15/12/2038 USD 810,000 1,006,011 0.17Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 3,370,000 3,888,744 0.64Urenco Finance 5.38 22/05/2015 EUR 1,200,000 1,752,328 0.29Urenco Finance 4.00 05/05/2017 EUR 700,000 1,034,978 0.17

–––––––––––– –––––––35,687,244 5.89



(continued)

194MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Bonds (continued)Corporate bonds (continued)NorwaySchlumberger Norge 1.95 14/09/2016 USD 1,570,000 1,601,800 0.26Statoil 4.80 08/11/2043 USD 2,500,000 2,525,728 0.42

–––––––––––– –––––––4,127,528 0.68

SingaporePSA International Pte 3.88 11/02/2021 USD 2,840,000 2,867,752 0.47

–––––––––––– –––––––SpainBanco Bilbao Vizcaya Argentaria 3.00 09/10/2014 EUR 1,900,000 2,655,412 0.44Banco Santander 3.50 06/02/2014 EUR 2,000,000 2,760,722 0.46Enagas 4.38 06/07/2015 EUR 1,200,000 1,734,699 0.29Gas Natural Capital Markets 5.25 09/07/2014 EUR 1,950,000 2,744,907 0.45Iberdrola Finanzas 4.75 25/01/2016 EUR 1,900,000 2,812,943 0.46Telefonica Emisiones 4.95 15/01/2015 USD 2,520,000 2,619,696 0.43

–––––––––––– –––––––15,328,379 2.53

SwedenTeliaSonera 3.63 14/02/2024 EUR 1,950,000 2,856,796 0.47TeliaSonera 4.38 05/12/2042 GBP 450,000 711,502 0.12

–––––––––––– –––––––3,568,298 0.59

TurkeyAkbank 5.13 22/07/2015 USD 2,610,000 2,680,731 0.44

–––––––––––– –––––––United Arab EmiratesAbu Dhabi National Energy 4.75 15/09/2014 USD 2,780,000 2,845,052 0.47Dolphin Energy 5.50 15/12/2021 USD 1,100,000 1,195,183 0.20Dolphin Energy 5.50 15/12/2021 USD 1,200,000 1,311,000 0.21

–––––––––––– –––––––5,351,235 0.88

United KingdomAggregate Industries 7.25 31/05/2016 GBP 328,000 605,877 0.10Anglian Water Services Financing 5.84 30/07/2022 GBP 500,000 952,121 0.16Anglo American Capital 5.88 17/04/2015 EUR 1,880,000 2,750,193 0.45Aviva 9.50 20/06/2016 GBP 350,000 684,016 0.11BAE Systems 3.50 11/10/2016 USD 820,000 857,187 0.14Barclays Bank 6.75 22/05/2019 USD 1,540,000 1,856,117 0.31Barclays Bank 5.13 08/01/2020 USD 2,380,000 2,639,018 0.44BAT International Finance 7.25 12/03/2024 GBP 775,000 1,618,694 0.27BAT International Finance 2.75 25/03/2025 EUR 700,000 935,519 0.15BAT International Finance 4.00 04/09/2026 GBP 350,000 564,495 0.09BG Energy Capital 5.13 01/12/2025 GBP 700,000 1,253,773 0.21BP Capital Markets 4.50 01/10/2020 USD 1,000,000 1,080,415 0.18British Sky Broadcasting Group 3.13 26/11/2022 USD 700,000 651,725 0.11British Telecommunications 9.63 15/12/2030 USD 600,000 895,346 0.15BUPA Finance 7.50 04/07/2016 GBP 2,320,000 4,349,691 0.72Coventry Building Society 6.00 16/10/2019 GBP 1,520,000 2,876,108 0.47Ensco 4.70 15/03/2021 USD 1,400,000 1,480,837 0.24Experian Finance 4.75 23/11/2018 GBP 550,000 991,633 0.16FCE Bank 1.88 12/05/2016 EUR 700,000 976,608 0.16FCE Bank 2.88 03/10/2017 EUR 500,000 716,262 0.12FCE Bank 3.25 19/11/2020 GBP 450,000 729,623 0.12GlaxoSmithKline Capital 2.80 18/03/2023 USD 800,000 740,914 0.12GlaxoSmithKline Capital 3.38 20/12/2027 GBP 500,000 749,608 0.12



(continued)

195MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Bonds (continued)Corporate bonds (continued)United Kingdom (continued)GlaxoSmithKline Capital 6.38 09/03/2039 GBP 400,000 850,171 0.14Great Rolling Stock 6.25 27/07/2020 GBP 1,530,000 2,896,618 0.48Greene King Finance 5.32 15/09/2031 GBP 1,602,760 2,863,020 0.47Hammerson 4.88 19/06/2015 EUR 1,960,000 2,850,566 0.47Hammerson 2.75 26/09/2019 EUR 900,000 1,264,970 0.21Hammerson 6.88 31/03/2020 GBP 1,000,000 1,959,958 0.32High Speed Rail Finance 1 4.38 01/11/2038 GBP 700,000 1,150,986 0.19HSBC Bank 4.75 19/01/2021 USD 880,000 955,177 0.16HSBC Holdings 6.10 14/01/2042 USD 160,000 190,613 0.03Imperial Tobacco Finance 8.38 17/02/2016 EUR 350,000 554,604 0.09Imperial Tobacco Finance 5.50 22/11/2016 GBP 350,000 635,186 0.10Imperial Tobacco Finance 9.00 17/02/2022 GBP 780,000 1,707,643 0.28Imperial Tobacco Finance 8.13 15/03/2024 GBP 300,000 639,564 0.11Lloyds Bank 2.30 27/11/2018 USD 200,000 199,481 0.03Lloyds TSB Bank 6.75 24/10/2018 GBP 750,000 1,462,766 0.24Lloyds TSB Bank 7.50 15/04/2024 GBP 1,390,000 2,904,339 0.48National Grid Electricity Transmission 5.88 02/02/2024 GBP 650,000 1,241,614 0.20Pearson 7.00 27/10/2014 GBP 400,000 692,782 0.11Places for People Homes 5.09 31/07/2024 GBP 1,710,000 2,975,970 0.49Rio Tinto Finance 2.25 14/12/2018 USD 1,200,000 1,194,079 0.20Rolls-Royce 6.75 30/04/2019 GBP 550,000 1,081,165 0.18Royal Bank of Scotland Group 1.50 28/11/2016 EUR 800,000 1,106,690 0.18Royal Bank of Scotland Group 6.40 21/10/2019 USD 2,830,000 3,261,080 0.54Scotland Gas Networks 4.75 21/02/2017 GBP 1,620,000 2,880,895 0.47SSE 2.00 17/06/2020 EUR 1,000,000 1,356,040 0.22SSE 2.38 10/02/2022 EUR 1,500,000 2,038,752 0.34Tesco 6.13 24/02/2022 GBP 2,090,000 3,919,536 0.65Tesco 5.00 24/03/2023 GBP 900,000 1,550,721 0.26Tesco Property Finance 6 5.41 13/07/2044 GBP 250,000 421,327 0.07THFC Funding No 3 5.20 11/10/2043 GBP 300,000 539,320 0.09Vodafone Group 2.88 16/03/2016 USD 500,000 518,542 0.09Vodafone Group 5.63 27/02/2017 USD 1,333,000 1,491,206 0.25Vodafone Group 7.88 15/02/2030 USD 1,970,000 2,466,927 0.41Western Power Distribution South Wales 9.25 09/11/2020 GBP 350,000 775,533 0.13Western Power Distribution West Midlands 3.88 17/10/2024 GBP 950,000 1,521,198 0.25Westfield UK & Europe Finance 4.25 11/07/2022 GBP 600,000 1,015,901 0.17WPP 6.00 04/04/2017 GBP 550,000 1,011,791 0.17

–––––––––––– –––––––87,102,511 14.37

United States of AmericaAbbVie 2.00 06/11/2018 USD 3,180,000 3,145,688 0.52ACE INA Holdings 2.70 13/03/2023 USD 1,680,000 1,539,421 0.25ADT 2.25 15/07/2017 USD 700,000 688,844 0.11Aetna 6.50 15/09/2018 USD 340,000 400,499 0.07Alabama Power 3.55 01/12/2023 USD 1,685,000 1,653,763 0.27American Express 6.15 28/08/2017 USD 2,065,000 2,382,374 0.39American International Group 4.38 26/04/2016 EUR 950,000 1,399,049 0.23American International Group 6.40 15/12/2020 USD 170,000 200,916 0.03Ameriprise Financial 5.30 15/03/2020 USD 2,450,000 2,762,983 0.46Amgen 4.00 13/09/2029 GBP 1,300,000 1,985,621 0.33Anadarko Petroleum 6.95 15/06/2019 USD 900,000 1,071,208 0.18Anadarko Petroleum 6.45 15/09/2036 USD 500,000 561,468 0.09Anheuser-Busch InBev Worldwide 4.38 15/02/2021 USD 450,000 481,161 0.08Anheuser-Busch InBev Worldwide 8.20 15/01/2039 USD 540,000 789,782 0.13



(continued)

196MGI Funds plc


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



(continued)

197MGI Funds plc


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



(continued)

198MGI Funds plc


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



(continued)

199MGI Funds plc


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

–––––––––––– –––––––243,253,812 40.12

Total Corporate bonds 552,770,677 91.17

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

–––––––––––– –––––––1,914,923 0.32

Mortgage backed securitiesCD 2007-CD4 Commercial Mortgage Trust 5.32 11/12/2049 USD 1,500,000 1,642,662 0.27Citigroup Commercial Mortgage Trust 2.96 10/11/2046 USD 1,300,000 1,324,235 0.22Citigroup Commercial Mortgage Trust 2007-6 5.71 10/12/2049 USD 2,300,000 2,572,283 0.43COMM 2013-CCRE11 Mortgage Trust 3.98 10/10/2046 USD 2,300,000 2,305,329 0.38JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8 5.40 15/05/2045 USD 1,500,000 1,634,162 0.27JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX 3.14 15/06/2045 USD 700,000 705,362 0.12JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 3.07 15/12/2046 USD 1,500,000 1,540,275 0.25ML-CFC Commercial Mortgage Trust 2006-3 5.41 12/07/2046 USD 699,193 757,915 0.13ML-CFC Commercial Mortgage Trust 2006-4 5.17 12/12/2049 USD 1,500,000 1,626,236 0.27Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 2.86 15/12/2048 USD 800,000 749,236 0.12Wachovia Bank Commercial Mortgage Trust Series 2005-C22 5.29 15/12/2044 USD 700,000 745,151 0.12Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.72 15/05/2043 USD 2,850,000 3,116,091 0.51Wachovia Bank Commercial Mortgage Trust Series 2006-C27 5.77 15/07/2045 USD 1,265,906 1,359,562 0.22Wachovia Bank Commercial Mortgage Trust Series 2006-C28 5.57 15/10/2048 USD 700,000 766,078 0.13

–––––––––––– –––––––20,844,577 3.44

Municipal BondsBay Area Toll Authority 6.92 01/04/2040 USD 500,000 598,405 0.10Los Angeles Department of Water & Power 6.57 01/07/2045 USD 500,000 613,695 0.10Maryland State Transportation Authority 5.89 01/07/2043 USD 560,000 630,398 0.10Missouri Highway & Transportation Commission 5.45 01/05/2033 USD 300,000 322,968 0.05New Jersey State Turnpike Authority 7.41 01/01/2040 USD 500,000 658,325 0.11Port Authority of New York & New Jersey 5.65 01/11/2040 USD 600,000 645,876 0.11Port Authority of New York & New Jersey 4.93 01/10/2051 USD 800,000 748,528 0.12State of California 7.63 01/03/2040 USD 500,000 653,935 0.11

–––––––––––– –––––––4,872,130 0.80

Total bonds 580,402,307 95.73




(continued)

200MGI Funds plc


Financial assets at fair value through profit or loss (continued)Financial derivative instrumentsOpen forward foreign currency contractsCAD 9* 28,434 USD 26,716 06/01/2014 42 0.00EUR 9* 113,646,765 USD 154,470,332 06/01/2014 2,128,952 0.36EUR 7* 813,808 USD 1,117,277 21/02/2014 4,093 0.00EUR 10* 1,106,653 USD 1,506,897 21/02/2014 17,993 0.00EUR 4* 1,674,335 USD 2,258,449 21/02/2014 48,666 0.01EUR 3* 24,348,753 USD 32,935,511 21/02/2014 615,354 0.10GBP 2* 1,385,863 EUR 1,650,000 21/02/2014 10,495 0.00GBP 9* 274,394,566 USD 449,108,904 06/01/2014 5,348,018 0.88GBP 5* 88,356 USD 144,589 21/02/2014 1,702 0.00GBP 10* 249,935 USD 409,164 21/02/2014 4,654 0.00GBP 4* 1,037,210 USD 1,686,901 21/02/2014 30,408 0.01USD 9* 5,744,483 AUD 6,324,704 06/01/2014 87,205 0.01USD 9* 20,257,864 JPY 2,075,752,523 06/01/2014 508,542 0.08


Interest Rate Swaps

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

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



(continued)

201MGI Funds plc


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



(continued)

202MGI Funds plc


Financial assets at fair value through profit or loss (continued)Financial derivative instruments (continued)Interest Rate Swaps (continued)USD 3 Month Libor 4* Fixed 0.98% 11/02/2018 USD 6,600,000 79,849 0.01USD 3 Month Libor 4* Fixed 2.09% 07/02/2023 USD 300,000 17,542 0.00

–––––––––––– –––––––Interest rate swaps at positive fair value 2,567,725 0.42



Financial liabilities at fair value through profit or lossFinancial derivative instrumentsOpen forward foreign currency contracts


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

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

Interest Rate Swaps


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



(continued)

203MGI Funds plc


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



(continued)

204MGI Funds plc


Financial liabilities at fair value through profit or loss (continued)Financial derivative instruments (continued)Interest Rate Swaps (continued)Fixed 3.63% 5* USD 3 Month Libor 05/08/2038 USD 400,000 (6,441) 0.00Fixed 2.83% 5* USD 3 Month Libor 05/08/2023 USD 300,000 (170) 0.00Fixed 3.65% 3* USD 3 Month Libor 31/07/2043 USD 1,000,000 (23,607) 0.00Fixed 3.29% 4* USD 3 Month Libor 12/06/2043 USD 500,000 (52,060) (0.01)Fixed 2.27% 5* USD 3 Month Libor 05/06/2023 USD 1,400,000 (78,258) (0.01)Fixed 3.05% 4* USD 3 Month Libor 24/05/2043 USD 240,000 (35,768) (0.01)Fixed 0.86% 4* USD 3 Month Libor 09/04/2018 USD 800,000 (18,254) 0.00Fixed 2.95% 7* USD 3 Month Libor 03/04/2038 USD 350,000 (48,105) (0.01)Fixed 3.08% 5* USD 3 Month Libor 19/03/2043 USD 760,000 (103,316) (0.02)Fixed 2.91% 5* USD 3 Month Libor 05/03/2043 USD 400,000 (66,383) (0.01)Fixed 2.97% 7* USD 3 Month Libor 19/02/2038 USD 850,000 (105,359) (0.02)

–––––––––––– –––––––Interest rate swaps at negative fair value (1,074,139) (0.17)





Cash 12,367,102 2.04




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 94.57OTC financial derivative instruments 1.85Other assets 3.58

–––––––100.00

––––––––––––––

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

Reference Counterparty1* Barclays2* BNP Paribas3* Citibank4* Credit Suisse5* Deutsche Bank6* Goldman Sachs7* HSBC8* JP Morgan9* State Street Bank and Trust10* Toronto Dominion Bank



(continued)

205MGI Funds plc

MGI Funds plcMercer Passive Global Equity Fund



Financial assets at fair value through profit or lossTransferable securitiesEquitiesAustraliaAGL Energy 4,600 61,607 0.04Amcor 7,000 65,882 0.04Amp 16,000 62,840 0.04Asciano 12,300 63,384 0.04ASX 2,100 69,063 0.04Aurizon Holdings 15,500 67,671 0.04Australia & New Zealand Banking Group 13,210 380,786 0.24BHP Billiton 14,100 479,101 0.31Brambles 7,900 64,670 0.04Coca-Cola Amatil 5,800 62,423 0.04Commonwealth Bank of Australia 7,200 501,147 0.32Crown 4,600 69,344 0.05CSL 2,500 154,059 0.10Dexus Property Group 68,200 61,320 0.04Fortescue Metals Group 14,500 75,370 0.05Goodman Group 14,600 61,783 0.04GPT Group 19,900 60,532 0.04Insurance Australia Group 12,400 64,454 0.04Lend Lease Group 6,900 68,706 0.04Macquarie Group 1,415 69,474 0.05Mirvac Group 41,900 62,976 0.04National Australia Bank 11,238 350,083 0.22Newcrest Mining 7,200 50,244 0.03Orica 3,600 76,847 0.05Origin Energy 5,100 64,152 0.04Orora 7,000 7,265 0.01QBE Insurance Group 5,100 52,517 0.03Rio Tinto 1,900 115,759 0.07Santos 5,000 65,399 0.04Stockland 13,058 42,173 0.03Suncorp Group 5,700 66,804 0.04Sydney Airport 1,500 5,086 0.00Telstra 22,900 107,354 0.07Transurban Group 10,300 62,938 0.04Wesfarmers 4,345 171,195 0.11Westfield Group 7,000 63,189 0.04Westfield Retail Trust 16,573 43,888 0.03Westpac Banking 13,600 393,853 0.25Woodside Petroleum 2,900 100,926 0.07Woolworths 5,700 172,567 0.11

–––––––––––– –––––––4,638,831 2.96

AustriaErste Group Bank 2,100 73,152 0.05OMV 1,450 69,152 0.04Voestalpine 1,450 70,011 0.04

–––––––––––– –––––––212,315 0.13

BelgiumAgeas 2,000 85,295 0.05Anheuser-Busch 3,500 371,840 0.24Belgacom 2,000 59,266 0.04Groupe Bruxelles Lambert 1,000 91,950 0.06KBC Groep 1,000 56,682 0.03Solvay 309 48,859 0.03

206MGI Funds plc



(continued)


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Belgium (continued)UCB 1,000 74,327 0.05Umicore 1,000 46,781 0.03

–––––––––––– –––––––835,000 0.53

BermudaArch Capital Group 1,200 71,568 0.04Bunge 900 73,899 0.05Everest Re Group 500 77,890 0.05Nabors Industries 2,800 47,572 0.03Seadrill 1,500 61,218 0.04

–––––––––––– –––––––332,147 0.21

British Virgin IslandsMichael Kors Holdings 900 73,062 0.05

–––––––––––– –––––––CanadaAgrium 800 73,148 0.05Alimentation Couche Tard 1,000 75,040 0.05ARC Resources 2,609 72,487 0.05Bank of Montreal 2,700 179,864 0.11Bank of Nova Scotia 6,173 385,776 0.25Barrick Gold 4,100 72,199 0.05BCE 1,600 69,210 0.04Bombardier 14,300 62,045 0.04Brookfield Asset Management 3,516 136,007 0.09Brookfield Office Properties 3,600 69,255 0.04Cameco 3,900 80,900 0.05Canadian Imperial Bank of Commerce 1,600 136,584 0.09Canadian National Railway 4,000 227,915 0.15Canadian Natural Resources 4,800 162,229 0.10Canadian Oil Sands 3,500 65,784 0.04Canadian Pacific Railway 700 105,774 0.07Canadian Tire 800 74,888 0.05Catamaran 1,400 66,423 0.04Cenovus Energy 3,500 100,141 0.06CGI Group - A 1,900 63,518 0.04Crescent Point Energy 1,800 69,831 0.04Enbridge 3,200 139,656 0.09Encana 3,900 70,292 0.04First Quantum Minerals 3,800 68,382 0.04Fortis Inc/Canada 2,200 63,008 0.04Franco-Nevada 1,700 68,752 0.04Goldcorp 2,900 62,749 0.04Great-West Lifeco 2,300 70,829 0.05Husky Energy 2,400 76,100 0.05Imperial Oil 1,600 70,792 0.05Intact Financial 1,100 71,808 0.05Magna International 800 65,559 0.04Manulife Financial 8,700 171,543 0.11Metro 1,100 67,097 0.04National Bank of Canada 800 66,545 0.04Open Text 796 73,045 0.05Pembina Pipeline 2,108 74,221 0.05Potash of Saskatchewan 3,900 128,434 0.08Power Financial 2,200 74,500 0.05

207MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Canada (continued)Power of Canada 2,400 72,102 0.05Rogers Communications 1,600 72,388 0.05Royal Bank of Canada 6,300 423,241 0.27Saputo 1,400 63,761 0.04Shaw Communications 2,800 68,096 0.04Shoppers Drug Mart 1,200 65,675 0.04Silver Wheaton 3,100 62,525 0.04SNC-Lavalin Group 1,600 71,861 0.05Sun Life Financial 2,700 95,320 0.06Suncor Energy 6,800 238,144 0.15Talisman Energy 5,600 65,039 0.04Teck Resources 2,600 67,563 0.04TELUS 2,000 68,819 0.04Thomson Reuters 2,000 75,595 0.05Tim Hortons 1,200 70,001 0.04Toronto-Dominion Bank 4,000 376,809 0.24TransCanada 3,200 146,010 0.09Valeant Pharmaceuticals International 1,200 140,747 0.09Yamana Gold 7,500 64,518 0.04

–––––––––––– –––––––6,140,544 3.91

Cayman IslandsSands China 12,000 98,198 0.06

–––––––––––– –––––––Channel IslandsExperian 3,800 69,986 0.04Randgold Resources 690 43,301 0.03Resolution 12,700 74,399 0.05Shire 2,200 103,883 0.07

–––––––––––– –––––––291,569 0.19

ColombiaPacific Rubiales Energy 3,100 53,335 0.03

–––––––––––– –––––––DenmarkAP Moeller - Maersk - B 6 65,219 0.04Carlsberg 700 77,575 0.05Coloplast 1,200 79,548 0.05Danske Bank 3,100 71,172 0.04Novo Nordisk 1,700 311,954 0.20Novozymes 1,900 80,329 0.05TDC 7,700 74,808 0.05

–––––––––––– –––––––760,605 0.48

FinlandFortum 3,000 68,746 0.04Kone 1,500 67,774 0.04Metso 1,750 74,802 0.05Nokia 17,000 136,217 0.09Sampo 1,500 73,769 0.05UPM-Kymmene 4,750 80,376 0.05Wartsila 1,500 73,934 0.05

–––––––––––– –––––––575,618 0.37



(continued)

208MGI Funds plc


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

–––––––––––– –––––––5,870,754 3.74

GermanyAdidas 750 95,699 0.06Allianz 2,100 377,338 0.24BASF 4,150 444,327 0.28Bayer 3,959 556,986 0.36Bayerische Motoren Werke 1,700 200,191 0.13Beiersdorf 750 76,145 0.05Brenntag 400 74,079 0.05



(continued)

209MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Germany (continued)Commerzbank 5,500 88,671 0.06Continental 500 109,857 0.07Daimler 4,550 395,616 0.25Deutsche Bank 4,700 224,730 0.14Deutsche Boerse 900 74,521 0.05Deutsche Lufthansa 3,600 76,815 0.05Deutsche Post 3,500 128,311 0.08Deutsche Telekom 13,100 224,917 0.14E.ON 8,150 150,991 0.10Fresenius 550 84,730 0.05Fresenius Medical Care 1,050 74,730 0.05GEA Group 1,650 78,781 0.05Hannover Rueckversicherung 950 81,803 0.05HeidelbergCement 850 64,853 0.04Henkel 800 83,228 0.05Henkel - Pref 700 81,515 0.05Infineon Technologies 6,850 73,341 0.05Linde 907 190,282 0.12Merck 450 80,579 0.05Muenchener Rueckversicherungs 750 165,922 0.11Porsche Automobil Holding - Pref 800 83,305 0.05ProSiebenSat.1 Media 1,550 76,858 0.05RWE 2,350 86,330 0.06SAP 4,100 353,269 0.23Siemens 3,600 493,631 0.31ThyssenKrupp 2,700 65,889 0.04Volkswagen 266 72,189 0.05Volkswagen - Pref 750 211,240 0.13

–––––––––––– –––––––5,801,669 3.70

Hong KongAIA Group 56,000 280,587 0.18BOC Hong Kong Holdings 21,000 67,168 0.04Cheung Kong 7,000 110,592 0.07CLP Holdings 8,000 63,195 0.04Galaxy Entertainment Group 10,000 89,634 0.06Hang Lung Properties 20,000 63,066 0.04Hang Seng Bank 4,000 64,691 0.04Henderson Land Development 11,000 62,705 0.04Hong Kong & China Gas 29,000 66,500 0.04Hong Kong Exchanges and Clearing 5,000 83,250 0.05Hutchison Whampoa 10,000 136,063 0.09Li & Fung 50,000 64,485 0.04Link REIT 14,000 67,709 0.04Power Assets Holdings 8,000 63,608 0.04SJM Holdings 14,000 46,765 0.03Sun Hung Kai Properties 9,000 113,693 0.07Swire Pacific - A 6,000 70,224 0.05Wharf Holdings 8,000 61,080 0.04

