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THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY

Financial Statements December 31, 2015


Table of Contents

Page

Independent Auditor's Report 6-7

Financial Statements

Target Risk Allocation

FMT LifeStyle Aggressive Growth Fund 8-17FMT LifeStyle Balanced Growth Fund 18-27FMT LifeStyle Income and Conservative Growth Fund 28-37FMT LifeStyle Moderately Aggressive Growth Fund 38-47FMT LifeStyle Moderately Conservative Growth Fund 48-57

Target Date Allocation FMT LifeStyle Target Date 2010 Fund 58-66FMT LifeStyle Target Date 2020 Fund 67-75FMT LifeStyle Target Date 2030 Fund 76-84FMT LifeStyle Target Date 2040 Fund 85-93FMT LifeStyle Target Date 2050 Fund 94-102FMT/Vanguard Target Retirement 2015 Fund 103-108FMT/Vanguard Target Retirement 2020 Fund 109-114FMT/Vanguard Target Retirement 2025 Fund 115-120FMT/Vanguard Target Retirement 2030 Fund 121-126FMT/Vanguard Target Retirement 2035 Fund 127-132FMT/Vanguard Target Retirement 2040 Fund 133-138FMT/Vanguard Target Retirement 2045 Fund 139-144FMT/Vanguard Target Retirement 2050 Fund 145-150FMT/Vanguard Target Retirement 2055 Fund 151-156FMT/Vanguard Target Retirement 2060 Fund 157-162FMT/Vanguard Target Retirement Income Fund 163-168

Money Market Funds

FMT/SSgA Prime Money Market Fund 169-174FMT/SSgA U.S. Treasury Money Market Fund 175-180

Stable Value

FMT/FFTW Income Plus Fund 181-187FMT/Wells Fargo Stable Value Fund 188-194


Table of Contents (Continued)

Page

Financial Statements (continued)

Fixed Income

FMT High Yield Bond (Federated) Fund 195-206FMT U.S. Core Bond (Highmark) Fund 207-218FMT U.S. Government Securities (C.S. McKee) Fund 219-227FMT/American Funds Bond Fund of America Fund 228-233FMT/Delaware High Yield Opportunity Fund 234-239FMT/DFA 1 Year Fixed Income Fund 240-245FMT/DFA Five Year Global Fixed Income Fund 246-251FMT/DFA Intermediate Term Extended Quality Portfolio Fund 252-257FMT/DFA Short Term Extended Quality Institutional Fund 258-263FMT/DFA Two Year Global Fixed Income Fund 264-269FMT/FFTW U.S. TIPS Fund 270-273FMT/Global Diversified Bond Fund 274-279FMT/Loomis Sayles Bond Fund 280-285FMT/MetWest Total Return Fund 286-291FMT/PIMCO High Yield Fund 292-297FMT/PIMCO Total Return Institutional Fund 298-303FMT/T. Rowe Price International Bond Fund 304-309FMT/Templeton International Bond Fund 310-315FMT/Vanguard GNMA Fund 316-321FMT/Vanguard Inflation Protected Securities Fund 322-327FMT/Vanguard Total Bond Market Index Fund 328-333

Balanced

FMT Balanced Opportunities (Aristotle) Fund 334-342FMT/American Funds Capital Income Builder Fund 343-348FMT/DFA Global 60/40 Fund 349-354FMT/Dodge & Cox Balanced Fund 355-360FMT/Vanguard Balanced Index Fund 361-366FMT/Vanguard Wellesley Income Fund 367-372

Equity

FMT Aggressive International Growth (WCM) Fund 373-380FMT Diversified International (Thomas White) Fund 381-390FMT Equity Income (Sterling) Fund 391-398FMT Global Diversified Equity Fund 399-407



Page


Equity (continued)

FMT International Growth (WCM) Fund 408-415FMT International Value Opportunities (Harris) Fund 416-424FMT Large Cap Classic Value (C.S. McKee) Fund 425-432FMT Large Cap Concentrated Equity (Cornerstone) Fund 433-440FMT Large Cap Diversified Equity Fund 441-447FMT Large Cap Focus Growth (Jackson Square) Fund 448-455FMT Large Cap Fundamental Growth (Wellington) Fund 456-465FMT Large Cap GARP (Argent) Fund 466-473FMT Large Cap Intrinsic Value (MetWest) Fund 474-481FMT Large Cap Opportunities (Smith Group) Fund 482-489FMT Mid Cap Growth (Disciplined Growth Investors) Fund 490-497FMT Mid Cap Value (NewSouth) Fund 498-505FMT Small Cap Aggressive Growth (CCI/Cupps) Fund 506-516FMT Small Cap Diversified Equity (Delaware) Fund 517-527FMT Small Cap Intrinsic Value (MetWest) Fund 528-537FMT Small Cap Value (Opus) Fund 538-546FMT SMID Diversified Growth (Frontier/Geneva) Fund 547-558FMT SMID Value (Fisher Investments) Fund 559-567FMT Special Opportunities (Sterling) Fund 568-575FMT U.S. Growth Opportunities (Zevenbergen) Fund 576-583FMT/Alger Spectra Fund 584-589FMT/American Beacon Large Cap Value Institutional Fund 590-595FMT/American Beacon Small Cap Value Institutional Fund 596-601FMT/American Century Mid Cap Value Fund 602-607FMT/American Funds Amcap Fund 608-613FMT/American Funds Europacific Fund 614-619FMT/American Funds Growth Fund of America Fund 620-625FMT/American Funds New Perspective Fund 626-631FMT/American Funds Small Cap World Fund 632-637FMT/American Funds Washington Mutual Fund 638-643FMT/Artisan International Fund 644-649FMT/Columbia Acorn Z Fund 650-655FMT/DFA Emerging Markets Core Equity Fund 656-661FMT/DFA Emerging Markets I Fund 662-667FMT/DFA Emerging Markets Small Cap Fund 668-673



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Equity (continued)

FMT/DFA Emerging Markets Value Fund 674-679FMT/DFA Global Equity Fund 680-685FMT/DFA International Core Equity Fund 686-691FMT/DFA International Small Cap Value Fund 692-697FMT/DFA International Small Company Fund 698-703FMT/DFA International Value Fund 704-709FMT/DFA U.S. Core Equity I Fund 710-715FMT/DFA U.S. Core Equity II Fund 716-721FMT/DFA U.S. Large Cap Value Fund 722-727FMT/DFA U.S. Large Cap Value III Fund 728-733FMT/DFA U.S. Large Company Fund 734-739FMT/DFA U.S. Micro Cap Fund 740-745FMT/DFA U.S. Small Cap Portfolio Fund 746-751FMT/DFA U.S. Small Cap Value Fund 752-757FMT/DFA U.S. Targeted Value Fund 758-763

FMT/DFA U.S. Vector Equity Fund 764-769FMT/Dodge & Cox International Fund 770-775FMT/Dodge & Cox Stock Fund 776-781FMT/Domini Social Equity Fund 782-787FMT/Fifth Third Equity Index Fund 788-793FMT/Franklin Mutual Global Discovery Fund 794-799FMT/Harbor Capital Appreciation Fund 800-805FMT/International Equity Index Fund 806-811FMT/iShares MSCI EAFE Index ETF 812-817FMT/iShares Russell 2000 Growth Index ETF 818-823FMT/iShares Russell 2000 Index ETF 824-829FMT/iShares Russell 2000 Value Index ETF 830-835FMT/iShares Russell 3000 Index ETF 836-841FMT/iShares Russell Mid-Cap Growth Index ETF 842-847FMT/iShares Russell Mid-Cap Value Index ETF 848-853FMT/Longleaf Partners Fund 854-859FMT/Longleaf Small Cap Fund 860-865FMT/Meridian Growth Fund 866-871FMT/Morgan Stanley Institutional Small Cap Growth Fund 872-877FMT/Neuberger Berman Genesis Trust Fund 878-883



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Equity (continued)

FMT/SPDR S and P 500 Index ETF 884-889FMT/T. Rowe Price Midcap Growth Fund 890-895FMT/T. Rowe Price Value Fund 896-901FMT/Third Avenue Value Fund 902-907FMT/Thornburg International Equity Fund 908-913FMT/Vanguard 500 Index Fund 914-919FMT/Vanguard Emerging Markets ETF 920-925FMT/Vanguard Growth Index Fund 926-931FMT/Vanguard Mid Cap Index Fund 932-937FMT/Vanguard Selected Value Fund 938-943FMT/Vanguard Small Cap Stock Index Fund 944-949FMT/Vanguard Value Index Fund 950-955FMT/Vanguard Windsor II Fund 956-961FMT/Virtus Emerging Markets Opportunity Fund 962-967FMT/ Equity Income Index 968-973FMT/Wells Fargo Advantage Discovery Fund 974-979

Alternative

FMT Global Infrastructure (Miller/Howard) Fund 980-987FMT/BlackRock Global Allocation Fund 988-993FMT/DFA Commodity Strategy Portfolio Fund 994-999FMT/DFA International Real Estate Securities Fund 1000-1005FMT/DFA Real Estate Securities Fund 1006-1011FMT/First Eagle Gold Fund 1012-1017FMT/Gateway Fund 1018-1023FMT/Ivy Global Natural Resources Fund 1024-1029FMT/Neuberger Berman REIT Fund 1030-1035FMT/Nuveen Real Estate Securities Fund 1036-1041FMT/PIMCO All Asset All Authority Fund 1042-1047FMT/SPDR Energy Sector ETF 1048-1053FMT/SPDR Gold ETF 1054-1059FMT/SPDR Health Care Sector ETF 1060-1065FMT/SPDR Technology Sector ETF 1066-1071FMT/T. Rowe Price Financial Services Fund 1072-1077FMT/T. Rowe Price Health Sciences Fund 1078-1083

Notes to Financial Statements 1084-1089

MTEMMayer Hoffman McCann P.C.

An lndependent CPA Firm

Clark Tower, 5100 Poplar Avenue, 30th Floor. Memphis, Tennessee 38137Main: 901.685.5575 r Fax: 901.685.5583 r www.mhmcpa.com

lndependent Auditor's Report

To the TrusteeThe Collective Investment Funds ofFirst Mercantile Trust CompanyMemphis, Tennessee

We have audited the accompanying financial statements for each of the one-hundred and fifty-ninecollective trust funds comprising The Collective lnvestment Funds of First Mercantile Trust Company,which comprise the statements of assets and liabilities, including the schedules of investments andspecific fund disclosures, as of December 31, 2015, and thJrelated statements of operations,changes in net assets, schedules of participant transactions, and financiat highlights foi the yearthen ended, and the related notes to the financial statements.

M a n ag emenú's Resp o nsi b i I ity fo r th e F i n an c i at sfaúemenfs

Management is responsible for the preparatíon and fair presentatÍon of these financial statements,sc.hedules of participant transactions, and financial highlights in accordance with accountingprinciples generally accepted in the United States óf Ámerica; this includes the design,implementation, and maintenance of internal control relevant to the preparation and fair presentationof financial statements, schedules of participant transactions, and î¡nánc¡al highlights that are freefrom material misstatement, whether due to fraud or error.

Auditor's Respo nsi bi I ity

Our responsibility is to express an opinion on these financial statements, schedules of participanttransactions, and financial highlights based on our audits. We conducted our audits in aðcordancewith auditing standards generally accepted in the United States of America. Those standards rãquirethat we plan and perform the audíts to obtain reasonable assurance about whether the financialstatements, schedules of participant transactions, and financial highlights are free from materialmisstatement.

fn .aud1t involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor's judgment, includingthe assessment of the risks of material misstatement of the financial statemeñts,-whether due tofraud or error. ln making those risk assessments, the auditor considers internal control relevant tothe enlity's preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expres-sing anopinion on the effectiveness of the entity's internal control. Accordingly, wä express no such opiñion.An audit also include.s. evaluating the appropriateness of accõunting policies used and thereasonableness of significant accounting estimates made by managemeni as well as evaluating theoverall presentation of the financial statements.

{*orrron Member of Kreston lnternat¡onal - a global network of ¡ndependent account¡ng firms

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

Opinion

ln our opinion, the financial statements, schedules of participant transactions, and financial highlights¡eferred to above present fairly, in all material respects, the financial position of each of tñe one-hundred and fifty-nine funds comprising The Collective lnvestment Funds of First Mercantile TrustCompany as of December 31 , 2015, and the results of each Fund's operations, changes in their netassets, their participant transactions, and their financial highlights for the year tñen ended, inaccordance with accounting principles generally accepted in the United States oï Ame¡ca.

ryry-{ß-^Vrh,,(cMemphis, TennesseeJune 10, 2016

7

FMT LifeStyle Aggressive Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Aggressive Growth Fund

Statement of Assets and Liabilities December 31, 2015

The accompanying notes are an integral part of these financial statements.

Assets Investments in securities, at fair value $ 118,154,238 Liabilities Trustee fees 66,198 Net assets $ 118,088,040 Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 3,984,330 $ 14.8150 $ 59,027,953Class R2 LifeStyle 329,677 $ 13.9704 4,605,711Class R3 LifeStyle 997,190 $ 13.8936 13,854,537Class R4 LifeStyle 1,551,357 $ 13.7649 21,354,295Class R5 LifeStyle 569,842 $ 13.7070 7,810,811Class R6 LifeStyle 411,309 $ 14.2775 5,872,454Class R7 LifeStyle 269,410 $ 13.6113 3,667,027Class R8 LifeStyle 135,726 $ 13.9638 1,895,252

$ 118,088,040

8


Statement of Operations For the Year Ended December 31, 2015


Expenses

Trustee fees $ 132,479Audit fees 150

132,629 Net investment loss (132,629) Net realized gain from investments sold

Proceeds from sales of investments 46,626,715Cost of investments sold 41,770,487

Net realized gain from investments sold 4,856,228 Change in net unrealized appreciation (depreciation) on investments (8,673,294) Net realized and unrealized loss on investments (3,817,066) Net decrease in net assets resulting from operations $ (3,949,695)

9


Statement of Changes in Net Assets For the Year Ended December 31, 2015


Operations

Net investment loss $ (132,629)

Net realized gain from investments sold 4,856,228

Change in net unrealized appreciation (depreciation) on investments (8,673,294)

Net decrease in net assets resulting from operations (3,949,695) Participant transactions

Proceeds from units purchased 28,485,890Less payments for units redeemed 50,197,597

Decrease in net assets from participant transactions (21,711,707)

Total decrease in net assets (25,661,402) Net assets at beginning of year 143,749,442 Net assets at end of year $ 118,088,040

10


Schedule of Investments and Specific Fund Disclosures December 31, 2015


Investments Cost Fair Value ____________ ____________

Collective trust funds (100.1%)

Core Bond (0.6%) FMT/PIMCO Total Return Fund $ 219,167 $ 242,457 FMT/MetWest Total Return Fund 438,156 491,647 __________ __________ 657,323 734,104

Emerging Markets (2.2%) FMT/DFA Emerging Markets Value Fund 2,744,356 2,540,939

Foreign Large Blend Equity (7.6%) FMT Diversified International (Thomas White) Fund 8,539,954 8,998,819

Global Bond (0.3%) FMT/Global Diversified Bond Fund 272,570 306,370

Government Bond - TIPS (0.3%) FMT/Vanguard Inflation Protected Securities Fund 305,478 303,715

High Yield Bond (0.3%) FMT High Yield Bond (Federated) Fund 272,852 295,646

Intermediate Bond (0.4%) FMT U.S. Core Bond (HighMark) Fund 438,171 489,890

International Bond (0.3%) FMT/Templeton International Bond Fund 274,180 299,235

International Core Equity (3.6%) FMT/International Equity Index Fund 4,093,591 4,295,491

International Growth Equity (10.1%) FMT Aggressive International Growth (WCM) Fund 8,505,955 9,696,417 FMT U.S. Growth Opportunities (Zevenbergen) Fund 1,858,581 2,171,170 __________ __________ 10,364,536 11,867,587

International Value Equity (8.9%)

FMT International Value Opportunities (Tradewinds) Fund 6,821,474 7,217,511

FMT/Dodge and Cox International Fund 3,421,966 3,266,686 __________ __________ 10,243,440 10,484,197

Large Cap Core Equity (5.7%) FMT Large Cap Opportunities (Smith Group) Fund 5,996,156 6,755,445

Large Cap Core/Blend Equity (8.8%) FMT Large Cap Concentrated Equity (Cornerstone) Fund 10,012,389 10,391,320

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Schedule of Investments and Specific Fund Disclosures (continued) December 31, 2015


Investments Cost Fair Value Collective trust funds (continued)

Large Cap Growth Equity (10.7%)

FMT Large Cap Focus Growth (Jackson Square) Fund $ 3,993,488 $ 4,637,435 FMT Large Cap Fundamental Growth (Wellington) Fund 6,773,382 8,036,535 __________ __________ 10,766,870 12,673,970

Large Cap Value Equity (12.3%) FMT Large Cap Classic Value (C.S. McKee) Fund 4,408,049 4,730,684 FMT Large Cap Intrinsic Value (MetWest) Fund 8,788,777 9,835,351 __________ __________ 13,196,826 14,566,035

Mid Cap Growth Equity (1.9%)

FMT Mid Cap Growth (Disciplined Growth Investors) Fund 2,150,518 2,255,797

Mid Cap Value Equity (3.3%) FMT Mid Cap Value (NewSouth) Fund 2,541,130 2,783,453 FMT/American Century Mid Cap Value Fund 974,854 1,076,894 __________ __________ 3,515,984 3,860,347

Sector Specific - Derivatives and Fixed Income (2.1%) FMT/DFA Commodity Strategy Portfolio Fund 2,758,328 2,472,861

Sector Specific - Real Estate (2.4%) FMT/Neuberger Berman REIT Fund 2,519,705 2,860,390

Sector Specific - Utilities (2.3%) FMT Global Infrastructure (Miller/Howard) Fund 2,750,148 2,715,532

Small Cap Core Equity (1.2%) FMT Small Cap Diversified Equity (Delaware) Fund 1,370,225 1,473,577

Small Cap Growth Equity (3.1%) FMT Small Cap Aggressive Growth (CCI/Cupps) Fund 3,570,301 3,674,949

Small Cap Value Equity (4.1%) FMT Small Cap Intrinsic Value (MetWest) Fund 3,290,177 3,431,819 FMT Small Cap Value (Opus) Fund 1,369,421 1,460,387 __________ __________ 4,659,598 4,892,206

SMID Cap Growth - Equity (4.3%) FMT SMID Diversified Growth (Frontier/Geneva) Fund 4,689,294 5,100,783

12




Investments Cost Fair Value Collective trust funds (continued) SMID Cap Value – Equity (3.3%)

FMT SMID Value (Fisher Investments) Fund $ 3,504,672 $ 3,845,033 __________ __________ Total Investments $ 109,667,465 $ 118,154,238 __________ ____________________ __________

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Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.

Total Level 1 Level 2 Level 3

Collective trust funds Core Bond $ 734,104 $ — $ 734,104 $ —Emerging Markets 2,540,939 — 2,540,939 —Foreign Large Blend Equity 8,998,819 — 8,998,819 —Global Bond 306,370 — 306,370 —Government Bond - TIPS 303,715 — 303,715 —High Yield Bond 295,646 — 295,646 —Intermediate Bond 489,890 — 489,890 —International Bond 299,235 — 299,235 —International Core Equity 4,295,491 — 4,295,491 —International Growth Equity 11,867,587 — 11,867,587 —International Value Equity 10,484,197 — 10,484,197 —Large Cap Core Equity 6,755,445 — 6,755,445 —Large Cap Core/Blend Equity 10,391,320 — 10,391,320 —Large Cap Growth Equity 12,673,970 — 12,673,970 —Large Cap Value Equity 14,566,035 — 14,566,035 —Mid Cap Growth Equity 2,255,797 — 2,255,797 —Mid Cap Value Equity 3,860,347 — 3,860,347 —Sector Specific - Derivatives and Fixed Income 2,472,861 — 2,472,861 —Sector Specific - Real Estate 2,860,390 — 2,860,390 —Sector Specific - Utilities 2,715,532 — 2,715,532 —Small Cap Core Equity 1,473,577 — 1,473,577 —Small Cap Growth Equity 3,674,949 — 3,674,949 —Small Cap Value Equity 4,892,206 — 4,892,206 —SMID Cap Growth - Equity 5,100,783 — 5,100,783 —SMID Cap Value - Equity 3,845,033 — 3,845,033 —__________ __________ __________ _________

$118,154,238 $ — $118,154,238 $ —__________ __________ __________ ___________________ __________ __________ _________

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The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $24,848,577 and $46,626,715, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 39,695 Class R2 LifeStyle 5,037 Class R3 LifeStyle 16,578 Class R4 LifeStyle 31,818 Class R5 LifeStyle 14,760 Class R6 LifeStyle 11,784 Class R7 LifeStyle 8,112 Class R8 LifeStyle 4,695 $ 132,479

15


Schedule of Participant Transactions December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 9,754,135 $ (16,056,872) $ (6,302,737) 631,951 (1,043,267) (411,316)Class R2 LifeStyle 2,905,716 (3,994,825) (1,089,109) 197,728 (286,973) (89,245)Class R3 LifeStyle 5,653,764 (9,296,945) (3,643,181) 393,813 (637,815) (244,002)Class R4 LifeStyle 6,427,440 (12,268,751) (5,841,311) 446,277 (852,401) (406,124)Class R5 LifeStyle 2,186,518 (6,711,495) (4,524,977) 153,420 (469,937) (316,517)Class R6 LifeStyle 827,821 (975,128) (147,307) 55,587 (66,930) (11,343)Class R7 LifeStyle 446,478 (651,956) (205,478) 31,435 (46,034) (14,599)Class R8 LifeStyle 284,018 (241,625) 42,393 19,684 (16,820) 2,864 $ 28,485,890 $ (50,197,597) $ (21,711,707) 1,929,895 (3,420,177) (1,490,282)

16


Financial Highlights December 31, 2015


Change in Net Asset Value Resulting from Operations Ratios (to average net

assets)

NAV per Unit, Beginning of

Period

Net Investment

Income (Loss)(a)(b)

Net Realized and Unrealized

Gain (Loss) from

Investments(a)

Total from Investment Activities

NAV per Unit, End of

Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 15.2656 $ (0.0096) $ (0.4410) $ (0.4506) $ 14.8150 (2.95)% (0.06)% (0.06)% Class R2 LifeStyle 14.4278 (0.0118) (0.4456) (0.4574) 13.9704 (3.17)% (0.08)% (0.08)% Class R3 LifeStyle 14.3727 (0.0151) (0.4640) (0.4791) 13.8936 (3.33)% (0.10)% (0.10)% Class R4 LifeStyle 14.2617 (0.0195) (0.4773) (0.4968) 13.7649 (3.48)% (0.14)% (0.14)% Class R5 LifeStyle 14.2267 (0.0193) (0.5004) (0.5197) 13.7070 (3.65)% (0.13)% (0.13)% Class R6 LifeStyle 14.8452 (0.0278) (0.5399) (0.5677) 14.2775 (3.82)% (0.19)% (0.19)% Class R7 LifeStyle 14.1776 (0.0305) (0.5358) (0.5663) 13.6113 (3.99)% (0.21)% (0.21)% Class R8 LifeStyle 14.5693 (0.0349) (0.5706) (0.6055) 13.9638 (4.16)% (0.24)% (0.24)%

(a) Per unit amounts are based on average daily units outstanding.

(b) The Lifestyle and Multi-Managed funds (Funds of Funds) invest in a number of underlying funds

within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with such Funds of Funds investing in a unique share class of the underlying funds that do not incur an investmentfee or other such expenses. The purpose of this change was solely to record a more directaccounting of the charges and expenses for the Funds of Funds and underlying funds, and has no net effect on the charges or expenses of any of the funds. The Funds of Funds do not reportinvestment income as none of the underlying funds in which these Funds of Funds invest paydividends. Consequently, the change in NAV is due solely to realized and unrealized gains andlosses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items for the underlying funds are shown in the financial statements for those respective funds. The effective Annual Investment Expense is shown on the respective underlying fund's quarterly profile (fact)sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

17

FMT LifeStyle Balanced Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Balanced Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 1,728,622 $ 12.3279 $ 21,310,293Class R2 LifeStyle 727,860 $ 13.0802 9,520,547Class R3 LifeStyle 829,206 $ 12.7366 10,561,303Class R4 LifeStyle 1,177,917 $ 13.0575 15,380,639Class R5 LifeStyle 781,665 $ 12.5445 9,805,574Class R6 LifeStyle 158,760 $ 12.5135 1,986,641Class R7 LifeStyle 211,909 $ 12.3084 2,608,258Class R8 LifeStyle 81,789 $ 12.3953 1,013,799

$ 72,187,054

18




Expenses





19




Operations








20






Core Bond (7.1%) FMT/MetWest Total Return Fund $ 3,177,865 $ 3,350,405 FMT/PIMCO Total Return Fund 1,709,705 1,778,011 __________ __________ 4,887,570 5,128,416



Global Bond (5.4%) FMT/Global Diversified Bond Fund 3,723,178 3,886,649

Government Bond (5.4%) FMT US Government Securities (C.S. McKee) Fund 3,672,865 3,914,338

Government Bond - TIPS (4.6%) FMT/Vanguard Inflation Protected Securities Fund 3,300,025 3,280,995

High Yield Bond (3.0%) FMT High Yield Bond (Federated) Fund 2,126,618 2,164,041

Intermediate Bond (5.3%) FMT U.S. Core Bond (HighMark) Fund 3,674,767 3,854,199

International Bond (3.0%) FMT/Templeton International Bond Fund 2,127,465 2,157,327


International Growth Equity (6.5%) FMT Aggressive International Growth (WCM) Fund 3,595,335 3,848,331 FMT U.S. Growth Opportunities (Zevenbergen) Fund 779,859 855,716 __________ __________ 4,375,194 4,704,047


FMT International Value Opportunities (Tradewinds) Fund 2,881,540 2,866,023

FMT/Dodge and Cox International Fund 1,440,738 1,289,657 __________ __________ 4,322,278 4,155,680


21




Investments Cost Fair Value

Collective trust funds (continued) Large Cap Core/Blend Equity (5.7%) FMT Large Cap Concentrated Equity (Cornerstone) Fund $ 4,220,585 $ 4,118,139

Large Cap Growth Equity (7.0%) FMT Large Cap Focus Growth (Jackson Square) Fund 1,686,888 1,840,604 FMT Large Cap Fundamental Growth (Wellington) Fund 2,863,772 3,192,317 __________ __________ 4,550,660 5,032,921



FMT Mid Cap Growth (Disciplined Growth Investors) Fund 908,018 891,945

Mid Cap Value Equity (2.1%) FMT Mid Cap Value (NewSouth) Fund 1,072,290 1,102,519 FMT/American Century Mid Cap Value Fund 411,251 424,849 __________ __________ 1,483,541 1,527,368




Small Cap Core Equity (0.8%) FMT Small Cap Diversified Equity (Delaware) Fund 575,382 583,637


Small Cap Value Equity (2.7%) FMT Small Cap Intrinsic Value (MetWest) Fund 1,377,768 1,352,500

22




Investments Cost Fair Value Collective trust funds (continued)

Small Cap Value Equity (continued) FMT Small Cap Value (Opus) Fund $ 575,687 $ 579,648 __________ __________

1,953,455 1,932,148


SMID Cap Value - Equity (2.1%) FMT SMID Value (Fisher Investments) Fund 1,476,587 1,521,304 __________ __________ Total Investments $ 71,056,116 $ 72,232,532 __________ ____________________ __________

23






Collective trust funds Core Bond $ 5,128,416 $ — $ 5,128,416 $ —Emerging Markets 1,000,554 — 1,000,554 —Foreign Large Blend Equity 3,567,947 — 3,567,947 —Global Bond 3,886,649 — 3,886,649 —Government Bond 3,914,338 — 3,914,338 —Government Bond - TIPS 3,280,995 — 3,280,995 —High Yield Bond 2,164,041 — 2,164,041 —Intermediate Bond 3,854,199 — 3,854,199 —International Bond 2,157,327 — 2,157,327 —International Core Equity 1,706,362 — 1,706,362 —International Growth Equity 4,704,047 — 4,704,047 —International Value Equity 4,155,680 — 4,155,680 —Large Cap Core Equity 2,676,358 — 2,676,358 —Large Cap Core/Blend Equity 4,118,139 — 4,118,139 —Large Cap Growth Equity 5,032,921 — 5,032,921 —Large Cap Value Equity 5,781,019 — 5,781,019 —Mid Cap Growth Equity 891,945 — 891,945 —Mid Cap Value Equity 1,527,368 — 1,527,368 —Sector Specific - Derivatives and Fixed Income 2,098,587 — 2,098,587 —Sector Specific - Real Estate 1,432,702 — 1,432,702 —Sector Specific - Utilities 1,647,944 — 1,647,944 —Small Cap Core Equity 583,637 — 583,637 —Small Cap Growth Equity 1,452,344 — 1,452,344 —Small Cap Value Equity 1,932,148 — 1,932,148 —SMID Cap Growth - Equity 2,015,561 — 2,015,561 —SMID Cap Value - Equity 1,521,304 — 1,521,304 —__________ __________ __________ _________

$ 72,232,532 $ — $ 72,232,532 $ —__________ __________ __________ ___________________ __________ __________ _________

24




The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $20,172,175 and $31,293,640, respectively, for the year ended December 31, 2015.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 14,911 Class R2 LifeStyle 9,516 Class R3 LifeStyle 13,564 Class R4 LifeStyle 23,030 Class R5 LifeStyle 17,898 Class R6 LifeStyle 4,071 Class R7 LifeStyle 5,662 Class R8 LifeStyle 2,528 $ 91,180

25




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 5,649,562 $ (10,358,278) $ (4,708,716) 439,316 (819,613) (380,297)Class R2 LifeStyle 943,069 (2,592,729) (1,649,660) 69,677 (199,366) (129,689)Class R3 LifeStyle 3,571,836 (4,323,209) (751,373) 272,053 (332,186) (60,133)Class R4 LifeStyle 4,217,769 (6,172,280) (1,954,511) 313,420 (450,698) (137,278)Class R5 LifeStyle 1,318,333 (3,131,339) (1,813,006) 101,292 (240,853) (139,561)Class R6 LifeStyle 252,312 (362,548) (110,236) 19,418 (28,347) (8,929)Class R7 LifeStyle 1,597,887 (1,704,070) (106,183) 123,855 (133,217) (9,362)Class R8 LifeStyle 103,456 (85,384) 18,072 8,034 (6,665) 1,369 $ 17,654,224 $ (28,729,837) $ (11,075,613) 1,347,065 (2,210,945) (863,880)

26





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)


NAV per Unit, End of Period

Total Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 12.6642 $ (0.0076) $ (0.3287) $ (0.3363) $ 12.3279 (2.66)% (0.06)% (0.06)%Class R2 LifeStyle 13.4682 (0.0116) (0.3764) (0.3880) 13.0802 (2.88)% (0.09)% (0.09)%Class R3 LifeStyle 13.1360 (0.0133) (0.3861) (0.3994) 12.7366 (3.04)% (0.10)% (0.10)%Class R4 LifeStyle 13.4901 (0.0192) (0.4134) (0.4326) 13.0575 (3.21)% (0.14)% (0.14)%Class R5 LifeStyle 12.9830 (0.0209) (0.4176) (0.4385) 12.5445 (3.38)% (0.16)% (0.16)%Class R6 LifeStyle 12.9724 (0.0244) (0.4345) (0.4589) 12.5135 (3.54)% (0.19)% (0.19)%Class R7 LifeStyle 12.7823 (0.0271) (0.4468) (0.4739) 12.3084 (3.71)% (0.21)% (0.21)%Class R8 LifeStyle 12.8935 (0.0311) (0.4671) (0.4982) 12.3953 (3.86)% (0.24)% (0.24)%



within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with suchFunds of Funds investing in a unique share class of the underlying funds that do not incur an investment fee or other such expenses. The purpose of this change was solely to record a moredirect accounting of the charges and expenses for the Funds of Funds and underlying funds, andhas no net effect on the charges or expenses of any of the funds. The Funds of Funds do not report investment income as none of the underlying funds in which these Funds of Funds investpay dividends. Consequently, the change in NAV is due solely to realized and unrealized gainsand losses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income itemsfor the underlying funds are shown in the financial statements for those respective funds. Theeffective Annual Investment Expense is shown on the respective underlying fund's quarterly profile (fact) sheet and on the Schedule of Investment Elections. The effective Annual InvestmentExpense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

27

FMT LifeStyle Income and Conservative Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Income and Conservative Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 1,398,258 $ 14.1456 $ 19,779,141Class R2 LifeStyle 506,886 $ 11.1481 5,650,806Class R3 LifeStyle 605,950 $ 11.1095 6,731,775Class R4 LifeStyle 985,858 $ 11.0514 10,895,146Class R5 LifeStyle 263,050 $ 11.0703 2,912,051Class R6 LifeStyle 279,486 $ 11.0503 3,088,408Class R7 LifeStyle 234,713 $ 10.8286 2,541,612Class R8 LifeStyle 109,061 $ 10.7626 1,173,782Lehman LifeStyle 301,110 $ 13.7481 4,139,685

$ 56,912,406

28




Expenses




Net realized gain from investments sold 3,156 Change in net unrealized appreciation (depreciation) on investments (1,465,730) Net realized and unrealized loss on investments (1,462,154) Net decrease in net assets resulting from operations $ (1,531,730)

29




Operations


Net realized gain from investments sold 3,156






30

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Income and Conservative Growth Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




Core Bond (11.0%) FMT/MetWest Total Return Fund $ 4,072,451 $ 4,076,101 FMT/PIMCO Total Return Fund 2,192,545 2,189,866 __________ __________ 6,264,996 6,265,967

Emerging Markets (0.5%) FMT/DFA Emerging Markets Value Fund 359,860 303,725








International Core Equity (0.9%) FMT/International Equity Index Fund 533,945 507,773



FMT International Value Opportunities (Tradewinds) Fund 894,150 848,146

FMT/Dodge and Cox International Fund 447,693 384,607 __________ __________ 1,341,843 1,232,753

Large Cap Core Equity (1.4%) FMT Large Cap Opportunities (Smith Group) Fund 782,788 788,773

31





Collective trust funds (continued) Large Cap Core/Blend Equity (2.1%) FMT Large Cap Concentrated Equity (Cornerstone) Fund $ 1,306,333 $ 1,223,827

Large Cap Growth Equity (2.6%) FMT Large Cap Focus Growth (Jackson Square) Fund 522,010 543,544 FMT Large Cap Fundamental Growth (Wellington) Fund 885,860 937,975 __________ __________ 1,407,870 1,481,519

Large Cap Value Equity (3.0%) FMT Large Cap Classic Value (C.S. McKee) Fund 574,238 555,798 FMT Large Cap Intrinsic Value (MetWest) Fund 1,147,473 1,153,429 __________ __________ 1,721,711 1,709,227



Mid Cap Value Equity (0.8%) FMT Mid Cap Value (NewSouth) Fund 330,194 321,228 FMT/American Century Mid Cap Value Fund 128,051 130,808 __________ __________ 458,245 452,036


Sector Specific - Real Estate (1.6%) FMT/Neuberger Berman REIT Fund 870,196 889,403


Short Duration Bond (18.5%) FMT/DFA 1 Year Fixed Income Fund 10,440,748 10,549,430


Small Cap Growth Equity (0.8%) FMT Small Cap Aggressive Growth (CCI/Cupps) Fund 469,957 434,382

Small Cap Value Equity (1.0%) FMT Small Cap Intrinsic Value (MetWest) Fund 428,952 402,021

32





Collective trust funds (continued)

Small Cap Value Equity (continued) FMT Small Cap Value (Opus) Fund $ 180,127 $ 174,474 __________ __________ 609,079 576,495

SMID Cap Growth - Equity (1.1%) FMT SMID Diversified Growth (Frontier/Geneva) Fund 614,728 599,937

SMID Cap Value - Equity (0.8%) FMT SMID Value (Fisher Investments) Fund 458,284 449,348 __________ __________ Total Investments $ 57,956,192 $ 56,946,878 __________ ____________________ __________

33






Collective trust funds Core Bond $ 6,265,967 $ — $ 6,265,967 $ —Emerging Markets 303,725 — 303,725 —Foreign Large Blend Equity 1,063,341 — 1,063,341 —Global Bond 4,617,264 — 4,617,264 —Government Bond 4,763,977 — 4,763,977 —Government Bond - TIPS 4,554,428 — 4,554,428 —High Yield Bond 2,252,817 — 2,252,817 —Intermediate Bond 4,696,861 — 4,696,861 —International Bond 2,252,340 — 2,252,340 —International Core Equity 507,773 — 507,773 —International Growth Equity 1,387,025 — 1,387,025 —International Value Equity 1,232,753 — 1,232,753 —Large Cap Core Equity 788,773 — 788,773 —Large Cap Core/Blend Equity 1,223,827 — 1,223,827 —Large Cap Growth Equity 1,481,519 — 1,481,519 —Large Cap Value Equity 1,709,227 — 1,709,227 —Mid Cap Growth Equity 257,487 — 257,487 —Mid Cap Value Equity 452,036 — 452,036 —Sector Specific - Derivatives and Fixed Income 2,167,154 — 2,167,154 —Sector Specific - Real Estate 889,403 — 889,403 —Sector Specific - Utilities 1,293,601 — 1,293,601 —Short Duration Bond 10,549,430 — 10,549,430 —Small Cap Core Equity 175,988 — 175,988 —Small Cap Growth Equity 434,382 — 434,382 —Small Cap Value Equity 576,495 — 576,495 —SMID Cap Growth - Equity 599,937 — 599,937 —SMID Cap Value - Equity 449,348 — 449,348 —__________ __________ __________ _________

$ 56,946,878 $ — $ 56,946,878 $ —__________ __________ __________ ___________________ __________ __________ _________

34




The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $26,055,419 and $38,279,939, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 13,845 Class R2 LifeStyle 5,588 Class R3 LifeStyle 8,398 Class R4 LifeStyle 16,241 Class R5 LifeStyle 5,060 Class R6 LifeStyle 6,381 Class R7 LifeStyle 5,789 Class R8 LifeStyle 2,900 Lehman LifeStyle 4,804 $ 69,006

35




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 6,474,284 $ (15,602,209) $ (9,127,925) 445,238 (1,076,584) (631,346)Class R2 LifeStyle 3,498,277 (3,227,458) 270,819 310,394 (286,028) 24,366Class R3 LifeStyle 5,700,220 (6,808,809) (1,108,589) 500,342 (602,466) (102,124)Class R4 LifeStyle 3,269,296 (4,086,635) (817,339) 289,043 (357,704) (68,661)Class R5 LifeStyle 1,138,677 (1,342,720) (204,043) 100,604 (117,102) (16,498)Class R6 LifeStyle 403,745 (820,702) (416,957) 35,381 (71,977) (36,596)Class R7 LifeStyle 1,223,702 (1,664,330) (440,628) 108,838 (148,883) (40,045)Class R8 LifeStyle 275,075 (390,908) (115,833) 24,859 (35,147) (10,288)Lehman LifeStyle 243,542 (472,884) (229,342) 17,313 (33,837) (16,524) $ 22,226,818 $ (34,416,655) $ (12,189,837) 1,832,012 (2,729,728) (897,716)

36





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 14.4704 $ (0.0079) $ (0.3169) $ (0.3248) $ 14.1456 (2.24)% (0.05)% (0.05)%Class R2 LifeStyle 11.4271 (0.0118) (0.2672) (0.2790) 11.1481 (2.44)% (0.10)% (0.10)%Class R3 LifeStyle 11.4094 (0.0123) (0.2876) (0.2999) 11.1095 (2.63)% (0.11)% (0.11)%Class R4 LifeStyle 11.3688 (0.0169) (0.3005) (0.3174) 11.0514 (2.79)% (0.15)% (0.15)%Class R5 LifeStyle 11.4080 (0.0195) (0.3182) (0.3377) 11.0703 (2.96)% (0.17)% (0.17)%Class R6 LifeStyle 11.4063 (0.0217) (0.3343) (0.3560) 11.0503 (3.12)% (0.19)% (0.19)%Class R7 LifeStyle 11.1966 (0.0234) (0.3446) (0.3680) 10.8286 (3.29)% (0.21)% (0.21)%Class R8 LifeStyle 11.1479 (0.0283) (0.3570) (0.3853) 10.7626 (3.46)% (0.26)% (0.26)%Lehman LifeStyle 14.1123 (0.0155) (0.3487) (0.3642) 13.7481 (2.58)% (0.11)% (0.11)%



within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with suchFunds of Funds investing in a unique share class of the underlying funds that do not incur aninvestment fee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, andhas no net effect on the charges or expenses of any of the funds. The Funds of Funds do notreport investment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gainsand losses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and incomeitems for the underlying funds are shown in the financial statements for those respective funds.The effective Annual Investment Expense is shown on the respective underlying fund's quarterlyprofile (fact) sheet and on the Schedule of Investment Elections. The effective Annual InvestmentExpense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

37

FMT LifeStyle Moderately Aggressive Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Moderately Aggressive Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 4,855,931 $ 15.3254 $ 74,419,087Class R2 LifeStyle 1,499,628 $ 13.2319 19,842,999Class R3 LifeStyle 2,061,972 $ 13.1546 27,124,340Class R4 LifeStyle 2,462,707 $ 13.1018 32,265,873Class R5 LifeStyle 1,119,475 $ 13.0733 14,635,209Class R6 LifeStyle 762,929 $ 13.4305 10,246,495Class R7 LifeStyle 556,817 $ 12.8751 7,169,082Class R8 LifeStyle 552,140 $ 13.1267 7,247,756

$ 192,950,841

38




Expenses





39




Operations








40

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Moderately Aggressive Growth Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




Core Bond (5.3%) FMT/PIMCO Total Return Fund $ 3,138,552 $ 3,356,789 FMT/MetWest Total Return Fund 6,274,535 6,824,923 __________ __________ 9,413,087 10,181,712









International Growth Equity (8.2%) FMT Aggressive International Growth (WCM) Fund 11,620,825 12,820,725 FMT U.S. Growth Opportunities (Zevenbergen) Fund 2,579,757 2,916,463 __________ __________ 14,200,582 15,737,188

International Value Equity (7.2%) FMT/Dodge and Cox International Fund 4,666,589 4,313,182

FMT International Value Opportunities (Tradewinds) Fund 9,309,923 9,533,774 __________ __________

13,976,512 13,846,956



41





Collective trust funds (continued) Large Cap Growth Equity (8.7%)

FMT Large Cap Focus Growth (Jackson Square) Fund $ 5,439,726 $ 6,104,488 FMT Large Cap Fundamental Growth (Wellington) Fund 9,228,146 10,582,617 __________ __________ 14,667,872 16,687,105



FMT Mid Cap Growth (Disciplined Growth Investors) Fund 2,919,153 2,958,990

Mid Cap Value Equity (2.6%) FMT/American Century Mid Cap Value Fund 1,327,829 1,432,398 FMT Mid Cap Value (NewSouth) Fund 3,470,057 3,667,654 __________ __________ 4,797,886 5,100,052




Small Cap Core Equity (1.0%) FMT Small Cap Diversified Equity (Delaware) Fund 1,865,031 1,949,559


Small Cap Value Equity (3.4%) FMT Small Cap Intrinsic Value (MetWest) Fund 4,470,608 4,518,632 FMT Small Cap Value (Opus) Fund 1,865,180 1,934,950 __________ __________ 6,335,788 6,453,582


42




Investments Cost Fair Value SMID Cap Value - Equity (2.6%) FMT SMID Value (Fisher Investments) Fund $ 4,779,222 $ 5,072,355 __________ __________ Total Investments $ 184,973,167 $ 193,068,738 __________ ____________________ __________

43






Collective trust funds Core Bond $ 10,181,712 $ — $ 10,181,712 $ — Emerging Markets 3,357,111 — 3,357,111 — Foreign Large Blend Equity 11,881,450 — 11,881,450 — Global Bond 5,959,270 — 5,959,270 — Government Bond - TIPS 4,893,018 — 4,893,018 — High Yield Bond 4,837,755 — 4,837,755 — Intermediate Bond 6,788,372 — 6,788,372 — International Bond 4,827,305 — 4,827,305 — International Core Equity 5,667,883 — 5,667,883 — International Growth Equity 15,737,188 — 15,737,188 — International Value Equity 13,846,956 — 13,846,956 — Large Cap Core Equity 8,901,959 — 8,901,959 — Large Cap Core/Blend Equity 13,687,828 — 13,687,828 — Large Cap Growth Equity 16,687,105 — 16,687,105 — Large Cap Value Equity 19,189,940 — 19,189,940 — Mid Cap Growth Equity 2,958,990 — 2,958,990 — Mid Cap Value Equity 5,100,052 — 5,100,052 — Sector Specific - Derivatives and Fixed Income 4,839,240 — 4,839,240 — Sector Specific - Real Estate 4,259,829 — 4,259,829 — Sector Specific - Utilities 4,427,859 — 4,427,859 — Small Cap Core Equity 1,949,559 — 1,949,559 — Small Cap Growth Equity 4,838,447 — 4,838,447 — Small Cap Value Equity 6,453,582 — 6,453,582 — SMID Cap Growth – Equity 6,723,973 — 6,723,973 —SMID Cap Value – Equity 5,072,355 — 5,072,355 — __________ __________ __________ _________

$193,068,738 $ — $193,068,738 $ — __________ __________ __________ ___________________ __________ __________ _________

44




The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $43,898,004 and $83,667,334 respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 50,660 Class R2 LifeStyle 20,862 Class R3 LifeStyle 33,473 Class R4 LifeStyle 47,438 Class R5 LifeStyle 27,779 Class R6 LifeStyle 20,463 Class R7 LifeStyle 16,233 Class R8 LifeStyle 18,584 $ 235,492

45




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 15,909,021 $ (29,530,333) $ (13,621,312) 999,801 (1,851,273) (851,472)Class R2 LifeStyle 6,556,298 (5,912,811) 643,487 479,685 (445,909) 33,776Class R3 LifeStyle 6,391,373 (16,308,096) (9,916,723) 467,043 (1,195,349) (728,306)Class R4 LifeStyle 7,384,410 (14,308,764) (6,924,354) 540,039 (1,039,842) (499,803)Class R5 LifeStyle 3,314,127 (9,591,607) (6,277,480) 243,074 (705,292) (462,218)Class R6 LifeStyle 2,192,994 (2,357,054) (164,060) 155,966 (168,060) (12,094)Class R7 LifeStyle 1,036,909 (4,034,188) (2,997,279) 77,048 (298,066) (221,018)Class R8 LifeStyle 1,153,997 (1,547,861) (393,864) 84,598 (116,157) (31,559) $ 43,939,129 $ (83,590,714) $ (39,651,585) 3,047,254 (5,819,948) (2,772,694)

46





assets)

NAV per Unit,

Beginning of Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 15.7812 $ (0.0098) $ (0.4460) $ (0.4558) $ 15.3254 (2.89)% (0.06)% (0.06)% Class R2 LifeStyle 13.6558 (0.0133) (0.4106) (0.4239) 13.2319 (3.10)% (0.10)% (0.10)% Class R3 LifeStyle 13.5986 (0.0136) (0.4304) (0.4440) 13.1546 (3.27)% (0.10)% (0.10)% Class R4 LifeStyle 13.5673 (0.0186) (0.4469) (0.4655) 13.1018 (3.43)% (0.14)% (0.14)% Class R5 LifeStyle 13.5614 (0.0208) (0.4673) (0.4881) 13.0733 (3.60)% (0.15)% (0.15)% Class R6 LifeStyle 13.9549 (0.0276) (0.4968) (0.5244) 13.4305 (3.76)% (0.20)% (0.20)% Class R7 LifeStyle 13.4010 (0.0252) (0.5007) (0.5259) 12.8751 (3.92)% (0.19)% (0.19)% Class R8 LifeStyle 13.6863 (0.0316) (0.5280) (0.5596) 13.1267 (4.09)% (0.23)% (0.23)%



within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with suchFunds of Funds investing in a unique share class of the underlying funds that do not incur aninvestment fee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, andhas no net effect on the charges or expenses of any of the funds. The Funds of Funds do notreport investment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gainsand losses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income itemsfor the underlying funds are shown in the financial statements for those respective funds. Theeffective Annual Investment Expense is shown on the respective underlying fund's quarterly profile(fact) sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

47

FMT LifeStyle Moderately Conservative Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Moderately Conservative Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 2,864,992 $ 14.1025 $ 40,403,680Class R2 LifeStyle 1,291,776 $ 11.9689 15,461,151Class R3 LifeStyle 895,802 $ 11.8923 10,653,190Class R4 LifeStyle 1,208,685 $ 11.8149 14,280,460Class R5 LifeStyle 637,408 $ 11.8189 7,533,451Class R6 LifeStyle 447,657 $ 11.9901 5,367,448Class R7 LifeStyle 128,926 $ 11.6244 1,498,680Class R8 LifeStyle 142,780 $ 11.7185 1,673,167

$ 96,871,227

48




Expenses





49




Operations








50

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Moderately Conservative Growth Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




Core Bond (8.8%) FMT/PIMCO Total Return Fund $ 2,918,110 $ 2,967,738 FMT/MetWest Total Return Fund 5,418,901 5,584,642 __________ __________ 8,337,011 8,552,380

Emerging Markets (1.0%) FMT/DFA Emerging Markets Value Fund 1,147,772 976,670









International Growth Equity (4.7%) FMT U.S. Growth Opportunities (Zevenbergen) Fund 773,828 829,198 FMT Aggressive International Growth (WCM) Fund 3,565,194 3,725,434 __________ __________ 4,339,022 4,554,632

International Value Equity (4.2%) FMT/Dodge and Cox International Fund 1,438,275 1,262,328

FMT International Value Opportunities (Tradewinds) Fund 2,852,668 2,767,833 __________ __________

4,290,943 4,030,161


51





Collective trust funds (continued) Large Cap Core/Blend Equity (4.1%)

FMT Large Cap Concentrated Equity (Cornerstone) Fund $ 4,175,097 $ 3,980,435





Mid Cap Value Equity (1.5%) FMT/American Century Mid Cap Value Fund 406,962 421,573 FMT Mid Cap Value (NewSouth) Fund 1,056,987 1,056,421 __________ __________ 1,463,949 1,477,994




Short Duration Bond (8.3%) FMT/DFA 1 Year Fixed Income Fund 7,753,452 8,029,315



52






Small Cap Value Equity (1.9%) FMT Small Cap Intrinsic Value (MetWest) Fund $ 1,378,325 $ 1,319,343

FMT Small Cap Value (Opus) Fund 572,191 557,258 __________ __________ 1,950,516 1,876,601


SMID Cap Value - Equity (1.5%) FMT SMID Value (Fisher Investments) Fund 1,464,182 1,474,386 __________ __________ Total Investments $ 97,052,525 $ 96,925,994 __________ ____________________ __________

53






Collective trust funds Core Bond $ 8,552,380 $ — $ 8,552,380 $ —Emerging Markets 976,670 — 976,670 —Foreign Large Blend Equity 3,458,086 — 3,458,086 —Global Bond 6,434,721 — 6,434,721 —Government Bond 6,510,472 — 6,510,472 —Government Bond - TIPS 5,853,080 — 5,853,080 —High Yield Bond 3,379,375 — 3,379,375 —Intermediate Bond 6,413,331 — 6,413,331 —International Bond 3,367,594 — 3,367,594 —International Core Equity 1,640,907 — 1,640,907 —International Growth Equity 4,554,632 — 4,554,632 —International Value Equity 4,030,161 — 4,030,161 —Large Cap Core Equity 2,585,383 — 2,585,383 —Large Cap Core/Blend Equity 3,980,435 — 3,980,435 —Large Cap Growth Equity 4,849,185 — 4,849,185 —Large Cap Value Equity 5,568,002 — 5,568,002 —Mid Cap Growth Equity 861,374 — 861,374 —Mid Cap Value Equity 1,477,994 — 1,477,994 —Sector Specific - Derivatives and Fixed Income 3,214,004 — 3,214,004 —Sector Specific - Real Estate 1,716,089 — 1,716,089 —Sector Specific - Utilities 2,207,641 — 2,207,641 —Short Duration Bond 8,029,315 — 8,029,315 —Small Cap Core Equity 561,111 — 561,111 —Small Cap Growth Equity 1,402,549 — 1,402,549 —Small Cap Value Equity 1,876,601 — 1,876,601 —SMID Cap Growth - Equity 1,950,516 — 1,950,516 —SMID Cap Value - Equity 1,474,386 — 1,474,386 —__________ __________ __________ _________

$ 96,925,994 $ — $ 96,925,994 $ —__________ __________ __________ ___________________ __________ __________ _________

54




The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $31,861,587 and $76,373,604, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 27,127 Class R2 LifeStyle 16,434 Class R3 LifeStyle 13,172 Class R4 LifeStyle 20,666 Class R5 LifeStyle 15,028 Class R6 LifeStyle 10,788 Class R7 LifeStyle 3,310 Class R8 LifeStyle 4,720 $ 111,245

55




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 9,691,079 $ (18,752,815) $ (9,061,736) 662,408 (1,286,728) (624,320)Class R2 LifeStyle 4,609,937 (6,414,475) (1,804,538) 373,912 (534,862) (160,950)Class R3 LifeStyle 4,072,115 (24,224,263) (20,152,148) 331,722 (1,992,316) (1,660,594)Class R4 LifeStyle 4,729,055 (11,181,247) (6,452,192) 387,634 (915,315) (527,681)Class R5 LifeStyle 2,711,423 (5,470,606) (2,759,183) 221,354 (450,634) (229,280)Class R6 LifeStyle 1,267,370 (3,297,173) (2,029,803) 101,996 (267,097) (165,101)Class R7 LifeStyle 284,258 (1,277,858) (993,600) 23,784 (106,973) (83,189)Class R8 LifeStyle 632,941 (1,835,130) (1,202,189) 52,029 (154,734) (102,705) $ 27,998,178 $ (72,453,567) $ (44,455,389) 2,154,839 (5,708,659) (3,553,820)

56





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total Return Expenses(b)

Net Investm

ent Income

(Loss)(b)Class R1 LifeStyle $ 14.4646 $ (0.0088) $ (0.3533) $ (0.3621) $ 14.1025 (2.50)% (0.06)% (0.06)%Class R2 LifeStyle 12.3040 (0.0112) (0.3239) (0.3351) 11.9689 (2.72)% (0.09)% (0.09)%Class R3 LifeStyle 12.2468 (0.0070) (0.3475) (0.3545) 11.8923 (2.89)% (0.06)% (0.06)%Class R4 LifeStyle 12.1868 (0.0149) (0.3570) (0.3719) 11.8149 (3.05)% (0.12)% (0.12)%Class R5 LifeStyle 12.2114 (0.0187) (0.3738) (0.3925) 11.8189 (3.21)% (0.15)% (0.15)%Class R6 LifeStyle 12.4099 (0.0210) (0.3988) (0.4198) 11.9901 (3.38)% (0.17)% (0.17)%Class R7 LifeStyle 12.0525 (0.0185) (0.4096) (0.4281) 11.6244 (3.55)% (0.15)% (0.15)%Class R8 LifeStyle 12.1702 (0.0199) (0.4318) (0.4517) 11.7185 (3.71)% (0.16)% (0.16)%



within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds of Funds began charging an investment fee and incurring other expenses, coinciding with such Fundsof Funds investing in a unique share class of the underlying funds that do not incur an investmentfee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, and has nonet effect on the charges or expenses of any of the funds. The Funds of Funds do not reportinvestment income as none of the underlying funds in which these Funds of Funds invest paydividends. Consequently, the change in NAV is due solely to realized and unrealized gains andlosses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items for the underlying funds are shown in the financial statements for those respective funds. The effectiveAnnual Investment Expense is shown on the respective underlying fund's quarterly profile (fact)sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying fundsthat compose the specific Fund of Funds.

57

FMT LifeStyle Target Date 2010 Fund


FMT LifeStyle Target Date 2010 Fund Statement of Assets and Liabilities

December 31, 2015


Assets Investments in securities, at fair value $ 2,050,326 Liabilities Trustee fees 874

Net assets $ 2,049,452

Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 597,789 $ 2.6501 $ 1,584,221

Class R2 LifeStyle 2,212 $ 12.5130 27,680





$ 2,049,452

58


FMT LifeStyle Target Date 2010 Fund Statement of Operations

For the Year Ended December 31, 2015


Expenses

Trustee fees $ 1,749

Audit fees 150

1,899

Net investment loss (1,899)

Net realized loss from investments sold

Proceeds from sales of investments 1,162,892

Cost of investments sold 1,626,534

Net realized loss from investments sold (463,642)

Change in net unrealized appreciation (depreciation) on investments 406,142

Net realized and unrealized loss on investments (57,500)

Net decrease in net assets resulting from operations $ (59,399)

59


FMT LifeStyle Target Date 2010 Fund Statement of Changes in Net Assets



Operations




Net decrease in net assets resulting from operations (59,399)

Participant transactions

Proceeds from units purchased 554,132

Less payments for units redeemed 1,211,214

Decrease in net assets from participant transactions (657,082)

Total decrease in net assets (716,481)

Net assets at beginning of year 2,765,933

Net assets at end of year $ 2,049,452

60

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT LifeStyle Target Date 2010 Fund





Emerging Markets (1.3%) FMT/Vanguard Emerging Markets ETF $ 43,674 $ 27,107



Intermediate Bond (30.2%) FMT/Vanguard Total Bond Market Index Fund 844,002 619,270


International Growth Equity (1.9%) FMT U.S. Growth Opportunities (Zevenbergen) Fund 20,033 15,173 FMT Aggressive International Growth (WCM) Fund 32,368 24,120 __________ __________ 52,401 39,293



Large Cap Core Equity (12.9%) FMT Large Cap Opportunities (Smith Group) Fund 16,909 12,415 FMT/Vanguard 500 Index Fund 339,248 252,384 __________ __________ 356,157 264,799

Large Cap Core/Blend Equity (0.9%) FMT Large Cap Concentrated Equity (Cornerstone) Fund 25,520 17,432

Large Cap Growth Equity (0.6%) FMT Large Cap Focus Growth (Jackson Square) Fund 16,917 12,795

Large Cap Value Equity (0.9%) FMT Large Cap Intrinsic Value (MetWest) Fund 25,507 18,569

Mid Cap Core Equity (1.4%) FMT/Vanguard Midcap Index Fund 41,312 29,142



Mid Cap Value Equity (1.2%) FMT Mid Cap Value (NewSouth) Fund 32,961 23,502

61






Sector Specific - Derivatives and Fixed Income (3.7%) FMT/DFA Commodity Strategy Portfolio Fund $ 129,356 $ 76,113

Sector Specific - Real Estate (1.3%) FMT/DFA Real Estate Securities Fund 37,304 27,454

Sector Specific - Utilities (2.3%) FMT Global Infrastructure (Miller/Howard) Fund 71,773 46,524

Short Duration Bond (9.3%) FMT/DFA 1 Year Fixed Income Fund 257,969 190,936

Small Cap Core Equity (2.9%) FMT/Vanguard Small Cap Stock Index Fund 86,040 59,330


Small Cap Value Equity (1.0%) FMT Small Cap Intrinsic Value (MetWest) Fund 31,515 21,446 __________ __________ Total Investments $ 2,867,570 $ 2,050,326 __________ __________ __________ __________

62




Specific Fund Disclosures

Fair value

The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Collective trust funds Emerging Markets $ 27,107 $ — $ 27,107 $ — Global Bond 192,258 — 192,258 — Government Bond - TIPS 151,410 — 151,410 — Intermediate Bond 619,270 — 619,270 — International Core Equity 173,743 — 173,743 — International Growth Equity 39,293 — 39,293 — International Value Equity 22,274 — 22,274 — Large Cap Core Equity 264,799 — 264,799 — Large Cap Core/Blend Equity 17,432 — 17,432 — Large Cap Growth Equity 12,795 — 12,795 — Large Cap Value Equity 18,569 — 18,569 — Mid Cap Core Equity 29,142 — 29,142 — Mid Cap Growth Equity 19,770 — 19,770 — Mid Cap Value Equity 23,502 — 23,502 — Sector Specific - Derivatives and Fixed Income 76,113 — 76,113 — Sector Specific - Real Estate 27,454 — 27,454 — Sector Specific - Utilities 46,524 — 46,524 — Short Duration Bond 190,936 — 190,936 — Small Cap Core Equity 59,330 — 59,330 — Small Cap Growth Equity 17,159 — 17,159 — Small Cap Value Equity 21,446 — 21,446 — __________ __________ __________ _________

$ 2,050,326 $ — $ 2,050,326 $ — __________ __________ __________ _________ __________ __________ __________ _________ The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.

63




Investment transactions

The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $504,786 and $1,162,892, respectively, for the year ended December 31, 2015.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 1,012 Class R2 LifeStyle 26 Class R3 LifeStyle 44 Class R4 LifeStyle 142 Class R5 LifeStyle 472 Class R6 LifeStyle 53 $ 1,749

64


FMT LifeStyle Target Date 2010 Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 201,980 $ (920,681) $ (718,701) 74,435 (342,399) (267,964) Class R2 LifeStyle 4,972 (68,562) (63,590) 389 (5,338) (4,949) Class R3 LifeStyle 66,519 (120,437) (53,918) 5,323 (9,926) (4,603) Class R4 LifeStyle 22,558 (7,220) 15,338 1,931 (617) 1,314 Class R5 LifeStyle 254,428 (84,482) 169,946 20,067 (6,736) 13,331 Class R6 LifeStyle 3,675 (9,832) (6,157) 319 (832) (513) $ 554,132 $ (1,211,214) $ (657,082) 102,464 (365,848) (263,384)

65


FMT LifeStyle Target Date 2010 Fund Financial Highlights December 31, 2015


Change in Net Asset Value Resulting from Operations Ratios (to average net assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 2.7072 $ (0.0014) $ (0.0557) $ (0.0571) $ 2.6501 (2.11) % (0.05) % (0.05) % Class R2 LifeStyle 12.8101 (0.0053) (0.2918) (0.2971) 12.5130 (2.32) % (0.04) % (0.04) % Class R3 LifeStyle 12.4207 (0.0060) (0.3022) (0.3082) 12.1125 (2.48) % (0.05) % (0.05) % Class R4 LifeStyle 11.6934 (0.0196) (0.2911) (0.3107) 11.3827 (2.66) % (0.17) % (0.17) % Class R5 LifeStyle 12.5390 (0.0313) (0.3158) (0.3471) 12.1919 (2.77) % (0.25) % (0.25) % Class R6 LifeStyle 11.5958 (0.0229) (0.3229) (0.3458) 11.2500 (2.98) % (0.20) % (0.20) % (a) Per unit amounts are based on average daily units outstanding.

(b) The Lifestyle and Multi-Managed funds (Funds of Funds) invest in a number of underlying funds within

The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge an investment fee nor incur other expenses, as such charges and expenses were incurred at the respective share classes of the underlying funds. Beginning November 9, 2015 these Funds of Funds began charging an investment fee and incurring other expenses, coinciding with such Funds of Funds investing in a unique share class of the underlying funds that do not incur an investment fee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, and has no net effect on the charges or expenses of any of the funds. The Funds of Funds do not report investment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gains and losses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items for the underlying funds are shown in the financial statements for those respective funds. The effective Annual Investment Expense is shown on the respective underlying fund's quarterly profile (fact) sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

66




December 31, 2015


Assets Investments in securities, at fair value $ 8,431,970 Liabilities Trustee fees 4,533



Units of

Participation NAV

per Unit Net



Class R3 LifeStyle 96,116 $ 12.7091 1,221,554




Class R7 LifeStyle 237 $ 4.7696 1,131


$ 8,427,437

67





Expenses


Audit fees 150

9,280


Net realized gain from investments sold




Change in net unrealized appreciation (depreciation) on investments (951,008)



68





Operations






Proceeds from units purchased 2,501,584



Total decrease in net assets (5,144,173)



69









Intermediate Bond (21.0%) FMT/Vanguard Total Bond Market Index Fund 1,681,518 1,770,906





Large Cap Core Equity (18.3%) FMT Large Cap Opportunities (Smith Group) Fund 69,233 72,928 FMT/Vanguard 500 Index Fund 1,378,123 1,472,794 __________ __________ 1,447,356 1,545,722








70












71





Fair value



Collective trust funds Emerging Markets $ 158,936 $ — $ 158,936 $ — Global Bond 1,208,664 — 1,208,664 — Government Bond - TIPS 475,175 — 475,175 — Intermediate Bond 1,770,906 — 1,770,906 — International Core Equity 1,020,069 — 1,020,069 — International Growth Equity 232,490 — 232,490 — International Value Equity 131,447 — 131,447 — Large Cap Core Equity 1,545,722 — 1,545,722 — Large Cap Core/Blend Equity 99,490 — 99,490 — Large Cap Growth Equity 75,319 — 75,319 — Large Cap Value Equity 108,039 — 108,039 — Mid Cap Core Equity 170,528 — 170,528 — Mid Cap Growth Equity 116,737 — 116,737 — Mid Cap Value Equity 138,358 — 138,358 — Sector Specific - Derivatives and Fixed Income 279,941 — 279,941 — Sector Specific - Real Estate 130,595 — 130,595 — Sector Specific - Utilities 192,228 — 192,228 — Small Cap Core Equity 347,936 — 347,936 — Small Cap Growth Equity 102,476 — 102,476 — Small Cap Value Equity 126,914 — 126,914 — __________ __________ __________ _________

$ 8,431,970 $ — $ 8,431,970 $ — __________ __________ __________ _________ __________ __________ __________ _________

The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.

72





The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,314,519 and $7,190,718, respectively, for the year ended December 31, 2015.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 2,798 Class R2 LifeStyle 613 Class R3 LifeStyle 1,521 Class R4 LifeStyle 2,496 Class R5 LifeStyle 897 Class R6 LifeStyle 680 Class R7 LifeStyle 14 Class R8 LifeStyle 111 $ 9,130

73



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 616,779 $ (5,475,799) $ (4,859,020) 42,494 (381,456) (338,962) Class R2 LifeStyle 261,899 (507,422) (245,523) 19,161 (37,848) (18,687) Class R3 LifeStyle 542,489 (429,817) 112,672 41,218 (33,877) 7,341 Class R4 LifeStyle 589,745 (386,474) 203,271 46,398 (31,662) 14,736 Class R5 LifeStyle 385,278 (280,785) 104,493 29,286 (22,381) 6,905 Class R6 LifeStyle 81,935 (74,706) 7,229 6,774 (6,021) 753 Class R7 LifeStyle 1,648 (82,288) (80,640) 334 (16,892) (16,558) Class R8 LifeStyle 21,811 (135,745) (113,934) 1,628 (10,266) (8,638) $ 2,501,584 $ (7,373,036) $ (4,871,452) 187,293 (540,403) (353,110)

74





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 14.3564 $ (0.0058) $ (0.3047) $ (0.3105) $ 14.0459 (2.16) % (0.04) % (0.04) % Class R2 LifeStyle 13.4668 (0.0114) (0.3076) (0.3190) 13.1478 (2.37) % (0.08) % (0.08) % Class R3 LifeStyle 13.0417 (0.0159) (0.3167) (0.3326) 12.7091 (2.55) % (0.12) % (0.12) % Class R4 LifeStyle 12.4948 (0.0200) (0.3191) (0.3391) 12.1557 (2.71) % (0.16) % (0.16) % Class R5 LifeStyle 12.9062 (0.0236) (0.3440) (0.3676) 12.5386 (2.85) % (0.18) % (0.18) % Class R6 LifeStyle 12.0745 (0.0259) (0.3426) (0.3685) 11.7060 (3.05) % (0.21) % (0.21) % Class R7 LifeStyle 4.9255 (0.0019) (0.1540) (0.1559) 4.7696 (3.17) % (0.04) % (0.04) % Class R8 LifeStyle 13.2089 (0.0322) (0.4135) (0.4457) 12.7632 (3.37) % (0.24) % (0.24) % (a) Per unit amounts are based on average daily units outstanding.


within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge an investment fee nor incur other expenses, as such charges and expenses were incurred at the respective share classes of the underlying funds. Beginning November 9, 2015 these Funds of Funds began charging an investment fee and incurring other expenses, coinciding with such Funds of Funds investing in a unique share class of the underlying funds that do not incur an investment fee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, and has no net effect on the charges or expenses of any of the funds. The Funds of Funds do not report investment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gains and losses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items for the underlying funds are shown in the financial statements for those respective funds. The effective Annual Investment Expense is shown on the respective underlying fund's quarterly profile (fact) sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying funds that compose the specific Fund of Funds.

75




December 31, 2015



Net assets $ 13,807,329


Units of

Participation NAV

per Unit Net









$ 13,807,329

76





Expenses


Audit fees 150

15,464









77





Operations












78









Intermediate Bond (11.0%) FMT/Vanguard Total Bond Market Index Fund 1,381,083 1,516,338





Large Cap Core Equity (22.6%) FMT Large Cap Opportunities (Smith Group) Fund 133,692 145,650 FMT/Vanguard 500 Index Fund 2,676,683 2,971,224 __________ __________ 2,810,375 3,116,874








79












80





Fair value



Collective trust funds Emerging Markets $ 323,912 $ — $ 323,912 $ — Global Bond 1,984,387 — 1,984,387 — Government Bond - TIPS 470,001 — 470,001 — Intermediate Bond 1,516,338 — 1,516,338 — International Core Equity 2,072,388 — 2,072,388 — International Growth Equity 466,785 — 466,785 — International Value Equity 267,271 — 267,271 — Large Cap Core Equity 3,116,874 — 3,116,874 — Large Cap Core/Blend Equity 203,786 — 203,786 — Large Cap Growth Equity 152,996 — 152,996 — Large Cap Value Equity 220,197 — 220,197 — Mid Cap Core Equity 346,954 — 346,954 — Mid Cap Growth Equity 236,232 — 236,232 — Mid Cap Value Equity 280,754 — 280,754 — Sector Specific - Derivatives and Fixed Income 403,889 — 403,889 — Sector Specific - Real Estate 258,775 — 258,775 — Sector Specific - Utilities 318,390 — 318,390 — Small Cap Core Equity 709,343 — 709,343 — Small Cap Growth Equity 208,788 — 208,788 — Small Cap Value Equity 256,953 — 256,953 — __________ __________ __________ _________

$ 13,815,013 $ — $ 13,815,013 $ — __________ __________ __________ _________ __________ __________ __________ _________ The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.

81






Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 4,975 Class R2 LifeStyle 668 Class R3 LifeStyle 636 Class R4 LifeStyle 3,336 Class R5 LifeStyle 2,320 Class R6 LifeStyle 3,169 Class R7 LifeStyle 113 Class R8 LifeStyle 97 $ 15,314

82



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 2,292,385 $ (7,422,304) $ (5,129,919) 156,221 (519,651) (363,430) Class R2 LifeStyle 451,184 (1,018,872) (567,688) 31,339 (72,868) (41,529) Class R3 LifeStyle 302,282 (1,498,714) (1,196,432) 22,160 (115,427) (93,267) Class R4 LifeStyle 721,981 (441,804) 280,177 53,914 (32,954) 20,960 Class R5 LifeStyle 1,226,849 (642,608) 584,241 86,322 (46,255) 40,067 Class R6 LifeStyle 203,684 (204,523) (839) 14,542 (14,393) 149 Class R7 LifeStyle 24,497 (25,380) (883) 1,814 (1,908) (94) Class R8 LifeStyle 15,130 (128,719) (113,589) 1,140 (9,752) (8,612) $ 5,237,992 $ (11,382,924) $ (6,144,932) 367,452 (813,208) (445,756)

83





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)




Net Investment

Income (Loss)(b)

Class R1 LifeStyle $ 14.5590 $ (0.0060) $ (0.3111) $ (0.3171) $ 14.2419 (2.18) % (0.04) % (0.04) % Class R2 LifeStyle 14.0737 (0.0101) (0.3234) (0.3335) 13.7402 (2.37) % (0.07) % (0.07) % Class R3 LifeStyle 13.5410 (0.0058) (0.3436) (0.3494) 13.1916 (2.58) % (0.04) % (0.04) % Class R4 LifeStyle 13.4516 (0.0213) (0.3426) (0.3639) 13.0877 (2.71) % (0.16) % (0.16) % Class R5 LifeStyle 13.8363 (0.0288) (0.3659) (0.3947) 13.4416 (2.85) % (0.21) % (0.21) % Class R6 LifeStyle 13.8838 (0.0288) (0.3955) (0.4243) 13.4595 (3.06) % (0.21) % (0.21) % Class R7 LifeStyle 13.4270 (0.0260) (0.4024) (0.4284) 12.9986 (3.19) % (0.19) % (0.19) % Class R8 LifeStyle 13.1685 (0.0368) (0.4067) (0.4435) 12.7250 (3.37) % (0.28) % (0.28) % (a) Per unit amounts are based on average daily units outstanding.



84






Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 346,293 $ 14.0787 $ 4,875,350Class R2 LifeStyle 49,255 $ 14.0064 689,885Class R3 LifeStyle 89,618 $ 13.4568 1,205,980Class R4 LifeStyle 90,024 $ 13.0537 1,175,149Class R5 LifeStyle 40,451 $ 13.7282 555,322Class R6 LifeStyle 50,912 $ 13.4012 682,284Class R7 LifeStyle 13,152 $ 13.5812 178,620Class R8 LifeStyle 13,337 $ 12.9792 173,102

$ 9,535,692

85




Expenses




Net realized gain from investments sold 246,608 Change in net unrealized appreciation (depreciation) on investments (525,825) Net realized and unrealized loss on investments (279,217) Net decrease in net assets resulting from operations $ (289,575)

86




Operations




Net decrease in net assets resulting from operations (289,575) Participant transactions




87














Large Cap Core Equity (24.8%) FMT/Vanguard 500 Index Fund 2,058,314 2,255,777 FMT Large Cap Opportunities (Smith Group) Fund 102,730 110,892 __________ __________ 2,161,044 2,366,669








88





Collective trust funds (continued) Sector Specific - Derivatives and Fixed Income (2.6%) FMT/DFA Commodity Strategy Portfolio Fund $ 286,514 $ 250,017





Small Cap Value Equity (2.1%) FMT Small Cap Intrinsic Value (MetWest) Fund 195,580 196,621 __________ __________ Total Investments $ 9,126,811 $ 9,540,819 __________ ____________________ __________

89






Collective trust funds Emerging Markets $ 245,571 $ — $ 245,571 $ —Global Bond 1,396,270 — 1,396,270 —Government Bond - TIPS 211,857 — 211,857 —Intermediate Bond 539,524 — 539,524 —International Core Equity 1,565,192 — 1,565,192 —International Growth Equity 348,291 — 348,291 —International Value Equity 202,863 — 202,863 —Large Cap Core Equity 2,366,669 — 2,366,669 —Large Cap Core/Blend Equity 156,122 — 156,122 —Large Cap Growth Equity 114,016 — 114,016 —Large Cap Value Equity 165,963 — 165,963 —Mid Cap Core Equity 262,976 — 262,976 —Mid Cap Growth Equity 178,445 — 178,445 —Mid Cap Value Equity 212,135 — 212,135 —Sector Specific - Derivatives and Fixed Income 250,017 — 250,017 —Sector Specific - Real Estate 208,189 — 208,189 —Sector Specific - Utilities 219,092 — 219,092 —Small Cap Core Equity 541,632 — 541,632 —Small Cap Growth Equity 159,374 — 159,374 —Small Cap Value Equity 196,621 — 196,621 —__________ __________ __________ _________

$ 9,540,819 $ — $ 9,540,819 $ —__________ __________ __________ ___________________ __________ __________ _________ The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.

