MGI Funds plc (an umbrella fund with segregated liability between Sub-Funds) Annual Report and Audited Financial Statements For the financial year ended 30 June 2020

1MGI Funds plc

MGI Funds plc Contents

Management and Administration 2 Investment Manager’s Report 3 Report of the Directors 38 Report of the Depositary to the Shareholders of MGI Funds plc 50 Unaudited Portfolio Statements 51 Independent Auditor’s Report to the Shareholders of MGI Funds plc 453 Financial Statements

Statement of Financial Position – as at 30 June 2020 455 Comparative Statement of Financial Position – as at 30 June 2019 460 Statement of Comprehensive Income – for the financial year ended 30 June 2020 465 Comparative Statement of Comprehensive Income – for the financial year ended 30 June 2019 470 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the financial year ended 30 June 2020 475 Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares – for the financial year ended 30 June 2019 480 Statement of Cash Flows – for the financial year ended 30 June 2020 485 Comparative Statement of Cash Flows – for the financial year ended 30 June 2019 490 Notes to the Financial Statements 495

Unaudited Information in respect of Underlying Investments 719 Unaudited Supplemental Information 723

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MGI Funds plc Management and Administration

REGISTERED OFFICE 70 Sir John Rogerson’s Quay Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 MANAGER Mercer Global Investments Management Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland INVESTMENT MANAGER AND DISTRIBUTOR Mercer Global Investments Europe Limited Charlotte House Charlemont Street Dublin 2 Ireland ADMINISTRATOR, REGISTRAR & TRANSFER AGENT State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland INDEPENDENT AUDITOR KPMG Chartered Accountants Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland LEGAL ADVISER IN IRELAND Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland SECRETARY Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland

DIRECTORS Gráinne Alexander*§ Michael Dempsey§ (resigned 31 May 2020) Tom Finlay*§ Hooman Kaveh§ Helen O'Beirne§ (appointed 13 January 2020) Liam Miley*§ (appointed 13 May 2020) Carmel Jordan§ (appointed 31 May 2020) DEPOSITARY State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland FACILITIES AGENT (in the UK) Mercer Limited 1 Tower Place West Tower Place London EC3R 5BU United Kingdom

For the Sub-Funds named hereafter, no notification for distribution in Germany has been made so no units of these Sub-Funds may be publicly distributed to investors within the scope of the German Investment Act: MGI UK Cash Fund, MGI UK Equity Fund, MGI UK Inflation Linked Bond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund, Mercer Investment Fund 6, Mercer US Treasury 1-3 Year Bond Fund, Mercer US Treasury 3-7 Year Bond Fund, Mercer USD Cash Fund, Mercer Global Listed Infrastructure Fund, Mercer Short Duration Bond Fund 3, Mercer Alternative Risk Premia Fund, Mercer Multi Asset Defensive Fund, Mercer Multi Asset High Growth Fund, Mercer Multi Asset Moderate Growth Fund, Mercer Multi Asset Growth Fund, Mercer Short Dated UK Gilt Fund, PIMCO Global Aggregate Bond Fund, Arrowstreet Global Equity Fund and Mercer Passive Sustainable Global Equity Feeder Fund. The Company may only be offered in Switzerland to qualified investors within the meaning of Article. 10 para 3 and 3ter CISA. The Prospectus, the Key Investor Information Document, the Articles of the Company as well as the annual and semi-annual reports can be obtained free of charge from the representative agent in Switzerland, Mercer Alternatives AG, Kasernenstrasse 77b, 8004 Zurich, Switzerland. The paying agent of the Company in Switzerland is NPB Neue Privat Bank AG, Limmatquai 1 / am Bellevue, P.O. Box, CH-8024 Zürich, Switzerland. **Independent Director. §Non-executive Director.

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

Report Contents: Introduction 4 MGI Funds plc Overview 5 Share Class Investment Performance to 30 June 2020 (EUR) 5 Share Class Investment Performance to 30 June 2020 (GBP) 16 Share Class Investment Performance to 30 June 2020 (USD) 32 Share Class Investment Performance to 30 June 2020 (NOK) 34 Share Class Investment Performance to 30 June 2020 (SEK) 35 Market Outlook 36 Benchmark Tracking Error Appendix 37