–––––––––––– –––––––1,575,015 1.00

IrelandAccenture 2,900 238,467 0.15Actavis 700 117,607 0.07Bank of Ireland 141,165 48,824 0.03



(continued)

210MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Ireland (continued)Covidien 2,000 136,180 0.09CRH 3,000 75,401 0.05Eaton 2,000 152,180 0.10Ingersoll-Rand 1,200 73,920 0.05Kerry Group 1,000 69,311 0.04Perrigo 736 112,917 0.07Seagate Technology 1,400 78,624 0.05Willis Group Holdings 1,600 71,648 0.05XL Group 2,200 70,048 0.04

–––––––––––– –––––––1,245,127 0.79

IsraelBank Hapoalim BM 13,000 72,846 0.05Bank Leumi Le-Israel BM 18,300 74,497 0.05Teva Pharmaceutical Industries 3,600 143,855 0.09

–––––––––––– –––––––291,198 0.19

ItalyAssicurazioni Generali 5,300 124,811 0.08Atlantia 3,200 71,874 0.05Enel 29,200 127,709 0.08ENI 12,700 306,074 0.19Fiat 7,900 64,716 0.04Intesa Sanpaolo 54,100 133,737 0.09Luxottica Group 1,300 69,719 0.04Snam Rete Gas 9,637 53,967 0.03Telecom Italia 72,900 72,376 0.05Terna Rete Elettrica Nazionale 14,800 74,070 0.05UniCredit 20,800 154,198 0.10

–––––––––––– –––––––1,253,251 0.80

JapanAeon 5,000 67,647 0.04Aisin Seiki 2,000 81,157 0.05Ajinomoto 5,000 72,356 0.05Asahi Glass 11,000 68,341 0.04Asahi Group 2,000 56,287 0.04Asahi Kasei 9,000 70,472 0.05Astellas Pharmaceutical 2,000 118,358 0.08Bank of Yokohama 12,000 66,676 0.04Bridgestone 3,800 143,713 0.09Canon 4,000 126,540 0.08Central Japan Railway 1,000 117,692 0.08Chiba Bank 9,000 60,625 0.04Chubu Electric Power 5,000 64,554 0.04Chugai Pharmaceutical 3,000 66,248 0.04Chugoku Electric Power 4,000 62,147 0.04Dai Nippon Printing 6,000 63,594 0.04Dai-ichi Life Insurance 4,400 73,469 0.05Daiichi Sankyo 4,000 73,032 0.05Daikin Industries 1,000 62,223 0.04Daito Trust Construction 1,000 93,430 0.06Daiwa House Industry 4,000 77,332 0.05Daiwa Securities Group 8,000 79,844 0.05Denso 2,000 105,418 0.07



(continued)

211MGI Funds plc


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



(continued)

212MGI Funds plc


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



(continued)

213MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Japan (continued)Toppan Printing 8,000 63,860 0.04Toray Industries 10,000 69,074 0.04Toshiba 16,000 67,285 0.04Toyota Industries 2,000 90,196 0.06Toyota Motor 13,100 798,925 0.51Unicharm 1,000 56,991 0.04West Japan Railway 500 21,669 0.01Yahoo! Japan 13,000 72,233 0.05Yamato Holdings 3,000 60,625 0.04

–––––––––––– –––––––13,131,411 8.37

LuxembourgArcelorMittal 4,500 80,362 0.05SES 2,400 77,684 0.05Tenaris 3,000 65,604 0.04

–––––––––––– –––––––223,650 0.14

MacauWynn Macau 12,000 54,322 0.03

–––––––––––– –––––––NetherlandsAegon 8,800 83,208 0.05Airbus Group 2,600 199,949 0.13Akzo Nobel 1,000 77,634 0.05ASML Holding 1,500 140,634 0.09Chicago Bridge & Iron 882 73,303 0.05Core Laboratories 400 76,392 0.05Gemalto 600 66,150 0.04Heineken 1,000 67,609 0.04Heineken Holding 1,100 69,656 0.04ING Groep 17,300 240,054 0.15Koninklijke Ahold 5,000 89,911 0.06Koninklijke DSM 900 70,887 0.04Koninklijke KPN 21,400 69,091 0.04Koninklijke Philips 4,000 146,862 0.09LyondellBasell Industries 1,900 152,513 0.10QIAGEN 3,300 77,167 0.05Randstad Holding 1,200 77,964 0.05Reed Elsevier 3,400 72,149 0.05Unilever -CVS- 7,617 307,266 0.20Wolters Kluwer 2,600 74,322 0.05

–––––––––––– –––––––2,232,721 1.42

New ZealandFletcher Building 8,700 60,721 0.04

–––––––––––– –––––––NorwayDNB 4,300 76,760 0.05Orkla 9,300 72,507 0.05Statoil 3,900 94,433 0.06Telenor 2,900 69,120 0.04Yara International 1,700 73,135 0.05

–––––––––––– –––––––385,955 0.25



(continued)

214MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)PortugalEDP 20,100 73,701 0.05Galp Energia 4,000 65,590 0.04Jeronimo Martins 3,500 68,436 0.04

–––––––––––– –––––––207,727 0.13

SingaporeAvago Technologies 1,500 79,350 0.05CapitaLand 27,000 64,581 0.04DBS Group Holdings 8,000 108,031 0.07Genting Singapore 59,000 69,392 0.04Global Logistic Properties 29,000 66,379 0.04Keppel 8,000 70,775 0.05Oversea-Chinese Banking 12,000 96,943 0.06Singapore Exchange 12,000 69,000 0.04Singapore Press Holdings 21,000 68,359 0.04Singapore Technologies Engineering 21,000 65,365 0.04Singapore Telecommunications 38,000 109,853 0.07United Overseas Bank 6,000 100,935 0.07Wilmar International 26,000 70,220 0.05

–––––––––––– –––––––1,039,183 0.66

SpainAbertis Infraestructuras 3,300 73,301 0.05Amadeus IT Holding 2,000 85,433 0.05Banco Bilbao Vizcaya Argentaria 25,000 307,283 0.20Banco de Sabadell 26,300 68,566 0.04Banco Popular Espanol 12,300 73,897 0.05Banco Santander 51,800 463,956 0.30CaixaBank 13,594 70,375 0.04Ferrovial 3,700 71,378 0.05Gas Natural DG 3,000 76,889 0.05Iberdrola 18,300 116,702 0.07Inditex 1,111 182,101 0.12Red Electrica 1,100 72,756 0.05Repsol 3,400 85,455 0.05Repsol - Rights 3,400 2,324 0.00Telefonica 18,400 299,180 0.19

–––––––––––– –––––––2,049,596 1.31

SwedenAlfa Laval 2,900 74,457 0.05Assa Abloy 1,500 79,360 0.05Atlas Copco -A- Shares 2,300 63,815 0.04Atlas Copco -B- Shares 2,600 66,067 0.04Autoliv 800 73,400 0.05Hennes & Mauritz 4,300 198,175 0.13Hexagon 2,400 75,969 0.05Investor -B- 2,200 75,770 0.05Kinnevik Investment 2,000 92,642 0.06Nordea Bank 13,200 177,779 0.11Sandvik 4,800 67,748 0.04Skandinaviska Enskilda Banken 6,400 84,402 0.05Skanska 3,600 73,653 0.05SKF 2,500 65,667 0.04Svenska Cellulosa 2,800 86,233 0.05



(continued)

215MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)Sweden (continued)Svenska Handelsbanken 2,100 103,290 0.07Swedbank -A- 4,100 115,481 0.07Swedish Match 2,000 64,335 0.04Telefonaktiebolaget LM Ericsson 13,500 164,898 0.10TeliaSonera 12,300 102,459 0.07Volvo 6,600 86,731 0.06

–––––––––––– –––––––1,992,331 1.27

SwitzerlandABB 9,250 244,108 0.16ACE 1,500 155,265 0.10Actelion 1,000 84,669 0.05Adecco 950 75,361 0.05Aryzta 1,000 76,798 0.05Baloise Holding 600 76,573 0.05Cie Financiere Richemont 2,200 219,419 0.14Credit Suisse Group 6,650 203,908 0.13Geberit 250 76,039 0.05Givaudan 50 71,569 0.05Glencore International 50,900 263,616 0.17Holcim 950 71,302 0.04Julius Baer Group 1,450 69,830 0.04Kuehne & Nagel International 550 72,356 0.05Nestle 15,080 1,106,392 0.70Novartis 10,756 860,504 0.55Pentair 1,000 77,640 0.05Roche 3,285 920,103 0.59Schindler Holding 450 66,386 0.04SGS 50 115,196 0.07Sonova Holding 550 74,211 0.05Swatch Group 600 67,465 0.04Swatch Group BR 100 66,228 0.04Swiss Life Holding 324 67,398 0.04Swiss Re 1,300 119,863 0.08Swisscom 150 79,389 0.05Syngenta 476 190,057 0.12TE Connectivity 1,800 99,162 0.06Transocean 1,550 75,552 0.05Tyco International 2,200 90,266 0.06UBS 16,550 314,680 0.20Weatherford International 4,300 66,564 0.04Wolseley 1,258 71,362 0.05Zurich Insurance Group 600 174,262 0.11

–––––––––––– –––––––6,463,493 4.12

United Kingdom3i Group 12,000 76,538 0.05Aberdeen Asset Management 10,800 88,561 0.06Aggreko 225 6,369 0.00AMEC 3,584 64,465 0.04Anglo American 6,900 150,851 0.10Aon 1,100 92,268 0.06ARM Holdings 5,600 101,747 0.07Associated British Foods 2,200 89,090 0.06AstraZeneca 5,700 337,455 0.22



(continued)

216MGI Funds plc


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



(continued)

217MGI Funds plc


Financial assets at fair value through profit or loss (continued)Transferable securities (continued)Equities (continued)United Kingdom (continued)Royal Dutch Shell - B Shares 11,600 437,949 0.28RSA Insurance Group 35,900 54,346 0.03SABMiller 4,500 230,823 0.15Scottish & Southern Energy 3,800 86,098 0.06Severn Trent 2,400 67,774 0.04Smith & Nephew 5,400 76,961 0.05Smiths Group 3,100 75,937 0.05Standard Chartered 11,400 256,785 0.16Standard Life 12,000 71,411 0.05Subsea 7 3,300 63,151 0.04Tesco 40,114 222,138 0.14Travis Perkins 2,400 74,293 0.05Tullow Oil 4,300 60,892 0.04Unilever 5,700 234,316 0.15United Utilities Group 6,100 67,842 0.04Vodafone Group 221,000 867,493 0.55Weir Group 1,800 63,560 0.04Whitbread 1,300 80,634 0.05WM Morrison Supermarkets 15,300 66,114 0.04WPP 5,300 121,050 0.08

–––––––––––– –––––––13,581,540 8.65

United States of America3M 3,000 420,690 0.27Abbott Laboratories 7,100 272,143 0.17AbbVie 7,100 374,880 0.24Activision Blizzard 3,800 67,716 0.04Adobe Systems 2,000 119,740 0.08ADT 1,700 68,799 0.04Advance Auto Parts 500 55,350 0.04AES 5,000 72,450 0.05Aetna 1,500 102,855 0.07Affiliated Managers Group 400 86,764 0.06Aflac 2,300 153,617 0.10Agilent Technologies 1,400 80,066 0.05Air Products & Chemicals 1,000 111,770 0.07Airgas 600 67,086 0.04Akamai Technologies 1,300 61,334 0.04Alcoa 8,100 86,022 0.05Alexion Pharmaceuticals 900 119,691 0.08Alleghany 100 40,015 0.03Allergan 1,400 155,512 0.10Alliance Data Systems 300 78,882 0.05Allstate 2,200 119,966 0.08Altera 1,800 58,536 0.04Altria Group 9,300 356,934 0.23Amazon.com 1,800 716,904 0.46Ameren 1,900 68,704 0.04American Capital Agency 3,100 59,799 0.04American Electric Power 2,200 102,806 0.07American Express 4,400 399,168 0.25American International Group 6,500 331,825 0.21American Tower 1,800 143,622 0.09American Water Works 1,200 50,688 0.03Ameriprise Financial 900 103,536 0.07



(continued)

218MGI Funds plc


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



(continued)

219MGI Funds plc


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



(continued)

220MGI Funds plc


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



(continued)

221MGI Funds plc


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



(continued)

222MGI Funds plc


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



(continued)

223MGI Funds plc


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



(continued)

224MGI Funds plc


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



(continued)

225MGI Funds plc


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



(continued)

226MGI Funds plc


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

–––––––––––– –––––––79,179,759 50.51



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


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



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

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

–––––––––––– –––––––Total futures contracts 237,287 0.15





(continued)

227MGI Funds plc


Financial liabilities at fair value through profit or lossOpen forward foreign currency contractsAUD 1* 397,775 USD 366,991 24/01/2014 (11,613) (0.01)CAD 1* 456,160 USD 433,361 24/01/2014 (4,259) (0.00)JPY 1* 73,755,000 USD 733,359 24/01/2014 (31,573) (0.02)USD 1* 33,297 CHF 30,000 24/01/2014 (440) (0.00)USD 1* 492,953 EUR 363,640 24/01/2014 (8,119) (0.01)USD 1* 370,411 GBP 229,165 24/01/2014 (9,092) (0.01)





Cash 5,834,557 3.72




total assetsTransferable securities and money market instruments admitted to an official stock exchange listing or traded on regulated market 95.90OTC financial derivative instruments 0.19Other current assets 3.91

–––––––100.00

––––––––––––––


Reference Counterparty1* State Street Bank and Trust2* Goldman Sachs



(continued)

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7)––

––––

––––

––

15,21

4,305

––––

––––

––––

––––

––––

––––

MGI

Euro

Cas

hFu

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6,723

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166,7

9127

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198,2

29,54

6 - - - -––

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5,147

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(52,8

38) - -

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38)

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––––

205,0

94,29

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––––

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––––

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––

MGI

Euro

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Equi

ty F

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3,306

,271 -

198,3

362,8

7127

3,042 - -

159,9

31,69

8 - - -––

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3,712

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(105

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(292

,317)

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(397

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––––

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163,3

14,39

5––

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––––

––––

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––––

––

MGI

Glob

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US$

19,89

9 - - -55

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4,823

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683,6

35 -––

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82,26

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5,577

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––––

––––

––––

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MGI

Glob

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Fun

dUS

$

21,22

9,071

20,37

5,179

7,272

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1,328

,266 -

63,01

9,976

1,153

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26 - -15

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37––

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81,51

7,075

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(3,81

0,903

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49,34

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44)

(12,4

61,84

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(18,7

22,83

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1,262

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37––

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MGI

Japa

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14,14

3,843 -

767,1

13 -65

4,881 - -

1,577

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93,54

3,737

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(1,11

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15,79

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(1,52

8,834

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1,592

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MGI

Pacif

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US$

399,8

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11,09

7 - -

12,92

3,472 - - -

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13,35

4,325

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(7,96

8) - -––

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(7,96

8)––

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13,34

6,357

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MGI

UK B

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Fund GB

£

1,949

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242,5

86 -1,8

471,5

76,01

3 - -

104,8

31,40

5 -4,4

40,54

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5,113

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113,2

27,25

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(231

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112,9

44,38

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MGI

UK C

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Fund GB

£

324,1

23 - - -6,9

67 - - - -11

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02 -––

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92––

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11,60

8,104

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––––

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MGI

UK E

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Fund GB

£

1,830

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7,868 -

337,6

42 - -

107,0

95,60

5 - - -––

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9,271

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(35,8

42)

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(102

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109,1

69,31

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MGI

U.S.

Equ

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1,398

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86,26

3 -40

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72,88

3,421 - - -

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74,40

8,430

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65) -

(35,9

60)

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(77,8

25)

––––

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74,33

0,605

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––––

––––

––––

MGI

UK In

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Fun

dGB

£

3,019

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81,19

41,2

59,72

8 - -

502,9

67,89

9 - - -––

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7,328

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(215

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(215

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507,1

12,79

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229MGI Funds plc

MGI

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Subs

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Othe

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UK L

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Fund GB

£

457,9

96 - - -36

4,886 - -

51,40

5,317 - - -

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52,22

8,199

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(30,3

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(30,3

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52,19

7,800

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MGI

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41,59

4,893

746,1

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930,1

69,62

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0,192

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3,154

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1,167

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8,631

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1,159

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22––

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Merc

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Small

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US$

19,03

7,495 -

7,371

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424,4

98 - -

854,4

79,07

6 - -2,3

66––

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1,314

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(312

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72,76

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59,57

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867,9

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Merc

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94,68

6,880 -

73,86

3 -1,2

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1 - -

955,5

56,06

0 -13

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403,6

97,54

6––

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68,22

7,990

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(979

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4,983

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1,065

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Merc

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10,05

7,271

6,317

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4,489

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469,0

85 -47

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8,501

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2,670

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859,5

10,92

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(246

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858,4

85,41

3––

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MGI

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2,881

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26,34

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3,526 -

378,2

59 - -

307,8

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9 -13

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312,0

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31,97

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310,5

18,46

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32,06

4,039

297,4

199,2

16,78

9 -14

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798,6

61,21

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8,776

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863,1

63,82

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(3,98

2,520

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(485

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9,909

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3,103

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855,5

00,72

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Merc

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12,73

9,559

1,519

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3,787

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246,5

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2 - -4,3

78,57

7––

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8,925

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(404

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(168

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268,3

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Merc

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662,3

242,0

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4 -1,8

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1,879

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2,938

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195,8

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Fund US

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12,63

7,102

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69,95

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3,722

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5,457

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156,8

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222,3

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7,659

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230MGI Funds plc

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5,484

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2,887

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40,77

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39,67

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7,946

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14,7

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5,72

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3,04

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531,

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GB£ 78

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6,72

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33,9

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98,6

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451,

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32,

229,

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107,

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112,

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107,

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2,78

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742

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36,9

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1,63

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246MGI Funds plc

1. Accounting policies

With the exception of the policies outlined below, which apply for the first time this period, the accounting policies andcalculation methods applied are consistent with those of the annual audited financial statements for the year ended 30June 2013, as described in those financial statements.

Cross holdings within the Company

For the purposes of producing the combined financial statements, investments by Sub-Funds within the Company in theshares of other Sub-Funds within the Company, also known as "Cross Investments" must be eliminated in order to preventdouble counting.

In preparing the Combined Balance Sheet, the value of financial assets at fair value through profit or loss of each of theSub-Funds as recognised on each respective Sub-Fund's Balance Sheet is reduced by the value of its Cross Investmentas at 31 December 2013. In preparing the combined Profit and Loss Account, the Net gain/(loss) on financial assets atfair value through profit or loss, is reduced by the amount of realised and unrealised gains and losses earned during theperiod.

The total amount of adjustments made to the combined Balance Sheet and the combined Profit and Loss Account aredisclosed in Note 3.

Distributions

Distributions on Distributing Share Classes with an ex date during the financial period are included as a finance cost inthe Profit and Loss Account. Details of distributions made during the period are included in Note 10.

a) Basis of Preparation

These condensed interim financial statements have been prepared in accordance with the ASB Statement: Half YearlyFinancial Reports. These condensed interim financial statements should be read in conjunction with the annual auditedfinancial statements for the year ended 30 June 2013, which have been prepared in accordance with accountingstandards generally accepted in Ireland ("Irish GAAP") and in accordance with the Irish Statute comprising theCompanies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investment in TransferableSecurities) Regulations, 2011 (as amended).

Certain comparative figures have been restated to conform with the current period's presentation.

2. Fees and expenses

The Manager is responsible for the payment of the Investment Manager’s fee and the Distributor’s fee (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 Global Buy & Maintain Credit Fund, Short Duration Global Bond Fund 1, Short Duration Global Bond Fund 2 andMercer Passive Global Equity Fund which are paid out of the assets of the respective Sub-Fund. The Company shall alsoreimburse the Custodian out of the assets of the relevant Sub-Fund for the reasonable fees and customary agent’scharges paid by the Custodian to any Sub-Custodian together with any VAT if any, thereon. The aggregate fees andexpenses of the Manager, Administrator, Custodian, Distributor, Investment Manager and Investment Advisers will notexceed 3% per annum of the net assets. Investments by Sub-Funds of the Company into funds also managed by theInvestment Manager are not charged an investment management fee at the level of the underlying fund, therebyensuring that there is no double charging of fees by the Investment Manager.

The Manager has undertaken to limit the annual expenses through the use of a Voluntary Cap for each class launchedwithin the Sub-Funds as at 31 December 2013 as a percentage of net assets as follows:

MGI Funds plc NNootteess ttoo tthhee FFiinnaanncciiaall SSttaatteemmeennttssffoorr tthhee ppeerriioodd eennddeedd 3311 DDeecceemmbbeerr 22001133

247MGI Funds plc

2. Fees and expenses (continued)

Share Class Management Voluntary MaximumSub-Fund Description Fee Cap Fee

MGI Emerging Markets Equity Fund Class I-1 €, Class I-1 £ 0.75% 1.05% 3.00%Class M-1 €, Class M-1 £ 0.95% 1.25% 3.00%Class M-2 € 1.05% 1.35% 3.00%Class M-3 £ 1.15% 1.45% 3.00%Class M-4 € 1.25% 1.55% 3.00%Class M-5 £, Class M-5 $ 1.35% 1.65% 3.00%Class M-7 €, Class M-7 £ 0.85% 1.15% 3.00%Class Z-1 £ 0.00% 0.30% 3.00%Class Z-1 € 0.00% 0.30% 3.00%

MGI Euro Bond Fund Class I-1 € 0.35% 0.49% 3.00%Class M-1 € 0.55% 0.69% 3.00%Class M-5 € 0.95% 1.09% 3.00%Class M-7 € 0.45% 0.59% 3.00%

MGI Euro Cash Fund Class I-1 € 0.20% 0.34% 3.00%Class M-1 € 0.40% 0.54% 3.00%Class M-5 € 0.80% 0.94% 3.00%Class M-7 € 0.30% 0.44% 3.00%Class M-8 € 0.13% 0.27% 3.00%Class Z-1 € 0.00% 0.14% 3.00%

MGI Eurozone Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class M-2 € 0.80% 0.94% 3.00%Class M-7 € 0.60% 0.74% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Global Bond Fund Class I-1 €, Class I-1 £, Class I-1 $ 0.35% 0.49% 3.00%Class M-1 € 0.55% 0.69% 3.00%

MGI Global Equity Fund Class I-1 €, Class I-1 £ 0.65% 0.79% 3.00%Class M-1 €, Class M-1 £ 0.75% 0.89% 3.00%Class M-1 € Hedged 0.70% 0.84% 3.00%Class M-2 €, Class M-2 £ 0.80% 0.94% 3.00%Class M-2 £ Hedged 0.75% 0.89% 3.00%Class M-3 € Hedged, Class M-3 £ Hedged 0.80% 0.94% 3.00%Class M-4 £ 0.95% 1.09% 3.00%Class M-4 £ Hedged 1.30% 1.44% 3.00%Class M-5 £ 1.00% 1.14% 3.00%Class M-7 €, Class M-7 £ 0.60% 0.74% 3.00%Class M-7 € Hedged 0.65% 0.79% 3.00%Class M-9 £ 1.30% 1.44% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

MGI Japanese Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI Pacific Basin (Ex Japan) Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%


((ccoonnttiinnuueedd))

248MGI 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-4 £ 0.70% 0.84% 3.00%Class M-7 £ 0.30% 0.44% 3.00%

MGI UK Equity Fund Class I-1 €, Class I-1 £ 0.50% 0.64% 3.00%Class M-1 €, Class M-1 £ 0.70% 0.84% 3.00%Class M-2 £ 0.80% 0.94% 3.00%Class M-7 £ 0.60% 0.74% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI U.S. Equity Fund Class I-1 € 0.50% 0.64% 3.00%Class M-1 € 0.70% 0.84% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Inflation Linked Bond Fund Class M-1 £, Class M-1 £ Distributing 0.35% 0.49% 3.00%Class M-4 £ 0.65% 0.79% 3.00%Class M-6 £ 1.15% 1.29% 3.00%Class M-7 £ 0.45% 0.59% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%

MGI UK Long Gilt Fund Class I-1 £ 0.35% 0.40% 3.00%Class M-2 £ 0.65% 0.70% 3.00%Class M-3 £ 0.75% 0.80% 3.00%Class M-6 £ 1.35% 1.40% 3.00%Class M-7 £ 0.45% 0.50% 3.00%

MGI Emerging Markets Debt Fund Class M-2 £ 0.95% 1.09% 3.00%Class M-3 €, Class M-3 £ 1.10% 1.24% 3.00%Class M-4 £ 1.25% 1.39% 3.00%Class Z-1 €, Class Z-1 £ 0.00% 0.14% 3.00%

Mercer Global Small Cap Equity Fund Class M-3 £ 1.10% 1.24% 3.00%Class M-4 € 1.20% 1.34% 3.00%Class M-5 £ 1.30% 1.44% 3.00%Class Z-1 € 0.00% 0.14% 3.00%

Mercer Low Volatility Equity Fund Class M-3 €, Class M-3 £ 1.00% 1.14% 3.00%Class M-5 £, Class M-5 $ 1.20% 1.34% 3.00%Class Z-1 £ 0.00% 0.14% 3.00%Class Z-1 € 0.00% 0.14% 3.00%Class M-3 £ Hedged 1.05% 1.19% 3.00%Class M-5 £ Hedged 1.25% 1.39% 3.00%



249MGI 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-6 € Hedged 0.45% n/a 3.00%Class Z-1 € 0.00% n/a 3.00%Class M-10 $ 0.80% n/a 3.00%Class M-12 £ 1.10% n/a 3.00%

MGI DAM Multi-Manager Global Equity Fund Class M-5 $ 0.85% n/a 3.00%Class M-2 NOK 2.00% n/a 3.00%

Mercer Global High Yield Bond Fund Class M-1£ 0.70% 0.90% 3.00%Class M-1 £ Hedged 0.75% 0.95% 3.00%Class M-2 £, Class M-2 £ Distributing 0.80% 1.00% 3.00%Class M-2 £ Hedge Distributing 0.80% 1.00% 3.00%Class M-2 £ Hedged 0.85% 1.05% 3.00%Class M-3 £ 0.95% 1.15% 3.00%Class M-3 £ Hedged, Class M-3 € Hedged 1.00% 1.20% 3.00%Class M-4 £, Class M-4 $ 1.15% 1.35% 3.00%Class M-4 £ Hedged 1.20% 1.40% 3.00%Class Z-1 € Hedged 0.00% 0.20% 3.00%Class Z-1 AUD Hedged 0.00% 0.20% 3.00%

Mercer Short Duration Global Bond Fund 1 Class M-1 NOK Hedged 0.30% 0.44% 3.00%Class M-2 € Hedged 0.40% 0.54% 3.00%

Mercer Short Duration Global Bond Fund 2 Class M-1 € Hedged 0.20% 0.34% 3.00%Class M-1 NOK Hedged 0.20% 0.34% 3.00%Class M-2 € Hedged 0.35% 0.49% 3.00%

Mercer Global Buy & Maintain Credit Fund Class M-1 £ Hedged 0.30% 0.44% 3.00%Class M-1 € Hedged 0.30% 0.44% 3.00%Class Z-1 € Hedged 0.00% 0.14% 3.00%

Mercer Passive Global Equity Fund Class Z-1 $ 0.00% 0.05% 3.00%

To achieve this Voluntary Cap, the Manager will absorb, either directly by waiving a portion of its fees or 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 to 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.