90




Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,491,978 and $3,818,245, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 3,186 Class R2 LifeStyle 656 Class R3 LifeStyle 1,251 Class R4 LifeStyle 1,699 Class R5 LifeStyle 1,237 Class R6 LifeStyle 1,339 Class R7 LifeStyle 395 Class R8 LifeStyle 445 $ 10,208

91




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 1,079,262 $ (2,292,898) $ (1,213,636) 74,746 (159,823) (85,077)Class R2 LifeStyle 255,929 (249,370) 6,559 17,681 (17,093) 588Class R3 LifeStyle 853,633 (1,102,999) (249,366) 62,178 (82,379) (20,201)Class R4 LifeStyle 336,330 (80,486) 255,844 25,150 (6,031) 19,119Class R5 LifeStyle 443,692 (721,651) (277,959) 30,679 (51,496) (20,817)Class R6 LifeStyle 209,958 (22,484) 187,474 15,148 (1,649) 13,499Class R7 LifeStyle 28,100 (4,964) 23,136 1,989 (353) 1,636Class R8 LifeStyle 61,391 (114,479) (53,088) 4,500 (8,436) (3,936) $ 3,268,295 $ (4,589,331) $ (1,321,036) 232,071 (327,260) (95,189)

92





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)




Net Investment

Income (Loss)(b)




within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with such Fundsof Funds investing in a unique share class of the underlying funds that do not incur an investment fee or other such expenses. The purpose of this change was solely to record a more directaccounting of the charges and expenses for the Funds of Funds and underlying funds, and has nonet effect on the charges or expenses of any of the funds. The Funds of Funds do not report investment income as none of the underlying funds in which these Funds of Funds invest paydividends. Consequently, the change in NAV is due solely to realized and unrealized gains andlosses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items forthe underlying funds are shown in the financial statements for those respective funds. The effectiveAnnual Investment Expense is shown on the respective underlying fund's quarterly profile (fact) sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense forthe Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying fundsthat compose the specific Fund of Funds.

93






Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 61,849 $ 23.9103 $ 1,478,820Class R2 LifeStyle 30,325 $ 10.6349 322,507Class R3 LifeStyle 36,229 $ 13.8558 501,977Class R4 LifeStyle 48,195 $ 13.1837 635,389Class R5 LifeStyle 13,124 $ 13.6923 179,696Class R6 LifeStyle 33,904 $ 14.2215 482,160Class R7 LifeStyle 1,412 $ 12.4392 17,562Class R8 LifeStyle 9,329 $ 13.3691 124,723

$ 3,742,834

94




Expenses



Proceeds from sales of investments 1,034,193Cost of investments sold 834,881


95




Operations






Increase in net assets from participant transactions 794,723

Total increase in net assets 678,640 Net assets at beginning of year 3,064,194 Net assets at end of year $ 3,742,834

96














Large Cap Core Equity (28.1%) FMT Large Cap Opportunities (Smith Group) Fund 48,408 49,660 FMT/Vanguard 500 Index Fund 968,051 1,002,975 __________ __________ 1,016,459 1,052,635








97





Collective trust funds (continued) Sector Specific - Derivatives and Fixed Income (2.3%) FMT/DFA Commodity Strategy Portfolio Fund $ 102,719 $ 85,462





Small Cap Value Equity (2.3%) FMT Small Cap Intrinsic Value (MetWest) Fund 90,938 86,431 __________ __________ Total Investments $ 3,786,933 $ 3,745,110 __________ ____________________ __________

98






Collective trust funds Emerging Markets $ 109,251 $ — $ 109,251 $ —Global Bond 399,223 — 399,223 —Government Bond - TIPS 49,144 — 49,144 —Intermediate Bond 50,155 — 50,155 —International Core Equity 696,585 — 696,585 —International Growth Equity 155,794 — 155,794 —International Value Equity 89,876 — 89,876 —Large Cap Core Equity 1,052,635 — 1,052,635 —Large Cap Core/Blend Equity 69,462 — 69,462 —Large Cap Growth Equity 51,021 — 51,021 —Large Cap Value Equity 73,937 — 73,937 —Mid Cap Core Equity 116,794 — 116,794 —Mid Cap Growth Equity 79,306 — 79,306 —Mid Cap Value Equity 94,460 — 94,460 —Sector Specific - Derivatives and Fixed Income 85,462 — 85,462 —Sector Specific - Real Estate 90,571 — 90,571 —Sector Specific - Utilities 86,319 — 86,319 —Small Cap Core Equity 239,034 — 239,034 —Small Cap Growth Equity 69,650 — 69,650 —Small Cap Value Equity 86,431 — 86,431 —__________ __________ __________ _________


99




Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,826,503 and $1,034,193, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 1,000 Class R2 LifeStyle 329 Class R3 LifeStyle 641 Class R4 LifeStyle 932 Class R5 LifeStyle 330 Class R6 LifeStyle 951 Class R7 LifeStyle 40 Class R8 LifeStyle 316 $ 4,539

100




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 736,790 $ (783,234) $ (46,444) 30,125 (32,136) (2,011)Class R2 LifeStyle 149,708 (12,142) 137,566 13,362 (1,142) 12,220Class R3 LifeStyle 274,802 (214,710) 60,092 19,112 (15,354) 3,758Class R4 LifeStyle 439,019 (26,316) 412,703 32,426 (1,962) 30,464Class R5 LifeStyle 171,443 (83,711) 87,732 11,839 (5,942) 5,897Class R6 LifeStyle 94,538 (4,484) 90,054 6,385 (314) 6,071Class R7 LifeStyle 11,879 (7,165) 4,714 913 (566) 347Class R8 LifeStyle 69,852 (21,546) 48,306 4,944 (1,545) 3,399 $ 1,948,031 $ (1,153,308) $ 794,723 119,106 (58,961) 60,145

101





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)




Net Investment

Income (Loss)(b)




within The Collective Trust. Through November 8, 2015 these Funds of Funds did not charge aninvestment fee nor incur other expenses, as such charges and expenses were incurred at therespective share classes of the underlying funds. Beginning November 9, 2015 these Funds ofFunds began charging an investment fee and incurring other expenses, coinciding with such Fundsof Funds investing in a unique share class of the underlying funds that do not incur an investmentfee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Funds and underlying funds, and has nonet effect on the charges or expenses of any of the funds. The Funds of Funds do not reportinvestment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gains andlosses, and fees, e.g., trustee, audit, charged directly to the fund. Expenses and income items forthe underlying funds are shown in the financial statements for those respective funds. The effectiveAnnual Investment Expense is shown on the respective underlying fund's quarterly profile (fact)sheet and on the Schedule of Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g. Lifestyle fund, is the weighted average expense of all the underlying fundsthat compose the specific Fund of Funds.

102

FMT/Vanguard Target Retirement 2015 Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Target Retirement 2015 Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 634,798 $ 12.2562 $ 7,780,239Class R3 35,741 $ 10.4306 372,800Class R4 23,308 $ 11.9481 278,490Class R5 8,509 $ 12.2019 103,824Class R6 79,910 $ 11.6341 929,685

$ 9,465,038

103




Investment income

Dividends $ 620,714 Expenses

Trustee fees 53,696Custody fees 4,334Audit fees 1,200

59,230 Net investment income 561,484 Net realized gain from investments sold



104




Operations

Net investment income $ 561,484







105




Investments Shares Fair Value ____________ ____________

Mutual fund (100.0%)

Vanguard Target Retirement 2015 Fund (Cost $9,742,878) 665,418 $ 9,468,897 ____________________



Mutual fund - 2015 Target Retirement Date $ 9,468,897 $ 9,468,897 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,727,614 and $5,976,485, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 34,789 Class R2 40 Class R3 2,997 Class R4 2,562 Class R5 1,150 Class R6 12,158 $ 53,696

106




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,841,402 $ (4,605,559) $ (2,764,157) 147,340 (367,200) (219,860)Class R2 1,753 (24,738) (22,985) 153 (2,138) (1,985)Class R3 14,423 (73,154) (58,731) 1,354 (6,804) (5,450)Class R4 1,372,763 (1,316,644) 56,119 113,805 (108,625) 5,180Class R5 18,123 (21,503) (3,380) 1,455 (1,705) (250)Class R6 226,469 (242,111) (15,642) 18,971 (20,290) (1,319) $ 3,474,933 $ (6,283,709) $ (2,808,776) 283,078 (506,762) (223,684)

107





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.3625 $ 0.5918 $ (0.6981) $ (0.1063) $ 12.2562 (0.86)% (0.40)% 4.74%Class R2(b) 11.2912 (0.0295) 0.3322 0.3027 — 2.68% (0.62)% (0.62)%Class R3 10.5622 0.5575 (0.6891) (0.1316) 10.4306 (1.25)% (0.79)% 5.24%Class R4 12.1193 0.6698 (0.8410) (0.1712) 11.9481 (1.41)% (0.96)% 5.51%Class R5 12.3981 0.6554 (0.8516) (0.1962) 12.2019 (1.58)% (1.13)% 5.26%Class R6 11.8412 0.5865 (0.7936) (0.2071) 11.6341 (1.75)% (1.30)% 4.93%


(b) For the period from January 1, 2015 through May 29, 2015.

108



FMT/Vanguard Target Retirement 2020 Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 18,535,374


Units of

Participation NAV

per Unit Net

Assets Class R1 765,780 $ 12.8074 $ 9,807,670

Class R2 315,283 $ 11.3987 3,593,812

Class R3 223,793 $ 11.5243 2,579,069

Class R4 74,081 $ 12.9682 960,700

Class R5 119,103 $ 11.9906 1,428,122

Class R6 11,504 $ 12.2153 140,527

Class R7 2,022 $ 11.4078 23,066

Class R8 236 $ 10.2072 2,408

$ 18,535,374

109


FMT/Vanguard Target Retirement 2020 Fund Statement of Operations



Investment income

Dividends $ 738,195

Expenses

Trustee fees 91,521

Custody fees 5,533

Audit fees 1,200

98,254

Net investment income 639,941








110


FMT/Vanguard Target Retirement 2020 Fund Statement of Changes in Net Assets



Operations








Increase in net assets from participant transactions 3,886,740

Total increase in net assets 3,760,848



111






Vanguard Target Retirement 2020 Fund (Cost $18,489,570) 683,020 $ 18,543,984 __________ __________


Fair value



Mutual fund - 2020 Target Retirement Date $ 18,543,984 $ 18,543,984 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 34,079 Class R2 8,193 Class R3 15,803 Class R4 11,788 Class R5 19,023 Class R6 2,283 Class R7 259 Class R8 93 $ 91,521

112


FMT/Vanguard Target Retirement 2020 Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,641,720 $ (1,594,882) $ 46,838 127,544 (121,541) 6,003 Class R2 3,504,139 (275,878) 3,228,261 311,414 (23,345) 288,069 Class R3 1,135,554 (189,636) 945,918 97,952 (16,195) 81,757 Class R4 848,600 (808,205) 40,395 64,160 (63,050) 1,110 Class R5 539,642 (827,669) (288,027) 43,651 (67,639) (23,988) Class R6 59,031 (156,330) (97,299) 4,752 (12,405) (7,653) Class R7 11,162 (2,139) 9,023 957 (178) 779 Class R8 8,128 (6,497) 1,631 775 (620) 155 $ 7,747,976 $ (3,861,236) $ 3,886,740 651,205 (304,973) 346,232

113


FMT/Vanguard Target Retirement 2020 Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.9461 $ 0.4734 $ (0.6121) $ (0.1387) $ 12.8074 (1.07) % (0.39) % 3.62 % Class R2 11.5476 1.0765 (1.2254) (0.1489) 11.3987 (1.29) % (0.61) % 9.35 % Class R3 11.6948 0.4741 (0.6446) (0.1705) 11.5243 (1.46) % (0.78) % 4.03 % Class R4 13.1824 0.2652 (0.4794) (0.2142) 12.9682 (1.62) % (0.95) % 1.99 % Class R5 12.2095 0.2590 (0.4779) (0.2189) 11.9906 (1.79) % (1.12) % 2.11 % Class R6 12.4594 0.2222 (0.4663) (0.2441) 12.2153 (1.96) % (1.29) % 1.77 % Class R7 11.6556 0.4165 (0.6643) (0.2478) 11.4078 (2.13) % (1.46) % 3.56 % Class R8 10.4456 0.0018 (0.2402) (0.2384) 10.2072 (2.28) % (1.63) % 0.02 % (a) Per unit amounts are based on average daily units outstanding.

114






Units of

Participation NAV

per Unit Net

Assets Class R1 894,697 $ 13.4395 $ 12,024,282Class R3 19,073 $ 10.2467 195,430Class R4 67,216 $ 12.4086 834,058Class R5 23,517 $ 12.7565 299,992Class R6 130,611 $ 11.8286 1,544,937Class R8 17,482 $ 9.5890 167,633

$ 15,066,332

115




Investment income





Net realized gain from investments sold 287,960 Change in net unrealized appreciation (depreciation) on investments (1,181,430) Net realized and unrealized loss on investments (893,470) Net decrease in net assets resulting from operations $ (270,727)

116




Operations







Total decrease in net assets (241,042) Net assets at beginning of year 15,307,374 Net assets at end of year $ 15,066,332

117









Mutual fund – 2025 Target Retirement Date $ 15,072,754 $ 15,072,754 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,165,360 and $3,513,146, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 43,888 Class R2 1,226 Class R3 1,267 Class R4 10,558 Class R5 2,602 Class R6 18,981 Class R8 1,254 $ 79,776

118




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,002,081 $ (2,554,270) $ 447,811 217,700 (187,800) 29,900Class R2 24,979 (557,469) (532,490) 2,128 (45,387) (43,259)Class R3 177,306 (10,407) 166,899 16,940 (979) 15,961Class R4 194,891 (703,912) (509,021) 15,296 (57,513) (42,217)Class R5 117,965 (1,498) 116,467 9,062 (114) 8,948Class R6 351,055 (187,245) 163,810 29,052 (15,889) 13,163Class R8 202,526 (26,317) 176,209 20,199 (2,717) 17,482 $ 4,070,803 $ (4,041,118) $ 29,685 310,377 (310,399) (22)

119





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.6081 $ 0.5657 $ (0.7343) $ (0.1686) $ 13.4395 (1.24)% (0.39)% 4.12%Class R2(b) 11.9069 (0.0492) 0.4503 0.4011 — 3.37% (0.61)% (0.61)%Class R2(c) 10.0000 (0.0002) 0.1898 0.1896 — 1.90% (0.00)% (0.00)%Class R3 10.4159 0.4870 (0.6562) (0.1692) 10.2467 (1.62)% (0.78)% 4.64%Class R4 12.6350 0.3123 (0.5387) (0.2264) 12.4086 (1.79)% (0.95)% 2.45%Class R5 13.0114 0.6250 (0.8799) (0.2549) 12.7565 (1.96)% (1.12)% 4.78%Class R6 12.0855 0.4276 (0.6845) (0.2569) 11.8286 (2.13)% (1.29)% 3.52%Class R8(d) 10.0000 0.4465 (0.8575) (0.4110) 9.5890 (4.11)% (1.63)% 8.46%



(c) For the period from October 1, 2015 (recommencement of this class) through December

11, 2015.

(d) For the period from June 16, 2015 (commencement of this class) through December 31, 2015.

120






Units of

Participation NAV

per Unit Net

Assets Class R1 1,987,296 $ 13.1077 $ 26,048,977Class R2 216,310 $ 11.8935 2,572,685Class R3 358,320 $ 11.0338 3,953,623Class R4 155,984 $ 13.6259 2,125,425Class R5 179,434 $ 13.2308 2,374,059Class R6 76,014 $ 12.4753 948,293Class R7 36,197 $ 11.8446 428,745Class R8 15,423 $ 11.6708 179,996

$ 38,631,803

121




Investment income

Dividends $ 1,387,238 Expenses


188,212 Net investment income 1,199,026 Net realized gain from investments sold


Net realized gain from investments sold 335,086 Change in net unrealized appreciation (depreciation) on investments (1,798,572) Net realized and unrealized loss on investments (1,463,486) Net decrease in net assets resulting from operations $ (264,460)

122




Operations

Net investment income $ 1,199,026






Total increase in net assets 8,416,083 Net assets at beginning of year 30,215,720 Net assets at end of year $ 38,631,803

123






Vanguard Target Retirement 2030 Fund (Cost $37,507,104) 1,394,262 $ 38,648,932 ____________________



Mutual fund – 2030 Target Retirement Date $ 38,648,932 $ 38,648,932 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $13,474,029 and $3,590,635, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 81,592 Class R2 6,322 Class R3 23,765 Class R4 19,401 Class R5 24,032 Class R6 12,303 Class R7 5,850 Class R8 2,838 $ 176,103

124




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 7,246,069 $ (2,523,129) $ 4,722,940 559,284 (188,542) 370,742Class R2 2,579,677 (655,013) 1,924,664 221,211 (52,662) 168,549Class R3 2,100,901 (641,080) 1,459,821 191,650 (57,531) 134,119Class R4 277,883 (164,543) 113,340 19,782 (11,713) 8,069Class R5 922,020 (363,237) 558,783 67,050 (26,994) 40,056Class R6 217,960 (362,303) (144,343) 17,035 (27,709) (10,674)Class R7 67,741 (22,206) 45,535 5,673 (1,847) 3,826Class R8 22,192 (22,389) (197) 1,843 (1,865) (22) $ 13,434,443 $ (4,753,900) $ 8,680,543 1,083,528 (368,863) 714,665

125





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.2960 $ 0.4868 $ (0.6751) $ (0.1883) $ 13.1077 (1.42)% (0.39)% 3.63%Class R2 12.0910 0.9299 (1.1274) (0.1975) 11.8935 (1.63)% (0.61)% 7.73%Class R3 11.2361 0.4125 (0.6148) (0.2023) 11.0338 (1.80)% (0.78)% 3.64%Class R4 13.8995 0.3685 (0.6421) (0.2736) 13.6259 (1.97)% (0.95)% 2.63%Class R5 13.5195 0.3686 (0.6573) (0.2887) 13.2308 (2.14)% (1.12)% 2.71%Class R6 12.7692 0.2795 (0.5734) (0.2939) 12.4753 (2.30)% (1.29)% 2.17%Class R7 12.1444 0.2784 (0.5782) (0.2998) 11.8446 (2.47)% (1.46)% 2.28%Class R8 11.9866 0.2402 (0.5560) (0.3158) 11.6708 (2.63)% (1.63)% 2.00%


126






Units of

Participation NAV

per Unit Net

Assets Class R1 614,788 $ 13.6690 $ 8,403,548Class R3 134,205 $ 10.2649 1,377,598Class R4 25,995 $ 13.9942 363,780Class R5 27,206 $ 12.5495 341,424Class R6 118,026 $ 12.6624 1,494,494Class R7 428 $ 9.9645 4,261Class R8 14,156 $ 9.4936 134,392

$ 12,119,497

127




Investment income






128




Operations








129










Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,733,534 and $5,461,220, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 40,164 Class R2 938 Class R3 9,050 Class R4 3,311 Class R5 3,970 Class R6 17,049 Class R7 33 Class R8 975 $ 75,490

130




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,716,454 $ (4,997,020) $ (3,280,566) 121,500 (357,126) (235,626)Class R2 50,822 (430,424) (379,602) 4,117 (34,416) (30,299)Class R3 1,247,232 (68,697) 1,178,535 115,342 (6,695) 108,647Class R4 84,606 (81,092) 3,514 5,894 (5,586) 308Class R5 143,385 (360,357) (216,972) 11,047 (27,508) (16,461)Class R6 502,946 (141,875) 361,071 37,943 (10,817) 27,126Class R7 20,487 (16,290) 4,197 2,030 (1,602) 428Class R8 182,742 (38,818) 143,924 18,234 (4,078) 14,156 $ 3,948,674 $ (6,134,573) $ (2,185,899) 316,107 (447,828) (131,721)

131





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.8979 $ 0.4042 $ (0.6331) $ (0.2289) $ 13.6690 (1.65)% (0.38)% 2.88%Class R2(b) 12.0265 (0.0312) 0.5118 0.4806 — 4.00% (0.61)% (0.61)%Class R3 10.4777 0.4480 (0.6608) (0.2128) 10.2649 (2.03)% (0.78)% 4.24%Class R4 14.3087 0.5018 (0.8163) (0.3145) 13.9942 (2.20)% (0.95)% 3.48%Class R5 12.8534 0.3910 (0.6949) (0.3039) 12.5495 (2.36)% (1.12)% 3.02%Class R6 12.9912 0.4670 (0.7958) (0.3288) 12.6624 (2.53)% (1.29)% 3.58%Class R7(c) 10.0000 0.6798 (0.7153) (0.0355) 9.9645 (0.36)% (1.49)% 6.77%Class R8(d) 10.0000 0.4334 (0.9398) (0.5064) 9.4936 (5.06)% (1.63)% 8.16%



(c) For the period from January 7, 2015 (commencement of this class) through December 31,

2015. (d) For the period from June 16, 2015 (commencement of this class) through December 31,

2015.

132






Units of

Participation NAV

per Unit Net

Assets Class R1 640,350 $ 13.7701 $ 8,817,685Class R2 172,944 $ 11.8582 2,050,808Class R3 160,513 $ 11.0750 1,777,673Class R4 42,447 $ 12.2907 521,703Class R5 81,975 $ 12.8033 1,049,557Class R6 25,602 $ 12.9602 331,811Class R7 19,756 $ 12.0876 238,807Class R8 14,725 $ 12.5439 184,703

$ 14,972,747

133




Investment income






134




Operations








135











136




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,788,332 $ (1,250,665) $ 1,537,667 203,677 (88,441) 115,236Class R2 1,957,067 (406,297) 1,550,770 168,206 (32,563) 135,643Class R3 1,717,136 (49,552) 1,667,584 153,863 (4,385) 149,478Class R4 130,372 (24,118) 106,254 10,275 (1,991) 8,284Class R5 562,785 (410,965) 151,820 41,788 (30,608) 11,180Class R6 52,981 (334,975) (281,994) 3,904 (24,300) (20,396)Class R7 75,316 (1,583) 73,733 6,082 (124) 5,958Class R8 55,114 (48,092) 7,022 4,235 (3,702) 533 $ 7,339,103 $ (2,526,247) $ 4,812,856 592,030 (186,114) 405,916

137





assets)

NAV per Unit,

Beginning of Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



138




December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 543,979 $ 13.4553 $ 7,319,394

Class R3 49,205 $ 10.7151 527,236

Class R4 11,065 $ 14.1378 156,434

Class R5 15,953 $ 13.6743 218,149

Class R6 28,620 $ 12.8324 367,263

Class R8 5,231 $ 9.4317 49,339

$ 8,637,815

139





Investment income

Dividends $ 275,064

Expenses

Trustee fees 36,961

Custody fees 2,922

Audit fees 1,200

41,083




Cost of investments sold 931,750





140





Operations









Total increase in net assets 283,298



141








Fair value






Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 25,612 Class R2 238 Class R3 2,940 Class R4 1,150 Class R5 2,096 Class R6 4,600 Class R8 325 $ 36,961

142



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,461,838 $ (1,470,468) $ (8,630) 104,323 (104,851) (528) Class R2 22,476 (114,031) (91,555) 1,805 (9,015) (7,210) Class R3 388,959 (7,442) 381,517 34,299 (679) 33,620 Class R4 74,184 (14,933) 59,251 5,041 (1,046) 3,995 Class R5 102,732 (33,908) 68,824 7,286 (2,384) 4,902 Class R6 73,863 (59,598) 14,265 5,538 (4,531) 1,007 Class R8 52,557 (491) 52,066 5,283 (52) 5,231 $ 2,176,609 $ (1,700,871) $ 475,738 163,575 (122,558) 41,017

143





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.7253 $ 0.3865 $ (0.6565) $ (0.2700) $ 13.4553 (1.97) % (0.40) % 2.79 % Class R2(b) 12.1285 (0.0319) 0.5521 0.5202 — 4.29 % (0.62) % (0.62) % Class R3 10.9730 0.3783 (0.6362) (0.2579) 10.7151 (2.35) % (0.79) % 3.44 % Class R4 14.5029 0.4307 (0.7958) (0.3651) 14.1378 (2.52) % (0.96) % 2.95 % Class R5 14.0513 0.3457 (0.7227) (0.3770) 13.6743 (2.68) % (1.13) % 2.45 % Class R6 13.2087 0.2476 (0.6239) (0.3763) 12.8324 (2.85) % (1.30) % 1.86 % Class R8(c) 10.0000 0.3153 (0.8836) (0.5683) 9.4317 (5.68) % (1.64) % 6.06 % (a) Per unit amounts are based on average daily units outstanding.


(c) For the period from June 16, 2015 (commencement of this class) through December 31,

2015.

144




December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 139,798 $ 13.4466 $ 1,879,808

Class R2 123,569 $ 11.8532 1,464,694

Class R3 19,853 $ 11.8123 234,507

Class R4 27,271 $ 14.1297 385,335

Class R5 45,296 $ 12.7857 579,143

Class R6 5,314 $ 12.9470 68,804

Class R7 3,857 $ 10.3355 39,860

Class R8 8,004 $ 11.5655 92,570

$ 4,744,721

145





Investment income

Dividends $ 109,397

Expenses

Trustee fees 21,308

Audit fees 1,200

Custody fees 1,023

23,531



Proceeds from sales of investments 981,729






146





Operations












147








Fair value



Mutual fund - Target Retirement Date 2050 $ 4,747,238 $ 4,747,238 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,190,369 and $981,729, respectively, for the year ended December 31, 2015.


148



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,005,164 $ (529,181) $ 475,983 75,361 (38,581) 36,780 Class R2 1,459,741 (162,242) 1,297,499 126,223 (13,015) 113,208 Class R3 316,339 (111,275) 205,064 26,377 (9,359) 17,018 Class R4 116,079 (279,752) (163,673) 7,939 (18,844) (10,905) Class R5 352,814 (29,763) 323,051 26,327 (2,240) 24,087 Class R6 51,580 (180,712) (129,132) 3,809 (13,134) (9,325) Class R7 38,453 — 38,453 3,641 — 3,641 Class R8 90,029 (15,606) 74,423 7,432 (1,347) 6,085 $ 3,430,199 $ (1,308,531) $ 2,121,668 277,109 (96,520) 180,589

149





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


150




December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 232,467 $ 14.1887 $ 3,298,404

Class R3 2,093 $ 10.6939 22,388

Class R4 9,510 $ 13.1983 125,512

Class R5 9,476 $ 12.0390 114,077

Class R6 10,057 $ 12.2447 123,139

Class R7 89 $ 9.7912 870

$ 3,684,390

151





Investment income

Dividends $ 71,272

Expenses

Trustee fees 13,274

Audit fees 1,200

Custody fees 1,032

15,506









152





Operations












153








Fair value






Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 9,900 Class R2 87 Class R3 124 Class R4 1,201 Class R5 925 Class R6 1,037 $ 13,274

154



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,292,518 $ (1,098,163) $ 1,194,355 152,996 (74,345) 78,651 Class R2 12,409 (43,079) (30,670) 980 (3,336) (2,356) Class R3 14,590 (449) 14,141 1,313 (39) 1,274 Class R4 37,378 (29,511) 7,867 2,727 (2,240) 487 Class R5 57,820 (386) 57,434 4,663 (31) 4,632 Class R6 90,841 (4,751) 86,090 7,116 (377) 6,739 Class R7 863 — 863 89 — 89 $ 2,506,419 $ (1,176,339) $ 1,330,080 169,884 (80,368) 89,516

155





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.4984 $ 0.2680 $ (0.5777) $ (0.3097) $ 14.1887 (2.14) % (0.42) % 1.84 % Class R2(b) 12.3861 (0.0339) 0.5606 0.5267 — 4.25 % (0.64) % (0.64) % Class R3 10.9704 0.1933 (0.4698) (0.2765) 10.6939 (2.52) % (0.81) % 1.75 % Class R4 13.5625 0.1163 (0.4805) (0.3642) 13.1983 (2.69) % (0.98) % 0.85 % Class R5 12.3923 0.1779 (0.5312) (0.3533) 12.0390 (2.85) % (1.15) % 1.43 % Class R6 12.6255 0.1906 (0.5714) (0.3808) 12.2447 (3.02) % (1.32) % 1.51 % Class R7(c) 10.0000 0.4359 (0.6447) (0.2088) 9.7912 (2.09) % — % 65.62 % (a) Per unit amounts are based on average daily units outstanding.


(c) For the period from December 9, 2015 (commencement of this class) through December

31, 2015.

156




December 31, 2015


Assets Investments in securities, at fair value $ 362,115 Liabilities Trustee fees 276

Net assets $ 361,839


Units of

Participation NAV

per Unit Net

Assets Class R1 11,551 $ 11.0500 $ 127,644

Class R3 1,959 $ 9.7020 19,004

Class R4 798 $ 10.2441 8,176

Class R5 3,197 $ 9.7507 31,176

Class R6 13,660 $ 10.1974 139,294

Class R7 792 $ 10.1856 8,071

Class R8 3,056 $ 9.3174 28,474

$ 361,839

157





Investment income

Dividends $ 6,813

Expenses

Trustee fees 2,472

Audit fees 1,200

Custody fees 71

3,743









158





Operations







Less payments for units redeemed 106,965



Net assets at beginning of year 181,850

Net assets at end of year $ 361,839

159





Mutual fund (100.1%) Vanguard Target Retirement 2060 Fund (Cost $364,046) 13,308 $ 362,115 __________ __________


Fair value



Mutual fund - 2060 Target Retirement Date $ 362,115 $ 362,115 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $285,978 and $101,578, respectively, for the year ended December 31, 2015.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 143 Class R2 69 Class R3 55 Class R4 105 Class R5 272 Class R6 1,578 Class R7 68 Class R8 182 $ 2,472

160



December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 124,641 $ (7,623) $ 117,018 11,565 (669) 10,896 Class R2 8,786 (34,080) (25,294) 711 (2,709) (1,998) Class R3 29,591 (11,551) 18,040 3,093 (1,160) 1,933 Class R4 12,667 (13,477) (810) 1,192 (1,291) (99) Class R5 32,028 (13,655) 18,373 3,175 (1,358) 1,817 Class R6 44,135 (24,231) 19,904 4,286 (2,256) 2,030 Class R7 5,704 — 5,704 543 — 543 Class R8 30,633 (2,348) 28,285 3,176 (231) 2,945 $ 288,185 $ (106,965) $ 181,220 27,741 (9,674) 18,067

161





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.3431 $ 0.5777 $ (0.8708) $ (0.2931) $ 11.0500 (2.58) % (0.79) % 5.14 % Class R2(b) 12.0941 (0.0606) 0.5459 0.4853 — 4.01 % (1.19) % (1.18) % Class R3 9.9970 0.3568 (0.6518) (0.2950) 9.7020 (2.95) % (1.20) % 3.60 % Class R4 10.5753 (0.0297) (0.3015) (0.3312) 10.2441 (3.13) % (1.49) % (0.28) % Class R5 10.0829 0.0707 (0.4029) (0.3322) 9.7507 (3.29) % (1.63) % 0.70 % Class R6 10.5631 0.0296 (0.3953) (0.3657) 10.1974 (3.46) % (1.80) % 0.28 % Class R7 10.5689 0.1291 (0.5124) (0.3833) 10.1856 (3.63) % (1.95) % 1.23 % Class R8 (c) 9.9571 0.0077 0.2748 0.2825 10.2396 2.84 % (0.07) % 0.08 % Class R8(d) 10.0000 0.2331 (0.9157) (0.6826) 9.3174 (6.83) % (2.00) % 2.55 % (a) Per unit amounts are based on average daily units outstanding.


(c) For the period from January 1, 2015 through April 7, 2015.

(d) For the period from April 20, 2015 (recommencement of this class) through December 31,

2015.

162

FMT/Vanguard Target Retirement Income Fund


FMT/Vanguard Target Retirement Income Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 545,074 $ 11.4960 $ 6,266,176

Class R2 112,750 $ 11.5471 1,301,934

Class R3 56,552 $ 10.5746 598,016

Class R4 15,055 $ 11.0030 165,646

Class R5 62,210 $ 11.1197 691,754

Class R6 15,012 $ 10.8655 163,111

Class R7 76 $ 10.4253 790

$ 9,187,427

163


FMT/Vanguard Target Retirement Income Fund Statement of Operations



Investment income

Dividends $ 301,511

Expenses

Trustee fees 39,405

Custody fees 2,867

Audit fees 1,200

43,472









164


FMT/Vanguard Target Retirement Income Fund Statement of Changes in Net Assets



Operations












165

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Target Retirement Income Fund





Vanguard Target Retirement Income Fund (Cost $9,349,601) 738,253 $ 9,191,244 __________ __________


Fair value



Mutual fund - Target Retirement Income $ 9,191,244 $ 9,191,244 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 21,976 Class R2 3,219 Class R3 3,798 Class R4 1,538 Class R5 6,502 Class R6 2,362 Class R7 10 $ 39,405

166


FMT/Vanguard Target Retirement Income Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,298,420 $ (1,554,164) $ (255,744) 112,966 (132,819) (19,853) Class R2 1,378,383 (324,986) 1,053,397 120,338 (27,673) 92,665 Class R3 371,948 (463,350) (91,402) 34,312 (42,918) (8,606) Class R4 19,844 (42,602) (22,758) 1,777 (3,824) (2,047) Class R5 316,574 (70,108) 246,466 27,973 (6,192) 21,781 Class R6 55,396 (115,890) (60,494) 4,996 (10,393) (5,397) Class R7 305 — 305 29 — 29 $ 3,440,870 $ (2,571,100) $ 869,770 302,391 (223,819) 78,572

167


FMT/Vanguard Target Retirement Income Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.5619 $ 0.3502 $ (0.4161) $ (0.0659) $ 11.4960 (0.57) % (0.40) % 3.01 % Class R2 11.6387 0.6362 (0.7278) (0.0916) 11.5471 (0.79) % (0.62) % 5.47 % Class R3 10.6766 0.3173 (0.4193) (0.1020) 10.5746 (0.96) % (0.79) % 2.96 % Class R4 11.1282 0.2683 (0.3935) (0.1252) 11.0030 (1.13) % (0.96) % 2.40 % Class R5 11.2654 0.2919 (0.4376) (0.1457) 11.1197 (1.29) % (1.13) % 2.59 % Class R6 11.0266 0.2031 (0.3642) (0.1611) 10.8655 (1.46) % (1.30) % 1.83 % Class R7 10.5997 0.2424 (0.4168) (0.1744) 10.4253 (1.65) % (1.50) % 2.29 % (a) Per unit amounts are based on average daily units outstanding.

168

FMT/SSgA Prime Money Market Fund


FMT/SSgA Prime Money Market Fund Statement of Assets and Liabilities

December 31, 2015


Assets Investments in securities, at fair value $ 3,775,665 Receivables

Interest 471

Total assets 3,776,136

Liabilities Trustee fees 1,990



Units of

Participation NAV

per Unit Net

Assets Class R1 126,080 $ 9.8748 $ 1,245,016

Class R2 17,720 $ 9.7653 173,043

Class R3 166,149 $ 9.7254 1,615,868

Class R4 24,539 $ 9.6276 236,249

Class R5 26,783 $ 9.5707 256,334

Class R6 19,838 $ 9.5039 188,536

Class R7 1,260 $ 9.4358 11,889

Class R8 5,032 $ 9.3818 47,211

$ 3,774,146

169


FMT/SSgA Prime Money Market Fund Statement of Operations



Investment income

Interest $ 2,192

Expenses

Trustee fees 28,354

Custody fees 5,527

Audit fees 1,200

35,081


170


FMT/SSgA Prime Money Market Fund Statement of Changes in Net Assets



Operations









171

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SSgA Prime Money Market Fund



Investments

Principal Amount or

Shares Fair Value ____________ ____________

Mutual fund (100.0%) SSgA Prime Money Market Fund (Cost $3,775,665) 3,775,665 $ 3,775,665 __________ __________ Specific Fund Disclosures

Fair value



Money market fund $ 3,775,665 $ 3,775,665 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 5,625 Class R2 4,210 Class R3 8,133 Class R4 2,221 Class R5 4,319 Class R6 2,294 Class R7 779 Class R8 773 $ 28,354

172


FMT/SSgA Prime Money Market Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 751,495 $ (1,526,721) $ (775,226) 75,924 (154,244) (78,320) Class R2 197,206 (1,751,139) (1,553,933) 20,104 (178,578) (158,474) Class R3 3,252,168 (2,429,346) 822,822 333,319 (248,962) 84,357 Class R4 29,805 (54,444) (24,639) 3,082 (5,623) (2,541) Class R5 241,770 (627,308) (385,538) 25,129 (65,118) (39,989) Class R6 164,539 (122,620) 41,919 17,175 (12,815) 4,360 Class R7 3,535 (127,953) (124,418) 372 (13,427) (13,055) Class R8 13,818 (54,860) (41,042) 1,464 (5,766) (4,302) $ 4,654,336 $ (6,694,391) $ (2,040,055) 476,569 (684,533) (207,964)

173


FMT/SSgA Prime Money Market Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 9.9192 $ (0.0444) $ — $ (0.0444) $ 9.8748 (0.45) % (0.50) % (0.45) % Class R2 9.8308 (0.0655) — (0.0655) 9.7653 (0.67) % (0.73) % (0.69) % Class R3 9.8073 (0.0819) — (0.0819) 9.7254 (0.84) % (0.89) % (0.83) % Class R4 9.7252 (0.0976) — (0.0976) 9.6276 (1.00) % (1.06) % (1.01) % Class R5 9.6842 (0.1135) — (0.1135) 9.5707 (1.17) % (1.24) % (1.19) % Class R6 9.6330 (0.1291) — (0.1291) 9.5039 (1.34) % (1.40) % (1.34) % Class R7 9.5806 (0.1448) — (0.1448) 9.4358 (1.51) % (1.59) % (1.54) % Class R8 9.5417 (0.1599) — (0.1599) 9.3818 (1.68) % (1.74) % (1.69) % (a) Per unit amounts are based on average daily units outstanding.

174

FMT/SSgA U.S. Treasury Money Market Fund


FMT/SSgA U.S. Treasury Money Market Fund Statement of Assets and Liabilities

December 31, 2015



Interest 243



Net assets $ 20,943,949


Units of

Participation NAV

per Unit Net

Assets Class R1 646,329 $ 10.4636 $ 6,762,951

Class R2 55,819 $ 9.7614 544,864

Class R3 405,899 $ 9.6947 3,935,092

Class R4 416,563 $ 9.6279 4,010,612

Class R5 331,205 $ 9.5592 3,166,056

Class R6 186,881 $ 9.4917 1,773,827

Class R7 28,257 $ 9.4299 266,463

Class R8 51,412 $ 9.3673 481,587

Lehman 258 $ 9.6948 2,497

$ 20,943,949

175


FMT/SSgA U.S. Treasury Money Market Fund Statement of Operations



Investment income

Interest $ 1,366

Expenses

Trustee fees 170,123

Custody fees 6,403

Audit fees 1,200

177,726


176


FMT/SSgA U.S. Treasury Money Market Fund Statement of Changes in Net Assets



Operations









177

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SSgA U.S. Treasury Money Market Fund



Investments

Principal Amount or



SSgA U.S. Treasury Money Market Fund (Cost $20,956,847) 20,956,847 $ 20,956,847


Fair value



Money market fund $ 20,956,847 $ 20,956,847 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 28,792 Class R2 4,973 Class R3 17,717 Class R4 44,993 Class R5 37,226 Class R6 19,204 Class R7 11,383 Class R8 5,820 Lehman 15 $ 170,123

178


FMT/SSgA U.S. Treasury Money Market Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 5,228,878 $ (8,986,566) $ (3,757,688) 498,740 (857,039) (358,299) Class R2 682,437 (1,229,698) (547,261) 69,682 (125,612) (55,930) Class R3 4,371,558 (2,819,714) 1,551,844 449,317 (289,241) 160,076 Class R4 3,348,308 (3,930,126) (581,818) 345,852 (406,606) (60,754) Class R5 997,839 (2,307,127) (1,309,288) 103,839 (239,601) (135,762) Class R6 995,148 (346,338) 648,810 104,025 (36,207) 67,818 Class R7 157,592 (1,039,549) (881,957) 16,598 (109,591) (92,993) Class R8 835,321 (585,444) 249,877 88,665 (62,214) 26,451 Lehman 1,181 (44) 1,137 121 (4) 117 $ 16,618,262 $ (21,244,606) $ (4,626,344) 1,676,839 (2,126,115) (449,276)

179


FMT/SSgA U.S. Treasury Money Market Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.5032 $ (0.0396) $ — $ (0.0396) $ 10.4636 (0.38) % (0.38) % (0.38) % Class R2 9.8198 (0.0584) — (0.0584) 9.7614 (0.59) % (0.60) % (0.60) % Class R3 9.7694 (0.0747) — (0.0747) 9.6947 (0.76) % (0.77) % (0.76) % Class R4 9.7185 (0.0906) — (0.0906) 9.6279 (0.93) % (0.94) % (0.94) % Class R5 9.6656 (0.1064) — (0.1064) 9.5592 (1.10) % (1.11) % (1.11) % Class R6 9.6137 (0.1220) — (0.1220) 9.4917 (1.27) % (1.28) % (1.28) % Class R7 9.5674 (0.1375) — (0.1375) 9.4299 (1.44) % (1.45) % (1.45) % Class R8 9.5197 (0.1524) — (0.1524) 9.3673 (1.60) % (1.62) % (1.62) % Lehman 9.7707 (0.0759) — (0.0759) 9.6948 (0.78) % (0.78) % (0.82) % (a) Per unit amounts are based on average daily units outstanding.

180

FMT/FFTW Income Plus Fund


FMT/FFTW Income Plus Fund Statement of Assets and Liabilities

December 31, 2015


Assets Investments in securities, at fair value (contract value $127,891,067) $ 128,444,114 Receivables

Dividends 94,848



Sub-advisor fees 15,274

Total liabilities 84,553

Net assets Net assets reflecting investments at fair value 128,454,409

Adjustment from fair value to contract value (553,047)

Net assets (at contract value) $ 127,901,362


Units of

Participation NAV

per Unit Net

Assets Class R1 4,901,334 $ 11.9962 $ 58,797,428

Class R2 2,495,030 $ 10.1511 25,327,267

Class R3 690,611 $ 10.0808 6,961,937

Class R4 1,461,073 $ 10.0113 14,627,301

Class R5 975,985 $ 9.9427 9,703,922

Class R6 772,741 $ 9.8738 7,629,908

Class R7 244,510 $ 9.8056 2,397,576

Class R8 252,203 $ 9.7383 2,456,023

$ 127,901,362

181


FMT/FFTW Income Plus Fund Statement of Operations



Investment income

Interest $ 1,333,855

Expenses



Audit fees 1,200

1,125,915


Net increase in net assets resulting from operations $ 207,940

182


FMT/FFTW Income Plus Fund Statement of Changes in Net Assets



Operations









183

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/FFTW Income Plus Fund



Investments Units Fair

Value Contract

Value ____________ ____________ ____________

Collective trust fund (100.0%)

BNP Paribas Investment Partners Pooled Trust Fund for Employee Benefit Plans Income Plus Fund - Class B 127,891,067 $ 128,444,114 127,891,067 __________ __________ __________ __________


Fair value



Collective trust fund - Stable Value Fund $ 128,444,114 — $ 128,444,114 — __________ __________ __________ _________ __________ __________ __________ _________

The estimated fair value of the underlying collective trust fund is net asset value, exclusive of the adjustment to contract value. The use of net asset value as fair value is deemed appropriate as the collective trust fund does not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.

Investment in fully benefit-responsive fund

The FMT/FFTW Income Plus Fund has invested all of its assets in an underlying investment in Class B units of The Income Plus Fund (the "IP Fund"). The IP Fund is a collective trust fund formed under the BNP Paribas Investment Partners Pooled Trust Fund for Employee Benefit Plans. The IP Fund is a fully benefit-responsive investment. The investment objective of the IP Fund is to preserve invested principal while providing a competitive current rate of return. The IP Fund will be invested and reinvested primarily in guaranteed investment contracts ("GICs"), money market funds, money market instruments, repurchase agreements, private placements, bank investment contracts, and synthetic GICs.

184

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/FFTW Income Plus Fund



Investment in fully benefit-responsive fund (continued)

The IP Fund will operate within a weighted average maturity range selected by the Trustee from time to time. The IP Fund currently offers thirteen classes of units. In general, each class of units has equal rights with respect to investment-related income including interest. These amounts are allocated to each class based on relative net assets. The primary differences between each class relate to the expense structure and distribution policy, which differ between classes.

The average yield earned by the IP Fund for the year ended December 31, 2015 was 1.26%.The actual interest rate credited to participants in the IP Fund for the year ended December 31, 2015 was 1.02%. The FMT/FFTW Income Plus Fund does not invest directly in fully benefit-responsive contracts, and therefore is not required to include in its financial statements the disclosure requirements for stable value investment funds.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 234,257 Class R2 157,811 Class R3 70,818 Class R4 159,398 Class R5 110,618 Class R6 103,767 Class R7 35,597 Class R8 48,338 $ 920,604

185


FMT/FFTW Income Plus Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 22,866,668 $ (43,584,725) $ (20,718,057) 1,910,362 (3,641,781) (1,731,419) Class R2 8,451,108 (14,362,080) (5,910,972) 833,423 (1,416,428) (583,005) Class R3 3,560,335 (10,140,406) (6,580,071) 353,245 (1,006,099) (652,854) Class R4 4,777,123 (10,326,544) (5,549,421) 476,751 (1,030,688) (553,937) Class R5 3,272,705 (5,935,271) (2,662,566) 328,691 (595,837) (267,146) Class R6 1,671,818 (3,524,167) (1,852,349) 168,941 (355,969) (187,028) Class R7 595,892 (1,589,988) (994,096) 60,597 (161,394) (100,797) Class R8 399,214 (1,475,479) (1,076,265) 40,826 (150,919) (110,093) $ 45,594,863 $ (90,938,660) $ (45,343,797) 4,172,836 (8,359,115) (4,186,279)

186


FMT/FFTW Income Plus Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.9455 $ 0.0507 $ — $ 0.0507 $ 11.9962 0.42 % (0.49) % 0.42 % Class R2 10.1304 0.0207 — 0.0207 10.1511 0.20 % (0.71) % 0.20 % Class R3 10.0774 0.0034 — 0.0034 10.0808 0.03 % (0.88) % 0.04 % Class R4 10.0250 (0.0137) — (0.0137) 10.0113 (0.14) % (1.05) % (0.14) % Class R5 9.9732 (0.0305) — (0.0305) 9.9427 (0.31) % (1.22) % (0.31) % Class R6 9.9209 (0.0471) — (0.0471) 9.8738 (0.47) % (1.39) % (0.48) % Class R7 9.8692 (0.0636) — (0.0636) 9.8056 (0.64) % (1.56) % (0.65) % Class R8 9.8181 (0.0798) — (0.0798) 9.7383 (0.81) % (1.73) % (0.82) % (a) Per unit amounts are based on average daily units outstanding.

187

FMT/Wells Fargo Stable Value Fund


FMT/Wells Fargo Stable Value Fund Statement of Assets and Liabilities

December 31, 2015


Assets Investments in securities, at fair value (contract value $115,689,663) $ 116,248,255 Liabilities Trustee fees 57,655

Net assets

Net assets reflecting investments at fair value 116,190,600

Adjustment from fair value to contract value (558,592)

Net assets (at contract value) $ 115,632,008


Units of

Participation NAV

per Unit Net

Assets Class R1 5,116,977 $ 10.6703 $ 54,599,818

Class R2 2,060,055 $ 10.4391 21,505,185

Class R3 1,322,087 $ 10.3620 13,699,446

Class R4 1,363,187 $ 10.2972 14,037,022

Class R5 921,557 $ 10.2296 9,427,124

Class R6 160,081 $ 10.1598 1,626,394

Class R7 38,527 $ 10.0843 388,515

Class R8 34,809 $ 10.0119 348,504

$ 115,632,008

188


FMT/Wells Fargo Stable Value Fund Statement of Operations



Expenses


Custody fees 38,327

Audit fees 1,200

713,321






Change in net unrealized appreciation (depreciation) on investments 1,140,318

Net realized and unrealized gain on investments 1,786,112

Net increase in net assets resulting from operations $ 1,072,791

189


FMT/Wells Fargo Stable Value Fund Statement of Changes in Net Assets



Operations




Net increase in net assets resulting from operations 1,072,791








190

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Wells Fargo Stable Value Fund



Investments Units Fair

Value Contract

Value ____________ ____________ ____________


Wells Fargo Stable Value Fund H (Cost $112,137,637) 1,054,889 $ 116,248,255 $ 115,689,663 __________ __________ __________ __________


Fair value



Collective trust fund - Stable Value Fund $ 116,248,255 $ — $ 116,248,255 $ — __________ __________ __________ _________ __________ __________ __________ _________

The estimated fair value of the underlying collective trust fund is net asset value, exclusive of the adjustment to contract value. The use of net asset value as fair value is deemed appropriate as the collective trust fund does not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.



191

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Wells Fargo Stable Value Fund



Investment in fully benefit-responsive fund

The FMT/Wells Fargo Stable Value Fund has an underlying investment in the Stable Value Fund H (the "SVFH Fund"). The SVFH Fund is a collective trust fund that is sponsored by Wells Fargo Bank, N.A. The SVFH Fund is a fully benefit-responsive investment, and has invested all of its assets in Wells Fargo Stable Return Fund G, a collective trust fund sponsored by Wells Fargo Bank, N.A. The Wells Fargo Stable Return Fund G primarily invests in investment contracts and security-backed contracts (also known as a synthetic GIC or a separate account GIC). An investment contract is a contract issued by a financial institution to provide a stated rate of return to the buyer of the contract for a specified period of time. A security-backed contract has similar characteristics as a traditional investment contract and is comprised of two parts: the first part is a fixed-income security or portfolio of fixed-income securities; the second part is a contract value guarantee (wrapper) provided by a third party. Wrappers provide contract value payments for certain participant-initiated withdrawals and transfers, a floor crediting rate, and return of fully accrued contract value at maturity. The yield earned by the SVFH Fund for the year ended December 31, 2015 was 1.83%. The yield earned by the entire SVFH Fund with an adjustment to reflect the actual interest rate credited to participants in the SVFH Fund for the year ended December 31, 2015 was 1.79%. The FMT/Wells Fargo Stable Value Fund does not invest directly in fully benefit-responsive contracts, and therefore is not required to include in its financial statements the disclosure requirements for stable value investment funds. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 173,445 Class R2 117,522 Class R3 125,261 Class R4 109,168 Class R5 118,682 Class R6 16,728 Class R7 7,412 Class R8 5,576 $ 673,794

192


FMT/Wells Fargo Stable Value Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 22,311,929 $ (14,352,741) $ 7,959,188 2,101,879 (1,352,235) 749,644 Class R2 12,483,105 (8,424,169) 4,058,936 1,202,847 (810,903) 391,944 Class R3 5,751,244 (11,814,595) (6,063,351) 557,955 (1,145,363) (587,408) Class R4 7,732,705 (7,770,677) (37,972) 753,024 (757,967) (4,943) Class R5 3,668,733 (5,948,066) (2,279,333) 359,553 (582,729) (223,176) Class R6 1,052,437 (428,456) 623,981 103,789 (42,267) 61,522 Class R7 404,763 (933,441) (528,678) 40,186 (92,670) (52,484) Class R8 198,267 (150,747) 47,520 19,801 (15,057) 4,744 $ 53,603,183 $ (49,822,892) $ 3,780,291 5,139,034 (4,799,191) 339,843

193


FMT/Wells Fargo Stable Value Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.5425 $ (0.0409) $ 0.1687 $ 0.1278 $ 10.6703 1.21 % (0.39) % (0.39) % Class R2 10.3368 (0.0629) 0.1652 0.1023 10.4391 0.99 % (0.61) % (0.61) % Class R3 10.2779 (0.0800) 0.1641 0.0841 10.3620 0.82 % (0.78) % (0.78) % Class R4 10.2310 (0.0970) 0.1632 0.0662 10.2972 0.65 % (0.95) % (0.95) % Class R5 10.1810 (0.1138) 0.1624 0.0486 10.2296 0.48 % (1.12) % (1.12) % Class R6 10.1288 (0.1304) 0.1614 0.0310 10.1598 0.31 % (1.29) % (1.29) % Class R7 10.0707 (0.1466) 0.1602 0.0136 10.0843 0.14 % (1.46) % (1.46) % Class R8 10.0154 (0.1628) 0.1593 (0.0035) 10.0119 (0.03) % (1.63) % (1.63) % (a) Per unit amounts are based on average daily units outstanding.

194

FMT High Yield Bond (Federated) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT High Yield Bond (Federated) Fund



Assets Investments in securities, at fair value $ 14,267,778 Cash equivalents 267,945

Receivables

Interest 223,811


Liabilities Sub-advisor fees 4,687

Trustee fees 1,152


Net assets $ 14,753,695


Units of

Participation NAV

per Unit Net

Assets Class R1 42,662 $ 10.8004 $ 460,764

Class R3 78,506 $ 10.5835 830,874

Class R4 21,870 $ 10.5287 230,258

Class R5 18,854 $ 10.4743 197,486

Class R6 2,650 $ 10.4206 27,610

Class R7 7,460 $ 10.3307 77,071

Class LifeStyle 12,929,632

$ 14,753,695

195




Investment income

Interest (net of amortization of bond discounts/premiums of $82,268) $ 936,913

Expenses



Custody fees 12,112

Audit fees 5,619

183,919







Net realized and unrealized loss on investments (1,049,340)

Other operating credits (charges) 71


196




Operations













197




Investments

Principal Amount or


Corporate bonds (96.7%)

Basic Materials (5.7%) ArcelorMittal, 6.13%, 06/01/2025 50,000 $ 36,375 Ashland, Inc., 4.75%, 08/15/2022 175,000 170,187 Celanese US Holdings LLC, 4.63%, 11/15/2022 175,000 172,375 Clearwater Paper Corp., 4.50%, 02/01/2023 125,000 117,500 Hexion, Inc., 8.88%, 02/01/2018 100,000 70,500 Huntsman International LLC, 4.88%, 11/15/2020 175,000 159,688 Steel Dynamics, Inc., 5.25%, 04/15/2023 125,000 114,063 __________ 840,688

Communications (19.2%) AMC Networks, Inc., 7.75%, 07/15/2021 75,000 78,750 Cablevision Systems Corp., 5.88%, 09/15/2022 75,000 63,750

CCO Holdings LLC / CCO Holdings Capital Corp., 5.75%, 01/15/2024 250,000 256,875

Clear Channel Worldwide Holdings, Inc. Series B, 6.50%, 11/15/2022 125,000 121,875

CSC Holdings LLC, 5.25%, 06/01/2024 100,000 87,750 DISH DBS Corp., 5.88%, 07/15/2022 125,000 116,562 DISH DBS Corp., 5.88%, 11/15/2024 75,000 66,750 Entercom Radio LLC, 10.50%, 12/01/2019 50,000 51,750 Gray Television, Inc., 7.50%, 10/01/2020 100,000 102,750 iHeartCommunications, Inc., 9.00%, 03/01/2021 50,000 34,875 Intelsat Jackson Holdings S.A., 5.50%, 08/01/2023 50,000 39,250 Intelsat Jackson Holdings S.A., 6.63%, 12/15/2022 200,000 127,500 Lamar Media Corp., 5.88%, 02/01/2022 175,000 183,750 Level 3 Communications, Inc., 5.75%, 12/01/2022 50,000 51,125 LIN Television Corp., 6.38%, 01/15/2021 100,000 104,750 Nexstar Broadcasting, Inc., 6.88%, 11/15/2020 75,000 76,687

Nielsen Finance LLC / Nielsen Finance Co., 4.50%, 10/01/2020 125,000 126,875

Outfront Media Capital LLC / Outfront Media Capital Corp., 5.88%, 03/15/2025 100,000 101,500

Sinclair Television Group, Inc., 6.13%, 10/01/2022 125,000 127,500 Sprint Capital Corp., 6.88%, 11/15/2028 75,000 52,313 Sprint Communications, Inc., 6.00%, 11/15/2022 325,000 229,125 Syniverse Holdings, Inc., 9.13%, 01/15/2019 50,000 22,625 T-Mobile USA, Inc., 6.38%, 03/01/2025 50,000 50,500 T-Mobile USA, Inc., 6.50%, 01/15/2026 50,000 50,475 T-Mobile USA, Inc., 6.63%, 11/15/2020 250,000 259,872

198




Investments

Principal Amount or


Corporate bonds (continued) Communications (continued) T-Mobile USA, Inc., 6.84%, 04/28/2023 50,000 $ 51,750 TEGNA, Inc., 6.38%, 10/15/2023 100,000 105,500 VeriSign, Inc., 4.63%, 05/01/2023 100,000 96,825 __________ 2,839,609

Consumer, Cyclical (18.9%) Affinia Group, Inc., 7.75%, 05/01/2021 175,000 178,115 Allegion US Holding Co., Inc., 5.75%, 10/01/2021 150,000 151,875 American Axle & Manufacturing, Inc., 6.63%, 10/15/2022 125,000 130,937 Aramark Services, Inc., 5.75%, 03/15/2020 100,000 103,437 Boyd Gaming Corp., 6.88%, 05/15/2023 75,000 77,063

Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 03/15/2021 50,000 51,500

Cinemark USA, Inc., 7.38%, 06/15/2021 100,000 105,250

Ferrellgas L.P. / Ferrellgas Finance Corp., 6.50%, 05/01/2021 175,000 148,750

GLP Capital L.P. / GLP Financing II, Inc., 5.38%, 11/01/2023 125,000 121,875

Goodyear Tire & Rubber Co./The, 5.13%, 11/15/2023 50,000 51,250 HD Supply, Inc., 7.50%, 07/15/2020 125,000 130,000

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.63%, 10/15/2021 75,000 77,719

L Brands, Inc., 5.63%, 10/15/2023 175,000 185,500 Lear Corp., 5.38%, 03/15/2024 175,000 179,812 MGM Resorts International, 7.75%, 03/15/2022 150,000 159,375 Mohegan Tribal Gaming Authority, 9.75%, 09/01/2021 50,000 49,875 MPG Holdco I, Inc., 7.38%, 10/15/2022 50,000 50,500 Penn National Gaming, Inc., 5.88%, 11/01/2021 100,000 97,000 Pinnacle Entertainment, Inc., 7.50%, 04/15/2021 75,000 78,188 Pinnacle Entertainment, Inc., 7.75%, 04/01/2022 25,000 27,172 PVH Corp., 4.50%, 12/15/2022 100,000 97,750 Regal Entertainment Group, 5.75%, 03/15/2022 100,000 100,000 Rite Aid Corp., 6.75%, 06/15/2021 50,000 52,375

Sally Holdings LLC / Sally Capital, Inc., 5.75%, 06/01/2022 125,000 129,375

Station Casinos LLC, 7.50%, 03/01/2021 100,000 102,000

Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.38%, 08/01/2021 110,000 105,600

199




Investments

Principal Amount or


Corporate bonds (continued)

Consumer, Cyclical (continued) William Carter Co./The, 5.25%, 08/15/2021 50,000 $ 51,375 __________ 2,793,668

Consumer, Non-cyclical (19.1%) Amsurg Corp., 5.63%, 11/30/2020 50,000 50,750 Amsurg Corp., 5.63%, 07/15/2022 100,000 99,000

CHS/Community Health Systems, Inc., 5.13%, 08/01/2021 50,000 49,750

CHS/Community Health Systems, Inc., 6.88%, 02/01/2022 150,000 142,312

Constellation Brands, Inc., 4.75%, 11/15/2024 50,000 51,000 DaVita HealthCare Partners, Inc., 5.00%, 05/01/2025 75,000 72,375 Grifols Worldwide Operations Ltd., 5.25%, 04/01/2022 150,000 150,750 HCA Holdings, Inc., 6.25%, 02/15/2021 50,000 52,875 HCA, Inc., 5.25%, 04/15/2025 50,000 50,375 HCA, Inc., 5.38%, 02/01/2025 50,000 49,375 HCA, Inc., 5.88%, 05/01/2023 300,000 307,500 HCA, Inc., 6.50%, 02/15/2020 75,000 81,712 Hertz Corp./The, 5.88%, 10/15/2020 75,000 77,344

IASIS Healthcare LLC / IASIS Capital Corp., 8.38%, 05/15/2019 50,000 46,000

LifePoint Health, Inc., 5.50%, 12/01/2021 50,000 50,875 LifePoint Health, Inc., 5.88%, 12/01/2023 50,000 50,750

Mallinckrodt International Finance S.A., 4.75%, 04/15/2023 125,000 110,625

Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 4.88%, 05/01/2021 200,000 192,000

Post Holdings, Inc., 7.38%, 02/15/2022 100,000 104,250 Prestige Brands, Inc., 8.13%, 02/01/2020 50,000 51,750 ServiceMaster Co. LLC/The, 7.45%, 08/15/2027 75,000 74,625 Smithfield Foods, Inc., 6.63%, 08/15/2022 50,000 51,875 Spectrum Brands, Inc., 6.63%, 11/15/2022 100,000 105,500 Teleflex, Inc., 5.25%, 06/15/2024 100,000 99,500 Tenet Healthcare Corp., 4.50%, 04/01/2021 150,000 146,250 Tenet Healthcare Corp., 8.13%, 04/01/2022 75,000 74,813 TreeHouse Foods, Inc., 4.88%, 03/15/2022 100,000 95,250 Truven Health Analytics, Inc., 10.63%, 06/01/2020 50,000 50,250 United Rentals North America, Inc., 6.13%, 06/15/2023 200,000 204,500

200




Investments

Principal Amount or

Shares Fair Value __________

Corporate bonds (continued) Consumer, Non-cyclical (continued) US Foods, Inc., 8.50%, 06/30/2019 75,000 $ 77,250

__________

2,821,181

Energy (11.8%) Antero Resources Corp., 5.13%, 12/01/2022 75,000 57,000 California Resources Corp., 6.00%, 11/15/2024 100,000 30,500 Carrizo Oil & Gas, Inc., 7.50%, 09/15/2020 50,000 43,687 Chesapeake Energy Corp., 5.38%, 06/15/2021 50,000 13,500 Chesapeake Energy Corp., 6.63%, 08/15/2020 100,000 29,000

Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.13%, 03/01/2022 75,000 52,125

CVR Refining LLC / Coffeyville Finance, Inc., 6.50%, 11/01/2022 50,000 48,500

Energy Transfer Equity L.P., 5.88%, 01/15/2024 200,000 163,000

EP Energy LLC / Everest Acquisition Finance, Inc., 9.38%, 05/01/2020 50,000 31,875

Gulfport Energy Corp., 7.75%, 11/01/2020 50,000 44,750 Laredo Petroleum, Inc., 5.63%, 01/15/2022 25,000 21,750 Laredo Petroleum, Inc., 6.25%, 03/15/2023 50,000 43,500

Legacy Reserves L.P. / Legacy Reserves Finance Corp., 6.63%, 12/01/2021 50,000 10,500

Linn Energy LLC / Linn Energy Finance Corp., 6.50%, 05/15/2019 25,000 4,375

Linn Energy LLC / Linn Energy Finance Corp., 6.50%, 09/15/2021 50,000 6,750

Northern Oil and Gas, Inc., 8.00%, 06/01/2020 75,000 49,875 Oasis Petroleum, Inc., 6.88%, 03/15/2022 75,000 48,000 PDC Energy, Inc., 7.75%, 10/15/2022 25,000 24,000 Range Resources Corp., 5.00%, 03/15/2023 50,000 37,250

Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.50%, 07/15/2021 100,000 100,500

Rice Energy, Inc., 6.25%, 05/01/2022 50,000 36,000

Rose Rock Midstream L.P. / Rose Rock Finance Corp., 5.63%, 07/15/2022 100,000 71,000

Sabine Pass Liquefaction LLC, 5.63%, 02/01/2021 25,000 23,000 Sabine Pass Liquefaction LLC, 5.63%, 04/15/2023 200,000 175,500 SandRidge Energy, Inc., 8.13%, 10/15/2022 50,000 5,500 SM Energy Co., 5.00%, 01/15/2024 50,000 32,500

201




Investments

Principal Amount or

Shares Fair Value __________ Corporate bonds (continued)

Energy (continued) SM Energy Co., 5.63%, 06/01/2025 50,000 $ 33,000

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.50%, 08/15/2022 125,000 92,500

Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.25%, 05/01/2023 50,000 40,500

Tesoro Corp., 5.13%, 04/01/2024 75,000 74,625

Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 5.88%, 10/01/2020 78,000 74,490 W&T Offshore, Inc., 8.50%, 06/15/2019 50,000 17,500

Western Refining Logistics L.P. / WNRL Finance Corp., 7.50%, 02/15/2023 75,000 71,625 Whiting Petroleum Corp., 5.75%, 03/15/2021 75,000 54,675

Williams Partners L.P. / ACMP Finance Corp., 4.88%, 03/15/2024 100,000 80,124 __________ 1,742,976

Financial (6.7%)

AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust, 4.63%, 07/01/2022 150,000 151,688

Ally Financial, Inc., 4.13%, 02/13/2022 175,000 173,250 Ally Financial, Inc., 4.63%, 05/19/2022 50,000 50,250 Ally Financial, Inc., 4.63%, 03/30/2025 150,000 148,125 Ally Financial, Inc., 5.75%, 11/20/2025 50,000 50,625 CIT Group, Inc., 5.38%, 05/15/2020 100,000 104,750 International Lease Finance Corp., 4.63%, 04/15/2021 200,000 205,000 Iron Mountain, Inc., 5.75%, 08/15/2024 75,000 72,375

RHP Hotel Properties L.P. / RHP Finance Corp., 5.00%, 04/15/2023 25,000 25,000 __________

981,063

Industrial (10.6%) Anixter, Inc., 5.63%, 05/01/2019 125,000 130,000 Ball Corp., 4.00%, 11/15/2023 175,000 166,906 Berry Plastics Corp., 5.13%, 07/15/2023 50,000 48,625 Berry Plastics Corp., 5.50%, 05/15/2022 150,000 149,438

Crown Americas LLC / Crown Americas Capital Corp. III, 6.25%, 02/01/2021 175,000 180,687

FGI Operating Co. LLC / FGI Finance, Inc., 7.88%, 05/01/2020 50,000 36,000

202




Investments

Principal Amount or

Shares Fair Value __________ Corporate bonds (continued)

Industrial (continued)

Graphic Packaging International, Inc., 4.75%, 04/15/2021 175,000 $ 178,500 Nortek, Inc., 8.50%, 04/15/2021 50,000 51,880

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 5.75%, 10/15/2020 100,000 101,719

Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC, 8.25%, 02/15/2021 50,000 48,125

TransDigm, Inc., 5.50%, 10/15/2020 200,000 193,500 WESCO Distribution, Inc., 5.38%, 12/15/2021 175,000 168,000 Zebra Technologies Corp., 7.25%, 10/15/2022 100,000 104,500 __________ 1,557,880

Technology (3.1%) Advanced Micro Devices, Inc., 7.00%, 07/01/2024 75,000 48,750 CDW LLC / CDW Finance Corp., 5.00%, 09/01/2023 75,000 76,125 CDW LLC / CDW Finance Corp., 5.50%, 12/01/2024 50,000 52,375 CDW LLC / CDW Finance Corp., 6.00%, 08/15/2022 50,000 52,750 Emdeon, Inc., 11.00%, 12/31/2019 100,000 104,250 NCR Corp., 4.63%, 02/15/2021 125,000 119,063 __________ 453,313

Utilities (1.6%) Calpine Corp., 5.75%, 01/15/2025 150,000 132,375 NRG Energy, Inc., 6.25%, 05/01/2024 125,000 105,025 __________ 237,400 __________ Total Investments (Cost $15,448,691) $ 14,267,778 __________ __________

203






Corporate bonds $ 14,267,778 $ — $ 14,267,778 $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,956,532 and $7,607,971, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 1,401 Class R2 161 Class R3 5,142 Class R4 1,671 Class R5 2,269 Class R6 315 Class R7 1,141 Class LifeStyle 91,485 $ 103,585

204




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 183,437 $ (123,180) $ 60,257 16,659 (10,866) 5,793 Class R2 127,811 (123,746) 4,065 12,781 (12,781) — Class R3 425,972 (230,566) 195,406 39,063 (20,968) 18,095 Class R4 150,196 (111,846) 38,350 13,780 (10,161) 3,619 Class R5 8,505 (53,808) (45,303) 779 (4,872) (4,093) Class R6 13,364 (6) 13,358 1,243 (1) 1,242 Class R7 5,597 (6,282) (685) 517 (572) (55) Class LifeStyle 3,272,507 (6,791,717) (3,519,210) — — — $ 4,187,389 $ (7,441,151) $ (3,253,762) 84,822 (60,221) 24,601

205





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.0228 $ 0.5290 $ (0.7514) $ (0.2224) $ 10.8004 (2.02) % (0.82) % 4.71 % Class R2(b) 10.0000 0.1251 (0.4433) (0.3182) — (3.18) % (1.01) % 4.62 % Class R3 10.8436 0.4772 (0.7373) (0.2601) 10.5835 (2.40) % (1.21) % 4.33 % Class R4 10.8059 0.4571 (0.7343) (0.2772) 10.5287 (2.57) % (1.38) % 4.17 % Class R5 10.7682 0.4353 (0.7292) (0.2939) 10.4743 (2.73) % (1.55) % 3.99 % Class R6 10.7313 0.4162 (0.7269) (0.3107) 10.4206 (2.90) % (1.72) % 3.83 % Class R7 10.6568 0.3933 (0.7194) (0.3261) 10.3307 (3.06) % (1.89) % 3.64 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from September 24, 2015 (commencement of this class) through

December 14, 2015.