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Introduction The Sub-Funds of MGI Funds plc (the “Company”) are managed using a proprietary multi-manager investment strategy. This strategy involves allocating portions of the Sub-Funds to specialist third party managers or sub-advisors (“Sub-Investment Managers”), who are selected by Mercer Global Investments Europe Limited (the “Investment Manager”) based on criteria for producing consistent superior returns and who, in aggregate, are most likely to achieve the overall objectives of the Fund. Markets posted solid returns across most asset classes during Q3 2019 although we continued to see spikes in volatility over the quarter, with markets selling off heavily in August. This was amid renewed concerns of an impending recession sparked by the inversion of the US Treasury yield curve and the continued oscillation of trade tensions between the US and China. Pessimism on growth drove core Eurozone government bond yields to fall further over the course of Q3 2019, resulting in positive returns on long dated sovereign bonds. The US Federal Reserve cut interest rates twice during the quarter by 0.25 percentage points each at its meetings in July and September citing lower inflation expectations, a slowing economy and trade uncertainties. US Treasury yields also fell over the quarter on the back of these subdued inflation and slowing economic growth concerns. Markets finished 2019 quite impressively. Q4 2019 was positive across a wide range of assets but equities shone in particular. Markets were encouraged as China and the US neared agreement on a “mini trade deal” in which America has cancelled upcoming tariffs on Chinese goods and reduced some existing tariffs. Falling interest rates and the loosening of monetary policy, particularly by the US Federal Reserve also played a role in boosting both equities and riskier bonds. 2020 has been a turbulent year for investors. Q2 2020 saw markets rebound strongly in response to massive government stimulus packages across the developed world. In a reversal of Q1 2020, Q2 was positive across almost all asset classes recouping much of the losses suffered during the first three months of the year. The outbreak of Coronavirus (“COVID-19”) put the global economy into a self-induced coma with factories, businesses and schools around the world closed to help prevent an uncontrolled spread of the disease. The US Federal Reserve implemented a number of emergency measures in an attempt to support liquidity in the markets including cutting benchmark interest rates close to zero, and launching a $2 trillion stimulus package. Markets were comforted by the unprecedented financial stimulus package undertaken by the US Federal Reserve. In Europe, Italy during Q1 2020 became the new epicentre of the COVID-19 outbreak. As cases spread throughout Europe, many other countries implemented their own lockdowns. As lockdowns relaxed over Q2, purchasing manager index numbers increased significantly as businesses prepared for an uptick in demand. Investors were further soothed by the European Commission’s proposal for a new 7 year budget including a €750bn post COVID-19 recovery fund. The UK finds itself in a uniquely challenging backdrop as it tries to navigate through the fiendishly complex Brexit negotiations and simultaneously try to revive the economy in the wake of the COVID-19. Emerging market equities struggled in Q1 2020 as tight restrictions were put in place throughout China to try to contain the virus leading to the closure of factories and businesses. The effects of these closures rippled through other Asian economies. Emerging market equities did rebound in Q2, although not as strongly as their US counterparts. More than 80 economies have sought assistance from the IMF in the aftermath of COVID-19 with depressed exports, falling commodity prices and an abrupt halt to the tourism industry all combining to create an incredibly challenging backdrop for emerging markets. In Brazil and Russia, a weaker dollar and improving commodity prices boosted returns. Oil prices recovered following OPEC and Russia’s agreement to extend their deal cutting back on oil production until end July in a bid to shore up prices. Core Eurozone government bond yields were generally lower over the course of Q2 2020, resulting in positive returns on long dated sovereign bonds. Corporate and high yield bonds were also boosted by the US Federal Reserve’s market intervention. Credit spreads tightened over Q2 although the rally began to taper out towards the end of the quarter as investors were concerned over an uptick in COVID-19 cases in the US. Emerging market debt returns were weaker than their developed counterparts in Q2 but benefited from a weaker dollar, recovering commodity prices and an improvement to risk sentiment.

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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MGI Funds plc Overview All performance figures shown below are calculated by the Investment Manager using pricing from State Street Fund Services (Ireland) Limited (the “Administrator”). Figures shown are gross of the Investment Manager’s fee, net of Sub-Investment Managers’ fees and of all other expenses including custody and administration costs depending on fund structure. Sub-Investment Manager figures are gross of all fees. Share Class Investment Performance to 30 June 2020 (EUR) MGI Global Equity Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the MSCI World Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 31 October 2019 for performance measurement purposes. (b) During a transition period some assets were held by a transition manager. This period is not included in the above

performance table as the assets were close to zero. The MGI Global Equity Fund outperformed the index by 1.8% over the last year. Alliance Bernstein Limited was appointed as a Sub-Investment Manager on the 22 October 2019. Mercer Passive Global Equity Fund

Performance shown is in EUR terms. The Sub-Fund passively tracks the MSCI World Index (Net Dividends Reinvested) Index. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. (a) Performance shown since inception. Inception date taken as 9 June 2020 for performance measurement purposes. (b) Includes performance up to termination for UBS Asset Management (UK) Limited. Termination date is 11 June 2020. The Mercer Passive Global Equity Fund performed in line with its benchmark over the last year. Over the one year period, the Sub-Fund terminated UBS Asset Management (UK) Limited as a Sub-Investment Manager. State Street Global Advisors (Ireland) Limited was appointed as a Sub-Investment Manager on 5 June 2020.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Alliance Bernstein Limited(a) | 4.8 | -0.9 Arrowstreet Capital, Limited Partnership | 6.2 | 4.3 Baillie Gifford Investment Management (Europe) Limited(a)(b) | 56.9 | -0.9 LSV Asset Management | -10.2 | 4.3 Wellington Management International Limited | -1.6 | 4.3 MGI Global Equity Fund | 6.1 | 4.3

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Benchmark | (%) | (%) State Street Global Advisors (Ireland) Limited(a) | -2.3 | -2.1 Mercer Passive Global Equity Fund(b) | 4.3 | 4.3