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 period the Manager earns a management fee and a performance fee as outlined in Note 2. As further outlinedin Note 2, the Manager had undertaken to limit the annual expenses for each class through the use of a Voluntary Cap.The Manager’s fee as per the Profit and Loss Account is the offset of the fund reimbursement against the Managementfee. The following table details the amounts of management fees, performance fees and the total reimbursement under theVoluntary Cap for the period as well as the amount outstanding at the period end.



250MGI Funds plc

3. Related parties (continued)

Transactions with entities with significant influence (continued)

Period ended Year ended Period ended31 December 2013 30 June 2013 31 December 2012

€ € €

Management fees 25,221,190 44,445,766 21,435,796Management fees payable 4,483,517 3,654,207 3,766,713Performance fee - - -Performance fee payable - - -Voluntary Cap reimbursement 30,127 53,739 16,735

The following table details the total reimbursement under the Voluntary Cap per Sub-Fund:

Period ended Year ended Period endedVoluntary Cap Reimbursement 31 December 2013 30 June 2013 31 December 2012

MGI Emerging Markets Equity Fund - - -MGI Euro Bond Fund € 6,676 € 10,120 € 2,037MGI Euro Cash Fund - - -MGI Eurozone Equity Fund - - -MGI Global Bond Fund US$ 9,941 US$ 12,899 $1,028MGI Global Equity Fund - - -MGI Japanese Equity Fund ¥ 1,741,303 ¥ 3,629,486 ¥ 1,411,956MGI Pacific Basin (Ex Japan) Equity Fund US$ 2,136 US$ 2,179 US$ 81MGI UK Bond Fund - - -MGI UK Cash Fund - - -MGI UK Equity Fund - - -MGI U.S. Equity Fund - US$ 321 US$ 321MGI UK Inflation Linked Bond Fund - - -MGI UK Long Gilt Fund - - -MGI Emerging Markets Debt Fund - - -Mercer Global Small Cap Equity Fund - - -Mercer Low Volatility Equity Fund - - -Mercer Diversified Growth Fund - - -MGI DAM Multi-Manager Global Equity Fund - - -Mercer Global High Yield Bond Fund - - -Mercer Short Duration Global Bond Fund 1 - - -Mercer Short Duration Global Bond Fund 2 - US$ 38 -Mercer Global Buy & Maintain Credit Fund - - -Mercer Passive Global Equity Fund US$ 2,174 - -

Transactions with key management personnel

The disclosure relating to Directors’ fees is included in Note 8. Michael Dempsey is business leader of Mercer GlobalInvestments Europe Limited, the Investment Manager. Tom Geraghty was appointed as a Director of the Manager on 24October 2013 and is the Chief Executive Officer of Mercer (Ireland) Limited having assumed this role on 1 July 2013.The Manager and Investment Manager are related to Mercer (Ireland) Limited as all three entities are all wholly ownedsubsidiaries of Mercer Ireland Holdings Limited (the “Parent”).



251MGI Funds plc


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 Investment Manager. MGI Funds plc is further related to these Mercer Funds by virtueof the fact that they have common Directors and Promoter. At the period end, the following related parties held interestsin Sub-Funds of the Company:

Number ofshares held Underlying Fair value

Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 Decemberrelated party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 2013 Currency 2013 Purchases Sales

MGI EurozoneEquity Fund MGI Equity Fund Z - 1 € 58,508 € 7,585,582 184,596 629,713

MGI Global (ex UK) Equity Fund Z - 1 £ 11,190 US$ 2,803,785 - 150,295

MGI Global Equity Fund MGI Equity Fund Z - 1 € 51,004 € 9,837,686 401,840 -MGI UK Growth Fund Z - 1 £ 47,817 GB£ 6,725,014 307,671 -MGI UK High Growth Fund Z - 1 £ 96,346 GB£ 13,550,135 - -MGI UK Moderate Growth Fund Z - 1 £ 5,375 GB£ 756,005 50,049 -

MGI JapaneseEquity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,095 US$ 1,159,152 70,287 70,184

MGI Pacific Basin(Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,419 US$ 1,162,267 126,431 -

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 167,040 GB£ 26,183,532 432,242 -MGI UK Growth Fund Z - 1 £ 25,415 GB£ 3,983,761 403,176 -MGI UK Moderate Growth Fund Z - 1 £ 6,000 GB£ 940,553 126,589 -

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 41,925 GB£ 5,627,538 272,973 -MGI UK High Growth Fund Z - 1 £ 83,489 GB£ 11,206,662 - 107,319MGI UK Moderate Growth Fund Z - 1 £ 4,713 GB£ 632,666 41,462 912

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z - 1 £ 63,077 GB£ 8,691,986 324,376 -

MGI UK Moderate Growth Fund Z - 1 £ 2,917 GB£ 401,951 60,544 -

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z - 1 £ 10,385 US$ 2,819,253 80,007 56,247

MGI DiversifiedGrowth Fund MGI Balanced Managed Fund Z - 1 € 221,551 € 27,133,369 - -

MGI Emerging MarketsDebt Fund MGI Balanced Managed Fund Z - 1 € 30,614 € 2,651,130 - -

Mercer Global Buy& Maintain Credit Fund MGI Balanced Managed Fund Z - 1 € Hedged 31,120 € 3,114,772 - -

Mercer Enhanced Yield Fund Z - 1 € Hedged 901,837 € 90,264,907 1,000,000 -

Mercer Global High YieldBond Fund Mercer Balanced Managed Fund Z - 1 € Hedged 23,538 € 2,618,551 - -

Mercer Enhanced Yield Fund Z - 1 € Hedged 1,159,688 € 129,015,288 - -



252MGI Funds plc


Other related party transactions (continued)


Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 Decemberrelated party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 2013 Currency 2013 Purchases Sales

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 33,417 € 4,458,478 - 450,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 139,387 € 15,388,328 - 600,000

Mercer Dynamic Asset Allocation Fund Z - 1 £ 246,224 GB£ 29,020,001 10,920,000 11,973,000

MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 89,085 € 8,077,381 2,340,526 -


MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 168,379 GB£ 15,440,360 6,870,000 5,113,000

Mercer Short Duration Global Bond Fund 2 Mercer LS Managed Fund M-1 € Hedged 62,705 US$ 6,284,254 - 6,276,723


Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 Decemberrelated party Investor (Sub-Fund of Mercer QIF CCF) Class 2013 Currency 2013 Purchases Sales

MGI UK Cash Fund Mercer High Income UK Property Fund I -1 £ 62,281 GB£ 7,065,778 - -

30 June 2013

Number of UnderlyingSub-Fund with Related Party Investor Share* shares held Sub-Fund Fair valuerelated party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

MGI EurozoneEquity Fund MGI Equity Fund Z - 1 € 62,664 € 6,718,828 398,840 773,984

MGI Global (ex UK) Equity Fund Z - 1 £ 11,841 US$ 2,314,684 157,039 1,551,200

MGI Global Equity Fund MGI Equity Fund Z - 1 € 48,876 € 8,462,471 939,732 871,853MGI UK Growth Fund Z - 1 £ 45,575 GB£ 5,926,566 1,963,750 9,560,199MGI UK High Growth Fund Z - 1 £ 96,346 GB£ 12,528,865 149,543 717,635MGI UK Moderate Growth Fund Z - 1 £ 5,007 GB£ 651,116 40,780 69,338

MGI JapaneseEquity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,088 US$ 1,063,175 217,773 677,962

MGI Pacific Basin(Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,026 US$ 949,878 77,034 585,283

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 164,301 GB£ 25,555,334 1,064,477 776,720MGI UK Growth Fund Z - 1 £ 22,860 GB£ 3,555,629 2,526,183 8,016,704MGI UK Moderate Growth Fund Z - 1 £ 5,227 GB£ 818,053 128,320 53,721

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 39,734 GB£ 4,721,612 1,750,027 8,030,821MGI UK High Growth Fund Z - 1 £ 84,328 GB£ 10,020,656 64,553 474,318MGI UK Moderate Growth Fund Z - 1 £ 4,396 GB£ 522,376 18,843 74,833



253MGI Funds plc



30 June 2013 (continued)

Number of UnderlyingSub-Fund with Related Party Investor Share* shares held Sub-Fund Fair valuerelated party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z - 1 £ 60,739 GB£ 8,405,107 298,028 42,658

MGI UK Moderate Growth Fund Z - 1 £ 2,481 GB£ 343,380 69,338 37,676

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z - 1 £ 10,286 US$ 2,376,646 160,185 1,335,619

MGI DiversifiedGrowth Fund MGI Balanced Managed Fund Z - 1 € 221,551 € 26,140,820 2,708,817 -

MGI Emerging MarketsDebt Fund MGI Balanced Managed Fund Z - 1 € 30,614 € 2,881,650 3,061,351 -

Mercer Global Buy& Maintain Credit Fund MGI Balanced Managed Fund Z - 1 € Hedged 31,120 € 3,066,848 3,135,000 -

Mercer Enhanced Yield Fund Z - 1 € Hedged 891,851 € 87,891,955 89,700,000 -

Mercer Global High YieldBond Fund Mercer Balanced Managed Fund Z - 1 € Hedged 23,538 € 2,458,731 2,449,081 -

Mercer Enhanced Yield Fund Z - 1 € Hedged 1,159,688 € 121,141,007 120,600,000 -

Number of UnderlyingSub-Fund with Related Party Investor Share* shares held Sub-Fund Fair valuerelated party Investor (Sub-Fund of Mercer QIF Fund Plc) Class 30 June 2013 Currency 30 June 2013 Purchases Sales

Mercer Global Small Cap Equity Fund Mercer LS Managed Fund Z - 1 € 36,947 € 4,314,650 4,236,190 200,000

Mercer Low Volatility Equity Fund Mercer LS Managed Fund Z - 1 € 144,932 € 15,170,047 14,817,137 350,000


MGI Emerging Markets Equity Fund Mercer LS Managed Fund Z - 1 € 63,511 € 5,843,020 6,351,109 -


MGI Emerging Markets Debt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 152,657 GB£ 15,676,351 16,359,137 914,051

Number of UnderlyingSub-Fund with Related Party Investor Share* shares held Sub-Fund Fair valuerelated party Investor (Sub-Fund of Mercer QIF CCF) Class 30 June 2013 Currency 30 June 2013 Purchases Sales




254MGI Funds plc



30 June 2012


Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 Decemberrelated party Investor (Sub-Fund of Mercer PIF Fund Plc) Class 2012 Currency 2012 Purchases Sales

MGI EurozoneEquity Fund MGI Equity Fund Z - 1 € 63,521 € 6,430,204 - 2,937

MGI Global (ex UK) Equity Fund Z - 1 £ 12,367 US$ 2,315,200 - 7,877

MGI Global Equity Fund MGI Equity Fund Z - 1 € 50,465 € 8,092,579 4,020 1,715MGI UK Growth Fund Z - 1 £ 47,029 GB£ 5,364,124 3,819 -MGI UK High Growth Fund Z - 1 £ 99,343 GB£ 11,331,069 660 2,364MGI UK Moderate Growth Fund Z - 1 £ 5,591 GB£ 637,673 204 177

MGI JapaneseEquity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 7,735 US$ 984,972 1,230 4,253

MGI Pacific Basin(Ex Japan) Equity Fund MGI Global (ex UK) Equity Fund Z - 1 £ 3,035 US$ 1,002,179 - 1,693

MGI UK Bond Fund MGI UK Defensive Fund Z - 1 £ 161,068 GB£ 25,648,399 - 1,385MGI UK Growth Fund Z - 1 £ 20,342 GB£ 3,239,231 2,090 -MGI UK Moderate Growth Fund Z - 1 £ 5,062 GB£ 806,016 398 54

MGI UK Equity Fund MGI UK Growth Fund Z - 1 £ 40,429 GB£ 4,322,710 2,158 295MGI UK High Growth Fund Z - 1 £ 86,479 GB£ 9,246,288 - 1,521MGI UK Moderate Growth Fund Z - 1 £ 4,756 GB£ 508,481 - 135

MGI UK Inflation Linked Bond Fund MGI UK Defensive Fund Z-1 £ 58,921 GB£ 8,075,729 - -

MGI UK Moderate Growth Fund Z-1 £ 2,536 GB£ 347,551 386 91

MGI U.S. Equity Fund MGI Global (ex-UK) Equity Fund Z-1 £ 10,916 US$ 2,239,246 557 5,766

Mercer Global High YieldBond Fund Mercer Enhanced Yield Fund Z-1 € Hedged 139,160 € 14,277,816 139,160 -



MGI EurozoneEquity Fund Mercer LS Managed Fund Z - 1 € 51,437 € 5,207,003 - -

MGI Euro Cash Fund Mercer LS Managed Fund Z - 1 € 5,646 € 635,654 - 8,882

MGI Global Equity Fund Mercer LS Managed Fund Z - 1 € 348,410 US$ 55,871,096 - 11,947

Mercer Low VolatilityEquity Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 391,222 US$ 39,086,956 391,222 -



255MGI Funds plc



31 December 2012 (continued)



MGI Emerging MarketsEquity Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 596,959 GB£ 62,919,484 596,959 -

MGI Emerging MarketsDebt Fund Mercer Dynamic Asset Allocation Fund Z - 1 £ 138,864 GB£ 14,314,078 138,864 -


Sub-Fund with Related Party Investor Share* 31 December Sub-Fund 31 Decemberrelated party Investor (Sub-Fund of Mercer QIF CCF) Class 2012 Currency 2012 Purchases Sales


*There are no management fees charged on Class Z-1€ or Class Z-1£ share classes.

All of the above transactions are carried out on normal commercial terms, negotiated at arms length and in the bestinterest of the shareholder.

The MGI U.S. Equity Fund held 5,492 shares in State Street with a market value of US$ 403,113. The Mercer Low VolatilityEquity Fund held 46,584 shares in State Street with a market value of US$ 3,419,266. State Street is the parent companyof the Administrator and Custodian.

Cross holdings within the Company

The Mercer Diversified Growth Fund held a cross holding of 1,481,568 shares in the Mercer Passive Global Equity Fundat 31 December 2013. The cost of this holding at the period end date was US$ 148,500,000 and the market value wasUS$ 156,942,490. Purchases of this investment during the period amounted to US$ 148,500,000. There were no sales.The unrealised appreciation on this investment at 31 December 2013 amounted to US$ 8,442,490. These amounts havebeen eliminated on combination.

Connected party transactions

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

The Board of Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) inplace, to ensure that the obligations set out in paragraph one of UCITS 14.5 are applied to all transactions withconnected parties; the Board is satisfied that the transactions with connected parties entered into during the periodcomplied with the obligations set out in this paragraph.

Shareholders of the Company

See Note 7 for details of significant Shareholders in the Company.



256MGI Funds plc

4. Taxation

The Company is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. TheCompany will not be liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event.Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or onthe ending of a “Relevant Period”. A “Relevant Period” being an eight year period beginning with the acquisition of theshares by the Shareholder and each subsequent period of eight years beginning immediately after the precedingRelevant Period.

A gain on a chargeable event does not arise in respect of:

(i) a shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event,provided the necessary signed statutory declarations are held by the Company; or

(ii) certain exempted Irish resident investors who have provided the Company with the necessary signed statutorydeclarations; or

(iii) any transactions in relation to shares held in a recognised clearing system as designated by order of the RevenueCommissioners of Ireland; or

(iv) an exchange of shares representing one Sub-Fund for another Sub-Fund of the Company; or

(v) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with anothercompany; or

(vi) certain exchanges of shares between spouses and former spouses.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeableevent.

There were no chargeable events during the period under review.

Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin andsuch taxes may not be recoverable by the Company or its Shareholders.

5. Financial Instruments and Associated Risks

The Company’s financial risk management objectives and policies are consistent with those disclosed in the Company’sfinancial statements for the year ended 30 June 2013.

Fair Value of Financial Assets and Liabilities

The majority of the financial assets of the Company are held at fair value with the exception of Money Market 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.

FRS 29 requires the Company to classify assets and liabilities in fair value hierarchy that reflects the significance of theinputs used in making the measurements. FRS 29 establishes a fair value hierarchy that prioritises the inputs to valuationtechniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in activemarkets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3measurements). The three levels of the fair value hierarchy under FRS 29 are as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly(that is, as prices) or indirectly (that is, derived from prices);

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).



257MGI Funds plc

5. Financial Instruments and Associated Risks (continued)

Fair Value of Financial Assets and Liabilities (continued)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is 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.

There were no significant transfers between levels during the period.

A new Fund, Mercer Passive Global Equity Fund was launched on 8 October 2013. The investments of the MercerPassive Global Equity Fund are valued in accordance with the levels as disclosed in the financial statements for the yearended 30 June 2013, with no exceptions.

6. Cash and cash at broker balances

All cash and overdraft balances as at 30 June 2013 are held with State Street Bank, London which holds a credit ratingof A+ at the period end (30 June 2013: A+). Cash held in U.S. Dollar bank accounts with State Street automaticallytransfer into overnight deposit accounts held by State Street Cayman Trust Company Ltd., Cayman Islands.

Margin cash balances at 31 December 2013 were as follows:

CounterpartyGoldman Sachs MGI Global Equity Fund US$ 20,375,179UBS MGI UK Bond Fund GB£ 220,808Goldman Sachs MGI Emerging Markets Debt Fund US$ 346,184Goldman Sachs Mercer Diversified Growth Fund US$ 6,317,085UBS MGI DAM Multi-Manager Global Equity Fund US$ (399)Deutsche Bank Mercer Global High Yield Bond Fund US$ (291,780)J.P. Morgan Mercer Short Duration Global Bond Fund 1 US$ 1,519,743Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ (105,790)Goldman Sachs Mercer Passive Global Equity Fund US$ 376,789

Margin cash balances at 30 June 2013 were as follows:

CounterpartyGoldman Sachs MGI Global Equity Fund US$ 12,296,307Royal Bank of Scotland MGI UK Bond Fund GB£ 220,808Goldman Sachs MGI U.S. Equity Fund US$ 131,676Goldman Sachs MGI Emerging Markets Debt Fund US$ 255,240Goldman Sachs Mercer Diversified Growth Fund US$ 881,595UBS MGI DAM Multi-Manager Global Equity Fund US$ 102,903J.P. Morgan Mercer Short Duration Global Bond Fund 1 US$ 885,565Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 40,999

Margin cash balances at 31 December 2012 were as follows:

Counterparty Goldman Sachs MGI Global Equity Fund US$ 11,502,391Royal Bank of Scotland MGI UK Bond Fund GB£ 99,864Goldman Sachs MGI U.S. Equity Fund US$ 69,811Goldman Sachs Mercer Diversified Growth Fund US$ 1,814,677JP Morgan Mercer Short Duration Bond Fund 1 US$ 109,021



258MGI Funds plc

6. Cash and cash at broker balances (continued)

Collateral

Cash collateral

The following collateral amounts were held with or received from the below counterparties as at 31 December 2013:

CounterpartyGoldman Sachs MGI Emerging Markets Debt Fund US$ 120,000Bank of Amercia MGI Emerging Markets Debt Fund US$ 280,000Deutsche Bank Mercer Global High Yield Bond Fund US$ 297,418Credit Suisse Mercer Global High Yield Bond Fund US$ (710,000)Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 1,302,000Bank of America Mercer Short Duration Global Bond Fund 2 US$ 580,000Citigroup Mercer Short Duration Global Bond Fund 2 US$ 75,000UBS Mercer Short Duration Global Bond Fund 2 US$ (10,000)Deutsche Bank Mercer Global Buy & Maintain Credit Fund US$ (270,000)

The following collateral amounts were held with or received from the below counterparties as at 30 June 2013:

CounterpartyCitibank MGI Emerging Markets Debt Fund US$ 10,000Credit Suisse Mercer Short Duration Global Bond Fund 2 US$ 30,000

There were no collateral amounts held or received as at 31 December 2012.

Stock Collateral PledgedAs at the period ended 31 December 2013 the following collateral amounts were pledged:

Sub-Fund Stock Collateral Pledged Collateral ValueMercer Short Duration Global Bond Fund 1 5.25% General Electric 06/12/2017 US$ 905,554Mercer Short Duration Global Bond Fund 1 4.63% SES 09/03/2020 US$ 1,235,527

As at the year ended 30 June 2013 the following collateral amounts were pledged:

Sub-Fund Stock Collateral Pledged Collateral ValueMercer Short Duration Global Bond Fund 1 6.25% General Electric 06/12/2017 US$ 903,918Mercer Short Duration Global Bond Fund 1 4.63% SES 09/03/2020 US$ 1,180,999Mercer Global Buy & Maintain Credit Fund 6.75% General Electric Capital 15/03/2032 US$ 215,825Mercer Global Buy & Maintain Credit Fund 2.75% United States Treasury Note 15/11/2042 US$ 172,438

Stock Collateral HeldAs at the period ended 31 December 2013 the following collateral amounts were Held:

Sub-Fund Stock Collateral Held Collateral AmountMGI Emerging Markets Debt Fund 3.13 % U.S. Treasuries Bond 15/02/2042 US$ 323,000MGI Emerging Markets Debt Fund 2.75 % U.S. Treasuries Bond 15/11/2042 US$ 91,000MGI Emerging Markets Debt Fund 0.88 % U.S. Treasuries Bond 30/11/2016 US$ 1,009,000Mercer Global Buy & Maintain Credit Fund 1.50% U.S. Treasuries Bond 31/07/2016 US$ 310,000

As at the period ended 30 June 2013 the following collateral amounts were Held:

Sub-Fund Stock Collateral Held Collateral AmountMercer Global Buy & Maintain Credit Fund 0.38% U.S. Treasuries Bond 15/02/2016 US$ 840,000

There was no Stock Collateral pledged or held as at the period end 31 December 2012.