206

FMT U.S. Core Bond (HighMark) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT U.S. Core Bond (HighMark) Fund




Receivables

Interest 539,316





Net assets $ 66,564,179


Units of

Participation NAV

per Unit Net

Assets Class R1 2,166,052 $ 14.8387 $ 32,141,456

Class R2 56,619 $ 10.7921 611,041

Class R3 308,888 $ 10.7170 3,310,363

Class R4 507,853 $ 10.7171 5,442,708

Class R5 132,321 $ 10.6654 1,411,257

Class R6 82,296 $ 10.5845 871,065

Class R7 36,135 $ 10.4414 377,303

Class R8 15,031 $ 10.4044 156,383


$ 66,564,179

207




Investment income

Interest, net $ 1,811,422

Expenses



Custody fees 14,258

Audit fees 5,788

535,461

Net investment income 1,275,961









208




Operations













209




Investments

Principal Amount or

Shares Fair Value ____________ ___________

Auto loan receivable (1.0%)

Ally Auto Receivables Trust Series 2015-2, class A3, 1.49%, 11/15/2019 (Cost $699,968) 700,000 $ 697,196

Collateralized mortgage obligations (6.7%)

COMM Mortgage Trust Series 2013-CR8, Class A1, 1.02%, 06/10/2046 518,270 514,381

Fannie Mae-Aces Series 2014-M1, Class ASQ2, 2.32%, 11/25/2018 401,696 407,283

FHLMC Multifamily Structured Pass Through Certificates Series KF02, Class A1, 0.80%, 07/25/2020 106,793 106,787

FHLMC Multifamily Structured Pass Through Certificates Series K502, Class A2, 1.43%, 08/25/2017 378,889 379,112

JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class A1, 1.23%, 11/15/2045 630,085 625,184

JPMBB Commercial Mortgage Securities Trust Series 2014-C19, Class A1, 1.27%, 04/15/2047 392,481 388,537

NCUA Guaranteed Notes Trust Series 2010-R2, Class 1A, 0.65%, 11/06/2017 388,296 388,912

NCUA Guaranteed Notes Trust Series 2010-R3, Class 1A, 0.83%, 12/08/2020 713,287 718,085

Sequoia Mortgage Trust Series 2013-1, Class 1A1, 1.45%, 02/25/2043 431,323 416,605

WFRBS Commercial Mortgage Trust Series 2014-C20, Class A1, 1.28%, 05/15/2047 530,578 526,526 _________

Total collateralized mortgage obligations (Cost $4,473,824) 4,471,412


Basic Materials (4.4%) Dow Chemical Co., 4.25%, 11/15/2020 300,000 314,030 Dow Chemical Co., 4.38%, 11/15/2042 500,000 435,447 Georgia-Pacific LLC, 8.00%, 01/15/2024 870,000 1,100,211 Rio Tinto Finance USA Ltd., 3.75%, 06/15/2025 900,000 816,976 Rio Tinto Finance USA Ltd., 6.50%, 07/15/2018 230,000 249,177 _________ 2,915,841

Communications (5.5%) AT&T, Inc., 3.40%, 05/15/2025 500,000 480,545 Comcast Corp., 5.70%, 07/01/2019 750,000 840,907

DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 4.45%, 04/01/2024 450,000 462,191

210




Investments

Principal Amount or

Shares Fair Value ____________ ___________

Corporate bonds (continued) Communications (continued) Time Warner Cable, Inc., 8.25%, 04/01/2019 500,000 $ 574,150 Verizon Communications, Inc., 6.55%, 09/15/2043 1,100,000 1,305,931 _________ 3,663,724

Consumer, Cyclical (8.5%)

Continental Airlines 2010-1 Class A Pass Through Trust Series A, 4.75%, 07/12/2022 614,455 646,714

CVS Health Corp., 2.75%, 12/01/2022 700,000 682,015 CVS Health Corp., 3.88%, 07/20/2025 300,000 306,174

Delta Air Lines 2011-1 Class A Pass Through Trust Series A, 5.30%, 10/15/2020 523,954 555,391

Ford Motor Co., 7.45%, 07/16/2031 675,000 832,959 General Motors Co., 3.50%, 10/02/2018 750,000 757,530 Macy's Retail Holdings, Inc., 4.38%, 09/01/2023 650,000 647,446 Macy's Retail Holdings, Inc., 7.45%, 07/15/2017 350,000 378,167 Walgreen Co., 3.10%, 09/15/2022 875,000 847,380 _________ 5,653,776

Consumer, Non-cyclical (4.9%) Becton Dickinson and Co., 2.68%, 12/15/2019 1,050,000 1,055,716 Kroger Co., 3.40%, 04/15/2022 300,000 303,924

Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 725,000 699,578

McKesson Corp., 2.28%, 03/15/2019 700,000 697,222 Quest Diagnostics, Inc., 3.50%, 03/30/2025 550,000 531,364 _________ 3,287,804

Energy (8.8%) Anadarko Petroleum Corp., 5.95%, 09/15/2016 615,000 631,948 Cimarex Energy Co., 5.88%, 05/01/2022 350,000 335,121 ConocoPhillips, 6.50%, 02/01/2039 675,000 711,319 Enbridge Energy Partners L.P., 4.38%, 10/15/2020 525,000 512,148 Energy Transfer Partners L.P., 4.15%, 10/01/2020 660,000 608,845 Ensco PLC, 4.50%, 10/01/2024 550,000 378,604 Enterprise Products Operating LLC, 3.90%, 02/15/2024 750,000 699,756 KazMunayGas National Co. JSC, 9.13%, 07/02/2018 170,000 186,830 Kinder Morgan, Inc., 7.80%, 08/01/2031 750,000 703,706 Magellan Midstream Partners L.P., 4.25%, 02/01/2021 250,000 249,926

211




Investments

Principal Amount or

Shares Fair Value


Energy (continued)

Williams Partners L.P. / ACMP Finance Corp., 4.88%, 05/15/2023 800,000 $ 648,532

Williams Partners L.P. / ACMP Finance Corp., 6.13%, 07/15/2022 175,000 165,544 _________ 5,832,279

Financial (17.7%) American Express Credit Corp., 2.25%, 08/15/2019 700,000 700,122 American International Group, Inc., 2.30%, 07/16/2019 350,000 347,036 AvalonBay Communities, Inc., 3.45%, 06/01/2025 650,000 641,813 Bank of America Corp., 4.00%, 04/01/2024 1,100,000 1,124,986 Bank of New York Mellon Corp., 1.35%, 03/06/2018 850,000 846,972 BB&T Corp., 2.45%, 01/15/2020 1,050,000 1,057,036 Boston Properties L.P., 4.13%, 05/15/2021 725,000 759,365 Capital One NA/Mclean, 2.95%, 07/23/2021 925,000 915,620 Citigroup, Inc., 3.75%, 06/16/2024 285,000 290,117 Citigroup, Inc., 3.88%, 10/25/2023 675,000 697,559 ERP Operating L.P., 2.38%, 07/01/2019 525,000 526,388 Fifth Third Bank, 1.45%, 02/28/2018 900,000 891,841 First Republic Bank, 2.38%, 06/17/2019 400,000 399,155 JPMorgan Chase & Co., 3.20%, 01/25/2023 700,000 697,715 PNC Bank NA, 1.50%, 10/18/2017 175,000 174,685 PNC Bank NA, 2.25%, 07/02/2019 750,000 753,331 SunTrust Bank, 0.80%, 02/15/2017 200,000 199,282 Wells Fargo & Co., 2.55%, 12/07/2020 750,000 746,313 _________ 11,769,336

Industrial (1.6%) Burlington Northern Santa Fe LLC, 4.38%, 09/01/2042 350,000 330,920 L-3 Communications Corp., 3.95%, 11/15/2016 700,000 710,529 _________ 1,041,449

Technology (1.2%) HP, Inc., 4.38%, 09/15/2021 400,000 393,578

International Business Machines Corp., 3.38%, 08/01/2023 435,000 441,713 _________

835,291

212




Investments

Principal Amount or

Shares Fair Value


Utility (1.1%) Berkshire Hathaway Energy Co., 3.75%, 11/15/2023 700,000 $ 718,326 _________ Total Corporate bonds (Cost $37,011,601) 35,717,826

Mortgage pass throughs (15.4%) FHLMC Pool G18453 FG, 2.50%, 02/01/2028 702,246 714,015 FHLMC Pool Q12837 FG, 3.00%, 11/01/2042 970,934 970,122 FHLMC Pool V60563 FG, 3.00%, 06/01/2029 595,547 615,990 FNMA Pool 254766 FN, 5.00%, 06/01/2033 393,180 434,936 FNMA Pool 725027 FN, 5.00%, 11/01/2033 126,546 139,990 FNMA Pool 725424 FN, 5.50%, 04/01/2034 589,590 663,073 FNMA Pool 725425 FN, 5.50%, 04/01/2034 63,434 71,334 FNMA Pool AB6385 FN, 3.00%, 10/01/2042 690,103 691,953 FNMA Pool AE0138 FN, 4.50%, 03/01/2040 172,596 187,777 FNMA Pool AJ7689 FN, 4.00%, 12/01/2041 269,639 286,068 FNMA Pool AK9437 FN, 3.50%, 03/01/2042 246,665 255,104 FNMA Pool AL2221 FN, 3.00%, 07/01/2027 603,047 624,585 FNMA Pool AL2521 FN, 3.50%, 09/01/2042 344,140 355,756 FNMA Pool AL6825 FN, 3.00%, 05/01/2030 1,034,431 1,067,598 FNMA Pool AO7975 FN, 3.00%, 06/01/2027 245,634 254,406 FNMA Pool AS4786 FN, 3.00%, 04/01/2045 1,059,854 1,061,331 GNMA II Pool 005140 G2, 4.50%, 08/20/2041 150,353 163,782 GNMA II Pool 005175 G2, 4.50%, 09/20/2041 133,525 145,451 GNMA II Pool 005259 G2, 4.00%, 12/20/2041 238,828 255,419 GNMA Pool 711522 GN, 4.50%, 07/15/2040 349,607 384,019 GNMA Pool 734089 GN, 4.00%, 12/15/2040 361,470 385,701 GNMA Pool AA5452 GN, 3.50%, 07/15/2042 485,221 509,697 _________ Total Mortgage pass throughs (Cost $10,211,243) 10,238,107

Municipal bonds (2.7%)

Metropolitan Water District of Southern California, 6.95%, 07/01/2040 435,000 506,527

New Jersey Turnpike Authority, 7.10%, 01/01/2041 500,000 687,230 State of California, 7.55%, 04/01/2039 405,000 588,267 _________ Total Municipal bonds (Cost $1,577,466) 1,782,024

213




Investments

Principal Amount or

Shares Fair Value Other asset backed bonds (6.9%)

AEP Texas Central Transition Funding III LLC Series 2012-1, Class A1, 0.88%, 12/01/2018 200,604 $ 199,814

Ally Master Owner Trust Series 2014-1, class A1, 0.80%, 01/15/2019 300,000 299,590

American Express Credit Account Master Trust Series 2014-4, Class A, 1.43%, 06/15/2020 1,000,000 998,258

Chase Issuance Trust Series 2014-A7, Class A7, 1.38%, 11/15/2019 850,000 847,570

Citibank Credit Card Issuance Trust Series 2013-A6, Class A6, 1.32%, 09/07/2018 1,000,000 1,001,950

Ford Credit Auto Owner Trust Series 2013-D, Class A3, 0.67%, 04/15/2018 591,183 590,057

Ford Credit Auto Owner Trust Series 2015-C, Class A3, 1.41%, 02/15/2020 515,000 512,670

SLM Student Loan Trust Series 2014-1, Class A2, 0.80%, 07/26/2021 150,000 149,245 _________

Total Other asset backed bonds (Cost $4,613,929) 4,599,154

U.S. treasury & government agencies (12.5%) U.S. Treasury Bond, 4.75%, 02/15/2037 875,000 1,159,785 U.S. Treasury Note, 1.00%, 05/31/2018 1,200,000 1,193,860 U.S. Treasury Note, 1.38%, 05/31/2020 1,000,000 985,625 U.S. Treasury Note, 1.38%, 09/30/2020 350,000 343,957 U.S. Treasury Note, 1.50%, 05/31/2019 2,750,000 2,752,580 U.S. Treasury Note, 1.63%, 06/30/2020 350,000 348,564 U.S. Treasury Note, 2.13%, 06/30/2021 1,500,000 1,518,867 _________

Total U.S. treasury & government agencies (Cost $8,262,441) 8,303,238 _________ Total Investments (Cost $66,850,472) $ 65,808,957 _________ _________

214






Auto loan receivable $ 697,196 $ — $ 697,196 $ — Collateralized mortgage obligations 4,471,412 — 4,471,412 — Corporate bonds 35,717,826 — 35,717,826 — Mortgage pass throughs 10,238,107 — 10,238,107 — Municipal bonds 1,782,024 — 1,782,024 — Other asset backed bonds 4,599,154 — 4,599,154 — U.S. treasury & government agencies 8,303,238 — 8,303,238 — __________ __________ __________ _________

$ 65,808,957 $ — $ 65,808,957 $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $34,492,558 and $38,352,547, respectively, for the year ended December 31, 2015. Interest income Interest income as reported in the accompanying statement of operations is net of amortization of bond discounts/premiums of $250,786 and mortgage-backed securities paydown losses of $70,347.

215




Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 108,605 Class R2 12,331 Class R3 29,582 Class R4 50,108 Class R5 24,425 Class R6 19,068 Class R7 7,265 Class R8 2,372 Class LifeStyle 152,496 $ 406,252

216




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 12,905,121 $ (6,461,867) $ 6,443,254 858,834 (431,633) 427,201 Class R2 963,259 (3,032,444) (2,069,185) 88,230 (279,710) (191,480) Class R3 3,218,003 (4,063,130) (845,127) 298,185 (375,931) (77,746) Class R4 3,287,468 (2,965,893) 321,575 302,482 (272,774) 29,708 Class R5 416,594 (2,352,226) (1,935,632) 38,688 (217,834) (179,146) Class R6 683,286 (1,274,836) (591,550) 63,357 (119,441) (56,084) Class R7 312,074 (746,845) (434,771) 29,376 (70,298) (40,922) Class R8 29,395 (12,516) 16,879 2,791 (1,180) 1,611 Class LifeStyle 5,665,684 (11,673,895) (6,008,211) — — — $ 27,480,884 $ (32,583,652) $ (5,102,768) 1,681,943 (1,768,801) (86,858)

217





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


218

FMT U.S. Government Securities (C.S. McKee) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT U.S. Government Securities (C.S. McKee) Fund




Interest 139,630


Liabilities Cash overdraft 205,757

Trustee fees 5,762



Net assets $ 24,968,631


Units of

Participation NAV

per Unit Net

Assets Class R1 390,806 $ 13.1242 $ 5,129,016

Class R2 82,523 $ 10.3791 856,516

Class R3 92,339 $ 10.3046 951,516

Class R4 144,431 $ 10.2337 1,478,064

Class R5 41,414 $ 10.1712 421,228

Class R6 81,876 $ 10.0741 824,824

Class R7 2,164 $ 10.0223 21,686

Class R8 9,766 $ 9.9314 96,993


$ 24,968,631

219




Investment income

Interest, net $ 537,634

Expenses



Custody fees 12,192

Audit fees 5,725

258,682







Net realized and unrealized gain on investments 204,381

Other operating credits (charges) (177)


220




Operations





Net increase in net assets resulting from operations 483,156








221

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT U.S. Government Securities (C.S. McKee) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or


Collateralized mortgage obligations (0.4%)

Fannie Mae Grantor Trust Series 2001-T10, Class A3, 9.50%, 12/25/2041 34,164 $ 38,963

Fannie Mae REMICS Series G92-30, Class Z, REMIC, 7.00%, 06/25/2022 1,081 1,159

Fannie Mae REMICS Series 1990-21, Class Z, REMIC, 9.00%, 03/25/2020 5,529 6,077

Fannie Mae REMICS Series 1989-22, Class G, REMIC, 10.00%, 05/25/2019 6,450 7,048

FHLMC Structured Pass Through Securities Series T-42, Class A6, 9.50%, 02/25/2042 28,244 34,589 __________

Total collateralized mortgage obligations (Cost $82,891) 87,836


Financial (11.8%) Ally Bank, 1.45%, 10/30/2017 245,000 244,349 American Express Bank FSB, 1.65%, 07/09/2018 245,000 243,695 American Express Centurion Bank, 2.35%, 10/07/2020 248,000 246,847 Barclays Bank Delaware, 0.63%, 05/24/2018 248,000 242,428 BMW Bank of North America, 2.20%, 10/16/2020 248,000 246,783 Capital One Bank USA NA, 1.40%, 10/10/2017 245,000 244,549 Capital One NA, 2.00%, 10/07/2019 245,000 244,116 Compass Bank, 1.90%, 11/06/2018 245,000 245,940 Goldman Sachs Bank USA, 3.10%, 01/14/2025 245,000 249,761 HSBC Bank USA NA, 1.63%, 12/09/2020 245,000 243,003 JPMorgan Chase Bank NA, 1.00%, 02/19/2020 245,000 243,249 Synchrony Bank, 2.85%, 01/23/2025 248,000 252,836 __________ Total Corporate bonds (Cost $2,931,436) 2,947,556

Mortgage pass throughs (0.0%) FHLMC Pool 1B0129 FH, 2.66%, 09/01/2031 297 299 FNMA Pool 545460 FN, 2.51%, 11/01/2031 4,191 4,388 FNMA Pool 635726 FN, 2.27%, 04/01/2032 1,861 1,896 FNMA Pool 675479 FN, 2.84%, 01/01/2033 176 177 __________ Total Mortgage pass throughs (Cost $9,329) 6,760

U.S. treasury & government agencies (88.1%) Federal Farm Credit Banks, 3.17%, 07/21/2025 889,000 889,046

Federal Home Loan Mortgage Corp. Series 0005, 1.00%, 09/30/2020 1,331,000 1,329,175

222




Investments

Principal Amount or


U.S. treasury & government agencies (continued)

Federal Home Loan Mortgage Corp. Series 0002, 1.00%, 11/25/2020 600,000 $ 599,085

Federal Home Loan Mortgage Corp., 1.25%, 10/02/2019 248,000 244,619 Federal Home Loan Mortgage Corp. Series 0001, 1.25%, 05/27/2020 899,000 898,851

Federal National Mortgage Association, 6.00%, 04/18/2036 1,239,000 1,257,985

Federal National Mortgage Association, 6.21%, 06/05/2036 1,150,000 1,232,794

U.S. Treasury Bond, 3.00%, 05/15/2045 1,295,000 1,289,082 U.S. Treasury Bond, 4.50%, 02/15/2036 1,192,000 1,527,622

U.S. Treasury Inflation Protected Security, 0.13%, 04/15/2016 270,458 269,405

U.S. Treasury Inflation Protected Security, 0.13%, 04/15/2018 635,860 634,635

U.S. Treasury Note, 1.38%, 08/31/2020 1,951,000 1,919,753 U.S. Treasury Note, 1.50%, 12/31/2018 1,564,000 1,571,086 U.S. Treasury Note, 2.00%, 05/31/2021 2,551,000 2,568,240 U.S. Treasury Note, 2.25%, 11/30/2017 1,063,000 1,086,502 U.S. Treasury Note, 2.38%, 08/15/2024 1,837,000 1,856,160 U.S. Treasury Note, 2.50%, 08/15/2023 2,511,000 2,576,228 U.S. Treasury Note, 2.75%, 11/15/2023 243,000 253,603 __________

Total U.S. treasury & government agencies (Cost $21,999,634) 22,003,871 __________

Total Investments (Cost $25,023,290) $ 25,046,023 __________ __________

223






Collateralized mortgage obligations $ 87,836 $ — $ 87,836 $ — Corporate bonds 2,947,556 — 2,947,556 — Mortgage pass throughs 6,760 — 6,760 — U.S. treasury & government agencies 22,003,871 — 22,003,871 — __________ __________ __________ _________

$ 25,046,023 $ — $ 25,046,023 $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $72,583,371 and $77,874,360 respectively, for the year ended December 31, 2015. Interest income Interest income as reported in the accompanying statement of operations is net of amortization of bond discounts/premiums of $142,457 and mortgage-backed securities paydown losses of $1,651.

224




Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 17,520 Class R2 7,099 Class R3 6,879 Class R4 11,673 Class R5 11,426 Class R6 9,331 Class R7 418 Class R8 1,153 Class LifeStyle 104,996 $ 170,495

225




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,198,386 $ (1,038,909) $ 159,477 91,603 (79,173) 12,430 Class R2 86,163 (988,546) (902,383) 8,357 (95,109) (86,752) Class R3 118,793 (85,021) 33,772 11,516 (8,265) 3,251 Class R4 874,871 (512,234) 362,637 85,611 (50,209) 35,402 Class R5 784,304 (1,824,522) (1,040,218) 76,994 (179,872) (102,878) Class R6 162,369 (31,827) 130,542 16,090 (3,152) 12,938 Class R7 5,594 (140,745) (135,151) 557 (13,947) (13,390) Class R8 44,044 (6,038) 38,006 4,420 (605) 3,815 Class LifeStyle 4,234,443 (8,962,121) (4,727,678) — — — $ 7,508,967 $ (13,589,963) $ (6,080,996) 295,148 (430,332) (135,184)

226





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.8839 $ 0.1629 $ 0.0774 $ 0.2403 $ 13.1242 1.87 % (0.66) % 1.24 % Class R2 10.2114 0.1073 0.0604 0.1677 10.3791 1.64 % (0.89) % 1.04 % Class R3 10.1554 0.0881 0.0611 0.1492 10.3046 1.47 % (1.05) % 0.86 % Class R4 10.1026 0.0697 0.0614 0.1311 10.2337 1.30 % (1.22) % 0.68 % Class R5 10.0580 0.0531 0.0601 0.1132 10.1712 1.13 % (1.39) % 0.52 % Class R6 9.9788 0.0340 0.0613 0.0953 10.0741 0.96 % (1.56) % 0.34 % Class R7 9.9438 0.0184 0.0601 0.0785 10.0223 0.79 % (1.74) % 0.18 % Class R8 9.8709 (0.0005) 0.0610 0.0605 9.9314 0.61 % (1.90) % (0.01) % (a) Per unit amounts are based on average daily units outstanding.

227

FMT/American Funds Bond Fund of America Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Bond Fund of America Fund




Dividends 14,509





Units of

Participation NAV

per Unit Net

Assets Class R1 386,131 $ 11.6321 $ 4,491,506

Class R2 14,331 $ 10.8227 155,102

Class R3 23,826 $ 10.7677 256,549

Class R4 52,800 $ 10.5632 557,738

Class R5 23,802 $ 10.4844 249,552

Class R6 4,805 $ 10.5216 50,558

Class R7 156 $ 10.2825 1,607

Class R8 783 $ 10.3962 8,138

$ 5,770,750

228




Investment income

Dividends $ 161,415

Expenses

Trustee fees 34,484

Custody fees 2,487

Audit fees 1,200

38,171









229




Operations












230





Mutual fund (99.8%)

American Funds Bond Fund of America R6 Fund (Cost $5,786,256) 457,392 $ 5,758,561 __________ __________



Mutual fund - Core Bond $ 5,758,561 $ 5,758,561 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,614,656 and $4,065,907, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 16,947 Class R2 5,123 Class R3 1,884 Class R4 4,337 Class R5 4,878 Class R6 614 Class R7 24 Class R8 677 $ 34,484

231




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,302,354 $ (3,452,574) $ (150,220) 282,960 (295,750) (12,790) Class R2 217,490 (1,476,306) (1,258,816) 19,954 (136,223) (116,269) Class R3 88,124 (25,946) 62,178 8,070 (2,373) 5,697 Class R4 313,888 (268,412) 45,476 29,300 (25,163) 4,137 Class R5 35,362 (271,627) (236,265) 3,342 (25,518) (22,176) Class R6 3,906 (1,495) 2,411 368 (140) 228 Class R7 210 (157) 53 20 (15) 5 Class R8 8,320 (46,703) (38,383) 792 (4,449) (3,657) $ 3,969,654 $ (5,543,220) $ (1,573,566) 344,806 (489,631) (144,825)

232





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.6118 $ 0.2231 $ (0.2028) $ 0.0203 $ 11.6321 0.17 % (0.40) % 1.91 % Class R2 10.8275 0.1772 (0.1820) (0.0048) 10.8227 (0.04) % (0.61) % 1.62 % Class R3 10.7909 0.1652 (0.1884) (0.0232) 10.7677 (0.22) % (0.80) % 1.52 % Class R4 10.6039 0.1456 (0.1863) (0.0407) 10.5632 (0.38) % (0.97) % 1.37 % Class R5 10.5428 0.1213 (0.1797) (0.0584) 10.4844 (0.55) % (1.13) % 1.15 % Class R6 10.5980 0.1076 (0.1840) (0.0764) 10.5216 (0.72) % (1.31) % 1.01 % Class R7 10.3801 0.0881 (0.1857) (0.0976) 10.2825 (0.94) % (1.52) % 0.85 % Class R8 10.5071 0.0665 (0.1774) (0.1109) 10.3962 (1.06) % (1.64) % 0.63 % (a) Per unit amounts are based on average daily units outstanding.

233

FMT/Delaware High Yield Opportunity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Delaware High Yield Opportunity Fund




Dividends 6,402





Units of

Participation NAV

per Unit Net

Assets Class R1 199,169 $ 14.5219 $ 2,892,314

Class R2 3,820 $ 11.6115 44,356

Class R3 9,367 $ 11.2519 105,391

Class R4 31,192 $ 11.3490 353,997

Class R5 21,767 $ 11.6687 253,993

Class R6 5,851 $ 11.2585 65,876

Class R7 3,288 $ 11.5322 37,918

Class R8 583 $ 10.7692 6,280

$ 3,760,125

234




Investment income

Dividends $ 295,052

Expenses

Trustee fees 24,185

Custody fees 1,792

Audit fees 1,200

27,177








Other operating credits (charges) 21,159


235




Operations













236





Mutual fund (99.9%)

Delaware High Yield Opportunities A Fund (Cost $4,379,406) 1,060,832 $ 3,755,345 __________ __________



Mutual fund - High Yield Bond $ 3,755,345 $ 3,755,345 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $890,604 and $2,017,796, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 12,401 Class R2 2,365 Class R3 1,069 Class R4 2,940 Class R5 3,908 Class R6 912 Class R7 353 Class R8 237 $ 24,185

237




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,133,706 $ (1,725,823) $ (592,117) 72,520 (112,251) (39,731) Class R2 129,005 (868,522) (739,517) 10,209 (68,842) (58,633) Class R3 39,054 (108,304) (69,250) 3,214 (8,735) (5,521) Class R4 407,052 (143,143) 263,909 32,458 (11,880) 20,578 Class R5 131,517 (326,097) (194,580) 10,442 (25,058) (14,616) Class R6 9,413 (14,113) (4,700) 774 (1,138) (364) Class R7 39,897 (1,122) 38,775 3,227 (91) 3,136 Class R8 7,426 (126,436) (119,010) 638 (10,908) (10,270) $ 1,897,070 $ (3,313,560) $ (1,416,490) 133,482 (238,903) (105,421)

238





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


239

FMT/DFA 1 Year Fixed Income Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA 1 Year Fixed Income Fund




Net assets $ 54,603,733


Units of

Participation NAV

per Unit Net

Assets Class R1 807,239 $ 10.0320 $ 8,098,251

Class R2 533,838 $ 9.9379 5,305,229

Class R3 800,013 $ 9.8688 7,895,155

Class R4 703,362 $ 9.8096 6,899,676

Class R5 168,287 $ 9.7365 1,638,521

Class R6 400,606 $ 9.6709 3,874,232

Class R7 131,876 $ 9.5993 1,265,915

Class R8 89,888 $ 9.5349 857,078


$ 54,603,733

240




Investment income

Dividends $ 289,326

Expenses


Custody fees 21,281

Audit fees 1,795

432,570










241

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA 1 Year Fixed Income Fund Statement of Changes in Net Assets



Operations













242






DFA One-Year Fixed-Income Portfolio Fund (Cost $54,880,291) 5,313,940 $ 54,627,301 __________ __________



Mutual fund - Short Duration Bond $ 54,627,301 $ 54,627,301 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $7,698,744 and $21,185,181, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 33,612 Class R2 26,702 Class R3 53,385 Class R4 54,316 Class R5 26,181 Class R6 49,565 Class R7 17,265 Class R8 14,659 Class LifeStyle 133,809 $ 409,494

243

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA 1 Year Fixed Income Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,020,169 $ (8,848,046) $ (6,827,877) 200,932 (880,460) (679,528) Class R2 1,627,089 (412,434) 1,214,655 163,225 (41,398) 121,827 Class R3 3,333,995 (2,717,310) 616,685 336,847 (274,204) 62,643 Class R4 2,784,121 (1,310,715) 1,473,406 282,624 (132,983) 149,641 Class R5 385,153 (1,439,882) (1,054,729) 39,269 (147,266) (107,997) Class R6 2,255,566 (837,183) 1,418,383 231,029 (86,111) 144,918 Class R7 725,757 (881,865) (156,108) 74,959 (90,883) (15,924) Class R8 171,106 (228,980) (57,874) 17,800 (23,861) (6,061) Class LifeStyle 6,173,684 (16,125,803) (9,952,119) — — — $ 19,476,640 $ (32,802,218) $ (13,325,578) 1,346,685 (1,677,166) (330,481)

244





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.0395 $ 0.0094 $ (0.0169) $ (0.0075) $ 10.0320 (0.07) % (0.39) % 0.09 % Class R2 9.9672 (0.0084) (0.0209) (0.0293) 9.9379 (0.29) % (0.61) % (0.08) % Class R3 9.9147 (0.0265) (0.0194) (0.0459) 9.8688 (0.46) % (0.78) % (0.27) % Class R4 9.8720 (0.0413) (0.0211) (0.0624) 9.8096 (0.63) % (0.95) % (0.42) % Class R5 9.8151 (0.0655) (0.0131) (0.0786) 9.7365 (0.80) % (1.12) % (0.67) % Class R6 9.7657 (0.0767) (0.0181) (0.0948) 9.6709 (0.97) % (1.29) % (0.79) % Class R7 9.7098 (0.0916) (0.0189) (0.1105) 9.5993 (1.14) % (1.46) % (0.95) % Class R8 9.6611 (0.1095) (0.0167) (0.1262) 9.5349 (1.31) % (1.63) % (1.14) % (a) Per unit amounts are based on average daily units outstanding.

245

FMT/DFA Five Year Global Fixed Income Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Five Year Global Fixed Income Fund




Net assets $ 13,159,686


Units of

Participation NAV

per Unit Net

Assets Class R1 808,263 $ 11.0759 $ 8,952,258

Class R2 67,752 $ 10.6837 723,846

Class R3 83,982 $ 10.5730 887,944

Class R4 87,230 $ 10.4856 914,662

Class R5 94,702 $ 10.4079 985,650

Class R6 37,359 $ 10.3562 386,900

Class R7 25,701 $ 10.3029 264,796

Class R8 4,281 $ 10.1912 43,630

$ 13,159,686

246




Investment income

Dividends $ 233,178

Expenses

Trustee fees 83,645

Custody fees 5,229

Audit fees 1,200

90,074









247




Operations












248






DFA Five-Year Global Fixed Income Portfolio Fund (Cost $13,293,472) 1,207,870 $ 13,165,783 __________ __________



Mutual fund - Global Bond $ 13,165,783 $ 13,165,783 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,580,156 and $5,121,807, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 30,446 Class R2 4,255 Class R3 18,913 Class R4 7,819 Class R5 10,878 Class R6 6,683 Class R7 3,363 Class R8 1,288 $ 83,645

249




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,667,370 $ (3,841,573) $ (174,203) 329,305 (346,477) (17,172) Class R2 177,057 (214,455) (37,398) 16,547 (20,039) (3,492) Class R3 813,181 (3,221,502) (2,408,321) 76,616 (302,272) (225,656) Class R4 274,727 (54,968) 219,759 26,188 (5,223) 20,965 Class R5 65,259 (90,200) (24,941) 6,241 (8,642) (2,401) Class R6 145,377 (397,186) (251,809) 13,976 (38,071) (24,095) Class R7 92,452 (39,107) 53,345 8,950 (3,778) 5,172 Class R8 8,481 (67,717) (59,236) 828 (6,628) (5,800) $ 5,243,904 $ (7,926,708) $ (2,682,804) 478,651 (731,130) (252,479)

250





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.9608 $ 0.1474 $ (0.0323) $ 0.1151 $ 11.0759 1.05 % (0.39) % 1.33 % Class R2 10.5959 0.1108 (0.0230) 0.0878 10.6837 0.83 % (0.61) % 1.04 % Class R3 10.5038 0.0249 0.0443 0.0692 10.5730 0.66 % (0.78) % 0.23 % Class R4 10.4348 0.0837 (0.0329) 0.0508 10.4856 0.49 % (0.95) % 0.80 % Class R5 10.3751 0.0570 (0.0242) 0.0328 10.4079 0.32 % (1.12) % 0.54 % Class R6 10.3410 0.0175 (0.0023) 0.0152 10.3562 0.15 % (1.29) % 0.17 % Class R7 10.3053 0.0359 (0.0383) (0.0024) 10.3029 (0.02) % (1.46) % 0.35 % Class R8 10.2108 (0.0428) 0.0232 (0.0196) 10.1912 (0.19) % (1.63) % (0.42) % (a) Per unit amounts are based on average daily units outstanding.

251

FMT/DFA Intermediate Term Extended Quality Portfolio Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Intermediate Term Extended Quality Portfolio Fund






Units of

Participation NAV

per Unit Net

Assets Class R1 37,296 $ 10.3940 $ 387,652

Class R2 5,285 $ 11.2853 59,647

Class R4 105,955 $ 10.5702 1,119,968

Class R5 5,741 $ 10.7938 61,965

Class R7 525 $ 10.1081 5,310

$ 1,634,542

252




Investment income

Dividends $ 95,522

Expenses

Trustee fees 18,333

Audit fees 1,200

Custody fees 1,072

20,605









253




Operations












254






DFA Intermediate Term Extended Quality Portfolio Fund (Cost $1,641,636) 156,384 $ 1,635,781 __________ __________



Mutual fund - Global Bond $ 1,635,781 $ 1,635,781 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $543,083 and $2,247,935, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,324 Class R2 476 Class R4 11,034 Class R5 804 Class R6 1,619 Class R7 76 $ 18,333

255




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 322,456 $ (1,396,732) $ (1,074,276) 30,963 (134,960) (103,997) Class R2 12,654 (104,707) (92,053) 1,116 (9,097) (7,981) Class R4 119,569 (216,098) (96,529) 11,269 (20,374) (9,105) Class R5 8,117 (65,085) (56,968) 747 (5,960) (5,213) Class R6 17,238 (476,121) (458,883) 1,551 (43,090) (41,539) $ 480,034 $ (2,258,743) $ (1,778,709) 45,646 (213,481) (167,835)

256





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.3067 $ 0.3091 $ (0.2218) $ 0.0873 $ 10.3940 0.85 % (0.43) % 2.96 % Class R2 11.2151 0.3157 (0.2455) 0.0702 11.2853 0.63 % (0.65) % 2.78 % Class R4 10.5401 0.2829 (0.2528) 0.0301 10.5702 0.29 % (0.99) % 2.66 % Class R5 10.7813 0.2572 (0.2447) 0.0125 10.7938 0.12 % (1.16) % 2.36 % Class R6(b) 10.8069 0.0540 0.1769 0.2309 — 2.14 % (1.34) % 1.50 % Class R7 10.1309 0.2210 (0.2438) (0.0228) 10.1081 (0.23) % (1.50) % 2.16 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 1, 2015 through April 29, 2015.

257

FMT/DFA Short-Term Extended Quality Institutional Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Short-Term Extended Quality Institutional Fund






Units of

Participation NAV

per Unit Net

Assets Class R1 217,873 $ 10.7435 $ 2,340,714

Class R2 73,046 $ 10.0442 733,685

Class R3 42,086 $ 10.2603 431,808

Class R4 6,122 $ 10.1934 62,402

Class R5 84,877 $ 10.1512 861,602

Class R6 10,225 $ 10.0474 102,731

Class R7 1,083 $ 9.9817 10,810

Class R8 4,341 $ 9.9262 43,088

$ 4,586,840

258




Investment income

Dividends $ 104,073

Expenses

Trustee fees 34,910

Custody fees 2,308

Audit fees 1,200

38,418









259




Operations












260






DFA Short-Term Extended Quality Portfolio Fund (Cost $4,634,657) 427,700 $ 4,589,225 ___________ ___________



Mutual fund - Short Duration Bond $ 4,589,225 $ 4,589,225 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,866,764 and $5,613,642, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 13,759 Class R2 4,154 Class R3 3,979 Class R4 947 Class R5 9,851 Class R6 1,414 Class R7 146 Class R8 660 $ 34,910

261




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,577,972 $ (4,896,932) $ (1,318,960) 333,796 (455,076) (121,280) Class R2 226,230 (164,493) 61,737 22,474 (16,349) 6,125 Class R3 33,689 (461,486) (427,797) 3,277 (44,789) (41,512) Class R4 38,206 (57,293) (19,087) 3,719 (5,614) (1,895) Class R5 94,435 (185,320) (90,885) 9,255 (18,158) (8,903) Class R6 5,589 (26,785) (21,196) 554 (2,645) (2,091) Class R7 1,883 (1,053) 830 188 (105) 83 Class R8 4,669 (877) 3,792 467 (87) 380 $ 3,982,673 $ (5,794,239) $ (1,811,566) 373,730 (542,823) (169,093)

262





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.6641 $ 0.1278 $ (0.0484) $ 0.0794 $ 10.7435 0.74 % (0.40) % 1.19 % Class R2 9.9919 0.1093 (0.0570) 0.0523 10.0442 0.52 % (0.63) % 1.09 % Class R3 10.2242 0.0883 (0.0522) 0.0361 10.2603 0.35 % (0.80) % 0.86 % Class R4 10.1751 0.0828 (0.0645) 0.0183 10.1934 0.18 % (0.96) % 0.81 % Class R5 10.1499 0.0570 (0.0557) 0.0013 10.1512 0.01 % (1.14) % 0.56 % Class R6 10.0632 0.0385 (0.0543) (0.0158) 10.0474 (0.16) % (1.31) % 0.38 % Class R7 10.0147 0.0244 (0.0574) (0.0330) 9.9817 (0.33) % (1.48) % 0.24 % Class R8 9.9757 0.0075 (0.0570) (0.0495) 9.9262 (0.50) % (1.65) % 0.07 % (a) Per unit amounts are based on average daily units outstanding.

263

FMT/DFA Two Year Global Fixed Income Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Two Year Global Fixed Income Fund




Net assets $ 13,953,371


Units of

Participation NAV

per Unit Net

Assets Class R1 244,761 $ 10.0623 $ 2,462,862

Class R2 217,065 $ 9.9716 2,164,482

Class R3 251,875 $ 9.9002 2,493,612

Class R4 274,624 $ 9.8393 2,702,108

Class R5 129,212 $ 9.7657 1,261,850

Class R6 168,697 $ 9.7003 1,636,407

Class R7 98,446 $ 9.6330 948,326

Class R8 29,645 $ 9.5706 283,724

$ 13,953,371

264




Investment income

Dividends $ 3,388

Expenses


Custody fees 5,325

Audit fees 1,200

129,233









265




Operations












266






DFA Two Year Global Fixed Income Portfolio Fund (Cost $14,173,645) 1,406,178 $ 13,963,344 ___________ ___________



Mutual fund - Global Bond $ 13,963,344 $ 13,963,344 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,052,427 and $4,040,784, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 11,717 Class R2 11,623 Class R3 19,205 Class R4 22,025 Class R5 16,142 Class R6 23,084 Class R7 12,968 Class R8 5,944 $ 122,708

267




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 541,968 $ (2,339,152) $ (1,797,184) 53,741 (231,983) (178,242) Class R2 536,046 (271,522) 264,524 53,564 (27,145) 26,419 Class R3 615,465 (1,020,784) (405,319) 61,945 (102,586) (40,641) Class R4 844,102 (437,786) 406,316 85,415 (44,265) 41,150 Class R5 201,402 (476,302) (274,900) 20,501 (48,591) (28,090) Class R6 824,672 (750,259) 74,413 84,186 (76,820) 7,366 Class R7 396,204 (395,921) 283 40,802 (40,682) 120 Class R8 61,832 (191,112) (129,280) 6,405 (19,840) (13,435) $ 4,021,691 $ (5,882,838) $ (1,861,147) 406,559 (591,912) (185,353)

268





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.0692 $ (0.0374) $ 0.0305 $ (0.0069) $ 10.0623 (0.07) % (0.39) % (0.37) % Class R2 10.0003 (0.0592) 0.0305 (0.0287) 9.9716 (0.29) % (0.61) % (0.59) % Class R3 9.9456 (0.0757) 0.0303 (0.0454) 9.9002 (0.46) % (0.78) % (0.76) % Class R4 9.9013 (0.0921) 0.0301 (0.0620) 9.8393 (0.63) % (0.95) % (0.93) % Class R5 9.8439 (0.1082) 0.0300 (0.0782) 9.7657 (0.79) % (1.12) % (1.10) % Class R6 9.7946 (0.1241) 0.0298 (0.0943) 9.7003 (0.96) % (1.29) % (1.27) % Class R7 9.7432 (0.1399) 0.0297 (0.1102) 9.6330 (1.13) % (1.46) % (1.44) % Class R8 9.6966 (0.1555) 0.0295 (0.1260) 9.5706 (1.30) % (1.63) % (1.61) % (a) Per unit amounts are based on average daily units outstanding.

269

FMT/FFTW U.S. TIPS Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/FFTW U.S. TIPS Fund



Expenses


Custody fees 7,537

Audit fees 1,450

139,736





Net realized loss from investments sold (1,155,065)





270




Operations












Net assets at end of year $ —

271




Specific Fund Disclosures Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,173,355 and $25,319,853, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows:

Class LifeStyle $ 130,749

272




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class LifeStyle $ 5,110,587 $ (29,102,265) $ (23,991,678) — — —

The Fund had no direct plan/participant investors during the period. All participant investors in this Fund were "funds of funds".

273

FMT/Global Diversified Bond Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Global Diversified Bond Fund Statement of Assets and Liabilities

December 31, 2015


Assets Investments in securities, at fair value $ 26,509,959 Cash equivalents 1,207,613

Receivables

Dividends and interest 40,057


Liabilities Investments purchased 1,171,500

Trustee fees 153

Total liabilities 1,171,653

Net assets $ 26,585,976


Units of

Participation NAV

per Unit Net

Assets Class R3 31 $ 10.0067 $ 313

Class R4 20,440 $ 9.8157 200,634


$ 26,585,976

274

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Global Diversified Bond Fund



Investment income

Dividends (net of foreign withholding taxes of $48) $ 809,885

Interest 1,545

811,430

Expenses


Custody fees 30,118

Audit fees 2,600

211,386










275

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Global Diversified Bond Fund Statement of Changes in Net Assets



Operations













276





Exchange-traded funds (99.7%) Schwab U.S. Aggregate Bond ETF 236,969 $ 12,201,534 SPDR Barclays High Yield Bond ETF 109,275 3,705,515 Vanguard Emerging Markets Government Bond ETF 50,050 3,708,204 Vanguard Total International Bond ETF 130,384 6,894,706 __________ Total Investments (Cost $27,134,360) $ 26,509,959 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Exchange-traded funds - Global Bonds $ 26,509,959 $ 26,509,959 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $7,136,408 and $12,892,897, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R4 $ 1,540 Class LifeStyle 177,128 $ 178,668

277

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Global Diversified Bond Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R3 $ 313 $ — $ 313 31 31 Class R4 204,242 (11) 204,231 20,441 (1) 20,440 Class LifeStyle 6,983,728 (14,580,736) (7,597,008) — — — $ 7,188,283 $ (14,580,747) $ (7,392,464) 20,472 (1) 20,471

278





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R3(b) $ 10.0000 $ 0.0357 $ (0.0290) $ 0.0067 $ 10.0067 0.07 % (0.73) % 14.58 % Class R4(c) 10.0000 0.1457 (0.3300) (0.1843) 9.8157 (1.84) % (1.01) % 1.66 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from December 23, 2015 (commencement of this class) through December

31, 2015.

(c) For the period from February 13, 2015 (commencement of this class) through December 31, 2015.

279

FMT/Loomis Sayles Bond Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Loomis Sayles Bond Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 43,610 $ 9.2398 $ 402,944

Class R6 4,126 $ 9.4204 38,873

$ 441,817

280

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Loomis Sayles Bond Fund



Investment income

Dividends $ 22,821

Expenses

Trustee fees 780

Audit fees 600

Custody fees 31

1,411





Net realized loss from investments sold (656)





281




Operations











Net assets at beginning of year —


282





Mutual fund (100.0%) Loomis Sayles Bond Fund (Cost $480,509) 34,315 $ 441,979 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Core Bond $ 441,979 $ 441,979 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $507,763 and $26,598 respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 494 Class R6 286 $ 780

283




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 419,016 $ (1,360) $ 417,656 43,753 (143) 43,610 Class R6 66,714 (24,968) 41,746 6,696 (2,570) 4,126 $ 485,730 $ (26,328) $ 459,402 50,449 (2,713) 47,736

284





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1(b) $ 10.0000 $ 0.8543 $ (1.6145) $ (0.7602) $ 9.2398 (7.60) % (0.73) % 14.03 % Class R6(c) 10.0000 0.3912 (0.9708) (0.5796) 9.4204 (5.80) % (1.67) % 7.94 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from May 11, 2015 (commencement of this class) through December 31,

2015.

(c) For the period from June 30, 2015 (commencement of this class) through December 31, 2015.

285

FMT/MetWest Total Return Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/MetWest Total Return Fund Statement of Assets and Liabilities

December 31, 2015



Dividends 69,695



Net assets $ 49,085,492


Units of

Participation NAV

per Unit Net

Assets Class R1 679,742 $ 10.0222 $ 6,812,528

Class R2 1,235,387 $ 9.9617 12,306,515

Class R3 131,253 $ 9.9444 1,305,230

Class R4 524,092 $ 9.8862 5,181,291

Class R5 210,014 $ 9.9089 2,081,009

Class R6 63,060 $ 9.8913 623,746

Class R7 33,254 $ 9.8416 327,273

Class R8 12,176 $ 9.8775 120,267


$ 49,085,492

286

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/MetWest Total Return Fund



Investment income

Dividends $ 1,216,935

Expenses


Custody fees 11,674

Audit fees 1,451

274,002










287




Operations













288





Mutual fund (99.9%) MetWest Total Return Bond Fund (Cost $49,031,480) 4,616,931 $ 49,031,802 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Core Bond $ 49,031,802 $ 49,031,802 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $102,641,252 and $56,580,344, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 19,340 Class R2 60,478 Class R3 11,278 Class R4 41,897 Class R5 20,382 Class R6 7,127 Class R7 2,556 Class R8 445 Class LifeStyle 97,374 $ 260,877

289




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 8,476,390 $ (2,026,551) $ 6,449,839 837,751 (201,633) 636,118 Class R2 13,008,275 (1,329,497) 11,678,778 1,291,288 (132,794) 1,158,494 Class R3 1,838,393 (2,762,580) (924,187) 183,008 (275,738) (92,730) Class R4 6,379,995 (1,113,705) 5,266,290 635,869 (111,777) 524,092 Class R5 1,739,626 (663,265) 1,076,361 173,303 (65,970) 107,333 Class R6 340,460 (9,263) 331,197 33,860 (932) 32,928 Class R7 356,274 (25,231) 331,043 35,791 (2,537) 33,254 Class R8 121,283 (97) 121,186 12,186 (10) 12,176 Class LifeStyle 28,348,498 (7,625,921) 20,722,577 — — — $ 60,609,194 $ (15,556,110) $ 45,053,084 3,203,056 (791,391) 2,411,665

290





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.0361 $ 0.2875 $ (0.3014) $ (0.0139) $ 10.0222 (0.14) % (0.38) % 2.85 % Class R2 9.9975 0.2558 (0.2916) (0.0358) 9.9617 (0.36) % (0.60) % 2.55 % Class R3 9.9968 0.1963 (0.2487) (0.0524) 9.9444 (0.52) % (0.77) % 1.95 % Class R4(b) 10.0000 0.2174 (0.3312) (0.1138) 9.8862 (1.14) % (0.94) % 2.21 % Class R5 9.9953 0.1987 (0.2851) (0.0864) 9.9089 (0.86) % (1.11) % 1.99 % Class R6 9.9945 0.1797 (0.2829) (0.1032) 9.8913 (1.03) % (1.28) % 1.80 % Class R7(c) 10.0000 0.1982 (0.3566) (0.1584) 9.8416 (1.58) % (1.45) % 2.40 % Class R8(d) 10.0000 0.2874 (0.4099) (0.1225) 9.8775 (1.23) % (1.61) % 4.96 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 6, 2015 (commencement of this class) through December 31,

2015.

(c) For the period from March 3, 2015 (commencement of this class) through December 31, 2015.

(d) For the period from June 2, 2015 (commencement of this class) through December 31, 2015.

291

FMT/PIMCO High Yield Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/PIMCO High Yield Fund




Dividends 39,760





Units of

Participation NAV

per Unit Net

Assets Class R1 232,371 $ 19.5099 $ 4,533,523

Class R2 3,645 $ 12.1745 44,374

Class R3 62,653 $ 11.8106 739,973

Class R4 51,808 $ 12.1753 630,783

Class R5 62,195 $ 11.8541 737,271

Class R6 41,818 $ 11.7420 491,030

Class R7 37,067 $ 11.7588 435,866

Class R8 17,054 $ 11.4178 194,717

$ 7,807,537

292




Investment income

Dividends $ 676,014

Expenses

Trustee fees 56,124

Custody fees 3,056

Audit fees 1,200

60,380









293




Operations












294





Mutual fund (99.5%) PIMCO High Yield Institutional Fund (Cost $8,694,304) 940,933 $ 7,772,104 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - High Yield Bond $ 7,772,104 $ 7,772,104 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,718,169 and $3,277,945, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 17,069 Class R2 534 Class R3 6,102 Class R4 6,251 Class R5 8,598 Class R6 5,988 Class R7 8,026 Class R8 3,556 $ 56,124

295




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,942,935 $ (2,630,131) $ (687,196) 95,594 (129,148) (33,554) Class R2 3,627 (115,200) (111,573) 287 (9,158) (8,871) Class R3 237,665 (318,894) (81,229) 19,354 (25,961) (6,607) Class R4 217,666 (323,906) (106,240) 17,234 (25,325) (8,091) Class R5 188,399 (216,742) (28,343) 15,380 (17,673) (2,293) Class R6 358,233 (279,355) 78,878 28,833 (22,616) 6,217 Class R7 19,638 (215,540) (195,902) 1,588 (17,539) (15,951) Class R8 72,501 (126,311) (53,810) 6,057 (10,736) (4,679) $ 3,040,664 $ (4,226,079) $ (1,185,415) 184,327 (258,156) (73,829)

296





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


297

FMT/PIMCO Total Return Institutional Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/PIMCO Total Return Institutional Fund




Dividends 230,719



Net assets $ 80,849,188


Units of

Participation NAV

per Unit Net

Assets Class R1 1,985,603 $ 16.9265 $ 33,609,276

Class R2 505,258 $ 11.2722 5,695,387

Class R3 782,491 $ 11.1837 8,751,124

Class R4 891,680 $ 11.1940 9,981,499

Class R5 488,693 $ 11.1174 5,433,015

Class R6 376,509 $ 11.0085 4,144,795

Class R7 85,643 $ 10.8685 930,814

Class R8 163,883 $ 10.7910 1,768,463


$ 80,849,188

298




Investment income


Expenses


Custody fees 41,883

Audit fees 1,477

719,360










299




Operations













300





Mutual fund (99.8%)

PIMCO Total Return Institutional Fund (Cost $87,476,556) 8,009,728 $ 80,657,959 __________ __________



Mutual fund - Core Bond $ 80,657,959 $ 80,657,959 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $10,825,380 and $88,934,822 respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 148,898 Class R2 38,326 Class R3 67,002 Class R4 105,473 Class R5 89,259 Class R6 62,813 Class R7 18,553 Class R8 32,937 Class LifeStyle 112,739 $ 676,000

301




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 9,104,693 $ (33,548,368) $ (24,443,675) 534,050 (1,962,711) (1,428,661) Class R2 2,559,420 (14,543,345) (11,983,925) 225,560 (1,274,661) (1,049,101) Class R3 4,674,408 (5,724,343) (1,049,935) 414,793 (507,674) (92,881) Class R4 7,141,982 (12,907,913) (5,765,931) 630,919 (1,137,408) (506,489) Class R5 1,456,266 (8,102,327) (6,646,061) 129,366 (722,253) (592,887) Class R6 961,585 (2,947,979) (1,986,394) 86,375 (264,536) (178,161) Class R7 207,260 (1,216,101) (1,008,841) 18,802 (110,279) (91,477) Class R8 418,925 (1,605,317) (1,186,392) 38,303 (146,007) (107,704) Class LifeStyle 4,094,766 (33,154,963) (29,060,197) — — — $ 30,619,305 $ (113,750,656) $ (83,131,351) 2,078,168 (6,125,529) (4,047,361)

302





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 16.8713 $ 0.8615 $ (0.8063) $ 0.0552 $ 16.9265 0.33 % (0.39) % 5.06 % Class R2 11.2602 0.5707 (0.5587) 0.0120 11.2722 0.11 % (0.61) % 5.03 % Class R3 11.1907 0.6023 (0.6093) (0.0070) 11.1837 (0.06) % (0.79) % 5.34 % Class R4 11.2201 0.5333 (0.5594) (0.0261) 11.1940 (0.23) % (0.95) % 4.72 % Class R5 11.1623 0.4519 (0.4968) (0.0449) 11.1174 (0.40) % (1.12) % 4.02 % Class R6 11.0717 0.4776 (0.5408) (0.0632) 11.0085 (0.57) % (1.29) % 4.29 % Class R7 10.9494 0.4074 (0.4883) (0.0809) 10.8685 (0.74) % (1.46) % 3.70 % Class R8 10.8898 0.4403 (0.5391) (0.0988) 10.7910 (0.91) % (1.63) % 4.03 % (a) Per unit amounts are based on average daily units outstanding.

303

FMT/T. Rowe Price International Bond Fund


FMT/T. Rowe Price International Bond Fund Statement of Assets and Liabilities

December 31, 2015



Dividends 3,094





Units of

Participation NAV

per Unit Net

Assets Class R1 128,786 $ 10.3023 $ 1,326,782

Class R2 37,027 $ 8.9558 331,607

Class R3 34,881 $ 9.0811 316,752

Class R4 19,938 $ 9.0467 180,371

Class R5 10,477 $ 8.9459 93,727

Class R6 11,595 $ 8.9158 103,382

Class R7 2,115 $ 8.8412 18,701

Class R8 70 $ 8.6180 603

$ 2,371,925

304


FMT/T. Rowe Price International Bond Fund Statement of Operations



Investment income

Dividends $ 63,940

Expenses

Trustee fees 17,659

Custody fees 1,304

Audit fees 1,200

20,163










305


FMT/T. Rowe Price International Bond Fund Statement of Changes in Net Assets



Operations













306

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/T. Rowe Price International Bond Fund




Mutual fund (99.9%) T. Rowe Price International Bond Fund (Cost $2,756,348) 286,572 $ 2,369,947 __________ __________ Specific Fund Disclosures

Fair value



Mutual fund - International Bond $ 2,369,947 $ 2,369,947 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________




307


FMT/T. Rowe Price International Bond Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 366,614 $ (2,020,797) $ (1,654,183) 34,287 (191,793) (157,506) Class R2 58,223 (15,332) 42,891 6,316 (1,677) 4,639 Class R3 83,286 (337,893) (254,607) 8,810 (35,927) (27,117) Class R4 161,722 (154,595) 7,127 17,194 (16,889) 305 Class R5 48,266 (362,112) (313,846) 5,272 (38,570) (33,298) Class R6 38,835 (20,517) 18,318 4,282 (2,201) 2,081 Class R7 1,093 (46,604) (45,511) 118 (4,989) (4,871) Class R8 355 (11,689) (11,334) 39 (1,270) (1,231) $ 758,394 $ (2,969,539) $ (2,211,145) 76,318 (293,316) (216,998)

308


FMT/T. Rowe Price International Bond Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


309

FMT/Templeton International Bond Fund


FMT/Templeton International Bond Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 18,716,239


Units of

Participation NAV

per Unit Net

Assets Class R1 374,747 $ 9.6632 $ 3,621,247

Class R2 30,993 $ 10.3197 319,839

Class R3 73,172 $ 9.6867 708,795

Class R4 42,138 $ 10.1351 427,075

Class R5 27,980 $ 9.9943 279,639

Class R6 37,662 $ 9.9256 373,814

Class R7 8,234 $ 9.8941 81,464

Class R8 47 $ 12.5711 596


$ 18,716,239

310


FMT/Templeton International Bond Fund Statement of Operations



Investment income

Dividends $ 553,724

Expenses


Custody fees 7,379

Audit fees 1,419

131,332









Net decrease in net assets resulting from operations $ (1,274,829)

311


FMT/Templeton International Bond Fund Statement of Changes in Net Assets



Operations





Net decrease in net assets resulting from operations (1,274,829)








312

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Templeton International Bond Fund




Mutual fund (100.0%) Templeton International Bond A Fund (Cost $21,218,189) 1,871,899 $ 18,718,993 __________ __________ Specific Fund Disclosures

Fair value



Mutual fund - International Bond $ 18,718,993 $ 18,718,993 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,374,864 and $5,745,246, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,984 Class R2 3,840 Class R3 5,574 Class R4 4,187 Class R5 3,747 Class R6 4,515 Class R7 1,027 Class R8 1 Class LifeStyle 88,659 $ 122,534

313


FMT/Templeton International Bond Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,718,247 $ (1,846,352) $ 871,895 269,963 (182,649) 87,314 Class R2 327,534 (822,970) (495,436) 30,191 (76,503) (46,312) Class R3 357,867 (388,427) (30,560) 35,574 (38,329) (2,755) Class R4 407,156 (395,773) 11,383 38,492 (37,708) 784 Class R5 194,016 (311,802) (117,786) 18,333 (29,682) (11,349) Class R6 94,524 (58,416) 36,108 9,114 (5,566) 3,548 Class R7 55,926 (44,961) 10,965 5,369 (4,283) 1,086 Class R8 507 (57,231) (56,724) 47 (5,555) (5,508) Class LifeStyle 4,368,970 (6,519,515) (2,150,545) — — — $ 8,524,747 $ (10,445,447) $ (1,920,700) 407,083 (380,275) 26,808

314


FMT/Templeton International Bond Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment Income

(Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.2465 $ 0.2929 $ (0.8762) $ (0.5833) $ 9.6632 (5.69) % (0.39) % 2.95 % Class R2 10.9669 0.2966 (0.9438) (0.6472) 10.3197 (5.90) % (0.61) % 2.75 % Class R3 10.3117 0.2577 (0.8827) (0.6250) 9.6867 (6.06) % (0.78) % 2.56 % Class R4 10.8074 0.2503 (0.9226) (0.6723) 10.1351 (6.22) % (0.95) % 2.40 % Class R5 10.6755 0.2314 (0.9126) (0.6812) 9.9943 (6.38) % (1.12) % 2.22 % Class R6 10.6201 0.2108 (0.9053) (0.6945) 9.9256 (6.54) % (1.29) % 2.05 % Class R7 10.6046 0.1904 (0.9009) (0.7105) 9.8941 (6.70) % (1.46) % 1.85 % Class R8(b) 10.3026 0.0000 0.0000 0.0000 10.3026 (0.00) % 0.00 % 0.00 % Class R8(c) 10.0000 0.0000 2.5711 2.5711 12.5711 25.71 % (1.60) % 0.00 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 1, 2015 through January 2, 2015.

(c) For the period from December 4, 2015 (recommencement of this class) through December

31, 2015.

315

FMT/Vanguard GNMA Fund


FMT/Vanguard GNMA Fund Statement of Assets and Liabilities

December 31, 2015



Dividends 50,432


Liabilities Investments purchased 60,869

Trustee fees 13,821


Net assets $ 23,323,140


Units of

Participation NAV

per Unit Net

Assets Class R1 438,003 $ 14.5081 $ 6,354,580

Class R2 303,711 $ 10.5699 3,210,203

Class R3 748,925 $ 10.4847 7,852,209

Class R4 228,274 $ 10.4615 2,388,087

Class R5 181,185 $ 10.3902 1,882,556

Class R6 83,936 $ 10.2659 861,682

Class R7 26,367 $ 10.2473 270,190

Class R8 49,543 $ 10.1655 503,633

$ 23,323,140

316


FMT/Vanguard GNMA Fund Statement of Operations



Investment income

Dividends $ 677,518

Expenses


Custody fees 8,096

Audit fees 1,200

167,360









317


FMT/Vanguard GNMA Fund Statement of Changes in Net Assets



Operations












318

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard GNMA Fund





Vanguard GNMA Fund Admiral Shares (Cost $23,500,945) 2,190,187 $ 23,347,398 __________ __________


Fair value


Total Level 1 Level 2 Level 3 Mutual fund - Government Bond $ 23,347,398 $ 23,347,398 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $8,660,148 and $8,476,576, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 28,020 Class R2 17,981 Class R3 45,470 Class R4 20,651 Class R5 21,256 Class R6 13,785 Class R7 3,629 Class R8 7,272 $ 158,064

319


FMT/Vanguard GNMA Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,811,239 $ (7,334,686) $ (3,523,447) 263,810 (508,312) (244,502) Class R2 669,731 (500,385) 169,346 63,493 (47,418) 16,075 Class R3 4,212,5 (1,042,446) 3,170,053 402,089 (99,900) 302,189 Class R4 1,306,944 (862,780) 444,164 124,958 (82,457) 42,501 Class R5 696,317 (826,759) (130,442) 66,644 (79,573) (12,929) Class R6 292,567 (900,958) (608,391) 28,480 (87,426) (58,946) Class R7 71,276 (50,404) 20,872 6,949 (4,916) 2,033 Class R8 160,442 (86,474) 73,968 15,757 (8,490) 7,267 $ 11,221,015 $ (11,604,892) $ (383,877) 972,180 (918,492) 53,688

320


FMT/Vanguard GNMA Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment Income

(Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.3654 $ 0.3664 $ (0.2237) $ 0.1427 $ 14.5081 0.99 % (0.39) % 2.53 % Class R2 10.4890 0.2411 (0.1602) 0.0809 10.5699 0.77 % (0.61) % 2.29 % Class R3 10.4221 0.2189 (0.1563) 0.0626 10.4847 0.60 % (0.78) % 2.09 % Class R4 10.4167 0.2039 (0.1591) 0.0448 10.4615 0.43 % (0.95) % 1.95 % Class R5 10.3633 0.1850 (0.1581) 0.0269 10.3902 0.26 % (1.12) % 1.78 % Class R6 10.2568 0.1681 (0.1590) 0.0091 10.2659 0.09 % (1.29) % 1.63 % Class R7 10.2555 0.1470 (0.1552) (0.0082) 10.2473 (0.08) % (1.46) % 1.43 % Class R8 10.1910 0.1284 (0.1539) (0.0255) 10.1655 (0.25) % (1.63) % 1.26 % (a) Per unit amounts are based on average daily units outstanding.

321

FMT/Vanguard Inflation Protected Securities Fund


FMT/Vanguard Inflation Protected Securities Fund Statement of Assets and Liabilities

December 31, 2015



Cash overdraft 468


Net assets $ 40,001,273


Units of

Participation NAV

per Unit Net

Assets Class R1 575,593 $ 12.2456 $ 7,048,506

Class R2 238,575 $ 9.6604 2,304,723

Class R3 354,749 $ 9.5884 3,401,467

Class R4 353,593 $ 9.5396 3,373,124

Class R5 134,375 $ 9.4889 1,275,071

Class R6 147,091 $ 9.4143 1,384,754

Class R7 56,534 $ 9.3586 529,078

Class R8 47,635 $ 9.2736 441,745


$ 40,001,273

322


FMT/Vanguard Inflation Protected Securities Fund Statement of Operations



Investment income

Dividends $ 347,931

Expenses


Custody fees 8,639

Audit fees 1,627

165,511










323


FMT/Vanguard Inflation Protected Securities Fund Statement of Changes in Net Assets



Operations













324

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Inflation Protected Securities Fund





Vanguard Inflation Protected Securities Fund Admiral Shares (Cost $41,396,952) 1,587,212 $ 40,013,613 __________ __________


Fair value



Mutual fund - Treasury Inflation Protected Securitites $ 40,013,613 $ 40,013,613 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $23,953,279 and $7,021,619, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 29,720 Class R2 13,109 Class R3 25,125 Class R4 30,751 Class R5 16,535 Class R6 17,061 Class R7 6,453 Class R8 8,032 Class LifeStyle 8,459 $ 155,245

325


FMT/Vanguard Inflation Protected Securities Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,305,622 $ (5,166,322) $ (1,860,700) 264,280 (414,869) (150,589) Class R2 861,009 (698,507) 162,502 87,175 (70,817) 16,358 Class R3 899,518 (892,733) 6,785 92,275 (90,913) 1,362 Class R4 1,731,998 (1,436,483) 295,515 178,070 (147,269) 30,801 Class R5 530,781 (1,100,093) (569,312) 54,579 (113,622) (59,043) Class R6 1,013,540 (676,447) 337,093 103,631 (69,436) 34,195 Class R7 358,066 (323,682) 34,384 37,155 (32,875) 4,280 Class R8 129,615 (253,202) (123,587) 13,646 (26,612) (12,966) Class LifeStyle 19,788,210 (1,319,938) 18,468,272 — — — $ 28,618,359 $ (11,867,407) $ 16,750,952 830,811 (966,413) (135,602)

326


FMT/Vanguard Inflation Protected Securities Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.5064 $ 0.0460 $ (0.3068) $ (0.2608) $ 12.2456 (2.09) % (0.39) % 0.37 % Class R2 9.8878 0.0238 (0.2512) (0.2274) 9.6604 (2.30) % (0.61) % 0.24 % Class R3 9.8307 0.0099 (0.2522) (0.2423) 9.5884 (2.46) % (0.78) % 0.10 % Class R4 9.7973 (0.0072) (0.2505) (0.2577) 9.5396 (2.63) % (0.95) % (0.07) % Class R5 9.7618 (0.0340) (0.2389) (0.2729) 9.4889 (2.80) % (1.12) % (0.35) % Class R6 9.7015 (0.0391) (0.2481) (0.2872) 9.4143 (2.96) % (1.29) % (0.41) % Class R7 9.6606 (0.0431) (0.2589) (0.3020) 9.3586 (3.13) % (1.46) % (0.45) % Class R8 9.5890 (0.0824) (0.2330) (0.3154) 9.2736 (3.29) % (1.63) % (0.86) % (a) Per unit amounts are based on average daily units outstanding.

327

FMT/Vanguard Total Bond Market Index Fund


FMT/Vanguard Total Bond Market Index Fund Statement of Assets and Liabilities

December 31, 2015



Dividends 83,961



Net assets $ 48,147,087


Units of

Participation NAV

per Unit Net

Assets Class R1 1,621,456 $ 12.4936 $ 20,257,836

Class R2 284,890 $ 10.6330 3,029,225

Class R3 1,157,186 $ 10.5598 12,219,700

Class R4 188,736 $ 10.4979 1,981,336

Class R5 289,336 $ 10.4570 3,025,580

Class R6 190,491 $ 10.3482 1,971,243

Class R7 67,154 $ 10.2831 690,549

Class R8 46,701 $ 10.1805 475,444


$ 48,147,087

328


FMT/Vanguard Total Bond Market Index Fund Statement of Operations



Investment income


Expenses


Custody fees 17,737

Audit fees 2,310

327,879










329


FMT/Vanguard Total Bond Market Index Fund Statement of Changes in Net Assets



Operations













330


FMT/Vanguard Total Bond Market Index Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015



Mutual fund (99.9%)

Vanguard Total Bond Market Index Fund Admiral Shares (Cost $48,503,452) 4,519,355 $ 48,085,942 __________ __________


Fair value



Mutual fund - Core Bond $ 48,085,942 $ 48,085,942 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $12,429,572 and $15,379,014, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 72,960 Class R2 26,277 Class R3 87,693 Class R4 19,276 Class R5 30,973 Class R6 25,285 Class R7 8,011 Class R8 9,658 Class LifeStyle 27,699 $ 307,832

331


FMT/Vanguard Total Bond Market Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 7,077,655 $ (8,403,046) $ (1,325,391) 563,369 (668,760) (105,391) Class R2 4,280,751 (5,337,653) (1,056,902) 399,485 (499,263) (99,778) Class R3 5,809,674 (3,962,350) 1,847,324 545,632 (371,304) 174,328 Class R4 971,590 (2,006,460) (1,034,870) 91,423 (189,034) (97,611) Class R5 1,217,126 (1,239,914) (22,788) 115,590 (117,102) (1,512) Class R6 594,706 (544,117) 50,589 56,763 (52,035) 4,728 Class R7 413,269 (122,228) 291,041 39,754 (11,819) 27,935 Class R8 158,863 (837,647) (678,784) 15,436 (81,261) (65,825) Class LifeStyle 1,273,374 (3,242,560) (1,969,186) — — — $ 21,797,008 $ (25,695,975) $ (3,898,967) 1,827,452 (1,990,578) (163,126)

332


FMT/Vanguard Total Bond Market Index Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


333

FMT Balanced Opportunities (Aristotle) Fund


FMT Balanced Opportunities (Aristotle) Fund Statement of Assets and Liabilities

December 31, 2015



Receivables


Investments sold 1,642

Dividend tax reclaim 364



Trustee fees 1,331

Sub-advisor fees 908




Units of

Participation NAV

per Unit Net

Assets Class R1 65,457 $ 14.5752 $ 954,046

Class R2 20,860 $ 9.8760 206,014

Class R4 16,324 $ 11.0663 180,645

Class R5 11,785 $ 13.6295 160,625

Class R6 46,032 $ 13.4212 617,808

$ 2,119,138

334


FMT Balanced Opportunities (Aristotle) Fund Statement of Operations



Investment income


Interest (net of amortization of bond discounts/premiums of $17,504) 74,928

189,191

Expenses


Trustee fees 41,090

Custody fees 17,564

Audit fees 5,400

111,234









335


FMT Balanced Opportunities (Aristotle) Fund Statement of Changes in Net Assets



Operations












336

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Balanced Opportunities (Aristotle) Fund



Investments

Principal Amount or


Common stocks (50.2%)

Basic Material (1.5%) Dow Chemical Co./The 600 $ 30,888

Communication (1.4%) Time Warner, Inc. 450 29,102

Consumer, Cyclical (5.6%) Lennar Corp. Class A 700 34,237 Lowe's Cos., Inc. 600 45,624 Walgreens Boots Alliance, Inc. 450 38,320 __________ 118,181

Consumer, Non-cyclical (10.5%) AbbVie, Inc. 550 32,582 Archer-Daniels-Midland Co. 675 24,759 Baxter International, Inc. 1,002 38,226 Coty, Inc. Class A 750 19,223 Hershey Co./The 200 17,854 Medtronic PLC 500 38,460 Mondelez International, Inc. Class A 700 31,388 PayPal Holdings, Inc. 550 19,910 __________ 222,402

Energy (3.4%) Halliburton Co. 600 20,424 Phillips 66 400 32,720 Pioneer Natural Resources Co. 150 18,807 __________ 71,951

Financial (8.2%) ACE Ltd. 277 32,367 Bank of America Corp. 2,200 37,026 BOK Financial Corp. 300 17,937 First Republic Bank/CA 450 29,727 JPMorgan Chase & Co. 500 33,015 M&T Bank Corp. 200 24,236 __________ 174,308

Industrial (8.0%) Deere & Co. 250 19,067 General Dynamics Corp. 250 34,340

337




Investments

Principal Amount or


Common stocks (continued)

Industrial (continued) General Electric Co. 1,100 $ 34,265 Illinois Tool Works, Inc. 300 27,804 Martin Marietta Materials, Inc. 200 27,316 Oshkosh Corp. 700 27,328 __________ 170,120

Technology (8.2%) Adobe Systems, Inc. 450 42,273 EMC Corp./MA 1,100 28,248 Microsoft Corp. 800 44,384 Oracle Corp. 700 25,571 Texas Instruments, Inc. 600 32,886 __________ 173,362

Utilities (3.4%) AES Corp. 1,900 18,183 ITC Holdings Corp. 900 35,325 National Fuel Gas Co. 450 19,238 __________ 72,746 __________ Total Common stocks (Cost $748,598) 1,063,060


Communications (6.3%) AT&T, Inc., 4.45%, 05/15/2021 75,000 79,826 Verizon Communications, Inc., 3.65%, 09/14/2018 50,000 52,285 __________ 132,111

Financial (2.5%) General Electric Capital Corp., 5.63%, 09/15/2017 50,000 53,314

Technology (4.7%) HP, Inc., 2.75%, 01/14/2019 100,000 99,940 __________ Total Corporate bonds (Cost $285,943) 285,365

Depository receipts (4.7%)

Consumer, Non-cyclical (3.7%) Diageo PLC ADR 200 21,814 Novartis AG ADR 300 25,812

338




Investments

Principal Amount or

Shares Fair Value

Depository receipts (continued) Consumer, Non-cyclical (continued) Unilever N.V. 700 $ 30,324 __________ 77,950

Financial (1.0%) Mitsubishi UFJ Financial Group, Inc. ADR 3,500 21,770 __________ Total Depository receipts (Cost $92,009) 99,720

Mortgage pass throughs (11.8%) GNMA Pool 778794 GN, 3.50%, 01/15/2042 127,011 132,289 GNMA Pool 779398 GN, 3.50%, 06/15/2042 112,729 117,394 __________ Total Mortgage pass throughs (Cost $245,719) 249,683

U.S. treasury & government agencies (14.1%) U.S. Treasury Note, 0.38%, 01/15/2016 150,000 150,006 U.S. Treasury Note, 0.75%, 06/30/2017 150,000 149,531 __________ Total U.S. treasury & government agencies (Cost $299,446) 299,537 __________ Total Investments (Cost $1,671,715) $ 1,997,365 __________ __________

339





Fair value



Common stocks $ 1,063,060 $ 1,063,060 $ — $ — Corporate bonds 285,365 — 285,365 — Depository receipts 99,720 99,720 — — Mortgage pass throughs 249,683 — 249,683 — U.S. treasury & government agencies 299,537 — 299,537 — __________ __________ __________ _________

$ 1,997,365 $ 1,162,780 $ 834,585 $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions

The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,487,465 and $16,736,235, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 29,002 Class R2 1,048 Class R3 194 Class R4 1,640 Class R5 1,853 Class R6 7,316 Class R7 37 $ 41,090

340


FMT Balanced Opportunities (Aristotle) Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,995,294 $ (16,383,241) $ (14,387,947) 135,334 (1,107,102) (971,768) Class R2 223,134 (14,274) 208,860 22,308 (1,448) 20,860 Class R3 4,207 (198,877) (194,670) 313 (14,473) (14,160) Class R4 74,752 (25,319) 49,433 6,768 (2,243) 4,525 Class R5 43,384 (31,110) 12,274 3,154 (2,226) 928 Class R6 133,521 (45,455) 88,066 9,872 (3,318) 6,554 Class R7 358 (37,959) (37,601) 31 (3,242) (3,211) $ 2,474,650 $ (16,736,235) $ (14,261,585) 177,780 (1,134,052) (956,272)

341


FMT Balanced Opportunities (Aristotle) Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.4150 $ 0.1336 $ 0.0266 $ 0.1602 $ 14.5752 1.11 % (1.10) % 0.91 % Class R2(b) 10.0000 0.0618 (0.1858) (0.1240) 9.8760 (1.24) % (1.30) % 0.72 % Class R3(c) 13.4536 0.0094 0.2779 0.2873 — 2.14 % — % — % Class R4 11.0058 0.0417 0.0188 0.0605 11.0663 0.55 % (1.64) % 0.37 % Class R5 13.5782 0.0277 0.0236 0.0513 13.6295 0.38 % (1.81) % 0.20 % Class R6 13.3934 0.0044 0.0234 0.0278 13.4212 0.21 % (1.98) % 0.03 % Class R7(d) 11.7904 (0.0015) (0.0790) (0.0805) — (0.68) % — % — % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from February 20, 2015 (commencement of this class) through December

31, 2015.

(c) For the period from January 1, 2015 through February 19, 2015. (d) For the period from January 1, 2015 through January 23, 2015.

342

FMT/American Funds Capital Income Builder Fund


FMT/American Funds Capital Income Builder Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 283,996 $ 12.0515 $ 3,422,573

Class R2 67,598 $ 13.0913 884,938

Class R3 39,806 $ 13.1036 521,607

Class R4 90,725 $ 12.9140 1,171,626

Class R5 34,816 $ 12.8270 446,591

Class R6 41 $ 9.3101 377

Class R7 4,784 $ 9.5014 45,454

$ 6,493,166

343


FMT/American Funds Capital Income Builder Fund Statement of Operations



Investment income

Dividends $ 265,468

Expenses

Trustee fees 40,864

Custody fees 2,499

Audit fees 1,200

44,563









344


FMT/American Funds Capital Income Builder Fund Statement of Changes in Net Assets



Operations












345

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Capital Income Builder Fund





American Funds Capital Income Builder R6 Fund (Cost $6,265,329) 116,342 $ 6,496,552 __________ __________


Fair value


Total Level 1 Level 2 Level 3 Mutual fund - Global Moderate Balanced $ 6,496,552 $ 6,496,552 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,624,516 and $1,975,485, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 13,043 Class R2 6,755 Class R3 4,372 Class R4 11,270 Class R5 4,831 Class R6 48 Class R7 221 Class R8 324 $ 40,864

346


FMT/American Funds Capital Income Builder Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 668,498 $ (1,083,707) $ (415,209) 53,696 (85,519) (31,823) Class R2 694,839 (483,753) 211,086 50,788 (36,603) 14,185 Class R3 328,781 (532,270) (203,489) 23,957 (38,719) (14,762) Class R4 703,291 (725,112) (21,821) 53,080 (54,805) (1,725) Class R5 101,598 (210,174) (108,576) 7,552 (15,833) (8,281) Class R6 404 (13,636) (13,232) 41 (1,144) (1,103) Class R7 49,356 (37,963) 11,393 4,988 (2,901) 2,087 Class R8 2,701 (34,576) (31,875) 206 (2,626) (2,420) $ 2,549,468 $ (3,121,191) $ (571,723) 194,308 (238,150) (43,842)

347


FMT/American Funds Capital Income Builder Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.4280 $ 0.4053 $ (0.7818) $ (0.3765) $ 12.0515 (3.03) % (0.40) % 3.25 % Class R2 13.5301 0.4202 (0.8590) (0.4388) 13.0913 (3.24) % (0.62) % 3.11 % Class R3 13.5660 0.3957 (0.8581) (0.4624) 13.1036 (3.41) % (0.79) % 2.92 % Class R4 13.3926 0.3597 (0.8383) (0.4786) 12.9140 (3.57) % (0.96) % 2.69 % Class R5 13.3250 0.3409 (0.8389) (0.4980) 12.8270 (3.74) % (1.13) % 2.56 % Class R6(b) 11.6748 0.1062 0.1399 0.2461 — 2.11 % (1.22) % 1.81 % Class R6(c) 10.0000 0.0064 (0.6963) (0.6899) 9.3101 (6.90) % (0.07) % 0.11 % Class R7(d) 13.4078 0.0206 0.4346 0.4552 — 3.40 % (0.12) % 0.28 % Class R7(e) 10.0000 0.2292 (0.7278) (0.4986) 9.5014 (4.99) % (1.35) % 3.07 % Class R8(f) 13.0537 0.1224 (0.0093) 0.1131 — 0.87 % (1.64) % 1.52 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 1, 2015 through April 9, 2015. (c) For the period from May 12, 2015 (recommencement of this class) through December 31,

2015.

(d) For the period from January 1, 2015 through May 11, 2015. (e) For the period from August 11, 2015 (recommencement of this class) through December

31, 2015. (f) For the period from January 1, 2015 through August 10, 2015.

348

FMT/DFA Global 60/40 Fund


FMT/DFA Global 60/40 Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 294,040 $ 21.5047 $ 6,323,231

Class R2 3,537 $ 9.6222 34,035

Class R4 2,705 $ 12.7213 34,413

Class R5 17,988 $ 12.1973 219,402

Class R6 63,775 $ 12.1406 774,268

Class R7 74,770 $ 12.3494 923,370

Class R8 34,307 $ 11.9391 409,589

$ 8,718,308

349


FMT/DFA Global 60/40 Fund Statement of Operations



Investment income

Dividends $ 162,501

Expenses

Trustee fees 58,107

Custody fees 2,965

Audit fees 1,200

62,272









350


FMT/DFA Global 60/40 Fund Statement of Changes in Net Assets



Operations












351

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Global 60/40 Fund





DFA Global Allocation 60/40 Portfolio Fund (Cost $8,569,293) 575,391 $ 8,722,932 __________ __________


Fair value


Total Level 1 Level 2 Level 3 Mutual fund - Global Moderate Balanced $ 8,722,932 $ 8,722,932 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________


The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,306,660 and $595,413, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 15,655 Class R2 10,493 Class R3 374 Class R4 403 Class R5 2,354 Class R6 9,605 Class R7 12,603 Class R8 6,620 $ 58,107

352


FMT/DFA Global 60/40 Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,924,522 $ (368,064) $ 3,556,458 175,979 (17,074) 158,905 Class R2 389,424 (3,516,554) (3,127,130) 38,960 (350,903) (311,943) Class R3 58,742 (89,559) (30,817) 4,413 (6,867) (2,454) Class R4 8,310 (14,288) (5,978) 637 (1,118) (481) Class R5 18,436 (22,819) (4,383) 1,474 (1,836) (362) Class R6 229,237 (184,487) 44,750 18,255 (14,683) 3,572 Class R7 224,943 (46,461) 178,482 17,585 (3,568) 14,017 Class R8 42,588 (42,691) (103) 3,445 (3,341) 104 $ 4,896,202 $ (4,284,923) $ 611,279 260,748 (399,390) (138,642)

353


FMT/DFA Global 60/40 Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 21.9719 $ 0.3839 $ (0.8511) $ (0.4672) $ 21.5047 (2.13) % (0.40) % 1.75 % Class R2 9.8531 0.0589 (0.2898) (0.2309) 9.6222 (2.34) % (0.62) % 0.59 % Class R3(b) 13.1481 0.0421 (0.1486) (0.1065) — (0.81) % (0.79) % 0.40 % Class R4 13.0710 0.0948 (0.4445) (0.3497) 12.7213 (2.68) % (0.96) % 0.72 % Class R5 12.5539 0.0937 (0.4503) (0.3566) 12.1973 (2.84) % (1.13) % 0.75 % Class R6 12.5168 0.0720 (0.4482) (0.3762) 12.1406 (3.01) % (1.30) % 0.57 % Class R7 12.7539 0.0544 (0.4589) (0.4045) 12.3494 (3.17) % (1.47) % 0.43 % Class R8 12.3511 0.0272 (0.4392) (0.4120) 11.9391 (3.34) % (1.64) % 0.22 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 1, 2015 through October 15, 2015.