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Low Volatility Equity Fund

Performance shown is in EUR terms. The Sub-Fund uses the MSCI World Net Total Return Index for comparison purposes. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Low Volatility Equity Fund underperformed the index by 3.8% over the last year. There were no Sub-Investment Manager changes during the period Mercer Global Small Cap Equity Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the MSCI World Small Cap Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Global Small Cap Equity Fund outperformed the index by 2.9% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Acadian Asset Management LLC | -4.0 | 4.3 First Eagle Investment Management, LLC | -1.1 | 4.3 Kennox Asset Management Limited | -8.6 | 4.3 Martingale Asset Management L.P. | 3.0 | 8.4 Veritas Asset Management LLP | 13.3 | 4.3 Wellington Management International Limited | -1.7 | 4.3 Mercer Low Volatility Equity Fund | 0.5 | 4.3

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Arrowstreet Capital, Limited Partnership | -2.8 | -3.9 Baillie Gifford Investment Management (Europe) Limited | 34.8 | -3.9 KBI Global Investors Limited | -13.3 | -3.9 Lazard Asset Management Limited | -4.1 | -3.9 Mercer Global Small Cap Equity Fund | -1.0 | -3.9

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Sustainable Global Equity Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the MSCI World Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 29 November 2019 for performance measurement purposes. (b) Performance shown since inception. Inception date taken as 30 September 2019 for performance measurement purposes. (c) Includes performance up to termination for Acadian Asset Management (UK) Limited and Schroders Management Limited.

Termination dates are 2 October 2019 and 30 October 2019 respectively. The Mercer Sustainable Global Equity Fund outperformed the index by 0.7% over the last year. Over the one year period, the Sub-Fund terminated Acadian Asset Management (UK) Limited and Schroders Management Limited as Sub-Investment Managers. Impax Asset Management and Mirova US LLC were appointed as Sub-Investment Managers on the 1 November 2019. State Street Global Advisors (Ireland) Limited was appointed as a Sub-Investment Manager on the 16 September 2019. Mercer Global Listed Infrastructure Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the FTSE Global Core Infrastructure 50/50 Net Tax Index. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Global Listed Infrastructure Fund outperformed the index by 1.2% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Impax Asset Management(a) | -2.4 | -4.7 Mirova US LLC(a) | 7.3 | -4.7 State Street Global Advisors (Ireland) Limited(b) | -7.9 | -0.7 Stewart Investors | 6.5 | 4.3 Wellington Management International Limited | 3.6 | 4.3 Mercer Sustainable Global Equity Fund(c) | 5.0 | 4.3

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Colonial First State Asset Management (Australia) Limited | -4.1 | -6.7 Magellan Asset Management Limited | -6.6 | -6.7 Mercer Global Listed Infrastructure Fund | -5.5 | -6.7

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) MGI Eurozone Equity Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the MSCI EMU Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. The MGI Eurozone Equity Fund outperformed the index by 8.6% over the last year. There were no changes to the list of underlying holdings or Sub-Investment Managers during the period. MGI Emerging Markets Equity Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the MSCI Emerging Markets Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 30 September 2019 for performance measurement purposes. (b) Includes performance up to termination for AQR Capital Management LLC. Termination date is 4 September 2019. The MGI Emerging Markets Equity Fund underperformed the index by 1.5% over the last year. Over the one year period, the Sub-Fund terminated AQR Capital Management LLC as a Sub-Investment Manager and Origin Asset Management LLP was appointed as a Sub-Investment Manager on the 26 August 2019.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Acadian Asset Management LLC | -2.0 | -5.5 Comgest Growth Europe ex UK | 12.4 | -5.5 Lazard Asset Management Limited | 4.1 | -5.5 MGI Eurozone Equity Fund | 3.1 | -5.5

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Copper Rock Capital Partners LLC | -7.9 | -2.0 Dimensional Fund Advisors Limited | -15.4 | -2.0 Mondrian Investment Partners Limited | -1.2 | -2.0 Origin Asset Management LLP (a) | 5.9 | -2.1 William Blair Investment Management, LLC | 6.9 | -2.0 MGI Emerging Markets Equity Fund (b) | -3.5 | -2.0

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Passive Emerging Markets Equity Fund

Performance shown is in EUR terms. The Sub-Fund passively tracks the MSCI Emerging Market Index. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The Mercer Passive Emerging Markets Equity Fund performed within acceptable tracking of its benchmark over the last year. There were no Sub-Investment Manager changes during the period. MGI Emerging Markets Debt Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the J.P.Morgan GBI EM Global Diversified Composite Index. Sub-Investment Manager performance figures above do not consider allocation weights. The MGI Emerging Markets Debt Fund underperformed the index by 0.8% over the last year. There were no Sub-Investment Manager changes during the period.

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Benchmark | (%) | (%) Irish Life Investment Managers Limited | -2.2 | -2.0 Mercer Passive Emerging Markets Equity Fund | -2.1 | -2.0

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) BlackRock Investment Management (UK) Limited | -3.1 | -1.5 Colchester Global Investors Limited | -2.8 | -1.5 Wellington Management International Limited | -1.3 | -1.5 MGI Emerging Markets Debt Fund | -2.3 | -1.5

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Global High Yield Bond Fund (Hedged)

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the ICE BofAML BB-B Rated Developed Markets High Yield Constrained Hedged Index. The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying Sub-Investment Managers are unhedged. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 31 October 2019 for performance measurement purposes. The

real Sub-Investment Manager inception date was 20 September 2019 but due to a build up period the performance measurement is considered from 31 October 2019.