259MGI Funds plc

7. Share capital

Authorised share capital

The authorised share capital of the Company is 500,000,000,002 shares of no par value divided into 2 subscriber 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 shares redeemed are reflected in thefunctional 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*

31 December 2013

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 period 13,137 1,998 42,300 32,531 6,175 173,238Shares redeemed during the period (1,635) - (27,618) (55,659) (2,311) (19,377)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 116,993 17,785 325,938 338,408 44,080 895,482

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

Proceeds from redeemable participating shares issued 2,261,555 616,167 7,282,297 4,805,315 1,021,788 26,553,939Payment for redeemable participating shares redeemed (292,256) - (4,715,792) (8,351,118) (368,083) (2,974,250)

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $Shares in issue as at 30 June 2013 1,103,355 1,318,232 392,005 555,187 38,034Shares issued during the period 870,953 374,775 147,168 6,167 92,254Shares redeemed during the period (159,997) (151,300) (31,978) (101) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 1,814,311 1,541,707 507,195 561,253 130,288

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

Proceeds from redeemable participating shares issued 157,252,627 56,822,698 22,109,642 1,043,207 9,565,289Payment for redeemable participating shares redeemed (27,986,736) (22,541,047) (4,693,902) (17,294) -



260MGI Funds plc

7. Share capital (continued)

Share movement (continued)


MGI Emerging Markets Equity Fund Class Class(continued) Z-1 € Z-1 £Shares in issue as at 30 June 2013 63,511 686,189Shares issued during the period 25,574 243,944Shares redeemed during the period - (233,739)

–––––––––––– ––––––––––––Shares in issue as at 31 December 2013 89,085 696,394

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 3,039,139 38,840,617Payment for redeemable participating shares redeemed - (39,185,824)

MGI Euro Bond Fund Class Class Class ClassI-1 € M-1 € M-5 € M-7 €

Shares in issue as at 30 June 2013 32,576 43,627 10,461 2,370Shares issued during the period 45,402 109 425 173Shares redeemed during the period (1,032) (3,540) (570) (68)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 76,946 40,196 10,316 2,475

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

Proceeds from redeemable participating shares issued 5,331,024 14,001 47,721 20,237Payment for redeemable participating shares redeemed (121,969) (410,585) (63,295) (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 period 1,189,029 83,513 1,320 190,809 138,796 8,286Shares redeemed during the period (396,132) (75,454) (493) (831,126) (51,183) (11,423)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 1,093,793 120,828 22,238 360,930 230,328 58,023

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

Proceeds from redeemable participating shares issued 132,236,295 9,156,992 140,069 20,238,778 13,948,862 932,882Payment for redeemable participating shares redeemed (44,045,980) (8,274,481) (52,340) (88,215,943) (5,144,005) (1,286,117)

MGI Eurozone Equity Fund Class Class Class ClassI-1 € M-1 € M-2 € M-7 €

Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746Shares issued during the period 128,890 625 328 985Shares redeemed during the period (75,477) (26,494) (15,886) (2,680)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December2013 438,965 344,956 187,891 204,051

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

Proceeds from redeemable participating shares issued 14,787,452 74,071 45,867 107,392Payment for redeemable participating shares redeemed (8,375,744) (3,145,003) (1,980,932) (318,059)



261MGI Funds plc




MGI Eurozone Equity Fund Class Class(continued) Z-1 € Z-1 £Shares in issue as at 30 June 2013 62,664 11,841Shares issued during the period 1,454 -Shares redeemed during the period (5,609) (651)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 185,483 244Payment for redeemable participating shares redeemed (629,713) (110,624)

MGI Global Bond Fund Class Class Class ClassI-1 € I-1 £ I-1 $ M-1 €

Shares in issue as at 30 June 2013 4,008 8,289 9,768 15,392Shares issued during the period - - - 37Shares redeemed during the period (339) (59) (53) (1,508)


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

Proceeds from redeemable participating shares issued - - - 5,456Payment for redeemable participating shares redeemed (51,856) (13,302) (6,319) (225,819)

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 period 2 90,343 3,978 1,757 4 134,922Shares redeemed during the period (1,822) (114,800) (35,533) (1,005,152) - (245,740)


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

Proceeds from redeemable participating shares issued 1,292 18,696,698 755,863 322,005 1,458 20,929,296Payment for redeemable participating shares redeemed (495,524) (25,210,929) (6,400,673) (181,051,437) - (37,640,804)



262MGI Funds plc




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 period 18,801 190,978 135,177 210,525 224,335 27,077Shares redeemed during the period (83,476) (133,113) (129,157) (697,713) (615,542) (16,467)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 403,548 493,852 110,188 1,565,919 830,637 28,621

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

Proceeds from redeemable participating shares issued 3,321,575 51,015,466 33,448,760 41,500,385 44,202,468 5,895,550Payment for redeemable participating shares redeemed (13,596,992) (35,971,707) (32,589,995) (143,623,936) (121,256,155) (3,602,388)

MGI Global Equity Fund Class Class Class Class Class(continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £

Hedged HedgedShares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466Shares issued during the period 7 67,896 15,157 79,025 -Shares redeemed during the period - (162,091) (9,405) (66,350) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 34,128 246,517 62,373 325,414 26,466

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

Proceeds from redeemable participating shares issued 2,123 12,887,774 2,811,892 19,764,685 1,124Payment for redeemable participating shares redeemed - (31,449,814) (1,757,897) (17,026,105) -

MGI Global Equity Fund Class Class(continued) Z-1 £ Z-1 €Shares in issue as at 30 June 2013 146,928 48,877Shares issued during the period 2,611 2,127Shares redeemed during the period - -


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 575,279 545,990Payment for redeemable participating shares redeemed - -



263MGI Funds plc




MGI Japanese Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Shares in issue as at 30 June 2013 112,292 14,263 7,089Shares issued during the period 13,376 5 459Shares redeemed during the period (9,441) (1,264) (453)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 116,227 13,004 7,095

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

Proceeds from redeemable participating shares issued 141,708,931 70,873 6,901,638Payment for redeemable participating shares redeemed (97,680,250) (13,362,925) (6,998,991)

MGI Pacific Basin (Ex Japan) Equity Fund Class ClassI-1 € Z-1 £

Shares in issue as at 30 June 2013 50,972 3,026Shares issued during the period 3,038 393Shares redeemed during the period (3,864) -


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 725,266 126,553Payment for redeemable participating shares redeemed (874,877) -

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 period - 19 3,381 18,886 6,097Shares redeemed during the period (871) (28,086) (21,933) (2,091) -


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

Proceeds from redeemable participating shares issued - 2,691 475,248 2,781,862 962,007Payment for redeemable participating shares redeemed (131,242) (4,000,000) (3,076,978) (306,826) -

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 period 1,067 462,269 178,909 602Shares redeemed during the period (2,578) (452,097) (181,956) (705)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 88,106 10,172 - 3,420

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

Proceeds from redeemable participating shares issued 121,001 56,054,857 17,799,942 66,786Payment for redeemable participating shares redeemed (292,331) (54,816,987) (18,098,763) (78,219)



264MGI Funds plc




MGI UK Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 £ M-2 £

Shares in issue as at 30 June 2013 163,606 100,310 12,456 279,247 113,606Shares issued during the period - - 5 32 36,735Shares redeemed during the period (9,063) (26,340) (823) (16,333) (3,078)


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

Proceeds from redeemable participating shares issued - - 407 3,708 7,011,382Payment for redeemable participating shares redeemed (785,341) (3,289,008) (73,113) (1,867,500) (575,000)

MGI UK Equity Fund Class Class(continued) M-7 £ Z-1 £Shares in issue as at 30 June 2013 116,874 128,458Shares issued during the period 1,304 2,515Shares redeemed during the period (77,045) (846)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 187,033 314,435Payment for redeemable participating shares redeemed (10,961,993) (108,231)

MGI U.S. Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Shares in issue as at 30 June 2013 358,733 29,502 10,286Shares issued during the period 2,447 238 314Shares redeemed during the period (6,468) (2,499) (215)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 354,712 27,241 10,385

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

Proceeds from redeemable participating shares issued 401,285 39,152 80,003Payment for redeemable participating shares redeemed (1,127,960) (433,155) (56,255)

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 period 1,156,893 203,507 142,848 85,473 335,915 2,773Shares redeemed during the period (443,944) (107) (89,892) (34,424) (345,490) -


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

Proceeds from redeemable participating shares issued 154,078,651 20,350,664 18,832,966 8,298,276 45,789,622 385,469Payment for redeemable participating shares redeemed (59,930,765) (10,495) (11,855,754) (3,251,259) (46,776,486) -



265MGI Funds plc




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 2013 602,231 53,408 12,157 48,232 134,957Shares issued during the year 62,919 2,535 50,688 826 80,352Shares redeemed during the year (532,794) (23,318) (7,572) (100) (59,371)


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

Proceeds from redeemable participating shares issued 8,379,622 333,266 5,098,076 76,612 10,682,451Payment for redeemable participating shares redeemed (71,351,342) (3,017,797) (772,112) (9,067) (7,835,675)

MGI Emerging Markets Debt Fund Class Class Class Class Class ClassM-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Z-1 €

Shares in issue as at 30 June 2013 2,868,080 3,911,072 624,334 110,527 152,657 30,614Shares issued during the period 154,800 660,327 61,610 69,424 66,816 -Shares redeemed during the period (518,324) (269,742) (43,052) (14,138) (51,094) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 2,504,556 4,301,657 642,892 165,813 168,379 30,614

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

Proceeds from redeemable participating shares issued 21,529,984 105,410,804 9,717,227 11,082,180 10,463,693 415Payment for redeemable participating shares redeemed (71,926,829) (41,898,193) (6,808,823) (2,262,819) (8,215,827) -

Mercer Global Small Cap Equity Fund Class Class Class ClassM-4 € M-3 £ M-5 £ Z-1 €

Shares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036Shares issued during the period 220,753 1,123,222 118,950 115,005Shares redeemed during the period (93,318) (352,042) (17,467) (90,160)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 727,251 2,651,123 248,957 367,881

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

Proceeds from redeemable participating shares issued 37,518,803 225,959,341 24,497,205 18,997,502Payment for redeemable participating shares redeemed (16,249,188) (72,976,968) (3,622,126) (14,814,477)

Mercer Low Volatility Equity Fund Class Class Class Class Class ClassM-3 € M-3 £ M-3 £ M-5 £ M-5 £ M-5 $

Hedged HedgedShares in issue as at 30 June 2013 2,035,574 2,923,492 - 249,057 - 137,886Shares redeemed during the period 244,393 288,952 1,147,685 30,968 97,141 138,036Shares redeemed during the period (177,287) (1,511,578) (105,536) (189,064) (3,721) (137,945)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 2,102,680 1,700,866 1,042,149 90,961 93,420 137,977

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

Proceeds from redeemable participating shares issued 43,701,192 56,634,124 176,913,731 6,118,112 15,421,533 15,943,789Payment for redeemable participating shares redeemed (32,616,910) (283,530,122) (17,230,348) (35,222,167) (622,674) (15,931,311)



266MGI Funds plc




Mercer Low Volatility Equity Fund Class ClassZ-1 € Z-1 £

Shares in issue as at 30 June 2013 144,932 255,576Shares redeemed during the period - 92,098Shares redeemed during the period (5,545) (101,450)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 2,886 16,756,520Payment for redeemable participating shares redeemed (816,922) (19,096,844)

Mercer Diversified Growth Fund Class Class Class Class Class ClassM-2 £ M-4 € M-6 € M - 10 $ M - 12 £ Z-1 €

HedgedShares in issue as at 30 June 2013 2,686,606 142,172 9,104 486,906 149,172 221,551Shares issued during the period 907,037 430,367 1,936 487,074 3,495 -Shares redeemed during the period (77,231) (12,430) (948) (486,974) (1,141) -


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

Proceeds from redeemable participating shares issued 161,300,007 70,136,351 291,232 52,896,023 534,282 -Payment for redeemable participating shares redeemed (13,821,127) (2,010,219) (146,359) (52,885,366) (179,241) -

MGI DAM Multi-Manager Global Equity Fund Class ClassM-5 $ M-2 NOK

Shares in issue as at 30 June 2013 1,738,999 199,415Shares issued during the period 101,060 96,644Shares redeemed during the period (141,651) (33,743)

–––––––––––– ––––––––––––Shares in issue as at 31 December 2013 1,698,408 262,316

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 13,953,779 19,671,733Payment for redeemable participating shares redeemed (19,530,800) (7,399,983)

Mercer Global High Yield Bond Fund Class Class Class Class Class ClassM-1 £ M-1 £ M-2 £ M-3 £ M-3 € M-4 £

Hedged HedgedShares in issue as at 30 June 2013 - 1,510,264 - - 288,960 -Shares issued during the period 65,680 3,069 263,012 307,772 131,013 73,431Shares redeemed during the period (5,405) (163,423) (11,393) (7,641) (27,790) (1,434)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 60,275 1,349,910 251,619 300,131 392,183 71,997

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

Proceeds from redeemable participating shares issued 9,972,822 786,546 41,022,449 47,789,751 18,955,810 11,506,722Payment for redeemable participating shares redeemed (837,457) (28,781,297) (1,814,519) (1,191,383) (3,980,613) (226,829)



267MGI Funds plc




Mercer Global High Yield Bond Fund Class Class Class Class Class Class(continued) M-4 $ M - 2 £ M - 2 £ M - 2 £ M - 3 £ M - 4 £

Hedge Distributing Hedged Hedged HedgedDistributing

Shares in issue as at 30 June 2013 172,721 - - 259,494 376,033 62,273Shares issued during the period 477,390 118,148 109,755 28,825 18,201 20,764Shares redeemed during the period (172,822) (64,550) (10,558) (213,352) (298,678) (56,124)


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


Mercer Global High Yield Bond Fund Class Class(continued) Z - 1 AUD Class Z-1 €

Hedged HedgedShares in issue as at 30 June 2013 - 1,183,226Shares issued during the period 1,371,727 -Shares redeemed during the period - -

–––––––––––– ––––––––––––Shares in issue as at 31 December 2013 1,371,727 1,183,226

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 124,425,146 163,278*Payment for redeemable participating shares redeemed - -

*Anti-dilution levy

Mercer Short Duration Global Bond Fund 1 Class ClassM-1 NOK M-2 €

Hedged HedgedShares in issue as at 30 June 2013 1,062,056 60,860Shares issued during the year 468,580 18,201Shares redeemed during the year - (246)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 78,818,627 2,490,523Payment for redeemable participating shares redeemed - (34,406)



268MGI Funds plc




Mercer Short Duration Global Bond Fund 2 Class Class ClassM-1 NOK M-2 € M - 1 €

Hedged Hedged HedgeShares in issue as at 30 June 2013 663,178 60,799 -Shares issued during the period 350,606 62,995 62,705Shares redeemed during the period - (249) -

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 1,013,784 123,545 62,705

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

Proceeds from redeemable participating shares issued 59,196,653 8,290,045 8,100,999Payment for redeemable participating shares redeemed - (34,406) -

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 period 1,328,671 83,826 9,986Shares redeemed during the period - (14,084) -

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2013 2,713,493 197,704 932,957

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

Proceeds from redeemable participating shares issued 214,171,533 11,303,567 1,474,799Payment for redeemable participating shares redeemed - (1,838,654) -

Mercer Passive Global Equity Fund ClassZ-1 $

Shares in issue as at 30 June 2013 -Shares issued during the period 1,481,568Shares redeemed during the period -

––––––––––––Shares in issue as at 31 December 2013 1,481,568

––––––––––––

Proceeds from redeemable participating shares issued 148,500,000Payment for redeemable participating shares redeemed -



269MGI Funds plc



30 June 2013

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 2012 10,336 15,552 205,049 379,086 100,724 467,066Shares issued during the year 96,115 1,917 127,324 48,443 39,828 281,438Shares redeemed during the year (960) (1,682) (21,117) (65,993) (100,336) (6,883)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 105,491 15,787 311,256 361,536 40,216 741,621

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

Proceeds from redeemable participating shares issued 17,353,786 573,585 21,698,252 7,534,319 6,462,954 45,625,047Payment for redeemable participating shares redeemed (167,416) (556,846) (3,757,720) (10,649,833) (17,699,705) (1,073,947)

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-1 £ M-3 £ M-5 £ M-7 £ M-5 $Shares in issue as at 30 June 2012 670,987 1,872,383 464,340 569,402 -Shares issued during the year 529,733 472,182 119,550 5,830 38,034Shares redeemed during the year (97,365) (1,026,333) (191,885) (20,045) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,103,355 1,318,232 392,005 555,187 38,034

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

Proceeds from redeemable participating shares issued 98,390,832 72,620,745 18,361,016 960,977 3,803,626Payment for redeemable participating shares redeemed (18,030,002) (160,822,132) (29,487,104) (3,147,968) -

MGI Emerging Markets Equity Fund Class Class(continued) Z-1 € Z-1 £Shares in issue as at 30 June 2012 - -Shares issued during the year 63,511 731,277Shares redeemed during the year - (45,088)

–––––––––––– ––––––––––––Shares in issue as at 30 June 2013 63,511 686,189

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 8,325,400 118,812,165Payment for redeemable participating shares redeemed - (7,853,072)


Shares in issue as at 30 June 2012 47,779 54,867 8,148 1,402Shares issued during the year 6,509 33 2,697 1,079Shares redeemed during the year (21,712) (11,273) (384) (111)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 32,576 43,627 10,461 2,370

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

Proceeds from redeemable participating shares issued 749,975 4,938 297,351 124,421Payment for redeemable participating shares redeemed (2,537,276) (1,278,222) (41,924) (13,009)



270MGI Funds plc





Shares in issue as at 30 June 2012 452,973 206,531 43,190 563,373 101,886 14,528Shares issued during the year 307,823 20,876 43,310 1,125,355 58,932 61,772Shares redeemed during the year (459,900) (114,638) (65,089) (687,481) (18,103) (15,140)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 300,896 112,769 21,411 1,001,247 142,715 61,160

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


MGI Eurozone Equity Fund Class Class Class Class ClassI-1 € M-1 € M-2 € M-7 € M-7 £

Shares in issue as at 30 June 2012 513,591 1,259,736 367,841 463,530 91,379Shares issued during the year 18,846 17,891 23,376 16,174 659Shares redeemed during the year (146,885) (906,802) (187,768) (273,958) (92,038)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 385,552 370,825 203,449 205,746 -

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

Proceeds from redeemable participating shares issued 1,973,651 1,737,282 2,477,934 1,423,079 82,162Payment for redeemable participating shares redeemed (14,226,778) (92,754,514) (20,348,536) (25,604,622) (12,172,567)

MGI Eurozone Equity Fund Class Class(continued) Z-1 € Z-1 £Shares in issue as at 30 June 2012 117,895 20,244Shares issued during the year 3,788 822Shares redeemed during the year (59,019) (9,225)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 403,288 122,238Payment for redeemable participating shares redeemed (6,129,127) (1,219,567)


Shares in issue as at 30 June 2012 3,829 8,398 11,858 19,609Shares issued during the year 292 - - 164Shares redeemed during the year (113) (109) (2,090) (4,381)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 4,008 8,289 9,768 15,392

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

Proceeds from redeemable participating shares issued 46,947 - - 24,977Payment for redeemable participating shares redeemed (17,892) (24,984) (259,746) (680,455)



271MGI Funds plc





HedgedShares in issue as at 30 June 2012 144,714 83,059 1,417,028 2,289,114 44,551 969,190Shares issued during the year 882 16,256 54,239 177,871 15 27,786Shares redeemed during the year (131,740) (6,599) (1,024,008) (1,327,102) (24,441) (353,812)


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

Proceeds from redeemable participating shares issued 196,026 3,466,166 8,437,029 25,144,297 2,178 3,860,455Payment for redeemable participating shares redeemed (30,630,518) (1,331,735) (168,075,491) (184,893,643) (3,859,323) (46,993,870)


Hedged Hedged HedgedShares in issue as at 30 June 2012 502,826 475,314 103,962 1,856,089 1,330,639 21,110Shares issued during the year 36,389 47,651 35,064 581,136 204,797 5,005Shares redeemed during the year (70,992) (86,978) (34,858) (384,118) (313,592) (8,104)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 468,223 435,987 104,168 2,053,107 1,221,844 18,011

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


MGI Global Equity Fund Class Class Class Class Class(continued) M-3 € M-4 £ M-5 £ M-7 £ M-9 £

Hedged HedgedShares in issue as at 30 June 2012 - 451,348 56,293 286,697 -Shares issued during the year 34,121 43,833 3,101 36,335 41,040Shares redeemed during the year (154,469) (2,773) (10,293) (14,574)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 34,121 340,712 56,621 312,739 26,466

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

Proceeds from redeemable participating shares issued 4,616,074 7,630,111 550,132 8,382,523 6,434,354Payment for redeemable participating shares redeemed - (27,104,669) (469,857) (2,476,172) (2,696,967)

MGI Global Equity Fund Class Class(continued) Z-1 £ Z-1 €Shares in issue as at 30 June 2012 149,821 408,518Shares issued during the year 6,936 5,863Shares redeemed during the year (9,829) (365,504)


–––––––––––– ––––––––––––




272MGI Funds plc




MGI Japanese Equity Fund Class Class Class ClassI-1 € M-1 € M-7 £ Z-1 £

Shares in issue as at 30 June 2012 141,908 17,940 35,503 10,758Shares issued during the year 9,162 13 - 1,702Shares redeemed during the year (38,778) (3,690) (35,503) (5,371)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 112,292 14,263 - 7,089

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

Proceeds from redeemable participating shares issued 71,774,588 165,828 54,270 18,598,035Payment for redeemable participating shares redeemed (259,125,193) (28,329,203) (411,036,887) (55,783,304)

MGI Pacific Basin (Ex Japan) Equity Fund Class Class ClassI-1 € M-7 £ Z-1 £

Shares in issue as at 30 June 2012 89,655 23,794 4,729Shares issued during the year 813 - 220Shares redeemed during the year (39,496) (23,794) (1,923)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 50,972 - 3,026

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

Proceeds from redeemable participating shares issued 203,654 1,329* 77,742Payment for redeemable participating shares redeemed (8,816,424) (5,787,746) (585,338)

*Anti-dilution levy

MGI UK Bond Fund Class Class Class Class Class ClassI-1 £ M-1 £ M-2 £ M-4 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2012 17,951 85,952 190,842 93,770 465,324 185,423Shares issued during the year 5,022 6,661 14,615 4,820 23,041 12,673Shares redeemed during the year (8,655) (4,374) (14,723) (98,590) (181,564) (5,738)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 14,318 88,239 190,734 - 306,801 192,358

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

Proceeds from redeemable participating shares issued 768,507 960,561 2,103,781 606,489 3,478,451 2,008,431Payment for redeemable participating shares redeemed (1,312,300) (625,000) (2,086,844) (12,324,002) (26,805,752) (909,840)

MGI UK Cash Fund Class Class Class Class ClassI-1 £ M-2 £ M-4 £ M-5 £ M-7 £

Shares in issue as at 30 June 2012 129,691 271,004 44,890 7,461 4,041Shares issued during the year 4,908 189,900 3,627 1 354,972Shares redeemed during the year (44,982) (460,904) (45,470) (7,462) (355,490)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 89,617 - 3,047 - 3,523

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

Proceeds from redeemable participating shares issued 555,565 23,035,608 362,058 112 39,341,052Payment for redeemable participating shares redeemed (5,094,038) (55,915,734) (4,536,521) (745,563) (39,399,042)



273MGI Funds plc





Shares in issue as at 30 June 2012 239,723 101,174 14,801 297,114 167,923Shares issued during the year - - 27 71 3,029Shares redeemed during the year (76,117) (864) (2,372) (17,938) (57,346)


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

Proceeds from redeemable participating shares issued 4,273 3,246* 2,564 16,060 489,222Payment for redeemable participating shares redeemed (5,632,865) (100,000) (184,737) (1,876,500) (9,061,731)

*Anti-dilution levy

MGI UK Equity Fund Class Class(continued) M-7 £ Z-1 £Shares in issue as at 30 June 2012 401,354 131,458Shares issued during the year 350 3,289Shares redeemed during the year (284,830) (6,289)


–––––––––––– ––––––––––––


MGI U.S. Equity Fund Class Class Class ClassI-1 € M-1 € M-7 £ Z-1 £

Shares in issue as at 30 June 2012 496,192 35,550 79,131 16,125Shares issued during the year 19,711 100 30 770Shares redeemed during the year (157,170) (6,148) (79,161) (6,609)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 358,733 29,502 - 10,286

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

Proceeds from redeemable participating shares issued 2,994,268 16,495 9,860 161,306Payment for redeemable participating shares redeemed (22,088,757) (889,874) (18,711,382) (1,335,748)