354

FMT/Dodge & Cox Balanced Fund


FMT/Dodge & Cox Balanced Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 40,191,695


Units of

Participation NAV

per Unit Net

Assets Class R1 1,075,309 $ 15.1391 $ 16,279,259

Class R2 442,993 $ 16.0949 7,129,941

Class R3 310,677 $ 15.3505 4,769,039

Class R4 303,285 $ 15.5564 4,718,016

Class R5 218,933 $ 15.7681 3,452,153

Class R6 186,485 $ 16.0660 2,996,071

Class R7 16,589 $ 14.9197 247,499

Class R8 41,601 $ 14.4159 599,717

$ 40,191,695

355


FMT/Dodge & Cox Balanced Fund Statement of Operations



Investment income


Expenses


Custody fees 15,644

Audit fees 1,200

311,844










356


FMT/Dodge & Cox Balanced Fund Statement of Changes in Net Assets



Operations













357

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Dodge & Cox Balanced Fund




Mutual fund (100.1%) Dodge and Cox Balanced Fund (Cost $34,727,960) 425,910 $ 40,214,384 __________ __________ Specific Fund Disclosures

Fair value



Mutual fund - U.S. Moderate Balanced $ 40,214,384 $ 40,214,384 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



358


FMT/Dodge & Cox Balanced Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,479,665 $ (6,521,792) $ (3,042,127) 221,954 (417,378) (195,424) Class R2 975,616 (1,090,877) (115,261) 58,876 (65,741) (6,865) Class R3 2,273,013 (3,077,788) (804,775) 143,850 (194,971) (51,121) Class R4 1,848,192 (1,870,968) (22,776) 113,994 (114,858) (864) Class R5 543,319 (1,516,124) (972,805) 33,728 (93,293) (59,565) Class R6 215,291 (401,907) (186,616) 12,973 (24,492) (11,519) Class R7 61,507 (283,085) (221,578) 3,994 (18,836) (14,842) Class R8 76,551 (53,445) 23,106 5,100 (3,580) 1,520 $ 9,473,154 $ (14,815,986) $ (5,342,832) 594,469 (933,149) (338,680)

359


FMT/Dodge & Cox Balanced Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


360

FMT/Vanguard Balanced Index Fund


FMT/Vanguard Balanced Index Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 20,831,044


Units of

Participation NAV

per Unit Net

Assets Class R1 639,340 $ 13.4055 $ 8,570,642

Class R2 455,496 $ 14.5724 6,637,660

Class R3 26,508 $ 13.9787 370,543

Class R4 202,810 $ 14.2729 2,894,692

Class R5 95,585 $ 14.0443 1,342,423

Class R6 59,604 $ 13.8263 824,109

Class R7 9,128 $ 13.7561 125,571

Class R8 4,780 $ 13.6838 65,404

$ 20,831,044

361


FMT/Vanguard Balanced Index Fund Statement of Operations



Investment income

Dividends $ 432,423

Expenses


Custody fees 7,181

Audit fees 1,200

136,737









362


FMT/Vanguard Balanced Index Fund Statement of Changes in Net Assets



Operations












363

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Balanced Index Fund





Vanguard Balanced Index Fund Admiral Shares (Cost $18,048,896) 713,270 $ 20,841,738 __________ __________


Fair value



Mutual fund - U.S. Moderate Balanced $ 20,841,738 $ 20,841,738 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



364


FMT/Vanguard Balanced Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,406,115 $ (2,019,676) $ 1,386,439 251,599 (149,846) 101,753 Class R2 1,334,250 (1,635,295) (301,045) 90,674 (110,547) (19,873) Class R3 252,081 (743,277) (491,196) 17,873 (52,277) (34,404) Class R4 722,400 (568,187) 154,213 50,254 (39,468) 10,786 Class R5 520,370 (338,116) 182,254 36,708 (23,536) 13,172 Class R6 107,061 (60,275) 46,786 7,629 (4,309) 3,320 Class R7 61,420 (321,610) (260,190) 4,371 (23,065) (18,694) Class R8 14,154 (156,030) (141,876) 1,024 (11,417) (10,393) $ 6,417,851 $ (5,842,466) $ 575,385 460,132 (414,465) 45,667

365


FMT/Vanguard Balanced Index Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.3898 $ 0.2283 $ (0.2126) $ 0.0157 $ 13.4055 0.12 % (0.39) % 1.69 % Class R2 14.5875 0.2114 (0.2265) (0.0151) 14.5724 (0.10) % (0.61) % 1.44 % Class R3 14.0170 0.1600 (0.1983) (0.0383) 13.9787 (0.27) % (0.78) % 1.13 % Class R4 14.3364 0.1604 (0.2239) (0.0635) 14.2729 (0.44) % (0.95) % 1.11 % Class R5 14.1308 0.1487 (0.2352) (0.0865) 14.0443 (0.61) % (1.12) % 1.05 % Class R6 13.9352 0.1083 (0.2172) (0.1089) 13.8263 (0.78) % (1.29) % 0.77 % Class R7 13.8882 0.0445 (0.1766) (0.1321) 13.7561 (0.95) % (1.46) % 0.32 % Class R8 13.8386 0.0282 (0.1830) (0.1548) 13.6838 (1.12) % (1.63) % 0.20 % (a) Per unit amounts are based on average daily units outstanding.

366

FMT/Vanguard Wellesley Income Fund


FMT/Vanguard Wellesley Income Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 42,603,644


Units of

Participation NAV

per Unit Net

Assets Class R1 871,841 $ 12.5791 $ 10,967,000

Class R2 215,158 $ 12.9835 2,793,499

Class R3 1,455,953 $ 12.7479 18,560,408

Class R4 388,136 $ 12.9234 5,016,024

Class R5 195,059 $ 12.6449 2,466,505

Class R6 40,177 $ 12.4292 499,366

Class R7 22,227 $ 12.4743 277,260

Class R8 168,112 $ 12.0371 2,023,582

$ 42,603,644

367


FMT/Vanguard Wellesley Income Fund Statement of Operations



Investment income


Expenses


Custody fees 10,730

Audit fees 1,200

234,834









368


FMT/Vanguard Wellesley Income Fund Statement of Changes in Net Assets



Operations












369

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Wellesley Income Fund





Vanguard Wellesley Income Fund Admiral Shares (Cost $42,165,532) 717,675 $ 42,629,923 __________ __________


Fair value



Mutual fund - U.S. Conservative Balanced $ 42,629,923 $ 42,629,923 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________




370


FMT/Vanguard Wellesley Income Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 4,615,713 $ (4,000,090) $ 615,623 368,129 (320,832) 47,297 Class R2 545,105 (445,933) 99,172 42,050 (34,464) 7,586 Class R3 15,084,701 (3,639,992) 11,444,709 1,197,014 (290,566) 906,448 Class R4 2,597,367 (2,171,549) 425,818 200,802 (168,986) 31,816 Class R5 1,485,592 (1,018,891) 466,701 116,941 (80,222) 36,719 Class R6 230,550 (922,141) (691,591) 18,776 (73,455) (54,679) Class R7 67,425 (34,943) 32,482 5,374 (2,803) 2,571 Class R8 1,971,779 (34,219) 1,937,560 164,433 (2,827) 161,606 $ 26,598,232 $ (12,267,758) $ 14,330,474 2,113,519 (974,155) 1,139,364

371


FMT/Vanguard Wellesley Income Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


372

FMT Aggressive International Growth (WCM) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Aggressive International Growth (WCM) Fund



Assets Investments in securities, at fair value $ 33,047,551 Cash equivalents 702,752Receivables

Dividend tax reclaim 74,551Dividends and interest 22,048

Total assets 33,846,902 Liabilities Sub-advisor fees 18,802Trustee fees 293

Total liabilities 19,095 Net assets $ 33,827,807 Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R1 62,273 $ 9.4276 $ 587,079Class R2 529 $ 11.5072 6,083Class R3 4,101 $ 9.9871 40,953Class R4 2,806 $ 9.6065 26,958Class R5 270 $ 12.8235 3,460Class R6 134 $ 12.8860 1,723Class R7 3,860 $ 12.4542 48,070Class R8 272 $ 12.2131 3,317Class LifeStyle 33,110,164

$ 33,827,807

373




Investment income

Dividends (net of foreign withholding taxes of $20,387) $ 672,561Interest 988

673,549 Expenses

Sub-advisor fees 245,429Trustee fees 219,767Custody fees 37,002Audit fees 6,212



Net realized gain from investments sold 2,269,920 Change in net unrealized appreciation (depreciation) on investments (187,434) Net realized and unrealized gain on investments 2,082,486 Other operating credits (charges) 229 Net increase in net assets resulting from operations $ 2,247,854

374




Operations





Net increase in net assets resulting from operations 2,247,854 Participant transactions




375




Investments

Principal Amount or



Basic Material (3.3%) Novozymes A/S B Shares 23,082 $ 1,110,290

Communications (5.4%) Tencent Holdings Ltd. 61,195 1,205,614 Yandex N.V. Class A 38,675 607,971 __________ 1,813,585

Consumer, Cyclical (10.4%) Compass Group PLC 59,700 1,034,290 Industria de Diseno Textil S.A. 15,825 544,547 LVMH Moet Hennessy Louis Vuitton SE 5,525 869,301 Swatch Group AG/The BR 1,270 443,933 Wal-Mart de Mexico S.A.B. de C.V. 253,410 640,929 __________ 3,533,000

Consumer, Non-cyclical (38.3%) CHR Hansen Holding A/S 20,135 1,264,718 Coloplast A/S Class B 14,910 1,208,350 CSL Ltd. 14,680 1,126,534 Experian PLC 56,865 1,006,974 ICON PLC 15,215 1,182,206 Nestle S.A. 19,839 1,476,266 Perrigo Co. PLC 6,345 918,122 Reckitt Benckiser Group PLC 14,905 1,380,355 SGS S.A. 488 930,846 Shoprite Holdings Ltd. 37,860 350,523 Sysmex Corp. 22,650 1,474,533 Unicharm Corp. 31,300 644,607 __________ 12,964,034

Energy (3.3%) Core Laboratories N.V. 10,100 1,098,274

Financial (4.4%) ACE Ltd. 12,620 1,474,647

Industrial (8.9%)

Canadian Pacific Railway Ltd. 7,265 927,014Keyence Corp. 1,800 1,003,899

376




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Industrial (continued) Sensata Technologies Holding N.V. 23,600 $ 1,087,016 __________

3,017,929

Technology (2.7%) Constellation Software, Inc. 2,220 925,509 __________ Total Common stocks (Cost $23,774,580) 25,937,268


Communication (3.4%) Ctrip.com International Ltd. ADR 24,870 1,152,227

Consumer, Non-cyclical (4.6%) Novo Nordisk A/S ADR 26,810 1,557,125

Financial (2.0%) HDFC Bank Ltd. ADR 11,115 684,684

Technology (8.5%) ARM Holdings PLC ADR 23,075 1,043,913 Taiwan Semiconductor Manufacturing Co. Ltd. ADR 79,825 1,816,019 __________ 2,859,932 __________ Total Depository receipts (Cost $5,287,475) 6,253,968

Limited partnership (2.5%) Lazard Ltd. Class A (Cost $739,102) 19,025 856,315 __________Total Investments (Cost $29,801,157) $ 33,047,551 ____________________

377






Common stocks $ 25,937,268 $ 25,937,268 $ — $ —Depository receipts 6,253,968 6,253,968 — —Limited partnership 856,315 856,315 — —__________ __________ __________ _________

$ 33,047,551 $ 33,047,551 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $12,018,941 and $22,761,549, respectively, for the year ended December 31, 2015. Proceeds from sales of investments Proceeds from sales of investments as reported in the accompanying statement of operations is net of foreign currency losses of $20,862. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 2,186 Class R2 30 Class R3 152 Class R4 175 Class R5 36 Class R6 20 Class R7 794 Class R8 107 Class LifeStyle 216,267 $ 219,767

378




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 199,765 $ (227,882) $ (28,117) 21,182 (24,359) (3,177)Class R2 3,249 — 3,249 272 — 272Class R3 41,006 — 41,006 4,101 — 4,101Class R4 30,225 (2,151) 28,074 3,025 (219) 2,806Class R5 243 (8) 235 20 (1) 19Class R6 291 (12) 279 23 (1) 22Class R7 4,923 (36,621) (31,698) 400 (3,054) (2,654)Class R8 230 (3,826) (3,596) 20 (320) (300)Class LifeStyle 7,001,686 (16,685,272) (9,683,586) — — — $ 7,281,618 $ (16,955,772) $ (9,674,154) 29,043 (27,954) 1,089

379





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 8.8860 $ 0.0626 $ 0.4790 $ 0.5416 $ 9.4276 6.10% (1.11)% 0.67%Class R2 10.8714 0.0486 0.5872 0.6358 11.5072 5.85% (1.34)% 0.42%Class R3(b) 10.0000 0.0117 (0.0246) (0.0129) 9.9871 (0.13)% (1.49)% 0.23%Class R4(c) 10.0000 0.0064 (0.3999) (0.3935) 9.6065 (3.94)% (1.67)% 0.09%Class R5 12.1746 (0.0116) 0.6605 0.6489 12.8235 5.33% (1.87)% (0.09)%Class R6 12.2592 (0.0242) 0.6510 0.6268 12.8860 5.11% (2.04)% (0.19)%Class R7 11.8652 (0.0490) 0.6380 0.5890 12.4542 4.96% (2.18)% (0.40)%Class R8 11.6554 (0.0668) 0.6245 0.5577 12.2131 4.78% (2.36)% (0.55)%


(b) For the period from June 30, 2015 (commencement of this class) through December 31,

2015.

(c) For the period from April 17, 2015 (commencement of this class) through December 31, 2015.

380

FMT Diversified International (Thomas White) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Diversified International (Thomas White) Fund



Assets Investments in securities, at fair value $ 36,721,581 Cash equivalents, including foreign currencies of $1,086 493,073

Receivables Dividend tax reclaim 58,893Dividends and interest 32,093

Total assets 37,305,640 Liabilities Sub-advisor fees 20,761Trustee fees 4,467


Units of

Participation NAV

per Unit Net

Assets Class R1 183,010 $ 11.8330 $ 2,165,553Class R2 148,245 $ 11.8949 1,763,366Class R3 25,033 $ 11.0930 277,695Class R4 163,756 $ 11.4707 1,878,403Class R5 29,293 $ 10.4470 306,021Class R6 77,917 $ 10.5588 822,709Class R7 1,288 $ 11.0620 14,249Class R8 5,190 $ 11.5317 59,853Class LifeStyle 29,992,563

$ 37,280,412

381




Investment income

Dividends (net of foreign withholding taxes of $60,478) $ 1,221,528Interest 329

1,221,857 Expenses


630,099 Net investment income 591,758 Net realized loss from investments sold


Net realized loss from investments sold (2,766,889) Change in net unrealized appreciation (depreciation) on investments (2,485) Net realized and unrealized loss on investments (2,769,374) Other operating credits (charges) 161 Net decrease in net assets resulting from operations $ (2,177,455)

382




Operations









383

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Diversified International (Thomas White) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Basic Materials (1.7%) Arkema S.A. 2,700 $ 189,365 Kansai Paint Co. Ltd. 18,900 289,923 Mondi Ltd. 7,200 142,976 __________ 622,264

Communications (6.1%) BT Group PLC 95,000 660,723 China Unicom Hong Kong Ltd. 162,000 197,724 Nippon Telegraph & Telephone Corp. 10,000 402,079 SK Telecom Co. Ltd. 1,000 183,787 SoftBank Group Corp. 9,100 464,476 Tencent Holdings Ltd. 18,200 358,562 __________ 2,267,351

Consumer, Cyclical (24.1%) Christian Dior SE 2,432 413,943 Cie Generale des Etablissements Michelin 3,638 347,233 CK Hutchison Holdings Ltd. 69,876 941,200 Continental AG 1,300 316,976 easyJet PLC 12,600 323,259 Haier Electronics Group Co. Ltd. 100,000 202,818 Honda Motor Co. Ltd. 12,900 419,364 International Consolidated Airlines Group S.A. 40,200 361,861 ITOCHU Corp. 44,500 533,519 Magna International, Inc. 11,000 446,121 Next PLC 1,750 188,103 Nissan Motor Co. Ltd. 38,400 408,504 Pandora A/S 7,800 989,626 Ryanair Holdings PLC 30,600 498,737 Sekisui House Ltd. 25,400 432,186 Steinhoff International Holdings N.V. 35,800 181,643 Sundrug Co. Ltd. 11,000 715,194 Taylor Wimpey PLC 70,800 212,018 Tofas Turk Otomobil Fabrikasi A/S 22,400 145,664 WH Smith PLC 35,524 926,573 __________ 9,004,542

Consumer, Non-cyclical (19.1%) Astellas Pharma, Inc. 26,800 385,817

384




Investments

Principal Amount or



Consumer, Non-cyclical (continued) Bayer AG 4,275 $ 537,544 British American Tobacco PLC 17,288 961,239 Experian PLC 25,100 444,474 Fresenius SE & Co. KGaA 2,575 184,456 Grifols S.A. 9,100 421,237 Heineken N.V. 4,500 384,896 Japan Tobacco, Inc. 18,100 672,834 Koninklijke Ahold N.V. 45,600 964,299 Randstad Holding N.V. 6,400 399,801 RELX N.V. 18,447 311,277 Roche Holding AG 1,850 510,396 Smith & Nephew PLC 16,600 295,669 UCB S.A. 7,100 641,664 __________ 7,115,603

Diversified (1.1%) Remgro Ltd. 25,116 398,016

Energy (2.9%) BP PLC 133,436 696,476 TOTAL S.A. 8,700 389,826 __________ 1,086,302

Financial (19.1%) Ageas 7,700 357,853 AIA Group Ltd. 60,000 360,737 Bank of China Ltd. Class H 1,008,000 449,977 BNP Paribas S.A. 10,300 584,153 Deutsche Boerse AG 1,900 167,917 FirstRand Ltd. 59,300 162,377 Grupo Financiero Banorte S.A.B. de C.V. 53,600 295,440 Intesa Sanpaolo SpA 116,700 391,307 Mitsubishi UFJ Financial Group, Inc. 133,600 840,977

Muenchener Rueckversicherungs-Gesellschaft AG in eagleMuenchen 1,600 320,630

Nomura Holdings, Inc. 79,100 446,617 ORIX Corp. 23,500 335,184 Ping An Insurance Group Co. of China Ltd. Class H 60,000 332,095

385




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Financial (continued)

Provident Financial PLC 7,600 $ 377,300 Royal Bank of Canada 8,500 455,483 Schroders PLC 3,650 160,161 Tokio Marine Holdings, Inc. 7,600 297,744 UBS Group AG 23,400 455,924 United Overseas Bank Ltd. 24,600 340,442 __________ 7,132,318

Government (0.7%) Banco Latinoamericano de Comercio Exterior S.A. 10,600 274,858

Industrial (9.8%) Airbus Group SE 7,200 484,723 Canadian National Railway Co. 4,700 262,725 CRH PLC 10,200 295,720 Eiffage S.A. 3,700 239,170 Embraer S.A. 9,200 70,205 Hitachi Ltd. 48,000 275,968 HOCHTIEF AG 2,600 242,429 LG Display Co. Ltd. 13,200 276,372 Safran S.A. 4,600 316,527 Techtronic Industries Co. Ltd. 196,800 802,353 West Japan Railway Co. 5,500 383,846 __________ 3,650,038

Technology (3.8%) ASML Holding N.V. 2,650 237,538 Cap Gemini S.A. 5,300 492,628 Lenovo Group Ltd. 188,000 190,891 Samsung Electronics Co. Ltd. 175 188,052 TDK Corp. 4,600 299,081 __________ 1,408,190

Utilities (1.1%) Beijing Enterprises Holdings Ltd. 28,500 172,821

386




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Utilities (continued) Korea Electric Power Corp. 5,900 $ 251,588 __________ 424,409 __________ Total Common stocks (Cost $32,350,455) 33,383,891


Communications (1.4%) Alibaba Group Holding Ltd. ADR 4,300 349,461 Baidu, Inc. ADR 1,000 189,040 __________ 538,501

Consumer, Cyclical (0.7%) Tata Motors Ltd. ADR 8,217 242,155

Financial (1.6%) ING Groep N.V. 42,700 577,254

Technology (3.8%) Infosys Ltd. ADR 33,400 559,450 NetEase, Inc. ADR 1,500 271,860 Taiwan Semiconductor Manufacturing Co. Ltd. ADR 26,100 593,775 __________ 1,425,085 __________ Total Depository receipts (Cost $2,813,370) 2,782,995

Preferred stock (1.5%)

Consumer Staples (1.5%) Henkel AG & Co. KGaA (Cost $455,131) 4,950 554,695 __________Total Investments (Cost $35,618,956) $ 36,721,581 ____________________

387






Common stocks $ 33,383,891 $ 33,383,891 $ — $ —Depository receipts 2,782,995 2,782,995 — —Preferred stock 554,695 554,695 — —__________ __________ __________ _________

$ 36,721,581 $ 36,721,581 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $28,602,862 and $38,533,534, respectively, for the year ended December 31, 2015. Proceeds from sales of investments Proceeds from sales of investments as reported in the accompanying statement of operations is net of foreign currency losses of $47,522. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 30,701 Class R2 14,556 Class R3 3,734 Class R4 17,737 Class R5 8,349 Class R6 11,017 Class R7 295 Class R8 906 Class LifeStyle 191,696 $ 278,991

388




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,141,101 $ (10,045,193) $ (8,904,092) 90,895 (866,578) (775,683)Class R2 1,420,854 (1,426,108) (5,254) 111,995 (117,407) (5,412)Class R3 131,468 (1,271,169) (1,139,701) 11,564 (107,284) (95,720)Class R4 435,769 (568,882) (133,113) 36,102 (46,803) (10,701)Class R5 85,936 (776,384) (690,448) 7,838 (70,002) (62,164)Class R6 147,670 (135,610) 12,060 13,536 (12,553) 983Class R7 1,256 (57,297) (56,041) 108 (4,869) (4,761)Class R8 11,258 (21,089) (9,831) 951 (1,721) (770)Class LifeStyle 13,739,162 (12,413,929) 1,325,233 — — — $ 17,114,474 $ (26,715,661) $ (9,601,187) 272,989 (1,227,217) (954,228)

389





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



390

FMT Equity Income (Sterling) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Equity Income (Sterling) Fund




Investments sold 10,429 Dividends and interest 2,938

Total assets 1,724,862 Liabilities Investments purchased 22,481Sub-advisor fees 945Trustee fees 662


Units of

Participation NAV

per Unit Net

Assets Class R1 136,127 $ 12.4941 $ 1,700,774

391




Investment income


Sub-advisor fees 11,969Custody fees 10,011Trustee fees 8,378Audit fees 5,400




392

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Equity Income (Sterling) Fund Statement of Changes in Net Assets



Operations





Proceeds from units purchased 213,479Less payments for units redeemed 1,001,149



393




Investments

Principal Amount or



Communications (10.0%) Omnicom Group, Inc. 801 $ 60,604 Time Warner Cable, Inc. 255 47,325 Verizon Communications, Inc. 1,361 62,905 __________ 170,834

Consumer, Cyclical (7.6%) Dunkin' Brands Group, Inc. 1,203 51,236 McDonald's Corp. 325 38,395 Scotts Miracle-Gro Co./The Class A 605 39,029 __________ 128,660

Consumer, Non-cyclical (22.2%) Abbott Laboratories 1,292 58,024 AbbVie, Inc. 910 53,908 Anthem, Inc. 502 69,999 Johnson & Johnson 494 50,744 Mead Johnson Nutrition Co. 477 37,659 PepsiCo, Inc. 550 54,956 Pfizer, Inc. 1,603 51,745 __________ 377,035

Energy (6.0%) Occidental Petroleum Corp. 531 35,901 Spectra Energy Corp. 2,806 67,175 __________ 103,076

Financial (10.9%) Discover Financial Services 1,180 63,272 Invesco Ltd. 399 13,359 MetLife, Inc. 940 45,317 Wells Fargo & Co. 1,164 63,275 __________ 185,223

Industrial (7.0%) Honeywell International, Inc. 675 69,910 United Parcel Service, Inc. Class B 516 49,654 __________ 119,564

Technology (14.4%) Accenture PLC Class A 602 62,909

394




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Technology (continued) Maxim Integrated Products, Inc. 1,169 $ 44,422 Microsoft Corp. 631 35,008 QUALCOMM, Inc. 1,328 66,380 Western Digital Corp. 597 35,850 __________ 244,569 __________ Total Common stocks (Cost $1,098,400) 1,328,961


Consumer, Non-cyclical (7.6%) Novartis AG ADR 739 63,584 Unilever PLC ADR 1,527 65,844 __________ Total Depository receipts (Cost $86,375) 129,428

Real estate investment trust (3.0%) Host Hotels & Resorts, Inc. (Cost $66,189) 3,318 50,898 __________Total Investments (Cost $1,250,964) $ 1,509,287 ____________________

395






Common stocks $ 1,328,961 $ 1,328,961 $ — $ —Depository receipts 129,428 129,428 — —Real estate investment trust 50,898 50,898 — —__________ __________ __________ _________

$ 1,509,287 $ 1,509,287 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $815,907 and $1,515,082, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 8,378

396

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Equity Income (Sterling) Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 213,479 $ (1,001,149) $ (787,670) 16,228 (78,245) (62,017)

397





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.0685 $ 0.2078 $ (0.7822) $ (0.5744) $ 12.4941 (4.40)% (1.49)% 1.58%


398

FMT Global Diversified Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Global Diversified Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 4,346 $ 932.8271 $ 4,054,279Class R2 LifeStyle 1,105 $ 2.3069 2,550Class R3 LifeStyle 53,443 $ 13.4474 718,675Class R4 LifeStyle 45,475 $ 13.0367 592,839Class R5 LifeStyle 30,336 $ 13.5434 410,856Class R6 LifeStyle 40,225 $ 12.5725 505,727Class R7 LifeStyle 21,457 $ 13.7960 296,022Class R8 LifeStyle 28,075 $ 13.2978 373,331

$ 6,954,279

399




Expenses


7,921 Net investment loss (7,921) Net realized loss from investments sold


Net realized loss from investments sold (238,573) Change in net unrealized appreciation (depreciation) on investments 84,092 Net realized and unrealized loss on investments (154,481) Net decrease in net assets resulting from operations $ (162,402)

400

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Global Diversified Equity Fund Statement of Changes in Net Assets



Operations








401






Emerging Markets (4.1%) FMT/DFA Emerging Markets Value Fund $ 409,311 $ 287,377





FMT International Value Opportunities (Tradewinds) Fund 1,022,451 823,382

FMT/Dodge and Cox International Fund 511,605 371,114 __________ __________ 1,534,056 1,194,496

Large Cap Core Equity (3.8%) FMT Large Cap Opportunities (Smith Group) Fund 309,319 265,298


Large Cap Growth Equity (8.0%) FMT Large Cap Focus Growth (Jackson Square) Fund 206,204 182,298 FMT Large Cap Fundamental Growth (Wellington) Fund 412,358 372,500 __________ __________ 618,562 554,798

Large Cap Value Equity (7.5%) FMT Large Cap Classic Value (C.S. McKee) Fund 206,266 168,410 FMT Large Cap Intrinsic Value (MetWest) Fund 412,456 351,219 __________ __________ 618,722 519,629



Mid Cap Value Equity (2.1%) FMT Mid Cap Value (NewSouth) Fund 124,428 103,496 FMT/American Century Mid Cap Value Fund 47,719 39,888 __________ __________ 172,147 143,384

402





Collective trust funds (continued) Small Cap Core Equity (0.8%) FMT Small Cap Diversified Equity (Delaware) Fund $ 69,887 $ 57,520


Small Cap Value Equity (2.7%) FMT Small Cap Intrinsic Value (MetWest) Fund 167,911 133,176 FMT Small Cap Value (Opus) Fund 69,888 57,026 __________ __________ 237,799 190,202

SMID Cap Growth - Equity (2.8%) FMT SMID Diversified Growth (Frontier/Geneva) Fund 235,204 194,575

SMID Cap Value - Equity (2.1%) FMT SMID Value (Fisher Investments) Fund 174,684 145,746 __________ __________ Total Investments $ 8,521,797 $ 6,958,185 __________ ____________________ __________

403






Collective trust funds Emerging Markets $ 287,377 $ — $ 287,377 $ —Foreign Large Blend Equity 1,022,976 — 1,022,976 —International Core Equity 490,353 — 490,353 —International Growth Equity 1,258,581 — 1,258,581 —International Value Equity 1,194,496 — 1,194,496 —Large Cap Core Equity 265,298 — 265,298 —Large Cap Core/Blend Equity 407,203 — 407,203 —Large Cap Growth Equity 554,798 — 554,798 —Large Cap Value Equity 519,629 — 519,629 —Mid Cap Growth Equity 83,742 — 83,742 —Mid Cap Value Equity 143,384 — 143,384 —Small Cap Core Equity 57,520 — 57,520 —Small Cap Growth Equity 142,305 — 142,305 —Small Cap Value Equity 190,202 — 190,202 —SMID Cap Growth - Equity 194,575 — 194,575 —SMID Cap Value - Equity 145,746 — 145,746 —__________ __________ __________ _________


404




Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,491,555 and $2,325,261, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 2,714 Class R2 LifeStyle 3 Class R3 LifeStyle 883 Class R4 LifeStyle 877 Class R5 LifeStyle 710 Class R6 LifeStyle 996 Class R7 LifeStyle 659 Class R8 LifeStyle 929 $ 7,771

405

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Global Diversified Equity Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 831,645 $ (1,542,291) $ (710,646) 841 (1,605) (764)Class R2 LifeStyle 1,966 — 1,966 843 — 843Class R3 LifeStyle 90,954 (27,775) 63,179 6,515 (1,919) 4,596Class R4 LifeStyle 236,601 (524,291) (287,690) 17,259 (37,377) (20,118)Class R5 LifeStyle 192,666 (138,403) 54,263 13,612 (9,448) 4,164Class R6 LifeStyle 74,678 (15,578) 59,100 5,684 (1,169) 4,515Class R7 LifeStyle 54,263 (92,736) (38,473) 3,717 (6,378) (2,661)Class R8 LifeStyle 34,704 (6,095) 28,609 2,510 (444) 2,066 $ 1,517,477 $ (2,347,169) $ (829,692) 50,981 (58,340) (7,359)

406





assets)


Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)





407

FMT International Growth (WCM) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT International Growth (WCM) Fund




Dividend tax reclaim 18,070Dividends and interest 4,730

Total assets 7,281,139 Liabilities Trustee fees 4,661Sub-advisor fees 4,037


Units of

Participation NAV

per Unit Net

Assets Class R1 249,421 $ 10.5841 $ 2,639,894Class R2 105,653 $ 10.5409 1,113,672Class R3 45,176 $ 10.5079 474,700Class R4 36,325 $ 10.4743 380,482Class R5 147,794 $ 10.4414 1,543,182Class R6 54,690 $ 10.4085 569,243Class R7 33,017 $ 10.3755 342,572Class R8 20,178 $ 10.3429 208,696

$ 7,272,441

408




Investment income


178,021 Expenses

Trustee fees 66,580Sub-advisor fees 62,466Custody fees 35,940Audit fees 5,400



Net realized gain from investments sold 501,780 Change in net unrealized appreciation (depreciation) on investments 163,305 Net realized and unrealized gain on investments 665,085 Net increase in net assets resulting from operations $ 672,720

409




Operations




Net increase in net assets resulting from operations 672,720 Participant transactions




410




Investments

Principal Amount or



Basic Material (3.2%) Novozymes A/S B Shares 4,925 $ 236,902

Communications (5.3%) Tencent Holdings Ltd. 13,100 258,086 Yandex N.V. Class A 8,160 128,275 __________ 386,361

Consumer, Cyclical (10.4%) Compass Group PLC 12,740 220,718 Industria de Diseno Textil S.A. 3,375 116,136 LVMH Moet Hennessy Louis Vuitton SE 1,180 185,661 Swatch Group AG/The BR 270 94,379 Wal-Mart de Mexico S.A.B. de C.V. 54,200 137,083 __________ 753,977

Consumer, Non-cyclical (38.1%) CHR Hansen Holding A/S 4,298 269,966 Coloplast A/S Class B 3,180 257,717 CSL Ltd. 3,135 240,578 Experian PLC 12,135 214,888 ICON PLC 3,245 252,136 Nestle S.A. 4,235 315,136 Perrigo Co. PLC 1,355 196,069 Reckitt Benckiser Group PLC 3,180 294,500 SGS S.A. 105 200,284 Shoprite Holdings Ltd. 8,080 74,808 Sysmex Corp. 4,820 313,786 Unicharm Corp. 6,700 137,983 __________ 2,767,851

Energy (3.2%) Core Laboratories N.V. 2,155 234,335

Financial (4.3%) ACE Ltd. 2,695 314,911

Industrial (9.0%) Canadian Pacific Railway Ltd. 1,550 197,780 Keyence Corp. 400 223,089

411




Investments

Principal Amount or



Industrial (continued)

Sensata Technologies Holding N.V. 5,035 $ 231,912

652,781

Technology (2.9%)

Constellation Software, Inc. 500 208,448 __________ Total Common stocks (Cost $5,255,972) 5,555,566


Communication (3.4%) Ctrip.com International Ltd. ADR 5,305 245,781

Consumer, Non-cyclical (4.6%) Novo Nordisk A/S ADR 5,720 332,217

Financial (2.0%) HDFC Bank Ltd. ADR 2,370 145,992

Technology (8.4%) ARM Holdings PLC ADR 4,925 222,807 Taiwan Semiconductor Manufacturing Co. Ltd. ADR 17,035 387,546 __________ 610,353 __________ Total Depository receipts (Cost $1,175,872) 1,334,343

Limited partnership (2.5%) Lazard Ltd. Class A (Cost $181,069) 4,060 182,741 __________Total Investments (Cost $6,612,913) $ 7,072,650 ____________________

412






Common stocks $ 5,555,566 $ 5,555,566 $ — $ —Depository receipts 1,334,343 1,334,343 — —Limited partnership 182,741 182,741 — —__________ __________ __________ _________

$ 7,072,650 $ 7,072,650 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,013,818 and $8,324,270, respectively, for the year ended December 31, 2015. Proceeds from sales of investments Proceeds from sales of investments as reported in the accompanying statement of operations is net of foreign currency losses of $9,981. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 14,594 Class R2 8,334 Class R3 3,941 Class R4 4,710 Class R5 17,789 Class R6 9,024 Class R7 4,865 Class R8 3,323 $ 66,580

413




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 443,635 $ (3,815,222) $ (3,371,587) 41,956 (359,951) (317,995)Class R2 123,926 (1,131,249) (1,007,323) 11,778 (104,551) (92,773)Class R3 232,096 (287,792) (55,696) 22,880 (27,094) (4,214)Class R4 112,965 (569,349) (456,384) 10,741 (54,723) (43,982)Class R5 283,640 (600,790) (317,150) 27,105 (58,106) (31,001)Class R6 91,040 (299,727) (208,687) 8,739 (29,554) (20,815)Class R7 41,875 (34,848) 7,027 3,974 (3,457) 517Class R8 21,520 (22,704) (1,184) 2,090 (2,275) (185) $ 1,350,697 $ (6,761,681) $ (5,410,984) 129,263 (639,711) (510,448)

414





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.0125 $ 0.0446 $ 0.5270 $ 0.5716 $ 10.5841 5.71% (1.44)% 0.42%Class R2 9.9936 0.0212 0.5261 0.5473 10.5409 5.48% (1.65)% 0.20%Class R3 9.9793 0.0034 0.5252 0.5286 10.5079 5.30% (1.82)% 0.03%Class R4 9.9645 (0.0144) 0.5242 0.5098 10.4743 5.12% (1.99)% (0.14)%Class R5 9.9500 (0.0320) 0.5234 0.4914 10.4414 4.94% (2.15)% (0.31)%Class R6 9.9355 (0.0495) 0.5225 0.4730 10.4085 4.76% (2.33)% (0.48)%Class R7 9.9209 (0.0671) 0.5217 0.4546 10.3755 4.58% (2.49)% (0.65)%Class R8 9.9065 (0.0847) 0.5211 0.4364 10.3429 4.41% (2.66)% (0.82)%


415

FMT International Value Opportunities (Harris) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT International Value Opportunities (Harris) Fund




Receivables

Dividend tax reclaim 81,150






Trustee fees 16,633


Net assets $ 52,954,631


Units of

Participation NAV

per Unit Net

Assets Class R1 1,158,908 $ 10.7164 $ 12,419,285

Class R2 195,053 $ 11.1900 2,182,637

Class R3 279,007 $ 11.0489 3,082,718

Class R4 380,279 $ 10.9729 4,172,775

Class R5 287,408 $ 11.4418 3,288,476

Class R6 196,884 $ 10.8974 2,145,521

Class R7 41,142 $ 11.0420 454,292

Class R8 40,292 $ 10.8809 438,411


$ 52,954,631

416




Investment income

Dividends (net of foreign withholding taxes of $73,139) $ 1,603,097

Interest 650

1,603,747

Expenses



Custody fees 49,394

Audit fees 6,080

860,786










417




Operations













418

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT International Value Opportunities (Harris) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Basic Materials (3.0%) Akzo Nobel N.V. 2,000 $ 133,950 Glencore PLC 1,073,300 1,431,871 __________ 1,565,821

Communication (0.2%) WPP PLC 4,800 110,619

Consumer, Cyclical (25.8%) Bayerische Motoren Werke AG 14,400 1,526,565 Burberry Group PLC 30,300 533,876 Cie Financiere Richemont S.A. 16,700 1,201,847 Daimler AG 20,690 1,742,930 Hennes & Mauritz AB Class B 14,800 529,175 Honda Motor Co. Ltd. 61,100 1,986,290 Kering 7,900 1,354,928 LVMH Moet Hennessy Louis Vuitton SE 4,400 692,294 Prada SpA 295,100 917,571 Swatch Group AG/The BR 2,600 908,839 Toyota Motor Corp. 27,800 1,730,754 Valeo S.A. 2,700 417,927 Wolseley PLC 1,900 103,402 __________ 13,646,398

Consumer, Non-cyclical (10.5%) Ashtead Group PLC 20,800 343,181 Bureau Veritas S.A. 57,600 1,150,201 Danone S.A. 11,710 791,909 Diageo PLC 32,700 895,102 Experian PLC 45,200 800,408 G4S PLC 134,500 447,197 GlaxoSmithKline PLC 5,500 111,343 Nestle S.A. 1,500 111,619 Olympus Corp. 2,800 111,744 Pernod Ricard S.A. 4,900 559,734 Secom Co. Ltd. 1,600 109,615 Swedish Match AB 3,200 113,697 __________ 5,545,750

Financial (29.0%) Allianz SE 9,200 1,633,834

419




Investments

Principal Amount or



Financial (continued) AMP Ltd. 191,500 $ 813,553 BNP Paribas S.A. 33,800 1,916,930 Credit Suisse Group AG 115,600 2,502,734 Daiwa Securities Group, Inc. 132,000 817,407 EXOR SpA 22,500 1,028,327 Intesa Sanpaolo SpA 271,500 910,367 Lloyds Banking Group PLC 1,146,600 1,235,325 Nomura Holdings, Inc. 428,100 2,417,150 Schroders PLC 9,500 416,856 Sumitomo Mitsui Financial Group, Inc. 15,000 574,434 Willis Group Holdings PLC 22,800 1,107,396 __________ 15,374,313

Industrial (19.8%) Atlas Copco AB Class B 16,600 383,705 CNH Industrial N.V. 211,600 1,456,715 Komatsu Ltd. 74,000 1,225,591 Koninklijke Philips N.V. 45,400 1,161,450 Kuehne + Nagel International AG 3,000 412,637 LafargeHolcim Ltd. 27,100 1,360,613 Meggitt PLC 96,500 533,140 Omron Corp. 38,900 1,314,724 Orica Ltd. 82,700 934,084 Safran S.A. 1,900 130,739 Schindler Holding AG 700 117,383 SKF AB Class B 53,800 873,622 Smiths Group PLC 43,500 602,582 __________ 10,506,985

Technology (2.7%) Check Point Software Technologies Ltd. 1,300 105,794 Samsung Electronics Co. Ltd. 1,240 1,332,481 __________ 1,438,275 __________ Total Common stocks (Cost $49,417,982) 48,188,161

420




Investments

Principal Amount or

Shares Fair Value

Depository receipts (4.4%) Communications (2.4%)

Baidu, Inc. ADR 4,000 $ 756,160 Grupo Televisa S.A.B. ADR 19,100 519,711 __________ 1,275,871

Consumer, Cyclical (2.0%) Melco Crown Entertainment Ltd. ADR 62,000 1,041,600 __________ Total Depository receipts (Cost $2,321,277) 2,317,471 __________ Total Investments (Cost $51,739,259) $ 50,505,632 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Common stocks $ 48,188,161 $ 48,188,161 $ — $ — Depository receipts 2,317,471 2,317,471 — — __________ __________ __________ _________

$ 50,505,632 $ 50,505,632 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________

421




Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $69,058,491 and $80,342,582, respectively, for the year ended December 31, 2015. Proceeds from sales of investments Proceeds from sales of investments as reported in the accompanying statement of operations is net of foreign currency losses of $17,086. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 55,611 Class R2 12,320 Class R3 26,511 Class R4 44,879 Class R5 44,489 Class R6 32,748 Class R7 7,684 Class R8 7,063 Class LifeStyle 170,423 $ 401,728

422




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,632,372 $ (8,030,971) $ (5,398,599) 231,650 (704,956) (473,306) Class R2 1,397,434 (679,019) 718,415 119,035 (59,230) 59,805 Class R3 2,011,271 (1,753,208) 258,063 176,983 (149,947) 27,036 Class R4 1,904,699 (3,075,734) (1,171,035) 166,343 (270,687) (104,344) Class R5 481,157 (3,737,852) (3,256,695) 39,928 (311,548) (271,620) Class R6 270,899 (1,052,503) (781,604) 23,687 (91,796) (68,109) Class R7 72,222 (598,983) (526,761) 6,218 (52,681) (46,463) Class R8 64,119 (88,370) (24,251) 5,675 (8,072) (2,397) Class LifeStyle 5,756,439 (12,075,600) (6,319,161) — — — $ 14,590,612 $ (31,092,240) $ (16,501,628) 769,519 (1,648,917) (879,398)

423





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


424

FMT Large Cap Classic Value (C.S. McKee) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Classic Value (C.S. McKee) Fund




Dividends and interest 39,342Total assets 32,746,947

Liabilities Sub-advisor fees 13,334Trustee fees 7,597


Units of

Participation NAV

per Unit Net

Assets Class R1 441,511 $ 19.9781 $ 8,820,543Class R2 32,926 $ 15.0345 495,020Class R3 206,002 $ 14.8405 3,057,170Class R4 103,130 $ 15.3170 1,579,639Class R5 38,156 $ 15.5879 594,777Class R6 33,093 $ 14.8954 492,941Class R7 7,621 $ 14.8896 113,480Class R8 16,360 $ 14.9062 243,871Class LifeStyle 17,328,575

$ 32,726,016

425




Investment income

Dividends $ 782,550Interest 649

783,199 Expenses




Net realized gain from investments sold 1,899,062 Change in net unrealized appreciation (depreciation) on investments (4,553,147) Net realized and unrealized loss on investments (2,654,085) Other operating credits (charges) (680) Net decrease in net assets resulting from operations $ (2,283,311)

426




Operations









427




Investments

Principal Amount or



Basic Material (0.8%) Freeport-McMoRan, Inc. 40,384 $ 273,400

Communications (9.6%) AT&T, Inc. 19,122 657,988 CBS Corp. Class B 10,558 497,598 Cisco Systems, Inc. 21,195 575,550 F5 Networks, Inc. 3,700 358,752 Time Warner Cable, Inc. 3,332 618,386 Time Warner, Inc. 6,600 426,822 __________ 3,135,096

Consumer, Cyclical (4.9%) BorgWarner, Inc. 10,300 445,269 Dick's Sporting Goods, Inc. 14,900 526,715 Wal-Mart Stores, Inc. 10,347 634,271 __________ 1,606,255

Consumer, Non-cyclical (17.2%) Abbott Laboratories 14,800 664,668 Allergan PLC 3,296 1,030,000 AmerisourceBergen Corp. 11,612 1,204,280 Centene Corp. 8,900 585,709 Community Health Systems, Inc. 13,500 358,155 Express Scripts Holding Co. 7,921 692,375 MEDNAX, Inc. 8,200 587,612 Philip Morris International, Inc. 5,580 490,538 __________ 5,613,337

Energy (10.1%) Baker Hughes, Inc. 8,900 410,735 Chevron Corp. 9,075 816,387 ConocoPhillips 14,019 654,547 EOG Resources, Inc. 11,700 828,243 Marathon Petroleum Corp. 11,200 580,608 __________ 3,290,520

Financial (25.6%) Allstate Corp. 9,926 616,305 American Express Co. 4,912 341,629 American International Group, Inc. 13,877 859,958

428




Investments

Principal Amount or



Financial (continued) Bank of New York Mellon Corp. 16,368 $ 674,689 Discover Financial Services 15,700 841,834 Federated Investors, Inc. Class B 13,500 386,775 Goldman Sachs Group, Inc. 3,181 573,312 JPMorgan Chase & Co. 22,174 1,464,149 T Rowe Price Group, Inc. 8,600 614,814 US Bancorp 11,825 504,573 Wells Fargo & Co. 27,859 1,514,415 __________ 8,392,453

Industrial (13.6%) Agilent Technologies, Inc. 8,883 371,398 Deere & Co. 6,036 460,366 Dover Corp. 9,457 579,809 General Electric Co. 49,565 1,543,950 Honeywell International, Inc. 8,813 912,762 United Technologies Corp. 6,143 590,158 __________ 4,458,443

Technology (12.6%) Apple, Inc. 7,280 766,293 EMC Corp./MA 18,410 472,769 Intel Corp. 29,899 1,030,020 Microsoft Corp. 10,764 597,187 Oracle Corp. 13,120 479,274 SanDisk Corp. 10,163 772,286 __________ 4,117,829

Utilities (4.4%) NextEra Energy, Inc. 7,619 791,538 Public Service Enterprise Group, Inc. 16,858 652,236 __________ 1,443,774 __________Total Investments (Cost $29,510,300) $ 32,331,107 ____________________

429






Common stocks $ 32,331,107 $ 32,331,107 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $8,243,173 and $12,389,312, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 36,200 Class R2 2,784 Class R3 23,315 Class R4 18,414 Class R5 10,049 Class R6 6,538 Class R7 2,307 Class R8 4,164 Class LifeStyle 115,140 $ 218,911

430




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,181,257 $ (3,988,977) $ (2,807,720) 56,299 (188,830) (132,531)Class R2 141,226 (62,534) 78,692 9,045 (3,931) 5,114Class R3 1,069,532 (848,426) 221,106 69,943 (54,063) 15,880Class R4 1,581,534 (1,585,549) (4,015) 95,619 (100,312) (4,693)Class R5 216,107 (1,184,900) (968,793) 13,202 (70,798) (57,596)Class R6 144,097 (108,618) 35,479 9,012 (7,099) 1,913Class R7 12,791 (156,436) (143,645) 818 (9,758) (8,940)Class R8 12,104 (16,915) (4,811) 773 (1,121) (348)Class LifeStyle 5,641,920 (7,274,260) (1,632,340) — — — $ 10,000,568 $ (15,226,615) $ (5,226,047) 254,711 (435,912) (181,201)

431





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 21.2438 $ 0.2563 $ (1.5220) $ (1.2657) $ 19.9781 (5.96)% (0.87)% 1.23%Class R2 16.0224 0.1585 (1.1464) (0.9879) 15.0345 (6.17)% (1.09)% 1.01%Class R3 15.8428 0.1302 (1.1325) (1.0023) 14.8405 (6.33)% (1.26)% 0.84%Class R4 16.3794 0.1070 (1.1694) (1.0624) 15.3170 (6.49)% (1.43)% 0.67%Class R5 16.6978 0.0814 (1.1913) (1.1099) 15.5879 (6.65)% (1.60)% 0.50%Class R6 15.9833 0.0512 (1.1391) (1.0879) 14.8954 (6.81)% (1.77)% 0.33%Class R7 16.0043 0.0243 (1.1390) (1.1147) 14.8896 (6.97)% (1.94)% 0.15%Class R8 16.0496 (0.0019) (1.1415) (1.1434) 14.9062 (7.12)% (2.11)% (0.01)%


432

FMT Large Cap Concentrated Equity (Cornerstone) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Concentrated Equity (Cornerstone) Fund



Assets Investments in securities, at fair value $ 41,296,968 Cash equivalents 1,559,113Receivables

Dividends and interest 32,567 Dividend tax reclaim 2,742

Total assets 42,891,390 Liabilities Investments purchased 124,155Sub-advisor fees 15,477Trustee fees 1,108


Units of

Participation NAV

per Unit Net

Assets Class R1 270,571 $ 13.5310 $ 3,661,076Class LifeStyle 39,089,574

$ 42,750,650

433




Investment income

Dividends (net of foreign withholding taxes of $584) $ 1,125,061Interest 2,163

1,127,224 Expenses




Net realized gain from investments sold 1,751,240 Change in net unrealized appreciation (depreciation) on investments (10,361,480) Net realized and unrealized loss on investments (8,610,240) Other operating credits (charges) (1,680) Net decrease in net assets resulting from operations $ (8,012,048)

434




Operations




Other operating credits (charges) (1,680)





435




Investments

Principal Amount or



Communications (7.6%) Alphabet, Inc. Class A 1,770 $ 1,377,078 Cisco Systems, Inc. 68,650 1,864,191 __________ 3,241,269

Consumer, Cyclical (17.0%) BorgWarner, Inc. 34,175 1,477,385 Dollar General Corp. 14,650 1,052,896 Gap, Inc. 48,075 1,187,452 Magna International, Inc. 32,475 1,317,186 VF Corp. 20,275 1,262,119 WW Grainger, Inc. 4,765 965,341 __________ 7,262,379

Consumer, Non-cyclical (8.1%) Johnson & Johnson 19,275 1,979,928 Tyson Foods, Inc. Class A 27,425 1,462,575 __________ 3,442,503

Energy (5.2%) Chevron Corp. 17,050 1,533,818 Ensco PLC Class A 45,575 701,399 __________ 2,235,217

Financial (28.3%) ACE Ltd. 11,800 1,378,830 Capital One Financial Corp. 24,000 1,732,320 Citigroup, Inc. 34,400 1,780,200 JPMorgan Chase & Co. 32,025 2,114,612 Lincoln National Corp. 24,700 1,241,422 PNC Financial Services Group, Inc. 14,250 1,358,167 State Street Corp. 18,500 1,227,660 US Bancorp 30,100 1,284,367 __________ 12,117,578

Industrial (15.4%) Boeing Co. 9,100 1,315,769 Cummins, Inc. 13,875 1,221,139 Honeywell International, Inc. 15,775 1,633,817 Norfolk Southern Corp. 9,400 795,146

436




Investments

Principal Amount or



Industrial (continued) Parker-Hannifin Corp. 16,675 $ 1,617,141 6,583,012

Technology (12.9%) Apple, Inc. 7,650 805,239 Microsoft Corp. 38,100 2,113,788 Oracle Corp. 48,200 1,760,746 Western Digital Corp. 14,275 857,214

5,536,987

Total Common stocks (Cost $41,540,342) 40,418,945

Depository receipt (2.1%)

Energy (2.1%) Royal Dutch Shell PLC Class A, ADR (Cost $1,288,267) 19,175 878,023

Total Investments (Cost $42,828,609) $ 41,296,968

437






Common stocks $ 40,418,945 $ 40,418,945 $ — $ —Depository receipt 878,023 878,023 — —__________ __________ __________ _________

$ 41,296,968 $ 41,296,968 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $26,463,673 and $32,803,540, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 16,767 Class LifeStyle 270,848 $ 287,615

438




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 555,678 $ (1,624,666) $ (1,068,988) 37,312 (117,546) (80,234)Class LifeStyle 11,359,424 (17,192,080) (5,832,656) — — — $ 11,915,102 $ (18,816,746) $ (6,901,644) 37,312 (117,546) (80,234)

439





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.7791 $ 0.2045 $ (2.4526) $ (2.2481) $ 13.5310 (14.25)% (0.83)% 1.40%


440

FMT Large Cap Diversified Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Diversified Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 LifeStyle 601,637 $ 15.9697 $ 9,607,954Class R2 LifeStyle 15,506 $ 40.2187 623,632Class R3 LifeStyle 150,242 $ 15.6058 2,344,658Class R4 LifeStyle 187,531 $ 15.2322 2,856,517Class R5 LifeStyle 98,166 $ 15.8561 1,556,534Class R6 LifeStyle 70,334 $ 14.8469 1,044,239Class R7 LifeStyle 119,065 $ 15.6224 1,860,075Class R8 LifeStyle 25,912 $ 15.6899 406,552

$ 20,300,161

441




Expenses





442




Operations








443






Large Cap Core Equity (15.2%) FMT Large Cap Opportunities (Smith Group) Fund $ 2,809,016 $ 3,084,714



Large Cap Value Equity (29.8%) FMT Large Cap Intrinsic Value (MetWest) Fund 3,745,592 4,084,398 FMT Large Cap Classic Value (C.S. McKee) Fund 1,874,176 1,957,654 __________ __________ 5,619,768 6,042,052 __________ __________ Total Investments $ 18,731,635 $ 20,312,503 __________ ____________________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Collective trust funds Large Cap Core Equity $ 3,084,714 $ — $ 3,084,714 $ —Large Cap Core/Blend Equity 4,734,335 — 4,734,335 —Large Cap Growth Equity 6,451,402 — 6,451,402 —Large Cap Value Equity 6,042,052 — 6,042,052 —__________ __________ __________ _________

$ 20,312,503 $ — $ 20,312,503 $ —__________ __________ __________ ___________________ __________ __________ _________

444




The estimated fair value of the underlying collective trust funds is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust funds do not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions. Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,044,347 and $7,054,438, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 LifeStyle $ 6,520 Class R2 LifeStyle 622 Class R3 LifeStyle 2,944 Class R4 LifeStyle 4,304 Class R5 LifeStyle 2,730 Class R6 LifeStyle 2,072 Class R7 LifeStyle 4,189 Class R8 LifeStyle 1,345 $ 24,726

445




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 LifeStyle $ 904,051 $ (2,524,627) $ (1,620,576) 55,600 (154,802) (99,202)Class R2 LifeStyle 76,184 (100,033) (23,849) 1,843 (2,433) (590)Class R3 LifeStyle 225,202 (346,669) (121,467) 14,190 (21,763) (7,573)Class R4 LifeStyle 542,080 (1,964,531) (1,422,451) 34,360 (126,497) (92,137)Class R5 LifeStyle 199,929 (1,091,777) (891,848) 12,323 (65,892) (53,569)Class R6 LifeStyle 166,272 (360,962) (194,690) 10,927 (23,730) (12,803)Class R7 LifeStyle 131,474 (437,852) (306,378) 8,244 (26,949) (18,705)Class R8 LifeStyle 60,145 (476,443) (416,298) 3,729 (29,952) (26,223) $ 2,305,337 $ (7,302,894) $ (4,997,557) 141,216 (452,018) (310,802)

446





assets)

NAV per Unit,

Beginning of Period

Net Investment

Income (Loss)(a)(b)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses(b)

Net Investment

Income (Loss)(b)



(b) The Lifestyle and Multi-Managed funds (Funds of Funds) invest in a number of underlying

funds within The Collective Trust. Through November 8, 2015 these Funds of Funds did notcharge an investment fee nor incur other expenses, as such charges and expenses wereincurred at the respective share classes of the underlying funds. Beginning November 9, 2015 these Funds of Funds began charging an investment fee and incurring other expenses,coinciding with such Funds of Funds investing in a unique share class of the underlying fundsthat do not incur an investment fee or other such expenses. The purpose of this change was solely to record a more direct accounting of the charges and expenses for the Funds of Fundsand underlying funds, and has no net effect on the charges or expenses of any of the funds.The Funds of Funds do not report investment income as none of the underlying funds in which these Funds of Funds invest pay dividends. Consequently, the change in NAV is due solely to realized and unrealized gains and losses, and fees, e.g., trustee, audit, chargeddirectly to the fund. Expenses and income items for the underlying funds are shown in thefinancial statements for those respective funds. The effective Annual Investment Expense isshown on the respective underlying fund's quarterly profile (fact) sheet and on the Scheduleof Investment Elections. The effective Annual Investment Expense for the Fund of Funds, e.g.Lifestyle fund, is the weighted average expense of all the underlying funds that compose thespecific Fund of Funds.

447

FMT Large Cap Focus Growth (Jackson Square) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Focus Growth (Jackson Square) Fund





Total assets 97,587,980 Liabilities Investments purchased 77,298Trustee fees 39,802Sub-advisor fees 29,204


Units of

Participation NAV

per Unit Net

Assets Class R1 1,923,332 $ 21.2158 $ 40,805,083Class R2 762,433 $ 18.5708 14,158,967Class R3 482,166 $ 18.3854 8,864,814Class R4 336,462 $ 18.2591 6,143,483Class R5 315,522 $ 18.8908 5,960,466Class R6 113,256 $ 18.0139 2,040,190Class R7 78,524 $ 17.8863 1,404,508Class R8 25,262 $ 18.0633 456,308Class LifeStyle 17,607,857

$ 97,441,676

448




Investment income

Dividends (net of foreign withholding taxes of $81) $ 1,368,170Interest 652

1,368,822 Expenses


1,011,583 Net investment income 357,239 Net realized gain from investments sold


Net realized gain from investments sold 18,015,717 Change in net unrealized appreciation (depreciation) on investments (13,245,706) Net realized and unrealized gain on investments 4,770,011 Other operating credits (charges) (6,208) Net increase in net assets resulting from operations $ 5,121,042

449




Operations




Other operating credits (charges) (6,208)





450

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Focus Growth (Jackson Square) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Communications (18.3%) Alphabet, Inc. Class C 3,828 $ 2,904,993 Alphabet, Inc. Class A 4,756 3,700,216 Discovery Communications, Inc. Class C 45,351 1,143,752 Discovery Communications, Inc. Class A 25,200 672,336 eBay, Inc. 116,975 3,214,473 Facebook, Inc. Class A 24,728 2,588,032 Nielsen Holdings PLC 4,076 189,942 TripAdvisor, Inc. 34,384 2,931,236 Yelp, Inc. 18,359 528,739 __________ 17,873,719

Consumer, Cyclical (12.4%) L Brands, Inc. 30,554 2,927,684 Liberty Interactive Corp. QVC Group Class A 159,320 4,352,622 NIKE, Inc. Class B 7,220 451,250 Walgreens Boots Alliance, Inc. 50,991 4,342,139 __________ 12,073,695

Consumer, Non-cyclical (24.1%) Allergan PLC 17,466 5,458,125 Biogen, Inc. 11,476 3,515,673 Celgene Corp. 46,285 5,543,092 DENTSPLY International, Inc. 17,970 1,093,474 PayPal Holdings, Inc. 98,258 3,556,940 Sirona Dental Systems, Inc. 9,837 1,077,840 Valeant Pharmaceuticals International, Inc. 31,339 3,185,609 __________ 23,430,753

Financial (13.4%) Intercontinental Exchange, Inc. 12,564 3,219,651 MasterCard, Inc. Class A 42,326 4,120,859 Visa, Inc. Class A 73,168 5,674,178 __________ 13,014,688

Technology (14.9%) Electronic Arts, Inc. 53,158 3,653,018 Intuit, Inc. 19,395 1,871,617 Microsoft Corp. 76,943 4,268,798

451




Investments

Principal Amount or



Technology (continued) QUALCOMM, Inc. 95,405 $ 4,768,819 14,562,252 Total Common stocks (Cost $61,916,324) 80,955,107

Depository receipts (6.4%) Communication (3.0% Baidu, Inc. ADR 15,547 2,939,005

Consumer, Non-cyclical (3.4%) Novo Nordisk A/S ADR 57,318 3,329,029 __________ Total Depository receipts (Cost $4,129,005) 6,268,034

Real estate investment trusts (8.7%) Crown Castle International Corp. 48,652 4,205,965 Equinix, Inc. 14,154 4,280,170 __________ Total Real estate investment trusts (Cost $5,519,862) 8,486,135 __________Total Investments (Cost $71,565,191) $ 95,709,276 ____________________

452






Common stocks $ 80,955,107 $ 80,955,107 $ — $ —Depository receipts 6,268,034 6,268,034 — —Real estate investment trusts 8,486,135 8,486,135 — —__________ __________ __________ _________

$ 95,709,276 $ 95,709,276 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $38,055,108 and $54,667,526, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 141,300 Class R2 80,396 Class R3 76,085 Class R4 74,591 Class R5 76,452 Class R6 26,357 Class R7 20,664 Class R8 6,460 Class LifeStyle 114,958 $ 617,263

453




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 10,493,871 $ (10,116,813) $ 377,058 495,103 (486,414) 8,689Class R2 7,171,317 (6,973,333) 197,984 396,301 (370,917) 25,384Class R3 3,901,720 (6,377,197) (2,475,477) 217,879 (351,845) (133,966)Class R4 2,692,263 (7,908,011) (5,215,748) 148,629 (439,661) (291,032)Class R5 716,571 (3,622,894) (2,906,323) 38,604 (194,032) (155,428)Class R6 218,167 (495,725) (277,558) 12,292 (27,881) (15,589)Class R7 234,894 (381,083) (146,189) 13,255 (21,568) (8,313)Class R8 145,097 (389,546) (244,449) 8,021 (22,542) (14,521)Class LifeStyle 3,371,221 (8,537,727) (5,166,506) — — — $ 28,945,121 $ (44,802,329) $ (15,857,208) 1,330,084 (1,914,860) (584,776)

454





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 20.1690 $ 0.1224 $ 0.9244 $ 1.0468 $ 21.2158 5.19% (0.73)% 0.59%Class R2 17.6936 0.0669 0.8103 0.8772 18.5708 4.96% (0.95)% 0.37%Class R3 17.5469 0.0354 0.8031 0.8385 18.3854 4.78% (1.12)% 0.20%Class R4 17.4562 0.0037 0.7992 0.8029 18.2591 4.60% (1.29)% 0.02%Class R5 18.0910 (0.0270) 0.8268 0.7998 18.8908 4.42% (1.46)% (0.15)%Class R6 17.2807 (0.0558) 0.7890 0.7332 18.0139 4.24% (1.63)% (0.31)%Class R7 17.1876 (0.0858) 0.7845 0.6987 17.8863 4.07% (1.80)% (0.49)%Class R8 17.3873 (0.1163) 0.7923 0.6760 18.0633 3.89% (1.97)% (0.65)%


455

FMT Large Cap Fundamental Growth (Wellington) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Fundamental Growth (Wellington) Fund




Investments sold 73,184Dividends and interest 20,459Dividend tax reclaim 6,691

Total assets 40,887,489 Liabilities Investments purchased 767,662Sub-advisor fees 13,389Trustee fees 5,070


Units of

Participation NAV

per Unit Net

Assets Class R1 235,780 $ 17.1484 $ 4,043,252Class R2 39,940 $ 17.1292 684,131Class R3 111,875 $ 16.9729 1,898,843Class R4 88,458 $ 17.6904 1,564,857Class R5 41,574 $ 16.7853 697,841Class R6 27,012 $ 15.1726 409,839Class R7 3,935 $ 15.3219 60,295Class R8 12,959 $ 16.4486 213,159Class LifeStyle 30,529,151

$ 40,101,368

456




Investment income

Dividends (net of foreign withholding tax refunds of $2,392) $ 647,160Interest 153

647,313 Expenses




Net realized gain from investments sold 5,418,984 Change in net unrealized appreciation (depreciation) on investments (2,987,854) Net realized and unrealized gain on investments 2,431,130 Other operating credits (charges) 478 Net increase in net assets resulting from operations $ 2,569,753

457




Operations









458




Investments

Principal Amount or



Basic Material (0.5%) Sherwin-Williams Co./The 705 $ 183,018

Communications (21.1%) Alphabet, Inc. Class C 3,105 2,356,322 Amazon.com, Inc. 2,173 1,468,709 CDW Corp. 4,180 175,727 Cisco Systems, Inc. 13,137 356,735 Comcast Corp. Class A 13,314 751,309 Discovery Communications, Inc. Class A 2,279 60,804 eBay, Inc. 10,454 287,276 Expedia, Inc. 1,454 180,732 F5 Networks, Inc. 1,643 159,305 Facebook, Inc. Class A 12,684 1,327,507 FactSet Research Systems, Inc. 977 158,831 Nielsen Holdings PLC 4,653 216,830 Priceline Group, Inc./The 361 460,257 Scripps Networks Interactive, Inc. Class A 1,512 83,478 Verizon Communications, Inc. 9,385 433,775 __________ 8,477,597

Consumer, Cyclical (13.7%) Advance Auto Parts, Inc. 1,844 277,540 Costco Wholesale Corp. 3,365 543,447 CVS Health Corp. 6,653 650,464 Dunkin' Brands Group, Inc. 4,020 171,212 Hilton Worldwide Holdings, Inc. 6,081 130,133 Home Depot, Inc. 7,544 997,694 Las Vegas Sands Corp. 2,942 128,977 Lowe's Cos., Inc. 8,047 611,894 McDonald's Corp. 3,582 423,177 O'Reilly Automotive, Inc. 1,726 437,403 PulteGroup, Inc. 8,819 157,155 Ralph Lauren Corp. 612 68,226 Ross Stores, Inc. 5,734 308,547 TJX Cos., Inc. 5,725 405,960 Wyndham Worldwide Corp. 2,361 171,527 __________ 5,483,356

459




Investments

Principal Amount or



Consumer, Non-cyclical (26.0%) Aetna, Inc. 3,026 $ 327,171 Allergan PLC 1,058 330,625 Amgen, Inc. 4,640 753,211 Anthem, Inc. 1,173 163,563 Becton Dickinson and Co. 2,229 343,467 Bristol-Myers Squibb Co. 11,261 774,644 Cardinal Health, Inc. 5,309 473,934 Celgene Corp. 3,794 454,369 Colgate-Palmolive Co. 4,826 321,508 CR Bard, Inc. 1,343 254,418 Danaher Corp. 3,953 367,155 Eli Lilly & Co. 4,623 389,534 Estee Lauder Cos., Inc. Class A 5,388 474,467 Gilead Sciences, Inc. 7,129 721,383 Johnson & Johnson 2,237 229,785 Medtronic PLC 3,627 278,989 Merck & Co., Inc. 5,625 297,112 Mondelez International, Inc. Class A 8,945 401,094 Monster Beverage Corp. 2,050 305,368 Moody's Corp. 1,570 157,534 PayPal Holdings, Inc. 9,378 339,484 PepsiCo, Inc. 9,422 941,446 Regeneron Pharmaceuticals, Inc. 184 99,888 Vantiv, Inc. Class A 6,673 316,434 Varian Medical Systems, Inc. 1,531 123,705 Verisk Analytics, Inc. 4,092 314,593 Vertex Pharmaceuticals, Inc. 2,690 338,483 Zimmer Biomet Holdings, Inc. 1,464 150,192 __________ 10,443,556

Energy (1.3%) Chevron Corp. 1,800 161,928 First Solar, Inc. 5,674 374,427 __________ 536,355

Financial (8.5%) Alliance Data Systems Corp. 1,038 287,080

460




Investments

Principal Amount or



Financial (continued) American International Group, Inc. 5,648 $ 350,006 Bank of America Corp. 20,677 347,994 Goldman Sachs Group, Inc. 1,565 282,060 Intercontinental Exchange, Inc. 1,743 446,661 JPMorgan Chase & Co. 4,972 328,301 MasterCard, Inc. Class A 5,250 511,140 Visa, Inc. Class A 11,152 864,838 3,418,080

Industrial (2.5%) Boeing Co./The 3,388 489,871

Honeywell International, Inc. 3,610 373,888 Rockwell Automation, Inc. 1,224 125,594 __________ 989,353

Technology (20.9%) Activision Blizzard, Inc. 5,296 205,008 Amdocs Ltd. 3,318 181,063 Apple, Inc. 19,728 2,076,569 Broadcom Corp. Class A 2,305 133,275 Check Point Software Technologies Ltd. 7,184 584,634 Fiserv, Inc. 3,609 330,079 IHS, Inc. Class A 3,446 408,110 Intuit, Inc. 1,534 148,031 Jack Henry & Associates, Inc. 2,497 194,916 Linear Technology Corp. 6,308 267,901 Maxim Integrated Products, Inc. 8,441 320,758 Microsoft Corp. 23,806 1,320,757 Oracle Corp. 31,559 1,152,850 Paychex, Inc. 7,977 421,904 QUALCOMM, Inc. 3,162 158,053 salesforce.com, Inc. 5,973 468,283 __________ 8,372,191 __________ Total Common stocks (Cost $30,508,424) 37,903,506

461




Investments

Principal Amount or



Communications (1.2%) Alibaba Group Holding Ltd. ADR 2,869 $ 233,164 Baidu, Inc. ADR 1,276 241,215 __________ 474,379

Consumer, Non-cyclical (0.9%) Anheuser-Busch InBev S.A. ADR 946 118,250 AstraZeneca PLC ADR 6,770 229,842 __________ 348,092

Energy (0.4%) BP PLC ADR 5,744 179,557 __________ Total Depository receipts (Cost $1,037,960) 1,002,028

Real estate investment trust (1.0%) Public Storage (Cost $321,514) 1,686 417,622 __________ Total Investments (Cost $31,867,898) $ 39,323,156 ____________________

462






Common stocks $ 37,903,506 $ 37,903,506 $ — $ —Depository receipts 1,002,028 1,002,028 — —Real estate investment trust 417,622 417,622 — —__________ __________ __________ _________


463




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,847,161 $ (1,254,030) $ 593,131 107,958 (75,424) 32,534Class R2 973,037 (1,514,630) (541,593) 57,788 (94,623) (36,835)Class R3 566,458 (1,450,650) (884,192) 34,783 (87,608) (52,825)Class R4 566,049 (635,511) (69,462) 33,342 (36,670) (3,328)Class R5 57,433 (299,654) (242,221) 3,482 (18,879) (15,397)Class R6 158,809 (174,834) (16,025) 10,925 (12,254) (1,329)Class R7 4,071 (263,730) (259,659) 276 (18,119) (17,843)Class R8 2,971 (4,875) (1,904) 185 (298) (113)Class LifeStyle 5,782,847 (18,805,030) (13,022,183) — — — $ 9,958,836 $ (24,402,944) $ (14,444,108) 248,739 (343,875) (95,136)

464





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 16.0970 $ 0.0975 $ 0.9539 $ 1.0514 $ 17.1484 6.53% (0.88)% 0.58%Class R2 16.1144 0.0580 0.9568 1.0148 17.1292 6.30% (1.12)% 0.35%Class R3 15.9947 0.0306 0.9476 0.9782 16.9729 6.12% (1.28)% 0.19%Class R4 16.6992 0.0032 0.9880 0.9912 17.6904 5.94% (1.45)% 0.02%Class R5 15.8719 (0.0244) 0.9378 0.9134 16.7853 5.75% (1.61)% (0.15)%Class R6 14.3713 (0.0473) 0.8486 0.8013 15.1726 5.58% (1.78)% (0.32)%Class R7 14.5385 (0.0739) 0.8573 0.7834 15.3219 5.39% (1.96)% (0.50)%Class R8 15.6333 (0.1062) 0.9215 0.8153 16.4486 5.22% (2.12)% (0.66)%


465

FMT Large Cap GARP (Argent) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap GARP (Argent) Fund





Liabilities Trustee fees 19,677Sub-advisor fees 17,506


Units of

Participation NAV

per Unit Net

Assets Class R1 1,466,748 $ 18.0850 $ 26,526,118Class R2 545,825 $ 17.1323 9,351,215Class R3 39,767 $ 10.8433 431,203Class R4 391,841 $ 15.7786 6,182,721Class R5 17,029 $ 17.5292 298,509Class R6 47,887 $ 16.7213 800,724Class R7 25,641 $ 15.6330 400,848Class R8 2,577 $ 15.9207 41,024

$ 44,032,362

466




Investment income


479,261 Expenses




Net realized gain from investments sold 2,349,289 Change in net unrealized appreciation (depreciation) on investments (525,202) Net realized and unrealized gain on investments 1,824,087 Net increase in net assets resulting from operations $ 1,839,552

467




Operations








468




Investments

Principal Amount or



Basic Material (3.3%) Dow Chemical Co./The 27,900 $ 1,436,292

Communications (21.6%) Alphabet, Inc. Class C 1,675 1,271,124 Alphabet, Inc. Class A 2,290 1,781,643 CBS Corp. Class B 29,050 1,369,127 Ciena Corp. 47,900 991,051 Expedia, Inc. 12,900 1,603,470 LinkedIn Corp. Class A 6,490 1,460,769 TEGNA, Inc. 40,450 1,032,284 __________ 9,509,468

Consumer, Cyclical (8.0%) Darden Restaurants, Inc. 16,750 1,065,970 Lowe's Cos., Inc. 19,150 1,456,166 Tempur Sealy International, Inc. 14,500 1,021,670 __________ 3,543,806

Consumer, Non-cyclical (26.0%) Allergan PLC 4,650 1,453,125 Baxter International, Inc. 30,200 1,152,130 Boston Scientific Corp. 61,000 1,124,840 ConAgra Foods, Inc. 40,300 1,699,048 Danaher Corp. 19,600 1,820,448 Hain Celestial Group, Inc. 21,700 876,463 Post Holdings, Inc. 36,150 2,230,455 Procter & Gamble Co./The 13,950 1,107,769 __________ 11,464,278

Energy (2.1%) Schlumberger Ltd. 13,200 920,700

Financial (14.1%) E*TRADE Financial Corp. 30,550 905,502 JPMorgan Chase & Co. 22,150 1,462,564 Lincoln National Corp. 27,200 1,367,072 MasterCard, Inc. Class A 12,950 1,260,812 SunTrust Banks, Inc. 28,400 1,216,656 __________ 6,212,606

469




Investments

Principal Amount or



Industrial (4.8%) CH Robinson Worldwide, Inc. 19,950 $ 1,237,299 Masco Corp. 31,000 877,300 2,114,599