(b) Includes performance up to termination for Wellington Management International Limited. Termination date is 11 November 2019.

The Mercer Global High Yield Bond Fund (Hedged) outperformed the index by 0.6% over the last year. Over the one year period, the Sub-Fund terminated Wellington Management International Limited as a Sub-Investment Manager and PGIM, Inc. was appointed as a Sub-Investment Manager on the 13 September 2019. Mercer Absolute Return Fixed Income Fund (Hedged)

Performance shown is in EUR terms. The Sub-Fund uses the FTSE EUR 1 Month Euro Deposit Index +1.5% for performance comparison purposes. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 31 August 2019 for performance measurement purposes. (b) Includes performance up to termination for GAM International Management Limited. Termination date is 25 September

2019. The Mercer Absolute Return Fixed Income Fund (Hedged) performed within acceptable tracking of the index over the last year. Over the one year period, the Sub-Fund terminated GAM International Management Limited as a Sub-Investment Manager and Aviva Investors Global Services Limited was appointed as a Sub-Investment Manager on the 18 July 2019.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Nomura Corporate Research and Asset Management Inc. | 0.1 | 1.0 PGIM, Inc.(a) | -0.9 | -2.6 Mercer Global High Yield Bond Fund (Hedged)(b) | -1.2 | -1.8

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Aviva Investors Global Services Limited(a) | -2.3 | -0.4 H2O Asset Management LLP | -0.4 | -0.5 Newton Investment Management Limited | 0.3 | -0.5 Payden & Rygel | -0.8 | -0.5 T. Rowe Price International Limited | 2.4 | -0.5 Mercer Absolute Return Fixed Income Fund (Hedged)(b) | 1.1 | 1.0

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer UCITS Alternatives Strategies (Hedged)

Performance shown is in EUR terms. The Sub-Fund uses the FTSE EUR 1 Month Deposit Index +2.0% as a performance target. The Sub-Fund uses the HRFI FoF: Market Defensive (Hedged) Index for short term performance comparison purposes. The Mercer UCITS Alternatives Strategies (Hedged) underperformed the performance target by 7.4% over the last year. The Mercer UCITS Alternatives Strategies (Hedged) underperformed the index by 3.0% over the last year. Over the one year period, the Sub-Fund disinvested from Kairos International SICAV - Pegasus UCITS, AQR Global Relative Value UCITS Funds, Cantab Systematic Core Macro (UCITS), H2O Vivace Fund and Majedie Asset Management Tortoise Fund. The Sub-Fund invested in MAN Alternative Style Risk Premia, P/E FX Strategy Fund, RV Capital Asia Opportunity UCITS Fund and Crabel Gemini UCITS Fund. Mercer Euro Nominal Bond Long Duration Fund

Performance shown is in EUR terms. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. Mercer Euro Nominal Bond Long Duration Fund returned 3.1% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio AKO Global UCITS Fund AQR Style Premia UCITS Fund BlackRock UK Equity Absolute Return Fund Crabel Gemini UCITS Fund GMO SGM Major Markets Investment Fund IPM Systematic Macro UCITS Fund KL Event Driven UCITS Fund Lynx UCITS Fund MAN Alternative Style Risk Premia MGI Euro Cash Fund P/E FX Strategy Fund RV Capital Asia Opportunity UCITS Fund Mercer UCITS Alternatives Strategies (Hedged)

| Performance over the Fund | Financial Year

| Sub-Fund | Perf. Target | Index | (%) | (%) | (%)

Mercer UCITS Alternatives Strategies (Hedged) | -5.9 | 1.5 | -2.9

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | (%) Irish Life Investment Managers Limited | 3.0 Mercer Euro Nominal Bond Long Duration Fund | 3.1

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Euro Over 5 Year Bond Fund

Performance shown is in EUR terms. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The Mercer Euro Over 5 Year Bond Fund returned 3.6% over the last year. There were no Sub-Investment Manager changes during the period. MGI Euro Bond Fund

Performance shown is in EUR terms. The Sub-Fund passively tracks the ICE BofAML Euro Broad Market Index. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Euro Bond Fund performed in line with its benchmark over the last year. There were no Sub-Investment Manager changes during the period. Mercer Short Duration Global Bond Fund 1 (Hedged)

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the J.P.Morgan GBI Global 1-3 Year Total Return Index (Hedged). The aggregate portfolio returns are shown in EUR hedged terms whereas the underlying Sub-Investment Manager returns are shown in USD Hedged terms. (a) Performance shown since inception. Inception date taken as 31 October 2019 for performance measurement purposes. (b) Includes performance up to termination for Quoniam Asset Management GmbH. Termination date is 13 November 2019. The Mercer Short Duration Global Bond Fund 1 (Hedged) underperformed the index by 0.2% over the last year. Over the year period, the Sub-Fund terminated Quoniam Asset Management GmbH as a Sub-Investment Manager. Robeco Institutioneel Asset Management B.V. was appointed as a Sub-Investment Manager on the 1 October 2019.