MGI UK Inflation Linked Bond Fund Class Class Class Class ClassM-1 £ M-4 £ M-6 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2012 2,028,110 262,138 - 414,093 61,162Shares issued during the year 345,276 77,033 45,118 339,401 2,632Shares redeemed during the year (569,389) (58,859) (46) (69,465) (573)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,803,997 280,312 45,072 684,029 63,221

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

Proceeds from redeemable participating shares issued 45,470,335 10,314,520 4,594,731 47,607,324 367,987Payment for redeemable participating shares redeemed (79,345,548) (7,754,064) (4,746) (9,254,399) (80,328)



274MGI Funds plc





Shares in issue as at 30 June 2012 396,245 63,007 8,868 - 175,110Shares issued during the year 252,230 8,113 4,020 61,163 45,106Shares redeemed during the year (46,244) (17,712) (731) (12,931) (85,259)


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

Proceeds from redeemable participating shares issued 35,323,179 1,095,223 424,888 5,794,004 6,289,335Payment for redeemable participating shares redeemed (6,364,976) (2,421,881) (74,766) (1,223,662) (11,857,995)

MGI Emerging Markets Debt Fund Class Class Class Class Class ClassM-3 € M-2 £ M-3 £ M-4 £ Z-1 £ Z-1 €

Shares in issue as at 30 June 2012 1,975,600 3,053,752 679,645 93,595 - -Shares issued during the year 970,921 1,156,747 60,416 37,505 161,008 30,614Shares redeemed during the year (78,441) (299,427) (115,727) (20,573) (8,351) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 2,868,080 3,911,072 624,334 110,527 152,657 30,614

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

Proceeds from redeemable participating shares issued 145,046,999 192,579,466 10,214,345 6,431,963 26,255,689 4,068,558Payment for redeemable participating shares redeemed (11,624,818) (50,202,718) (19,332,003) (3,515,284) (1,399,977) -


Shares in issue as at 30 June 2012 131,725 1,713,417 130,120 -Shares issued during the year 490,055 865,464 73,562 344,779Shares redeemed during the year (21,964) (698,938) (56,208) (1,743)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 599,816 1,879,943 147,474 343,036

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

Proceeds from redeemable participating shares issued 79,451,297 150,687,460 12,803,747 48,477,782Payment for redeemable participating shares redeemed (3,466,298) (126,249,883) (10,173,065) (259,202)

Mercer Low Volatility Equity Fund Class Class Class Class Class ClassM-3 € M-3 £ M-5 £ M-5 $ Z-1 € Z-1 £

Shares in issue as at 30 June 2012 1,221,534 2,770,808 307,603 - - -Shares redeemed during the year 903,487 1,132,474 76,922 137,886 148,171 416,540Shares redeemed during the year (89,447) (979,790) (135,468) - (3,239) (160,964)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 2,035,574 2,923,492 249,057 137,886 144,932 255,576

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

Proceeds from redeemable participating shares issued 149,078,528 199,402,420 13,595,742 13,810,879 19,423,158 67,442,307Payment for redeemable participating shares redeemed (15,293,975) (172,940,635) (23,858,780) - (452,620) (27,136,037)



275MGI Funds plc




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 2012 13,318 7,401 198,728 360,486 - -Shares issued during the year 130,938 2,608 22,824 2,547,754 486,906 162,819Shares redeemed during the year (2,084) (905) - (221,634) - (13,647)


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

Proceeds from redeemable participating shares issued 20,849,903 364,463 3,596,624 431,287,820 49,012,559 24,970,633Payment for redeemable participating shares redeemed (320,799) (127,978) - (38,308,572) - (2,143,884)


Shares in issue as at 30 June 2012 1,790,389 87,496Shares issued during the year 337,894 206,100Shares redeemed during the year (389,284) (94,181)

–––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,738,999 199,415

–––––––––––– ––––––––––––


Mercer Global High Yield Bond Fund Class Class Class Class ClassM-1 £ M-2 £ M-3 £ M-3 € M-4 £

Hedged Hedged Hedged Hedged HedgedShares in issue as at 30 June 2012 215,509 213,748 454,767 - 66,723Shares issued during the year 1,437,413 182,756 122,435 320,700 157,826Shares redeemed during the year (142,658) (137,010) (201,169) (31,740) (162,276)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,510,264 259,494 376,033 288,960 62,273

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

Proceeds from redeemable participating shares issued 246,492,715 31,873,561 21,323,675 43,305,512 25,496,396Payment for redeemable participating shares redeemed (25,025,274) (24,087,352) (35,343,153) (4,351,226) (26,259,157)



276MGI Funds plc




Mercer Global High Yield Bond Fund Class Class(continued) M-4 $ Z-1 €

Hedged HedgedShares in issue as at 30 June 2012 - -Shares issued during the year 172,721 1,183,226Shares redeemed during the year - -

–––––––––––– ––––––––––––Shares in issue as at 30 June 2013 172,721 1,183,226

–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued 17,664,879 162,621,052Payment for redeemable participating shares redeemed - -


Hedged HedgedShares in issue as at 30 June 2012 - -Shares issued during the year 1,066,445 60,860Shares redeemed during the year (4,389) -

–––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,062,056 60,860

–––––––––––– ––––––––––––



Hedged HedgedShares in issue as at 30 June 2012 - -Shares issued during the year 663,178 60,799Shares redeemed during the year


–––––––––––– ––––––––––––




277MGI Funds plc





Hedged Hedged HedgedShares in issue as at 30 June 2012 - - -Shares issued during the year 1,394,401 127,962 922,971Shares redeemed during the year (9,579) - -

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 30 June 2013 1,384,822 127,962 922,971

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

Proceeds from redeemable participating shares issued 222,047,814 16,681,451 123,380,106Payment for redeemable participating shares redeemed (1,488,192) - -

31 December 2012

MGI Emerging Markets Equity Fund Class Class Class Class Class ClassI-1 € I-1 £ M-1 € M-2 € M-4 € Z-1 £

Shares in issue as at 30 June 2012 10,336 15,552 205,049 379,086 100,724 -Shares issued during the period - 1,917 92,701 22,486 22,058 596,959Shares redeemed during the period (576) (816) (5,579) (16,705) - -


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

Proceeds from redeemable participating shares issued - 573,585 15,658,657 3,308,133 3,464,261 96,387,490Payment for redeemable participating shares redeemed (95,031) (258,248) (902,230) (2,520,143) - -

MGI Emerging Markets Equity Fund Class Class Class Class Class Class(continued) M-7 € M-1 £ M-3 £ M-5 £ M-7 £ M-5 $Shares in issue as at 30 June 2012 467,066 670,987 1,872,383 464,340 569,402 -Shares issued during the period 40,912 313,162 240,424 64,212 3,482 38,008Shares redeemed during the period (1,056) (58,408) (501,821) (122,967) (10) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 506,922 925,741 1,610,986 405,585 572,874 38,008

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

Proceeds from redeemable participating shares issued 6,047,174 56,867,677 36,347,117 9,592,423 575,680 3,800,824Payment for redeemable participating shares redeemed (158,109) (10,545,231) (75,597,317) (18,383,838) (1,549) -



278MGI Funds plc





Shares in issue as at 30 June 2012 47,779 54,867 8,148 1,402Shares issued during the period 6,168 7 449 204Shares redeemed during the period (8,479) (5,914) (148) (8)


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

Proceeds from redeemable participating shares issued 709,398 1,134 48,608 23,089Payment for redeemable participating shares redeemed (965,321) (658,841) (15,640) (898)


Shares in issue as at 30 June 2012 452,973 206,531 43,190 563,373 101,886 14,528Shares issued during the period 73,662 11,906 41,932 123,596 9,020 -Shares redeemed during the period (120,152) (112,681) (35,393) (107,116) (4,196) (8,882)


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

Proceeds from redeemable participating shares issued 8,207,632 1,311,063 4,488,798 13,148,999 907,687 -Payment for redeemable participating shares redeemed (13,387,711) (12,396,288) (3,783,082) (11,395,700) (422,200) (1,000,000)

MGI Eurozone Equity Fund Class Class Class Class ClassI-1 € M-1 € M-2 € M-7 € M-7 £

Shares in issue as at 30 June 2012 513,591 1,259,736 367,841 463,530 91,379Shares issued during the period 3,430 13,276 8,328 14,246 659Shares redeemed during the period (114,587) (457,766) (42,693) (267,378) (92,038)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 402,434 815,246 333,476 210,398 -

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

Proceeds from redeemable participating shares issued 310,000 1,269,203 792,446 1,216,597 81,326Payment for redeemable participating shares redeemed (10,745,508) (44,541,014) (4,159,147) (24,881,968) (12,172,567)

MGI Eurozone Equity Fund Class Class(continued) Z-1 € Z-1 £Shares in issue as at 30 June 2012 117,895 20,244Shares issued during the period - -Shares redeemed during the period (2,937) (7,877)


–––––––––––– ––––––––––––

Proceeds from redeemable participating shares issued - -Payment for redeemable participating shares redeemed (283,645) (1,017,178)



279MGI Funds plc







Shares in issue as at 30 June 2012 3,829 8,398 11,858 19,609Shares issued during the period 292 - - 2Shares redeemed during the period - - (1,125) (2,063)


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

Proceeds from redeemable participating shares issued 46,947 - - 398Payment for redeemable participating shares redeemed - - (142,522) (328,433)


HedgedShares in issue as at 30 June 2012 144,714 83,059 1,417,028 2,289,114 44,551 969,190Shares issued during the period 879 139 42,349 162,298 9 15,677Shares redeemed during the period (131,199) (9) (219,496) (875,491) - (338,884)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 14,394 83,189 1,239,881 1,575,921 44,560 645,983

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

Proceeds from redeemable participating shares issued 195,488 25,771 6,445,916 22,759,235 1,267 2,088,975Payment for redeemable participating shares redeemed (30,493,249) (1,658) (33,606,505) (110,979,081) - (44,766,015)


Hedged Hedged HedgedShares in issue as at 30 June 2012 502,826 475,314 103,962 1,856,089 1,330,639 21,110Shares issued during the period 19,372 20,954 14,293 496,867 140,418 687Shares redeemed during the period (23,602) (76,275) (21,430) (250,572) (144,399) (4,657)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 498,596 419,993 96,825 2,102,384 1,326,658 17,140

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

Proceeds from redeemable participating shares issued 2,634,731 4,891,177 3,024,678 85,934,367 23,141,486 131,766Payment for redeemable participating shares redeemed (3,258,072) (17,433,222) (4,551,615) (42,260,357) (24,690,118) (879,016)

280MGI Funds plc






MGI Global Equity Fund Class Class Class Class Class Class(continued) M-4 £ M-5 £ M-7 £ M-9 £ Z-1 £ Z-1 €

HedgedShares in issue as at 30 June 2012 451,348 56,293 286,697 - 408,518 149,821Shares issued during the period 13,132 823 22,043 40,832 4,019 4,683Shares redeemed during the period (47,686) (1,959) - (574) (13,662) (2,541)


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

Proceeds from redeemable participating shares issued 2,189,290 133,128 4,845,400 6,396,124 817,125 804,094Payment for redeemable participating shares redeemed (8,030,723) (324,059) - (97,565) (2,725,189) (454,356)

MGI Japanese Equity Fund Class Class Class ClassI-1 € M-1 € M-7 £ Z-1 £

Shares in issue as at 30 June 2012 141,908 17,940 35,503 10,758Shares issued during the period 5,861 3 1 1,231Shares redeemed during the period (32,473) (1,964) (35,504) (4,254)


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

Proceeds from redeemable participating shares issued 38,510,071 17,576 5,202 11,767,880Payment for redeemable participating shares redeemed (206,275,106) (12,607,779) (411,036,887) (40,518,708)


Shares in issue as at 30 June 2012 89,655 23,794 4,729Shares issued during the period - - -Shares redeemed during the period (31,741) (23,794) (1,694)

–––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 57,914 - 3,035

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

Proceeds from redeemable participating shares issued 8,604 1,329 657Payment for redeemable participating shares redeemed (6,883,990) (5,787,747) (505,490)

MGI UK Bond Fund Class Class Class Class Class ClassI-1 £ M-1 £ M-2 £ M-4 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2012 17,951 85,952 190,842 93,770 465,324 185,423Shares issued during the period 2,588 21 749 127 6,801 2,488Shares redeemed during the period (6,500) (4,245) (7,038) - (140,923) (1,440)


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

Proceeds from redeemable participating shares issued 394,964 7,486 115,560 20,320 1,030,602 397,245Payment for redeemable participating shares redeemed (981,499) (606,000) (995,325) - (20,814,829) (222,761)

281MGI Funds plc






MGI UK Cash Fund Class Class Class Class ClassI-1 £ M-2 £ M-4 £ M-5 £ M-7 £

Shares in issue as at 30 June 2012 129,691 271,004 44,890 7,461 4,041Shares issued during the period 3,919 8,472 3,622 1 39,391Shares redeemed during the period (7,326) (279,234) (45,359) (7,462) (39,919)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 126,284 242 3,153 - 3,513

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

Proceeds from redeemable participating shares issued 443,640 1,027,884 361,644 112 4,361,837Payment for redeemable participating shares redeemed (829,185) (33,879,476) (4,525,547) (745,563) (4,421,427)


Shares in issue as at 30 June 2012 239,723 101,174 14,801 297,114 167,923Shares issued during the period - - 2 36 1,895Shares redeemed during the period (59,190) - (1,243) (3,295) (40,679)


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

Proceeds from redeemable participating shares issued - - 161 3,423 330,313Payment for redeemable participating shares redeemed (4,234,598) - (90,985) (317,000) (6,243,634)

MGI UK Equity Fund Class Class(continued) M-7 £ Z-1 £Shares in issue as at 30 June 2012 401,354 131,458Shares issued during the period 87 2,158Shares redeemed during the period (283,395) (1,952)


–––––––––––– ––––––––––––


MGI U.S. Equity Fund Class Class Class ClassI-1 € M-1 € M-7 £ Z-1 £

Shares in issue as at 30 June 2012 496,192 35,550 79,131 16,125Shares issued during the period 4,221 87 30 557Shares redeemed during the period (124,747) (3,502) (79,161) (5,766)


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

Proceeds from redeemable participating shares issued 610,938 14,686 9,860 116,282Payment for redeemable participating shares redeemed (17,160,133) (481,963) (18,711,382) (1,150,962)

282MGI Funds plc






MGI UK Inflation Linked Bond Fund Class Class Class ClassM-1 £ M-4 £ M-7 £ Z-1 £

Shares in issue as at 30 June 2012 2,028,110 262,138 414,093 61,162Shares issued during the period 310,752 11,949 81,973 386Shares redeemed during the period (221,826) (43,527) (52,480) (91)

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 2,117,036 230,560 443,586 61,457

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

Proceeds from redeemable participating shares issued 40,771,076 1,528,898 10,940,885 51,580Payment for redeemable participating shares redeemed (28,984,516) (5,596,758) (6,824,055) (12,091)


Shares in issue as at 30 June 2012 396,245 63,007 8,868 - 175,110Shares issued during the period 170,121 1,151 2,959 9,915 9,389Shares redeemed during the period (8,190) (8,477) - - (20,110)


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

Proceeds from redeemable participating shares issued 23,981,647 158,141 312,144 990,076 1,315,586Payment for redeemable participating shares redeemed (1,178,917) (1,170,920) - - (2,807,275)

MGI Emerging Markets Debt Fund Class Class Class Class ClassM-3 € M-2 £ M-3 £ M-4 £ Z-1 £

Shares in issue as at 30 June 2012 1,975,600 3,053,752 679,645 93,595 -Shares issued during the period 511,733 915,533 25,074 18,245 138,864Shares redeemed during the period (59,135) (133,308) (85,559) (12,678) -


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

Proceeds from redeemable participating shares issued 75,117,724 151,210,942 4,110,203 3,076,132 22,437,069Payment for redeemable participating shares redeemed (8,646,356) (22,006,347) (14,105,219) (2,119,722) -


Shares in issue as at 30 June 2012 131,725 1,713,417 130,120 -Shares issued during the period 5,241 276,425 21,072 163,172Shares redeemed during the period (550) (125,569) (8,703) -

–––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 136,416 1,864,273 142,489 163,172

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

Proceeds from redeemable participating shares issued 701,073 44,466,521 3,309,410 21,280,968Payment for redeemable participating shares redeemed (70,913) (19,872,390) (1,336,277) -

283MGI Funds plc






Mercer Low Volatility Equity Fund Class Class Class Class ClassM-3 € M-3 £ M-5 £ Z-1 £ M-5 $

Shares in issue as at 30 June 2012 1,221,534 2,770,808 307,603 - -Shares issued during the period 480,472 670,515 41,322 391,222 137,808Shares redeemed during the period (6,288) (470,362) (77,321) - -


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

Proceeds from redeemable participating shares issued 75,736,413 114,555,596 6,975,110 63,093,173 13,800,706Payment for redeemable participating shares redeemed (977,070) (80,959,843) (13,237,506) - -

Mercer Diversified Growth Fund Class Class Class Class ClassM-4 € M-6 € Z-1 € M-2 £ M-10 $

HedgedShares in issue as at 30 June 2012 13,318 7,401 198,728 360,486 -Shares issued during the period 3,736 1,166 10,000 1,691,233 486,787Shares redeemed during the period (147) (44) - (24,074) -

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 16,907 8,523 208,728 2,027,645 486,787

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

Proceeds from redeemable participating shares issued 572,218 158,487 1,565,032 282,108,093 49,000,168Payment for redeemable participating shares redeemed (21,803) (5,410) - (3,979,565) -


Shares in issue as at 30 June 2012 1,790,389 87,496Shares issued during the period 49,727 142,576Shares redeemed during the period (83,653) (16,028)


–––––––––––– ––––––––––––


Mercer Global High Yield Bond Fund Class Class Class Class ClassM-1 £ M-2 £ M-3 £ M-3 € M-4 £

Hedged Hedged Hedged Hedged HedgedShares in issue as at 30 June 2012 215,509 213,748 454,767 - 66,723Shares issued during the period 846,568 121,701 63,700 98,509 144,727Shares redeemed during the period (205) (3,357) (1,137) (3,172) (127,249)

–––––––––––– –––––––––––– –––––––––––– –––––––––––– ––––––––––––Shares in issue as at 31 December 2012 1,061,872 332,092 517,330 95,337 84,201

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

Proceeds from redeemable participating shares issued 142,102,004 21,016,247 11,021,796 12,745,013 23,203,930Payment for redeemable participating shares redeemed (38,381) (576,943) (194,349) (413,088) (20,111,047)

284MGI Funds plc




Mercer Global High Yield Bond Fund Class Class(continued) M-4 $ Z-1 €

Hedged HedgedShares in issue as at 30 June 2012 - -Shares issued during the period 172,638 139,160Shares redeemed during the period - -


–––––––––––– ––––––––––––


Mercer Short Duration Global Bond Fund 1 ClassM-1 NOK

HedgedShares in issue as at 30 June 2012 -Shares issued during the period 1,061,513Shares redeemed during the period -

––––––––––––Shares in issue as at 31 December 2012 1,061,513

––––––––––––


Mercer Short Duration Global Bond Fund 2 ClassM-1 NOK

HedgedShares in issue as at 30 June 2012 -Shares issued during the period 429,607Shares redeemed during the period -

––––––––––––Shares in issue as at 31 December 2012 429,607

––––––––––––


*All monetary amounts are shown in the base currency of the fund.



285MGI Funds plc




Significant Shareholders

The following table details the number of shareholders with significant holdings of at least 20 per cent of the relevantFund’s and the percentage of that holding as at 31 December 2013, as at 30 June 2013 and as at 31 December 2012.

AggregateShareholding

Total as a %Holding of the Fund

Number of as at as atSignificant 31 December 31 December

Fund Shareholders 2013 2013MGI Euro Bond Fund 3 110,439 85.00%MGI Euro Cash Fund 1 900,284 47.73%MGI Global Bond Fund 3 31,866 89.67%MGI Japanese Equity Fund 1 89,398 65.58%MGI Pacific basin (Ex Japan) Equity Fund 1 46,757 74.66%MGI UK Bond Fund 2 322,548 42.01%MGI UK Cash Fund 2 85,129 83.71%MGI U.S. Equity Fund 1 294,571 75.08%MGI Emerging Markets Debt Fund 1 1,814,219 23.18%Mercer Diversified Growth Fund 1 2,522,267 50.67%MGI DAM Multi-Manager Global Equity Fund 1 1,698,408 86.62%Mercer Global High Yield Bond Fund 1 1,371,727 23.62%Mercer Short Duration Global Bond Fund 2 1 249,955 20.83%Mercer Global Buy And Maintain Credit Fund 3 3,099,661 80.63%Mercer Passive Global Equity Fund 1 1,481,568 100.00%

As detailed in Note 3, Mercer Diversified Growth Fund holds all of the issued shares in the Mercer Passive Global EquityFund.


Total as a %Number of Holding of the FundSignificant as at 30 June as at 30 June

Fund Shareholders 2013 2013MGI Euro Bond Fund 2 70,793 78.00%MGI Euro Cash Fund 1 410,904 25.21%MGI Eurozone Equity Fund 1 304,134 24.52%MGI Global Bond Fund 2 37,456 100.00%MGI Japanese Equity Fund 2 112,293 84.02%MGI Pacific basin (Ex Japan) Equity Fund 1 47,565 88.09%MGI UK Bond Fund 1 164,301 20.73%MGI UK Cash Fund 2 86,849 90.26%MGI U.S. Equity Fund 1 294,796 73.97%MGI UK Inflation Linked Bond Fund 1 577,794 20.09%MGI UK Long Gilt Fund 1 302,830 35.59%MGI Emerging Markets Debt Fund 1 2,286,050 29.63%Mercer Diversified Growth Fund 1 2,108,042 56.98%MGI DAM Multi-Manager Global Equity Fund 1 1,932,727 99.71%Mercer Global High Yield Bond Fund 1 1,159,688 30.04%Mercer Short Duration Global Bond Fund 1 2 546,675 48.68%Mercer Short Duration Global Bond Fund 2 2 483,277 66.75%Mercer Global Buy And Maintain Credit Fund 2 2,239,376 91.95%

286MGI Funds plc




Significant Shareholders (continued)


Total as a %Holding of the Fund

Number of as at as at Significant 31 December 31 December

Fund Shareholders 2012 2012MGI Euro Bond Fund 2 87,279 83.54%MGI Euro Cash Fund 1 306,330 24.42%MGI Global Bond Fund 3 36,679 89.90%MGI Japanese Equity Fund 2 115,296 82.94%MGI Pacific basin (Ex Japan) Equity Fund 1 54,584 89.56%MGI UK Cash Fund 3 123,529 92.75%MGI U.S. Equity Fund 1 308,488 73.67%MGI UK Inflation Linked Bond Fund 1 586,950 20.58%MGI UK Long Gilt Fund 1 259,780 32.47%MGI Emerging Markets Debt Fund 1 2,279,214 32.01%Mercer Diversified Growth Fund 1 1,629,825 59.30%MGI DAM Multi-Manager Global Equity Fund 1 1,756,463 89.14%Mercer Short Duration Global Bond Fund 1 3 761,561 71.74%Mercer Short Duration Global Bond Fund 2 1 249,772 58.14%

8. Directors’ fees

The Directors earned € 30,558 for the period ended 31 December 2013 (year ended 30 June 2013: € 61,458, periodended 31 December 2012: € 30,055), of which € 5,136 was payable at 31 December 2013 (year ended 30 June 2013:€ 5,437, period ended 31 December 2012: € 5,087).

9. Financial derivative instruments

The Company may employ investment techniques and instruments for efficient portfolio management of the assets ofthe Company 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 (as amended) and in the Prospectus. The Company may, for thepurposes of hedging, enter into put and call options, spot and forward contracts, interest rate swaps, swaptions, creditdefault swaps, financial futures, stock and bond index futures contracts, repurchase and reverse repurchaseagreements and securities lending agreements. In particular, a Sub-Fund may seek to hedge its investments againstcurrency fluctuations which are adverse to its base currency by utilising currency options, futures contracts and forwardforeign exchange contracts. Financial derivative instruments were entered into during the period, please refer to thePortfolio 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 (as amended).

Certain Sub-Funds utilise Financial Derivative Instruments (“FDIs”) for investment purposes and/or for efficient portfoliomanagement ("EPM") purposes. In addition to investment in FDIs set down in the Prospectus, and subject to theconditions and within the limits laid down by the Central Bank, certain Sub-Funds may employ techniques andinstruments for EPM of the assets of the Sub-Fund relating to transferable securities and money market instruments.Transactions for the purposes of EPM may be undertaken with a view to achieving a reduction in risk and/ or a reductionin costs and may not be speculative in nature. These techniques and instruments may include investment in FDIs. Newtechniques and instruments may be developed which may be suitable for use by a Sub-Fund and the Manager mayemploy such techniques and instruments. Investment in FDIs are subject to the conditions and limits laid down by theCentral Bank.