Technology (13.3%) Electronic Arts, Inc. 26,150 1,797,028

ON Semiconductor Corp. 130,100 1,274,980 Red Hat, Inc. 15,150 1,254,572 Skyworks Solutions, Inc. 19,900 1,528,917 __________ 5,855,497 __________ Total Common stocks (Cost $30,216,580) 41,057,246


Consumer, Non-cyclical (3.4%)

Teva Pharmaceutical Industries Ltd. ADR (Cost $1,201,441) 22,700 1,490,028 __________

Total Investments (Cost $31,418,021) $ 42,547,274 ____________________

470






Common stocks $ 41,057,246 $ 41,057,246 $ — $ —Depository receipt 1,490,028 1,490,028 — —__________ __________ __________ _________

$ 42,547,274 $ 42,547,274 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $15,066,373 and $18,193,016, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 95,678 Class R2 53,947 Class R3 5,259 Class R4 54,727 Class R5 10,369 Class R6 10,891 Class R7 5,881 Class R8 623 $ 237,375

471

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap GARP (Argent) Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 4,015,458 $ (4,110,301) $ (94,843) 220,608 (226,767) (6,159)Class R2 1,361,475 (1,424,426) (62,951) 79,604 (83,469) (3,865)Class R3 76,599 (457,945) (381,346) 6,959 (43,142) (36,183)Class R4 1,170,489 (1,559,835) (389,346) 73,750 (101,310) (27,560)Class R5 48,739 (950,551) (901,812) 2,767 (53,126) (50,359)Class R6 134,619 (176,434) (41,815) 7,972 (10,334) (2,362)Class R7 50,622 (38,005) 12,617 3,172 (2,509) 663Class R8 5,349 (214,668) (209,319) 334 (13,913) (13,579) $ 6,863,350 $ (8,932,165) $ (2,068,815) 395,166 (534,570) (139,404)

472





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.3074 $ 0.0367 $ 0.7409 $ 0.7776 $ 18.0850 4.49% (0.84)% 0.20%Class R2 16.4318 (0.0031) 0.7036 0.7005 17.1323 4.26% (1.06)% (0.02)%Class R3 10.4177 (0.0205) 0.4461 0.4256 10.8433 4.09% (1.24)% (0.19)%Class R4 15.1852 (0.0571) 0.6505 0.5934 15.7786 3.91% (1.40)% (0.36)%Class R5 16.8986 (0.0931) 0.7237 0.6306 17.5292 3.73% (1.58)% (0.53)%Class R6 16.1473 (0.1179) 0.6919 0.5740 16.7213 3.55% (1.74)% (0.70)%Class R7 15.1221 (0.1373) 0.6482 0.5109 15.6330 3.38% (1.91)% (0.87)%Class R8 15.4265 (0.1676) 0.6618 0.4942 15.9207 3.20% (2.08)% (1.04)%


473

FMT Large Cap Intrinsic Value (MetWest) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Intrinsic Value (MetWest) Fund




Receivables


Dividend tax reclaim 53,009



Trustee fees 70,962



Net assets $ 162,679,095


Units of

Participation NAV

per Unit Net

Assets Class R1 3,024,420 $ 18.4507 $ 55,802,705

Class R2 769,377 $ 17.0944 13,152,033

Class R3 1,311,411 $ 16.7297 21,939,558

Class R4 882,070 $ 16.6148 14,655,426

Class R5 528,986 $ 17.3776 9,192,482

Class R6 337,804 $ 16.6179 5,613,608

Class R7 184,592 $ 16.5145 3,048,452

Class R8 160,345 $ 16.4688 2,640,689


$ 162,679,095

474




Investment income


Interest 3,431

3,631,219

Expenses

Trustee fees 1,140,742


Custody fees 23,820

Audit fees 6,336

1,834,283










475




Operations













476




Investments

Principal Amount or



Communications (11.6%) Alphabet, Inc. Class C 5,380 $ 4,082,774 Cisco Systems, Inc. 132,519 3,598,554 Motorola Solutions, Inc. 58,728 4,019,932 Verizon Communications, Inc. 66,429 3,070,348 Walt Disney Co. 38,727 4,069,433 __________ 18,841,041

Consumer, Cyclical (4.6%) Marriott International, Inc. Class A 46,707 3,131,237 TJX Cos., Inc. 62,379 4,423,295 __________ 7,554,532

Consumer, Non-cyclical (18.7%) Abbott Laboratories 92,107 4,136,525 Cigna Corp. 28,125 4,115,531 Express Scripts Holding Co. 43,525 3,804,520 Gilead Sciences, Inc. 38,163 3,861,714 Merck & Co., Inc. 69,869 3,690,481 PepsiCo, Inc. 37,601 3,757,092 Procter & Gamble Co./The 48,914 3,884,261 Western Union Co. 178,688 3,200,302 __________ 30,450,426

Energy (6.2%) EOG Resources, Inc. 47,075 3,332,439 FMC Technologies, Inc. 75,434 2,188,341 Occidental Petroleum Corp. 23,407 1,582,547 Schlumberger Ltd. 41,614 2,902,577 __________ 10,005,904

Financial (21.4%) AerCap Holdings N.V. 91,548 3,951,212 Allstate Corp. 61,688 3,830,208 BB&T Corp. 137,136 5,185,112 Charles Schwab Corp./The 92,643 3,050,734 CIT Group, Inc. 91,270 3,623,419 Goldman Sachs Group, Inc. 26,600 4,794,118 SunTrust Banks, Inc. 92,084 3,944,878 Synchrony Financial 112,769 3,429,305

477




Investments

Principal Amount or

Shares Fair Value Common stocks (continued)

Financial (continued) UBS Group AG 155,575 $ 3,013,488 __________ 34,822,474

Industrial (12.4%) Boeing Co./The 26,209 3,789,559 Honeywell International, Inc. 40,972 4,243,470 Lockheed Martin Corp. 22,190 4,818,559 Sensata Technologies Holding N.V. 85,916 3,957,291 United Parcel Service, Inc. Class B 34,749 3,343,896 __________ 20,152,775

Technology (11.9%) Accenture PLC Class A 37,459 3,914,466 Apple, Inc. 28,843 3,036,014 Microsoft Corp. 87,787 4,870,423 Oracle Corp. 91,848 3,355,207 QUALCOMM, Inc. 15,448 772,168 Texas Instruments, Inc. 63,659 3,489,150 __________ 19,437,428

Utilities (4.3%) NextEra Energy, Inc. 38,989 4,050,567 WEC Energy Group, Inc. 57,365 2,943,398 __________ 6,993,965 __________ Total Common stocks (Cost $126,399,062) 148,258,545


Consumer, Non-cyclical (3.9%) Anheuser-Busch InBev S.A. ADR 37,761 4,720,125 Diageo PLC ADR 14,824 1,616,854 __________ Total Depository receipts (Cost $4,983,219) 6,336,979

Real estate investment trust (1.9%) Crown Castle International Corp. (Cost $2,727,309) 34,863 3,013,906 __________ Total Investments (Cost $134,109,590) $ 157,609,430 __________ __________

478






Common stocks $ 148,258,545 $ 148,258,545 $ — $ — Depository receipts 6,336,979 6,336,979 — — Real estate investment trust 3,013,906 3,013,906 — — __________ __________ __________ _________

$ 157,609,430 $ 157,609,430 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $63,091,138 and $86,766,778, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 211,375 Class R2 81,341 Class R3 187,005 Class R4 129,311 Class R5 126,349 Class R6 75,332 Class R7 51,456 Class R8 40,256 Class LifeStyle 238,317 $ 1,140,742

479




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 15,112,663 $ (22,776,461) $ (7,663,798) 797,324 (1,211,169) (413,845) Class R2 8,126,581 (8,988,190) (861,609) 462,969 (506,938) (43,969) Class R3 10,220,202 (16,089,062) (5,868,860) 605,101 (949,825) (344,724) Class R4 6,540,486 (4,972,609) 1,567,877 383,439 (293,055) 90,384 Class R5 964,013 (5,874,714) (4,910,701) 54,565 (327,914) (273,349) Class R6 1,085,086 (2,285,687) (1,200,601) 63,976 (133,934) (69,958) Class R7 467,824 (1,187,967) (720,143) 27,659 (70,397) (42,738) Class R8 571,806 (511,076) 60,730 33,976 (30,752) 3,224 Class LifeStyle 10,352,426 (15,317,126) (4,964,700) — — — $ 53,441,087 $ (78,002,892) $ (24,561,805) 2,429,009 (3,523,984) (1,094,975)

480





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


481

FMT Large Cap Opportunities (Smith Group) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Large Cap Opportunities (Smith Group) Fund







Units of

Participation NAV

per Unit Net

Assets Class R1 591,612 $ 15.9481 $ 9,435,110Class R2 7,488 $ 10.2392 76,669Class R3 238,191 $ 16.9866 4,046,048Class R4 97,531 $ 16.5919 1,618,223Class R5 230,373 $ 16.2512 3,743,841Class R6 144,886 $ 16.5686 2,400,553Class R7 11,359 $ 17.3241 196,783Class R8 34,761 $ 17.0793 593,688Class LifeStyle 25,449,470

$ 47,560,385

482




Investment income


875,543 Expenses




Net realized gain from investments sold 6,110,483 Change in net unrealized appreciation (depreciation) on investments (5,312,686) Net realized and unrealized gain on investments 797,797 Other operating credits (charges) 1,789 Net increase in net assets resulting from operations $ 1,103,270

483




Operations









484




Investments

Principal Amount or



Basic Material (2.3%) LyondellBasell Industries N.V. Class A 12,600 $ 1,094,940

Communications (7.7%) Cisco Systems, Inc. 46,300 1,257,277 FactSet Research Systems, Inc. 7,600 1,235,532 Juniper Networks, Inc. 42,000 1,159,200 __________ 3,652,009

Consumer, Cyclical (14.8%) Alaska Air Group, Inc. 15,100 1,215,701 Coach, Inc. 31,700 1,037,541 Home Depot, Inc. 9,400 1,243,150 NIKE, Inc. Class B 19,000 1,187,500 Starbucks Corp. 20,700 1,242,621 Wyndham Worldwide Corp. 15,300 1,111,545 __________ 7,038,058

Consumer, Non-cyclical (28.2%) Allergan PLC 4,000 1,250,000 Cintas Corp. 13,700 1,247,385 Clorox Co. 9,400 1,192,202 CR Bard, Inc. 6,500 1,231,360 Gilead Sciences, Inc. 11,600 1,173,804 Hologic, Inc. 32,100 1,241,949 Johnson & Johnson 11,900 1,222,368 Kimberly-Clark Corp. 9,800 1,247,540 Kroger Co./The 29,400 1,229,802 McKesson Corp. 5,800 1,143,934 Quintiles Transnational Holdings, Inc. 17,700 1,215,282 __________ 13,395,626

Energy (7.7%) Chevron Corp. 12,100 1,088,516 Exxon Mobil Corp. 14,800 1,153,660 Helmerich & Payne, Inc. 17,500 937,125 SM Energy Co. 25,000 491,500 __________ 3,670,801

Financial (12.5%) Bank of New York Mellon Corp. 28,800 1,187,136

485




Investments

Principal Amount or



Financial (continued) Discover Financial Services 21,700 $ 1,163,554 Intercontinental Exchange, Inc. 5,000 1,281,300 Travelers Cos., Inc. 10,900 1,230,174 Voya Financial, Inc. 29,100 1,074,081 __________ 5,936,245

Industrial (12.4%) Boeing Co./The 8,500 1,229,015 CH Robinson Worldwide, Inc. 17,800 1,103,956 General Dynamics Corp. 8,900 1,222,504 Gentex Corp. 74,800 1,197,548 Jabil Circuit, Inc. 49,100 1,143,539 __________ 5,896,562

Technology (12.5%) Apple, Inc. 10,900 1,147,334 Aspen Technology, Inc. 30,100 1,136,576 Citrix Systems, Inc. 15,000 1,134,750 Microsoft Corp. 22,200 1,231,656 Red Hat, Inc. 15,700 1,300,117 __________ 5,950,433 __________Total Investments (Cost $39,080,044) $ 46,634,674 ____________________

486






Common stocks $ 46,634,674 $ 46,634,674 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $24,195,799 and $34,008,429, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 36,962 Class R2 476 Class R3 30,201 Class R4 19,049 Class R5 42,977 Class R6 30,654 Class R7 2,836 Class R8 9,389 Class LifeStyle 169,508 $ 342,052

487




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,320,730 $ (4,397,638) $ (2,076,908) 143,573 (273,875) (130,302)Class R2 125,030 (48,604) 76,426 12,133 (4,645) 7,488Class R3 2,617,547 (1,822,689) 794,858 157,071 (108,789) 48,282Class R4 1,195,994 (2,068,418) (872,424) 71,020 (125,220) (54,200)Class R5 613,402 (1,750,200) (1,136,798) 37,885 (105,680) (67,795)Class R6 249,190 (214,810) 34,380 14,921 (12,947) 1,974Class R7 26,238 (126,444) (100,206) 1,493 (7,394) (5,901)Class R8 103,405 (41,007) 62,398 6,001 (2,401) 3,600Class LifeStyle 5,010,166 (12,082,361) (7,072,195) — — — $ 12,261,702 $ (22,552,171) $ (10,290,469) 444,097 (640,951) (196,854)

488





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.6117 $ 0.1409 $ 0.1955 $ 0.3364 $ 15.9481 2.15% (0.79)% 0.88%Class R2(b) 10.0000 0.0627 0.1765 0.2392 10.2392 2.39% (1.01)% 0.66%Class R3 16.6934 0.0841 0.2091 0.2932 16.9866 1.76% (1.18)% 0.49%Class R4 16.3334 0.0522 0.2063 0.2585 16.5919 1.58% (1.35)% 0.31%Class R5 16.0253 0.0241 0.2018 0.2259 16.2512 1.41% (1.52)% 0.15%Class R6 16.3662 (0.0032) 0.2056 0.2024 16.5686 1.24% (1.68)% (0.02)%Class R7 17.1420 (0.0335) 0.2156 0.1821 17.3241 1.06% (1.85)% (0.19)%Class R8 16.9284 (0.0621) 0.2130 0.1509 17.0793 0.89% (2.02)% (0.36)%


(b) For the period from January 30, 2015 (commencement of this class) through December

31, 2015.

489

FMT Mid Cap Growth (Disciplined Growth Investors) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Mid Cap Growth (Disciplined Growth Investors) Fund




Investments sold 79,779 Dividends and interest 3,968Dividend tax reclaim 2,988

Total assets 19,694,812 Liabilities Sub-advisor fees 10,199Trustee fees 7,209


Units of

Participation NAV

per Unit Net

Assets Class R1 345,033 $ 15.8947 $ 5,484,212Class R2 29,429 $ 14.1916 417,640Class R3 46,352 $ 15.9291 738,338Class R4 80,639 $ 16.4214 1,324,211Class R5 124,123 $ 16.3113 2,024,597Class R6 80,363 $ 15.1463 1,217,201Class R7 30,177 $ 16.2835 491,383Class R8 2,475 $ 16.1732 40,033Class LifeStyle 7,939,789

$ 19,677,404

490




Investment income


351,273 Expenses




Net realized gain from investments sold 9,928,680 Change in net unrealized appreciation (depreciation) on investments (11,483,297) Net realized and unrealized loss on investments (1,554,617) Other operating credits (charges) 76 Net decrease in net assets resulting from operations $ (1,589,637)

491




Operations









492




Investments

Principal Amount or



Communications (11.0%) FactSet Research Systems, Inc. 3,445 $ 560,054 Plantronics, Inc. 9,830 466,138 TripAdvisor, Inc. 2,900 247,225 Ubiquiti Networks, Inc. 8,400 266,196 ViaSat, Inc. 2,610 159,236 Yahoo!, Inc. 14,230 473,290 __________ 2,172,139

Consumer, Cyclical (24.7%) Cabela's, Inc. 10,555 493,235 Cheesecake Factory, Inc./The 6,425 296,257 Dolby Laboratories, Inc. Class A 6,265 210,817 Ethan Allen Interiors, Inc. 17,875 497,282 JetBlue Airways Corp. 24,275 549,829 L Brands, Inc. 6,585 630,975 Ralph Lauren Corp. 3,045 339,457 Royal Caribbean Cruises Ltd. 6,110 618,393 Select Comfort Corp. 18,280 391,375 TJX Cos., Inc. 9,630 682,863 Urban Outfitters, Inc. 6,600 150,150 __________ 4,860,633

Consumer, Non-cyclical (16.0%) Align Technology, Inc. 5,335 351,310 CEB, Inc. 6,350 389,826 Edwards Lifesciences Corp. 8,370 661,062 Intuitive Surgical, Inc. 1,180 644,469 Myriad Genetics, Inc. 8,210 354,344 Tumi Holdings, Inc. 16,225 269,822 Varian Medical Systems, Inc. 5,985 483,588 __________ 3,154,421

Energy (3.2%) Core Laboratories N.V. 2,125 231,072 Noble Corp. PLC 14,590 153,925 Southwestern Energy Co. 12,700 90,297 Ultra Petroleum Corp. 58,080 145,200 __________ 620,494

493




Investments

Principal Amount or



Financial (2.7%) E*TRADE Financial Corp. 9,325 $ 276,393 TCF Financial Corp. 17,310 244,417 520,810 Industrial (15.2%) 5,700 192,489 Garmin Ltd. 10,940 406,640 Gentex Corp. 31,880 510,399 Graco, Inc. 3,810 274,587 Landstar System, Inc. 7,090 415,829 Middleby Corp./The 5,875 633,736 Plexus Corp. 16,060 560,815 __________ 2,994,495

Technology (25.3%) Akamai Technologies, Inc. 9,705 510,774 Autodesk, Inc. 9,770 595,286 IHS, Inc. Class A 1,465 173,500 Intuit, Inc. 6,800 656,200 Microchip Technology, Inc. 5,835 271,561 Open Text Corp. 12,620 604,877 Paychex, Inc. 4,035 213,411 Power Integrations, Inc. 5,075 246,797 Qlik Technologies, Inc. 10,175 322,140 RealPage, Inc. 12,700 285,115 Seagate Technology PLC 13,353 489,521 Super Micro Computer, Inc. 14,000 343,140 Synaptics, Inc. 3,425 275,165 __________ 4,987,487 __________ Total Common stocks (Cost $12,118,366) 19,310,479


Technology (1.0%) ARM Holdings PLC ADR (Cost $51,938) 4,225 191,139 __________Total Investments (Cost $12,170,304) $ 19,501,618 ____________________

494






Common stocks $ 19,310,479 $ 19,310,479 $ — $ —Depository receipt 191,139 191,139 — —__________ __________ __________ _________

$ 19,501,618 $ 19,501,618 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,989,951 and $22,791,181, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 19,222 Class R2 42,431 Class R3 5,475 Class R4 19,712 Class R5 22,799 Class R6 16,440 Class R7 8,815 Class R8 761 Class LifeStyle 55,952 $ 191,607

495




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,610,701 $ (1,608,524) $ 1,002,177 156,130 (95,991) 60,139Class R2 698,484 (17,395,171) (16,696,687) 46,139 (1,131,444) (1,085,305)Class R3 413,877 (331,104) 82,773 24,710 (19,403) 5,307Class R4 909,643 (1,833,208) (923,565) 52,127 (105,958) (53,831)Class R5 665,961 (700,732) (34,771) 37,873 (40,113) (2,240)Class R6 176,655 (261,740) (85,085) 11,134 (16,078) (4,944)Class R7 66,363 (496,504) (430,141) 3,814 (27,912) (24,098)Class R8 24,640 (77,047) (52,407) 1,435 (4,402) (2,967)Class LifeStyle 1,845,120 (4,603,400) (2,758,280) — — — $ 7,411,444 $ (27,307,430) $ (19,895,986) 333,362 (1,441,301) (1,107,939)

496





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.1315 $ 0.0284 $ (1.2652) $ (1.2368) $ 15.8947 (7.22)% (1.01)% 0.17%Class R2 15.3296 (0.0027) (1.1353) (1.1380) 14.1916 (7.42)% (1.24)% (0.02)%Class R3 17.2362 (0.0370) (1.2701) (1.3071) 15.9291 (7.58)% (1.40)% (0.22)%Class R4 17.7995 (0.0660) (1.3121) (1.3781) 16.4214 (7.74)% (1.57)% (0.38)%Class R5 17.7104 (0.0967) (1.3024) (1.3991) 16.3113 (7.90)% (1.74)% (0.56)%Class R6 16.4738 (0.1172) (1.2103) (1.3275) 15.1463 (8.06)% (1.91)% (0.73)%Class R7 17.7409 (0.1547) (1.3027) (1.4574) 16.2835 (8.21)% (2.08)% (0.89)%Class R8 17.6513 (0.1839) (1.2942) (1.4781) 16.1732 (8.37)% (2.25)% (1.07)%


497

FMT Mid Cap Value (NewSouth) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Mid Cap Value (NewSouth) Fund







Units of

Participation NAV

per Unit Net

Assets Class R1 72,914 $ 22.4638 $ 1,637,917Class R2 9,296 $ 17.1740 159,642Class R3 179 $ 16.9011 3,017Class R4 22,151 $ 15.8927 352,032Class R5 41,281 $ 17.1324 707,237Class R6 18,251 $ 15.1168 275,902Class R8 5,994 $ 15.2784 91,577Class LifeStyle 9,783,942

$ 13,011,266

498




Investment income

Dividends (net of foreign withholding tax refunds of $14) $ 191,460Interest 306

191,766 Expenses




Net realized gain from investments sold 826,372 Change in net unrealized appreciation (depreciation) on investments (843,504) Net realized and unrealized loss on investments (17,132) Other operating credits (charges) 75 Net decrease in net assets resulting from operations $ (14,877)

499




Operations









500




Investments

Principal Amount or



Basic Material (2.1%) FMC Corp. 6,835 $ 267,454

Communications (20.2%) Discovery Communications, Inc. Class A 15,270 407,404 Gannett Co., Inc. 11,080 180,493 Liberty Ventures Series A 4,480 202,093 Scripps Networks Interactive, Inc. Class A 4,640 256,174 Sirius XM Holdings, Inc. 145,285 591,310 TEGNA, Inc. 26,775 683,298 Tribune Media Co. Class A 9,245 312,573 __________ 2,633,345

Consumer, Cyclical (11.4%) AutoZone, Inc. 860 638,043 Liberty Interactive Corp. QVC Group Class A 17,250 471,270 MSC Industrial Direct Co., Inc. Class A 6,660 374,758 __________ 1,484,071

Consumer, Non-cyclical (12.4%) Jarden Corp. 9,875 564,060 Service Corp. International/US 18,865 490,867 Teleflex, Inc. 2,570 337,827 Western Union Co. 12,430 222,621 __________ 1,615,375

Financial (6.7%) Brookfield Asset Management, Inc. Class A 13,660 430,700 Willis Group Holdings PLC 8,960 435,187 __________ 865,887

Industrial (21.0%) FedEx Corp. 2,260 336,717 Flowserve Corp. 8,825 371,356 Stanley Black & Decker, Inc. 3,700 394,901 Thermo Fisher Scientific, Inc. 4,815 683,008 Xylem, Inc. 11,085 404,603 Zebra Technologies Corp. Class A 7,725 538,046 __________ 2,728,631

501




Investments

Principal Amount or



Technology (23.1%) Amdocs Ltd. 9,015 $ 491,948 CGI Group, Inc. Class A 14,720 589,242 Dun & Bradstreet Corp. 4,305 447,419 Fiserv, Inc. 8,610 787,470 Open Text Corp. 14,520 695,944 __________ 3,012,023 __________Total Investments (Cost $10,502,940) $ 12,606,786 ____________________

502






Common stocks $ 12,606,786 $ 12,606,786 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,851,071 and $3,519,090, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 6,830 Class R2 776 Class R3 15 Class R4 2,949 Class R5 7,846 Class R6 3,431 Class R7 63 Class R8 1,512 Class LifeStyle 62,969 $ 86,391

503




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 458,348 $ (722,734) $ (264,386) 20,044 (31,342) (11,298)Class R2 119,853 (46,874) 72,979 6,958 (2,596) 4,362Class R3 1,927 — 1,927 108 — 108Class R4 193,460 (35,777) 157,683 11,466 (2,303) 9,163Class R5 45,171 (35,450) 9,721 2,567 (2,018) 549Class R6 25,218 (7,357) 17,861 1,627 (485) 1,142Class R7 2,375 (6,016) (3,641) 147 (371) (224)Class R8 8,021 (10,545) (2,524) 516 (696) (180)Class LifeStyle 3,322,534 (4,256,235) (933,701) — — — $ 4,176,907 $ (5,120,988) $ (944,081) 43,433 (39,811) 3,622

504





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 22.3941 $ 0.0620 $ 0.0077 $ 0.0697 $ 22.4638 0.31% (1.07)% 0.27%Class R2 17.1585 0.0106 0.0049 0.0155 17.1740 0.09% (1.28)% 0.06%Class R3 16.9084 (0.0081) 0.0008 (0.0073) 16.9011 (0.04)% (1.43)% (0.05)%Class R4 15.9326 (0.0465) 0.0066 (0.0399) 15.8927 (0.25)% (1.62)% (0.28)%Class R5 17.2048 (0.0812) 0.0088 (0.0724) 17.1324 (0.42)% (1.80)% (0.46)%Class R6 15.2066 (0.0979) 0.0081 (0.0898) 15.1168 (0.59)% (1.97)% (0.63)%Class R7(b) 15.8150 (0.1413) 0.5393 0.3980 — 2.52% (2.31)% (0.88)%Class R8 15.4218 (0.1536) 0.0102 (0.1434) 15.2784 (0.93)% (1.30)% (0.98)%


(b) For the period from January 1, 2015 through November 20, 2015.

505

FMT Small Cap Aggressive Growth (CCI/Cupps) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Aggressive Growth (CCI/Cupps) Fund




Receivables






Trustee fees 19,977


Net assets $ 46,012,728


Units of

Participation NAV

per Unit Net

Assets Class R1 701,951 $ 23.0605 $ 16,187,320

Class R2 184,107 $ 13.4245 2,471,547

Class R3 200,563 $ 13.2752 2,662,504

Class R4 268,297 $ 13.4086 3,597,483

Class R5 367,995 $ 13.1473 4,838,128

Class R6 91,661 $ 13.0648 1,197,543

Class R7 115,938 $ 12.7717 1,480,731

Class R8 82,417 $ 13.0446 1,075,092


$ 46,012,728

506




Investment income

Dividends $ 172,040

Interest 587

172,627

Expenses



Custody fees 61,685

Audit fees 5,734

921,582










507




Operations













508

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Aggressive Growth (CCI/Cupps) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Basic Material (0.1%) Balchem Corp. 932 $ 56,666

Communications (14.2%) 8x8, Inc. 24,988 286,113 AMC Networks, Inc. Class A 6,100 455,548 ARRIS Group, Inc. 3,800 116,166 Bankrate, Inc. 17,200 228,760 Ciena Corp. 31,400 649,666 CommScope Holding Co., Inc. 20,700 535,923 comScore, Inc. 2,647 108,924 GoDaddy, Inc. Class A 2,815 90,249 Gogo, Inc. 17,200 306,160 Gray Television, Inc. 16,500 268,950 Infinera Corp. 51,208 927,889 LogMeIn, Inc. 8,248 553,441 MDC Partners, Inc. Class A 17,870 388,136 RingCentral, Inc. Class A 40,000 943,200 Wayfair, Inc. Class A 6,799 323,768 Zendesk, Inc. 13,200 349,008 __________ 6,531,901

Consumer, Cyclical (17.3%) American Eagle Outfitters, Inc. 51,500 798,250 Beacon Roofing Supply, Inc. 2,165 89,155 Burlington Stores, Inc. 3,800 163,020 CalAtlantic Group, Inc. 14,006 531,107 Callaway Golf Co. 11,983 112,880 Chuy's Holdings, Inc. 10,180 319,041 ClubCorp Holdings, Inc. 7,270 132,823 Columbia Sportswear Co. 7,000 341,320 Dave & Buster's Entertainment, Inc. 14,200 592,708 Diamond Resorts International, Inc. 5,045 128,698 Five Below, Inc. 14,000 449,400 Francesca's Holdings Corp. 9,983 173,804 G-III Apparel Group Ltd. 15,147 670,406 Gentherm, Inc. 4,375 207,375 Interface, Inc. 21,700 415,338 JetBlue Airways Corp. 4,975 112,684 Oxford Industries, Inc. 8,430 538,002

509




Investments

Principal Amount or



Consumer, Cyclical (continued) Restoration Hardware Holdings, Inc. 3,371 $ 267,826 Shake Shack, Inc. Class A 465 18,414 Sportsman's Warehouse Holdings, Inc. 2,021 26,071 Texas Roadhouse, Inc. 4,879 174,522 Tile Shop Holdings, Inc. 10,399 170,544 Vail Resorts, Inc. 4,545 581,714 Visteon Corp. 5,500 629,750 Zoe's Kitchen, Inc. 10,356 289,761 __________ 7,934,613

Consumer, Non-cyclical (31.8%) ABIOMED, Inc. 5,010 452,303 Acadia Healthcare Co., Inc. 2,614 163,270 ACADIA Pharmaceuticals, Inc. 540 19,251 Adeptus Health, Inc. Class A 4,300 234,436 Align Technology, Inc. 12,000 790,200 AMN Healthcare Services, Inc. 10,444 324,286 Anacor Pharmaceuticals, Inc. 3,395 383,533 Atara Biotherapeutics, Inc. 1,976 52,186 AtriCure, Inc. 8,738 196,081 Blue Buffalo Pet Products, Inc. 9,000 168,390 Booz Allen Hamilton Holding Corp. 5,600 172,760 Cross Country Healthcare, Inc. 8,134 133,316 Cynosure, Inc. Class A 14,545 649,725 DexCom, Inc. 3,452 282,719 Diplomat Pharmacy, Inc. 13,311 455,502 Dyax Corp. 2,367 89,047 Esperion Therapeutics, Inc. 11,522 256,480 Euronet Worldwide, Inc. 3,290 238,295 FibroGen, Inc. 2,500 76,175 Heartland Payment Systems, Inc. 750 71,115 Inc. Research Holdings, Inc. Class A 5,875 284,996 Intercept Pharmaceuticals, Inc. 1,640 244,934 Intra-Cellular Therapies, Inc. 6,521 350,765 Kite Pharma, Inc. 1,195 73,636 LDR Holding Corp. 12,574 315,733 LendingTree, Inc. 4,372 390,332

510




Investments

Principal Amount or



Consumer, Non-cyclical (continued) Lexicon Pharmaceuticals, Inc. 13,400 $ 178,354 Molina Healthcare, Inc. 2,928 176,061 Nektar Therapeutics 8,013 135,019 Neurocrine Biosciences, Inc. 11,920 674,314 Nevro Corp. 14,904 1,006,169 Nutrisystem, Inc. 11,300 244,532 NuVasive, Inc. 14,353 776,641 Ophthotech Corp. 1,125 88,346 Pacira Pharmaceuticals, Inc. 10,303 791,167 PharMerica Corp. 7,300 255,500 Portola Pharmaceuticals, Inc. 2,505 128,882 Prothena Corp. PLC 3,868 263,450 PTC Therapeutics, Inc. 9,102 294,905 Repligen Corp. 9,207 260,466 STERIS PLC 6,700 504,778 Ultragenyx Pharmaceutical, Inc. 4,400 493,592 VCA, Inc. 13,300 731,500 WellCare Health Plans, Inc. 5,600 437,976 Zeltiq Aesthetics, Inc. 10,686 304,872 __________ 14,615,990

Energy (1.1%) Canadian Solar, Inc. 8,600 249,056 Diamondback Energy, Inc. 3,500 234,150 Matador Resources Co. 1,980 39,145 __________ 522,351

Financial (5.4%) Bank of the Ozarks, Inc. 13,535 669,441 Cathay General Bancorp 17,400 545,142 Home BancShares, Inc. 3,175 128,651 Interactive Brokers Group, Inc. Class A 6,823 297,483 PrivateBancorp, Inc. 19,750 810,145 WisdomTree Investments, Inc. 2,716 42,587 __________ 2,493,449

Industrial (6.7%) Berry Plastics Group, Inc. 4,225 152,860

511




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Industrial (continued)

Dycom Industries, Inc. 7,600 $ 531,696 Forward Air Corp. 4,300 184,943 Headwaters, Inc. 6,110 103,076 IMAX Corp. 6,200 220,348 Orbital ATK, Inc. 5,400 482,436 OSI Systems, Inc. 4,000 354,640 Smith & Wesson Holding Corp. 8,300 182,434 Universal Display Corp. 14,633 796,620 XPO Logistics, Inc. 3,451 94,040 __________ 3,103,093

Technology (20.5%) 2U, Inc. 13,863 387,887 Blackbaud, Inc. 2,870 189,018 Callidus Software, Inc. 7,435 138,068 Cavium, Inc. 14,273 937,879 Cvent, Inc. 5,455 190,434 CyberArk Software Ltd. 5,540 250,076 Electronics For Imaging, Inc. 12,700 593,598 Envestnet, Inc. 3,799 113,400 Hortonworks, Inc. 7,003 153,366 HubSpot, Inc. 2,970 167,241 Imperva, Inc. 9,300 588,783 Integrated Device Technology, Inc. 54,558 1,437,603 Luxoft Holding, Inc. 2,625 202,466 M/A-COM Technology Solutions Holdings, Inc. 7,605 310,968 MaxLinear, Inc. Class A 15,695 231,187 Medidata Solutions, Inc. 2,967 146,243 NetSuite, Inc. 174 14,724 New Relic, Inc. 9,504 346,231 Nuance Communications, Inc. 37,700 749,853 Paycom Software, Inc. 5,780 217,501 Proofpoint, Inc. 18,375 1,194,559 Rackspace Hosting, Inc. 13,311 337,035 Tower Semiconductor Ltd. 10,025 140,952 Tyler Technologies, Inc. 1,195 208,312

512




Investments

Principal Amount or

Shares Fair Value


Technology (continued) Ultimate Software Group, Inc./The 914 $ 178,696 __________ 9,426,080 __________ Total Common stocks (Cost $42,422,003) 44,684,143


Communication (1.2%) Criteo S.A. ADR 13,800 546,480

Technology (0.8%) Silicon Motion Technology Corp. ADR 8,800 275,968 WNS Holdings Ltd. ADR 3,235 100,899 __________ 376,867 __________ Total Depository receipts (Cost $1,017,965) 923,347 __________ Total Investments (Cost $43,439,968) $ 45,607,490 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Common stocks $ 44,684,143 $ 44,684,143 $ — $ — Depository receipts 923,347 923,347 — — __________ __________ __________ _________

$ 45,607,490 $ 45,607,490 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________

513




Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $101,882,737 and $130,788,100, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 100,248 Class R2 18,815 Class R3 24,066 Class R4 46,587 Class R5 70,275 Class R6 18,931 Class R7 25,073 Class R8 20,040 Class LifeStyle 92,133 $ 416,168

514




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,776,750 $ (21,066,949) $ (17,290,199) 147,564 (861,438) (713,874) Class R2 1,296,589 (1,754,810) (458,221) 86,925 (123,708) (36,783) Class R3 1,139,478 (2,001,291) (861,813) 80,167 (135,077) (54,910) Class R4 2,001,224 (4,193,091) (2,191,867) 134,791 (289,657) (154,866) Class R5 805,785 (3,850,771) (3,044,986) 55,850 (264,635) (208,785) Class R6 222,917 (455,616) (232,699) 15,869 (33,143) (17,274) Class R7 208,850 (729,214) (520,364) 15,037 (52,265) (37,228) Class R8 254,238 (538,949) (284,711) 17,825 (38,854) (21,029) Class LifeStyle 2,953,214 (7,760,127) (4,806,913) — — — $ 12,659,045 $ (42,350,818) $ (29,691,773) 554,028 (1,798,777) (1,244,749)

515





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 24.8709 $ (0.2049) $ (1.6055) $ (1.8104) $ 23.0605 (7.28) % (1.11) % (0.81) % Class R2 14.5092 (0.1510) (0.9337) (1.0847) 13.4245 (7.48) % (1.32) % (1.03) % Class R3 14.3741 (0.1737) (0.9252) (1.0989) 13.2752 (7.65) % (1.49) % (1.20) % Class R4 14.5438 (0.2010) (0.9342) (1.1352) 13.4086 (7.81) % (1.67) % (1.37) % Class R5 14.2846 (0.2211) (0.9162) (1.1373) 13.1473 (7.96) % (1.83) % (1.54) % Class R6 14.2195 (0.2437) (0.9110) (1.1547) 13.0648 (8.12) % (2.00) % (1.71) % Class R7 13.9245 (0.2626) (0.8902) (1.1528) 12.7717 (8.28) % (2.17) % (1.88) % Class R8 14.2464 (0.2924) (0.9094) (1.2018) 13.0446 (8.44) % (2.34) % (2.05) % (a) Per unit amounts are based on average daily units outstanding.

516

FMT Small Cap Diversified Equity (Delaware) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Diversified Equity (Delaware) Fund





Liabilities Trustee fees 8,221Sub-advisor fees 7,335


Units of

Participation NAV

per Unit Net

Assets Class R1 55,375 $ 19.6958 $ 1,090,659Class R2 532,695 $ 10.1451 5,404,220Class R3 61,202 $ 16.3050 997,897Class R4 66,300 $ 16.9343 1,122,752Class R5 50,987 $ 17.9430 914,867Class R6 143,141 $ 15.9221 2,279,100Class R7 18,452 $ 17.4620 322,205Class LifeStyle 4,801,377

$ 16,933,077

517




Investment income


172,875 Expenses




Net realized gain from investments sold 1,295,206 Change in net unrealized appreciation (depreciation) on investments (1,616,619) Net realized and unrealized loss on investments (321,413) Other operating credits (charges) 28 Net decrease in net assets resulting from operations $ (374,737)

518




Operations









519




Investments

Principal Amount or



Basic Materials (5.4%) Axiall Corp. 2,400 $ 36,960 Balchem Corp. 1,290 78,432 Chemtura Corp. 3,190 86,991 Kaiser Aluminum Corp. 1,690 141,385 Minerals Technologies, Inc. 3,030 138,956 Neenah Paper, Inc. 2,590 161,694 Quaker Chemical Corp. 1,520 117,435 Worthington Industries, Inc. 5,190 156,427 __________ 918,280

Communications (6.6%) Anixter International, Inc. 1,650 99,644 Atlantic Tele-Network, Inc. 1,706 133,460 GrubHub, Inc. 3,430 83,006 Infinera Corp. 5,490 99,479 j2 Global, Inc. 2,560 210,739 NETGEAR, Inc. 2,240 93,878 Plantronics, Inc. 1,980 93,892 Q2 Holdings, Inc. 1,920 50,630 RigNet, Inc. 3,030 62,691 Ruckus Wireless, Inc. 5,430 58,155 Shutterfly, Inc. 2,810 125,214 __________ 1,110,788

Consumer, Cyclical (11.7%) Boot Barn Holdings, Inc. 6,010 73,863 Buffalo Wild Wings, Inc. 500 79,825 Casey's General Stores, Inc. 1,650 198,742 Cheesecake Factory, Inc./The 3,000 138,330 Del Frisco's Restaurant Group, Inc. 7,140 114,383 Essendant, Inc. 4,400 143,044 Express, Inc. 7,750 133,920 Fiesta Restaurant Group, Inc. 3,140 105,504 G-III Apparel Group Ltd. 3,660 161,991 Jack in the Box, Inc. 1,990 152,653 Malibu Boats, Inc. Class A 6,880 112,626 National CineMedia, Inc. 6,970 109,499 Popeyes Louisiana Kitchen, Inc. 2,870 167,895 Steven Madden Ltd. 4,320 130,550

520




Investments

Principal Amount or



Consumer, Cyclical (continued) Tenneco, Inc. 3,410 $ 156,553 1,979,378

Consumer, Non-cyclical (18.4%) Acorda Therapeutics, Inc. 4,160 177,965

Air Methods Corp. 4,250 178,202 Catalent, Inc. 5,800 145,174 Cepheid 3,880 141,736 CONMED Corp. 3,320 146,246 CryoLife, Inc. 8,647 93,215 ICON PLC 2,180 169,386 Insys Therapeutics, Inc. 3,170 90,757 J&J Snack Foods Corp. 1,040 121,337 Kforce, Inc. 6,540 165,331 Ligand Pharmaceuticals, Inc. 1,670 181,061 Medicines Co. 3,630 135,544 Merit Medical Systems, Inc. 6,007 111,670 On Assignment, Inc. 3,870 173,957 Prestige Brands Holdings, Inc. 2,090 107,593 Quidel Corp. 5,870 124,444 Retrophin, Inc. 4,520 87,191 Spectrum Pharmaceuticals, Inc. 11,100 66,933 Team Health Holdings, Inc. 2,720 119,381 TESARO, Inc. 2,450 128,184 Vanda Pharmaceuticals, Inc. 9,450 87,980 WellCare Health Plans, Inc. 2,060 161,113 West Pharmaceutical Services, Inc. 3,350 201,737 __________ 3,116,137

Energy (1.7%) Bonanza Creek Energy, Inc. 4,480 23,610 Bristow Group, Inc. 1,140 29,526 Carrizo Oil & Gas, Inc. 3,990 118,024 Parsley Energy, Inc. Class A 2,750 50,737 RSP Permian, Inc. 3,040 74,146 __________ 296,043

521




Investments

Principal Amount or



Financial (18.6%) American Equity Investment Life Holding Co. 5,160 $ 123,995 BBCN Bancorp, Inc. 7,950 136,899 Bryn Mawr Bank Corp. 1,530 43,942 Cardinal Financial Corp. 5,050 114,888 City Holding Co. 2,991 136,509 CoBiz Financial, Inc. 5,630 75,555 Evercore Partners, Inc. Class A 2,870 155,181 First NBC Bank Holding Co. 2,990 111,796 FirstMerit Corp. 8,530 159,084 Flushing Financial Corp. 5,310 114,908 Great Western Bancorp, Inc. 5,090 147,712 Houlihan Lokey, Inc. 2,850 74,699 Independent Bank Corp. 2,220 103,274 Infinity Property & Casualty Corp. 1,270 104,432 Old National Bancorp 10,280 139,397 Primerica, Inc. 3,340 157,748 Prosperity Bancshares, Inc. 3,300 157,938 Selective Insurance Group, Inc. 4,190 140,700 Sterling Bancorp 11,160 181,015 Stifel Financial Corp. 3,780 160,121 Texas Capital Bancshares, Inc. 1,870 92,415 United Fire Group, Inc. 2,470 94,626 WageWorks, Inc. 2,950 133,842 Webster Financial Corp. 3,560 132,396 Western Alliance Bancorp 4,250 152,405 __________ 3,145,477

Industrial (12.0%) AAON, Inc. 6,788 157,617 Actuant Corp. Class A 3,230 77,391 Applied Industrial Technologies, Inc. 3,630 146,979 Barnes Group, Inc. 4,870 172,349 Boise Cascade Co. 3,170 80,930 Columbus McKinnon Corp. 6,664 125,950 Continental Building Products, Inc. 7,410 129,379 ESCO Technologies, Inc. 4,215 152,330 Esterline Technologies Corp. 540 43,740

522




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Industrial (continued)

Federal Signal Corp. 6,240 $ 98,904 Granite Construction, Inc. 4,020 172,498 Kadant, Inc. 3,700 150,257 KLX, Inc. 2,260 69,586 MYR Group, Inc. 3,830 78,936 Rofin-Sinar Technologies, Inc. 1,240 33,207 Swift Transportation Co. 3,460 47,817 Tetra Tech, Inc. 4,340 112,927 US Ecology, Inc. 1,710 62,312 XPO Logistics, Inc. 4,120 112,270 __________ 2,025,379

Technology (13.4%) Applied Micro Circuits Corp. 17,510 111,539 Callidus Software, Inc. 8,110 150,603 Convergys Corp. 6,510 162,034 ExlService Holdings, Inc. 3,510 157,704 Guidewire Software, Inc. 2,910 175,066 inContact, Inc. 14,840 141,574 InterXion Holding N.V. 3,220 97,083 MaxLinear, Inc. Class A 5,160 76,007 Microsemi Corp. 2,460 80,171 Proofpoint, Inc. 2,620 170,326 Qlik Technologies, Inc. 4,140 131,072 SciQuest, Inc. 7,380 95,719 Semtech Corp. 7,850 148,522 Silicon Laboratories, Inc. 1,530 74,266 Synaptics, Inc. 2,330 187,192 TeleTech Holdings, Inc. 4,010 111,919 Tyler Technologies, Inc. 1,170 203,954 __________ 2,274,751

Utilities (2.0%) Cleco Corp. 2,580 134,702 NorthWestern Corp. 3,010 163,292

523




Investments

Principal Amount or

Shares Fair Value Common stocks (continued)

Utilities (continued) South Jersey Industries, Inc. 1,860 $ 43,747 __________ 341,741 __________ Total Common stocks (Cost $13,917,780) 15,207,974


Technology (0.9%) WNS Holdings Ltd. ADR (Cost $103,069) 4,680 145,969

Real estate investment trusts (7.0%) DCT Industrial Trust, Inc. 4,827 180,385 EastGroup Properties, Inc. 2,630 146,254 EPR Properties 2,600 151,970 Kite Realty Group Trust 6,747 174,950 LaSalle Hotel Properties 4,530 113,975 Pebblebrook Hotel Trust 3,900 109,278 Ramco-Gershenson Properties Trust 8,980 149,158 Sovran Self Storage, Inc. 1,520 163,111 __________ Total Real estate investment trusts (Cost $1,099,189) 1,189,081 __________Total Investments (Cost $15,120,038) $ 16,543,024 ____________________

524






Common stocks $ 15,207,974 $ 15,207,974 $ — $ —Depository receipt 145,969 145,969 — —Real estate investment trusts 1,189,081 1,189,081 — —__________ __________ __________ _________

$ 16,543,024 $ 16,543,024 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $9,706,492 and $7,511,479, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 8,704 Class R2 10,463 Class R3 4,728 Class R4 12,352 Class R5 10,581 Class R6 30,483 Class R7 4,592 Class R8 12 Class LifeStyle 32,311 $ 114,226

525




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 513,910 $ (2,598,750) $ (2,084,840) 25,214 (126,629) (101,415)Class R2 5,425,726 (260,105) 5,165,621 542,515 (18,917) 523,598Class R3 693,490 (27,493) 665,997 41,457 (1,671) 39,786Class R4 451,414 (831,036) (379,622) 26,227 (47,361) (21,134)Class R5 81,721 (130,091) (48,370) 4,378 (6,864) (2,486)Class R6 284,984 (358,995) (74,011) 17,215 (22,316) (5,101)Class R7 27,367 (5,589) 21,778 1,526 (308) 1,218Class R8 — (71,070) (71,070) — (4,577) (4,577)Class LifeStyle 1,163,816 (2,107,369) (943,553) — — — $ 8,642,428 $ (6,390,498) $ 2,251,930 658,532 (228,643) 429,889

526





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 20.4010 $ (0.0042) $ (0.7010) $ (0.7052) $ 19.6958 (3.46)% (1.09)% (0.02)%Class R2(b) 17.8206 (0.0000) (0.4142) (0.4142) — (2.32)% (0.01)% (0.00)%Class R2(c) 10.0000 (0.0000) 0.1451 0.1451 10.1451 1.45% (1.21)% (0.00)%Class R3 16.9555 (0.0512) (0.5993) (0.6505) 16.3050 (3.84)% (1.44)% (0.30)%Class R4 17.6401 (0.0962) (0.6096) (0.7058) 16.9343 (4.00)% (1.64)% (0.54)%Class R5 18.7228 (0.1316) (0.6482) (0.7798) 17.9430 (4.17)% (1.81)% (0.70)%Class R6 16.6424 (0.1453) (0.5750) (0.7203) 15.9221 (4.33)% (1.98)% (0.87)%Class R7 18.2832 (0.1896) (0.6316) (0.8212) 17.4620 (4.49)% (2.14)% (1.04)%Class R8(d) 15.6428 (0.1136) (0.0663) (0.1799) — (1.15)% (2.33)% (1.27)%


(b) For the period from January 1, 2015 through February 2, 2015.

(c) For the period from September 2, 2015 (recommencement of this class) through

December 31, 2015.

(d) For the period from January 1, 2015 through July 29, 2015.

527

FMT Small Cap Intrinsic Value (MetWest) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Intrinsic Value (MetWest) Fund




Receivables



Dividend tax reclaim 875




Trustee fees 16,338


Net assets $ 51,155,547


Units of

Participation NAV

per Unit Net

Assets Class R1 1,332,138 $ 19.7234 $ 26,274,338

Class R2 357,028 $ 16.7049 5,964,100

Class R3 107,109 $ 16.2905 1,744,870

Class R4 129,868 $ 16.1791 2,101,142

Class R5 112,733 $ 17.3750 1,958,733

Class R6 38,457 $ 16.3418 628,452

Class R7 19,325 $ 16.6487 321,742

Class R8 20,671 $ 15.3054 316,374


$ 51,155,547

528




Investment income


Interest 2,438

1,102,434

Expenses



Custody fees 23,238

Audit fees 5,723

612,920






Change in net unrealized appreciation (depreciation) on investments (11,522,893) Net realized and unrealized loss on investments (3,736,494) Other operating credits (charges) 2,554


529




Operations













530




Investments

Principal Amount or



Basic Material (1.1%) Huntsman Corp. 49,250 $ 559,974

Communications (2.1%) Endurance International Group Holdings, Inc. 61,725 674,654 Markit Ltd. 13,390 403,977 __________ 1,078,631

Consumer, Cyclical (14.3%) Abercrombie & Fitch Co. Class A 10,040 271,080 Ascena Retail Group, Inc. 47,656 469,412 Beacon Roofing Supply, Inc. 7,150 294,437 DSW, Inc. Class A 49,200 1,173,912 Essendant, Inc. 19,479 633,262 Interval Leisure Group, Inc. 35,850 559,618 Michael Kors Holdings Ltd. 9,850 394,591 Michaels Cos., Inc. 19,240 425,396 MSC Industrial Direct Co., Inc. Class A 4,950 278,537 Party City Holdco, Inc. 49,770 642,531 Pier 1 Imports, Inc. 166,800 849,012 Sally Beauty Holdings, Inc. 12,400 345,836 SeaWorld Entertainment, Inc. 23,800 468,622 Staples, Inc. 17,900 169,513 Wyndham Worldwide Corp. 4,530 329,104 __________ 7,304,863

Consumer, Non-cyclical (21.3%) AMN Healthcare Services, Inc. 35,440 1,100,412 Amsurg Corp. 5,230 397,480 Bio-Rad Laboratories, Inc. Class A 2,230 309,212 Community Health Systems, Inc. 14,200 376,726 Dean Foods Co. 60,850 1,043,578 EVERTEC, Inc. 71,710 1,200,425 Haemonetics Corp. 16,150 520,676 Integra LifeSciences Holdings Corp. 8,545 579,180 J&J Snack Foods Corp. 3,120 364,010 KAR Auction Services, Inc. 37,400 1,384,922 Korn/Ferry International 10,800 358,344 Post Holdings, Inc. 12,350 761,995 Quintiles Transnational Holdings, Inc. 4,470 306,910

531




Investments

Principal Amount or



Consumer, Non-cyclical (continued) Resources Connection, Inc. 32,100 $ 524,514 Sabre Corp. 15,750 440,528 STERIS PLC 12,983 978,139 Treasury Wine Estates Ltd. 45,200 273,379 __________ 10,920,430

Energy (8.4%) Cobalt International Energy, Inc. 47,051 254,075 Core Laboratories N.V. 3,230 351,230 Diamondback Energy, Inc. 13,610 910,509 Dril-Quip, Inc. 7,200 426,456 Encana Corp. 49,520 252,057 FMC Technologies, Inc. 8,250 239,333 Forum Energy Technologies, Inc. 26,000 323,960 Laredo Petroleum, Inc. 45,800 365,942 Oasis Petroleum, Inc. 72,470 534,104 RSP Permian, Inc. 16,350 398,776 Weatherford International PLC 28,150 236,179 __________ 4,292,621

Financial (21.9%) AerCap Holdings N.V. 9,750 420,810 Affiliated Managers Group, Inc. 2,230 356,265 Artisan Partners Asset Management, Inc. Class A 21,450 773,487 Associated Banc-Corp 17,200 322,500 CIT Group, Inc. 10,130 402,161 CoreLogic, Inc. 15,096 511,151 Encore Capital Group, Inc. 14,950 434,746 Endurance Specialty Holdings Ltd. 15,250 975,847 Essent Group Ltd. 41,300 904,057 FirstMerit Corp. 35,300 658,345 Hancock Holding Co. 20,100 505,917 Ocwen Financial Corp. 149,800 1,044,106 OneMain Holdings, Inc. 6,420 266,687 Sterling Bancorp 34,650 562,023 Stifel Financial Corp. 8,040 340,574 Umpqua Holdings Corp. 40,000 636,000 Virtus Investment Partners, Inc. 4,770 560,284

532




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Financial (continued)

Webster Financial Corp. 10,450 $ 388,636 Zions Bancorp 41,400 1,130,220 __________ 11,193,816

Industrial (10.7%) Actuant Corp. Class A 17,076 409,141 AMETEK, Inc. 7,380 395,494 IDEX Corp. 5,880 450,467 Jabil Circuit, Inc. 17,600 409,904 Kirby Corp. 9,245 486,472 Landstar System, Inc. 13,740 805,851 Manitowoc Co., Inc. 66,350 1,018,472 Silgan Holdings, Inc. 19,450 1,044,854 Tetra Tech, Inc. 16,500 429,330 __________ 5,449,985

Technology (1.4%) Avid Technology, Inc. 46,800 341,172 Citrix Systems, Inc. 5,200 393,380 __________ 734,552

Utility (2.0%) Westar Energy, Inc. 24,250 1,028,442 __________ Total Common stocks (Cost $46,380,812) 42,563,314


Consumer, Non-cyclical (0.9%) Treasury Wine Estates Ltd. ADR 78,154 468,924

Technology (0.9%) Wincor Nixdorf AG ADR 46,500 474,300 __________ Total Depository receipts (Cost $694,906) 943,224

Exchange-traded fund (0.7%) iShares Russell 2000 Value ETF (Cost $350,816) 3,648 335,652

533




Investments

Principal Amount or

Shares Fair Value

Real estate investment trusts (9.8%) Financial Equity Commonwealth 13,091 363,014 Ladder Capital Corp. 26,300 326,646 Mack-Cali Realty Corp. 36,380 849,473 New Residential Investment Corp. 72,490 881,478 Parkway Properties Inc. 65,400 1,022,202 PennyMac Mortgage Investment Trust 39,650 605,059 Redwood Trust, Inc. 72,400 955,680 __________ Total Real estate investment trusts (Cost $5,888,300) 5,003,552 __________ Total Investments (Cost $53,314,834) $ 48,845,742 __________ __________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Common stocks $ 42,563,314 $ 42,563,314 $ — $ — Depository receipts 943,224 943,224 — — Exchange-traded fund 335,652 335,652 — — Real estate investment trusts 5,003,552 5,003,552 — — __________ __________ __________ _________

$ 48,845,742 $ 48,845,742 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $78,769,818 and $84,680,670, respectively, for the year ended December 31, 2015.

534





535




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 5,499,883 $ (8,561,579) $ (3,061,696) 260,261 (401,224) (140,963) Class R2 1,542,565 (2,434,655) (892,090) 88,182 (135,631) (47,449) Class R3 1,752,684 (3,052,526) (1,299,842) 101,900 (175,310) (73,410) Class R4 1,052,090 (1,197,757) (145,667) 61,544 (68,261) (6,717) Class R5 281,731 (1,343,836) (1,062,105) 15,066 (72,944) (57,878) Class R6 77,222 (89,526) (12,304) 4,432 (5,289) (857) Class R7 62,484 (114,501) (52,017) 3,488 (6,319) (2,831) Class R8 55,033 (211,206) (156,173) 3,366 (13,159) (9,793) Class LifeStyle 5,421,081 (5,220,201) 200,880 — — — $ 15,744,773 $ (22,225,787) $ (6,481,014) 538,239 (878,137) (339,898)

536





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 20.9792 $ 0.2155 $ (1.4713) $ (1.2558) $ 19.7234 (5.99) % (0.86) % 1.02 % Class R2 17.8078 0.1435 (1.2464) (1.1029) 16.7049 (6.19) % (1.08) % 0.80 % Class R3 17.3961 0.0991 (1.2047) (1.1056) 16.2905 (6.36) % (1.26) % 0.56 % Class R4 17.3068 0.0802 (1.2079) (1.1277) 16.1791 (6.52) % (1.43) % 0.46 % Class R5 18.6161 0.0475 (1.2886) (1.2411) 17.3750 (6.67) % (1.60) % 0.25 % Class R6 17.5407 0.0235 (1.2224) (1.1989) 16.3418 (6.84) % (1.76) % 0.13 % Class R7 17.9007 (0.0113) (1.2407) (1.2520) 16.6487 (6.99) % (1.94) % (0.06) % Class R8 16.4847 (0.0347) (1.1446) (1.1793) 15.3054 (7.15) % (2.10) % (0.21) % (a) Per unit amounts are based on average daily units outstanding.

537

FMT Small Cap Value (Opus) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Value (Opus) Fund Statement of Assets and Liabilities

December 31, 2015






Units of

Participation NAV

per Unit Net

Assets Class R1 26,089 $ 12.6206 $ 329,265Class R3 64,878 $ 12.7945 830,084Class R4 276 $ 14.1357 3,903Class R5 82,009 $ 13.0507 1,070,285Class R6 20,799 $ 13.7168 285,293Class R7 8,427 $ 13.3780 112,740Class R8 1,345 $ 12.7806 17,192Class LifeStyle 4,763,761

$ 7,412,523

538

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Value (Opus) Fund



Investment income


144,772 Expenses




Net realized gain from investments sold 420,232 Change in net unrealized appreciation (depreciation) on investments (736,407) Net realized and unrealized loss on investments (316,175) Other operating credits (charges) 29 Net decrease in net assets resulting from operations $ (293,965)

539

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Value (Opus) Fund Statement of Changes in Net Assets



Operations









540




Investments

Principal Amount or



Basic Material (1.8%) Innospec, Inc. 2,500 $ 135,775

Communication (1.3%) Alliance Fiber Optic Products, Inc. 6,100 92,476

Consumer, Cyclical (12.9%) Caleres, Inc. 3,300 88,506 Cooper Tire & Rubber Co. 2,850 107,873 Express, Inc. 5,650 97,632 Finish Line, Inc./The Class A 4,100 74,128 Knoll, Inc. 4,650 87,420 Ruth's Hospitality Group, Inc. 6,250 99,500 ScanSource, Inc. 3,000 96,660 Thor Industries, Inc. 1,900 106,685 UniFirst Corp. 1,000 104,200 Wabash National Corp. 8,200 97,006 __________ 959,610

Consumer, Non-cyclical (17.4%) Aaron's, Inc. 2,900 64,931 ACCO Brands Corp. 12,750 90,907 Analogic Corp. 950 78,470 Barrett Business Services, Inc. 2,350 102,319 Deluxe Corp. 1,650 89,991 Ensign Group, Inc./The 3,000 67,890 Helen of Troy Ltd. 700 65,975 Kforce, Inc. 3,400 85,952 Lannett Co., Inc. 1,250 50,150 LifePoint Health, Inc. 1,350 99,090 Navigant Consulting, Inc. 7,450 119,647 PharMerica Corp. 3,950 138,250 Providence Service Corp./The 2,750 129,030 TrueBlue, Inc. 4,150 106,904 __________ 1,289,506

Energy (2.3%) Par Pacific Holdings, Inc. 4,500 105,930 Western Refining, Inc. 1,900 67,678 __________ 173,608

541




Investments

Principal Amount or



Financial (22.7%) AMERISAFE, Inc. 2,550 $ 129,795 Ares Capital Corp. 7,770 110,722 Banc of California, Inc. 6,650 97,223 BBCN Bancorp, Inc. 6,050 104,181 Cardinal Financial Corp. 4,500 102,375 Customers Bancorp, Inc. 4,150 112,963 Employers Holdings, Inc. 3,850 105,105 Endurance Specialty Holdings Ltd. 1,350 86,387 Enstar Group Ltd. 820 123,033 Federated National Holding Co. 3,450 101,982 First NBC Bank Holding Co. 2,850 106,561 Great Southern Bancorp, Inc. 2,200 99,572 Horace Mann Educators Corp. 2,500 82,950 Lakeland Financial Corp. 2,050 95,571 Navigators Group, Inc./The 796 68,289 RMR Group, Inc./The Class A 64 922 State Bank Financial Corp. 7,462 156,926 __________ 1,684,557

Government (1.3%) Banco Latinoamericano de Comercio Exterior S.A. 3,600 93,348

Industrial (16.1%) Advanced Energy Industries, Inc. 4,150 117,154 Alamo Group, Inc. 1,800 93,780 Argan, Inc. 2,750 89,100 Atlas Air Worldwide Holdings, Inc. 2,500 103,350 Barnes Group, Inc. 1,910 67,595 Benchmark Electronics, Inc. 4,250 87,848 Federal Signal Corp. 7,650 121,252 Greenbrier Cos., Inc./The 1,950 63,609 Patrick Industries, Inc. 2,900 126,150 Tech Data Corp. 1,450 96,251 Teekay Tankers Ltd. Class A 10,950 75,336 Trinity Industries, Inc. 3,050 73,261 ZAGG, Inc. 7,000 76,580 __________ 1,191,266

542




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Technology (9.3%)

Brocade Communications Systems, Inc. 9,850 $ 90,423 CACI International, Inc. Class A 1,550 143,809 CSG Systems International, Inc. 4,150 149,317 Insight Enterprises, Inc. 3,850 96,712 Sykes Enterprises, Inc. 3,850 118,503 Teradyne, Inc. 4,250 87,848 __________ 686,612

Utility (1.9%) Laclede Group, Inc./The 2,400 142,584 __________ Total Common stocks (Cost $6,130,130) 6,449,342

Real estate investment trusts (10.6%) Apollo Commercial Real Estate Finance, Inc. 4,200 72,366 CareTrust REIT, Inc. 9,284 101,660 Chatham Lodging Trust 5,690 116,531 Colony Capital, Inc. Class A 3,510 68,375 EPR Properties 1,850 108,132 Hospitality Properties Trust 3,900 101,985 RLJ Lodging Trust 3,800 82,194 Sabra Health Care REIT, Inc. 3,950 79,909 Starwood Property Trust, Inc. 2,490 51,194 __________ Total Real estate investment trusts (Cost $832,988) 782,346 __________Total Investments (Cost $6,963,118) $ 7,231,688 ____________________

543






Common stocks $ 6,449,342 $ 6,449,342 $ — $ —Real estate investment trusts 782,346 782,346 — —__________ __________ __________ _________

$ 7,231,688 $ 7,231,688 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $6,157,484 and $7,644,646, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 2,478 Class R3 5,467 Class R4 431 Class R5 13,147 Class R6 3,721 Class R7 1,636 Class R8 289 Class LifeStyle 32,241 $ 59,410

544

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Small Cap Value (Opus) Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 68,725 $ (564,549) $ (495,824) 5,194 (42,536) (37,342)Class R3 599,579 (35,938) 563,641 46,077 (2,635) 43,442Class R4 2,686 (487,566) (484,880) 186 (34,122) (33,936)Class R5 149,151 (222,175) (73,024) 10,904 (16,516) (5,612)Class R6 20,364 (28,720) (8,356) 1,416 (2,017) (601)Class R7 11,101 (3,772) 7,329 793 (271) 522Class R8 416 (4,222) (3,806) 32 (330) (298)Class LifeStyle 1,178,704 (2,103,281) (924,577) — — — $ 2,030,726 $ (3,450,223) $ (1,419,497) 64,602 (98,427) (33,825)

545





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.0780 $ 0.0637 $ (0.5211) $ (0.4574) $ 12.6206 (3.50)% (1.09)% 0.48%Class R3 13.3102 0.0370 (0.5527) (0.5157) 12.7945 (3.87)% (1.46)% 0.28%Class R4 14.7200 (0.0263) (0.5580) (0.5843) 14.1357 (3.97)% (1.67)% (0.18)%Class R5 13.6233 (0.0163) (0.5563) (0.5726) 13.0507 (4.20)% (1.81)% (0.12)%Class R6 14.3430 (0.0403) (0.5859) (0.6262) 13.7168 (4.37)% (1.98)% (0.28)%Class R7 14.0126 (0.0625) (0.5721) (0.6346) 13.3780 (4.53)% (2.15)% (0.44)%Class R8 13.4099 (0.0843) (0.5450) (0.6293) 12.7806 (4.69)% (2.32)% (0.63)%


546

FMT SMID Diversified Growth (Frontier/Geneva) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT SMID Diversified Growth (Frontier/Geneva) Fund




Receivables




Liabilities Sub-advisor fees 43,926

Trustee fees 38,142

Investments purchased 1,567


Net assets $ 88,096,505


Units of

Participation NAV

per Unit Net

Assets Class R1 1,844,520 $ 20.1592 $ 37,184,118

Class R2 408,706 $ 17.2943 7,068,301

Class R3 420,530 $ 16.9187 7,114,829

Class R4 594,018 $ 16.8025 9,980,973

Class R5 214,943 $ 17.8951 3,846,425

Class R6 207,343 $ 17.0414 3,533,421

Class R7 111,813 $ 16.6642 1,863,279

Class R8 54,311 $ 16.9368 919,849


$ 88,096,505

547




Investment income


Interest 1,109

463,873

Expenses



Custody fees 33,282

Audit fees 5,664

1,137,774






Change in net unrealized appreciation (depreciation) on investments (7,200,034) Net realized and unrealized gain on investments 1,920,921 Other operating credits (charges) 5,834


548




Operations













549

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT SMID Diversified Growth (Frontier/Geneva) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Basic Materials (4.8%) Agnico Eagle Mines Ltd. 9,903 $ 260,251 Albemarle Corp. 4,326 242,299 Allegheny Technologies, Inc. 48,559 546,289 Balchem Corp. 14,534 883,667 Cabot Corp. 5,551 226,925 Clearwater Paper Corp. 483 21,991 Coeur Mining, Inc. 54,496 135,150 Ferroglobe PLC 26,676 286,767 FMC Corp. 7,967 311,749 Horsehead Holding Corp. 16,238 33,288 Kraton Performance Polymers, Inc. 18,972 315,125 Sensient Technologies Corp. 14,005 879,794 Tronox Ltd. Class A 29,878 116,823 __________ 4,260,118

Communications (3.3%) Cogent Communications Holdings, Inc. 21,483 745,245 ePlus, Inc. 2,632 245,460 FactSet Research Systems, Inc. 4,256 691,898 Global Eagle Entertainment, Inc. 51,879 512,046 Gogo, Inc. 28,316 504,025 QuinStreet, Inc. 18,915 81,146 Web.com Group, Inc. 5,818 116,418 __________ 2,896,238

Consumer, Cyclical (14.4%) Allegiant Travel Co. 5,831 978,617 American Airlines Group, Inc. 7,583 321,140 Beacon Roofing Supply, Inc. 24,852 1,023,405 BMC Stock Holdings, Inc. 16,076 269,273 Chico's FAS, Inc. 10,184 108,663 Chuy's Holdings, Inc. 19,358 606,680 Dana Holding Corp. 9,151 126,284 Dorman Products, Inc. 12,002 569,735 DTS, Inc. 16,243 366,767 Fox Factory Holding Corp. 21,672 358,238 G-III Apparel Group Ltd. 14,913 660,049 Gentherm, Inc. 6,179 292,885 Harman International Industries, Inc. 4,469 421,024

550




Investments

Principal Amount or



Consumer, Cyclical (continued) Hawaiian Holdings, Inc. 3,635 $ 128,425 Hibbett Sports, Inc. 10,586 320,121 JetBlue Airways Corp. 20,329 460,452 Lions Gate Entertainment Corp. 10,186 329,924 LKQ Corp. 14,145 419,116 MarineMax, Inc. 14,725 271,234 Meritor, Inc. 26,025 217,309 Modine Manufacturing Co. 12,471 112,863 Panera Bread Co. Class A 3,519 685,431 Red Robin Gourmet Burgers, Inc. 6,370 393,284 Tenneco, Inc. 1,658 76,119 TiVo, Inc. 41,172 355,314 United Continental Holdings, Inc. 36,924 2,115,745 Universal Electronics, Inc. 1,403 72,044 Wabash National Corp. 3,708 43,866 WABCO Holdings, Inc. 1,615 165,150 Watsco, Inc. 3,332 390,277 __________ 12,659,434

Consumer, Non-cyclical (22.2%) ABIOMED, Inc. 14,623 1,320,165 Advisory Board Co./The 11,992 594,923 Amplify Snack Brands, Inc. 9,254 106,606 Bio-Techne Corp. 9,779 880,110 BioMarin Pharmaceutical, Inc. 1,370 143,521 Bright Horizons Family Solutions, Inc. 16,757 1,119,368 Cantel Medical Corp. 23,077 1,434,005 Career Education Corp. 40,870 148,358 Cooper Cos., Inc./The 4,751 637,584 DexCom, Inc. 8,228 673,873 Edwards Lifesciences Corp. 5,768 455,557 Global Payments, Inc. 4,038 260,491 Globus Medical, Inc. Class A 27,792 773,173 Green Dot Corp. Class A 14,861 244,018 Healthcare Services Group, Inc. 28,430 991,354 HeartWare International, Inc. 7,477 376,841 Illumina, Inc. 2,963 568,733

551




Investments

Principal Amount or



Consumer, Non-cyclical (continued) Insulet Corp. 21,727 $ 821,498 J&J Snack Foods Corp. 7,237 844,341 KAR Auction Services, Inc. 7,382 273,356 Masimo Corp. 25,728 1,067,969 Medivation, Inc. 1,670 80,728 MEDNAX, Inc. 6,207 444,794 Monro Muffler Brake, Inc. 18,152 1,202,025 Myriad Genetics, Inc. 7,930 342,259 Natus Medical, Inc. 13,168 632,722 Neogen Corp. 18,033 1,019,225 PAREXEL International Corp. 16,378 1,115,669 QIAGEN N.V. 6,849 189,375 Sangamo BioSciences, Inc. 9,606 87,703 Tandem Diabetes Care, Inc. 21,557 254,588 Team, Inc. 13,168 420,849 __________ 19,525,781

Diversified (0.2%) Leucadia National Corp. 11,226 195,220

Energy (2.5%) Carrizo Oil & Gas, Inc. 16,076 475,528 Dril-Quip, Inc. 10,045 594,965 Gulfport Energy Corp. 10,766 264,521 InterOil Corp. 12,708 399,285 McDermott International, Inc. 64,320 215,472 MRC Global, Inc. 14,066 181,451 WPX Energy, Inc. 21,390 122,779 __________ 2,254,001

Financial (9.3%) Artisan Partners Asset Management, Inc. Class A 3,716 133,999 Bank of the Ozarks, Inc. 27,692 1,369,646 BofI Holding, Inc. 31,021 652,992 E*TRADE Financial Corp. 9,011 267,086 Ellie Mae, Inc. 5,191 312,654 Everest Re Group Ltd. 2,379 435,571 Greenhill & Co., Inc. 3,608 103,225

552




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Financial (continued) LPL Financial Holdings, Inc. 4,397 $ 187,532 MarketAxess Holdings, Inc. 14,554 1,624,081 PacWest Bancorp 17,243 743,173 Popular, Inc. 12,415 351,841 PRA Group, Inc. 13,966 484,481 Raymond James Financial, Inc. 6,127 355,182 Texas Capital Bancshares, Inc. 15,491 765,565 Webster Financial Corp. 2,262 84,124 WR Berkley Corp. 5,248 287,328 __________ 8,158,480

Industrial (18.1%) AAON, Inc. 17,973 417,333 Acuity Brands, Inc. 5,399 1,262,286 Armstrong World Industries, Inc. 4,954 226,546 Barnes Group, Inc. 20,614 729,529 Belden, Inc. 10,813 515,564 Berry Plastics Group, Inc. 18,877 682,970 Boise Cascade Co. 7,786 198,777 Caesarstone Sdot-Yam Ltd. 9,660 418,664 Carlisle Cos., Inc. 1,797 159,376 Cognex Corp. 17,793 600,870 Control4 Corp. 23,316 169,507 Donaldson Co., Inc. 20,913 599,367 Eagle Materials, Inc. 7,353 444,342 Echo Global Logistics, Inc. 8,413 171,541 Encore Wire Corp. 4,288 159,042 Exponent, Inc. 9,849 491,958 Flextronics International Ltd. 36,840 412,976 Generac Holdings, Inc. 13,115 390,434 Genesee & Wyoming, Inc. Class A 7,825 420,124 Harsco Corp. 15,603 122,952 Hub Group, Inc. Class A 7,666 252,595 IMAX Corp. 9,084 322,845 Itron, Inc. 11,538 417,445 Jabil Circuit, Inc. 15,355 357,618

553




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Industrial (continued) Kirby Corp. 3,532 $ 185,854 Lennox International, Inc. 2,730 340,977 Louisiana-Pacific Corp. 32,225 580,372 Marten Transport Ltd. 23,256 411,631 Martin Marietta Materials, Inc. 1,658 226,450 MasTec, Inc. 22,272 387,087 Middleby Corp./The 10,995 1,186,031 Primoris Services Corp. 5,222 115,041 Proto Labs, Inc. 9,490 604,418 RBC Bearings, Inc. 12,799 826,687 Rogers Corp. 7,722 398,223 Swift Transportation Co. 11,348 156,829 Trex Co., Inc. 5,587 212,529 Universal Display Corp. 7,281 396,378 __________ 15,973,168

Technology (21.7%) 2U, Inc. 10,094 282,430 Akamai Technologies, Inc. 3,317 174,574 Allscripts Healthcare Solutions, Inc. 12,253 188,451 Atmel Corp. 17,440 150,158 Blackbaud, Inc. 17,415 1,146,952 Bottomline Technologies de, Inc. 20,335 604,559 Brightcove, Inc. 43,886 272,093 Cree, Inc. 12,156 324,200 Cypress Semiconductor Corp. 32,979 323,524 Electronic Arts, Inc. 8,675 596,146 Envestnet, Inc. 18,063 539,181 Fair Isaac Corp. 7,745 729,424 Fairchild Semiconductor International, Inc. 21,555 446,404 Fleetmatics Group PLC 11,030 560,214 Fortinet, Inc. 10,958 341,561 Integrated Device Technology, Inc. 14,231 374,987 Mattson Technology, Inc. 63,122 222,821 Maxim Integrated Products, Inc. 9,372 356,136

554




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Technology (continued) Medidata Solutions, Inc. 16,906 $ 833,297 Monolithic Power Systems, Inc. 9,594 611,234 Nuance Communications, Inc. 11,821 235,120 Omnicell, Inc. 14,175 440,559 ON Semiconductor Corp. 22,564 221,127 QLogic Corp. 24,439 298,156 Qorvo, Inc. 13,991 712,142 QuickLogic Corp. 96,540 109,090 Rovi Corp. 52,755 878,898 Seachange International, Inc. 34,486 232,436 Semtech Corp. 5,624 106,406 Silicon Laboratories, Inc. 2,740 133,000 Silver Spring Networks, Inc. 23,137 333,404 Skyworks Solutions, Inc. 9,137 701,996 Synaptics, Inc. 5,047 405,476 Tessera Technologies, Inc. 13,120 393,731 Tyler Technologies, Inc. 9,081 1,583,000 Ultimate Software Group, Inc./The 6,988 1,366,224 Ultratech, Inc. 24,887 493,260 Veeco Instruments, Inc. 23,752 488,341 VeriFone Systems, Inc. 4,254 119,197 Virtusa Corp. 11,085 458,254 Zynga, Inc. Class A 112,680 301,982 __________ 19,090,145 __________ Total Common stocks (Cost $65,057,459) 85,012,585


Consumer, Cyclical (1.0%)

Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (Cost $545,668) 50,681 869,686 __________

Total Investments (Cost $65,603,127) $ 85,882,271 __________ __________

555






Common stocks $ 85,012,585 $ 85,012,585 $ — $ — Depository receipt 869,686 869,686 — — __________ __________ __________ _________

$ 85,882,271 $ 85,882,271 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $22,446,183 and $27,898,061, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 111,688 Class R2 55,826 Class R3 55,895 Class R4 96,654 Class R5 56,689 Class R6 47,995 Class R7 27,608 Class R8 14,842 Class LifeStyle 111,188 $ 578,385

556




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 17,086,725 $ (10,285,746) $ 6,800,979 857,359 (500,253) 357,106 Class R2 2,455,432 (5,561,996) (3,106,564) 137,661 (325,705) (188,044) Class R3 3,842,168 (2,963,981) 878,187 221,004 (169,610) 51,394 Class R4 3,502,036 (4,724,306) (1,222,270) 201,369 (274,506) (73,137) Class R5 680,955 (4,093,013) (3,412,058) 36,747 (221,043) (184,296) Class R6 373,882 (908,614) (534,732) 21,082 (51,994) (30,912) Class R7 175,426 (402,118) (226,692) 10,178 (23,664) (13,486) Class R8 84,877 (35,536) 49,341 4,856 (2,055) 2,801 Class LifeStyle 3,728,861 (7,272,360) (3,543,499) — — — $ 31,930,362 $ (36,247,670) $ (4,317,308) 1,490,256 (1,568,830) (78,574)

557





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 19.9192 $ (0.0904) $ 0.3304 $ 0.2400 $ 20.1592 1.20 % (0.97) % (0.44) % Class R2 17.1263 (0.1227) 0.2907 0.1680 17.2943 0.98 % (1.19) % (0.69) % Class R3 16.7829 (0.1474) 0.2832 0.1358 16.9187 0.81 % (1.36) % (0.84) % Class R4 16.6962 (0.1759) 0.2822 0.1063 16.8025 0.64 % (1.53) % (1.01) % Class R5 17.8123 (0.2201) 0.3029 0.0828 17.8951 0.46 % (1.70) % (1.19) % Class R6 16.9916 (0.2385) 0.2883 0.0498 17.0414 0.29 % (1.87) % (1.35) % Class R7 16.6439 (0.2620) 0.2823 0.0203 16.6642 0.12 % (2.03) % (1.52) % Class R8 16.9451 (0.2964) 0.2881 (0.0083) 16.9368 (0.05) % (2.21) % (1.69) % (a) Per unit amounts are based on average daily units outstanding.