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | (%) Irish Life Investment Managers Limited | 3.8 Mercer Euro Over 5 Year Bond Fund | 3.6

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Benchmark | (%) | (%) Irish Life Investment Managers Limited | 1.7 | 1.8 MGI Euro Bond Fund | 1.8 | 1.8

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Robeco Institutioneel Asset Management B.V.(a) | 1.9 | 2.4 Mercer Short Duration Global Bond Fund 1 (Hedged)(b) | 0.9 | 1.1

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Mercer Short Duration Global Bond Fund 2 (Hedged)

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the J.P.Morgan GBI Global 1-3 Year Total Return Index (Hedged). The aggregate portfolio returns are shown in EUR hedged terms whereas the underlying Sub-Investment Manager returns are shown in USD Hedged terms. The Mercer Short Duration Global Bond Fund 2 (Hedged) underperformed the index by 0.2% over the last year. There were no Sub-Investment Manager changes during the period. Mercer Short Duration Bond Fund 3 (Hedged)

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the J.P.Morgan GBI Global 1-3 Year Total Return Index (Hedged). The aggregate portfolio returns are shown in EUR hedged terms whereas the underlying Sub-Investment Manager returns are shown in USD Hedged terms. The Mercer Short Duration Bond Fund 3 (Hedged) outperformed the index by 1.1% over the last year. There were no Sub-Investment Manager changes during the period. Mercer Global Buy & Maintain Credit Fund (Hedged)

Performance shown is in EUR terms. The Sub-Fund uses the Bloomberg Barclays Global Credit - Diversified Index for performance comparisons purposes. The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying Sub-Investment Managers are unhedged. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Global Buy & Maintain Credit Fund (Hedged) outperformed the index by 0.2% over the last year. There were no Sub-Investment Manager changes during the period.

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) PIMCO Europe Limited | 3.4 | 3.3 Mercer Short Duration Global Bond Fund 2 (Hedged) | 0.9 | 1.1

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Goldman Sachs Asset Management International | 2.1 | 3.3 Mercer Short Duration Bond Fund 3 (Hedged) | 2.2 | 1.1

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) AXA Investment Managers UK Limited | 8.2 | 7.8 PGIM Inc. | 7.8 | 7.8 Mercer Global Buy & Maintain Credit Fund (Hedged) | 5.3 | 5.1

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) MGI Global Bond Fund

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the Bloomberg Barclays Global Treasury Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) This mandate passively tracks the Bloomberg Barclays Global Treasury Total Return Index. The MGI Global Bond Fund underperformed the index by 1.6% over the last year. There were no changes to the list of underlying holdings or Sub-Investment Managers during the period. MGI Euro Cash Fund

Performance shown is in EUR terms. The Sub-Fund uses FTSE 1 Month Euro Deposit Index for performance comparisons purposes. The MGI Euro Cash Fund underperformed the index by 0.2% over the last year. There were no Sub-Investment Manager changes during the period. Mercer Investment Fund 6

Performance shown is in EUR terms. The Sub-Fund seeks to outperform the Bloomberg Barclays Global Aggregate Index (Hedged). The Mercer Investment Fund 6 underperformed the index by 0.9% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Legg Mason Brandywine Global Opportunistic Fixed Income Fund | 1.4 | 5.2 The Colchester Global Bond Fund | 4.9 | 5.2 Templeton Global Bond Fund | -4.1 | 5.2 Irish Life Investment Managers Limited(a) | 5.1 | 5.2 MGI Global Bond Fund | 3.6 | 5.2

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Irish Life Investment Managers Limited | -0.6 | -0.5 MGI Euro Cash Fund | -0.7 | -0.5

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Alliance Bernstein Limited | 3.0 | 3.8 Mercer Investment Fund 6 | 2.9 | 3.8

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (EUR) (continued) Arrowstreet Global Equity Fund

Performance shown is in EUR terms. Inception date taken as 31 October 2019 for performance measurement purposes. The Sub-Fund seeks to outperform the MSCI World Net Total Return Index. The Arrowstreet Global Equity Fund underperformed the index by 1.3% over the period since inception. There were no Sub-Investment Manager changes during the period. PIMCO Global Aggregate Bond Fund

Performance shown is in EUR terms. Inception date taken as 31 July 2019 for performance measurement purposes. The Sub-Fund seeks to outperform the Bloomberg Barclays Global Aggregate Total Return Index (Hedged). The PIMCO Global Aggregate Bond Fund underperformed the index by 0.4% over the period since inception. There were no Sub-Investment Manager changes during the period. Mercer Alternative Risk Premia Fund

Performance shown is in EUR terms. Inception date taken as 1 June 2020 for performance measurement purposes. The Sub-Fund uses FTSE 1 month Euro Deposit Index for performance comparison purposes. The Mercer Alternative Risk Premia Fund performed in line with its index since inception. There were no Sub-Investment Manager changes during the period.