The risks attaching to the use of FDIs are consistent with those described in the annual financial statements 30 June2013.

287MGI Funds plc

10. Distributions

The following distributions were declared and paid during the period:

Sub Fund TotalDistribution Distribution

Ex Date Share Class per Share US$

Mercer Global High Yield Bond Fund 01-Oct-2013 Class M-2£ Distributing GB£ 1.2830 106,079Mercer Global High Yield Bond Fund 01-Oct-2013 Class M-2£ Hedged Distributing GB£ 1.3125 208,095

––––––––––––314,174

––––––––––––

There were no distributions paid during the year ended 30 June 2013 or during the period ended 31 December 2012.

11. Segregated liability of Sub-Funds

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

12. Events during the period

A new Sub-Fund, Mercer Passive Global Equity Fund launched on 8 October 2013. A supplemental prospectus was alsoissued in respect of this new Sub-Fund.

Tom Geraghty was appointed to the Board of Directors of the Manager on 24 October 2013.

There were no other significant events during the period.

13. Subsequent events

The following distributions were declared since the period end 31 December 2013:

Sub FundDistribution

Ex Date Share Class per ShareMercer Global High Yield Bond Fund 02-Jan-2014 Class M-2£ Distributing GB£ 0.8701Mercer Global High Yield Bond Fund 02-Jan-2014 Class M-2£ Hedged Distributing GB£ 2.3959MGI UK Inflation Linked Bond Fund 02-Jan-2014 Class M-1£ Distributing GB£ 0.1585

There were no other significant events affecting the Sub-Funds since the period end.

14. Comparative figures

The comparative figures are for the year ended 30 June 2013 and the period from 1 July 2012 to 31 December 2012.

15. Approval of financial statements

The financial statements were approved by the Board of Directors of MGI Funds plc on 19 February 2014.



288MGI Funds plc

MGI Funds plc SSuupppplleemmeennttaall IInnffoorrmmaattiioonn

General

MGI Funds plc is an open-ended umbrella fund investment company with variable capital 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 (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities pursuant to the EuropeanCommunities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

The investment objective of the Company is the collective investment of its Sub-Funds in financial assets with the aim ofspreading investment risk and giving the members of the Company the benefit of the results of the management of its Sub-Funds.The Company’s objective to spread investment risk has been maintained during the period.

The Company comprises of thirty Sub-Funds, twenty-four of which are in operation at 31 December 2013.

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$ 08/10/2013

Where it is appropriate to its investment objective and policies a Sub-Fund may also invest in other Sub-Funds of this Company.A Sub-Fund may only invest in another Sub-Fund of this Company, if the Sub-Fund in which it is investing does not itself holdShares in any other Sub-Fund of this Company. Any commission received by the Manager or Investment Manager in respect ofsuch 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.

289MGI Funds plc

MGI Funds plc SSuupppplleemmeennttaall IInnffoorrmmaattiioonn((ccoonnttiinnuueedd))

Net Asset Value

The net asset value per share for the Sub-Funds at the 31 December 2012 is determined by dividing the value of the net assetsof each Sub-Fund by the total number of redeemable participating shares in issue in each Sub-Fund at the period end.

MGI Emerging Markets Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-2 € M-4 €

Total net asset value31 December 2013 € 14,800,921 GB£ 3,430,179 € 40,655,195 € 37,971,146 € 5,336,77930 June 2013 € 13,592,573 GB£ 3,194,311 € 39,582,373 € 41,377,792 € 4,971,46331 December 2012 € 1,353,757 GB£ 3,432,522 € 40,031,384 € 47,483,800 € 16,378,037Net asset value per share31 December 2013 € 126.51 GB£ 192.87 € 124.73 € 112.21 € 121.0730 June 2013 € 128.85 GB£ 202.34 € 127.17 € 114.45 € 123.6231 December 2012 € 138.71 GB£ 206.12 € 137.01 € 123.38 € 133.39

MGI Emerging Markets Equity Fund Class Class Class Class Class(continued) M-7 € M-1 £ M-3 £ M-5 £ M-7 £Total net asset value31 December 2013 € 101,260,646 GB£ 199,315,142 GB£ 141,329,872 GB£ 46,072,292 GB£ 57,351,44730 June 2013 € 85,456,989 GB£ 127,316,158 GB£ 127,037,972 GB£ 37,471,796 GB£ 59,549,38731 December 2012 € 62,901,715 GB£ 108,921,881 GB£ 158,474,790 GB£ 39,612,922 GB£ 62,622,634Net asset value per share31 December 2013 € 113.08 GB£ 109.86 GB£ 91.67 GB£ 90.84 GB£ 102.1830 June 2013 € 115.23 GB£ 115.39 GB£ 96.37 GB£ 95.59 GB£ 107.2631 December 2012 € 124.09 GB£ 117.66 GB£ 98.37 GB£ 97.67 GB£ 109.31

MGI Emerging Markets Equity Fund Class Class Class(continued) M-5 $ Z-1 £ Z-1 €Total net asset value31 December 2013 US$ 13,139,979 GB£ 69,187,429 € 8,077,79830 June 2013 US$ 3,696,187 GB£ 71,260,751 € 5,843,02031 December 2012 US$ 4,044,349 GB£ 62,918,991 -Net asset value per share31 December 2013 US$ 100.85 GB£ 99.35 € 90.6730 June 2013 US$ 97.18 GB£ 103.85 € 92.0031 December 2012 US$ 106.41 GB£ 105.40 -


Total net asset value31 December 2013 € 9,098,515 € 4,684,272 € 1,154,421 € 290,65930 June 2013 € 3,782,436 € 4,997,441 € 1,153,096 € 273,52531 December 2012 € 5,297,216 € 5,632,818 € 937,262 € 185,088Net asset value per share31 December 2013 € 118.25 € 116.54 € 111.91 € 117.4530 June 2013 € 116.11 € 114.55 € 110.23 € 115.3931 December 2012 € 116.50 € 115.05 € 110.92 € 115.83

290MGI Funds plc

Net Asset Value (continued)

MGI Euro Cash Fund Class Class Class Class ClassI-1 € M-1 € M-5 € M-7 € M-8 €

Total net asset value31 December 2013 € 121,571,536 € 13,235,001 € 2,355,011 € 38,257,320 € 23,142,51230 June 2013 € 6,886,043 € 14,348,550 € 106,292,370 € 2,276,580 € 12,377,56331 December 2012 € 45,271,317 € 11,630,708 € 5,308,739 € 61,649,748 € 10,735,806Net asset value per share31 December 2013 € 111.15 € 109.54 € 105.90 € 106.00 € 100.4830 June 2013 € 112.59 € 100.54 € 106.16 € 106.33 € 109.7631 December 2012 € 111.37 € 109.98 € 106.75 € 106.32 € 100.61

MGI Euro Cash Fund Class(continued) Z-1 €Total net asset value31 December 2013 € 6,532,91230 June 2013 € 33,477,69831 December 2012 € 635,649Net asset value per share31 December 2013 € 112.5930 June 2013 € 111.2631 December 2012 € 112.59

MGI Eurozone Equity Fund Class Class Class ClassI-1 € M-1 € M-2 € M-7 €

Total net asset value31 December 2013 € 57,795,799 € 44,761,298 € 25,667,776 € 25,593,14130 June 2013 € 42,086,900 € 39,934,168 € 23,079,212 € 21,405,84331 December 2012 € 41,580,128 € 83,184,427 € 35,857,705 € 20,729,215Net asset value per share31 December 2013 € 131.66 € 129.76 € 136.61 € 125.4230 June 2013 € 109.16 € 107.69 € 113.44 € 104.0431 December 2012 € 103.32 € 102.04 € 107.53 € 98.52

MGI Eurozone Equity Fund Class Class(continued) Z-1 € Z-1 £Total net asset value31 December 2013 € 7,585,621 GB£ 1,692,88530 June 2013 € 6,718,826 GB£ 1,526,13131 December 2012 € 11,637,604 GB£ 1,424,253Net asset value per share31 December 2013 € 129.65 GB£151.2830 June 2013 € 107.22 GB£ 128.8831 December 2012 € 101.23 GB£ 115.17


Total net asset value31 December 2013 € 399,981 GB£ 1,096,745 US$ 1,149,335 € 1,496,37130 June 2013 € 460,282 GB£ 1,198,878 US$ 1,148,469 € 1,744,79431 December 2012 € 500,091 GB£ 1,214,449 US$ 1,352,305 € 2,103,817Net asset value per share31 December 2013 € 109.01 GB£ 133.26 US$ 118.31 € 107.4930 June 2013 € 114.85 GB£ 144.63 US$ 117.58 € 113.3631 December 2012 € 121.34 GB£ 144.61 US$ 126.00 € 119.89


291MGI Funds plc


MGI Global Equity Fund Class Class Class Class ClassI-1 € I-1 £ M-1 € M-1 € M-2 €

HedgedTotal net asset value31 December 2013 € 2,613,041 GB£ 9,955,624 € 59,285,543 € 19,600,226 € 2,740,29330 June 2013 € 2,709,311 GB£ 12,547,297 € 57,477,229 € 141,049,156 € 2,469,34431 December 2012 € 2,616,839 GB£ 9,905,854 € 148,225,889 € 178,926,892 € 5,087,073Net asset value per share31 December 2013 € 217.11 GB£ 145.85 € 142.61 € 143.60 € 136.1430 June 2013 € 195.53 GB£ 135.33 € 128.51 € 123.74 € 122.7031 December 2012 € 181.80 GB£ 119.08 € 119.55 € 113.54 € 114.16

MGI Global Equity Fund Class Class Class Class Class(continued) M-7 € M-7 € M-1 £ M-2 £ M-2 £

Hedged HedgedTotal net asset value31 December 2013 € 67,335,661 € 56,157,734 GB£ 89,624,850 GB£ 18,753,615 GB£ 219,342,43330 June 2013 € 73,249,987 € 56,275,677 GB£ 73,446,435 GB£ 16,463,710 GB£ 248,035,81531 December 2012 € 68,386,328 € 55,019,575 GB£ 62,285,742 GB£ 13,475,226 GB£ 232,107,763Net asset value per share31 December 2013 € 126.49 € 139.16 GB£ 181.48 GB£ 170.20 GB£140.0730 June 2013 € 113.89 € 120.19 GB£ 168.46 GB£ 158.05 GB£ 120.8131 December 2012 € 105.86 € 110.35 GB£ 148.30 GB£ 139.17 GB£ 110.40

MGI Global Equity Fund Class Class Class Class Class(continued) M-3 £ M-4 £ M-4 £ M-5 £ M-7 £

Hedged HedgedTotal net asset value31 December 2013 GB£ 115,984,607 GB£ 4,230,569 GB£ 33,258,565 GB£ 7,832,985 GB£ 55,245,90830 June 2013 GB£ 147,195,532 GB£ 2,474,208 GB£ 39,754,236 GB£ 6,608,851 GB£ 49,247,06231 December 2012 GB£ 146,093,418 GB£ 2,074,761 GB£ 44,551,274 GB£ 5,674,445 GB£ 42,767,140Net asset value per share31 December 2013 GB£ 139.63 GB£ 147.82 GB£ 134.91 GB£ 125.58 GB£ 169.7730 June 2013 GB£ 120.47 GB£ 137.37 GB£ 116.68 GB£ 116.72 GB£ 157.4731 December 2012 GB£ 110.12 GB£ 121.05 GB£ 106.89 GB£ 102.88 GB£ 138.52

MGI Global Equity Fund Class Class Class Class(continued) M-3 € M-9 £ Z-1 £ Z-1 €

HedgedTotal net asset value31 December 2013 € 4,080,006 GB£ 3,342,447 GB£ 21,030,665 € 9,837,89530 June 2013 € 3,525,384 GB£ 3,111,110 GB£ 19,106,546 € 8,462,47231 December 2012 - GB£ 4,177,358 GB£ 17,332,808 € 63,963,187Net asset value per share31 December 2013 € 119.55 GB£ 126.29 GB£ 140.64 € 192.8830 June 2013 € 103.32 GB£ 117.55 GB£ 130.04 € 173.1431 December 2012 - GB£ 103.76 GB£ 114.06 € 160.36

MGI Japanese Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Total net asset value31 December 2013 € 9,158,436 € 1,011,290 GB£ 699,84430 June 2013 € 8,634,172 € 1,083,395 GB£ 700,98731 December 2012 € 7,438,354 € 1,019,399 GB£ 605,962Net asset value per share31 December 2013 € 78.80 € 77.77 GB£ 98.6430 June 2013 € 76.89 € 75.96 GB£ 98.8931 December 2012 € 64.52 € 63.80 GB£ 78.34


292MGI Funds plc



Total net asset value31 December 2013 € 8,850,860 - GB£ 701,73630 June 2013 € 8,829,488 GB£ 626,278 -31 December 2012 € 10,427,899 GB£ 616,535 -Net asset value per share31 December 2013 € 176.50 - GB£ 205.2630 June 2013 € 173.22 GB£ 206.98 -31 December 2012 € 180.06 GB£ 203.12 -

MGI UK Bond Fund Class Class Class Class ClassI-1 £ M-1 £ M-2 £ M-4 £ M-7 £

Total net asset value31 December 2013 GB£ 2,026,190 GB£ 8,529,039 GB£ 24,054,946 - GB£ 47,480,22930 June 2013 GB£ 2,144,545 GB£ 12,445,333 GB£ 26,529,271 - GB£ 44,771,44331 December 2012 GB£ 2,156,568 GB£ 11,833,326 GB£ 26,363,908 GB£ 11,861,818 GB£ 49,591,092Net asset value per share31 December 2013 GB£ 150.68 GB£ 141.74 GB£ 139.71 - GB£ 146.7330 June 2013 GB£ 149.78 GB£ 141.04 GB£ 139.09 - GB£ 145.9331 December 2012 GB£ 153.61 GB£ 144.79 GB£ 142.85 GB£ 126.33 GB£ 149.73

MGI UK Bond Fund Class(continued) Z-1 £Total net asset value31 December 2013 GB£ 31,107,50630 June 2013 GB£ 29,919,38831 December 2012 GB£ 29,693,654Net asset value per share31 December 2013 GB£ 156.7530 June 2013 GB£ 155.5431 December 2012 GB£ 159.24


293MGI Funds plc


MGI UK Cash Fund Class Class Class ClassI-1 £ M-2 £ M-4 £ M-7 £

Total net asset value31 December 2013 GB£ 9,995,586 GB£ 1,233,118 - GB£ 379,40030 June 2013 GB£ 10,157,185 - GB£ 303,405 GB£ 390,66931 December 2012 GB£ 14,300,063 GB£ 29,394 GB£ 314,438 GB£ 389,262Net asset value per share31 December 2013 GB£ 113.45 GB£ 121.23 - GB£ 110.9230 June 2013 GB£ 113.34 - GB£ 99.58 GB£ 110.8731 December 2012 GB£ 113.24 GB£ 121.32 GB£ 99.74 GB£ 110.81

MGI UK Equity Fund Class Class Class ClassI-1 € I-1 £ M-1 € M-1 £

Total net asset value31 December 2013 € 17,567,350 GB£ 9,523,136 € 1,303,090 GB£ 31,634,42430 June 2013 € 16,023,605 GB£ 11,461,448 € 1,202,909 GB£ 29,845,93131 December 2012 € 16,852,070 GB£ 10,427,073 € 1,249,345 GB£ 28,357,426Net asset value per share31 December 2013 € 113.67 GB£ 128.74 € 111.97 GB£ 120.3130 June 2013 € 97.94 GB£ 114.26 € 96.57 GB£ 106.8831 December 2012 € 93.35 GB£ 103.06 € 92.13 GB£ 96.50

MGI UK Equity Fund Class Class Class(continued) M-2 £ M-7 £ Z-1 £Total net asset value31 December 2013 GB£ 28,857,472 GB£ 6,088,450 GB£ 17,467,44330 June 2013 GB£ 19,787,794 GB£ 15,360,703 GB£ 15,264,64431 December 2012 GB£ 20,318,673 GB£ 14,001,356 GB£ 14,077,733Net asset value per share31 December 2013 GB£ 195.96 GB£ 148.02 GB£ 134.2330 June 2013 GB£ 174.18 GB£ 131.43 GB£ 118.8331 December 2012 GB£ 157.34 GB£ 118.61 GB£ 106.92

MGI U.S. Equity Fund Class Class ClassI-1 € M-1 € Z-1 £

Total net asset value31 December 2013 € 48,257,730 € 3,651,617 GB£ 1,702,15930 June 2013 € 44,145,725 € 3,581,005 GB£ 1,566,98331 December 2012 € 40,566,884 € 3,426,001 GB£ 1,377,555Net asset value per share31 December 2013 € 136.05 € 134.05 GB£ 163.9130 June 2013 € 123.06 € 121.38 GB£ 152.3431 December 2012 € 107.99 € 106.61 GB£ 126.2


294MGI Funds plc


MGI UK Inflation Linked Bond Fund Class Class Class Class ClassM-1 £ M-1 £ M-4 £ M-6 £ M-7 £

DistributingTotal net asset value31 December 2013 GB£ 334,144,377 GB£ 19,991,466 GB£ 43,622,970 GB£ 9,150,463 GB£ 91,109,32230 June 2013 GB£ 240,923,796 - GB£ 36,967,503 GB£ 4,334,124 GB£ 93,007,52531 December 2012 GB£ 280,513,633 - GB£ 30,211,609 - GB£ 59,868,310Net asset value per share31 December 2013 GB£ 132.76 GB£ 98.29 GB£ 130.89 GB£ 95.20 GB£ 135.0930 June 2013 GB£ 133.55 - GB£ 131.88 GB£ 96.16 GB£ 135.9731 December 2012 GB£ 132.50 - GB£ 131.01 - GB£ 134.96

MGI UK Inflation Linked Bond Fund ClassZ-1 £

Total net asset value31 December 2013 GB£ 9,094,19830 June 2013 GB£ 8,748,48731 December 2012 GB£ 8,423,288Net asset value per share31 December 2013 GB£ 137.8030 June 2013 GB£ 138.3831 December 2012 GB£ 137.06


Total net asset value31 December 2013 GB£ 17,507,637 GB£ 4,239,295 GB£ 5,524,539 GB£ 4,421,889 GB£ 20,504,44230 June 2013 GB£ 80,229,204 GB£ 6,999,155 GB£ 1,226,223 GB£ 4,409,406 GB£ 17,879,14531 December 2012 GB£ 78,770,278 GB£ 7,741,634 GB£ 1,266,170 GB£ 964,915 GB£ 23,082,005Net asset value per share31 December 2013 GB£ 132.28 GB£ 129.94 GB£ 99.95 GB£ 90.32 GB£ 131.4930 June 2013 GB£ 133.22 GB£ 131.05 GB£ 100.86 GB£ 91.42 GB£ 132.4831 December 2012 GB£ 141.12 GB£ 138.94 GB£ 107.06 GB£ 97.32 GB£ 140.41

MGI Emerging Markets Debt Fund Class Class Class Class ClassM-3 € M-2 £ M-3 £ M-4 £ Z-1 £

Total net asset value31 December 2013 € 249,486,128 GB£ 401,005,961 GB£ 59,660,613 GB£ 15,651,699 GB£ 15,440,22830 June 2013 € 312,305,251 GB£ 410,232,322 GB£ 65,242,901 GB£ 11,757,899 GB£ 15,676,35131 December 2012 € 281,978,526 GB£ 405,794,707 GB£ 65,299,158 GB£ 10,654,179 GB£ 1,4314,692Net asset value per share31 December 2013 € 99.61 GB£ 93.22 GB£ 92.80 GB£ 94.39 GB£ 91.7030 June 2013 € 108.89 GB£ 104.89 GB£ 104.50 GB£ 106.38 GB£ 102.6931 December 2012 € 116.13 GB£ 105.79 GB£ 105.46 GB£ 107.44 GB£ 103.08

MGI Emerging Markets Debt Fund Class(continued) Z-1 €Total net asset value31 December 2013 € 2,651,05230 June 2013 € 2,881,65031 December 2012 -Net asset value per share31 December 2013 € 86.6030 June 2013 € 94.1331 December 2012 -


295MGI Funds plc



Total net asset value31 December 2013 € 102,811,531 GB£ 364,123,863 GB£ 34,010,315 € 49,083,08530 June 2013 € 74,671,140 GB£ 234,128,155 GB£ 18,285,307 € 40,059,66231 December 2012 € 14,795,638 GB£ 191,317,892 GB£ 14,573,336 € 16,503,043Net asset value per share31 December 2013 € 141.37 GB£ 137.35 GB£ 136.61 € 133.4230 June 2013 € 124.49 GB£ 124.54 GB£ 123.99 € 116.7831 December 2012 € 108.46 GB£ 102.62 GB£ 102.28 € 101.14

Mercer Low Volatility Equity Fund Class Class Class Class ClassM-3 € M-3 £ M-3 £ M-5 £ M-5 £

Hedged HedgedTotal net asset value31 December 2013 € 295,233,170 GB£ 113,766,406 GB£ 211,203,124 US$ 11,235,567 GB£ 10,187,23330 June 2013 € 272,359,919 GB£ 356,373,571 GB£ 30,233,164 US$ 14,764,874 -31 December 2012 € 209,075,462 GB£ 315,843,744 GB£ 28,782,266 US$ 13,805,247 -Net asset value per share31 December 2013 € 140.41 GB£ 109.17 GB£ 124.17 US$ 123.52 GB£ 109.0530 June 2013 € 133.80 GB£ 121.90 GB£ 121.39 US$ 107.08 -31 December 2012 € 123.30 GB£ 106.31 GB£ 105.97 US$ 100.18 -

Mercer Low Volatility Equity Fund Class Class Class(continued) M-5 $ Z-1 € Z-1 £Total net asset value31 December 2013 US$ 16,419,050 € 15,387,762 GB£ 29,019,76530 June 2013 - € 15,170,046 GB£ 29,421,91331 December 2012 - € 39,087,700 GB£ 805,247Net asset value per share31 December 2013 US$ 119.00 € 110.40 GB£ 117.8630 June 2013 - € 104.67 GB£ 115.1231 December 2012 - € 99.91 GB£ 100.18

Mercer Diversified Growth Fund Class Class Class Class ClassM-4 € M-6 € Z-1 € M-2 £ M - 10$

HedgedTotal net asset value31 December 2013 € 67,884,643 € 1,161,777 € 27,133,761 GB£ 391,349,109 US$ 53,378,06930 June 2013 € 16,625,674 € 975,642 € 26,140,820 GB£ 297,084,843 US$ 48,700,31231 December 2012 € 1,986,166 € 911,065 € 24,703,920 GB£ 213,081,500 US$ 49,727,871Net asset value per share31 December 2013 € 121.20 € 115.13 € 122.47 GB£ 111.29 US$ 109.6030 June 2013 € 116.94 € 107.17 € 117.99 GB£ 110.58 US$ 100.0231 December 2012 € 117.48 € 106.89 € 118.35 GB£ 105.09 US$ 102.16

Mercer Diversified Growth Fund Class(continued) M-12 £Total net asset value31 December 2013 GB£ 14,734,74130 June 2013 GB£ 14,477,13931 December 2012 -Net asset value per share31 December 2013 GB£ 97.2430 June 2013 GB£ 97.0531 December 2012 -


296MGI Funds plc



Total net asset value31 December 2013 US$ 251,950,963 NOK 356,492,52730 June 2013 US$ 219,148,671 NOK 233,100,74231 December 2012 US$ 207,195,378 NOK 214,723,932Net asset value per share31 December 2013 US$ 148.35 NOK 1,359.0230 June 2013 US$ 126.02 NOK 1,168.9231 December 2012 US$ 117.96 NOK 1,003.18

Mercer Global High Yield Bond Fund Class Class Class Class ClassM-1 £ M-1 £ M-2 £ M-2 £ M-2 £

Hedged Distributing HedgedTotal net asset value31 December 2013 GB£ 5,924,956 GB£ 160,416,880 GB£ 24,719,565 € 9,480,906 GB£ 8,908,66930 June 2013 GB£ 168,787,064 GB£ 28,993,296 GB£ 41,953,963 € 30,176,095 GB£ 6,930,97931 December 2012 GB£ 116,612,294 GB£ 36,460,400 GB£ 56,748,769 € 9,822,958 GB£ 9,225,106Net asset value per share31 December 2013 GB£ 98.30 GB£ 118.84 GB£ 98.24 € 95.58 GB£ 118.8330 June 2013 GB£ 111.76 GB£ 111.73 GB£ 111.57 € 104.43 GB£ 111.3031 December 2012 GB£ 109.82 GB£ 109.79 GB£ 109.70 € 103.03 GB£ 109.56

Mercer Global High Yield Bond Fund Class Class Class Class Class(continued) M-2 £ M-3 £ M-3 £ M-3 € M-4 $

Hedged Distributing Hedged HedgedTotal net asset value31 December 2013 GB£ 5,554,713 GB£ 29,464,336 GB£ 11,329,217 € 43,403,193 US$ 53,582,42130 June 2013 - - - - US$ 18,056,28831 December 2012 - - - - US$ 17,871,707Net asset value per share31 December 2013 GB£ 103.64 GB£ 98.17 GB£ 118.56 € 110.67 US$ 112.2630 June 2013 - - - - US$ 104.5431 December 2012 - - - - US$ 103.52

Mercer Global High Yield Bond Fund Class Class Class Class(continued) M-4 £ M-4 £ Z-1 AUD Z-1 €

Hedged Hedged HedgedTotal net asset value31 December 2013 GB£ 7,060,810 GB£ 3,180,339 AUD$ 137,996,039 € 131,634,79530 June 2013 - - - € 123,599,7331 December 2012 - - - € 14,277,243Net asset value per share31 December 2013 GB£ 98.07 GB£ 118.17 AUD$ 100.60 € 111.2530 June 2013 - - - € 104.4631 December 2012 - - - € 102.60


297MGI Funds plc




Hedged HedgedTotal net asset value31 December 2013 NOK 1,564,111,009 € 8,008,39230 June 2013 NOK 1,062,353,278 € 6,100,60831 December 2012 NOK 1,062,151,061 -Net asset value per share31 December 2013 NOK 1,021.87 € 101.6130 June 2013 NOK 1,000.28 € 100.2431 December 2012 NOK 1,000.60 -

Mercer Short Duration Global Bond Fund 2 Class Class ClassM - 1 NOK M - 1 € M-2 €

Hedged Hedged HedgedTotal net asset value31 December 2013 NOK 1,033,514,997 € 6,284,562 € 12,395,62030 June 2013 NOK 669,384,922 - € 6,087,21131 December 2012 NOK 432,266,954 - -Net asset value per share31 December 2013 NOK 1,019.46 € 100.22 € 100.3330 June 2013 NOK 1,009.36 - € 100.1231 December 2012 NOK 1,006.19 - -


Hedged Hedged HedgedTotal net asset value31 December 2013 GB£ 272,812,753 € 19,671,678 € 93,380,77930 June 2013 GB£ 137,000,422 € 12,554,350 € 90,958,802Net asset value per share31 December 2013 GB£ 100.54 € 99.50 € 100.0930 June 2013 GB£ 98.93 € 98.11 € 98.55

Mercer Passive Global Equity Fund ClassZ-1 $

Total net asset value31 December 2013 $ 156,936,288Net asset value per share31 December 2013 $ 105.93

298MGI Funds plc


Soft commissions arrangements

There were no soft commission arrangements in place during the period (year ended 30 June 2013: Nil, period ended 31December 2012: Nil).