558

FMT SMID Value (Fisher Investments) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT SMID Value (Fisher Investments) Fund





Total assets 42,574,912 Liabilities Cash overdraft 137,517Sub-advisor fees 27,186Trustee fees 18,222


Units of

Participation NAV

per Unit Net

Assets Class R1 638,718 $ 15.9903 $ 10,213,282Class R2 264,209 $ 15.9488 4,213,822Class R3 266,567 $ 15.6386 4,168,744Class R4 417,124 $ 15.5336 6,479,427Class R5 85,249 $ 15.6220 1,331,760Class R6 139,214 $ 15.5520 2,165,052Class R7 63,152 $ 15.0538 950,675Class R8 23,234 $ 15.5395 361,047Class LifeStyle 12,508,178

$ 42,391,987

559




Investment income


780,010 Expenses




Net realized gain from investments sold 3,494,863 Change in net unrealized appreciation (depreciation) on investments (3,733,517) Net realized and unrealized loss on investments (238,654) Other operating credits (charges) 3,569 Net decrease in net assets resulting from operations $ (135,618)

560




Operations









561




Investments

Principal Amount or



Basic Materials (1.4%) CF Industries Holdings, Inc. 9,120 $ 372,187 Nucor Corp. 5,181 208,795 __________ 580,982

Communications (4.6%) Discovery Communications, Inc. Class A 15,634 417,115 Juniper Networks, Inc. 21,813 602,039 NeuStar, Inc. Class A 11,000 263,670 Omnicom Group, Inc. 8,875 671,483 __________ 1,954,307

Consumer, Cyclical (12.4%) BorgWarner, Inc. 11,492 496,799 Cabela's, Inc. 6,905 322,671 Dana Holding Corp. 21,300 293,940 DR Horton, Inc. 20,000 640,600 Harley-Davidson, Inc. 6,851 310,967 MSC Industrial Direct Co., Inc. Class A 5,798 326,253 Polaris Industries, Inc. 6,730 578,444 Ross Stores, Inc. 14,270 767,869 Scotts Miracle-Gro Co./The Class A 5,785 373,190 Starwood Hotels & Resorts Worldwide, Inc. 8,855 613,474 Toll Brothers, Inc. 15,707 523,043 __________ 5,247,250

Consumer, Non-cyclical (21.4%) AmerisourceBergen Corp. 10,574 1,096,629 Charles River Laboratories International, Inc. 9,100 731,549 Equifax, Inc. 9,913 1,104,011 Henry Schein, Inc. 6,220 983,942 Kroger Co./The 37,800 1,581,174 PAREXEL International Corp. 13,450 916,214 Perrigo Co. PLC 2,069 299,384 St Jude Medical, Inc. 12,000 741,240 Total System Services, Inc. 16,200 806,760 Zimmer Biomet Holdings, Inc. 7,910 811,487 __________ 9,072,390

562




Investments

Principal Amount or



Energy (2.9%) FMC Technologies, Inc. 7,009 $ 203,331 Helmerich & Payne, Inc. 3,245 173,770 Oceaneering International, Inc. 4,153 155,820 Valero Energy Corp. 10,042 710,070 __________ 1,242,991

Financial (24.0%) Ameriprise Financial, Inc. 8,680 923,726 Cincinnati Financial Corp. 7,628 451,349 CoreLogic, Inc. 8,000 270,880 Cullen/Frost Bankers, Inc. 9,250 555,000 East West Bancorp, Inc. 15,633 649,707 First Republic Bank/CA 14,600 964,476 Hancock Holding Co. 15,075 379,438 M&T Bank Corp. 4,744 574,878 Northern Trust Corp. 7,705 555,453 Primerica, Inc. 9,100 429,793 Progressive Corp./The 13,911 442,370 Raymond James Financial, Inc. 16,339 947,172 Regions Financial Corp. 58,800 564,480 SVB Financial Group 7,845 932,770 T Rowe Price Group, Inc. 8,771 627,039 Torchmark Corp. 9,013 515,183 Unum Group 12,131 403,841 __________ 10,187,555

Industrial (7.6%) B/E Aerospace, Inc. 5,600 237,272 Kansas City Southern 6,746 503,724 Lincoln Electric Holdings, Inc. 6,591 342,007 Owens Corning 8,375 393,876 PerkinElmer, Inc. 16,175 866,495 Rockwell Automation, Inc. 6,290 645,417 Terex Corp. 13,025 240,702 __________ 3,229,493

Technology (14.5%) Amdocs Ltd. 12,800 698,496

563




Investments

Principal Amount or

Shares Fair Value

Common stocks (continued) Technology (continued)

Aspen Technology, Inc. 15,100 $ 570,176 Autodesk, Inc. 11,900 725,067 CA, Inc. 11,236 320,900 Fidelity National Information Services, Inc. 10,375 628,725 Genpact Ltd. - W/D 22,650 565,797 Mentor Graphics Corp. 27,530 507,103 NetScout Systems, Inc. 14,000 429,800 Nuance Communications, Inc. 18,300 363,987 Progress Software Corp. 12,700 304,800 Synopsys, Inc. 11,850 540,478 Verint Systems, Inc. 12,100 490,776 __________ 6,146,105 __________ Total Common stocks (Cost $29,845,613) 37,661,073

Limited partnership (2.5%) Lazard Ltd. Class A (Cost $730,589) 23,176 1,043,152

Real estate investment trusts (8.3%) Essex Property Trust, Inc. 1,538 368,212 Extra Space Storage, Inc. 15,990 1,410,478 Liberty Property Trust 4,675 145,159 National Retail Properties, Inc. 12,304 492,775 Prologis, Inc. 11,847 508,473 Weyerhaeuser Co. 20,406 611,772 __________ Total Real estate investment trusts (Cost $2,372,085) 3,536,869 __________Total Investments (Cost $32,948,287) $ 42,241,094 ____________________

564






Common stocks $ 37,661,073 $ 37,661,073 $ — $ —Limited partnership 1,043,152 1,043,152 — —Real estate investment trusts 3,536,869 3,536,869 — —__________ __________ __________ _________


565




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,067,520 $ (3,960,480) $ (1,892,960) 126,337 (240,235) (113,898)Class R2 1,436,290 (2,404,640) (968,350) 87,509 (144,510) (57,001)Class R3 2,000,912 (1,606,381) 394,531 124,187 (99,458) 24,729Class R4 1,853,000 (2,958,446) (1,105,446) 115,652 (183,940) (68,288)Class R5 188,281 (2,175,338) (1,987,057) 11,742 (134,885) (123,143)Class R6 164,617 (328,309) (163,692) 10,403 (20,265) (9,862)Class R7 101,610 (210,933) (109,323) 6,493 (13,892) (7,399)Class R8 46,512 (74,720) (28,208) 2,930 (4,629) (1,699)Class LifeStyle 4,168,181 (5,280,607) (1,112,426) — — — $ 12,026,923 $ (18,999,854) $ (6,972,931) 485,253 (841,814) (356,561)

566





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 16.0563 $ 0.0882 $ (0.1542) $ (0.0660) $ 15.9903 (0.41)% (1.13)% 0.54%Class R2 16.0502 0.0516 (0.1530) (0.1014) 15.9488 (0.63)% (1.35)% 0.32%Class R3 15.7648 0.0249 (0.1511) (0.1262) 15.6386 (0.80)% (1.52)% 0.16%Class R4 15.6857 (0.0037) (0.1484) (0.1521) 15.5336 (0.97)% (1.69)% (0.02)%Class R5 15.8020 (0.0321) (0.1479) (0.1800) 15.6220 (1.14)% (1.86)% (0.20)%Class R6 15.7581 (0.0576) (0.1485) (0.2061) 15.5520 (1.31)% (2.03)% (0.36)%Class R7 15.2794 (0.0817) (0.1439) (0.2256) 15.0538 (1.48)% (2.20)% (0.53)%Class R8 15.7993 (0.1116) (0.1482) (0.2598) 15.5395 (1.64)% (2.37)% (0.70)%


567

FMT Special Opportunities (Sterling) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Special Opportunities (Sterling) Fund




Dividends and interest 901Total assets 1,135,802

Liabilities Sub-advisor fees 999Trustee fees 699


Units of

Participation NAV

per Unit Net

Assets Class R1 73,086 $ 15.5174 $ 1,134,104

568




Investment income

Dividends (net of foreign withholding taxes of $117) $ 31,241Interest 115

31,356 Expenses




Net realized gain from investments sold 806,640 Change in net unrealized appreciation (depreciation) on investments (541,124) Net realized and unrealized gain on investments 265,516 Net increase in net assets resulting from operations $ 255,395

569




Operations








570




Investments

Principal Amount or



Communications (24.6%) Alphabet, Inc. Class C 58 $ 44,015 AT&T, Inc. 691 23,777 CBS Corp. Class B 902 42,511 Cisco Systems, Inc. 1,577 42,823 Comcast Corp. Class A 740 41,758 Discovery Communications, Inc. Class C 1,644 41,462 Nielsen Holdings PLC 906 42,220 __________ 278,566

Consumer, Cyclical (5.7%) Ford Motor Co. 2,960 41,706 Lennar Corp. Class A 462 22,597 __________ 64,303

Consumer, Non-cyclical (32.5%) HCA Holdings, Inc. 628 42,471 Jarden Corp. 498 28,446 Live Nation Entertainment, Inc. 904 22,211 MEDNAX, Inc. 548 39,270 Mondelez International, Inc. Class A 632 28,339 Myriad Genetics, Inc. 783 33,794 Perrigo Co. PLC 234 33,860 Tyson Foods, Inc. Class A 527 28,105 UnitedHealth Group, Inc. 356 41,880 Verisk Analytics, Inc. 548 42,130 Zimmer Biomet Holdings, Inc. 278 28,520 __________ 369,026

Financial (7.5%) Capital One Financial Corp. 580 41,865 CBRE Group, Inc. Class A 1,242 42,948 __________ 84,813

Industrial (2.5%) JB Hunt Transport Services, Inc. 394 28,904

Technology (18.1%) Activision Blizzard, Inc. 1,020 39,484 Akamai Technologies, Inc. 794 41,788

571




Investments

Principal Amount or



Technology (continued) Autodesk, Inc. 371 $ 22,605 Check Point Software Technologies Ltd. 512 41,667 IMS Health Holdings, Inc. 885 22,541 Intuit, Inc. 390 37,635 __________ 205,720 __________ Total Common stocks (Cost $794,102) 1,031,332

Real estate investment trusts (6.1%) American Campus Communities, Inc. 860 35,553 Ryman Hospitality Properties, Inc. 660 34,083 __________ Total Real estate investment trusts (Cost $56,860) 69,636 __________Total Investments (Cost $850,962) $ 1,100,968 ____________________

572






Common stocks $ 1,031,332 $ 1,031,332 $ — $ —Real estate investment trusts 69,636 69,636 — —__________ __________ __________ _________

$ 1,100,968 $ 1,100,968 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,353,537 and $3,374,758, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,733

573




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 664,425 $ (2,676,040) $ (2,011,615) 44,171 (171,069) (126,898)

574





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.4527 $ (0.0493) $ 1.1140 $ 1.0647 $ 15.5174 7.37% (1.35)% (0.33)%


575

FMT U.S. Growth Opportunities (Zevenbergen) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT U.S. Growth Opportunities (Zevenbergen) Fund





Total assets 50,825,193 Liabilities Investments purchased 130,270Trustee fees 22,204Sub-advisor fees 21,720


Units of

Participation NAV

per Unit Net

Assets Class R1 921,377 $ 22.9322 $ 21,129,175Class R2 414,180 $ 18.0082 7,458,628Class R3 253,287 $ 17.9854 4,555,476Class R4 306,678 $ 18.8715 5,787,471Class R5 90,913 $ 17.6043 1,600,463Class R6 45,919 $ 17.9835 825,782Class R7 38,252 $ 17.2550 660,047Class R8 56,075 $ 17.6956 992,279Class LifeStyle 7,641,678

$ 50,650,999

576




Investment income





Net realized gain from investments sold 4,551,440 Change in net unrealized appreciation (depreciation) on investments (1,526,001) Net realized and unrealized gain on investments 3,025,439 Other operating credits (charges) 223 Net increase in net assets resulting from operations $ 2,488,171

577




Operations









578

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT U.S. Growth Opportunities (Zevenbergen) Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Investments

Principal Amount or



Communications (41.0%) Alphabet, Inc. Class A 2,470 $ 1,921,685 Amazon.com, Inc. 5,750 3,886,367 Expedia, Inc. 3,304 410,687 Facebook, Inc. Class A 25,375 2,655,748 LinkedIn Corp. Class A 6,300 1,418,004 MercadoLibre, Inc. 11,250 1,286,325 Netflix, Inc. 26,200 2,996,756 Palo Alto Networks, Inc. 7,400 1,303,436 Pandora Media, Inc. 69,600 933,336 Priceline Group, Inc./The 1,300 1,657,435 Splunk, Inc. 8,200 482,242 Zillow Group, Inc. Class A 23,500 611,940 Zillow Group, Inc. Class C 51,000 1,197,480 __________ 20,761,441

Consumer, Cyclical (11.0%) Chipotle Mexican Grill, Inc. 2,190 1,050,872 lululemon athletica, Inc. 22,100 1,159,587 Tesla Motors, Inc. 12,100 2,904,121 Under Armour, Inc. Class A 5,900 475,599 __________ 5,590,179

Consumer, Non-cyclical (18.7%) Alexion Pharmaceuticals, Inc. 7,650 1,459,238 BioMarin Pharmaceutical, Inc. 9,700 1,016,172 Celgene Corp. 19,600 2,347,296 Exact Sciences Corp. 47,800 441,194 Gilead Sciences, Inc. 12,100 1,224,399 Illumina, Inc. 5,050 969,322 PayPal Holdings, Inc. 13,600 492,320 Regeneron Pharmaceuticals, Inc. 2,800 1,520,036 __________ 9,469,977

Financial (12.7%) Alliance Data Systems Corp. 4,550 1,258,393 Charles Schwab Corp./The 57,850 1,905,000 First Republic Bank/CA 19,150 1,265,049 LendingClub Corp. 119,900 1,324,895 PRA Group, Inc. 4,000 138,760

579




Investments

Principal Amount or

Shares Fair Value


Financial (continued) Signature Bank 3,450 $ 529,127 __________

6,421,224

Industrial (4.0%) XPO Logistics, Inc. 75,200 2,049,200

Technology (6.6%) Medidata Solutions, Inc. 23,600 1,163,244 Monolithic Power Systems, Inc. 2,000 127,420 salesforce.com, Inc. 14,800 1,160,320 ServiceNow, Inc. 10,300 891,568 __________ 3,342,552 __________ Total Common stocks (Cost $32,446,431) 47,634,573


Communications (6.0%) Alibaba Group Holding Ltd. ADR 13,000 1,056,510 Baidu, Inc. ADR 4,800 907,392 Criteo S.A. ADR 10,300 407,880 Vipshop Holdings Ltd. ADR 44,800 684,096 __________ Total Depository receipts (Cost $3,075,733) 3,055,878 __________Total Investments (Cost $35,522,164) $ 50,690,451 ____________________

580






Common stocks $ 47,634,573 $ 47,634,573 $ — $ —Depository receipts 3,055,878 3,055,878 — —__________ __________ __________ _________


581




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,017,418 $ (3,608,832) $ (591,414) 130,448 (158,735) (28,287)Class R2 1,927,399 (685,014) 1,242,385 105,817 (38,356) 67,461Class R3 905,836 (1,539,990) (634,154) 50,790 (86,020) (35,230)Class R4 2,685,211 (2,640,686) 44,525 142,106 (140,718) 1,388Class R5 199,344 (2,371,591) (2,172,247) 11,548 (134,980) (123,432)Class R6 165,515 (475,279) (309,764) 9,126 (25,964) (16,838)Class R7 63,513 (1,427,259) (1,363,746) 3,709 (83,087) (79,378)Class R8 132,735 (414,715) (281,980) 7,492 (23,476) (15,984)Class LifeStyle 9,843,979 (2,467,085) 7,376,894 — — — $ 18,940,950 $ (15,630,451) $ 3,310,499 461,036 (691,336) (230,300)

582





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 21.7357 $ (0.1832) $ 1.3797 $ 1.1965 $ 22.9322 5.50% (0.89)% (0.80)%Class R2 17.1063 (0.1837) 1.0856 0.9019 18.0082 5.27% (1.11)% (1.02)%Class R3 17.1139 (0.2142) 1.0857 0.8715 17.9854 5.09% (1.28)% (1.19)%Class R4 17.9877 (0.2573) 1.1411 0.8838 18.8715 4.91% (1.45)% (1.36)%Class R5 16.8084 (0.2694) 1.0653 0.7959 17.6043 4.74% (1.62)% (1.53)%Class R6 17.1998 (0.3067) 1.0904 0.7837 17.9835 4.56% (1.79)% (1.70)%Class R7 16.5317 (0.3222) 1.0455 0.7233 17.2550 4.38% (1.96)% (1.87)%Class R8 16.9824 (0.3624) 1.0756 0.7132 17.6956 4.20% (2.13)% (2.04)%


583

FMT/Alger Spectra Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Alger Spectra Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 66,568 $ 19.0109 $ 1,265,520Class R3 18,739 $ 11.4824 215,164Class R4 215,099 $ 18.3570 3,948,565Class R5 142,053 $ 19.0073 2,700,044Class R6 145,397 $ 18.3305 2,665,192Class R7 67,386 $ 18.3896 1,239,209Class R8 28,200 $ 18.3275 516,832

$ 12,550,526

584

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Alger Spectra Fund Statement of Operations



Investment income





Net realized gain from investments sold 1,394,571 Change in net unrealized appreciation (depreciation) on investments (1,438,641) Net realized and unrealized loss on investments (44,070) Other operating credits (charges) 81,635 Net increase in net assets resulting from operations $ 898,601

585




Operations









586





Mutual fund (100.1%) Alger Spectra A Fund (Cost $10,589,741) 731,604 $ 12,561,637 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Large Cap Growth $ 12,561,637 $ 12,561,637 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $5,179,119 and $5,431,225, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 8,221 Class R2 269 Class R3 1,182 Class R4 32,696 Class R5 31,728 Class R6 33,868 Class R7 17,046 Class R8 8,157 $ 133,167

587




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,288,279 $ (3,926,870) $ (638,591) 178,282 (205,354) (27,072)Class R2 — (528,165) (528,165) — (34,322) (34,322)Class R3 95,911 (87) 95,824 8,185 (8) 8,177Class R4 1,725,937 (631,385) 1,094,552 95,114 (34,685) 60,429Class R5 301,113 (1,287,099) (985,986) 16,036 (68,302) (52,266)Class R6 237,046 (497,044) (259,998) 13,144 (28,756) (15,612)Class R7 84,584 (46,459) 38,125 4,653 (2,591) 2,062Class R8 51,217 (61,775) (10,558) 2,862 (3,555) (693) $ 5,784,087 $ (6,978,884) $ (1,194,797) 318,276 (377,573) (59,297)

588





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.7282 $ 0.8427 $ 0.4400 $ 1.2827 $ 19.0109 7.24% (0.39)% 4.50%Class R2(b) 15.4847 (0.0006) (0.0971) (0.0977) — (0.63)% (0.61)% (0.04)%Class R3 10.7496 1.2041 (0.4713) 0.7328 11.4824 6.82% (0.78)% 10.65%Class R4 17.2147 1.5122 (0.3699) 1.1423 18.3570 6.64% (0.95)% 8.34%Class R5 17.8550 1.2771 (0.1248) 1.1523 19.0073 6.45% (1.12)% 6.82%Class R6 17.2486 1.3007 (0.2188) 1.0819 18.3305 6.27% (1.29)% 7.18%Class R7 17.3338 1.3507 (0.2949) 1.0558 18.3896 6.09% (1.46)% 7.43%Class R8 17.3046 1.2795 (0.2566) 1.0229 18.3275 5.91% (1.63)% 7.06%



589

FMT/American Beacon Large Cap Value Institutional Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Beacon Large Cap Value Institutional Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 710,316 $ 16.0103 $ 11,372,386Class R2 84,148 $ 10.5664 889,133Class R3 393,988 $ 16.2153 6,388,643Class R4 115,626 $ 16.7413 1,935,733Class R5 136,315 $ 16.2034 2,208,772Class R6 47,125 $ 16.0917 758,313Class R7 8,610 $ 15.3778 132,409Class R8 28,253 $ 15.7189 444,104

$ 24,129,493

590




Investment income





Net realized gain from investments sold 961,546 Change in net unrealized appreciation (depreciation) on investments (4,867,027) Net realized and unrealized loss on investments (3,905,481) Other operating credits (charges) 9,878 Net decrease in net assets resulting from operations $ (1,497,134)

591




Operations









592






American Beacon Large Cap Value Institutional Fund (Cost $23,081,520) 987,022 $ 24,142,561 ______________________



Mutual fund - Large Cap Value $ 24,142,561 $ 24,142,561 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $7,149,721 and $4,393,870, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 43,708 Class R2 5,359 Class R3 37,186 Class R4 17,251 Class R5 26,241 Class R6 14,486 Class R7 1,968 Class R8 7,162 $ 153,361

593




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,793,133 $ (2,830,139) $ (1,037,006) 107,738 (169,148) (61,410)Class R2 42,346 (44,468) (2,122) 3,740 (3,961) (221)Class R3 3,274,962 (436,990) 2,837,972 198,380 (25,429) 172,951Class R4 1,491,699 (1,484,284) 7,415 84,152 (82,245) 1,907Class R5 521,719 (1,002,425) (480,706) 31,371 (57,749) (26,378)Class R6 96,910 (1,004,775) (907,865) 5,785 (57,347) (51,562)Class R7 23,241 (32,716) (9,475) 1,453 (1,978) (525)Class R8 85,588 (145,449) (59,861) 5,099 (8,606) (3,507) $ 7,329,598 $ (6,981,246) $ 348,352 437,718 (406,463) 31,255

594





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



595

FMT/American Beacon Small Cap Value Institutional Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Beacon Small Cap Value Institutional Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 77,407 $ 18.3882 $ 1,423,383Class R2 9,030 $ 14.8371 133,985Class R3 24,557 $ 14.6759 360,392Class R4 54,126 $ 15.6912 849,308Class R5 12,211 $ 16.4808 201,245Class R6 20,440 $ 15.2354 311,414Class R7 1,574 $ 15.3849 24,221Class R8 541 $ 15.3347 8,293

$ 3,312,241

596




Investment income





Net realized gain from investments sold 158,858 Change in net unrealized appreciation (depreciation) on investments (537,928) Net realized and unrealized loss on investments (379,070) Other operating credits (charges) 1,594 Net decrease in net assets resulting from operations $ (217,572)

597




Operations









598






American Beacon Small Cap Value Institutional Fund (Cost $3,271,034) 147,560 $ 3,314,199 ______________________



Mutual fund - Small Cap Value $ 3,314,199 $ 3,314,199 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,062,752 and $1,339,411, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 6,334 Class R2 1,133 Class R3 2,794 Class R4 8,707 Class R5 2,313 Class R6 3,957 Class R7 361 Class R8 215 $ 25,814

599




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 624,935 $ (877,030) $ (252,095) 31,716 (45,183) (13,467)Class R2 7,743 (82,311) (74,568) 487 (5,180) (4,693)Class R3 110,678 (60,362) 50,316 7,076 (3,938) 3,138Class R4 142,155 (258,923) (116,768) 8,658 (15,870) (7,212)Class R5 14,237 (62,503) (48,266) 815 (3,678) (2,863)Class R6 81,947 (69,346) 12,601 5,113 (4,376) 737Class R7 1,079 (182) 897 65 (11) 54Class R8 6,723 (16,705) (9,982) 403 (1,041) (638) $ 989,497 $ (1,427,362) $ (437,865) 54,333 (79,277) (24,944)

600





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



601

FMT/American Century Mid Cap Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Century Mid Cap Value Fund



Assets Investments in securities, at fair value $ 3,586,334 Liabilities Trustee fees 60 Net assets $ 3,586,274 Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R4 90 $ 9.7817 $ 878Class R5 3,075 $ 15.5452 47,798Class R8 1,149 $ 9.7259 11,174Class LifeStyle 3,526,424

$ 3,586,274

602




Investment income




Proceeds from sales of investments 907,956Cost of investments sold 947,315

Net realized loss from investments sold (39,359) Change in net unrealized appreciation (depreciation) on investments (390,197) Net realized and unrealized loss on investments (429,556) Other operating credits (charges) 14,112 Net decrease in net assets resulting from operations $ (73,875)

603




Operations









604






American Century Mid Cap Value Fund (Cost $4,117,124) 245,808 $ 3,586,334 ____________________



Mutual fund - Mid Cap Value $ 3,586,334 $ 3,586,334 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $844,331 and $907,956, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R4 $ 2 Class R5 529 Class R8 79 Class LifeStyle 22,760 $ 23,370

605




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ — $ (513) $ (513) (46) (46)Class R4 879 — 879 90 — 90Class R5 3,886 (12,328) (8,442) 246 (772) (526)Class R8 11,458 — 11,458 1,149 — 1,149Class LifeStyle 1,055,047 (1,475,289) (420,242) — — — $ 1,071,270 $ (1,488,130) $ (416,860) 1,485 (818) 667

606





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1(b) $ 11.2032 $ — $ (0.0142) $ (0.0142) $ — (0.13)% — % — %Class R4(c) 10.0000 2.1471 (2.3654) (0.2183) 9.7817 (2.18)% (0.95)% 32.54%Class R5 15.9166 1.4389 (1.8103) (0.3714) 15.5452 (2.33)% (1.15)% 9.06%Class R8(d) 10.0000 1.3364 (1.6105) (0.2741) 9.7259 (2.74)% (1.65)% 20.32%



(c) For the period from July 13, 2015 (commencement of this class) through December 31,

2015.

(d) For the period from July 7, 2015 (commencement of this class) through December 31, 2015.

607

FMT/American Funds Amcap Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Amcap Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 612,154 $ 17.1873 $ 10,521,247Class R2 79,591 $ 17.5237 1,394,723Class R3 11,000 $ 17.2417 189,660Class R4 37,815 $ 17.5194 662,491Class R5 45,634 $ 17.4004 794,055Class R6 10,753 $ 16.2121 174,326Class R8 6,212 $ 16.1061 100,050

$ 13,836,552

608




Investment income





Net realized gain from investments sold 375,984 Change in net unrealized appreciation (depreciation) on investments (1,411,400) Net realized and unrealized loss on investments (1,035,416) Net increase in net assets resulting from operations $ 40,684

609

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Amcap Fund Statement of Changes in Net Assets



Operations








610





Mutual fund (100.0%) American Funds AMCAP R6 Fund (Cost $12,700,357) 528,931 $ 13,842,118 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - All Cap Growth $ 13,842,118 $ 13,842,118 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,443,455 and $2,254,329, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 34,195 Class R2 4,990 Class R3 9,090 Class R4 6,416 Class R5 7,579 Class R6 2,526 Class R7 313 Class R8 1,678 $ 66,787

611

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Amcap Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,844,330 $ (1,782,400) $ 2,061,930 219,071 (102,563) 116,508Class R2 1,324,530 (118,116) 1,206,414 72,443 (6,621) 65,822Class R3 277,586 (2,410,285) (2,132,699) 15,915 (134,875) (118,960)Class R4 154,405 (134,914) 19,491 8,842 (7,559) 1,283Class R5 240,349 (224,761) 15,588 13,949 (12,985) 964Class R6 19,822 (44,290) (24,468) 1,185 (2,713) (1,528)Class R7 3,857 (35,753) (31,896) 368 (3,492) (3,124)Class R8 9,259 (10,532) (1,273) 570 (662) (92) $ 5,874,138 $ (4,761,051) $ 1,113,087 332,343 (271,470) 60,873

612





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.0666 $ 1.4521 $ (1.3314) $ 0.1207 $ 17.1873 0.71% (0.38)% 8.31%Class R2 17.4391 1.7005 (1.6159) 0.0846 17.5237 0.49% (0.61)% 9.55%Class R3 17.1879 0.7824 (0.7286) 0.0538 17.2417 0.31% (0.78)% 4.43%Class R4 17.4945 1.2718 (1.2469) 0.0249 17.5194 0.14% (0.95)% 7.12%Class R5 17.4054 1.3732 (1.3782) (0.0050) 17.4004 (0.03)% (1.12)% 7.74%Class R6 16.2443 1.1608 (1.1930) (0.0322) 16.2121 (0.20)% (1.29)% 7.01%Class R7(b) 10.1570 0.1733 (0.0913) 0.0820 — 0.81% (1.46)% 2.60%Class R8 16.1933 1.0673 (1.1545) (0.0872) 16.1061 (0.54)% (1.63)% 6.48%


(b) For the period from January 1, 2015 through August 20, 2015.

613

FMT/American Funds Europacific Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Europacific Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 1,112,814 $ 21.2591 $ 23,657,468Class R2 604,212 $ 14.0420 8,484,327Class R3 557,596 $ 13.4617 7,506,184Class R4 482,691 $ 13.1340 6,339,669Class R5 211,134 $ 13.7572 2,904,616Class R6 48,651 $ 13.4222 652,997Class R7 80,800 $ 13.4124 1,083,719Class R8 60,483 $ 13.4777 815,174

$ 51,444,154

614




Investment income





Net realized gain from investments sold 1,250,695 Change in net unrealized appreciation (depreciation) on investments (3,350,079) Net realized and unrealized loss on investments (2,099,384) Net decrease in net assets resulting from operations $ (741,729)

615




Operations








616






American Funds EuroPacific Growth R6 Fund (Cost $47,423,823) 1,135,717 $ 51,470,716 ______________________



Mutual fund - International Core Equity $ 51,470,716 $ 51,470,716 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


617




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 7,387,244 $ (6,008,911) $ 1,378,333 330,653 (272,601) 58,052Class R2 4,106,267 (2,582,658) 1,523,609 277,481 (172,584) 104,897Class R3 2,995,075 (3,670,852) (675,777) 213,364 (259,991) (46,627)Class R4 4,083,648 (1,910,878) 2,172,770 290,448 (138,859) 151,589Class R5 1,631,540 (2,814,904) (1,183,364) 112,366 (189,759) (77,393)Class R6 402,201 (687,603) (285,402) 28,843 (47,053) (18,210)Class R7 390,743 (834,394) (443,651) 27,407 (60,125) (32,718)Class R8 284,374 (181,630) 102,744 19,947 (13,235) 6,712 $ 21,281,092 $ (18,691,830) $ 2,589,262 1,300,509 (1,154,207) 146,302

618





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



619

FMT/American Funds Growth Fund of America Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Growth Fund of America Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 1,661,605 $ 18.7901 $ 31,221,783Class R2 144,104 $ 18.1625 2,617,274Class R3 473,073 $ 17.9037 8,469,771Class R4 454,190 $ 17.7811 8,076,008Class R5 285,890 $ 17.7822 5,083,765Class R6 162,780 $ 17.6598 2,874,655Class R7 91,483 $ 17.5470 1,605,253Class R8 73,508 $ 18.0776 1,328,838

$ 61,277,347

620




Investment income





Net realized gain from investments sold 5,934,815 Change in net unrealized appreciation (depreciation) on investments (7,203,045) Net realized and unrealized loss on investments (1,268,230) Net increase in net assets resulting from operations $ 3,515,849

621




Operations








622

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Growth Fund of America Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




American Funds Growth Fund of America R6 Fund (Cost $49,413,570) 1,484,904 $ 61,311,682 ______________________



Mutual fund - Large Cap Growth $ 61,311,682 $ 61,311,682 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $8,933,671 and $21,880,340, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 124,001 Class R2 21,499 Class R3 60,119 Class R4 73,088 Class R5 71,123 Class R6 40,925 Class R7 32,476 Class R8 24,219 $ 447,450

623




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 4,980,059 $ (15,148,476) $ (10,168,417) 267,880 (816,635) (548,755)Class R2 1,232,816 (2,532,808) (1,299,992) 68,992 (139,002) (70,010)Class R3 3,074,166 (4,254,758) (1,180,592) 171,034 (240,299) (69,265)Class R4 4,099,845 (2,975,254) 1,124,591 230,582 (167,749) 62,833Class R5 807,214 (5,113,212) (4,305,998) 45,804 (288,209) (242,405)Class R6 584,506 (1,078,545) (494,039) 33,727 (61,061) (27,334)Class R7 172,727 (1,340,901) (1,168,174) 9,821 (78,978) (69,157)Class R8 248,448 (478,770) (230,322) 13,864 (27,617) (13,753) $ 15,199,781 $ (32,922,724) $ (17,722,943) 841,704 (1,819,550) (977,846)

624





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.8470 $ 1.3133 $ (0.3702) $ 0.9431 $ 18.7901 5.28% (0.39)% 7.07%Class R2 17.2889 1.2307 (0.3571) 0.8736 18.1625 5.05% (0.61)% 6.84%Class R3 17.0717 1.4442 (0.6122) 0.8320 17.9037 4.87% (0.78)% 8.15%Class R4 16.9837 1.3262 (0.5288) 0.7974 17.7811 4.70% (0.95)% 7.51%Class R5 17.0137 0.9746 (0.2061) 0.7685 17.7822 4.52% (1.12)% 5.53%Class R6 16.9253 1.0854 (0.3509) 0.7345 17.6598 4.34% (1.29)% 6.19%Class R7 16.8459 0.7769 (0.0758) 0.7011 17.5470 4.16% (1.46)% 4.45%Class R8 17.3849 1.0175 (0.3248) 0.6927 18.0776 3.98% (1.63)% 5.65%


625

FMT/American Funds New Perspective Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds New Perspective Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 423,204 $ 19.1116 $ 8,088,095Class R2 134,920 $ 17.0652 2,302,432Class R3 159,014 $ 16.1679 2,570,925Class R4 133,960 $ 15.9433 2,135,767Class R5 87,541 $ 16.7190 1,463,608Class R6 37,164 $ 15.8445 588,838Class R7 4,238 $ 15.7379 66,693Class R8 21,315 $ 14.9966 319,661

$ 17,536,019

626




Investment income





Net realized gain from investments sold 935,365 Change in net unrealized appreciation (depreciation) on investments (955,872) Net realized and unrealized loss on investments (20,507) Net increase in net assets resulting from operations $ 924,650

627




Operations








628






American Funds New Perspective R6 Fund (Cost $15,092,356) 487,099 $ 17,545,309 ______________________



Mutual fund - Global Core Equity $ 17,545,309 $ 17,545,309 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,243,005 and $4,424,990, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 28,490 Class R2 17,024 Class R3 17,722 Class R4 20,701 Class R5 17,496 Class R6 6,325 Class R7 801 Class R8 4,271 $ 112,830

629




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,019,688 $ (2,630,794) $ (611,106) 105,837 (139,319) (33,482)Class R2 711,973 (1,939,104) (1,227,131) 41,864 (112,636) (70,772)Class R3 1,295,990 (859,731) 436,259 78,463 (53,181) 25,282Class R4 1,047,333 (1,442,466) (395,133) 66,072 (88,527) (22,455)Class R5 381,760 (932,610) (550,850) 22,917 (56,056) (33,139)Class R6 152,261 (26,718) 125,543 9,836 (1,702) 8,134Class R7 17,685 (951) 16,734 1,104 (59) 1,045Class R8 86,561 (6,640) 79,921 5,746 (439) 5,307 $ 5,713,251 $ (7,839,014) $ (2,125,763) 331,839 (451,919) (120,080)

630





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 18.1638 $ 1.0729 $ (0.1251) $ 0.9478 $ 19.1116 5.22% (0.39)% 5.63%Class R2 16.2547 0.7022 0.1083 0.8105 17.0652 4.99% (0.61)% 4.12%Class R3 15.4263 0.9254 (0.1838) 0.7416 16.1679 4.81% (0.78)% 5.73%Class R4 15.2379 0.7555 (0.0501) 0.7054 15.9433 4.63% (0.95)% 4.74%Class R5 16.0065 0.7289 (0.0164) 0.7125 16.7190 4.45% (1.12)% 4.36%Class R6 15.1951 0.9215 (0.2721) 0.6494 15.8445 4.27% (1.29)% 5.81%Class R7 15.1185 0.8995 (0.2801) 0.6194 15.7379 4.10% (1.46)% 5.71%Class R8 14.4311 0.8416 (0.2761) 0.5655 14.9966 3.92% (1.63)% 5.60%


631

FMT/American Funds Small Cap World Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Small Cap World Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 234,294 $ 14.1257 $ 3,309,564Class R2 1,499 $ 15.9325 23,883Class R3 1,318 $ 16.0472 21,146Class R4 23,763 $ 16.1702 384,259Class R5 35,464 $ 15.1059 535,717Class R6 10,352 $ 15.6602 162,111Class R7 23,473 $ 15.4814 363,400Class R8 2,787 $ 15.4533 43,065

$ 4,843,145

632




Investment income






633




Operations








634






American Funds Small Cap World R6 Fund (Cost $4,391,397) 109,803 $ 4,845,614 ______________________



Mutual fund - Global Core Equity $ 4,845,614 $ 4,845,614 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investmentsecurities (other than temporary cash investments) totaled $1,024,200 and $1,719,985,respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 12,443 Class R2 137 Class R3 177 Class R4 7,840 Class R5 5,731 Class R6 1,988 Class R7 5,282 Class R8 671 $ 34,269

635




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 669,125 $ (937,536) $ (268,411) 45,939 (63,981) (18,042)Class R2 1,871 — 1,871 115 — 115Class R3 748 (3,126) (2,378) 46 (195) (149)Class R4 150,208 (914,756) (764,548) 8,842 (54,388) (45,546)Class R5 135,360 (93,240) 42,120 8,467 (5,824) 2,643Class R6 47,589 (19,309) 28,280 3,032 (1,157) 1,875Class R7 34,036 (36,139) (2,103) 2,119 (2,272) (153)Class R8 19,639 (3,918) 15,721 1,240 (251) 989 $ 1,058,576 $ (2,008,024) $ (949,448) 69,800 (128,068) (58,268)

636





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.7754 $ 0.7573 $ (0.4070) $ 0.3503 $ 14.1257 2.54% (0.41)% 5.20%Class R2 15.5717 0.8848 (0.5240) 0.3608 15.9325 2.32% (0.63)% 5.38%Class R3 15.7107 0.7497 (0.4132) 0.3365 16.0472 2.14% (0.79)% 4.52%Class R4 15.8582 0.2882 0.0238 0.3120 16.1702 1.97% (0.97)% 1.72%Class R5 14.8396 0.7734 (0.5071) 0.2663 15.1059 1.79% (1.14)% 4.95%Class R6 15.4104 0.7777 (0.5279) 0.2498 15.6602 1.62% (1.31)% 4.80%Class R7 15.2605 0.7080 (0.4871) 0.2209 15.4814 1.45% (1.48)% 4.42%Class R8 15.2588 0.6898 (0.4953) 0.1945 15.4533 1.27% (1.65)% 4.30%


637

FMT/American Funds Washington Mutual Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/American Funds Washington Mutual Fund




Units of

Participation NAV

per Unit Net


$ 4,877,183

638




Investment income





Net realized gain from investments sold 1,256,489 Change in net unrealized appreciation (depreciation) on investments (1,889,887) Net realized and unrealized loss on investments (633,398) Net increase in net assets resulting from operations $ 4,075

639




Operations








640






American Funds Washington Mutual R6 Fund (Cost $4,243,164) 126,949 $ 4,881,207 ______________________



Mutual fund - Large Cap Value $ 4,881,207 $ 4,881,207 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,244,544 and $8,267,329, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 32,086 Class R2 954 Class R3 5,262 Class R4 5,871 Class R5 3,499 Class R6 718 Class R7 327 Class R8 600 $ 49,317

641




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,658,644 $ (7,811,579) $ (6,152,935) 103,947 (487,610) (383,663)Class R2 158,086 (1,324) 156,762 9,798 (85) 9,713Class R3 509,235 (570,587) (61,352) 31,455 (35,305) (3,850)Class R4 256,224 (718,756) (462,532) 16,164 (44,601) (28,437)Class R5 107,078 (274,982) (167,904) 6,850 (17,640) (10,790)Class R6 20,883 (512) 20,371 1,259 (32) 1,227Class R7 6,580 (45) 6,535 426 (3) 423Class R8 1,556 (323) 1,233 101 (21) 80 $ 2,718,286 $ (9,378,108) $ (6,659,822) 170,000 (585,297) (415,297)

642





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



643

FMT/Artisan International Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Artisan International Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 327,218 $ 14.4440 $ 4,726,340Class R2 28,099 $ 15.4097 432,992Class R3 88,979 $ 14.4138 1,282,524Class R4 222,039 $ 14.4076 3,199,048Class R5 71,290 $ 14.6249 1,042,616Class R6 166,414 $ 14.1316 2,351,701Class R7 82,842 $ 14.4056 1,193,384Class R8 45,068 $ 13.4787 607,454

$ 14,836,059

644

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Artisan International Fund



Investment income





Net realized gain from investments sold 492,513 Change in net unrealized appreciation (depreciation) on investments (1,124,422) Net realized and unrealized loss on investments (631,909) Other operating credits (charges) 65,374 Net decrease in net assets resulting from operations $ (641,073)

645




Operations









646





Mutual fund (100.1%) Artisan International Fund (Cost $13,587,745) 517,667 $ 14,846,678 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - International Growth $ 14,846,678 $ 14,846,678 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


647




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,353,003 $ (1,614,213) $ 738,790 152,210 (107,909) 44,301Class R2 198,604 (1,762,536) (1,563,932) 11,966 (104,979) (93,013)Class R3 422,724 (170,011) 252,713 28,952 (11,354) 17,598Class R4 1,358,320 (1,533,722) (175,402) 89,617 (100,456) (10,839)Class R5 189,753 (623,409) (433,656) 12,409 (40,029) (27,620)Class R6 575,332 (673,565) (98,233) 39,576 (47,308) (7,732)Class R7 407,673 (526,714) (119,041) 27,937 (35,512) (7,575)Class R8 221,216 (51,899) 169,317 16,140 (3,639) 12,501 $ 5,726,625 $ (6,956,069) $ (1,229,444) 378,807 (451,186) (72,379)

648





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.0203 $ 0.0704 $ (0.6467) $ (0.5763) $ 14.4440 (3.84)% (0.39)% 0.47%Class R2 16.0604 (0.0077) (0.6430) (0.6507) 15.4097 (4.05)% (0.61)% (0.05)%Class R3 15.0478 0.0182 (0.6522) (0.6340) 14.4138 (4.21)% (0.78)% 0.12%Class R4 15.0670 (0.0212) (0.6382) (0.6594) 14.4076 (4.38)% (0.95)% (0.14)%Class R5 15.3205 (0.0481) (0.6475) (0.6956) 14.6249 (4.54)% (1.12)% (0.31)%Class R6 14.8290 (0.0645) (0.6329) (0.6974) 14.1316 (4.70)% (1.29)% (0.43)%Class R7 15.1424 (0.1005) (0.6363) (0.7368) 14.4056 (4.87)% (1.46)% (0.66)%Class R8 14.1923 (0.1018) (0.6118) (0.7136) 13.4787 (5.03)% (1.63)% (0.72)%


649

FMT/Columbia Acorn Z Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Columbia Acorn Z Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 305,733 $ 18.6619 $ 5,705,548Class R3 41,632 $ 14.8041 616,328Class R4 97,270 $ 14.6514 1,425,135Class R5 32,998 $ 14.6014 481,817Class R6 36,380 $ 15.3155 557,182Class R7 3,877 $ 14.5564 56,441Class R8 18,236 $ 14.4788 264,042

$ 9,106,493

650




Investment income





Net realized gain from investments sold 130,503 Change in net unrealized appreciation (depreciation) on investments (4,781,649) Net realized and unrealized loss on investments (4,651,146) Other operating credits (charges) 74,622 Net decrease in net assets resulting from operations $ (97,908)

651




Operations









652





Mutual fund (100.1%) Columbia Acorn Z Fund (Cost $12,224,108) 471,120 $ 9,111,453 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Mid Cap Growth $ 9,111,453 $ 9,111,453 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


653




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,547,965 $ (5,524,688) $ (2,976,723) 130,413 (286,662) (156,249)Class R2 86,533 (2,812,676) (2,726,143) 5,275 (169,594) (164,319)Class R3 1,292,097 (5,033,200) (3,741,103) 83,553 (337,619) (254,066)Class R4 679,996 (1,381,768) (701,772) 44,532 (91,638) (47,106)Class R5 102,707 (1,223,025) (1,120,318) 6,766 (80,719) (73,953)Class R6 65,934 (508,392) (442,458) 4,115 (31,417) (27,302)Class R7 30,748 (239,132) (208,384) 2,035 (15,938) (13,903)Class R8 23,368 (69,571) (46,203) 1,549 (4,670) (3,121) $ 4,829,348 $ (16,792,452) $ (11,963,104) 278,238 (1,018,257) (740,019)

654





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 18.9473 $ 6.7242 $ (7.0096) $ (0.2854) $ 18.6619 (1.51)% (0.40)% 34.63%Class R2(b) 15.8992 0.9909 (1.5255) (0.5346) — (3.36)% (0.61)% 6.01%Class R3 15.0895 2.3239 (2.6093) (0.2854) 14.8041 (1.89)% (0.79)% 14.97%Class R4 14.9594 4.5866 (4.8946) (0.3080) 14.6514 (2.06)% (0.96)% 29.93%Class R5 14.9341 4.1006 (4.4333) (0.3327) 14.6014 (2.23)% (1.13)% 26.88%Class R6 15.6910 5.4088 (5.7843) (0.3755) 15.3155 (2.39)% (1.30)% 33.76%Class R7 14.9387 2.7688 (3.1511) (0.3823) 14.5564 (2.56)% (1.47)% 18.17%Class R8 14.8846 5.1977 (5.6035) (0.4058) 14.4788 (2.73)% (1.64)% 34.27%


(b) For the period from January 1, 2015 through December 21, 2015.

655

FMT/DFA Emerging Markets Core Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets Core Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 492,324 $ 9.7506 $ 4,800,448Class R2 94,208 $ 9.2587 872,247Class R3 246,111 $ 9.1650 2,255,599Class R4 167,789 $ 9.1018 1,527,185Class R5 46,127 $ 9.8196 452,950Class R6 83,941 $ 8.6441 725,599Class R7 32,584 $ 9.3303 304,018Class R8 26,343 $ 8.0036 210,838

$ 11,148,884

656




Investment income





Net realized loss from investments sold (268,147) Change in net unrealized appreciation (depreciation) on investments (1,870,035) Net realized and unrealized loss on investments (2,138,182) Net decrease in net assets resulting from operations $ (1,981,250)

657




Operations








658






DFA Emerging Markets Core Equity Portfolio I Fund (Cost $13,504,747) 707,817 $ 11,155,200 ____________________



Mutual fund - Emerging Markets -Equity $ 11,155,200 $ 11,155,200 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


659




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,111,820 $ (2,402,845) $ (291,025) 197,636 (222,739) (25,103)Class R2 415,636 (613,419) (197,783) 40,834 (58,483) (17,649)Class R3 983,750 (1,263,202) (279,452) 96,523 (123,354) (26,831)Class R4 659,638 (333,969) 325,669 64,505 (32,359) 32,146Class R5 169,870 (303,346) (133,476) 15,779 (27,129) (11,350)Class R6 388,104 (544,327) (156,223) 38,856 (51,113) (12,257)Class R7 116,573 (169,029) (52,456) 10,524 (14,818) (4,294)Class R8 58,601 (121,949) (63,348) 6,660 (12,671) (6,011) $ 4,903,992 $ (5,752,086) $ (848,094) 471,317 (542,666) (71,349)

660





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



661

FMT/DFA Emerging Markets I Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets I Fund




Units of

Participation NAV

per Unit Net


$ 3,241,347

662




Investment income





Net realized loss from investments sold (53,983) Change in net unrealized appreciation (depreciation) on investments (612,403) Net realized and unrealized loss on investments (666,386) Net decrease in net assets resulting from operations $ (630,307)

663

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets I Fund Statement of Changes in Net Assets



Operations








664






DFA Emerging Markets Portfolio I Fund (Cost $4,010,006) 156,915 $ 3,243,436 ____________________



Mutual fund – Emerging Markets $ 3,243,436 $ 3,243,436 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $883,414 and $594,078, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,240 Class R2 1,065 Class R3 6,826 Class R4 2,733 Class R5 3,478 Class R6 3,788 Class R7 3,702 Class R8 1,597 $ 27,429

665

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets I Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 526,604 $ (403,215) $ 123,389 48,679 (38,889) 9,790Class R2 178,329 (157,916) 20,413 16,657 (14,378) 2,279Class R3 186,993 (122,322) 64,671 17,875 (12,329) 5,546Class R4 235,358 (155,515) 79,843 25,457 (16,326) 9,131Class R5 241,885 (264,884) (22,999) 22,676 (24,528) (1,852)Class R6 64,968 (32,947) 32,021 6,724 (3,462) 3,262Class R7 143,257 (25,752) 117,505 15,338 (2,590) 12,748Class R8 42,407 (203,582) (161,175) 4,098 (19,893) (15,795) $ 1,619,801 $ (1,366,133) $ 253,668 157,504 (132,395) 25,109

666





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



667

FMT/DFA Emerging Markets Small Cap Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets Small Cap Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 33,561 $ 10.4790 $ 351,681Class R2 30,739 $ 8.4862 260,857Class R3 3,316 $ 9.8808 32,764Class R4 14,261 $ 11.0469 157,543Class R5 16,466 $ 10.7149 176,432Class R6 25,299 $ 10.6411 269,207Class R7 8,710 $ 10.8690 94,671Class R8 809 $ 10.4459 8,451

$ 1,351,606

668




Investment income


Trustee fees 12,405Audit fees 1,200Custody fees 543



Net realized loss from investments sold (24,288) Change in net unrealized appreciation (depreciation) on investments (156,681) Net realized and unrealized loss on investments (180,969) Net decrease in net assets resulting from operations $ (151,799)

669




Operations





Proceeds from units purchased 463,788Less payments for units redeemed 467,651



670






DFA Emerging Markets Small Cap Portfolio Fund (Cost $1,547,998) 76,935 $ 1,352,525 ____________________



Mutual fund - Emerging Markets $ 1,352,525 $ 1,352,525 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $451,856 and $426,661, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 1,737 Class R2 1,470 Class R3 191 Class R4 1,496 Class R5 2,088 Class R6 3,882 Class R7 1,406 Class R8 135 $ 12,405

671




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 83,078 $ (195,317) $ (112,239) 7,255 (17,693) (10,438)Class R2 53,026 (24,971) 28,055 5,997 (2,569) 3,428Class R3 45,171 (15,180) 29,991 3,959 (1,479) 2,480Class R4 85,384 (53,575) 31,809 6,914 (4,952) 1,962Class R5 133,502 (110,344) 23,158 11,313 (8,762) 2,551Class R6 36,597 (50,916) (14,319) 3,216 (4,579) (1,363)Class R7 25,003 (17,064) 7,939 2,140 (1,450) 690Class R8 2,027 (284) 1,743 174 (22) 152 $ 463,788 $ (467,651) $ (3,863) 40,968 (41,506) (538)

672





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



673

FMT/DFA Emerging Markets Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Emerging Markets Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 107,622 $ 11.2008 $ 1,205,456Class R2 29,008 $ 8.2634 239,703Class R3 1,482 $ 7.2576 10,756Class R4 47,491 $ 8.5195 404,599Class R5 36,515 $ 8.2208 300,182Class R6 29,926 $ 8.1640 244,313Class R7 15,310 $ 7.9840 122,235Class R8 7,352 $ 7.9762 58,644Class LifeStyle 8,466,339

$ 11,052,227

674




Investment income





Net realized loss from investments sold (826,569) Change in net unrealized appreciation (depreciation) on investments (2,141,232) Net realized and unrealized loss on investments (2,967,801) Other operating credits (charges) 80 Net decrease in net assets resulting from operations $ (2,787,904)

675




Operations









676






DFA Emerging Markets Value Portfolio I Fund (Cost $14,790,569) 541,850 $ 11,053,742 _____________________



Mutual fund - Diversified Emerging Markets $ 11,053,742 $ 11,053,742 $ — $ —__________ __________ __________ ___________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,282,013 and $7,336,681, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 5,639 Class R2 4,839 Class R3 558 Class R4 3,331 Class R5 3,992 Class R6 4,440 Class R7 1,749 Class R8 1,043 Class LifeStyle 68,788 $ 94,379

677




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 344,087 $ (992,818) $ (648,731) 27,432 (74,927) (47,495)Class R2 233,783 (1,225,780) (991,997) 23,988 (123,123) (99,135)Class R3 5,956 (297,654) (291,698) 664 (33,258) (32,594)Class R4 152,634 (66,845) 85,789 16,797 (6,594) 10,203Class R5 142,584 (386,893) (244,309) 15,064 (39,077) (24,013)Class R6 43,723 (121,870) (78,147) 4,897 (13,511) (8,614)Class R7 61,392 (18,994) 42,398 6,806 (2,064) 4,742Class R8 40,288 (75,114) (34,826) 4,413 (8,013) (3,600)Class LifeStyle 2,318,552 (6,381,211) (4,062,659) — — — $ 3,342,999 $ (9,567,179) $ (6,224,180) 100,061 (300,567) (200,506)

678





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



679

FMT/DFA Global Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Global Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 89,245 $ 13.5116 $ 1,205,849Class R2 56,200 $ 9.6777 543,885Class R3 806 $ 13.4891 10,874Class R4 7,802 $ 14.1997 110,787Class R5 35,840 $ 14.9114 534,431Class R6 105 $ 9.5234 1,000

$ 2,406,826

680




Investment income






681




Operations





Proceeds from units purchased 1,192,474Less payments for units redeemed 485,344



682





Mutual fund (100.1%) DFA Global Equity Portfolio Fund (Cost $2,276,163) 136,899 $ 2,408,049 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Global Core Equity $ 2,408,049 $ 2,408,049 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,101,437 and $364,152, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,262 Class R2 3,123 Class R3 78 Class R4 309 Class R5 6,514 Class R6 16 $ 14,302

683




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 332,214 $ (116,499) $ 215,715 23,331 (8,398) 14,933Class R2 105,232 (75,065) 30,167 10,209 (7,309) 2,900Class R3 1,644 (13) 1,631 116 (1) 115Class R4 113,880 (28,866) 85,014 7,768 (1,865) 5,903Class R5 506,596 (133,618) 372,978 32,477 (8,675) 23,802Class R6 132,908 (131,283) 1,625 13,291 (13,186) 105 $ 1,192,474 $ (485,344) $ 707,130 87,192 (39,434) 47,758

684





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.9493 $ 0.2090 $ (0.6467) $ (0.4377) $ 13.5116 (3.14)% (0.43)% 1.48%Class R2 10.0132 0.1263 (0.4618) (0.3355) 9.6777 (3.35)% (0.65)% 1.25%Class R3 13.9805 0.1537 (0.6451) (0.4914) 13.4891 (3.51)% (0.82)% 1.09%Class R4 14.7431 0.2463 (0.7897) (0.5434) 14.1997 (3.69)% (0.99)% 1.68%Class R5 15.5078 0.1095 (0.7059) (0.5964) 14.9114 (3.85)% (1.16)% 0.70%Class R6(b) 10.0000 0.0479 (0.5245) (0.4766) 9.5234 (4.77)% (1.35)% 0.48%



31, 2015.

685

FMT/DFA International Core Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Core Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 571,353 $ 13.5370 $ 7,734,439Class R2 113,529 $ 13.1671 1,494,849Class R3 311,237 $ 12.9277 4,023,582Class R4 192,635 $ 13.2382 2,550,137Class R5 28,801 $ 13.5833 391,209Class R6 109,172 $ 12.3729 1,350,770Class R7 18,818 $ 12.6281 237,642Class R8 21,164 $ 12.0216 254,419

$ 18,037,047

686




Investment income






687




Operations








688






DFA International Core Equity Portfolio Fund (Cost $17,631,425) 1,584,459 $ 18,046,985 ____________________



Mutual fund - International Core Equity $ 18,046,985 $ 18,046,985 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


689




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,585,227 $ (5,941,694) $ (2,356,467) 255,120 (418,421) (163,301)Class R2 622,787 (1,075,855) (453,068) 45,153 (75,842) (30,689)Class R3 1,410,015 (2,236,506) (826,491) 104,986 (165,569) (60,583)Class R4 1,441,172 (1,100,632) 340,540 105,069 (78,794) 26,275Class R5 116,248 (674,414) (558,166) 8,374 (47,780) (39,406)Class R6 828,049 (669,370) 158,679 65,121 (50,120) 15,001Class R7 187,754 (217,125) (29,371) 13,931 (16,724) (2,793)Class R8 57,614 (8,632) 48,982 4,628 (668) 3,960 $ 8,248,866 $ (11,924,228) $ (3,675,362) 602,382 (853,918) (251,536)

690





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



691

FMT/DFA International Small Cap Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Small Cap Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 516,758 $ 13.3822 $ 6,915,382Class R2 46,594 $ 15.3221 713,921Class R3 45,815 $ 15.0591 689,927Class R4 79,685 $ 15.3840 1,225,873Class R5 17,957 $ 14.9905 269,185Class R6 51,323 $ 14.8878 764,086Class R7 39,141 $ 14.7006 575,388Class R8 6,521 $ 14.6337 95,428

$ 11,249,190

692




Investment income






693




Operations








694






DFA International Small Cap Value Portfolio Fund (Cost $10,186,108) 602,510 $ 11,254,880 ______________________



Mutual fund - International Small Cap $ 11,254,880 $ 11,254,880 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


695




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,083,449 $ (3,023,591) $ (940,142) 151,966 (220,937) (68,971)Class R2 218,691 (241,507) (22,816) 13,925 (15,392) (1,467)Class R3 330,950 (1,998,521) (1,667,571) 21,406 (129,386) (107,980)Class R4 702,099 (397,952) 304,147 44,987 (25,265) 19,722Class R5 95,855 (724,317) (628,462) 6,320 (48,156) (41,836)Class R6 286,054 (332,242) (46,188) 19,313 (21,396) (2,083)Class R7 340,413 (143,676) 196,737 21,931 (9,823) 12,108Class R8 32,132 (266,548) (234,416) 2,144 (17,089) (14,945) $ 4,089,643 $ (7,128,354) $ (3,038,711) 281,992 (487,444) (205,452)

696





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 12.9199 $ 0.4019 $ 0.0604 $ 0.4623 $ 13.3822 3.58% (0.40)% 2.94%Class R2 14.8254 0.4419 0.0548 0.4967 15.3221 3.35% (0.62)% 2.83%Class R3 14.5959 0.1445 0.3187 0.4632 15.0591 3.17% (0.79)% 0.94%Class R4 14.9361 0.4411 0.0068 0.4479 15.3840 3.00% (0.95)% 2.80%Class R5 14.5789 0.1630 0.2486 0.4116 14.9905 2.82% (1.13)% 1.07%Class R6 14.5037 0.2747 0.1094 0.3841 14.8878 2.65% (1.30)% 1.80%Class R7 14.3456 0.3768 (0.0218) 0.3550 14.7006 2.47% (1.46)% 2.51%Class R8 14.3059 0.0200 0.3078 0.3278 14.6337 2.29% (1.64)% 0.13%


697

FMT/DFA International Small Company Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Small Company Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 29,179 $ 26.6050 $ 776,315Class R2 23,139 $ 14.3873 332,914Class R3 14,698 $ 13.0563 191,902Class R4 18,625 $ 14.8675 276,905Class R5 20,341 $ 14.0639 286,079Class R6 10,039 $ 13.9675 140,218Class R7 7,284 $ 14.2113 103,516Class R8 727 $ 13.8049 10,033

$ 2,117,882

698




Investment income





Net realized gain from investments sold 63,292 Change in net unrealized appreciation (depreciation) on investments 4,738 Net realized and unrealized gain on investments 68,030 Net increase in net assets resulting from operations $ 143,042

699




Operations








700






DFA International Small Company Portfolio I Fund (Cost $2,088,803) 123,137 $ 2,119,190 ______________________



Mutual fund - International Small Cap $ 2,119,190 $ 2,119,190 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $383,340 and $1,267,721, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 3,411 Class R2 2,011 Class R3 1,609 Class R4 2,720 Class R5 3,281 Class R6 2,821 Class R7 2,661 Class R8 145 $ 18,659

701




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 252,992 $ (637,441) $ (384,449) 9,355 (24,239) (14,884)Class R2 81,778 (126,009) (44,231) 5,630 (8,492) (2,862)Class R3 59,272 (145,675) (86,403) 4,578 (10,922) (6,344)Class R4 89,193 (224,981) (135,788) 6,048 (15,240) (9,192)Class R5 32,950 (43,196) (10,246) 2,348 (3,085) (737)Class R6 25,281 (139,707) (114,426) 1,807 (9,980) (8,173)Class R7 11,341 (141,360) (130,019) 792 (9,736) (8,944)Class R8 1,995 (55,299) (53,304) 143 (4,172) (4,029) $ 554,802 $ (1,513,668) $ (958,866) 30,701 (85,866) (55,165)

702





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 25.2283 $ 0.8455 $ 0.5312 $ 1.3767 $ 26.6050 5.46% (0.43)% 3.18%Class R2 13.6729 0.4921 0.2223 0.7144 14.3873 5.22% (0.65)% 3.41%Class R3 12.4292 0.3976 0.2295 0.6271 13.0563 5.05% (0.82)% 3.04%Class R4 14.1775 0.4521 0.2379 0.6900 14.8675 4.87% (0.99)% 3.04%Class R5 13.4341 0.4110 0.2188 0.6298 14.0639 4.69% (1.16)% 2.91%Class R6 13.3647 0.2976 0.3052 0.6028 13.9675 4.51% (1.33)% 2.12%Class R7 13.6214 0.1859 0.4040 0.5899 14.2113 4.33% (1.50)% 1.29%Class R8 13.2541 0.4024 0.1484 0.5508 13.8049 4.16% (1.67)% 2.90%


703

FMT/DFA International Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Value Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 1,148,212 $ 9.2306 $ 10,598,742Class R2 85,114 $ 11.9155 1,014,175Class R3 133,817 $ 11.6959 1,565,108Class R4 152,818 $ 11.6073 1,773,797Class R5 78,546 $ 11.5355 906,061Class R6 90,416 $ 11.5505 1,044,351Class R7 71,643 $ 11.3988 816,645Class R8 8,636 $ 11.6196 100,342

$ 17,819,221

704

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Value Fund



Investment income






705

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Value Fund Statement of Changes in Net Assets



Operations








706






DFA International Value Portfolio Fund (Cost $19,530,378) 1,112,180 $ 17,828,240 ______________________



Mutual fund - International Value $ 17,828,240 $ 17,828,240 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,988,358 and $5,220,592, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 39,931 Class R2 5,621 Class R3 20,106 Class R4 16,414 Class R5 11,599 Class R6 15,436 Class R7 10,360 Class R8 3,419 $ 122,886

707

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA International Value Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,910,792 $ (3,570,140) $ (659,348) 297,028 (357,237) (60,209)Class R2 348,052 (303,880) 44,172 27,352 (22,687) 4,665Class R3 499,528 (2,046,531) (1,547,003) 39,535 (161,088) (121,553)Class R4 511,105 (846,215) (335,110) 41,233 (64,915) (23,682)Class R5 347,762 (485,900) (138,138) 27,355 (38,418) (11,063)Class R6 342,205 (481,171) (138,966) 27,436 (36,969) (9,533)Class R7 368,890 (138,575) 230,315 29,091 (11,152) 17,939Class R8 38,529 (205,861) (167,332) 3,052 (15,424) (12,372) $ 5,366,863 $ (8,078,273) $ (2,711,410) 492,082 (707,890) (215,808)

708





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



709

FMT/DFA U.S. Core Equity I Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity I Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 91,168 $ 15.1186 $ 1,378,327Class R2 23,998 $ 17.1231 410,922Class R3 200 $ 10.0173 2,003Class R4 81,501 $ 15.9924 1,303,405Class R5 4,775 $ 16.8625 80,525Class R6 29,810 $ 16.1942 482,756Class R7 18,697 $ 16.3456 305,609Class R8 377 $ 16.2896 6,140

$ 3,969,687

710

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity I Fund



Investment income





Net realized gain from investments sold 2,905,211 Change in net unrealized appreciation (depreciation) on investments (3,117,300) Net realized and unrealized loss on investments (212,089) Net decrease in net assets resulting from operations $ (99,662)

711

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity I Fund Statement of Changes in Net Assets



Operations








712





Mutual fund (100.1%) DFA U.S. Core Equity I Portfolio Fund (Cost $2,908,801) 231,362 $ 3,972,493 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - All Cap Value $ 3,972,493 $ 3,972,493 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $864,809 and $8,983,046, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 13,882 Class R2 4,415 Class R3 — Class R4 11,334 Class R5 1,555 Class R6 12,245 Class R7 4,420 Class R8 98 $ 47,949

713

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity I Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 860,713 $ (5,989,415) $ (5,128,702) 55,869 (394,906) (339,037)Class R2 101,600 (1,600,880) (1,499,280) 5,788 (89,782) (83,994)Class R3 2,000 — 2,000 200 — 200Class R4 535,332 (200,405) 334,927 32,376 (12,365) 20,011Class R5 34,264 (321,974) (287,710) 1,958 (18,211) (16,253)Class R6 90,679 (1,734,211) (1,643,532) 5,335 (101,394) (96,059)Class R7 36,199 (39,539) (3,340) 2,149 (2,370) (221)Class R8 880 (817) 63 52 (47) 5 $ 1,661,667 $ (9,887,241) $ (8,225,574) 103,727 (619,075) (515,348)

714





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.3888 $ 0.2560 $ (0.5262) $ (0.2702) $ 15.1186 (1.76)% (0.41)% 1.64%Class R2 17.4678 0.2529 (0.5976) (0.3447) 17.1231 (1.97)% (0.63)% 1.44%Class R3(b) 10.0000 — 0.0173 0.0173 10.0173 0.17% (0.86)% (0.86)%Class R4 16.3701 0.3141 (0.6918) (0.3777) 15.9924 (2.31)% (0.97)% 1.91%Class R5 17.2901 0.1691 (0.5967) (0.4276) 16.8625 (2.47)% (1.14)% 0.97%Class R6 16.6338 0.1170 (0.5566) (0.4396) 16.1942 (2.64)% (1.31)% 0.70%Class R7 16.8176 0.2196 (0.6916) (0.4720) 16.3456 (2.81)% (1.48)% 1.30%Class R8 16.7888 0.1940 (0.6932) (0.4992) 16.2896 (2.97)% (1.65)% 1.15%


(b) For the period from December 23, 2015 (commencement of this class) through December

31, 2015.

