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This contains confidential and proprietary information of Mercer and is intended for the exclusive use of the parties to whom it was provided by Mercer. Its content may not be modified, sold or otherwise provided, in whole or in part, to any other person or entity without Mercer's prior written permission. Mercer does not provide tax or legal advice. You should contact your tax advisor, accountant and/or attorney before making any decisions with tax or legal implications. For Mercer’s conflict of interest disclosures, contact your Mercer representative or see


No investment decision should be made based on this information without first obtaining appropriate professional advice and considering your circumstances.  This does not constitute an offer to purchase or sell any securities.


Investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Investment management and advisory services for U.S. clients are provided by Mercer Investment Management, Inc. (MIM) and Mercer Investment Consulting LLC (MIC).  MIM and MIC are federally registered investment advisers under the Investment Advisers Act of 1940, as amended. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. MIM and MIC’s Form ADVs Part 2A & 2B can be obtained by written request directed to:  Compliance Department, Mercer Investments, 701 Market Street, Suite 1100, St. Louis, MO  63101.