Sub-Investment Manager | Performance over the Period | Since Inception | Sub-Fund | Index | (%) | (%) Arrowstreet Capital, Limited Partnership | -2.1 | -0.9 Arrowstreet Global Equity Fund | -2.2 | -0.9

Sub-Investment Manager | Performance over the Period | Since Inception | Sub-Fund | Index | (%) | (%) PIMCO Europe Limited | 2.7 | 3.2 PIMCO Global Aggregate Bond Fund | 2.8 | 3.2

Sub-Investment Manager | Performance over the Period | Since Inception | Sub-Fund | Index | (%) | (%) Capital Fund Management S.A. | 0.0 | 0.0 Mercer Alternative Risk Premia Fund | -0.1 | 0.0

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (GBP) MGI Global Equity Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the MSCI World Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 31 October 2019 for performance measurement purposes. (b) During a transition period some assets were held by a transition Sub-Investment Manager. This period is not included in the

above performance table as the assets were close to zero. The MGI Global Equity Fund outperformed the index by 1.8% over the last year. Alliance Bernstein Limited was appointed as a Sub-Investment Manager on the 22 October 2019. Mercer Passive Global Equity Fund (Hedged)

Performance shown is in GBP terms. The Sub-Fund passively tracks the MSCI World Index (Net Dividends Reinvested) Index. The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying Sub-Investment Manager is unhedged. (a) Performance shown since inception. Inception date taken as 9 June 2020 for performance measurement purposes. (b) Includes performance up to termination for UBS Asset Management (UK) Limited. Termination date is 11 June 2020. The Mercer Passive Global Equity Fund underperformed its benchmark by 1.4% over the last year. Over the one year period, the Sub-Fund terminated UBS Asset Management (UK) Limited as a Sub-Investment Manager. State Street Global Advisors (Ireland) Limited was appointed as a Sub-Investment Manager on the 5 June 2020.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Alliance Bernstein Limited(a) | 10.5 | 4.5 Arrowstreet Capital, Limited Partnership | 7.9 | 5.9 Baillie Gifford Investment Management (Europe) Limited(a)(b) | 65.4 | 4.5 LSV Asset Management | -8.8 | 5.9 Wellington Management International Limited | 0.0 | 5.9 MGI Global Equity Fund | 7.7 | 5.9

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Benchmark | (%) | (%) State Street Global Advisors (Ireland) Limited(a) | -0.5 | -0.3 Mercer Passive Global Equity Fund (Hedged)(b) | 0.5 | 1.9

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Low Volatility Equity Fund

Performance shown is in GBP terms. The Sub-Fund uses the MSCI World Net Total Return Index for comparison purposes. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Low Volatility Equity Fund underperformed the index by 3.8% over the last year. There were no Sub-Investment Manager changes during the period. Mercer Global Small Cap Equity Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the MSCI World Small Cap Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Global Small Cap Equity Fund outperformed the index by 2.9% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Acadian Asset Management LLC | -2.5 | 5.9 First Eagle Investment Management, LLC | 0.5 | 5.9 Kennox Asset Management Limited | -7.2 | 5.9 Martingale Asset Management L.P. | 4.6 | 10.1 Veritas Asset Management LLP | 15.1 | 5.9 Wellington Management International Limited | -0.2 | 5.9 Mercer Low Volatility Equity Fund | 2.1 | 5.9

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Arrowstreet Capital, Limited Partnership | -1.3 | -2.3 Baillie Gifford Investment Management (Europe) Limited | 36.9 | -2.3 KBI Global Investors Limited | -11.9 | -2.3 Lazard Asset Management Limited | -2.6 | -2.3 Mercer Global Small Cap Equity Fund | 0.6 | -2.3

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Sustainable Global Equity Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the MSCI World Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 29 November 2019 for performance measurement purposes. (b) Performance shown since inception. Inception date taken as 30 September 2019 for performance measurement purposes. (c) Includes performance up to termination for Acadian Asset Management (UK) Limited and Schroders Management Limited.

Termination dates are 2 October 2019 and 30 October 2019 respectively. The Mercer Sustainable Global Equity Fund outperformed the index by 0.7% over the last year. Over the one year period, the Sub-Fund terminated Acadian Asset Management (UK) Limited and Schroders Management Limited as Sub-Investment Manager. Impax Asset Management and Mirova US LLC were appointed as Sub-Investment Managers on the 1 November 2019 State Street Global Advisors (Ireland) Limited was appointed as a Sub-Investment Manager on the 16 September 2019. Mercer Global Listed Infrastructure Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the FTSE Global Core Infrastructure 50/50 Net Tax Index. Sub-Investment Manager performance figures above do not consider allocation weights. The Mercer Global Listed Infrastructure Fund outperformed the index by 1.3% over the last year. There were no Sub-Investment Manager changes during the period.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Impax Asset Management(a) | 4.0 | 1.6 Mirova US LLC(a) | 14.4 | 1.6 State Street Global Advisors (Ireland) Limited(b) | -5.3 | 2.0 Stewart Investors | 8.1 | 5.9 Wellington Management International Limited | 5.3 | 5.9 Mercer Sustainable Global Equity Fund(c) | 6.6 | 5.9