715

FMT/DFA U.S. Core Equity II Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity II Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net


$ 34,913,477

716

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity II Fund



Investment income






717

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity II Fund Statement of Changes in Net Assets



Operations








718






DFA U.S. Core Equity II Portfolio Fund (Cost $28,597,852) 2,136,586 $ 34,933,184 ______________________



Mutual fund - All Cap Value $ 34,933,184 $ 34,933,184 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


719

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Core Equity II Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 5,862,351 $ (3,972,225) $ 1,890,126 337,620 (224,741) 112,879Class R2 992,200 (116,984) 875,216 59,370 (7,011) 52,359Class R3 2,981,223 (5,032,643) (2,051,420) 172,863 (295,101) (122,238)Class R4 1,784,948 (1,137,888) 647,060 103,069 (65,056) 38,013Class R5 183,221 (834,192) (650,971) 11,327 (50,782) (39,455)Class R6 1,710,648 (774,717) 935,931 104,888 (47,528) 57,360Class R7 374,061 (460,341) (86,280) 22,322 (28,837) (6,515)Class R8 117,901 (13,956) 103,945 7,606 (892) 6,714 $ 14,006,553 $ (12,342,946) $ 1,663,607 819,065 (719,948) 99,117

720





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



721

FMT/DFA U.S. Large Cap Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Large Cap Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 697,788 $ 16.5469 $ 11,546,250Class R2 150,083 $ 17.8683 2,681,717Class R3 143,038 $ 17.5268 2,506,995Class R4 220,144 $ 17.4234 3,835,658Class R5 77,815 $ 17.4695 1,359,392Class R6 125,500 $ 17.3498 2,177,404Class R7 65,703 $ 17.0588 1,120,815Class R8 19,016 $ 16.2818 309,611

$ 25,537,842

722




Investment income






723




Operations








724






DFA U.S. Large Cap Value Portfolio Fund (Cost $19,897,216) 829,095 $ 25,552,703 ______________________



Mutual fund - Large Cap Value $ 25,552,703 $ 25,552,703 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,575,594 and $12,260,727, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 42,423 Class R2 15,582 Class R3 32,885 Class R4 40,821 Class R5 23,485 Class R6 32,927 Class R7 15,781 Class R8 6,721 $ 210,625

725




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,692,865 $ (5,246,098) $ (1,553,233) 217,391 (307,674) (90,283)Class R2 932,240 (925,040) 7,200 50,142 (49,444) 698Class R3 1,343,054 (4,663,317) (3,320,263) 74,510 (257,006) (182,496)Class R4 1,859,260 (3,058,717) (1,199,457) 103,102 (165,448) (62,346)Class R5 414,236 (2,785,508) (2,371,272) 22,697 (153,152) (130,455)Class R6 840,491 (1,053,153) (212,662) 47,334 (57,973) (10,639)Class R7 415,457 (507,101) (91,644) 23,126 (28,790) (5,664)Class R8 65,506 (435,736) (370,230) 3,875 (25,393) (21,518) $ 9,563,109 $ (18,674,670) $ (9,111,561) 542,177 (1,044,880) (502,703)

726





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



727

FMT/DFA U.S. Large Cap Value III Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Large Cap Value III Fund



Assets Investments in securities, at fair value $ 216,894 Liabilities Trustee fees 146 Net assets $ 216,748 Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R1 3,104 $ 14.9365 $ 46,356Class R4 10,379 $ 16.4171 170,392

$ 216,748

728




Investment income






729




Operations







Total decrease in net assets (1,232,975) Net assets at beginning of year 1,449,723 Net assets at end of year $ 216,748

730






DFA U.S. Large Cap Value Portfolio III Fund (Cost $186,321) 9,917 $ 216,894 ____________________



Mutual fund - Large Cap Value $ 216,894 $ 216,894 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $66,237 and $1,213,787, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 2,688 Class R4 1,647 $ 4,335

731




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 22,732 $ (1,150,502) $ (1,127,770) 1,457 (77,504) (76,047)Class R4 19,732 (59,336) (39,604) 1,157 (3,473) (2,316) $ 42,464 $ (1,209,838) $ (1,167,374) 2,614 (80,977) (78,363)

732





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.5578 $ 0.2043 $ (0.8256) $ (0.6213) $ 14.9365 (3.99)% (0.52)% 1.31%Class R4 17.1960 0.9853 (1.7642) (0.7789) 16.4171 (4.53)% (1.10)% 5.80%


733

FMT/DFA U.S. Large Company Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Large Company Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 186,090 $ 33.1442 $ 6,167,799Class R2 68,165 $ 17.4715 1,190,941Class R3 188 $ 17.1147 3,216Class R4 51,219 $ 17.3141 886,807Class R5 75,651 $ 16.5714 1,253,645Class R6 37,230 $ 17.0450 634,592Class R7 41,992 $ 16.6361 698,589Class R8 2,299 $ 16.0796 36,973

$ 10,872,562

734




Investment income





Net realized gain from investments sold 1,543,545 Change in net unrealized appreciation (depreciation) on investments (1,683,672) Net realized and unrealized loss on investments (140,127) Net increase in net assets resulting from operations $ 106,825

735

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Large Company Fund Statement of Changes in Net Assets



Operations








736






DFA U.S. Large Company Portfolio Fund (Cost $7,495,040) 680,758 $ 10,878,521 ____________________



Mutual fund - Large Cap Core $ 10,878,521 $ 10,878,521 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,448,436 and $4,541,570, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 23,638 Class R2 6,561 Class R3 9,930 Class R4 8,538 Class R5 14,487 Class R6 10,164 Class R7 9,576 Class R8 2,477 $ 85,371

737

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Large Company Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,306,912 $ (3,255,928) $ (949,016) 70,222 (98,572) (28,350)Class R2 210,012 (97,997) 112,015 11,994 (5,598) 6,396Class R3 143,293 (1,858,847) (1,715,554) 8,390 (109,876) (101,486)Class R4 232,144 (624,684) (392,540) 13,312 (35,549) (22,237)Class R5 287,428 (346,544) (59,116) 17,692 (20,810) (3,118)Class R6 260,240 (434,528) (174,288) 15,160 (25,248) (10,088)Class R7 244,727 (211,554) 33,173 14,395 (12,575) 1,820Class R8 13,921 (206,478) (192,557) 853 (12,504) (11,651) $ 3,698,677 $ (7,036,560) $ (3,337,883) 152,018 (320,732) (168,714)

738





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 32.8232 $ 0.7531 $ (0.4321) $ 0.3210 $ 33.1442 0.98% (0.39)% 2.27%Class R2 17.3406 0.3871 (0.2562) 0.1309 17.4715 0.75% (0.61)% 2.21%Class R3 16.9680 0.1336 0.0131 0.1467 17.1147 0.86% (0.78)% 0.78%Class R4 17.2431 0.3132 (0.2422) 0.0710 17.3141 0.41% (0.95)% 1.81%Class R5 16.5317 0.2627 (0.2230) 0.0397 16.5714 0.24% (1.12)% 1.58%Class R6 17.0332 0.2077 (0.1959) 0.0118 17.0450 0.07% (1.30)% 1.21%Class R7 16.6529 0.2283 (0.2451) (0.0168) 16.6361 (0.10)% (1.46)% 1.37%Class R8 16.1259 0.0360 (0.0823) (0.0463) 16.0796 (0.29)% (1.63)% 0.22%


739

FMT/DFA U.S. Micro Cap Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Micro Cap Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 192,021 $ 16.4051 $ 3,150,113Class R2 2,248 $ 16.7849 37,725Class R3 755 $ 12.0261 9,079Class R4 95,756 $ 16.8583 1,614,291Class R5 23,315 $ 16.0093 373,265Class R6 25,401 $ 15.3255 389,288Class R7 14,716 $ 15.1930 223,575Class R8 4,898 $ 9.7533 47,773

$ 5,845,109

740




Investment income






741




Operations








742





Mutual fund (100.1%) DFA U.S. Micro Cap Portfolio Fund (Cost $5,960,745) 334,012 $ 5,848,546 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Small Cap Core $ 5,848,546 $ 5,848,546 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,325,912 and $3,736,231, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 13,428 Class R2 594 Class R3 1,130 Class R4 13,765 Class R5 8,698 Class R6 7,306 Class R7 3,965 Class R8 938 $ 49,824

743




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 940,960 $ (2,251,720) $ (1,310,760) 54,177 (132,979) (78,802)Class R2 1,211 (68,424) (67,213) 69 (4,067) (3,998)Class R3 28,338 (478,637) (450,299) 2,243 (37,184) (34,941)Class R4 1,064,684 (773,270) 291,414 59,824 (43,563) 16,261Class R5 151,867 (1,066,149) (914,282) 9,172 (63,234) (54,062)Class R6 55,452 (274,461) (219,009) 3,463 (17,261) (13,798)Class R7 22,678 (92,906) (70,228) 1,434 (5,800) (4,366)Class R8 23,474 (24,525) (1,051) 2,287 (2,493) (206) $ 2,288,664 $ (5,030,092) $ (2,741,428) 132,669 (306,581) (173,912)

744





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



745

FMT/DFA U.S. Small Cap Portfolio Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Small Cap Portfolio Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 583,157 $ 17.6444 $ 10,289,453Class R2 66,502 $ 15.9112 1,058,132Class R3 63,768 $ 16.3749 1,044,199Class R4 85,190 $ 15.4485 1,316,052Class R5 38,292 $ 15.9942 612,444Class R6 51,382 $ 16.3107 838,075Class R7 34,338 $ 15.9219 546,720Class R8 8,842 $ 15.4020 136,188

$ 15,841,263

746




Investment income






747




Operations








748





Mutual fund (100.0%) DFA U.S. Small Cap Portfolio Fund (Cost $12,836,461) 558,847 $ 15,848,902 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Small Cap Core $ 15,848,902 $ 15,848,902 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,388,143 and $3,847,804, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 32,382 Class R2 5,600 Class R3 22,263 Class R4 10,629 Class R5 9,484 Class R6 10,498 Class R7 6,419 Class R8 3,974 $ 101,249

749




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,588,075 $ (2,240,637) $ 1,347,438 196,828 (119,682) 77,146Class R2 300,270 (77,423) 222,847 17,880 (4,550) 13,330Class R3 855,848 (3,599,196) (2,743,348) 49,288 (210,896) (161,608)Class R4 508,209 (742,631) (234,422) 31,642 (45,089) (13,447)Class R5 392,904 (534,150) (141,246) 23,199 (31,907) (8,708)Class R6 416,262 (186,110) 230,152 24,797 (11,015) 13,782Class R7 292,494 (116,790) 175,704 17,221 (7,157) 10,064Class R8 39,713 (203,955) (164,242) 2,441 (12,380) (9,939) $ 6,393,775 $ (7,700,892) $ (1,307,117) 363,296 (442,676) (79,380)

750





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



751

FMT/DFA U.S. Small Cap Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Small Cap Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 152,849 $ 14.6365 $ 2,237,182Class R2 1,383 $ 16.3656 22,637Class R4 62,314 $ 16.3925 1,021,482Class R5 44,557 $ 15.5069 690,944Class R6 29,618 $ 15.6473 463,446Class R7 31,892 $ 14.6715 467,898Class R8 2,623 $ 14.6554 38,440

$ 4,942,029

752




Investment income






753




Operations








754






DFA U.S. Small Cap Value Portfolio I Fund (Cost $4,831,917) 162,194 $ 4,945,292 ______________________



Mutual fund - Small Cap Value $ 4,945,292 $ 4,945,292 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,256,429 and $4,384,113, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,654 Class R2 127 Class R4 13,904 Class R5 10,072 Class R6 7,251 Class R7 7,332 Class R8 635 $ 49,975

755




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 529,550 $ (1,883,834) $ (1,354,284) 34,264 (123,022) (88,758)Class R2 3,022 (1,493) 1,529 179 (81) 98Class R4 448,595 (1,599,819) (1,151,224) 25,472 (86,894) (61,422)Class R5 83,136 (719,482) (636,346) 5,023 (43,030) (38,007)Class R6 88,660 (165,504) (76,844) 5,265 (9,947) (4,682)Class R7 56,728 (107,946) (51,218) 3,577 (6,733) (3,156)Class R8 2,921 (85,890) (82,969) 185 (5,314) (5,129) $ 1,212,612 $ (4,563,968) $ (3,351,356) 73,965 (275,021) (201,056)

756





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.9425 $ 0.5965 $ (1.9025) $ (1.3060) $ 14.6365 (8.19)% (0.41)% 3.79%Class R2 17.8653 0.8509 (2.3506) (1.4997) 16.3656 (8.39)% (0.63)% 4.85%Class R4 17.9564 0.5128 (2.0767) (1.5639) 16.3925 (8.71)% (0.97)% 2.89%Class R5 17.0153 0.5079 (2.0163) (1.5084) 15.5069 (8.87)% (1.14)% 3.05%Class R6 17.1988 0.5305 (2.0820) (1.5515) 15.6473 (9.02)% (1.31)% 3.15%Class R7 16.1539 0.5524 (2.0348) (1.4824) 14.6715 (9.18)% (1.48)% 3.49%Class R8 16.1639 0.5665 (2.0750) (1.5085) 14.6554 (9.33)% (1.65)% 3.59%


757

FMT/DFA U.S. Targeted Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Targeted Value Fund




Units of

Participation NAV

per Unit Net


$ 17,763,522

758




Investment income






759

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Targeted Value Fund Statement of Changes in Net Assets



Operations








760






DFA U.S. Targeted Value Portfolio Fund (Cost $16,268,721) 899,901 $ 17,773,049 ______________________



Mutual fund - Small Mid Cap Value $ 17,773,049 $ 17,773,049 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________


761

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Targeted Value Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,358,496 $ (3,709,364) $ (350,868) 168,025 (182,977) (14,952)Class R2 532,244 (676,322) (144,078) 30,457 (37,529) (7,072)Class R3 911,680 (3,378,913) (2,467,233) 53,612 (199,488) (145,876)Class R4 848,100 (574,329) 273,771 50,145 (33,742) 16,403Class R5 137,430 (538,164) (400,734) 8,051 (31,774) (23,723)Class R6 640,151 (792,648) (152,497) 35,940 (42,848) (6,908)Class R7 312,224 (349,982) (37,758) 18,425 (21,179) (2,754)Class R8 55,046 (164,380) (109,334) 3,342 (9,725) (6,383) $ 6,795,371 $ (10,184,102) $ (3,388,731) 367,997 (559,262) (191,265)

762





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



763

FMT/DFA U.S. Vector Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Vector Equity Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 62,386 $ 16.2322 $ 1,012,663Class R2 493 $ 9.6956 4,779Class R5 146 $ 15.7803 2,308Class R7 180 $ 15.4352 2,779Class R8 147 $ 9.8094 1,444

$ 1,023,973

764

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Vector Equity Fund



Investment income






765

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Vector Equity Fund Statement of Changes in Net Assets



Operations








766





Mutual fund (100.0%) DFA U.S. Vector Equity Portfolio Fund (Cost $935,213) 67,923 $ 1,024,275 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund – All Cap Value $ 1,024,275 $ 1,024,275 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $344,814 and $531,639, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 2,529 Class R2 31 Class R3 4,170 Class R5 6 Class R7 39 Class R8 15 $ 6,790

767

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA U.S. Vector Equity Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 898,463 $ (516,584) $ 381,879 53,667 (30,353) 23,314Class R2 1,932 (6,005) (4,073) 188 (566) (378)Class R3 158,143 (768,683) (610,540) 9,267 (46,084) (36,817)Class R5 2,200 — 2,200 135 — 135Class R7 556 (47) 509 34 (3) 31Class R8 1,388 (108) 1,280 132 (10) 122 $ 1,062,682 $ (1,291,427) $ (228,745) 63,423 (77,016) (13,593)

768





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.1762 $ 0.9492 $ (1.8932) $ (0.9440) $ 16.2322 (5.50)% (0.48)% 5.57%Class R2 10.2824 0.3713 (0.9581) (0.5868) 9.6956 (5.71)% (0.70)% 3.63%Class R3(b) 17.1748 0.0381 (0.5557) (0.5176) — (3.01)% (0.87)% 0.28%Class R5 16.7400 2.3243 (3.2840) (0.9597) 15.7803 (5.73)% (1.04)% 14.26%Class R7 16.5115 0.5488 (1.6251) (1.0763) 15.4352 (6.52)% (1.56)% 3.35%Class R8 10.5093 0.4947 (1.1946) (0.6999) 9.8094 (6.66)% (1.71)% 4.79%


(b) For the period from January 1, 2015 through October 15, 2015.

769

FMT/Dodge & Cox International Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Dodge & Cox International Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 2,447,061 $ 11.9503 $ 29,243,072Class R2 182,181 $ 13.0257 2,373,032Class R3 373,281 $ 13.0312 4,864,295Class R4 190,130 $ 13.5324 2,572,907Class R5 149,145 $ 13.6046 2,029,046Class R6 115,209 $ 13.2973 1,531,974Class R7 72,025 $ 12.5828 906,267Class R8 53,276 $ 13.1670 701,480Class LifeStyle 10,887,516

$ 55,109,589

770




Investment income





Net realized gain from investments sold 1,373,456 Change in net unrealized appreciation (depreciation) on investments (8,810,080) Net realized and unrealized loss on investments (7,436,624) Other operating credits (charges) 45,439 Net decrease in net assets resulting from operations $ (6,511,803)

771




Operations









772






Dodge and Cox International Stock Fund (Cost $57,812,367) 1,511,248 $ 55,130,320 ____________________



Mutual fund - International Value $ 55,130,320 $ 55,130,320 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $18,117,483 and $14,030,599, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 91,151 Class R2 16,688 Class R3 38,681 Class R4 33,371 Class R5 34,039 Class R6 20,939 Class R7 15,011 Class R8 10,933 Class LifeStyle 80,790 $ 341,603

773




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 17,944,098 $ (8,942,261) $ 9,001,837 1,389,305 (668,157) 721,148Class R2 1,727,885 (2,387,413) (659,528) 124,675 (160,503) (35,828)Class R3 2,644,915 (2,563,777) 81,138 184,990 (178,654) 6,336Class R4 2,618,657 (3,611,229) (992,572) 168,680 (229,313) (60,633)Class R5 1,430,458 (2,698,605) (1,268,147) 90,553 (177,153) (86,600)Class R6 423,152 (307,546) 115,606 28,709 (20,761) 7,948Class R7 236,734 (390,407) (153,673) 17,021 (26,890) (9,869)Class R8 277,499 (463,565) (186,066) 18,815 (31,549) (12,734)Class LifeStyle 2,776,364 (5,539,585) (2,763,221) — — — $ 30,079,762 $ (26,904,388) $ 3,175,374 2,022,748 (1,492,980) 529,768

774





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



775

FMT/Dodge & Cox Stock Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Dodge & Cox Stock Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 1,911,973 $ 15.6997 $ 30,017,306Class R2 443,455 $ 17.3455 7,691,971Class R3 506,264 $ 17.1825 8,698,895Class R4 517,855 $ 17.9975 9,320,101Class R5 302,985 $ 17.7384 5,374,486Class R6 267,068 $ 18.3304 4,895,478Class R7 72,727 $ 17.1224 1,245,268Class R8 67,166 $ 16.1143 1,082,342

$ 68,325,847

776




Investment income





Net realized gain from investments sold 3,024,396 Change in net unrealized appreciation (depreciation) on investments (10,506,814) Net realized and unrealized loss on investments (7,482,418) Other operating credits (charges) 55,020 Net decrease in net assets resulting from operations $ (3,785,575)

777




Operations









778





Mutual fund (100.1%) Dodge and Cox Stock Fund (Cost $62,163,949) 420,009 $ 68,364,799 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Large Cap Value $ 68,364,799 $ 68,364,799 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $8,686,633 and $17,620,057, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 117,266 Class R2 48,811 Class R3 71,785 Class R4 101,536 Class R5 72,368 Class R6 68,459 Class R7 18,922 Class R8 21,042 $ 520,189

779




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 6,680,647 $ (11,128,145) $ (4,447,498) 408,234 (683,299) (275,065)Class R2 2,988,281 (3,435,965) (447,684) 166,823 (187,651) (20,828)Class R3 3,294,982 (4,544,335) (1,249,353) 181,363 (254,347) (72,984)Class R4 3,258,217 (5,318,191) (2,059,974) 172,329 (279,470) (107,141)Class R5 908,182 (3,697,197) (2,789,015) 49,757 (199,828) (150,071)Class R6 534,364 (1,390,169) (855,805) 27,813 (72,570) (44,757)Class R7 306,988 (599,061) (292,073) 17,298 (33,752) (16,454)Class R8 222,344 (700,534) (478,190) 13,489 (41,495) (28,006) $ 18,194,005 $ (30,813,597) $ (12,619,592) 1,037,106 (1,752,412) (715,306)

780





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



781

FMT/Domini Social Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Domini Social Equity Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 21,099 $ 14.7748 $ 311,727Class R2 58,616 $ 13.9666 818,660Class R3 1,487 $ 13.7344 20,423Class R4 9,626 $ 14.5053 139,633Class R5 10,815 $ 14.1255 152,765Class R6 12,680 $ 14.2502 180,696Class R7 353 $ 14.9196 5,273Class R8 179 $ 13.3063 2,377

$ 1,631,554

782782

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Domini Social Equity Fund



Investment income






783783




Operations









784784





Mutual fund (100.1%) Domini Social Equity Investment Fund (Cost $1,577,158) 75,966 $ 1,632,518 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Large Cap Core $ 1,632,518 $ 1,632,518 $ — $ —__________ __________ __________ ___________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $674,088 and $683,144, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 1,363 Class R2 4,790 Class R3 325 Class R4 1,689 Class R5 1,480 Class R6 2,377 Class R7 54 Class R8 46 $ 12,124

785785




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 177,762 $ (194,208) $ (16,446) 11,101 (12,703) (1,602)Class R2 315,551 (97,021) 218,530 21,153 (6,386) 14,767Class R3 9,676 (73,351) (63,675) 667 (4,962) (4,295)Class R4 9,288 (378,088) (368,800) 613 (23,985) (23,372)Class R5 62,248 (23,754) 38,494 4,252 (1,538) 2,714Class R6 21,150 (10,486) 10,664 1,421 (714) 707Class R7 3,757 (4) 3,753 235 — 235Class R8 88 (6,491) (6,403) 6 (446) (440) $ 599,520 $ (783,403) $ (183,883) 39,448 (50,734) (11,286)

786786





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



787787

FMT/Fifth Third Equity Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Fifth Third Equity Index Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 165,529 $ 15.0399 $ 2,489,537

788

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Fifth Third Equity Index Fund



Expenses

Trustee fees $ 20,401Audit fees 1,200




789

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Fifth Third Equity Index Fund Statement of Changes in Net Assets



Operations








790






Fifth Third Bank Equity Index Collective Fund (Cost $2,073,303) 50,566 $ 2,490,389 ____________________


Fair value


The estimated fair value of the underlying collective trust fund is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust fund does not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.


Collective trust fund - Large Cap Core $ 2,490,389 $ — $ 2,490,389 $ —__________ __________ __________ ___________________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 20,401

791

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Fifth Third Equity Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 562,479 $ (5,071,706) $ (4,509,227) 37,177 (345,573) (308,396)

792





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.9153 $ — $ 0.1246 $ 0.1246 $ 15.0399 0.84% (0.37)% (0.37)%


793

FMT/Franklin Mutual Global Discovery Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Franklin Mutual Global Discovery Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 14,300 $ 13.2683 $ 189,743Class R3 126,245 $ 14.0811 1,777,659Class R4 797 $ 14.0920 11,226Class R5 28,557 $ 13.2918 379,577Class R8 328 $ 11.8198 3,874

$ 2,362,079

794




Investment income






795




Operations









796






Franklin Mutual Global Discovery A Fund (Cost $2,452,468) 80,532 $ 2,363,625 ____________________


Fair value



Mutual fund - Global Value $ 2,363,625 $ 2,363,625 $ — $ —__________ __________ __________ ___________________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 1,160 Class R2 1,259 Class R3 12,616 Class R4 821 Class R5 4,418 Class R8 56 $ 20,330

797




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 25,353 $ (232,593) $ (207,240) 1,816 (16,738) (14,922)Class R2 11,856 (412,940) (401,084) 1,146 (39,509) (38,363)Class R3 321,268 (197,715) 123,553 21,793 (13,602) 8,191Class R4 146,920 (138,421) 8,499 9,714 (9,605) 109Class R5 58,163 (98,528) (40,365) 4,168 (6,867) (2,699)Class R8 2,570 (15,817) (13,247) 201 (1,291) (1,090) $ 566,130 $ (1,096,014) $ (529,884) 38,838 (87,612) (48,774)

798





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.6063 $ 0.9440 $ (1.2820) $ (0.3380) $ 13.2683 (2.48)% (0.43)% 6.76%Class R2(b) 9.9046 0.1495 0.3482 0.4977 — 5.02% (0.65)% 2.46%Class R3 14.4965 1.4501 (1.8655) (0.4154) 14.0811 (2.87)% (0.82)% 9.83%Class R4 14.5325 0.4391 (0.8796) (0.4405) 14.0920 (3.03)% (0.99)% 2.95%Class R5 13.7308 1.1992 (1.6382) (0.4390) 13.2918 (3.20)% (1.16)% 8.58%Class R8 12.2734 1.1503 (1.6039) (0.4536) 11.8198 (3.70)% (1.67)% 9.28%



799

FMT/Harbor Capital Appreciation Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Harbor Capital Appreciation Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 529,831 $ 19.3013 $ 10,226,453Class R2 170,014 $ 19.5837 3,329,504Class R3 302,834 $ 18.7938 5,691,393Class R4 204,187 $ 18.4997 3,777,395Class R5 91,241 $ 19.0683 1,739,811Class R6 133,565 $ 18.2518 2,437,798Class R7 60,238 $ 18.0691 1,088,439Class R8 23,993 $ 18.6313 447,020

$ 28,737,813

800




Investment income





Net realized gain from investments sold 1,530,930 Change in net unrealized appreciation (depreciation) on investments (454,223) Net realized and unrealized gain on investments 1,076,707 Other operating credits (charges) 29,801 Net increase in net assets resulting from operations $ 2,730,064

801




Operations









802






Harbor Capital Appreciation Institutional Fund (Cost $21,661,706) 472,871 $ 28,755,273 _____________________



Mutual fund - Large Cap Growth $ 28,755,273 $ 28,755,273 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $5,680,239 and $4,939,073, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 32,417 Class R2 27,351 Class R3 37,098 Class R4 31,899 Class R5 24,825 Class R6 29,802 Class R7 11,639 Class R8 7,197 $ 202,228

803




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 4,835,784 $ (2,972,657) $ 1,863,127 249,487 (157,748) 91,739Class R2 605,228 (3,585,596) (2,980,368) 31,794 (181,145) (149,351)Class R3 1,715,086 (798,074) 917,012 95,572 (43,332) 52,240Class R4 1,122,902 (1,074,940) 47,962 61,576 (59,716) 1,860Class R5 319,328 (1,231,152) (911,824) 17,105 (65,451) (48,346)Class R6 390,710 (625,200) (234,490) 21,840 (36,296) (14,456)Class R7 408,770 (15,344) 393,426 22,565 (865) 21,700Class R8 150,935 (156,128) (5,193) 8,132 (8,713) (581) $ 9,548,743 $ (10,459,091) $ (910,348) 508,071 (553,266) (45,195)

804





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.4402 $ 1.2736 $ 0.5875 $ 1.8611 $ 19.3013 10.67% (0.39)% 6.78%Class R2 17.7344 0.7588 1.0905 1.8493 19.5837 10.43% (0.61)% 3.99%Class R3 17.0480 1.2066 0.5392 1.7458 18.7938 10.24% (0.78)% 6.58%Class R4 16.8098 1.0761 0.6138 1.6899 18.4997 10.05% (0.95)% 5.97%Class R5 17.3560 0.7068 1.0055 1.7123 19.0683 9.87% (1.12)% 3.81%Class R6 16.6411 0.9539 0.6568 1.6107 18.2518 9.68% (1.29)% 5.35%Class R7 16.5024 1.2560 0.3107 1.5667 18.0691 9.49% (1.46)% 7.10%Class R8 17.0450 0.8696 0.7167 1.5863 18.6313 9.31% (1.63)% 4.77%


805

FMT/International Equity Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/International Equity Index Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 382,700 $ 9.3377 $ 3,573,524Class R2 13,349 $ 9.8333 131,263Class R3 105 $ 10.2073 1,074Class R4 5,427 $ 9.8029 53,186Class LifeStyle 19,836,730

$ 23,595,777

806




Investment income





Net realized loss from investments sold (224,140) Change in net unrealized appreciation (depreciation) on investments (288,538) Net realized and unrealized loss on investments (512,678) Other operating credits (charges) 365 Net increase in net assets resulting from operations $ 28,143

807




Operations









808






Vanguard Developed Markets Index Fund Admiral Shares (Cost $25,535,980) 1,996,349 $ 23,596,847 ____________________


Fair value



Mutual fund - International Core Index $ 23,596,847 $ 23,596,847 $ — $ —__________ __________ __________ ___________________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 5,281 Class R2 4 Class R3 1 Class R4 13 Class LifeStyle 141,705 $ 147,004

809

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/International Equity Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,950,025 $ (133,506) $ 3,816,519 396,881 (14,181) 382,700Class R2 133,478 — 133,478 13,349 — 13,349Class R3 43,705 (43,174) 531 4,265 (4,160) 105Class R4 81,759 (27,086) 54,673 8,190 (2,763) 5,427Class LifeStyle 5,214,820 (15,866,913) (10,652,093) — — — $ 9,423,787 $ (16,070,679) $ (6,646,892) 422,685 (21,104) 401,581

810





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1(b) $ 10.0000 $ 0.1076 $ (0.7699) $ (0.6623) $ 9.3377 (6.62)% (0.40)% 2.62%Class R2(c) 10.0000 (0.0005) (0.1662) (0.1667) 9.8333 (1.67)% (0.57)% (0.55)%Class R3(d) 10.0000 0.0077 0.1996 0.2073 10.2073 2.07% (0.75)% 1.31%Class R4(e) 10.0000 0.0239 (0.2210) (0.1971) 9.8029 (1.97)% (1.01)% 3.16%


(b) For the period from July 27, 2015 through December 31, 2015.

(c) For the period from December 30, 2015 through December 31, 2015.

(d) For the period from December 14, 2015 through December 31, 2015.

(e) For the period from December 4, 2015 through December 31, 2015.

811

FMT/iShares MSCI EAFE Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares MSCI EAFE Index ETF





Liabilities Investments purchased 317,551Trustee fees 5,089


Units of

Participation NAV

per Unit Net


$ 8,200,733

812




Investment income


272,039 Expenses





813

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares MSCI EAFE Index ETF Statement of Changes in Net Assets



Operations








814





Exchange-traded fund (100.1%) iShares MSCI EAFE Index ETF (Cost $8,173,903) 139,671 $ 8,205,671 _____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Exchange-traded fund - International Core Equity $ 8,205,671 $ 8,205,671 $ — $ —__________ __________ __________ ___________________ __________ __________ _________


815

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares MSCI EAFE Index ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,030,808 $ (4,833,533) $ (3,802,725) 107,095 (495,925) (388,830)Class R2 476,594 (200,673) 275,921 35,402 (14,835) 20,567Class R3 778,763 (609,914) 168,849 58,067 (45,281) 12,786Class R4 531,419 (690,783) (159,364) 39,854 (49,932) (10,078)Class R5 369,166 (560,885) (191,719) 27,405 (43,548) (16,143)Class R6 358,516 (225,688) 132,828 27,957 (16,923) 11,034Class R7 152,323 (159,000) (6,677) 11,503 (12,343) (840)Class R8 43,586 (54,233) (10,647) 3,323 (3,943) (620) $ 3,741,175 $ (7,334,709) $ (3,593,534) 310,606 (682,730) (372,124)

816





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



817

FMT/iShares Russell 2000 Growth Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell 2000 Growth Index ETF




Interest 121Total assets 5,634,335



Units of

Participation NAV

per Unit Net

Assets Class R1 171,436 $ 14.6227 $ 2,506,855Class R2 7,931 $ 15.7288 124,737Class R3 8,178 $ 10.2252 83,621Class R4 110,007 $ 17.0473 1,875,315Class R5 15,571 $ 16.0833 250,428Class R6 6,774 $ 15.7301 106,551Class R7 4,593 $ 15.5662 71,493Class R8 29,399 $ 15.4989 455,647

$ 5,474,647

818




Investment income


39,953 Expenses


40,274 Net investment loss (321) Net realized gain from investments sold



819




Operations

Net investment loss $ (321)







820





Exchange-traded fund (99.8%)

iShares Russell 2000 Growth Index ETF (Cost $4,922,966) 39,177 $ 5,461,666 ______________________



Exchange-traded fund - Small Cap Growth $ 5,461,666 $ 5,461,666 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,095,423 and $2,961,815, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,107 Class R2 672 Class R3 255 Class R4 10,977 Class R5 2,900 Class R6 1,803 Class R7 1,150 Class R8 5,468 $ 33,332

821




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,878,352 $ (2,870,162) $ (991,810) 121,625 (180,290) (58,665)Class R2 163,860 (111,225) 52,635 9,452 (6,405) 3,047Class R3 84,710 (47,045) 37,665 8,360 (2,914) 5,446Class R4 1,151,314 (308,420) 842,894 66,418 (17,478) 48,940Class R5 198,845 (160,692) 38,153 11,431 (9,397) 2,034Class R6 16,485 (125,278) (108,793) 1,005 (7,548) (6,543)Class R7 12,933 (32,541) (19,608) 787 (2,008) (1,221)Class R8 151,406 (1,236) 150,170 9,447 (76) 9,371 $ 3,657,905 $ (3,656,599) $ 1,306 228,525 (226,116) 2,409

822





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.8537 $ 0.0387 $ (0.2697) $ (0.2310) $ 14.6227 (1.56)% (0.49)% 0.25%Class R2 16.0128 0.0122 (0.2962) (0.2840) 15.7288 (1.77)% (0.71)% 0.07%Class R3(b) 15.2174 0.0072 1.0906 1.0978 — 7.21% (0.35)% 0.09%Class R3(c) 10.0000 0.0103 0.2149 0.2252 10.2252 2.25% (0.50)% 0.13%Class R4 17.4146 (0.0274) (0.3399) (0.3673) 17.0473 (2.11)% (1.04)% (0.15)%Class R5 16.4583 (0.0790) (0.2960) (0.3750) 16.0833 (2.28)% (1.22)% (0.47)%Class R6 16.1242 (0.1132) (0.2809) (0.3941) 15.7301 (2.44)% (1.39)% (0.68)%Class R7 15.9836 (0.1343) (0.2831) (0.4174) 15.5662 (2.61)% (1.56)% (0.82)%Class R8 15.9418 (0.1434) (0.2995) (0.4429) 15.4989 (2.78)% (1.72)% (0.88)%



(c) For the period from October 5, 2015 (recommencement of this class) through December

31, 2015.

823

FMT/iShares Russell 2000 Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell 2000 Index ETF







Units of

Participation NAV

per Unit Net

Assets Class R1 90,405 $ 15.3055 $ 1,383,683Class R2 160 $ 15.2875 2,445Class R3 47,941 $ 14.3234 686,677Class R4 32,170 $ 16.1387 519,179Class R5 65,312 $ 15.7478 1,028,519Class R6 23,932 $ 14.8721 355,917Class R7 9,267 $ 15.0232 139,215Class R8 1,006 $ 14.8507 14,934

$ 4,130,569

824




Investment income


91,358 Expenses





825




Operations








826





Exchange-traded fund (99.6%) iShares Russell 2000 Index ETF (Cost $3,576,100) 36,562 $ 4,113,591 ______________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Exchange-traded fund - Small Cap Core $ 4,113,591 $ 4,113,591 $ — $ —__________ ___________ ___________ ____________________ ___________ ___________ __________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,114,049 and $4,516,613, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 12,378 Class R2 2,757 Class R3 5,309 Class R4 5,381 Class R5 8,582 Class R6 4,652 Class R7 2,173 Class R8 303 $ 41,535

827

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell 2000 Index ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 687,695 $ (4,010,307) $ (3,322,612) 41,952 (244,000) (202,048)Class R2 33,714 (503,731) (470,017) 2,147 (32,340) (30,193)Class R3 204,349 (168,127) 36,222 13,314 (11,161) 2,153Class R4 157,558 (359,047) (201,489) 9,384 (20,358) (10,974)Class R5 417,091 (112,814) 304,277 25,786 (6,913) 18,873Class R6 23,537 (16,940) 6,597 1,509 (1,083) 426Class R7 4,633 (12,255) (7,622) 292 (759) (467)Class R8 5,315 (34,823) (29,508) 339 (2,215) (1,876) $ 1,533,892 $ (5,218,044) $ (3,684,152) 94,723 (318,829) (224,106)

828





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 16.1681 $ 0.1368 $ (0.9994) $ (0.8626) $ 15.3055 (5.34)% (0.45)% 0.84%Class R2 16.1855 0.1254 (1.0234) (0.8980) 15.2875 (5.55)% (0.67)% 0.77%Class R3 15.1902 0.0925 (0.9593) (0.8668) 14.3234 (5.71)% (0.83)% 0.61%Class R4 17.1449 0.0685 (1.0747) (1.0062) 16.1387 (5.87)% (1.01)% 0.40%Class R5 16.7582 0.0637 (1.0741) (1.0104) 15.7478 (6.03)% (1.17)% 0.38%Class R6 15.8535 0.0132 (0.9946) (0.9814) 14.8721 (6.19)% (1.35)% 0.08%Class R7 16.0421 (0.0155) (1.0034) (1.0189) 15.0232 (6.35)% (1.52)% (0.10)%Class R8 15.8851 (0.0514) (0.9830) (1.0344) 14.8507 (6.51)% (1.68)% (0.33)%


829

FMT/iShares Russell 2000 Value Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell 2000 Value Index ETF





Liabilities Investments purchased 47,771Trustee fees 848


Units of

Participation NAV

per Unit Net

Assets Class R1 63,466 $ 12.2076 $ 774,764Class R2 13,459 $ 9.1434 123,066Class R3 2,494 $ 13.4545 33,554Class R4 17,483 $ 13.4167 234,564Class R5 9,372 $ 13.9903 131,118Class R6 5,750 $ 13.6654 78,573Class R8 8,623 $ 12.6246 108,864

$ 1,484,503

830




Investment income


32,389 Expenses





831




Operations








832





Exchange-traded fund (99.4%) iShares Russell 2000 Value ETF (Cost $1,237,022) 16,031 $ 1,475,012 ____________________


Fair value



Exchange-traded fund - Small Cap Value $ 1,475,012 $ 1,475,012 $ — $ —__________ __________ __________ ___________________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 3,265 Class R2 443 Class R3 549 Class R4 2,199 Class R5 1,118 Class R6 1,726 Class R7 424 Class R8 1,730 $ 11,454

833




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 108,194 $ (571,037) $ (462,843) 8,308 (41,956) (33,648)Class R2 142,541 (8,624) 133,917 14,338 (879) 13,459Class R3 14,180 (120,508) (106,328) 972 (8,150) (7,178)Class R4 24,061 (50,403) (26,342) 1,740 (3,433) (1,693)Class R5 152,288 (230,424) (78,136) 10,046 (14,949) (4,903)Class R6 7,932 (152,897) (144,965) 536 (10,299) (9,763)Class R7 7,518 (60,384) (52,866) 515 (4,125) (3,610)Class R8 19,897 (5,359) 14,538 1,489 (408) 1,081 $ 476,611 $ (1,199,636) $ (723,025) 37,944 (84,199) (46,255)

834





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 13.3350 $ 0.1493 $ (1.2767) $ (1.1274) $ 12.2076 (8.45)% (0.73)% 1.15%Class R2(b) 10.0000 0.1100 (0.9666) (0.8566) 9.1434 (8.57)% (0.91)% 1.33%Class R3 14.7551 0.0816 (1.3822) (1.3006) 13.4545 (8.81)% (1.14)% 0.56%Class R4 14.7388 0.0948 (1.4169) (1.3221) 13.4167 (8.97)% (1.28)% 0.66%Class R5 15.3957 0.0951 (1.5005) (1.4054) 13.9903 (9.13)% (1.44)% 0.64%Class R6 15.0636 0.0165 (1.4147) (1.3982) 13.6654 (9.28)% (1.65)% 0.11%Class R7(c) 15.0915 (0.0572) (0.8440) (0.9012) — (5.97)% (1.83)% (0.39)%Class R8 13.9640 (0.0004) (1.3390) (1.3394) 12.6246 (9.59)% (1.96)% — %



31, 2015.

(c) For the period from January 1, 2015 through November 20, 2015.

835









Units of

Participation NAV

per Unit Net

Assets Class R1 126,726 $ 15.0979 $ 1,913,291Class R2 8,282 $ 16.6815 138,162Class R3 2,831 $ 16.1543 45,734Class R4 8,141 $ 16.6854 135,835Class R5 11,938 $ 16.1720 193,055Class R6 5,995 $ 16.4955 98,896Class R7 992 $ 16.7161 16,585Class R8 11,681 $ 14.9233 174,326

$ 2,715,884

836




Investment income


59,585 Expenses





837




Operations








838





Exchange-traded fund (99.3%) iShares Russell 3000 Index ETF (Cost $2,107,324) 22,422 $ 2,697,591 _____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Exchange-traded fund - All Cap Core $ 2,697,591 $ 2,697,591 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $918,276 and $1,022,237, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 7,888 Class R2 765 Class R3 262 Class R4 1,882 Class R5 1,494 Class R6 1,222 Class R7 553 Class R8 2,797 $ 16,863

839

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell 3000 Index ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 682,726 $ (955,456) $ (272,730) 45,476 (62,141) (16,665)Class R2 16,081 (1,589) 14,492 943 (97) 846Class R3 18,931 (6,110) 12,821 1,143 (383) 760Class R4 40,559 (129,036) (88,477) 2,379 (7,839) (5,460)Class R5 136,765 (5,283) 131,482 8,208 (322) 7,886Class R6 7,418 (4,162) 3,256 440 (243) 197Class R7 4,100 (24,927) (20,827) 240 (1,507) (1,267)Class R8 5,430 (9,007) (3,577) 358 (591) (233) $ 912,010 $ (1,135,570) $ (223,560) 59,187 (73,123) (13,936)

840





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



841

FMT/iShares Russell Mid-Cap Growth Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell Mid-Cap Growth Index ETF







Units of

Participation NAV

per Unit Net

Assets Class R1 79,097 $ 34.0678 $ 2,694,662Class R2 170 $ 9.4912 1,611Class R3 151,896 $ 16.0035 2,430,868Class R4 72,257 $ 16.2779 1,176,196Class R5 14,404 $ 15.6958 226,080Class R6 13,756 $ 14.6244 201,179Class R7 2,800 $ 15.5790 43,620Class R8 16,942 $ 14.9888 253,944

$ 7,028,160

842




Investment income


48,273 Expenses




Net realized gain from investments sold 1,331,051 Change in net unrealized appreciation (depreciation) on investments (1,254,648) Net realized and unrealized gain on investments 76,403 Net increase in net assets resulting from operations $ 86,801

843




Operations








844






iShares Russell Mid-Cap Growth Index ETF (Cost $5,961,581) 76,227 $ 7,010,597 ____________________



Exchange-traded fund - Mid Cap Growth $ 7,010,597 $ 7,010,597 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $4,576,704 and $3,578,371, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 13,265 Class R2 34 Class R3 7,252 Class R4 3,387 Class R5 1,369 Class R6 1,298 Class R7 552 Class R8 3,589 $ 30,746

845




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,018,430 $ (3,432,950) $ (2,414,520) 29,026 (96,413) (67,387)Class R2 1,700 (57,802) (56,102) 172 (3,693) (3,521)Class R3 2,113,220 (162,963) 1,950,257 133,735 (9,827) 123,908Class R4 1,398,123 (332,335) 1,065,788 85,660 (20,459) 65,201Class R5 121,344 (52,734) 68,610 7,789 (3,329) 4,460Class R6 169,457 (25,120) 144,337 11,448 (1,715) 9,733Class R7 51,660 (66,149) (14,489) 3,265 (4,103) (838)Class R8 64,559 (14,116) 50,443 4,239 (886) 3,353 $ 4,938,493 $ (4,144,169) $ 794,324 275,334 (140,425) 134,909

846





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 34.3674 $ 0.0889 $ (0.3885) $ (0.2996) $ 34.0678 (0.87)% (0.49)% 0.25%Class R2(b) 15.7822 (0.0015) (0.1276) (0.1291) — (0.82)% (0.10)% (0.01)%Class R2(c) 10.0000 (0.0098) (0.4990) (0.5088) 9.4912 (5.09)% (0.63)% (0.09)%Class R3 16.2077 0.0470 (0.2512) (0.2042) 16.0035 (1.26)% (0.84)% 0.29%Class R4 16.5138 0.0448 (0.2807) (0.2359) 16.2779 (1.43)% (0.99)% 0.27%Class R5 15.9505 (0.0295) (0.2252) (0.2547) 15.6958 (1.60)% (1.21)% (0.18)%Class R6 14.8870 (0.0518) (0.2108) (0.2626) 14.6244 (1.76)% (1.36)% (0.34)%Class R7 15.8860 (0.1395) (0.1675) (0.3070) 15.5790 (1.93)% (1.55)% (0.86)%Class R8 15.3103 (0.1384) (0.1831) (0.3215) 14.9888 (2.10)% (1.72)% (0.89)%



(c) For the period from May 1, 2015 (recommencement of this class) through December 31,

2015.

847

FMT/iShares Russell Mid-Cap Value Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/iShares Russell Mid-Cap Value Index ETF







Units of

Participation NAV

per Unit Net

Assets Class R1 367,749 $ 14.6542 $ 5,389,077Class R2 3,413 $ 16.5232 56,397Class R3 55,591 $ 15.4975 861,523Class R4 58,330 $ 16.3329 952,703Class R5 12,949 $ 15.4762 200,394Class R6 37,766 $ 15.8694 599,332Class R7 397 $ 15.5180 6,160Class R8 8,470 $ 16.0039 135,551

$ 8,201,137

848




Investment income


191,381 Expenses





849




Operations








850






iShares Russell Mid-Cap Value Index ETF (Cost $6,036,481) 118,626 $ 8,147,234 ____________________



Exchange-traded fund - Mid Cap Value $ 8,147,234 $ 8,147,234 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,425,928 and $3,352,596, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 22,339 Class R2 186 Class R3 13,517 Class R4 8,477 Class R5 4,724 Class R6 7,738 Class R7 148 Class R8 2,038 $ 59,167

851




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 897,616 $ (2,345,206) $ (1,447,590) 58,221 (152,170) (93,949)Class R2 60,966 (494) 60,472 3,417 (28) 3,389Class R3 594,466 (1,636,331) (1,041,865) 36,297 (106,268) (69,971)Class R4 464,040 (223,859) 240,181 27,262 (13,819) 13,443Class R5 39,931 (286,047) (246,116) 2,489 (18,058) (15,569)Class R6 122,282 (127,289) (5,007) 7,223 (7,451) (228)Class R7 2,672 (6,627) (3,955) 163 (410) (247)Class R8 63,634 (34,263) 29,371 3,734 (1,969) 1,765 $ 2,245,607 $ (4,660,116) $ (2,414,509) 138,806 (300,173) (161,367)

852





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



853

FMT/Longleaf Partners Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Longleaf Partners Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 78,565 $ 11.8597 $ 931,761Class R2 23,102 $ 12.7043 293,495Class R3 6,000 $ 12.0745 72,452Class R4 24,244 $ 12.3536 299,508Class R5 14,798 $ 12.0479 178,278Class R6 44,370 $ 12.2497 543,512Class R7 16,226 $ 12.2602 198,937Class R8 1,624 $ 12.6804 20,590

$ 2,538,533

854




Investment income





Net realized loss from investments sold (93,828) Change in net unrealized appreciation (depreciation) on investments (1,203,767) Net realized and unrealized loss on investments (1,297,595) Net decrease in net assets resulting from operations $ (885,397)

855




Operations








856





Mutual fund (100.1%) Longleaf Partners Fund (Cost $3,305,434) 118,428 $ 2,540,285 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - All Cap Value $ 2,540,285 $ 2,540,285 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $914,105 and $3,473,329, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 6,685 Class R2 3,317 Class R3 1,613 Class R4 4,295 Class R5 4,126 Class R6 8,069 Class R7 3,379 Class R8 916 $ 32,400

857




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 174,623 $ (1,380,957) $ (1,206,334) 13,185 (107,139) (93,954)Class R2 76,549 (741,792) (665,243) 5,335 (49,715) (44,380)Class R3 60,173 (449,874) (389,701) 4,667 (31,298) (26,631)Class R4 240,258 (558,989) (318,731) 16,257 (38,165) (21,908)Class R5 26,363 (282,809) (256,446) 1,995 (20,721) (18,726)Class R6 56,809 (124,312) (67,503) 4,022 (8,656) (4,634)Class R7 9,150 (42,793) (33,643) 630 (2,951) (2,321)Class R8 6,573 (38,322) (31,749) 457 (2,908) (2,451) $ 650,498 $ (3,619,848) $ (2,969,350) 46,548 (261,553) (215,005)

858





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



859

FMT/Longleaf Small Cap Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Longleaf Small Cap Fund



Assets Investments in securities, at fair value $ 700,811 Liabilities Trustee fees 597 Net assets $ 700,214 Components of net assets

Units of

Participation NAV

per Unit Net

Assets Class R1 10,661 $ 13.6996 $ 146,050Class R2 1,292 $ 8.6361 11,160Class R4 17,920 $ 11.4241 204,723Class R5 8,729 $ 11.6811 101,964Class R6 6,955 $ 15.2311 105,935Class R7 130 $ 12.2724 1,593Class R8 13,570 $ 9.4906 128,789

$ 700,214

860




Investment income






861




Operations







Total decrease in net assets (32,913) Net assets at beginning of year 733,127 Net assets at end of year $ 700,214

862





Mutual fund (100.1%) Longleaf Partners Small Cap Fund (Cost $779,279) 25,975 $ 700,811 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Small Cap Value $ 700,811 $ 700,811 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $326,125 and $290,128, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 586 Class R2 29 Class R3 13 Class R4 1,518 Class R5 2,387 Class R6 1,396 Class R7 24 Class R8 2,110 $ 8,063

863




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 80,472 $ (111,588) $ (31,116) 5,344 (7,238) (1,894)Class R2 12,271 (6) 12,265 1,293 (1) 1,292Class R3 4,336 (6,634) (2,298) 408 (602) (194)Class R4 224,521 (29,688) 194,833 17,013 (2,520) 14,493Class R5 33,790 (342,635) (308,845) 2,700 (25,247) (22,547)Class R6 5,823 (727) 5,096 349 (43) 306Class R7 — (1) (1) — — —Class R8 146,976 (10,816) 136,160 14,661 (1,091) 13,570 $ 508,189 $ (502,095) $ 6,094 41,768 (36,742) 5,026

864





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.6608 $ 0.6092 $ (1.5704) $ (0.9612) $ 13.6996 (6.56)% (0.52)% 4.14%Class R2(b) 10.0000 0.4749 (1.8388) (1.3639) 8.6361 (13.64)% (0.75)% 10.18%Class R3(c) 10.2188 (0.0395) 0.8453 0.8058 — 7.89% (0.94)% (0.94)%Class R4 12.2947 0.7581 (1.6287) (0.8706) 11.4241 (7.08)% (1.09)% 6.24%Class R5 12.5930 0.1656 (1.0775) (0.9119) 11.6811 (7.24)% (1.27)% 1.29%Class R6 16.4479 0.6328 (1.8496) (1.2168) 15.2311 (7.40)% (1.43)% 3.86%Class R7 13.2759 0.4692 (1.4727) (1.0035) 12.2724 (7.56)% (1.61)% 3.55%Class R8(d) 10.0000 0.3513 (0.8607) (0.5094) 9.4906 (5.09)% (1.77)% 3.62%


(b) For the period from May 29, 2015 (commencement of this class) through December 31,

2015.

(c) For the period from January 1, 2015 through May 28, 2015.

(d) For the period from January 21, 2015 (commencement of this class) through December 31, 2015.

865

FMT/Meridian Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Meridian Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 244,875 $ 20.1141 $ 4,925,437Class R2 91,907 $ 14.8953 1,368,982Class R3 122,773 $ 14.3244 1,758,651Class R4 112,114 $ 14.1343 1,584,652Class R5 79,293 $ 14.1679 1,123,408Class R6 31,848 $ 14.1978 452,168Class R7 5,309 $ 14.1756 75,262Class R8 4,798 $ 14.2962 68,591

$ 11,357,151

866




Investment income



97,343 Net investment income 1,140,875 Net realized loss from investments sold


Net realized loss from investments sold (262,634) Change in net unrealized appreciation (depreciation) on investments (1,653,123) Net realized and unrealized loss on investments (1,915,757) Net decrease in net assets resulting from operations $ (774,882)

867




Operations








868





Mutual fund (100.1%) Meridian Growth Fund (Cost $13,698,882) 370,266 11,363,451 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Mid Cap Growth $ 11,363,451 $ 11,363,451 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,158,871 and $5,477,647, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 22,229 Class R2 9,038 Class R3 14,105 Class R4 16,264 Class R5 19,697 Class R6 6,033 Class R7 2,724 Class R8 965 $ 91,055

869




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,026,142 $ (3,476,799) $ (2,450,657) 48,881 (163,487) (114,606)Class R2 143,361 (318,051) (174,690) 9,047 (20,742) (11,695)Class R3 895,136 (967,300) (72,164) 58,347 (65,011) (6,664)Class R4 1,844,468 (1,214,632) 629,836 120,255 (80,849) 39,406Class R5 741,904 (1,967,853) (1,225,949) 49,184 (129,138) (79,954)Class R6 43,305 (55,969) (12,664) 2,892 (3,754) (862)Class R7 13,207 (186,397) (173,190) 881 (12,279) (11,398)Class R8 22,683 (1,029) 21,654 1,507 (71) 1,436 $ 4,730,206 $ (8,188,030) $ (3,457,824) 290,994 (475,331) (184,337)

870





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



871

FMT/Morgan Stanley Institutional Small Cap Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Morgan Stanley Institutional Small Cap Growth Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 60,598 $ 13.6583 $ 827,670Class R2 77,891 $ 14.4483 1,125,386Class R4 9,927 $ 9.8450 97,731Class R5 1,977 $ 14.4185 28,500Class R6 1,202 $ 14.4979 17,422

$ 2,096,709

872




Investment income






873




Operations









874






Morgan Stanley Institutional Small Company Growth I Fund (Cost $2,381,629) 152,555 $ 2,097,628 ____________________



Mutual fund - Small Cap Growth $ 2,097,628 $ 2,097,628 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $518,194 and $966,471, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,096 Class R2 6,982 Class R3 196 Class R4 1,163 Class R5 331 Class R6 236 Class R8 18 $ 13,022

875




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 208,086 $ (713,818) $ (505,732) 13,916 (47,451) (33,535)Class R2 222,997 (267,544) (44,547) 13,955 (16,430) (2,475)Class R3 2,497 (76,722) (74,225) 236 (7,026) (6,790)Class R4 137,595 (83,232) 54,363 11,795 (7,821) 3,974Class R5 5,003 (3,029) 1,974 314 (191) 123Class R6 987 — 987 61 — 61Class R8 325 (37,479) (37,154) 23 (2,534) (2,511) $ 577,490 $ (1,181,824) $ (604,334) 40,300 (81,453) (41,153)

876





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.1483 $ 0.8201 $ (2.3101) $ (1.4900) $ 13.6583 (9.84)% (0.41)% 5.38%Class R2 16.0601 1.0978 (2.7096) (1.6118) 14.4483 (10.04)% (0.65)% 6.83%Class R3(b) 10.4428 (0.0235) 0.5113 0.4878 — 4.67% (0.82)% (0.52)%Class R4 10.9809 0.5829 (1.7188) (1.1359) 9.8450 (10.34)% (0.99)% 5.28%Class R5 16.1098 1.0331 (2.7244) (1.6913) 14.4185 (10.50)% (1.16)% 6.43%Class R6 16.2261 0.9974 (2.7256) (1.7282) 14.4979 (10.65)% (1.33)% 6.17%Class R8(c) 14.8455 (0.0289) 0.3178 0.2889 — 1.95% (1.67)% (1.33)%


(b) For the period from January 1, 2015 through June 1, 2015.

(c) For the period from January 1, 2015 through February 23, 2015.

877

FMT/Neuberger Berman Genesis Trust Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Neuberger Berman Genesis Trust Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 203,200 $ 21.6499 $ 4,399,257Class R2 104,073 $ 14.8900 1,549,643Class R3 37,358 $ 14.6576 547,572Class R4 83,796 $ 14.4162 1,208,019Class R5 146,326 $ 14.3184 2,095,149Class R6 122,419 $ 14.3175 1,752,723Class R7 28,243 $ 14.3045 404,004Class R8 1,434 $ 13.5557 19,439

$ 11,975,806

878




Investment income





Net realized gain from investments sold 735,990 Change in net unrealized appreciation (depreciation) on investments (1,861,946) Net realized and unrealized loss on investments (1,125,956) Other operating credits (charges) 51,856 Net increase in net assets resulting from operations $ 36,690

879




Operations









880






Neuberger Berman Genesis Trust Fund (Cost $10,980,552) 234,696 $ 11,983,583 ____________________



Mutual fund - Small Cap Core $ 11,983,583 $ 11,983,583 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,953,085 and $3,551,143, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 16,282 Class R2 8,119 Class R3 9,528 Class R4 10,463 Class R5 25,768 Class R6 23,526 Class R7 7,130 Class R8 1,110 $ 101,926

881




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 538,657 $ (967,928) $ (429,271) 24,207 (43,857) (19,650)Class R2 1,809,892 (1,764,363) 45,529 117,337 (114,782) 2,555Class R3 94,623 (1,813,660) (1,719,037) 6,285 (119,185) (112,900)Class R4 431,325 (144,958) 286,367 28,759 (9,861) 18,898Class R5 172,079 (422,764) (250,685) 11,775 (28,796) (17,021)Class R6 261,762 (605,680) (343,918) 17,680 (41,096) (23,416)Class R7 36,661 (201,163) (164,502) 2,472 (13,717) (11,245)Class R8 2,294 (185,667) (183,373) 163 (13,613) (13,450) $ 3,347,293 $ (6,106,183) $ (2,758,890) 208,678 (384,907) (176,229)

882





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 21.6031 $ 2.1355 $ (2.0887) $ 0.0468 $ 21.6499 0.22% (0.39)% 9.64%Class R2 14.8912 1.6433 (1.6445) (0.0012) 14.8900 (0.01)% (0.61)% 10.80%Class R3 14.6833 0.5887 (0.6144) (0.0257) 14.6576 (0.18)% (0.78)% 3.92%Class R4 14.4661 1.4833 (1.5332) (0.0499) 14.4162 (0.34)% (0.95)% 10.02%Class R5 14.3925 1.1985 (1.2726) (0.0741) 14.3184 (0.51)% (1.12)% 8.15%Class R6 14.4162 1.2566 (1.3553) (0.0987) 14.3175 (0.68)% (1.29)% 8.55%Class R7 14.4277 1.1114 (1.2346) (0.1232) 14.3045 (0.85)% (1.46)% 7.56%Class R8 13.6958 0.2220 (0.3621) (0.1401) 13.5557 (1.02)% (1.63)% 1.59%


883

FMT/SPDR S & P 500 Index ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SPDR S & P 500 Index ETF Statement of Assets and Liabilities

December 31, 2015






Units of

Participation NAV

per Unit Net

Assets Class R1 183,288 $ 23.4021 $ 4,289,318Class R3 170,313 $ 16.3900 2,791,430Class R4 124,382 $ 16.9878 2,112,978Class R5 55,607 $ 17.1305 952,580Class R6 42,994 $ 16.4304 706,402Class R7 1,126 $ 16.1140 18,152Class R8 32,917 $ 16.7830 552,441

$ 11,423,301

884

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SPDR S & P 500 Index ETF



Investment income


265,492 Expenses





885




Operations








886





Exchange-traded fund (99.5%) SPDR S&P 500 ETF (Cost $8,256,673) 55,722 $ 11,361,158 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Exchange-traded fund - Large Cap Core $ 11,361,158 $ 11,361,158 $ — $ —__________ __________ __________ ___________________ __________ __________ _________


887




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,700,125 $ (3,302,659) $ (1,602,534) 73,021 (139,210) (66,189)Class R2 29,171 (912,172) (883,001) 1,715 (52,785) (51,070)Class R3 660,085 (633,260) 26,825 40,146 (38,026) 2,120Class R4 360,182 (1,308,774) (948,592) 21,440 (76,423) (54,983)Class R5 743,390 (473,474) 269,916 43,176 (27,728) 15,448Class R6 388,448 (827,356) (438,908) 24,217 (49,414) (25,197)Class R7 41,993 (421,293) (379,300) 2,599 (25,683) (23,084)Class R8 163,783 (86,647) 77,136 9,894 (5,100) 4,794 $ 4,087,177 $ (7,965,635) $ (3,878,458) 216,208 (414,369) (198,161)

888





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 23.2283 $ 0.3578 $ (0.1840) $ 0.1738 $ 23.4021 0.75% (0.39)% 1.53%Class R2(b) 16.8010 0.1013 0.3376 0.4389 — 2.61% (0.37)% 0.59%Class R3 16.3321 0.1931 (0.1352) 0.0579 16.3900 0.35% (0.78)% 1.17%Class R4 16.9567 0.1626 (0.1315) 0.0311 16.9878 0.18% (0.95)% 0.95%Class R5 17.1284 0.1472 (0.1451) 0.0021 17.1305 0.01% (1.12)% 0.86%Class R6 16.4565 0.1046 (0.1307) (0.0261) 16.4304 (0.16)% (1.29)% 0.63%Class R7 16.1669 0.0224 (0.0753) (0.0529) 16.1140 (0.33)% (1.47)% 0.14%Class R8 16.8672 0.0559 (0.1401) (0.0842) 16.7830 (0.50)% (1.63)% 0.33%



889

FMT/T. Rowe Price Midcap Growth Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/T. Rowe Price Midcap Growth Fund




Investments sold 50,490Total assets 6,823,180

Liabilities Trustee fees 3,215 Net assets $ 6,819,965 Components of net assets

Units of

Participation NAV

per Unit Net


$ 6,819,965

890




Investment income





Net realized gain from investments sold 292,419 Change in net unrealized appreciation (depreciation) on investments (483,350) Net realized and unrealized loss on investments (190,931) Other operating credits (charges) 10,278 Net increase in net assets resulting from operations $ 398,088

891




Operations









892





Mutual fund (99.3%) T. Rowe Price Mid-Cap Growth Fund (Cost $5,871,642) 93,372 $ 6,772,690 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Mid Cap Growth $ 6,772,690 $ 6,772,690 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,897,796 and $1,431,367, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 16,663 Class R2 1,355 Class R3 2,429 Class R4 8,210 Class R5 3,076 Class R6 1,700 Class R7 791 Class R8 3,987 $ 38,211

893




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,171,650 $ (1,155,567) $ 16,083 66,029 (64,894) 1,135Class R2 380,275 (35,502) 344,773 32,807 (3,028) 29,779Class R3 337,876 (415,126) (77,250) 19,527 (23,901) (4,374)Class R4 311,236 (310,363) 873 17,998 (17,106) 892Class R5 34,094 (294,072) (259,978) 1,860 (17,119) (15,259)Class R6 17,691 (21,776) (4,085) 997 (1,280) (283)Class R7 5,179 (35,545) (30,366) 296 (1,965) (1,669)Class R8 32,723 (94,915) (62,192) 1,862 (5,593) (3,731) $ 2,290,724 $ (2,362,866) $ (72,142) 141,376 (134,886) 6,490

894





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



895

FMT/T. Rowe Price Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/T. Rowe Price Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 404,023 $ 20.0083 $ 8,083,798Class R2 11,632 $ 18.1434 211,053Class R3 95,318 $ 17.1327 1,633,060Class R4 81,711 $ 18.2484 1,491,094Class R5 28,892 $ 17.9986 520,009Class R6 27,859 $ 16.9293 471,635Class R7 155 $ 15.6234 2,423Class R8 8,569 $ 15.6025 133,705

$ 12,546,777

896




Investment income





Net realized gain from investments sold 297,696 Change in net unrealized appreciation (depreciation) on investments (1,493,211) Net realized and unrealized loss on investments (1,195,515) Other operating credits (charges) 19,296 Net decrease in net assets resulting from operations $ (247,331)

897




Operations









898





Mutual fund (100.0%) T. Rowe Price Value Fund (Cost $12,358,032) 401,683 $ 12,552,604 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund – Large Cap Value $ 12,552,604 $ 12,552,604 $ — $ — __________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,708,307 and $2,562,750, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 30,381 Class R2 966 Class R3 8,560 Class R4 17,909 Class R5 6,861 Class R6 2,242 Class R7 6 Class R8 1,951 $ 68,876

899




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,062,119 $ (2,235,329) $ (173,210) 100,388 (109,539) (9,151)Class R2 59,014 (11,107) 47,907 3,316 (610) 2,706Class R3 1,003,404 (660,382) 343,022 58,162 (37,363) 20,799Class R4 1,149,680 (1,161,840) (12,160) 61,494 (62,806) (1,312)Class R5 94,011 (602,597) (508,586) 5,176 (32,386) (27,210)Class R6 433,469 (26) 433,443 26,622 (2) 26,620Class R7 2,318 (37) 2,281 146 (2) 144Class R8 103,369 (38,903) 64,466 6,356 (2,421) 3,935 $ 4,907,384 $ (4,710,221) $ 197,163 261,660 (245,129) 16,531

900





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



901

FMT/Third Avenue Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Third Avenue Value Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 91,300 $ 12.8895 $ 1,176,801Class R3 16,117 $ 9.4950 153,031Class R4 11,091 $ 14.6765 162,773Class R5 6 $ 13.8027 86Class R6 786 $ 13.7211 10,782Class R7 6,463 $ 13.7119 88,626Class R8 2,550 $ 13.5376 34,521

$ 1,626,620

902




Investment income






903




Operations









904





Mutual fund (100.0%) Third Avenue Value Institutional Fund (Cost $1,757,742) 33,869 $ 1,627,412 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund – Global Value $ 1,627,412 $ 1,627,412 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $483,776 and $875,368, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,645 Class R3 660 Class R4 2,637 Class R5 754 Class R6 139 Class R7 1,330 Class R8 597 $ 10,762

905




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 96,099 $ (369,143) $ (273,044) 7,075 (26,464) (19,389)Class R3 494,676 (320,084) 174,592 49,421 (33,304) 16,117Class R4 220,217 (206,476) 13,741 13,724 (13,346) 378Class R5 7,793 (448,013) (440,220) 515 (29,446) (28,931)Class R6 1,150 (192) 958 77 (12) 65Class R7 3,864 — 3,864 261 — 261Class R8 7,173 (10,660) (3,487) 496 (713) (217) $ 830,972 $ (1,354,568) $ (523,596) 71,569 (103,285) (31,716)

906





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.0782 $ 0.9268 $ (2.1155) $ (1.1887) $ 12.8895 (8.44)% (0.45)% 6.71%Class R3(b) 10.0000 0.9283 (1.0278) (0.0995) — (1.00)% (0.53)% 17.72%Class R3(c) 10.0000 0.5015 (0.5565) (0.0550) 9.9450 (5.05)% (0.29)% 9.57%Class R4 16.1205 0.5783 (2.0223) (1.4440) 14.6765 (8.96)% (1.01)% 3.66%Class R5 15.1729 (0.1222) (1.2480) (1.3702) 13.8027 (9.03)% (1.18)% (0.81)%Class R6 15.1228 0.9747 (2.3764) (1.4017) 13.7211 (9.27)% (1.35)% 6.61%Class R7 15.1384 0.9188 (2.3453) (1.4265) 13.7119 (9.42)% (1.52)% 6.22%Class R8 14.9716 0.8916 (2.3256) (1.4340) 13.5376 (9.58)% (1.69)% 6.11%


(b) For the period from February 25, 2015 (commencement of this class) through July 13,

2015.

(c) For the period from November 11, 2015 (recommencement of this class) through December 31, 2015.

907

FMT/Thornburg International Equity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Thornburg International Equity Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 641,578 $ 11.2755 $ 7,234,085Class R2 11,327 $ 12.5202 141,812Class R3 234,322 $ 12.4866 2,925,874Class R4 217,112 $ 12.7317 2,764,212Class R5 153,044 $ 12.3053 1,883,254Class R6 43,887 $ 12.3147 540,457Class R7 10,761 $ 12.0125 129,264Class R8 46,578 $ 12.0330 560,475

$ 16,179,433

908




Expenses

Trustee fees $ 119,542Custody fees 6,066Audit fees 1,200



Net realized gain from investments sold 643,253 Change in net unrealized appreciation (depreciation) on investments (585,871) Net realized and unrealized gain on investments 57,382 Net decrease in net assets resulting from operations $ (69,426)

909




Operations








910





Collective trust fund (100.1%) Thornburg International Equity Fund (Cost $14,380,494) 1,318,312 $ 16,188,867 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value. The estimated fair value of the underlying collective trust fund is net asset value. The use of net asset value as fair value is deemed appropriate as the collective trust fund does not have a finite life, no unfunded commitments relating to this type of investment, or no significant restrictions on redemptions.


Collective trust fund – International Core - Equity $ 16,188,867 $ — $ 16,188,867 $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,147,992 and $4,043,509, respectively, for the year ended December 31, 2015. Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 25,974 Class R2 797 Class R3 25,866 Class R4 28,500 Class R5 19,679 Class R6 6,127 Class R7 3,303 Class R8 9,296 $ 119,542

911




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,601,157 $ (2,305,064) $ (703,907) 135,276 (195,943) (60,667)Class R2 347,148 (257,868) 89,280 27,214 (20,427) 6,787Class R3 620,701 (1,367,601) (746,900) 46,987 (102,386) (55,399)Class R4 366,165 (730,230) (364,065) 27,223 (55,827) (28,604)Class R5 511,101 (327,183) 183,918 39,869 (24,577) 15,292Class R6 154,116 (102,771) 51,345 12,434 (8,027) 4,407Class R7 39,638 (127,231) (87,593) 3,109 (10,395) (7,286)Class R8 154,592 (344,133) (189,541) 12,120 (27,997) (15,877) $ 3,794,618 $ (5,562,081) $ (1,767,463) 304,232 (445,579) (141,347)

912





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.3291 $ (0.0463) $ (0.0073) $ (0.0536) $ 11.2755 (0.47)% (0.39)% (0.39)%Class R2 12.6074 (0.0792) (0.0080) (0.0872) 12.5202 (0.69)% (0.61)% (0.61)%Class R3 12.5951 (0.1028) (0.0057) (0.1085) 12.4866 (0.86)% (0.78)% (0.78)%Class R4 12.8643 (0.1276) (0.0050) (0.1326) 12.7317 (1.03)% (0.95)% (0.95)%Class R5 12.4546 (0.1452) (0.0041) (0.1493) 12.3053 (1.20)% (1.12)% (1.12)%Class R6 12.4854 (0.1671) (0.0036) (0.1707) 12.3147 (1.37)% (1.29)% (1.29)%Class R7 12.1998 (0.1855) (0.0018) (0.1873) 12.0125 (1.54)% (1.46)% (1.46)%Class R8 12.2414 (0.2068) (0.0016) (0.2084) 12.0330 (1.70)% (1.63)% (1.63)%


913

FMT/Vanguard 500 Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard 500 Index Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 2,599,540 $ 19.6617 $ 51,111,412Class R2 960,331 $ 17.8030 17,096,822Class R3 937,383 $ 17.1455 16,071,899Class R4 670,385 $ 17.0468 11,427,894Class R5 499,223 $ 17.8520 8,912,130Class R6 431,732 $ 17.7289 7,654,112Class R7 121,396 $ 17.2582 2,095,083Class R8 100,817 $ 16.3125 1,644,577Class LifeStyle 7,955,156

$ 123,969,085

914




Investment income





Net realized gain from investments sold 7,666,825 Change in net unrealized appreciation (depreciation) on investments (8,519,993) Net realized and unrealized loss on investments (853,168) Other operating credits (charges) 318 Net increase in net assets resulting from operations $ 947,981

915




Operations









916






Vanguard 500 Index Fund Admiral Shares (Cost $93,901,524) 658,067 $ 124,032,489 ____________________



Mutual fund – Large Cap Core $124,032,489 $124,032,489 $ — $ — __________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $18,069,503 and $28,442,352, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 184,956 Class R2 98,648 Class R3 119,006 Class R4 111,681 Class R5 100,003 Class R6 94,821 Class R7 35,542 Class R8 24,774 Class LifeStyle 48,909 $ 818,340

917




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 16,295,545 $ (22,505,831) $ (6,210,286) 828,583 (1,145,617) (317,034)Class R2 6,928,796 (6,427,081) 501,715 390,836 (360,139) 30,697Class R3 7,568,262 (9,169,399) (1,601,137) 440,096 (529,450) (89,354)Class R4 6,447,423 (5,608,633) 838,790 378,209 (325,465) 52,744Class R5 2,598,450 (4,404,632) (1,806,182) 145,463 (246,054) (100,591)Class R6 1,390,843 (1,408,181) (17,338) 78,929 (79,882) (953)Class R7 577,594 (1,064,056) (486,462) 33,237 (62,452) (29,215)Class R8 700,628 (1,613,383) (912,755) 43,009 (97,829) (54,820)Class LifeStyle 2,400,738 (4,868,254) (2,467,516) — — — $ 44,908,279 $ (57,069,450) $ (12,161,171) 2,338,362 (2,846,888) (508,526)

918





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 19.4733 $ 0.3309 $ (0.1425) $ 0.1884 $ 19.6617 0.97% (0.39)% 1.68%Class R2 17.6714 0.2601 (0.1285) 0.1316 17.8030 0.74% (0.61)% 1.46%Class R3 17.0478 0.2237 (0.1260) 0.0977 17.1455 0.57% (0.78)% 1.30%Class R4 16.9786 0.1908 (0.1226) 0.0682 17.0468 0.40% (0.95)% 1.12%Class R5 17.8110 0.1704 (0.1294) 0.0410 17.8520 0.23% (1.12)% 0.95%Class R6 17.7184 0.1426 (0.1321) 0.0105 17.7289 0.06% (1.29)% 0.80%Class R7 17.2774 0.0988 (0.1180) (0.0192) 17.2582 (0.11)% (1.46)% 0.57%Class R8 16.3586 0.0761 (0.1222) (0.0461) 16.3125 (0.28)% (1.63)% 0.46%


919

FMT/Vanguard Emerging Markets ETF

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Emerging Markets ETF







Units of

Participation NAV

per Unit Net

Assets Class R1 660,007 $ 10.7269 $ 7,079,856Class R2 63,087 $ 9.2790 585,381Class R3 75,756 $ 9.0178 683,155Class R4 111,066 $ 9.3747 1,041,211Class R5 60,711 $ 9.3623 568,392Class R6 20,732 $ 8.3784 173,700Class R7 13,393 $ 9.0582 121,315Class R8 7,504 $ 8.9966 67,507Class LifeStyle 864,780

$ 11,185,297

920




Investment income


320,520 Expenses




Net realized loss from investments sold (665) Change in net unrealized appreciation (depreciation) on investments (2,232,504) Net realized and unrealized loss on investments (2,233,169) Other operating credits (charges) 57 Net decrease in net assets resulting from operations $ (1,982,440)

921




Operations









922






Vanguard FTSE Emerging Markets ETF (Cost $13,484,516) 340,486 $ 11,137,297 ____________________


Fair value



Exchange-traded fund – Emerging Markets $ 11,137,297 $ 11,137,297 $ — $ —__________ __________ __________ ___________________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 23,192 Class R2 3,577 Class R3 5,704 Class R4 11,170 Class R5 7,789 Class R6 2,598 Class R7 2,133 Class R8 881 Class LifeStyle 6,670 $ 63,714

923




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,495,085 $ (1,811,090) $ 1,683,995 288,616 (141,526) 147,090Class R2 1,368,792 (1,229,023) 139,769 125,282 (112,803) 12,479Class R3 432,280 (560,280) (128,000) 41,732 (52,412) (10,680)Class R4 509,165 (469,624) 39,541 44,566 (42,264) 2,302Class R5 253,707 (280,122) (26,415) 22,578 (26,702) (4,124)Class R6 51,928 (125,268) (73,340) 5,569 (11,954) (6,385)Class R7 25,520 (29,389) (3,869) 2,431 (2,939) (508)Class R8 44,316 (14,017) 30,299 4,242 (1,300) 2,942Class LifeStyle 337,703 (1,000,294) (662,591) — — — $ 6,518,496 $ (5,519,107) $ 999,389 535,016 (391,900) 143,116

924





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



925

FMT/Vanguard Growth Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Growth Index Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net


$ 15,731,230

926

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Growth Index Fund



Investment income






927

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Growth Index Fund Statement of Changes in Net Assets



Operations








928






Vanguard Growth Index Fund Admiral Shares (Cost $11,732,885) 287,371 $ 15,739,321 ____________________



Mutual fund – Large Cap Growth $ 15,739,321 $ 15,739,321 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $3,897,353 and $6,289,386, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 25,346 Class R2 13,316 Class R3 27,846 Class R4 14,332 Class R5 8,146 Class R6 7,811 Class R7 1,476 Class R8 1,339 $ 99,612

929

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Growth Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,455,754 $ (4,412,502) $ (2,956,748) 61,228 (186,306) (125,078)Class R2 1,296,599 (416,482) 880,117 72,951 (23,303) 49,648Class R3 1,756,345 (1,636,843) 119,502 101,763 (94,041) 7,722Class R4 1,063,215 (1,303,764) (240,549) 61,448 (75,258) (13,810)Class R5 300,368 (442,764) (142,396) 16,523 (24,210) (7,687)Class R6 168,738 (346,259) (177,521) 9,465 (19,440) (9,975)Class R7 124,868 (5,325) 119,543 7,174 (313) 6,861Class R8 93,557 (190,881) (97,324) 5,840 (11,273) (5,433) $ 6,259,444 $ (8,754,820) $ (2,495,376) 336,392 (434,144) (97,752)

930





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 23.1163 $ 0.2070 $ 0.4659 $ 0.6729 $ 23.7892 2.91% (0.39)% 0.87%Class R2 17.1822 0.1220 0.3392 0.4612 17.6434 2.68% (0.61)% 0.69%Class R3 16.7095 0.0896 0.3297 0.4193 17.1288 2.51% (0.78)% 0.52%Class R4 16.8496 0.0600 0.3334 0.3934 17.2430 2.33% (0.95)% 0.35%Class R5 17.5986 0.0244 0.3558 0.3802 17.9788 2.16% (1.12)% 0.13%Class R6 17.5069 (0.0050) 0.3526 0.3476 17.8545 1.99% (1.29)% (0.03)%Class R7 16.7389 0.0170 0.2864 0.3034 17.0423 1.81% (1.46)% 0.10%Class R8 16.3017 (0.0826) 0.3495 0.2669 16.5686 1.64% (1.63)% (0.50)%


931

FMT/Vanguard Mid Cap Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Mid Cap Index Fund




Investments sold 27,730Total assets 25,741,644


Units of

Participation NAV

per Unit Net

Assets Class R1 544,552 $ 18.1823 $ 9,901,191Class R2 207,947 $ 17.0155 3,538,330Class R3 291,332 $ 16.8628 4,912,669Class R4 123,155 $ 17.6309 2,171,340Class R5 127,764 $ 17.5756 2,245,525Class R6 75,816 $ 16.5530 1,254,986Class R7 26,048 $ 16.4047 427,308Class R8 21,335 $ 16.4157 350,236Class LifeStyle 926,389

$ 25,727,974

932




Investment income





Net realized gain from investments sold 1,336,436 Change in net unrealized appreciation (depreciation) on investments (1,977,149) Net realized and unrealized loss on investments (640,713) Other operating credits (charges) 35 Net decrease in net assets resulting from operations $ (455,393)

933

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Mid Cap Index Fund Statement of Changes in Net Assets



Operations









934





Mutual fund (99.9%)

Vanguard Mid-Cap Index Fund Admiral Shares (Cost $20,868,668) 172,902 $ 25,713,914 ____________________



Mutual fund – Mid Cap Core $ 25,713,914 $ 25,713,914 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $6,224,629 and $5,383,706, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 37,101 Class R2 20,408 Class R3 31,589 Class R4 21,329 Class R5 22,309 Class R6 17,804 Class R7 4,944 Class R8 6,796 Class LifeStyle 5,799 $ 168,079

935

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Mid Cap Index Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,763,656 $ (3,827,911) $ (64,255) 199,182 (203,799) (4,617)Class R2 1,060,848 (1,095,700) (34,852) 60,304 (61,479) (1,175)Class R3 2,418,001 (1,257,335) 1,160,666 143,694 (71,629) 72,065Class R4 1,165,020 (1,562,310) (397,290) 64,650 (85,546) (20,896)Class R5 974,275 (537,722) 436,553 53,617 (29,625) 23,992Class R6 371,158 (518,393) (147,235) 21,389 (30,896) (9,507)Class R7 472,694 (343,455) 129,239 28,202 (20,185) 8,017Class R8 288,289 (480,314) (192,025) 17,362 (28,231) (10,869)Class LifeStyle 355,872 (562,554) (206,682) — — — $ 10,869,813 $ (10,185,694) $ 684,119 588,400 (531,390) 57,010

936





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



937

FMT/Vanguard Selected Value Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Selected Value Fund




Units of

Participation NAV

per Unit Net


$ 19,357,318

938




Investment income






939

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Selected Value Fund Statement of Changes in Net Assets



Operations








940






Vanguard Selected Value Investment Fund (Cost $16,837,855) 749,193 $ 19,366,635 ____________________



Mutual fund – Mid Cap Value $ 19,366,635 $ 19,366,635 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,637,167 and $6,021,161, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 40,423 Class R2 20,097 Class R3 19,931 Class R4 24,566 Class R5 16,487 Class R6 2,141 Class R7 1,938 Class R8 3,356 $ 128,939

941

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Selected Value Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 3,611,788 $ (2,968,214) $ 643,574 217,596 (180,158) 37,438Class R2 745,956 (2,832,192) (2,086,236) 42,425 (160,649) (118,224)Class R3 904,372 (1,146,168) (241,796) 55,393 (69,406) (14,013)Class R4 1,034,624 (1,661,455) (626,831) 59,350 (92,581) (33,231)Class R5 167,519 (1,910,761) (1,743,242) 9,823 (112,765) (102,942)Class R6 7,668 (131,702) (124,034) 488 (8,313) (7,825)Class R7 60,268 (78,448) (18,180) 3,598 (4,633) (1,035)Class R8 72,433 (185,094) (112,661) 4,555 (11,743) (7,188) $ 6,604,628 $ (10,914,034) $ (4,309,406) 393,228 (640,248) (247,020)

942





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



943

FMT/Vanguard Small Cap Stock Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Small Cap Stock Index Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 406,949 $ 34.7917 $ 14,158,437Class R2 197,817 $ 17.2583 3,413,977Class R3 415,503 $ 15.8004 6,565,090Class R4 171,505 $ 16.0057 2,745,058Class R5 133,925 $ 16.1594 2,164,143Class R6 25,381 $ 15.7463 399,655Class R7 15,376 $ 15.6839 241,163Class R8 13,194 $ 16.2626 214,566Class LifeStyle 1,897,268

$ 31,799,357

944




Investment income






945




Operations









946






Vanguard Small Cap Index Fund Admiral Shares (Cost $28,283,302) 599,702 $ 31,814,208 ____________________



Mutual fund – Small Cap Core $ 31,814,208 $ 31,814,208 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $10,820,036 and $5,604,408, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 43,127 Class R2 24,598 Class R3 33,026 Class R4 31,593 Class R5 22,996 Class R6 7,804 Class R7 3,848 Class R8 4,609 Class LifeStyle 12,198 $ 183,799

947




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 8,510,484 $ (3,447,741) $ 5,062,743 230,433 (95,543) 134,890Class R2 1,210,088 (3,022,043) (1,811,955) 67,611 (163,677) (96,066)Class R3 4,479,274 (1,423,796) 3,055,478 278,640 (84,280) 194,360Class R4 2,336,299 (2,291,967) 44,332 137,058 (136,281) 777Class R5 1,410,159 (1,714,664) (304,505) 83,298 (98,290) (14,992)Class R6 109,773 (577,993) (468,220) 6,516 (35,454) (28,938)Class R7 215,231 (220,603) (5,372) 13,172 (13,636) (464)Class R8 175,131 (287,143) (112,012) 10,594 (16,551) (5,957)Class LifeStyle 670,140 (1,169,128) (498,988) — — — $ 19,116,579 $ (14,155,078) $ 4,961,501 827,322 (643,712) 183,610

948





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 36.2495 $ 0.4179 $ (1.8757) $ (1.4578) $ 34.7917 (4.02)% (0.39)% 1.15%Class R2 18.0213 0.1314 (0.8944) (0.7630) 17.2583 (4.23)% (0.61)% 0.72%Class R3 16.5271 0.1478 (0.8745) (0.7267) 15.8004 (4.40)% (0.78)% 0.89%Class R4 16.7706 0.0757 (0.8406) (0.7649) 16.0057 (4.56)% (0.95)% 0.45%Class R5 16.9606 0.0618 (0.8630) (0.8012) 16.1594 (4.72)% (1.12)% 0.36%Class R6 16.5555 0.0057 (0.8149) (0.8092) 15.7463 (4.89)% (1.29)% 0.03%Class R7 16.5179 (0.0050) (0.8290) (0.8340) 15.6839 (5.05)% (1.46)% (0.03)%Class R8 17.1571 (0.0460) (0.8485) (0.8945) 16.2626 (5.21)% (1.63)% (0.27)%


949

FMT/Vanguard Value Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Value Index Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 114,065 $ 23.1786 $ 2,643,852Class R2 100,510 $ 17.3933 1,748,200Class R3 58,861 $ 16.1938 953,183Class R4 45,567 $ 16.7846 764,824Class R5 31,822 $ 17.6769 562,524Class R6 12,443 $ 16.7017 207,827Class R7 8,690 $ 15.7080 136,495Class R8 9,939 $ 15.6299 155,341

$ 7,172,246

950

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Value Index Fund



Investment income






951




Operations








952






Vanguard Value Index Fund Admiral Shares (Cost $6,054,674) 225,525 $ 7,176,212 ____________________



Mutual fund – Large Cap Value $ 7,176,212 $ 7,176,212 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,263,874 and $3,769,745, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 11,093 Class R2 10,146 Class R3 8,229 Class R4 7,951 Class R5 5,904 Class R6 4,083 Class R7 2,137 Class R8 2,588 $ 52,131

953




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,258,249 $ (1,652,259) $ (394,010) 53,861 (70,045) (16,184)Class R2 657,922 (711,182) (53,260) 38,096 (40,623) (2,527)Class R3 734,999 (1,210,681) (475,682) 45,481 (74,247) (28,766)Class R4 225,824 (836,288) (610,464) 13,356 (48,784) (35,428)Class R5 231,205 (153,249) 77,956 12,845 (8,577) 4,268Class R6 184,721 (350,878) (166,157) 10,765 (20,899) (10,134)Class R7 40,083 (50,216) (10,133) 2,543 (3,142) (599)Class R8 50,310 (68,148) (17,838) 3,173 (4,359) (1,186) $ 3,383,313 $ (5,032,901) $ (1,649,588) 180,120 (270,676) (90,556)

954





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



955

FMT/Vanguard Windsor II Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Windsor II Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 221,797 $ 17.1992 $ 3,814,728Class R2 174,777 $ 16.7846 2,933,568Class R3 61,834 $ 15.4194 953,437Class R4 30,673 $ 16.4498 504,567Class R5 41,096 $ 16.3364 671,363Class R7 4,160 $ 10.5969 44,085Class R8 700 $ 15.1620 10,608

$ 8,932,356

956

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Vanguard Windsor II Fund



Investment income





Net realized gain from investments sold 656,403 Change in net unrealized appreciation (depreciation) on investments (1,733,734) Net realized and unrealized loss on investments (1,077,331) Net decrease in net assets resulting from operations $ (400,519)

957




Operations








958






Vanguard Windsor II Fund Admiral Shares (Cost $8,410,855) 150,352 $ 8,936,927 ____________________



Mutual fund – Large Cap Value $ 8,936,927 $ 8,936,927 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,700,813 and $4,663,622, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 16,283 Class R2 21,196 Class R3 11,739 Class R4 5,345 Class R5 7,780 Class R6 3,401 Class R7 66 Class R8 175 $ 65,985

959




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 572,583 $ (2,017,507) $ (1,444,924) 32,223 (113,723) (81,500)Class R2 683,055 (1,064,683) (381,628) 39,480 (62,494) (23,014)Class R3 606,677 (1,652,119) (1,045,442) 37,418 (103,074) (65,656)Class R4 74,218 (304,002) (229,784) 4,402 (17,330) (12,928)Class R5 67,105 (281,955) (214,850) 3,979 (16,712) (12,733)Class R6 22,561 (389,040) (366,479) 1,524 (25,980) (24,456)Class R7 45,328 — 45,328 4,160 — 4,160 $ 2,071,527 $ (5,709,306) $ (3,637,779) 123,186 (339,313) (216,127)

960





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 17.8278 $ 1.0709 $ (1.6995) $ (0.6286) $ 17.1992 (3.53)% (0.40)% 6.03%Class R2 17.4366 1.1273 (1.7793) (0.6520) 16.7846 (3.74)% (0.62)% 6.51%Class R3 16.0457 0.7476 (1.3739) (0.6263) 15.4194 (3.90)% (0.79)% 4.67%Class R4 17.1472 0.9690 (1.6664) (0.6974) 16.4498 (4.07)% (0.96)% 5.69%Class R5 17.0583 1.0104 (1.7323) (0.7219) 16.3364 (4.23)% (1.13)% 5.97%Class R6(b) 16.0318 0.0097 (1.0670) (1.0573) — (6.60)% (1.30)% 0.09%Class R7(c) 10.0000 1.6083 (1.0114) 0.5969 10.5969 5.97% (1.45)% 58.87%Class R8 15.9136 0.8929 (1.6445) (0.7516) 15.1620 (4.72)% (1.64)% 5.68%


(b) For the period from January 1, 2015 through September 9, 2015.