Exchange rates

The applicable period/year end exchange rates were as follows:

As at As at As at31 December 2013 30 June 2013 31 December 2012

Exchange Rate Exchange Rate Exchange Rateto € to € to €

Australian Dollar 1.5402 1.4201 1.2699Argentinian Peso 8.9815 6.9981 6.4813Brazilian Real 3.2509 2.8714 2.6994British Pound 0.8320 0.8570 0.8111Canadian Dollar 1.4641 1.3713 1.3127Chilean Peso 724.0436 657.6522 631.2500Chinese Yuan Renimbi 8.3420 7.9780 8.2140Danish Krone 7.4604 7.4587 7.4610Hong Kong Dollar 10.6843 10.0821 10.2187Hungarian Forint 297.0750 294.5348 291.2152Indian Rupee 85.2331 77.2435 72.2351Israeli Shekel - 4.7319 -Japanese Yen 144.8294 129.1205 113.9955Korean Won 1,454.2190 1,484.4928 1,411.4464Malaysian Ringitt 4.5135 4.1069 4.0317Mexican Peso 18.0472 16.9316 17.1207New Zealand Dollar 1.6742 1.6831 1.5981Norwegian Krone 8.3598 7.9369 7.3372Philippines Peso 61.1568 56.1535 54.1368Polish Zloty 4.1579 4.3303 4.0803Russian Ruble 45.2794 42.6715 40.2745Singapore Dollar 1.7398 1.6486 1.6104South African Rand 14.4323 12.9039 11.1858Swedish Krone 8.8500 8.7733 8.5768Swiss Franc 1.2255 1.2299 1.2068Taiwan Dollar 41.0677 38.9578 38.2850Turkish Lira 2.9605 2.5080 2.3529US Dollar 1.3779 1.2998 1.3184

The applicable average exchange rates were as follows:

Period ended Year ended Period ended31 December 2013 30 June 2013 31 December 2012

British Pound 0.8456 0.8271 0.7995Japanese Yen 135.0645 114.4527 104.0140US Dollar 1.3498 1.2964 1.2731

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397

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245,

498,

790

279,

568

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245,

778,

358

––––

––––

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––––

––––

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US$

404,

024,

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1,68

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––––

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405,

705,

804

––––

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US$

190,

482,

222

371,

928

––––

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190,

854,

150

––––

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US$

77,5

51,8

31

120,

682

––––

––––

––––

77,6

72,5

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6,16

3,01

6,76

9

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0,33

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6,16

8,51

7,10

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305MGI Funds plc


SSiiggnniiffiiccaanntt PPoorrttffoolliioo MMoovveemmeennttss

CostPurchase US$’000

Unilever 7,686Samsung Electronics 7,219Taiwan Semiconductor Manufacturing - ADR 6,930Taiwan Mobile 5,172Vale - ADR - non-voting 4,742China Construction Bank 4,522Cathay Financial Holding - GDR 4,310AMMB Holdings 3,884Genting 3,678CCR 3,544OTP Bank 3,514Axis Bank 3,499Gazprom - ADR - UK listing 3,319Malayan Banking 3,119HDFC Bank 3,023Hon Hai Precision Industry - GDR 2,975Sberbank of Russia - ADR 2,944China Mobile 2,916Tupras Turkiye Petrol Rafinerileri 2,848Fibra Uno Administracion REIT 2,733

ProceedsSales US$’000

Sands China 6,093Grupo Mexico 6,059Tata Motors - ADR 3,628Itausa - Investimentos Itau - Pref 2,935Kasikornbank - NVDR 2,850Grupo Financiero Santander Mexico 2,729Turkiye Garanti Bankasi 2,549Compartamos 2,453Fomento Economico Mexicano - ADR 2,436ICICI Bank - ADR 2,220Samsung Electronics 1,961Credicorp 1,927Bank Rakyat Indonesia Persero 1,853China Construction Bank 1,786Hengan International Group 1,663Housing Development Finance 1,610Cielo 1,584Itau Unibanco Holding - ADR 1,576Larsen & Toubro - GDR 1,549Axis Bank - GDR 1,448Advanced Info Service 1,388Tencent Holdings 1,374SK Innovation 1,252China Resources Power Holdings 1,250Bajaj Auto 1,217

306MGI Funds plc


SSiiggnniiffiiccaanntt PPoorrttffoolliioo MMoovveemmeennttss((ccoonnttiinnuueedd))

CostPurchase €’000

PIMCO Euro Credit Fund - Accumulation 900Italy Buoni Poliennali Del Tesoro 3.000% due 15/06/2015 154France (Government of) 2.250% due 25/02/2016 136Bundesrepublik Deutschland 3.250% due 04/07/2042 134France (Government of) 5.500% due 25/04/2029 131Italy Buoni Poliennali Del Tesoro 4.500% due 01/08/2018 118Bundesrepublik Deutschland 3.250% due 04/07/2015 117Bundesrepublik Deutschland 4.250% due 04/07/2018 117France (Government of) 4.250% due 25/10/2018 115Bundesrepublik Deutschland 4.000% due 04/01/2018 114Italy Buoni Poliennali Del Tesoro 4.500% due 01/02/2018 106Italy Buoni Poliennali Del Tesoro 5.250% due 01/11/2029 106Italy Buoni Poliennali Del Tesoro 4.000% due 01/02/2017 105France (Government of) 3.500% due 25/04/2015 105Bundesrepublik Deutschland 2.250% due 10/04/2015 103France (Government of) 2.250% due 25/10/2022 100Bundesrepublik Deutschland 1.500% due 15/02/2023 98Italy Buoni Poliennali Del Tesoro 6.000% due 15/11/2014 95Italy Buoni Poliennali Del Tesoro 3.750% due 15/04/2016 94Netherlands (Kingdom of) 4.000% due 15/07/2018 91Spain (Kingdom of) 4.250% due 31/10/2016 85Spain (Kingdom of) 4.000% due 30/07/2015 83France (Government of) 1.750% due 25/02/2017 83Belgium (Government of) 3.500% due 28/06/2017 77France (Government of) 3.000% due 25/04/2022 75Belgium (Government of) 5.000% due 28/03/2035 74Spain (Kingdom of) 3.250% due 30/04/2016 72Italy Buoni Poliennali Del Tesoro 5.000% due 01/08/2034 71France (Government of) 4.500% due 25/04/2041 71Bundesrepublik Deutschland 0.250% due 13/03/2015 70Spain (Kingdom of) 4.300 % due 31/10/2019 63

ProceedsSales* €’000

Italy Buoni Poliennali Del Tesoro 4.250% due 01/08/2014 175Bundesrepublik Deutschland 4.250% due 04/07/2014 166France (Government of) 4.000% due 25/10/2014 156Spain (Kingdom of) 3.300% due 31/10/2014 143Italy Buoni Poliennali Del Tesoro 3.500% due 01/06/2014 133Italy Buoni Poliennali Del Tesoro 6.000% due 15/11/2014 94France (Government of) 3.000% due 12/07/2014 92Belgium (Government of) 4.250% due 28/09/2014 73Austria (Government of) 4.300% due 15/07/2014 62Bundesrepublik Deutschland 3.750% due 04/01/2015 42Netherlands (Kingdom of) 3.750% due 15/07/2014 36Austria (Government of) 4.850% due 15/03/2026 25Bundesrepublik Deutschland 2.750% due 08/04/2016 21Italy Buoni Poliennali Del Tesoro 5.000% due 01/08/2039 20France (Government of) 4.250% due 25/04/2019 11Netherlands (Kingdom of) 4.000% due 15/07/2019 11

*The above represents all sales during the period.

307MGI Funds plc

MGI Funds plcMGI Euro Cash Fund



Commonwealth Bank of Australia, 0.01% due 29/11/2013 168,002DNB Bank, 0.02% due 13/09/2013 67,000Rabobank International, 0.02% due 19/11/2013 42,025State Street Bank, 0.10% due 17/07/2013 39,000Bank of Nova Scotia, 0.00% due 25/11/2013 38,800Nordea Bank, 0.08% due 19/08/2013 37,807Australia & New Zealand Banking Group, 0.01% due 29/10/2013 37,259Svenska Handelsbanken, 0.01% due 21/10/2013 30,979HSBC Bank, 0.03% due 13/01/2014 28,808Euro Time Deposit, 0.00% due 19/12/2013 24,000Toronto Domininon Bank,0.06% due 22/01/2014 11,000Bank of Nova Scotia, 0.06% due 18/02/2014 10,000State Street Bank, 0.01% due 19/06/2013 3,760

*The above represents all purchase and sale transactions during the period.

ProceedsSales €’000

Commonwealth Bank of Australia, 0.01% due 29/11/2013 167,001DNB Bank, 0.06% due 13/12/2013 64,000Bank of Nova Scotia, 0.00% due 25/11/2013 51,819Nordea Bank, 0.06% due 09/12/2013 44,804Rabobank International, 0.02% due 19/11/2013 42,015Svenska Handelsbanken, 0.01% due 21/10/2013 34,974HSBC Bank, 0.00% due 10/11/2013 33,804State Street Bank, 0.10% due 17/07/2013 27,000Australia & New Zealand Banking Group, 0.01% due 29/10/2013 25,252State Street Bank, 0.01% due 19/06/2013 3,730

308MGI Funds plc




BNP Paribas 3,536Roche Holding 2,629Bayer 2,589Renault 2,312SAP 2,164Anheuser-Busch 2,128Duerr 2,055Total 1,954BASF 1,916ING Groep 1,691ASML Holding 1,668AXA 1,621Linde 1,593Ageas 1,585Louis Vuitton Moet Hennessy 1,534E.ON 1,495ASM International 1,470KBC Groep 1,470Adidas 1,469Muenchener Rueckversicherungs 1,400Legrand 1,397Deutsche Boerse 1,387Deutsche Telekom 1,361Inditex 1,360UniCredit 1,354Bayerische Motoren Werke 1,351Amadeus IT Holding 1,344

ProceedsSales €’000

Roche Holding 4,778Total 4,525Allianz 3,018Deutsche Telekom 2,935Credit Suisse Group 2,646Henkel 2,582KBC Groep 2,462BNP Paribas 2,405Zodiac Aerospace 2,326AXA 2,195Publicis Groupe 1,878Infineon Technologies 1,877Volvo 1,827Snam 1,741ProSiebenSat.1 Media 1,689Valeo 1,655Gemalto 1,622Distribuidora Internacional de Alimentacion 1,618Ageas 1,593Continental 1,552Bayer 1,481Societe Generale 1,481Renault 1,407Volkswagen 1,371Plastic Omnium 1,309Swiss Re 1,300

309MGI Funds plc





United States Treasury Note 1.88% due 30/09/2017 52United States Treasury Note 1.25% due 30/09/2015 31United States Treasury Bond 3.13% due 15/02/2042 26United States Treasury Note 2.00% due 15/02/2022 19



Japan Government Thirty Year Bond 2.40% due 20/03/2037 93France (Government of) 4.00% due 25/10/2014 85PIMCO Global Investment Grade Credit Fund - Accumulation 80Bundesrepublik Deutschland 4.25% due 04/01/2014 41


Exxon Mobil 6,514Discovery Communications 6,127Yaskawa Electric 5,554Discover Financial Services 4,985Cisco Systems 4,936Pfizer 4,782BG Group 4,777Rockwell Automation 4,415FMC Technologies 4,394Bank of America 4,346Polaris Industries 4,185Alkermes 3,981Verisk Analytics 3,900Incyte 3,862ICICI Bank 3,509Koninklijke KPN 3,466Google 3,414Unilever 3,358Boeing 3,173Hewlett-Packard 3,121


Apple 9,679Vodafone Group 8,055Exxon Mobil 7,385Philip Morris International 7,370Novo Nordisk 6,779Symrise 6,505Amazon.com 6,372Roche Holding 6,352US Bancorp 6,287WorleyParsons 5,793SGS 5,708Admiral Group 5,429Illinois Tool Works 5,208Microsoft 5,044Omnicom Group 4,956Deutsche Telekom 4,906Singapore Telecommunications 4,843AXA 4,683Walgreen 4,606Freeport-McMoRan Copper & Gold 4,604

310MGI Funds plc



CostPurchase JP¥’000

Kawasaki Heavy Industries 22,026Sony 20,364SoftBank 15,973Keyence 12,390Mitsubishi UFJ Financial Group 11,699Kyowa Hakko Kirin 11,615Yamaha Motor 10,784Sawai Pharmaceutical 9,193Honda Motor 9,184Taisho Pharmaceutical Holdings 7,972Nippon Steel 7,949Hisamitsu Pharmaceutical 7,175Mazda Motor 7,142Nomura Research Institute 7,114Hirose Electric 7,049Amada 6,958Sekisui Chemical 6,464Nippon Yusen KK 6,441Toyota Motor 6,301Daikin Industries 6,115Sumitomo Mitsui Financial Group 5,865Daiwa House Industry 5,702Sumitomo Electric Industries 5,515Yamato Holdings 5,504Mitsubishi Estate 5,477ANA Holdings 5,268Suzuken 5,233Nippon Telegraph & Telephone 5,176Otsuka 5,086JX Holdings 5,020Japan Tobacco 4,902Kubota 4,860Resona Holdings 4,837JSR Corp 4,717H2O Retailing 4,162Fuji Media Holdings 4,150East Japan Railway 4,124

ProceedsSales JP¥’000

Mitsubishi Heavy Industries 29,321Astellas Pharma 18,021Nippon Telegraph & Telephone 15,876Aisin Seiki 13,459KDDI 12,366Canon 12,217Komatsu 10,821Toshiba 10,221Sumitomo Mitsui Trust Holdings 9,874Tokyo Tatemono 9,849Mitsubishi Materials 8,596Mitsui OSK Lines 7,448Otsuka Holdings 6,794Toyota Motor 6,250Japan Airlines 6,195Hisamitsu Pharmaceutical 5,736Sumitomo Mitsui Financial Group 5,669Nippon Express 5,584Nidec 5,444Fujitsu 5,357Mitsubishi Electric 5,306Sega Sammy Holdings 5,300Kajima 5,113Seiko Epson 4,697Nissan Motor 3,973ORIX 3,950Asahi Kasei 3,784Marubeni 3,772Mitsubishi UFJ Financial Group 3,738

311MGI Funds plc




Commonwealth Bank of Australia 238Cheung Kong Holdings 223Singapore Telecommunications 74BHP Billiton 73Wesfarmers 70United Overseas Bank 67Recall Holdings 63AIA Group 58Keppel 51National Australia Bank 49Australia & New Zealand Banking Group 49Rio Tinto 42Twenty First Century Fox 40Hutchison Whampoa 40CSL 37Westpac Banking 37Telstra 37Brambles 36ResMed 36Incitec Pivot 36Woolworths 36AGL Energy 36Jardine Strategic Holdings 32Woodside Petroleum 30James Hardie Industries 25Swire Properties 24Suncorp Group 24Computershare 24Hongkong Land Holdings 23Swire Pacific 23HSBC Holdings 22Jardine Matheson Holdings 21


Sun Hung Kai Properties 258Westpac Banking 235Genting Singapore 108Coca Cola Amatil 68BHP Billiton 66Westfield Group 56Jardine Strategic Hldgs 54Sembcorp Industries 49AIA Group 48United Overseas Bank 47Brambles 47Australia & New Zealand Banking Group 45National Australia Bank 43Hutchison Whampoa 42Commonwealth Bank of Australia 41CSL 39Woolworths 31Swire Pacific 30BOC Hong Kong Holdings 27Orica 27Wing Hang Bank 27CapitaLand 26AGL Energy 25Incitec Pivot 25James Hardie Industries 25Jardine Matheson Holdings 24Wesfarmers 23Suncorp Group 23Hang Lung Group 21Television Broadcasts 20Kerry Logistics Network 20Newcrest Mining 19Woodside Petroleum 19Kerry Properties 18

312MGI Funds plc



CostPurchase GB£’000

United Kingdom (Government of) 1.25% due 22/07/2018 8,265United Kingdom (Government of) 5.00% due 07/03/2025 4,048United Kingdom (Government of) 5.00% due 07/09/2014 3,951United Kingdom (Government of) 4.25% due 07/06/2032 3,577United Kingdom (Government of) 3.25% due 22/01/2044 3,510United Kingdom (Government of) 3.75% due 07/09/2020 3,309United Kingdom Gilt Inflation Linked, 1.25% due 22/11/2017 2,294United Kingdom (Government of) 3.50% due 22/07/2068 2,218United Kingdom (Government of) 3.75% due 07/09/2021 2,053United Kingdom (Government of) 4.25% due 07/12/2040 2,044United Kingdom (Government of) 4.75% due 07/03/2020 1,994United Kingdom (Government of) 4.75% due 07/09/2015 1,910United Kingdom (Government of) 2.25% due 07/09/2023 1,878Insight Global Funds II plc - Insight Emerging Markets Debt Fund 1,705Insight Global Funds II PLC - Short High Yield Bond Fund 1,705United Kingdom (Government of) 4.50% due 07/03/2019 1,544United States Treasury Inflation Indexed Bonds 0.13%due 15/01/2023 1,210European Investment Bank 5.63% due 07/06/2032 1,205United Kingdom (Government of) 4.25% due 07/09/2039 1,001United Kingdom (Government of) 4.00% due 07/09/2016 973

ProceedsSales GB£’000

United Kingdom (Government of) 5.00% due 07/09/2014 4,719United Kingdom (Government of) 4.00% due 07/09/2016 3,776United Kingdom (Government of) 4.75% due 07/09/2015 3,437United Kingdom (Government of) 1.25% due 22/07/2018 3,142United Kingdom (Government of) 5.00% due 07/03/2025 3,051United Kingdom (Government of) 2.75% due 22/01/2015 2,782United Kingdom (Government of) 3.75% due 07/09/2020 2,566United Kingdom (Government of) 4.75% due 07/12/2038 2,428European Investment Bank 5.63% due 07/06/2032 2,411United Kingdom (Government of) 4.25% due 07/03/2036 2,199United Kingdom (Government of) 1.00% due 07/09/2017 2,191United Kingdom (Government of) 4.75% due 07/03/2020 2,095United Kingdom (Government of) 2.00% due 22/01/2016 2,036United Kingdom (Government of) 6.00% due 07/12/2028 2,026United Kingdom (Government of) 4.25% due 07/09/2039 2,005United Kingdom (Government of) 4.25% due 07/12/2046 1,838United Kingdom Gilt Inflation Linked, 1.25% due 22/11/2017 1,634United Kingdom (Government of) 1.75% due 22/01/2017 1,626United Kingdom (Government of) 4.25% due 07/12/2055 1,599United Kingdom (Government of) 4.25% due 07/12/2049 1,472United Kingdom (Government of) 3.75% due 22/7/2052 1,461

MGI Funds plcMGI UK Cash Fund


JP Morgan Liquidity Funds - Sterling Liquidity Fund 12,596Fidelity Institutional Liquidity Fund - The Sterling Fund 12,595Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 12,595Insight Liquidity Funds plc - Sterling Liquidity Fund 12,595Institutional Cash Series - Institutional Sterling Liquidity Fund 12,595



Fidelity Institutional Liquidity Fund - The Sterling Fund 12,480Goldman Sachs Funds plc - Sterling Liquid Reserves Fund 12,480JP Morgan Liquidity Funds - Sterling Liquidity Fund 12,480Insight Liquidity Funds plc - Sterling Liquidity Fund 12,480Institutional Cash Series - Institutional Sterling Liquidity Fund 12,480

313MGI Funds plc




Vodafone Group 782Lloyds Banking Group 642Shire 587Johnson Matthey 525BT Group 462BP 233Unilever 219Shaftesbury 213Wolseley 198Merlin Entertainments 194Anglo American 178Royal Dutch Shell 172Rolls-Royce Holdings 170AstraZeneca 163Ashtead Group 156Pearson 148HSBC Holdings 1283i Group 123GKN 117Thomas Cook Group 117Travis Perkins 116Kingfisher 115Royal Mail 107Fidessa Group 101Marks & Spencer Group 88Paragon Group Companies 84Dixons Retail 74


Barclays 1,033Admiral Group 788Diageo 787John Wood Group 756Rexam 736Standard Chartered 728Marston's 583British American Tobacco 573Schroders 534GlaxoSmithKline 517Royal Dutch Shell 507Hargreaves Lansdown 506BP 490HSBC Holdings 482AstraZeneca 478Next 367Greene King 343British Sky Broadcasting Group 341London Stock Exchange Group 293Wolseley 276Antofagasta 268Unilever 232Tullow Oil 222Rightmove 213Royal Dutch Shell 211BG Group 208Pearson 187Berkeley Group Holdings 186Royal Mail 176Daily Mail & General Trust 172

314MGI Funds plc




Exxon Mobil 3,699Berkshire Hathaway 3,408Wells Fargo & Co 3,194JPMorgan Chase 2,870Citigroup 2,812Pfizer 2,749Johnson & Johnson 2,278Occidental Petroleum 2,110Cisco Systems 2,041McKesson 1,783Bank of America 1,716Comcast 1,656Capital One Financial 1,638Time Warner 1,638Microsoft 1,604UnitedHealth Group 1,600CVS Caremark 1,487Schlumberger 1,438CIGNA 1,410Amgen 1,263


Wells Fargo & Co 2,809JPMorgan Chase 2,453Citigroup 2,278Pfizer 2,220Exxon Mobil 2,141Berkshire Hathaway 1,999Chevron 1,982Occidental Petroleum 1,904General Electric 1,841UnitedHealth Group 1,718Microsoft 1,703Apple 1,632Merck 1,568Johnson & Johnson 1,483Cisco Systems 1,435Comcast 1,269International Business Machines 1,229Sanofi - ADR 1,222EOG Resources 1,200CVS Caremark 1,172