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Colonial First State Asset Management (Australia) Limited | -2.6 | -5.3 Magellan Asset Management Limited | -5.1 | -5.3 Mercer Global Listed Infrastructure Fund | -4.0 | -5.3

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (GBP) (continued) MGI Eurozone Equity Fund (Hedged)

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the MSCI EMU Net Total Return (Hedged) Index. The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying Sub-Investment Managers are unhedged. Sub-Investment Manager performance figures above do not consider allocation weights. The MGI Eurozone Equity Fund (Hedged) outperformed the index by 8.2% over the last year. There were no changes to the list of underlying holdings or Sub-Investment Managers during the period. MGI UK Equity Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the FTSE All-Share Net Total Return Index. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI UK Equity Fund outperformed the index by 2.5% over the last year. There were no Sub-Investment Manager changes during the period MGI Emerging Markets Equity Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the MSCI Emerging Markets Net Total Return Index. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 30 September 2019 for performance measurement purposes. (b) Includes performance up to termination for AQR Capital Management LLC. Termination date is 4 September 2019. The MGI Emerging Markets Equity Fund underperformed the index by 1.5% over the last year. Over the one year period, the Sub-Fund terminated AQR Capital Management LLC as a Sub-Investment Manager and Origin Asset Management LLP was appointed as a Sub-Investment Manager on the 26 August 2019.

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Acadian Asset Management LLC | -0.5 | -4.0 Comgest Growth Europe ex UK | 14.2 | -4.0 Lazard Asset Management Limited | 5.8 | -4.0 MGI Eurozone Equity Fund (Hedged) | 2.6 | -5.6

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Baillie Gifford Investment Management (Europe) Limited | -10.8 | -13.0 MGI UK Equity Fund | -10.5 | -13.0

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Copper Rock Capital Partners LLC | -6.5 | -0.5 Dimensional Fund Advisors Limited | -14.1 | -0.5 Mondrian Investment Partners Limited | 0.3 | -0.5 Origin Asset Management LLP(a) | 8.8 | 0.6 William Blair Investment Management, LLC | 8.6 | -0.5 MGI Emerging Markets Equity Fund(b) | -2.0 | -0.5

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

(continued)

Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Passive Emerging Markets Equity Fund

Performance shown is in GBP terms. The Sub-Fund passively tracks the MSCI Emerging Market Index. Underlying Sub-Investment Manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The Mercer Passive Emerging Markets Equity Fund performed in line with its benchmark over the last year. There were no Sub-Investment Manager changes during the period. MGI Emerging Markets Debt Fund

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the J.P.Morgan GBI EM Global Diversified Composite Index. Sub-Investment Manager performance figures above do not consider allocation weights. The MGI Emerging Markets Debt Fund underperformed the index by 0.9% over the last year. There were no Sub-Investment Manager changes during the period. Mercer Global High Yield Bond Fund (Hedged)

Performance shown is in GBP terms. The Sub-Fund seeks to outperform the ICE BofAML BB-B Rated Developed Markets High Yield Constrained Hedged Index. The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying Sub-Investment Managers are unhedged. Sub-Investment Manager performance figures above do not consider allocation weights. (a) Performance shown since inception. Inception date taken as 31 October 2019 for performance measurement purposes. The

real Sub-Investment Manager inception date was 20 September 2019 but due to a build up period the performance measurement is considered from 31 October 2019.

(b) Includes performance up to termination for Wellington Management International Limited. Termination date is 11 November 2019.

The Mercer Global High Yield Bond Fund (Hedged) underperformed the index by 1.2% over the last year. Over the year period, the Sub-Fund terminated Wellington Management International Limited as a Sub-Investment Manager and PGIM, Inc. was appointed as a Sub-Investment Manager on the 13 September 2019.

Sub-Investment Manager | Performance over the | Financial Year | Sub-Fund | Benchmark | (%) | (%) Irish Life Investment Managers Limited | -0.7 | -0.5 Mercer Passive Emerging Markets Equity Fund | -0.5 | -0.5

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) BlackRock Investment Management (UK) Limited | -1.6 | 0.1 Colchester Global Investors Limited | -1.2 | 0.1 Wellington Management International Limited | 0.3 | 0.1 MGI Emerging Markets Debt Fund | -0.8 | 0.1

Portfolio | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Nomura Corporate Research and Asset Management Inc. | 1.7 | 2.6 PGIM, Inc.(a) | 4.5 | 2.7 Mercer Global High Yield Bond Fund (Hedged)(b) | -2.3 | -1.1

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

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Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Multi Asset Defensive Fund

Performance shown is in GBP terms. The Sub-Fund uses the FTSE GBP 1 Month Euro Deposit Index +0.5% for performance comparison purposes. The Mercer Multi Asset Defensive Fund outperformed the index by 3.6% over the last year. Over the one year period, the Sub-Fund invested in Mercer Global High Yield Bond Fund (EUR Hedged), Mercer Passive Global Small Cap Equity UCITS CCF (GBP) and Mercer Passive Global Listed Infrastructure UCITS CCF (GBP).