315MGI Funds plc

MGI Funds plcMGI UK Long Gilt Fund


United Kingdom (Government of) 4.25% due 07/06/2032 2,203United Kingdom (Government of) 4.50% due 07/09/2034 1,874United Kingdom (Government of) 4.25% due 07/03/2036 1,796United Kingdom (Government of) 4.75% due 07/12/2030 1,791United Kingdom (Government of) 3.25% due 22/01/2044 1,730United Kingdom (Government of) 4.50% due 07/12/2042 1,677United Kingdom (Government of) 4.25% due 07/12/2040 1,638United Kingdom (Government of) 4.75% due 07/12/2038 1,620United Kingdom (Government of) 4.25% due 07/12/2055 1,462United Kingdom (Government of) 4.25% due 07/12/2046 1,401United Kingdom (Government of) 4.00% due 22/01/2060 1,249United Kingdom (Government of) 4.25% due 07/12/2049 1,192United Kingdom (Government of) 4.25% due 07/09/2039 1,108United Kingdom (Government of) 3.75% due 22/07/2052 1,105United Kingdom (Government of) 6.00% due 07/12/2028 1,091United Kingdom (Government of) 3.50% due 22/07/2068 961



United Kingdom (Government of) 6.00% due 07/12/2028 7,996United Kingdom (Government of) 4.25% due 07/06/2032 7,912United Kingdom (Government of) 4.75% due 07/12/2030 6,738United Kingdom (Government of) 4.50% due 07/12/2042 5,996United Kingdom (Government of) 4.75% due 07/12/2038 5,977United Kingdom (Government of) 4.25% due 07/12/2040 5,512United Kingdom (Government of) 4.50% due 07/09/2034 5,413United Kingdom (Government of) 4.25% due 07/12/2055 5,280United Kingdom (Government of) 4.25% due 07/03/2036 5,160United Kingdom (Government of) 4.25% due 07/12/2046 4,811United Kingdom (Government of) 4.25% due 07/09/2039 4,251United Kingdom (Government of) 4.25% due 07/12/2049 4,234United Kingdom (Government of) 4.00% due 22/01/2060 4,166United Kingdom (Government of) 3.75% due 22/07/2052 4,092United Kingdom (Government of) 3.25% due 22/01/2044 2,543United Kingdom (Government of) 3.50% due 22/07/2068 1,063

MGI Funds plcMGI UK Inflation Linked Bond Fund



United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 26,223United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 16,703United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 16,576United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 14,725United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 14,362United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 13,672United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 13,529United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 13,452United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 12,728United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 12,724United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 12,000United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 11,852United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 11,752United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 11,235United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 10,737United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 10,561United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 10,269United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 8,450United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 8,278United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 7,432United Kingdom Gilt Inflation Linked 0.13% due 22/11/2019 6,099


United Kingdom Gilt Inflation Linked 0.63% due 22/03/2040 22,083United Kingdom Gilt Inflation Linked 1.88% due 22/11/2022 10,458United Kingdom Gilt Inflation Linked 2.50% due 16/04/2020 9,059United Kingdom Gilt Inflation Linked 1.25% due 22/11/2027 8,149United Kingdom Gilt Inflation Linked 1.13% due 22/11/2037 7,699United Kingdom Gilt Inflation Linked 1.25% due 22/11/2055 7,498United Kingdom Gilt Inflation Linked 1.25% due 22/11/2032 6,851United Kingdom Gilt Inflation Linked 2.00% due 26/01/2035 6,749United Kingdom Gilt Inflation Linked 2.50% due 17/07/2024 6,638United Kingdom Gilt Inflation Linked 0.50% due 22/03/2050 6,383United Kingdom Gilt Inflation Linked 0.63% due 22/11/2042 6,355United Kingdom Gilt Inflation Linked 4.13% due 22/07/2030 6,095United Kingdom Gilt Inflation Linked 0.38% due 22/03/2062 5,835United Kingdom Gilt Inflation Linked 0.75% due 22/03/2034 5,800United Kingdom Gilt Inflation Linked 0.75% due 22/11/2047 5,654United Kingdom Gilt Inflation Linked 0.13% due 22/03/2044 4,596United Kingdom Gilt Inflation Linked 0.13% due 22/03/2029 4,535United Kingdom Gilt Inflation Linked 0.13% due 22/03/2024 3,246United Kingdom Gilt Inflation Linked 0.25% due 22/03/2052 3,234United Kingdom Gilt Inflation Linked 0.13% due 22/03/2068 742

316MGI Funds plc




Mexico (Government of) 8.00% due 07/12/2023 21,642Brazil Notas do Tesouro Nacional 10.00% due 01/01/2021 20,240Brazil Notas do Tesouro Nacional 10.00% due 01/01/2023 19,908Russia (Government of) 8.15% due 03/02/2027 15,151Poland (Government of) 5.75% due 23/09/2022 14,488Wellington Management Portfolios Dublin PLC - Emerging Local Debt Portfolio 13,500Brazil Notas do Tesouro Nacional 10.00% due 01/01/2018 13,307Mexican (Government of) 9.50% due 18/12/2014 12,759South Africa (Government of) 10.50% due 21/12/2026 11,900Thailand (Goverment of) 3.63% due 16/06/2023 9,257Poland (Government of) 5.75% due 25/10/2021 9,240Indonesia (Government of) 9.00% due 15/03/2029 8,946Mexican (Government of) 10.00% due 05/12/2024 8,124Mexican (Government of) 8.50% due 18/11/2038 7,913Mexican (Government of) 8.50% due 31/05/2029 7,587Hungary (Government of) 7.75% due 24/08/2015 7,492Brazil Letras do Tesouro Nacional 0.00% due 01/01/2017 7,307Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 7,234Hungary (Government of) 5.50% due 20/12/2018 7,103Indonesia (Government of) 5.63% due 15/05/2023 7,007Mexico (Government of) 7.75% due 29/05/2031 6,951Hungary (Government of) 6.75% due 24/11/2017 6,937


Wellington Management Portfolios Dublin PLC - Emerging Local Debt Portfolio 235,356JPMorgan Funds - Emerging Markets Local Currency Debt Fund 65,320Poland (Government of) 4.00% due 25/10/2023 13,881Hungary (Government of) 7.75% due 24/08/2015 10,934Brazil Notas do Tesouro Nacional 10.00% due 01/01/2017 9,677South Africa (Government of) 13.50% due 15/09/2015 9,015Russia (Government of) 6.88% due 15/07/2015 7,719Mexican (Government of) 9.50% due 18/12/2014 7,186Malaysia (Government of) 3.17% due 15/07/2016 6,676Mexican (Government of) 8.50% due 18/11/2038 6,495Thailand (Goverment of) 3.25% due 16/06/2017 6,474Hungary (Government of) 6.75% due 24/11/2017 6,188Turkey (Government of) 7.50% due 24/09/2014 5,718South Africa (Government of) 8.00% due 21/12/2018 5,526Mexico (Government of) 7.75% due 13/11/2042 5,329Mexico (Government of) 2.00% due 09/06/2022 5,225Turkey (Government of) 9.00% due 05/03/2014 5,103South Africa (Government of) 6.75% due 31/03/2021 4,878Singapore (Government of) 3.00% due 01/09/2024 4,804Malaysia (Government of) 3.48% due 15/03/2023 4,396

317MGI Funds plc



Ryder System 4,077Synovus Financial 3,869Salix Pharmaceuticals 3,229Brown & Brown 3,166Cubist Pharmaceuticals 2,941Kakaku.com 2,843KAR Auction Services 2,800Boston Private Financial Holdings 2,713E*TRADE Financial 2,619Nuflare Technology 2,597Macquarie Infrastructure 2,582Rite Aid 2,456Drax Group 2,443FirstMerit 2,422Schibsted 2,417Web.com 2,372De La Rue 2,369Zeon 2,347Fortune Brands Home & Security 2,331EchoStar 2,302


Sourcefire 5,125Onyx Pharmaceuticals 4,527Berry Petroleum 3,547ViroPharma 3,178TreeHouse Foods 2,703B/E Aerospace 2,670GNC Holdings 2,621Jones Lang LaSalle 2,588World Fuel Services 2,544Oasis Petroleum 2,490American Equity Investment Life Holding 2,423Santarus 2,356First Solar 2,289Myriad Genetics 2,152Tesla Motors 2,152Ryman Hospitality Properties 2,104Apollo Education Group 2,076Tenet Healthcare 2,073Nationstar Mortgage Holdings 1,966Banca Generali 1,915


318MGI Funds plc



Oracle 11,599Google 7,499eBay 7,349DirecTV Group 7,189nofi 6,863Target 6,849Microsoft 6,788US Bancorp 5,409Visa 5,022Nestle 4,962Tesco 4,158Lowe's 4,107American Express 3,869Yum! Brands 3,739Capita Group 3,538Wells Fargo 3,411Cablevision Systems 3,369Wal-Mart Stores 3,277Diageo 3,275Philip Morris International 3,121Automatic Data Processing 3,095Lorillard 3,082Medtronic 3,082Bunge 3,066Bank of New York Mellon 3,036Cardinal Health 3,030Northrop Grumman 3,025Laboratory of America 2,980Canadian Tire 2,976ConocoPhillips 2,970Liberty Interactive 2,960Novartis 2,922Danone 2,918CIGNA 2,901Statoil 2,893EDP 2,890DST Systems 2,882ETFS Physical Gold 2,842McKesson 2,828Unilever -CVS- 2,826Bank of Montreal 2,721Owens & Minor 2,713Hill-Rom Holdings 2,614


Fresenius Medical Care 10,200Capita Group 9,640Microsoft 8,953VCA Antech 8,688Citigroup 8,581Northern Trust 8,272Google 8,012Statoil 7,519Roche Holding 7,131Vodafone Group 6,461Lockheed Martin 6,458GlaxoSmithKline 6,286BP 5,740CVS Caremark 5,635Waters 4,974Novartis 4,864American Express 4,737Weatherford International 4,496UnitedHealth Group 4,411Li & Fung 4,208Nestle 3,551Shoppers Drug Mart 3,469Coloplast 3,276


319MGI Funds plc



Mercer Passive Global Equity Fund 148,500BlackRock Emerging Markets Index Sub-Fund 38,640BlackRock Developed World Index Sub-Fund 33,840iShares FTSE EPRA/NAREIT UK Property Fund 27,192iShares JPMorgan $ Emerging Markets Bond Fund 25,049iShares FTSE/EPRA European Property Index Fund 22,390ETFS Physical Gold 21,057iShares FTSE EPRA/NAREIT US Property Yield Fund 18,660iShares Dow Jones - UBS Commodity Swap (DE) 16,405BlackRock US Corporate Bond Index Fund 15,750Irish Life Investment Managers -Indexed Min Volatility Global Fund 15,444BlackRock Euro Corporate Bond Index Fund 13,233BlackRock UK Corp Bond Index Fund 9,543Irish Life Investment Managers -World Small Cap Index Equity Fund 9,180Russell Investment Company plc -Acadian Global Managed Volatility Fund 6,761



BlackRock Developed World Index Sub-Fund 141,047iShares FTSE EPRA/NAREIT UK Property Fund 28,861iShares FTSE EPRA/NAREIT US Property Yield Fund 11,448Irish Life Investment Managers -Indexed Min Volatility Global Fund 11,402Russell Investment Company plc -Acadian Global Managed Volatility Fund 11,300iShares FTSE/EPRA European Property Index Fund 10,658ETFS Physical Gold 5,335BlackRock UK Corp Bond Index Fund 2,103BlackRock Emerging Markets Index Sub-Fund 1,500BlackRock US Corporate Bond Index Fund 500




Apple 1,865Ameriprise Financial 1,730Bank of America 1,477Teva Pharmaceutical Industries 1,453Citigroup 1,443Unilever 1,366Facebook 1,319Nordea Bank 1,249Royal Dutch Shell 1,239Google 1,174Bezeq Israeli Telecommunication 1,131Oracle 1,113Legg Mason 1,034Kinder Morgan 1,020LinkedIn 976ICICI Bank 936Samsung Electronics 926Exxon Mobil 919Sumitomo Mitsui Financial Group 903FedEx 898


Apple 2,088Deutsche Telekom 1,550Itau Unibanco Holding 1,508Elekta 1,023GlaxoSmithKline 997Deutsche Post 985Commerzbank 977BNP Paribas 955Exxon Mobil 913UniCredit 8983M 876Mosaic 855Facebook 849Hess 837Reckitt Benckiser Group 823Costco Wholesale 800Bezeq Israeli Telecommunication 796Dow Chemical 794Bayer 778Assicurazioni Generali 775

320MGI Funds plc



Foresight Energy 7.875% due 15/08/2021 5957RCN Telecom Services 8.500% due 15/08/2020 5915Activision Blizzard 5.625% due 15/09/2021 4462Clear Channel Worldwide Holdings 6.500% due 15/11/2022 4420Alcatel-Lucent USA 6.750% due 15/11/2020 4258Country Garden Holdings Co 7.250% due 04/04/2021 4207Equinix 4.875% due 01/04/2020 3995Sprint 7.250% due 15/09/2021 3922First Data 6.750% due 01/11/2020 3908Memorial Production Partners 7.625% due 01/05/2021 3786TVN Finance III AB 7.375% due 15/12/2020 3768CeramTec Group GmbH 8.250% due 15/08/2021 3657Telecom Italia SpA 5.375% due 29/01/2019 3650Virgin Media Finance 7.000% due 15/04/2023 3429TMX Finance 8.500% due 15/09/2018 3351Oasis Petroleum 6.875% due 15/03/2022 3324HCA Holdings 6.250% due 15/02/2021 3311Freescale Semiconductor 6.000% due 15/01/2022 3138Acadia Healthcare Co 6.125% due 15/03/2021 3126JPMorgan Chase & Co 6.000% due 31/12/2049 2955


Energy Future Intermediate Holding Co 12.250% due 01/03/2022 4583LBG Capital No.2 6.385% due 12/05/2020 3102Royal Bank of Scotland Group 6.125% due 15/12/2022 2785Cirsa Funding Luxembourg 8.750% due 15/05/2018 2396Rexnord 1.000% due 20/08/2020 2365Schaeffler Finance 7.750% due 15/02/2017 2003Caesars Entertainment Operating 11.250% due 01/06/2017 1909Ceridian 8.875% due 15/07/2019 1715Lafarge 6.625% due 29/11/2018 1628CCO Holdings 5.250% due 30/09/2022 1614Beverages & More 9.625% due 01/10/2014 1564National Money Mart 10.375% due 15/12/2016 1533Gardner Denver 1.000% due 30/07/2020 1450Peabody Energy 6.000% due 15/11/2018 1436Tribune 1.000 due 11/12/2020 1416Iron Mountain 7.750% due 01/10/2019 1409Commerzbank 8.125% due 19/09/2023 1408FMG Resources August 2006 Pty 6.000% due 01/04/2017 1327Faurecia 9.375% due 15/12/2016 1292Radiation Therapy Services 8.875% due 15/01/2017 1257ARCH COAL 1.000% due 17/05/2018 1252Santos Finance 8.250% due 22/09/2070 1189


321MGI Funds plc



AKCB Finance 3.250% due 10/22/2018 2,581Prudential 6.875% due 01/20/2023 2,223Nordea Bank 3.875% due 12/15/2015 2,206Centrica 7.000% due 09/19/2018 2,148State Grid Overseas Investment 2013 1.750% due 05/22/2018 2,031United Parcel Service 2.450% due 10/01/2022 2,024Hutchison Whampoa International 5.750% due 09/11/2019 2,021United Utilities Water 4.250% due 01/24/2020 1,987Baidu 3.250% due 08/06/2018 1,842Cooperatieve Centrale Raiffeisen-Boerenleenbank 4.500%due 01/11/2021 1,714PPL Energy Supply 6.500% due 05/01/2018 1,700Markel 4.900% due 07/01/2022 1,686Spectra Energy Capital 6.200% due 04/15/2018 1,600Ford Motor Credit 4.375% due 08/06/2023 1,569LYB International Finance 4.00% due 07/15/2023 1,558Qwest Corp 6.750% due 12/01/2021 1,543GlaxoSmithKline Capital 2.850% due 05/08/2022 1,532Gas Natural Capital Markets 5.000% due 02/13/2018 1,531General Mills 5.650% due 02/15/2019 1,499Repsol International Finance 4.375% due 02/20/2018 1,493Kraft Foods 3.500% due 06/06/2022 1,471Next 5.375% due 10/26/2021 1,441Motability Operations Group 5.250% due 09/28/2016 1,421BHP Billiton Finance 2.125% due 11/29/2018 1,401AIA Group 3.125% due 03/13/2023 1,389British Telecommunications 6.625% due 06/23/2017 1,296Kroger 3.400% due 04/15/2022 1,286Thermo Fisher Scientific 3.150% due 01/15/2023 1,217EI du Pont de Nemours & Co 2.800% due 02/15/2023 1,214Dominion Resources 6.400% due 06/15/2018 1,184Australia & New Zealand Banking Group 1.450% due 05/15/2018 1,159BUPA Finance 7.500% due 07/04/2016 1,106RCI Banque 1.750% due 07/06/2016 1,099BNP Paribas 2.000% due 01/28/2019 1,096Telefonica Emisiones 5.375% due 02/02/2018 1,065Novartis Securities Investment 5.125% due 02/10/2019 1,034Medtronic 4.450% due 03/15/2020 988Lukoil International Finance 4.563% due 04/24/2023 962Atrium European Real Estate 4.000% due 04/20/2020 956Enterprise Products Operating 6.500% due 01/31/2019 948Ahold Finance USA 6.500% due 03/14/2017 935Samarco Mineracao SA 4.125% due 11/01/2022 916


Kasikornbank 3.000% due 03/20/2018 1,388Lincoln National 6.250% due 02/15/2020 1,377CNA Financial 7.350% due 11/15/2019 1,344HDFC Bank 3.000% due 03/06/2018 1,336Lukoil International Finance 4.563% due 04/24/2023 926Samarco Mineracao 4.125% due 11/01/2022 889KBC Internationale Financieringsmaatschappij 4.500%due 03/27/2017 878Sime Darby Global 2.053% due 01/29/2018 878Mercialys 4.125% due 03/26/2019 862Telstra Corp 4.75% due 07/15/2014 828QIB Sukuk Funding 3.856% due 10/07/2015 728Viacom 2.500% due 12/15/2016 718XLIT 5.750% due 10/01/2021 574Swedbank 2.375% due 04/04/2016 550Atrium European Real Estate 4.000% due 04/20/2020 547Gecina SA 4.250% due 02/03/2016 425Kookmin Bank 1.375% due 01/15/2016 396Time Warner 8.375% due 03/15/2023 341Johnson & Johnson 4.750% due 11/06/2019 319Bancolombia 5.950% due 06/03/2021 311RCI Banque 4.000% due 03/16/2016 279


322MGI Funds plc



United States Treasury Note 0.37% due 15/11/2014 54,921United States Treasury Note 2.50% due 15/08/2023 25,323United States Treasury Bill 0.00% due 29/08/2013 25,199United States Treasury Note 2.75% due 31/10/2013 19,853United States Treasury Bill 0.00% due 10/10/2013 17,598United States Treasury Note 0.37% due 15/03/2015 13,532Mexican Bonos 7.00% due 19/06/2014 11,792United States Treasury Note 1.50% due 31/08/2018 10,147United States Treasury Note 2.13% due 31/08/2020 9,923Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 8,768United States Treasury Note 0.25% due 30/04/2014 8,605Spain Government Bond 4.50% due 31/01/2018 8,425United States Treasury Inflation Indexed Bonds 0.12% due 15/04/2018 7,432United States Treasury Bill 0.00% due 03/10/2013 5,500United States Treasury Note 0.50% due 15/10/2014 5,318France Government Bond 3.50% due 25/04/2015 5,248Federal Home Loan Note 0.00% due 08/01/2014 4,898United Kingdom Gilt 1.25% due 22/07/2018 4,715Mexico Cetes 0.00% due 20/03/2014 4,562Italy Buoni Poliennali Del Tesoro 4.75% due 01/06/2017 4,526United States Treasury Bill 0.00% due 01/08/2013 4,500Mexico Cetes 0.00% due 06/03/2014 4,398Spain Government Bond 5.50% due 30/07/2017 4,036Spain Government Bond 4.75% due 30/07/2014 3,976New Zealand Government Bond 5.00% due 15/03/2019 3,917


United States Treasury Note 0.37% due 15/11/2014 46,704United States Treasury Note 0.25% due 31/10/2013 25,413United States Treasury Bill 0.00% due 29/08/2013 21,300United States Treasury Note 2.75% due 31/10/2013 19,811United States Treasury Bill 0.00% due 10/10/2013 17,599United States Treasury Note 2.50% due 15/08/2023 14,182United States Treasury Note 1.50% due 31/08/2018 10,256United States Treasury Note 2.12% due 31/08/2020 10,073Italy Buoni Poliennali Del Tesoro 2.25% due 15/05/2016 9,129United States Treasury Note 0.50% due 15/10/2014 8,831United States Treasury Note 0.25% due 30/04/2014 8,606United States Treasury Bill 0.00% due 03/10/2013 5,220Federal Home Loan Note 0.00% due 01/08/2014 4,898United States Treasury Bill 0.00% due 01/08/2013 4,500United Kingdom Gilt Inflation Linked 1.87% due 22/11/2022 4,122Spain Government Bond 4.75% due 30/07/2014 4,064Federal National Mortgage Association 3.00% due 15/10/2043 3,889Federal Home Discount Note 0.00% due 10/25/2013 3,800United Kingdom Gilt 1.25% due 22/07/2018 3,165Federal National Mortgage Association 3.00% due 15/09/2043 2,852


323MGI Funds plc



Apple 2,207,353Exxon Mobil 1,817,042Microsoft 1,254,281Johnson & Johnson 1,234,130General Electric 1,183,307Google 1,178,372Chevron 1,060,789Nestle 1,027,881Procter & Gamble 979,495Wells Fargo 975,295HSBC Holdings 938,947JPMorgan Chase 934,434Pfizer 897,204International Business Machines 896,528AT&T 887,446Roche Holding 883,044Toyota Motor 845,518Novartis 796,353Vodafone Group 796,256Coca-Cola 727,401

ProceedsSales* US$’000

Cheniere Energy 74,741Ono Pharmaceutical 69,703Aggreko 67,259Nidec 66,666West Japan Railway 66,416Allegion 16,350Recall Holdings 5,677

*The above represents all sales during the period.



United States Treasury Note 2.50% 15/08/2023 15,592United States Treasury Note 1.38% 30/09/2018 15,173United States Treasury Note 0.88% 15/09/2016 12,591Bundesschatzanweisungen 0.25% 11/09/2015 11,389Bundesrepublik Deutschland 2.00% 15/08/2023 8,044Bundesobligation 1.00% 12/10/2018 7,691United States Treasury Bond 2.88% 15/05/2043 6,732United States Treasury Note 1.25% 31/10/2018 6,132United States Treasury Note 2.75% 15/11/2023 5,342Bundesrepublik Deutschland 1.50% 15/05/2023 5,020Achmea 2.50% 19/11/2020 4,143Wachovia Bank Commercial Mortgage Trust Series 2006-C25 5.72%15/05/2043 3,138Kering 1.88% 08/10/2018 2,969United Kingdom Gilt 4.75% 07/03/2020 2,966Deutsche Post AG 2.75% 09/10/2023 2,957United Kingdom Gilt 2.25% 07/09/2023 2,895LANXESS Finance 4.13% 23/05/2018 2,749Klepierre 4.75% 14/03/2021 2,691Danone 2.25% 15/11/2021 2,673General Mills Inc 2.10% 16/11/2020 2,665


United States Treasury Note 2.50% 15/08/2023 15,592United States Treasury Note 1.38% 30/09/2018 15,164United States Treasury Note 0.88% 15/09/2016 12,587Bundesschatzanweisungen 0.25% 11/09/2015 11,449Bundesobligation 1.00% 12/10/2018 7,677Bundesrepublik Deutschland 2.00% 15/08/2023 7,567United States Treasury Bond 2.88% 15/05/2043 6,709United States Treasury Note 1.25% 31/10/2018 6,130United States Treasury Note 2.75% 15/11/2023 5,339Bundesrepublik Deutschland 1.50% 15/05/2023 5,017United Kingdom Gilt 4.75% 07/03/2020 2,966United Kingdom Gilt 2.25% 07/09/2023 2,897United Kingdom Gilt 6.00% 07/12/2028 2,653United Kingdom Gilt 4.00% 07/09/2016 2,093Bundesrepublik Deutschland 2.00% 04/01/2022 1,987Bundesobligation 1.25% 14/10/2016 1,954United Kingdom Gilt 1.75% 07/09/2022 1,901United States Treasury Note 1.25% 30/11/2018 1,738Bundesobligation 2.75% 08/04/2016 1,682United States Treasury Note 1.75% 15/05/2023 1,448United States Treasury Note 1.38% 30/06/2018 1,415


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