Portfolio ILIM - Beresford Funds PLC - Indexed Emerging Market Debt Fund Mercer Passive Emerging Markets Equity Fund (USD) Mercer Global High Yield Bond Fund (GBP Hedged) BlackRock – iShares US Corporate Bond Index Fund BlackRock – iShares Euro Credit Bond Index Fund BlackRock - iShares UK Credit Bond Index Fund BlackRock - iShares Gilt Trak Index Fund (IE) Flex Mercer Absolute Return Fixed Income Fund (GBP Hedged) MGI UK Inflation-Linked Bond Fund (GBP) MGI UK Cash Fund (GBP) Mercer Passive Low Volatility Equity UCITS CCF (GBP) Mercer Passive Low Volatility Equity UCITS CCF (GBP Hedged) Mercer Global High Yield Bond Fund (EUR Hedged) Mercer Passive Global Small Cap Equity UCITS CCF (GBP) Mercer Passive Global Listed Infrastructure UCITS CCF (GBP) Liquidity Reserve Mercer Multi Asset Defensive Fund

Fund | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Mercer Multi Asset Defensive Fund | 4.7 | 1.1

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

(continued)

Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Multi Asset Growth Fund

Performance shown is in GBP terms. The Sub-Fund uses the FTSE GBP 1 Month Euro Deposit +3.5% Index for performance comparison purposes. The Mercer Multi Asset Growth Fund underperformed the index by 5.8% over the last year. Over the one year period, the Sub-Fund disinvested in Mercer Passive Low Volatility Equity UCITS CCF (GBP) and Mercer Absolute Return Fixed Income Fund (GBP Hedged) and invested in Mercer Passive Sustainable Global Equity UCITS CCF (GBP Hedged), Mercer Global High Yield Bond Fund (EUR Hedged) and Mercer Global Buy & Maintain Credit Fund (GBP Hedged).

Portfolio ILIM - Beresford Funds PLC - Indexed Emerging Market Debt Fund Mercer Passive Emerging Markets Equity Fund (USD) Mercer Global High Yield Bond Fund (GBP Hedged) BlackRock - iShares US Corporate Bond Index Fund BlackRock - iShares Euro Credit Bond Index Fund BlackRock - iShares UK Credit Bond Index Fund Mercer Passive Global Listed Infrastructure UCITS CCF (GBP) Mercer Passive Global REITS UCITS CCF (GBP) Mercer Passive Low Volatility Equity UCITS CCF (GBP Hedged) Mercer Passive Fundamental Indexation Global Equity UCITS CCF (GBP Hedged) Mercer Passive Global Small Cap Equity UCITS CCF (GBP Hedged) Mercer Passive Sustainable Global Equity UCITS CCF (GBP Hedged) Mercer Global High Yield Bond Fund (EUR Hedged) Mercer Global Buy & Maintain Credit Fund (GBP Hedged) Liquidity Reserve Mercer Multi Asset Growth Fund

Fund | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Mercer Multi Asset Growth Fund | -1.6 | 4.2

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

(continued)

Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Multi Asset High Growth Fund

Performance shown is in GBP terms. The Sub-Fund uses the FTSE GBP 1 Month Euro Deposit Index +4.0% for performance comparison purposes. The Mercer Multi Asset High Growth Fund underperformed the index by 6.8% over the last year. Over the one year period, the Sub-Fund disinvested from Mercer Passive Global Equity Fund (GBP Hedged) and Mercer Absolute Return Fixed Income Fund (GBP Hedged) and invested in Mercer Passive Sustainable Global Equity UCITS CCF (GBP Hedged) and Mercer Global High Yield Bond Fund (EUR Hedged).

Portfolio ILIM - Beresford Funds PLC - Indexed Emerging Market Debt Fund Mercer Passive Emerging Markets Equity Fund (USD) Mercer Global High Yield Bond Fund (GBP Hedged) Mercer Passive Global Listed Infrastructure UCITS CCF (GBP) Mercer Passive Global Small Cap Equity UCITS CCF (GBP) Mercer Passive Global REITS UCITS CCF (GBP) Mercer Passive Low Volatility Equity UCITS CCF (GBP Hedged) Mercer Passive Fundamental Indexation Global Equity UCITS CCF (GBP Hedged) Mercer Passive Global Small Cap Equity UCITS CCF (GBP Hedged) Mercer Passive Sustainable Global Equity UCITS CCF (GBP Hedged) Mercer Global High Yield Bond Fund (EUR Hedged) Liquidity Reserve Mercer Multi Asset High Growth Fund

Fund | Performance over the | Financial Year | Sub-Fund | Index | (%) | (%) Mercer Multi Asset High Growth Fund | -2.1 | 4.7

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MGI Funds plc Investment Manager’s Report for the financial year ended 30 June 2020

(continued)

Share Class Investment Performance to 30 June 2020 (GBP) (continued) Mercer Multi Asset Moderate Growth Fund

Performance shown is in GBP terms. The Sub-Fund uses the FTSE GBP 1 Month Euro Deposit Index +2.5% for performance comparison purposes. The Mercer Multi Asset Moderate Growth Fund underperforme