(c) For the period from September 30, 2015 (commencement of this class) through

December 31, 2015.

961

FMT/Virtus Emerging Markets Opportunity Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Virtus Emerging Markets Opportunity Fund




Units of

Participation NAV

per Unit Net


$ 3,516,308

962




Investment income





Net realized loss from investments sold (14,020) Change in net unrealized appreciation (depreciation) on investments (341,519) Net realized and unrealized loss on investments (355,539) Other operating credits (charges) 23,926 Net decrease in net assets resulting from operations $ (324,956)

963




Operations









964






Virtus Emerging Markets Opportunity Fund (Cost $3,926,334) 392,619 $ 3,517,865 ____________________



Mutual fund – Emerging Markets $ 3,517,865 $ 3,517,865 $ — $ —__________ __________ __________ ___________________ __________ __________ _________ Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $982,311 and $2,666,066, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,411 Class R2 67 Class R3 2,148 Class R4 5,558 Class R5 2,549 Class R6 212 Class R7 1,961 Class R8 218 $ 23,124

965




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 777,907 $ (2,026,149) $ (1,248,242) 73,672 (188,397) (114,725)Class R2 42,258 (11) 42,247 4,223 (1) 4,222Class R3 92,960 (249,385) (156,425) 9,151 (24,858) (15,707)Class R4 664,366 (593,045) 71,321 61,812 (56,418) 5,394Class R5 67,590 (365,616) (298,026) 6,350 (35,113) (28,763)Class R6 24,139 — 24,139 2,340 — 2,340Class R7 30,367 (116,971) (86,604) 2,985 (11,847) (8,862)Class R8 27,800 (89,498) (61,698) 2,767 (9,674) (6,907) $ 1,727,387 $ (3,440,675) $ (1,713,288) 163,300 (326,308) (163,008)

966





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.5511 $ 0.0962 $ (1.0123) $ (0.9161) $ 9.6350 (8.68)% (0.42)% 0.92%Class R2(b) 10.0000 0.0959 0.1223 0.2182 10.2182 2.18% (0.63)% 3.36%Class R3 10.4586 0.0411 (0.9865) (0.9454) 9.5132 (9.04)% (0.81)% 0.40%Class R4 10.4088 0.0376 (0.9947) (0.9571) 9.4517 (9.20)% (0.98)% 0.37%Class R5 10.3591 (0.0148) (0.9538) (0.9686) 9.3905 (9.35)% (1.15)% (0.14)%Class R6 10.4401 0.0464 (1.0229) (0.9765) 9.4636 (9.35)% (1.31)% 0.46%Class R7 10.2606 (0.0353) (0.9559) (0.9912) 9.2694 (9.66)% (1.49)% (0.35)%Class R8(c) 9.2759 0.0071 (0.0318) (0.0247) — (0.26)% (0.35)% 0.13%Class R8(d) 10.0000 0.0264 (0.8401) (0.8137) 9.1863 (8.14)% (1.30)% 0.48%



December 31, 2015.

(c) For the period from January 1, 2015 through January 12, 2015.

(d) For the period from June 16, 2015 (recommencement of this class) through December 31, 2015.

967

FMT/Equity Income Index Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Equity Income Index Fund Statement of Assets and Liabilities

December 31, 2015



Units of

Participation NAV

per Unit Net

Assets Class R1 609,437 $ 9.8967 $ 6,031,444Class R2 10,346 $ 9.8965 102,393Class R4 8,098 $ 9.8963 80,135

$ 6,213,972

968

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Equity Income Index Fund



Expenses

Trustee fees $ 68 Net investment loss (68) Change in net unrealized appreciation (depreciation) on investments (64,773) Net decrease in net assets resulting from operations $ (64,841)

969




Operations

Net investment loss $ (68)



Proceeds from units purchased 6,381,930Less payments for units redeemed 103,117


Total increase in net assets 6,213,972 Net assets at beginning of year — Net assets at end of year $ 6,213,972

970






Vanguard Dividend Appreciation Index Fund (Cost $6,278,813) 294,365 $ 6,214,040 ____________________


Fair value



Mutual fund - Equity Large Cap Core $ 6,214,040 $ 6,214,040 $ — $ —__________ __________ __________ ___________________ __________ __________ _________


The aggregate cost of purchases of investment securities (other than temporary cash investments) totaled $6,278,813 for the year ended December 31, 2015.

Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 59 Class R2 5 Class R4 4 $ 68

971




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 6,094,374 $ — $ 6,094,374 609,437 609,437Class R2 103,464 — 103,464 10,346 — 10,346Class R3 103,117 (103,117) — 10,312 (10,312) —Class R4 80,975 — 80,975 8,098 — 8,098 $ 6,381,930 $ (103,117) $ 6,278,813 638,193 (10,312) 627,881

972





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1(b) $ 10.0000 $ (0.0001) $ (0.1032) $ (0.1033) $ 9.8967 (1.03)% (0.35)% (0.35)%Class R2(c) 10.0000 (0.0005) (0.1030) (0.1035) 9.8965 (1.04)% (0.92)% (0.88)%Class R4(c) 10.0000 (0.0005) (0.1032) (0.1037) 9.8963 (1.04)% (0.91)% (0.90)%


(b) For the period from December 31, 2015 (commencement of this class).

(c) For the period from December 30, 2015 (commencement of this class) through December

31, 2015.

973

FMT/Wells Fargo Advantage Discovery Fund


FMT/Wells Fargo Advantage Discovery Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 22,614 $ 10.3349 $ 233,711

Class R3 29,064 $ 9.8110 285,145

Class R4 9,590 $ 9.8754 94,708

Class R5 22,446 $ 15.6790 351,927

Class R8 904 $ 9.3863 8,489

$ 973,980

974


FMT/Wells Fargo Advantage Discovery Fund Statement of Operations



Investment income

Dividends $ 78,004

Expenses

Trustee fees 10,515

Audit fees 1,200

Custody fees 462

12,177










975


FMT/Wells Fargo Advantage Discovery Fund Statement of Changes in Net Assets



Operations













976

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Wells Fargo Advantage Discovery Fund





Wells Fargo Advantage Discovery Fund (Cost $1,077,213) 32,544 $ 974,685 __________ __________


Fair value



Mutual fund - Mid Cap Growth $ 974,685 $ 974,685 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 1,044 Class R3 2,167 Class R4 2,667 Class R5 4,581 Class R8 56 $ 10,515

977


FMT/Wells Fargo Advantage Discovery Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 66,229 $ (130,168) $ (63,939) 6,178 (12,179) (6,001) Class R3 135,844 (101,013) 34,831 12,726 (9,452) 3,274 Class R4 96,280 (293,706) (197,426) 9,479 (29,447) (19,968) Class R5 41,441 (75,465) (34,024) 2,456 (4,696) (2,240) Class R8 8,947 (79,811) (70,864) 905 (7,939) (7,034) $ 348,741 $ (680,163) $ (331,422) 31,744 (63,713) (31,969)

978


FMT/Wells Fargo Advantage Discovery Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.4858 $ 0.6960 $ (0.8469) $ (0.1509) $ 10.3349 (1.44) % (0.48) % 6.35 % Class R3 9.9935 0.7509 (0.9334) (0.1825) 9.8110 (1.83) % (0.87) % 7.21 % Class R4 10.0761 0.0407 (0.2414) (0.2007) 9.8754 (1.99) % (1.04) % 0.39 % Class R5 16.0252 1.1215 (1.4677) (0.3462) 15.6790 (2.16) % (1.21) % 6.72 % Class R8(b) 10.0830 0.1385 (0.1685) (0.0300) — (0.30) % (0.43) % 4.43 % Class R8(c) 10.0000 0.4183 (1.0320) (0.6137) 9.3863 (6.14) % (1.28) % 13.38 % (a) Per unit amounts are based on average daily units outstanding.


(c) For the period from September 9, 2015 (recommencement of this class) through

December 31, 2015.

979

FMT Global Infrastructure (Miller/Howard) Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT Global Infrastructure (Miller/Howard) Fund




Dividends and interest 148,282Dividend tax reclaim 8,966

Total assets 51,988,135 Liabilities Trustee fees 21,252Sub-advisor fees 19,499


Units of

Participation NAV

per Unit Net

Assets Class R1 1,136,899 $ 16.1782 $ 18,392,984Class R2 400,389 $ 12.4108 4,969,158Class R3 185,389 $ 12.1135 2,245,704Class R4 496,796 $ 12.6030 6,261,101Class R5 243,266 $ 12.1158 2,947,366Class R6 133,372 $ 12.2756 1,637,212Class R7 120,343 $ 11.9100 1,433,278Class R8 74,417 $ 12.1681 905,513Class LifeStyle 13,155,068

$ 51,947,384

980




Investment income

Dividends (net of foreign withholding taxes of $8,372) $ 1,988,969Interest 720

1,989,689 Expenses





981




Operations









982




Investments

Principal Amount or



Communications (12.4%) ARRIS Group, Inc. 36,481 $ 1,115,224 AT&T, Inc. 42,216 1,452,653 BCE, Inc. 12,530 483,909 Telephone & Data Systems, Inc. 84,697 2,192,805 Verizon Communications, Inc. 26,234 1,212,535 __________ 6,457,126

Consumer, Non-cyclical (3.0%) Macquarie Infrastructure Corp. 21,810 1,583,406

Energy (11.1%) EQT Corp. 16,791 875,315 Kinder Morgan, Inc. 69,628 1,038,850 ONEOK, Inc. 25,400 626,364 Pattern Energy Group, Inc. 47,391 990,946 Spectra Energy Corp. 42,790 1,024,393 Williams Cos., Inc. 46,112 1,185,078 __________ 5,740,946

Industrial (12.6%) Corning, Inc. 81,573 1,491,154 Covanta Holding Corp. 80,888 1,252,955 FedEx Corp. 9,308 1,386,799 Fluor Corp. 29,321 1,384,538 SBA Communications Corp. Class A 9,972 1,047,758 __________ 6,563,204

Technology (2.9%) QUALCOMM, Inc. 29,832 1,491,152

Utilities (37.3%) AES Corp. 89,156 853,223 American Water Works Co., Inc. 14,234 850,482 Aqua America, Inc. 28,639 853,442 Calpine Corp. 54,806 793,043 Eversource Energy 38,185 1,950,108

983




Investments

Principal Amount or



Utilities (continued) ITC Holdings Corp. 64,077 $ 2,515,022 MDU Resources Group, Inc. 126,137 2,310,830 National Fuel Gas Co. 25,656 1,096,794 NiSource, Inc. 29,917 583,681 OGE Energy Corp. 64,810 1,703,855 Ormat Technologies, Inc. 16,536 603,068 Questar Corp. 83,275 1,622,197 Sempra Energy 17,047 1,602,588 UGI Corp. 60,261 2,034,411 __________ 19,372,744 __________ Total Common stocks (Cost $43,598,220) 41,208,578


Communications (3.0%) Telefonaktiebolaget LM Ericsson ADR 106,449 1,022,975 Vodafone Group PLC ADR 16,621 536,193 __________ 1,559,168

Utilities (6.3%) National Grid PLC ADR 16,791 1,167,646 Veolia Environnement S.A. ADR 88,644 2,091,112 __________ 3,258,758 __________ Total Depository receipts (Cost $4,930,215) 4,817,926

Limited partnership (5.0%) Enterprise Products Partners L.P. 76,547 1,958,072 NextEra Energy Partners L.P. 21,223 633,507 Total Depository receipts (Cost $2,004,309) 2,591,579

Real estate investment trust (3.9%) American Tower Corp. (Cost $1,462,321) 20,797 2,016,270 __________Total Investments (Cost $51,995,065) $ 50,634,353 ____________________

984






Common stocks $ 41,208,578 $ 41,208,578 $ — $ —Depository receipts 4,817,926 4,817,926 — —Limited partnership 2,591,579 2,591,579 — —Real estate investment trust 2,016,270 2,016,270 — —__________ __________ __________ _________


985




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 4,620,247 $ (4,944,452) $ (324,205) 260,192 (279,186) (18,994)Class R2 1,549,125 (1,230,676) 318,449 117,323 (87,908) 29,415Class R3 2,630,194 (2,658,578) (28,384) 189,026 (196,632) (7,606)Class R4 2,692,306 (3,398,535) (706,229) 190,305 (239,497) (49,192)Class R5 593,170 (2,732,553) (2,139,383) 44,942 (199,906) (154,964)Class R6 254,702 (521,485) (266,783) 19,589 (37,429) (17,840)Class R7 250,057 (651,790) (401,733) 19,265 (48,347) (29,082)Class R8 145,210 (151,284) (6,074) 10,727 (11,115) (388)Class LifeStyle 4,330,198 (7,682,229) (3,352,031) — — — $ 17,065,209 $ (23,971,582) $ (6,906,373) 851,369 (1,100,020) (248,651)

986





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



987

FMT/BlackRock Global Allocation Fund


FMT/BlackRock Global Allocation Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 19,179,849


Units of

Participation NAV

per Unit Net

Assets Class R1 506,634 $ 13.9334 $ 7,059,154

Class R2 315,843 $ 12.7176 4,016,753

Class R3 316,050 $ 12.3694 3,909,347

Class R4 231,364 $ 12.6307 2,922,293

Class R5 40,395 $ 11.9301 481,912

Class R6 54,236 $ 12.1064 656,605

Class R7 1,433 $ 9.8108 14,060

Class R8 10,492 $ 11.4111 119,725

$ 19,179,849

988


FMT/BlackRock Global Allocation Fund Statement of Operations



Investment income


Expenses


Custody fees 7,223

Audit fees 1,200

136,253










989


FMT/BlackRock Global Allocation Fund Statement of Changes in Net Assets



Operations













990


FMT/BlackRock Global Allocation Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




BlackRock Global Allocation Investor Class A Fund (Cost $20,886,497) 1,070,275 $ 19,190,036 __________ __________


Fair value



Mutual fund - Tactical Asset Allocation $ 19,190,036 $ 19,190,036 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 26,827 Class R2 22,928 Class R3 30,763 Class R4 30,197 Class R5 4,632 Class R6 10,435 Class R7 89 Class R8 1,959 $ 127,830

991


FMT/BlackRock Global Allocation Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,775,734 $ (2,107,200) $ (331,466) 124,584 (149,408) (24,824) Class R2 1,010,502 (950,865) 59,637 78,732 (73,621) 5,111 Class R3 1,061,067 (1,803,391) (742,324) 82,875 (142,933) (60,058) Class R4 468,521 (1,627,882) (1,159,361) 36,107 (122,613) (86,506) Class R5 200,078 (416,376) (216,298) 16,338 (34,293) (17,955) Class R6 86,557 (281,309) (194,752) 6,961 (23,350) (16,389) Class R7 14,443 (18,102) (3,659) 1,443 (1,632) (189) Class R8 14,101 (157,485) (143,384) 1,206 (13,498) (12,292) $ 4,631,003 $ (7,362,610) $ (2,731,607) 348,246 (561,348) (213,102)

992


FMT/BlackRock Global Allocation Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.0608 $ 0.2621 $ (0.3895) $ (0.1274) $ 13.9334 (0.91) % (0.39) % 8.36 % Class R2 12.8621 0.2792 (0.4237) (0.1445) 12.7176 (1.12) % (0.61) % 8.72 % Class R3 12.5313 0.2528 (0.4147) (0.1619) 12.3694 (1.29) % (0.78) % 8.13 % Class R4 12.8179 0.2509 (0.4381) (0.1872) 12.6307 (1.46) % (0.95) % 7.40 % Class R5 12.1275 0.3220 (0.5194) (0.1974) 11.9301 (1.63) % (1.12) % 9.28 % Class R6 12.3278 0.1817 (0.4031) (0.2214) 12.1064 (1.80) % (1.29) % 6.25 % Class R7(b) 11.0055 0.1542 (0.0703) 0.0839 — 0.76 % (0.28) % 3.55 % Class R7(c) 10.0000 0.6386 (0.8278) (0.1892) 9.8108 (1.89) % (1.18) % 14.69 % Class R8 11.6594 0.2480 (0.4963) (0.2483) 11.4111 (2.13) % (1.63) % 7.50 % (a) Per unit amounts are based on average daily units outstanding.


(c) For the period from August 21, 2015 (recommencement of this class) through December

31, 2015.

993

FMT/DFA Commodity Strategy Portfolio Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Commodity Strategy Portfolio Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 57,121 $ 5.6952 $ 325,313Class R2 8,472 $ 5.6266 47,670Class R3 7,521 $ 5.5527 41,763Class R5 3,734 $ 5.6316 21,030Class R6 5,153 $ 5.5915 28,816Class R7 3,281 $ 5.5970 18,365Class R8 1,485 $ 5.2952 7,866Class LifeStyle 15,887,196

$ 16,378,019

994




Investment income





Net realized loss from investments sold (2,733,663) Change in net unrealized appreciation (depreciation) on investments (2,951,018) Net realized and unrealized loss on investments (5,684,681) Other operating credits (charges) 198 Net decrease in net assets resulting from operations $ (5,801,754)

995




Operations









996






DFA Commodity Strategy Portfolio Fund (Cost $27,447,061) 3,072,848 $ 16,378,280 ____________________



Mutual fund - Sector Specific - Derivatives and Fixed Income $ 16,378,280 $ 16,378,280 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $2,430,699 and $6,481,123, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 2,503 Class R2 752 Class R3 352 Class R4 212 Class R5 301 Class R6 1,039 Class R7 280 Class R8 121 Class LifeStyle 126,581 $ 132,141

997




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 344,184 $ (630,364) $ (286,180) 51,131 (101,294) (50,163)Class R2 259,020 (461,753) (202,733) 35,822 (65,311) (29,489)Class R3 17,667 (20,146) (2,479) 2,912 (3,159) (247)Class R4 8,546 (44,690) (36,144) 1,042 (5,637) (4,595)Class R5 4,038 (13,266) (9,228) 578 (1,828) (1,250)Class R6 16,221 (198,513) (182,292) 2,474 (27,051) (24,577)Class R7 3,949 (3) 3,946 602 — 602Class R8 2,857 (328) 2,529 467 (48) 419Class LifeStyle 5,948,409 (9,152,881) (3,204,472) — — — $ 6,604,891 $ (10,521,944) $ (3,917,053) 95,028 (204,328) (109,300)

998





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 7.5085 $ (0.0204) $ (1.7929) $ (1.8133) $ 5.6952 (24.15)% (0.40)% (0.30)%Class R2 7.4346 (0.0395) (1.7685) (1.8080) 5.6266 (24.32)% (0.62)% (0.56)%Class R3 7.3495 (0.0441) (1.7527) (1.7968) 5.5527 (24.45)% (0.79)% (0.65)%Class R4(b) 8.5581 (0.0538) (1.2514) (1.3052) — (15.25)% (0.96)% (0.95)%Class R5 7.4795 (0.0688) (1.7791) (1.8479) 5.6316 (24.71)% (1.13)% (1.01)%Class R6 7.4388 (0.0878) (1.7595) (1.8473) 5.5915 (24.83)% (1.30)% (1.24)%Class R7 7.4590 (0.0888) (1.7732) (1.8620) 5.5970 (24.96)% (1.47)% (1.32)%Class R8 7.0689 (0.0939) (1.6798) (1.7737) 5.2952 (25.09)% (1.63)% (1.48)%


(b) For the period from January 1, 2015 through September 4, 2015.

999

FMT/DFA International Real Estate Securities Fund


FMT/DFA International Real Estate Securities Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 65,432 $ 14.3654 $ 939,952

Class R2 28,876 $ 13.8760 400,686

Class R3 46,936 $ 13.1660 617,954

Class R4 22,679 $ 14.2039 322,134

Class R5 11,062 $ 13.7745 152,378

Class R6 20,144 $ 13.6752 275,469

Class R7 2,903 $ 13.7346 39,870

Class R8 10,622 $ 12.5073 132,857

$ 2,881,300

1000


FMT/DFA International Real Estate Securities Fund Statement of Operations



Investment income

Dividends $ 51,257

Expenses

Trustee fees 22,359

Audit fees 1,200

Custody fees 1,118

24,677









1001


FMT/DFA International Real Estate Securities Fund Statement of Changes in Net Assets



Operations












1002


FMT/DFA International Real Estate Securities Fund Schedule of Investments and Specific Fund Disclosures

December 31, 2015




DFA International Real Estate Securities Portfolio Fund (Cost $2,951,211) 581,266 $ 2,883,078 __________ __________


Fair value



Mutual fund - Sector Specific - Real Estate $ 2,883,078 $ 2,883,078 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 4,100 Class R2 2,191 Class R3 4,643 Class R4 2,571 Class R5 2,572 Class R6 3,718 Class R7 535 Class R8 2,029 $ 22,359

1003


FMT/DFA International Real Estate Securities Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 257,806 $ (574,619) $ (316,813) 17,115 (39,058) (21,943) Class R2 133,485 (95,033) 38,452 9,292 (6,434) 2,858 Class R3 179,312 (123,769) 55,543 12,928 (9,128) 3,800 Class R4 135,645 (148,263) (12,618) 9,204 (9,660) (456) Class R5 40,504 (120,840) (80,336) 2,769 (8,468) (5,699) Class R6 206,759 (167,466) 39,293 14,078 (11,287) 2,791 Class R7 45,195 (51,235) (6,040) 2,976 (3,372) (396) Class R8 91,610 (3,545) 88,065 6,734 (264) 6,470 $ 1,090,316 $ (1,284,770) $ (194,454) 75,096 (87,671) (12,575)

1004


FMT/DFA International Real Estate Securities Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 14.9687 $ 0.1629 $ (0.7662) $ (0.6033) $ 14.3654 (4.03) % (0.42) % 1.08 % Class R2 14.4907 0.1712 (0.7859) (0.6147) 13.8760 (4.24) % (0.64) % 1.18 % Class R3 13.7727 0.1181 (0.7248) (0.6067) 13.1660 (4.41) % (0.81) % 0.85 % Class R4 14.8838 0.1512 (0.8311) (0.6799) 14.2039 (4.57) % (0.98) % 1.01 % Class R5 14.4585 (0.0044) (0.6796) (0.6840) 13.7745 (4.73) % (1.15) % (0.03) % Class R6 14.3788 0.0431 (0.7467) (0.7036) 13.6752 (4.89) % (1.32) % 0.30 % Class R7 14.4636 0.0515 (0.7805) (0.7290) 13.7346 (5.04) % (1.49) % 0.36 % Class R8 13.1956 0.0200 (0.7083) (0.6883) 12.5073 (5.22) % (1.66) % 0.15 % (a) Per unit amounts are based on average daily units outstanding.

1005

FMT/DFA Real Estate Securities Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Real Estate Securities Fund




Net assets $ 15,208,278


Units of

Participation NAV

per Unit Net

Assets Class R1 412,432 $ 15.8729 $ 6,546,481

Class R2 92,539 $ 16.6051 1,536,616

Class R3 101,466 $ 16.1995 1,643,702

Class R4 94,818 $ 16.4828 1,562,861

Class R5 68,895 $ 16.0295 1,104,347

Class R6 90,701 $ 15.8671 1,439,167

Class R7 29,113 $ 15.0754 438,895

Class R8 14,769 $ 14.9380 220,625

Class LifeStyle 715,584

$ 15,208,278

1006


FMT/DFA Real Estate Securities Fund Statement of Operations



Investment income

Dividends $ 463,312

Expenses


Custody fees 5,862

Audit fees 1,364

117,057










1007


FMT/DFA Real Estate Securities Fund Statement of Changes in Net Assets



Operations













1008

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/DFA Real Estate Securities Fund





DFA Real Estate Securities Portfolio I Fund (Cost $11,974,090) 459,022 $ 15,216,576 __________ __________


Fair value







1009


FMT/DFA Real Estate Securities Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,651,448 $ (2,863,875) $ (212,427) 172,057 (186,033) (13,976) Class R2 719,504 (1,633,217) (913,713) 45,130 (101,986) (56,856) Class R3 594,488 (1,365,211) (770,723) 37,569 (86,085) (48,516) Class R4 670,385 (820,647) (150,262) 41,565 (49,632) (8,067) Class R5 449,405 (714,667) (265,262) 28,965 (44,466) (15,501) Class R6 628,913 (593,247) 35,666 39,260 (38,286) 974 Class R7 196,254 (222,827) (26,573) 12,914 (14,669) (1,755) Class R8 67,137 (175,867) (108,730) 4,584 (11,896) (7,312) Class LifeStyle 232,851 (976,176) (743,325) — — — $ 6,210,385 $ (9,365,734) $ (3,155,349) 382,044 (533,053) (151,009)

1010


FMT/DFA Real Estate Securities Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.4358 $ 0.3874 $ 0.0497 $ 0.4371 $ 15.8729 2.83 % (0.39) % 2.50 % Class R2 16.1837 0.3408 0.0806 0.4214 16.6051 2.60 % (0.61) % 2.09 % Class R3 15.8155 0.3073 0.0767 0.3840 16.1995 2.43 % (0.78) % 1.94 % Class R4 16.1196 0.3195 0.0437 0.3632 16.4828 2.25 % (0.95) % 1.98 % Class R5 15.7032 0.2689 0.0574 0.3263 16.0295 2.08 % (1.12) % 1.71 % Class R6 15.5708 0.2367 0.0596 0.2963 15.8671 1.90 % (1.29) % 1.52 % Class R7 14.8192 0.2037 0.0525 0.2562 15.0754 1.73 % (1.46) % 1.38 % Class R8 14.7092 0.1797 0.0491 0.2288 14.9380 1.56 % (1.63) % 1.23 % (a) Per unit amounts are based on average daily units outstanding.

1011

FMT/First Eagle Gold Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/First Eagle Gold Fund




Units of

Participation NAV

per Unit Net

Assets Class R1 410,931 $ 5.6319 $ 2,314,301Class R2 10,203 $ 3.8840 39,629Class R3 88,545 $ 3.7615 333,064Class R4 134,425 $ 3.4953 469,860Class R5 90,517 $ 3.8187 345,658Class R6 20,492 $ 3.6988 75,795Class R8 19,312 $ 3.7256 71,951

$ 3,650,258

1012




Expenses

Trustee fees $ 28,248Custody fees 1,717Audit fees 1,200



Net realized loss from investments sold (1,329,400) Change in net unrealized appreciation (depreciation) on investments 409,353 Net realized and unrealized loss on investments (920,047) Other operating credits (charges) 19,758 Net decrease in net assets resulting from operations $ (931,454)

1013




Operations









1014





Mutual fund (100.0%) First Eagle Gold Fund (Cost $6,734,613) 313,480 $ 3,652,045 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Sector Specific - Precious Metals $ 3,652,045 $ 3,652,045 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $1,058,711 and $1,874,443, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 9,555 Class R2 1,220 Class R3 2,571 Class R4 5,823 Class R5 5,149 Class R6 2,110 Class R7 30 Class R8 1,790 $ 28,248

1015




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 910,464 $ (1,105,784) $ (195,320) 140,821 (165,569) (24,748)Class R2 49,217 (267,398) (218,181) 10,088 (64,804) (54,716)Class R3 254,300 (282,877) (28,577) 58,745 (59,065) (320)Class R4 354,203 (450,951) (96,748) 88,199 (114,242) (26,043)Class R5 132,460 (287,711) (155,251) 29,790 (66,026) (36,236)Class R6 62,557 (143,808) (81,251) 15,985 (36,853) (20,868)Class R7 24 (2,461) (2,437) 6 (607) (601)Class R8 46,694 (72,320) (25,626) 10,986 (17,847) (6,861) $ 1,809,919 $ (2,613,310) $ (803,391) 354,620 (525,013) (170,393)

1016





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 6.9736 $ 0.0007 $ (1.3424) $ (1.3417) $ 5.6319 (19.24)% (0.41)% 0.01%Class R2 4.8199 (0.0111) (0.9248) (0.9359) 3.8840 (19.42)% (0.63)% (0.23)%Class R3 4.6761 (0.0168) (0.8978) (0.9146) 3.7615 (19.56)% (0.80)% (0.38)%Class R4 4.3527 (0.0229) (0.8345) (0.8574) 3.4953 (19.70)% (0.97)% (0.55)%Class R5 4.7636 (0.0330) (0.9119) (0.9449) 3.8187 (19.84)% (1.14)% (0.72)%Class R6 4.6219 (0.0397) (0.8834) (0.9231) 3.6988 (19.97)% (1.31)% (0.90)%Class R7(b) 4.5159 (0.0475) (0.8945) (0.9420) — (20.86)% (1.50)% (1.08)%Class R8 4.6715 (0.0542) (0.8917) (0.9459) 3.7256 (20.25)% (1.65)% (1.24)%


(b) For the period from January 1, 2015 through November 23, 2015.

1017

FMT/Gateway Fund


FMT/Gateway Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 74,045 $ 11.6578 $ 863,198

Class R2 4,142 $ 10.2071 42,282

Class R3 29,136 $ 11.5523 336,583

Class R4 39,506 $ 11.9498 472,085

Class R5 1,297 $ 11.5783 15,017

Class R6 135 $ 11.2950 1,523

Class R7 73 $ 11.0908 812

Class R8 859 $ 11.1744 9,600

$ 1,741,100

1018


FMT/Gateway Fund Statement of Operations



Investment income

Dividends $ 33,494

Expenses

Trustee fees 11,794

Audit fees 1,200

Custody fees 682

13,676










1019


FMT/Gateway Fund Statement of Changes in Net Assets



Operations













1020

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Gateway Fund




Mutual fund (100.1%) Gateway A Fund (Cost $1,593,927) 58,614 $ 1,741,998 __________ __________


Fair value



Mutual fund - Hedged Equity $ 1,741,998 $ 1,741,998 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 3,066 Class R2 127 Class R3 2,954 Class R4 4,607 Class R5 158 Class R6 111 Class R7 529 Class R8 242 $ 11,794

1021


FMT/Gateway Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 218,374 $ (521,675) $ (303,301) 18,815 (45,572) (26,757) Class R2 93,515 (52,499) 41,016 9,354 (5,212) 4,142 Class R3 57,937 (238,820) (180,883) 5,050 (20,948) (15,898) Class R4 106,267 (160,907) (54,640) 8,933 (13,351) (4,418) Class R5 11,755 (5,896) 5,859 1,017 (512) 505 Class R6 51,567 (57,823) (6,256) 4,496 (5,194) (698) Class R7 4,648 (59,477) (54,829) 419 (5,370) (4,951) Class R8 917 (116,323) (115,406) 82 (10,573) (10,491) $ 544,980 $ (1,213,420) $ (668,440) 48,166 (106,732) (58,566)

1022


FMT/Gateway Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 11.3747 $ 0.2221 $ 0.0610 $ 0.2831 $ 11.6578 2.49 % (0.45) % 1.92 % Class R2(b) 10.0000 0.0355 0.1716 0.2071 10.2071 2.07 % (0.65) % 1.28 % Class R3 11.3159 0.1765 0.0599 0.2364 11.5523 2.09 % (0.84) % 1.54 % Class R4 11.7252 0.1622 0.0624 0.2246 11.9498 1.92 % (1.01) % 1.36 % Class R5 11.3801 0.1378 0.0604 0.1982 11.5783 1.74 % (1.18) % 1.19 % Class R6 11.1209 0.1159 0.0582 0.1741 11.2950 1.57 % (1.35) % 1.04 % Class R7 10.9471 0.0955 0.0482 0.1437 11.0908 1.31 % (1.52) % 0.86 % Class R8 11.0396 0.0709 0.0639 0.1348 11.1744 1.22 % (1.69) % 0.64 % (a) Per unit amounts are based on average daily units outstanding.


December 31, 2015.

1023

FMT/Ivy Global Natural Resources Fund


FMT/Ivy Global Natural Resources Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 389,902 $ 5.4710 $ 2,133,152

Class R2 7,508 $ 7.7885 58,472

Class R3 91,460 $ 6.8907 630,224

Class R4 48,821 $ 7.6341 372,706

Class R5 77,837 $ 7.5210 585,414

Class R6 73,250 $ 6.8414 501,133

Class R7 101,251 $ 6.6263 670,921

Class R8 89,028 $ 7.2708 647,304

$ 5,599,326

1024


FMT/Ivy Global Natural Resources Fund Statement of Operations



Expenses

Trustee fees 49,054

Custody fees 2,371

Audit fees 1,200

52,625










1025


FMT/Ivy Global Natural Resources Fund Statement of Changes in Net Assets



Operations













1026

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Ivy Global Natural Resources Fund




Mutual fund (100.1%) Ivy Global Natural Resources Y Fund (Cost $7,826,174) 437,439 $ 5,603,594 __________ __________


Fair value



Mutual fund - Sector Specific - Natural Resources $ 5,603,594 $ 5,603,594 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 10,627 Class R2 969 Class R3 7,546 Class R4 5,701 Class R5 4,844 Class R6 6,129 Class R7 5,882 Class R8 7,356 $ 49,054

1027


FMT/Ivy Global Natural Resources Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 650,858 $ (1,303,176) $ (652,318) 98,217 (198,882) (100,665) Class R2 31,625 (165,580) (133,955) 3,384 (18,369) (14,985) Class R3 442,261 (566,614) (124,353) 50,305 (67,425) (17,120) Class R4 321,708 (590,434) (268,726) 35,764 (68,085) (32,321) Class R5 447,943 (318,676) 129,267 51,219 (33,142) 18,077 Class R6 358,220 (386,248) (28,028) 45,546 (44,363) 1,183 Class R7 878,781 (311,708) 567,073 119,240 (41,095) 78,145 Class R8 465,261 (142,153) 323,108 57,325 (16,199) 41,126 $ 3,596,657 $ (3,784,589) $ (187,932) 461,000 (487,560) (26,560)

1028


FMT/Ivy Global Natural Resources Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 7.0266 $ 0.0053 $ (1.5609) $ (1.5556) $ 5.4710 (22.14) % (0.40) % 0.08 % Class R2 10.0252 (0.0132) (2.2235) (2.2367) 7.7885 (22.31) % (0.62) % (0.14) % Class R3 8.8847 (0.0264) (1.9676) (1.9940) 6.8907 (22.44) % (0.79) % (0.31) % Class R4 9.8601 (0.0454) (2.1806) (2.2260) 7.6341 (22.58) % (0.96) % (0.48) % Class R5 9.7308 (0.0620) (2.1478) (2.2098) 7.5210 (22.71) % (1.13) % (0.67) % Class R6 8.8667 (0.0703) (1.9550) (2.0253) 6.8414 (22.84) % (1.30) % (0.83) % Class R7 8.6025 (0.0788) (1.8974) (1.9762) 6.6263 (22.97) % (1.47) % (1.02) % Class R8 9.4553 (0.1029) (2.0816) (2.1845) 7.2708 (23.10) % (1.64) % (1.18) % (a) Per unit amounts are based on average daily units outstanding.

1029

FMT/Neuberger Berman REIT Fund


FMT/Neuberger Berman REIT Fund Statement of Assets and Liabilities

December 31, 2015



Net assets $ 11,181,387


Units of

Participation NAV

per Unit Net

Assets Class R4 63 $ 11.0659 $ 698

Class R5 480 $ 12.1816 5,843

Class R7 1,499 $ 10.9325 16,387


$ 11,181,387

1030


FMT/Neuberger Berman REIT Fund Statement of Operations



Investment income


Expenses

Trustee fees 80,972

Custody fees 5,214

Audit fees 1,370

87,556










1031


FMT/Neuberger Berman REIT Fund Statement of Changes in Net Assets



Operations













1032

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Neuberger Berman REIT Fund




Mutual fund (100.0%) Neuberger Berman Real Estate Fund (Cost $10,955,837) 804,997 $ 11,181,411 __________ __________


Fair value






Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R4 $ 7 Class R5 86 Class R7 185 Class LifeStyle 80,694 $ 80,972

1033


FMT/Neuberger Berman REIT Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R5 $ 1,265 $ (11,926) $ (10,661) 103 (947) (844) Class R7 6,272 (1,640) 4,632 587 (158) 429 Class LifeStyle 2,611,983 (11,450,157) (8,838,174) — — — $ 2,619,520 $ (11,463,723) $ (8,844,203) 690 (1,105) (415)

1034


FMT/Neuberger Berman REIT Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R4 $ 10.7989 $ 0.8889 $ (0.6219) $ 0.2670 $ 11.0659 2.47 % (1.06) % 8.25 % Class R5 11.8954 0.7361 (0.4499) 0.2862 12.1816 2.41 % (1.13) % 6.13 % Class R7 10.7125 0.8710 (0.6510) 0.2200 10.9325 2.05 % (1.47) % 8.18 % (a) Per unit amounts are based on average daily units outstanding.

1035

FMT/Nuveen Real Estate Securities Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/Nuveen Real Estate Securities Fund




Dividends 240,046Total assets 29,794,029


Units of

Participation NAV

per Unit Net

Assets Class R1 675,608 $ 20.5583 $ 13,889,375Class R2 140,314 $ 16.6547 2,336,882Class R3 303,651 $ 15.9181 4,833,553Class R4 158,741 $ 16.4051 2,604,160Class R5 156,834 $ 16.4808 2,584,752Class R6 102,470 $ 15.5981 1,598,336Class R7 57,256 $ 16.3613 936,778Class R8 62,158 $ 15.9842 993,550

$ 29,777,386

1036




Investment income





Net realized gain from investments sold 383,046 Change in net unrealized appreciation (depreciation) on investments (1,957,647) Net realized and unrealized loss on investments (1,574,601) Other operating credits (charges) 83,094 Net increase in net assets resulting from operations $ 710,750

1037




Operations









1038





Mutual fund (99.2%) Nuveen Real Estate Securities Fund (Cost $29,220,339) 1,286,634 $ 29,553,983 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Sector Specific - Real Estate $ 29,553,983 $ 29,553,983 $ — $ —__________ __________ __________ ___________________ __________ __________ _________


1039




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,257,976 $ (6,168,906) $ (3,910,930) 112,631 (311,589) (198,958)Class R2 762,177 (1,897,937) (1,135,760) 46,980 (117,112) (70,132)Class R3 1,836,225 (1,456,586) 379,639 118,790 (95,810) 22,980Class R4 1,772,101 (1,457,639) 314,462 109,686 (91,338) 18,348Class R5 852,163 (2,170,504) (1,318,341) 52,693 (135,102) (82,409)Class R6 516,984 (835,015) (318,031) 34,153 (54,993) (20,840)Class R7 1,049,033 (843,911) 205,122 62,840 (52,554) 10,286Class R8 587,707 (143,647) 444,060 36,309 (9,380) 26,929 $ 9,634,366 $ (14,974,145) $ (5,339,779) 574,082 (867,878) (293,796)

1040





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)



1041

FMT/PIMCO All Asset All Authority Fund

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/PIMCO All Asset All Authority Fund




Dividends 80,518Total assets 2,866,782


Units of

Participation NAV

per Unit Net

Assets Class R1 110,016 $ 9.5569 $ 1,051,416Class R2 19,514 $ 9.2687 180,870Class R3 37,211 $ 8.7125 324,201Class R4 71,657 $ 8.7659 628,132Class R5 55,129 $ 9.3379 514,787Class R6 9,009 $ 8.4637 76,247Class R7 9,857 $ 9.0652 89,352

$ 2,865,005

1042




Investment income





Net realized loss from investments sold (671,984) Change in net unrealized appreciation (depreciation) on investments 69,148 Net realized and unrealized loss on investments (602,836) Net decrease in net assets resulting from operations $ (466,353)

1043




Operations








1044





Mutual fund (97.3%) PIMCO All Asset All Authority Fund (Cost $3,785,696) 364,218 $ 2,786,264 ____________________ Specific Fund Disclosures Fair value The inputs or methodology used for valuing securities may not be indicative of the risks associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to note 4 to the financial statements. The following table sets forth by level, within the fair value hierarchy, the Fund's investments measured at fair value.


Mutual fund - Tactical Asset Allocation $ 2,786,264 $ 2,786,264 $ — $ —__________ __________ __________ ___________________ __________ __________ _________

Investment transactions The aggregate cost of purchases of investment securities and proceeds from sales of investment securities (other than temporary cash investments) totaled $472,870 and $3,549,244, respectively, for the year ended December 31, 2015. Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 5,075 Class R2 802 Class R3 6,365 Class R4 7,592 Class R5 5,813 Class R6 2,357 Class R7 1,779 Class R8 80 $ 29,863

1045




Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 256,409 $ (1,496,666) $ (1,240,257) 24,648 (139,821) (115,173)Class R2 251,496 (137,632) 113,864 26,427 (14,896) 11,531Class R3 115,899 (1,174,358) (1,058,459) 11,824 (122,027) (110,203)Class R4 87,965 (564,946) (476,981) 9,180 (57,457) (48,277)Class R5 378,445 (254,920) 123,525 35,471 (24,846) 10,625Class R6 22,289 (345,832) (323,543) 2,324 (35,319) (32,995)Class R7 17,522 (61,719) (44,197) 1,742 (6,226) (4,484)Class R8 — (223,965) (223,965) — (23,196) (23,196) $ 1,130,025 $ (4,260,038) $ (3,130,013) 111,616 (423,788) (312,172)

1046





assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 10.8732 $ 0.3981 $ (1.7144) $ (1.3163) $ 9.5569 (12.11)% (0.42)% 3.76%Class R2 10.5684 0.4706 (1.7703) (1.2997) 9.2687 (12.30)% (0.64)% 4.74%Class R3 9.9513 0.2451 (1.4839) (1.2388) 8.7125 (12.45)% (0.81)% 2.51%Class R4 10.0294 0.3167 (1.5802) (1.2635) 8.7659 (12.60)% (0.98)% 3.26%Class R5 10.7021 0.3673 (1.7315) (1.3642) 9.3379 (12.75)% (1.15)% 3.58%Class R6 9.7169 0.1965 (1.4497) (1.2532) 8.4637 (12.90)% (1.32)% 2.06%Class R7 10.4251 0.2684 (1.6283) (1.3599) 9.0652 (13.04)% (1.49)% 2.66%Class R8(b) 9.6875 0.0018 (0.0491) (0.0473) — (0.49)% (1.66)% 0.58%



1047

FMT/SPDR Energy Sector ETF


FMT/SPDR Energy Sector ETF Statement of Assets and Liabilities

December 31, 2015



Receivables

Interest 62



Trustee fees 5,332




Units of

Participation NAV

per Unit Net

Assets Class R1 518,680 $ 9.1683 $ 4,755,400

Class R2 33,019 $ 9.0712 299,523

Class R3 298,068 $ 8.9855 2,678,289

Class R4 81,784 $ 9.6712 790,948

Class R5 72,019 $ 9.0628 652,688

Class R6 20,030 $ 8.8899 178,067

Class R7 8,237 $ 8.7847 72,356

Class R8 50,538 $ 9.3530 472,679

$ 9,899,950

1048


FMT/SPDR Energy Sector ETF Statement of Operations



Investment income

Dividends $ 293,309

Interest 195

293,504

Expenses

Trustee fees 67,247

Custody fees 4,898

Audit fees 1,200

73,345









1049


FMT/SPDR Energy Sector ETF Statement of Changes in Net Assets



Operations












1050

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SPDR Energy Sector ETF




Exchange-traded fund (100.1%) Energy Select Sector SPDR Fund (Cost $11,368,451) 163,586 $ 9,905,132 __________ __________


Fair value



Exchange-traded fund - Sector Specific - Energy $ 9,905,132 $ 9,905,132 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________




1051


FMT/SPDR Energy Sector ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 2,095,953 $ (1,497,817) $ 598,136 198,071 (140,615) 57,456 Class R2 248,288 (146,698) 101,590 23,681 (15,021) 8,660 Class R3 1,611,371 (441,677) 1,169,694 155,816 (41,637) 114,179 Class R4 1,628,437 (1,368,215) 260,222 155,188 (121,911) 33,277 Class R5 474,779 (896,051) (421,272) 45,614 (80,913) (35,299) Class R6 57,827 (173,211) (115,384) 5,697 (15,373) (9,676) Class R7 32,969 (31,509) 1,460 3,600 (3,567) 33 Class R8 302,035 (117,175) 184,860 26,979 (10,067) 16,912 $ 6,451,659 $ (4,672,353) $ 1,779,306 614,646 (429,104) 185,542

1052


FMT/SPDR Energy Sector ETF Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)


1053

FMT/SPDR Gold ETF


FMT/SPDR Gold ETF Statement of Assets and Liabilities

December 31, 2015



Receivables

Interest 91



Trustee fees 3,474




Units of

Participation NAV

per Unit Net

Assets Class R1 230,521 $ 6.3225 $ 1,457,461

Class R2 446 $ 6.3420 2,829

Class R3 56,481 $ 6.2103 350,770

Class R4 53,178 $ 6.4583 343,439

Class R5 28,146 $ 6.2031 174,590

Class R6 87,149 $ 5.7543 501,478

Class R7 139,949 $ 6.3267 885,415

Class R8 93,758 $ 6.2835 589,133

$ 4,305,115

1054


FMT/SPDR Gold ETF Statement of Operations



Investment income

Interest $ 156

Expenses

Trustee fees 45,640

Custody fees 4,788

Audit fees 1,200

51,628









1055


FMT/SPDR Gold ETF Statement of Changes in Net Assets



Operations












1056

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SPDR Gold ETF




Exchange-traded fund (100.1%) SPDR Gold Shares (Cost $5,618,470) 42,463 $ 4,308,296 __________ __________


Fair value



Exchange-traded fund - Sector Specific - Precious Metals $ 4,308,296 $ 4,308,296 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 6,873 Class R2 490 Class R3 2,747 Class R4 3,637 Class R5 1,947 Class R6 1,853 Class R7 18,832 Class R8 9,261 $ 45,640

1057


FMT/SPDR Gold ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 456,606 $ (805,715) $ (349,109) 68,132 (119,342) (51,210) Class R2 19,343 (147,697) (128,354) 2,714 (22,207) (19,493) Class R3 194,632 (49,228) 145,404 26,803 (7,262) 19,541 Class R4 71,737 (253,866) (182,129) 10,038 (33,812) (23,774) Class R5 63,676 (73,130) (9,454) 9,218 (10,074) (856) Class R6 443,117 (31,987) 411,130 74,771 (4,656) 70,115 Class R7 297,511 (570,458) (272,947) 42,521 (86,461) (43,940) Class R8 201,681 (48,088) 153,593 28,910 (6,864) 22,046 $ 1,748,303 $ (1,980,169) $ (231,866) 263,107 (290,678) (27,571)

1058


FMT/SPDR Gold ETF Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 7.1018 $ (0.0325) $ (0.7468) $ (0.7793) $ 6.3225 (10.97) % (0.47) % (0.47) % Class R2 7.1396 (0.0499) (0.7477) (0.7976) 6.3420 (11.17) % (0.70) % (0.70) % Class R3 7.0032 (0.0582) (0.7347) (0.7929) 6.2103 (11.32) % (0.86) % (0.85) % Class R4 7.2954 (0.0732) (0.7639) (0.8371) 6.4583 (11.47) % (1.03) % (1.03) % Class R5 7.0190 (0.0815) (0.7344) (0.8159) 6.2031 (11.62) % (1.20) % (1.19) % Class R6 6.5223 (0.0810) (0.6870) (0.7680) 5.7543 (11.78) % (1.33) % (1.32) % Class R7 7.1834 (0.1076) (0.7491) (0.8567) 6.3267 (11.93) % (1.54) % (1.54) % Class R8 7.1466 (0.1178) (0.7453) (0.8631) 6.2835 (12.08) % (1.71) % (1.70) % (a) Per unit amounts are based on average daily units outstanding.

1059

FMT/SPDR Health Care Sector ETF


FMT/SPDR Health Care Sector ETF Statement of Assets and Liabilities

December 31, 2015



Receivables

Interest 33



Trustee fees 4,016




Units of

Participation NAV

per Unit Net

Assets Class R1 178,523 $ 20.3454 $ 3,632,132

Class R2 18,290 $ 20.8136 380,670

Class R3 85,343 $ 20.3384 1,735,740

Class R4 18,049 $ 20.0718 362,274

Class R5 15,162 $ 20.6597 313,240

Class R6 24,637 $ 20.9325 515,708

Class R7 11,033 $ 19.8338 218,826

Class R8 16,634 $ 19.3506 321,871

$ 7,480,461

1060


FMT/SPDR Health Care Sector ETF Statement of Operations



Investment income

Dividends $ 77,880

Interest 127

78,007

Expenses

Trustee fees 34,033

Custody fees 4,902

Audit fees 1,200

40,135









1061


FMT/SPDR Health Care Sector ETF Statement of Changes in Net Assets



Operations












1062


FMT/SPDR Health Care Sector ETF Schedule of Investments and Specific Fund Disclosures

December 31, 2015



Exchange-traded fund (100.1%) Health Care Select Sector SPDR Fund (Cost $5,916,023) 103,877 $ 7,484,338 __________ __________


Fair value



Exchange-traded fund - Sector Specific - Health Care $ 7,484,338 $ 7,484,338 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________




1063


FMT/SPDR Health Care Sector ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,435,785 $ (896,870) $ 538,915 70,686 (44,083) 26,603 Class R2 191,489 (150,222) 41,267 9,237 (7,033) 2,204 Class R3 1,605,130 (227,041) 1,378,089 84,368 (11,264) 73,104 Class R4 338,973 (84,199) 254,774 17,396 (4,156) 13,240 Class R5 187,395 (311,190) (123,795) 8,964 (15,104) (6,140) Class R6 180,856 (53,147) 127,709 8,629 (2,585) 6,044 Class R7 174,593 (714) 173,879 8,488 (35) 8,453 Class R8 163,149 (35,617) 127,532 8,544 (1,841) 6,703 $ 4,277,370 $ (1,759,000) $ 2,518,370 216,312 (86,101) 130,211

1064


FMT/SPDR Health Care Sector ETF Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 19.2378 $ 0.1822 $ 0.9254 $ 1.1076 $ 20.3454 5.76 % (0.47) % 0.90 % Class R2 19.7241 0.1410 0.9485 1.0895 20.8136 5.52 % (0.69) % 0.68 % Class R3 19.3069 0.2273 0.8042 1.0315 20.3384 5.34 % (0.81) % 1.14 % Class R4 19.0864 0.0760 0.9094 0.9854 20.0718 5.16 % (1.01) % 0.38 % Class R5 19.6785 0.0323 0.9489 0.9812 20.6597 4.99 % (1.20) % 0.16 % Class R6 19.9728 0.0069 0.9528 0.9597 20.9325 4.81 % (1.36) % 0.03 % Class R7 18.9563 0.0265 0.8510 0.8775 19.8338 4.63 % (1.52) % 0.13 % Class R8 18.5265 (0.0662) 0.8903 0.8241 19.3506 4.45 % (1.71) % (0.34) % (a) Per unit amounts are based on average daily units outstanding.

1065

FMT/SPDR Technology Sector ETF


FMT/SPDR Technology Sector ETF Statement of Assets and Liabilities

December 31, 2015



Receivables

Dividends and interest 663



Trustee fees 2,812




Units of

Participation NAV

per Unit Net

Assets Class R1 222,969 $ 16.6345 $ 3,708,975

Class R2 9,053 $ 17.6857 160,117

Class R3 18,453 $ 16.7501 309,093

Class R4 3,851 $ 15.0593 57,991

Class R5 27,311 $ 16.7359 457,067

Class R6 14,221 $ 16.5796 235,775

Class R7 22,334 $ 16.3790 365,810

Class R8 11,063 $ 14.2128 157,229

$ 5,452,057

1066


FMT/SPDR Technology Sector ETF Statement of Operations



Investment income

Dividends $ 93,903

Interest 303

94,206

Expenses

Trustee fees 32,100

Custody fees 4,980

Audit fees 1,200

38,280









1067


FMT/SPDR Technology Sector ETF Statement of Changes in Net Assets



Operations












1068

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/SPDR Technology Sector ETF




Exchange-traded fund (100.0%) Technology Select Sector SPDR ETF (Cost $3,808,058) 127,344 $ 5,454,144 __________ __________


Fair value



Exchange-traded fund - Sector Specific - Technology $ 5,454,144 $ 5,454,144 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 12,192 Class R2 1,599 Class R3 2,555 Class R4 542 Class R5 4,738 Class R6 3,163 Class R7 4,911 Class R8 2,400 $ 32,100

1069


FMT/SPDR Technology Sector ETF Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 1,000,739 $ (821,833) $ 178,906 61,660 (50,895) 10,765 Class R2 82,249 (254,730) (172,481) 4,806 (14,801) (9,995) Class R3 92,761 (252,849) (160,088) 5,684 (15,430) (9,746) Class R4 30,165 (52,535) (22,370) 2,111 (3,583) (1,472) Class R5 78,542 (91,360) (12,818) 4,822 (5,558) (736) Class R6 45,705 (67,826) (22,121) 2,838 (4,221) (1,383) Class R7 36,705 (12,608) 24,097 2,368 (768) 1,600 Class R8 76,704 (20,922) 55,782 5,615 (1,516) 4,099 $ 1,443,570 $ (1,574,663) $ (131,093) 89,904 (96,772) (6,868)

1070


FMT/SPDR Technology Sector ETF Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 15.8564 $ 0.2116 $ 0.5665 $ 0.7781 $ 16.6345 4.91 % (0.46) % 1.30 % Class R2 16.8956 0.1791 0.6110 0.7901 17.6857 4.68 % (0.69) % 1.04 % Class R3 16.0291 0.1414 0.5796 0.7210 16.7501 4.50 % (0.86) % 0.86 % Class R4 14.4358 0.1056 0.5179 0.6235 15.0593 4.32 % (1.03) % 0.72 % Class R5 16.0702 0.0931 0.5726 0.6657 16.7359 4.14 % (1.20) % 0.57 % Class R6 15.9473 0.0582 0.5741 0.6323 16.5796 3.96 % (1.37) % 0.36 % Class R7 15.7812 0.0364 0.5614 0.5978 16.3790 3.79 % (1.53) % 0.23 % Class R8 13.7173 0.0075 0.4880 0.4955 14.2128 3.61 % (1.71) % 0.05 % (a) Per unit amounts are based on average daily units outstanding.

1071

FMT/T. Rowe Price Financial Services Fund


FMT/T. Rowe Price Financial Services Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R1 1,026 $ 18.5006 $ 18,984

Class R4 1,476 $ 9.6722 14,273

Class R5 435 $ 14.9848 6,515

Class R6 28,182 $ 12.9431 364,763

Class R7 38,366 $ 18.3758 705,013

Class R8 30,027 $ 18.2516 548,043

$ 1,657,591

1072


FMT/T. Rowe Price Financial Services Fund Statement of Operations



Investment income

Dividends $ 61,395

Expenses

Trustee fees 24,477

Audit fees 1,200

Custody fees 580

26,257










1073


FMT/T. Rowe Price Financial Services Fund Statement of Changes in Net Assets



Operations













1074

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/T. Rowe Price Financial Services Fund




Mutual fund (100.1%) T. Rowe Price Financial Services Fund (Cost $1,312,140) 78,063 $ 1,659,609 __________ __________


Fair value



Mutual fund - Sector Specific - Financial Services $ 1,659,609 $ 1,659,609 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 58 Class R4 225 Class R5 78 Class R6 715 Class R7 15,193 Class R8 8,208 $ 24,477

1075


FMT/T. Rowe Price Financial Services Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 12,860 $ (26,262) $ (13,402) 633 (1,456) (823) Class R4 78,892 (67,619) 11,273 7,871 (6,395) 1,476 Class R5 848 (2,338) (1,490) 54 (146) (92) Class R6 381,375 (14,894) 366,481 28,062 (1,108) 26,954 Class R7 143,133 (564,882) (421,749) 7,525 (29,214) (21,689) Class R8 167,814 (75,558) 92,256 8,984 (3,951) 5,033 $ 784,922 $ (751,553) $ 33,369 53,129 (42,270) 10,859

1076


FMT/T. Rowe Price Financial Services Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1 $ 18.6780 $ 0.7511 $ (0.9285) $ (0.1774) $ 18.5006 (0.95) % (0.45) % 3.96 % Class R4(b) 10.0000 0.1031 (0.4309) (0.3278) 9.6722 (3.28) % (1.02) % 1.28 % Class R5 15.2394 0.3590 (0.6136) (0.2546) 14.9848 (1.67) % (1.18) % 2.31 % Class R6 13.1892 2.9919 (3.2380) (0.2461) 12.9431 (1.87) % (1.33) % 22.54 % Class R7 18.7525 0.2032 (0.5799) (0.3767) 18.3758 (2.01) % (1.53) % 1.07 % Class R8 18.6576 0.4501 (0.8561) (0.4060) 18.2516 (2.18) % (1.70) % 2.37 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from March 17, 2015 (commencement of this class) through December 31,

2015.

1077

FMT/T. Rowe Price Health Sciences Fund


FMT/T. Rowe Price Health Sciences Fund Statement of Assets and Liabilities

December 31, 2015





Units of

Participation NAV

per Unit Net

Assets Class R3 203 $ 16.9735 $ 3,441

Class R4 6,416 $ 15.9398 102,265

Class R5 2,510 $ 20.9144 52,486

Class R6 1,484 $ 18.2714 27,118

Class R7 231 $ 28.3091 6,544

Class R8 10,117 $ 28.1188 284,471

$ 476,325

1078


FMT/T. Rowe Price Health Sciences Fund Statement of Operations



Investment income

Dividends $ 63,154

Expenses

Trustee fees 5,675

Audit fees 1,200

Custody fees 177

7,052










1079


FMT/T. Rowe Price Health Sciences Fund Statement of Changes in Net Assets



Operations











Net assets at beginning of year 340,380


1080

THE COLLECTIVE INVESTMENT FUNDS OF FIRST MERCANTILE TRUST COMPANY FMT/T. Rowe Price Health Sciences Fund




Mutual fund (100.1%) T. Rowe Price Health Sciences Fund (Cost $482,345) 6,926 $ 476,893 __________ __________


Fair value



Mutual fund - Sector Funds - Health Sciences $ 476,893 $ 476,893 $ — $ — __________ __________ __________ _________ __________ __________ __________ _________



Class-specific expenses Class-specific trustee fees for the year ended December 31, 2015 were as follows: Class R1 $ 567 Class R3 24 Class R4 1,018 Class R5 753 Class R6 265 Class R7 79 Class R8 2,969 $ 5,675

1081


FMT/T. Rowe Price Health Sciences Fund Schedule of Participant Transactions

December 31, 2015


Participant transactions by class for the year ended December 31, 2015 were as follows: Dollars Units Purchases Redemptions Net change Purchases Redemptions Net change Class R1 $ 121,441 $ (197,039) $ (75,598) 6,101 (9,665) (3,564) Class R3 328 (4) 324 19 — 19 Class R4 88,188 (77,723) 10,465 5,511 (4,631) 880 Class R5 13,754 (69,588) (55,834) 652 (3,281) (2,629) Class R6 9,610 — 9,610 519 — 519 Class R7 4,845 (2,159) 2,686 169 (82) 87 Class R8 224,688 (13,333) 211,355 7,523 (469) 7,054 $ 462,854 $ (359,846) $ 103,008 20,494 (18,128) 2,366

1082


FMT/T. Rowe Price Health Sciences Fund Financial Highlights December 31, 2015



assets)


Period

Net Investment

Income (Loss)(a)


Gain (Loss) from

Investments(a)



Period Total

Return Expenses

Net Investment

Income (Loss)

Class R1(b) $ 18.3420 $ 1.8490 $ 0.2704 $ 2.1194 $ — 11.55 % (0.60) % 8.85 % Class R3 15.1517 1.6632 0.1586 1.8218 16.9735 12.02 % (0.98) % 9.72 % Class R4 14.2537 1.3278 0.3583 1.6861 15.9398 11.83 % (1.16) % 8.26 % Class R5 18.7341 1.3529 0.8274 2.1803 20.9144 11.64 % (1.33) % 6.46 % Class R6 16.3948 2.0557 (0.1791) 1.8766 18.2714 11.45 % (1.49) % 11.15 % Class R7 25.4448 2.8238 0.0405 2.8643 28.3091 11.26 % (1.67) % 9.81 % Class R8 25.3167 3.8964 (1.0943) 2.8021 28.1188 11.07 % (1.83) % 13.70 % (a) Per unit amounts are based on average daily units outstanding.

(b) For the period from January 1, 2015 through December 21, 2015.

1083


Notes to Financial StatementsDecember 31, 2015

Note 1 - Summary of significant accounting policies

Organization

The Collective Investment Funds of First Mercantile Trust Company (individually Fund, collectivelyFunds) are comprised of certain separately-presented collective trust funds available forinvestment for clients of First Mercantile Trust Company (FMTC). These clients consist entirely ofsponsors of various types of qualified retirement plans who make investments into the Fundsbased upon their respective investment objectives or the investment objectives of the planparticipants. FMTC is the trustee of the Funds. The custodians for the Funds are State StreetCorporation, National Financial Services LLC, BNP Paribas Investment Partners Trust Company,and Fifth Third Bank.

Basis of accounting

The accompanying Fund financial statements have been prepared in accordance with accountingprinciples generally accepted in the United States of America, which require management to makecertain estimates and assumptions at the date of the financial statements. Changes in theeconomic environment, financial markets, and any other parameters used in determining theseestimates and assumptions could cause actual results to differ.

Investments

The Funds' investments are stated at fair value. Fair value is the price that would be received tosell an asset in an orderly transaction between market participants at the measurement date. Seenote 4 for a discussion of fair value measurements.

Security transactions and investment income

Security transactions are recorded as of the date purchased or sold (trade date). Interest incomeis recognized on the accrual basis. Dividend income is recorded as of the ex-dividend date.Realized gains and losses on securities sold are generally determined on the basis of averagecost.

Foreign currency translations

The books and records of the Funds are maintained in U.S. dollars. Securities denominated incurrencies other than U.S. dollars are subject to changes in value due to fluctuations in exchangerates. Purchases and sales of securities and income and expenses are translated into U.S. dollarsat the prevailing exchange rate on the respective date of each transaction. The market values ofinvestment securities are translated into U.S. dollars daily. The Funds do not isolate the portion ofnet realized and unrealized gains or losses in security investments which are attributable tochanges in foreign exchange rates. Accordingly, the impact of such changes is included in therealized and unrealized gains or losses on the underlying securities.

1084


Notes to Financial Statements (Continued)December 31, 2015

Note 1 - Summary of significant accounting policies (continued)


The net asset values (NAV) of the Funds are determined daily, and net investment income andrealized and unrealized gains are not distributed but rather reinvested and reflected in the netasset values of the Funds. Units of participation are purchased and redeemed on a daily basis atthe net asset value. Such units of participation generally have no redemption restrictions, butexceptions could apply. Each class of units has equal rights as to net assets and earnings andlosses, except that each class separately bears certain class-specific expenses related toinvestment management and trustee fees.

Income, non-class-specific expenses, other operating charges and credits, and realized andunrealized gains and losses on investments are allocated to each class of units based upon itsrelative net assets. The units of participation outstanding as of December 31, 2015 for all classesof units have been rounded to the nearest whole unit.

Schedules of investments

Percentages reflected in the schedules of investments are calculated in relation to net assets.

Financial highlights

See the individual Fund financial statements for a summary of their respective financial highlights.Definitions common to all Funds are as follows:

Net Investment Income (Loss) - Per Unit

Net Investment Income (Loss) is the net of income and expense items including other operatingcredits and charges. Expenses represent actual amounts charged, while income represents a prorata allocation of the aggregate income of the Fund to each unit class based on the net assets ofeach unit class. Per unit amounts are calculated as the aggregate dollar value of net investmentincome (loss) for the period divided by the average daily units outstanding for the period (within theyear) during which the unit class was funded. For classes that were liquidated during the year, thelast unit price prior to liquidation was used to calculate income (loss) per unit.

Total Return - Ratio

Total Return is the change in price during the year, i.e., last price of the year versus earliest priceof the year. This return is net of the internal operating expenses of any underlying funds, e.g., amutual fund, in which the respective Fund invests. All dividends received are reinvested. Anindividual participant's return may differ due to certain factors including the timing of contributionsand withdrawals.

1085



Note 1 - Summary of significant accounting policies (continued)

Financial highlights (continued)

Expenses - Ratio

The expenses ratio is calculated by dividing the total Fund expenses for the period by the averagenet assets. Average net assets is calculated as the average of total net asset values during theyear.

Net Investment Income (Loss) - Ratio

Net Investment Income (Loss) is the net investment income (loss) for the period divided byaverage net assets.

Federal income taxes

The Funds qualify for tax-exempt status under Section 501(a) of the Internal Revenue Code of1986, as amended. Accordingly, no provision for income taxes is required in the individualfinancial statements of the Funds.

Note 2 - Investments in fully benefit-responsive funds

In general, accounting principles generally accepted in the United States of America require allinvestments held by an investment company to be reported at fair value. However, contract valueis the relevant measurement attribute for that portion of the net assets attributable to fully benefit-responsive investment contracts. The statements of assets and liabilities for fully benefit-responsive funds present the fair value of the investment in the underlying fund as well as theadjustment from fair value to contract value relating to the underlying fund. Two Funds includeinvestments in fully benefit-responsive funds: FMT/FFTW Income Plus Fund and FMT/Wells FargoStable Value Fund. See the individual Fund financial statements regarding the respective Fund'sinvestment in fully benefit-responsive funds.

Note 3 - Transactions with affiliates and service providers

The Funds pay trustee fees under the terms of agreements between the plan sponsors and FMTC.These fees are calculated by multiplying the applicable fee rate for each Fund by such Fund's netassets at the end of each business day. The trustee fees are paid monthly to FMTC and rangefrom an annual rate of 0.35% to 1.59% depending upon the type of Fund, the level of serviceprovided to each qualified employee benefit plan sponsor, and its classes of units.

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Note 3 - Transactions with affiliates and service providers (continued)

A portion of these trustee fees are payable by FMTC to investment consultants of the participatingretirement plans. Trustee fees paid to FMTC by the Funds in 2015 totaled $22,152,434. Feespaid by FMTC in 2015 to investment consultants of the participating retirement plans totaled$13,462,020 and fees paid by FMTC to sub-advisors of the Funds totaled $6,009,144.

FMTC charges specified investment management fees, a component of the trustee fee, for allcollective trust funds. However, FMTC is prohibited from charging an investment management feeon any collective trust fund which invests in an affiliated mutual fund. None of the Funds investedin affiliated mutual funds during the year.

Fees paid in 2015 to custodians for custodial and service provider fees totaled $1,412,369.

Note 4 - Fair value measurements

Fair value is the exchange price that would be received for an asset or paid to transfer a liability inthe principal or most advantageous market for the asset in an orderly transaction between marketparticipants on the measurement date. The fair value hierarchy requires an entity to maximize theuse of observable inputs and minimize the use of unobservable inputs when measuring fair value.Three levels of inputs may be used to measure fair value.

Level 1 - Quoted prices for identical securities in active markets that the Funds have theability to access as of the measurement date.

Level 2 - Other significant observable inputs other than Level 1 prices, including quotedprices for similar securities in active markets, quoted prices in markets that are not active,and other inputs that are observable or can be corroborated by observable market data.

Level 3 - Significant unobservable inputs including management's own assumptions usedto determine the fair value of securities.

The following is a description of valuation methodologies used for investments measured at fairvalue. There have been no changes in the methodologies used during 2015.

Common and preferred stocks: Valued using the latest quoted sales prices or officialclosing prices taken from the market in which each security trades.

Mutual funds: Valued at the closing net asset value per share of the mutual fund on theday of valuation as reflected on a national securities exchange.

Exchange-traded funds: Valued using the latest quoted sales prices or official closingprices taken from the market in which each security trades.

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Note 4 - Fair value measurements (continued)

Depository receipts: Valued using the latest quoted sales prices or official closing pricestaken from the market in which each security trades.

Limited partnerships: Valued using the latest quoted sales prices or official closing pricestaken from the market in which each security trades.

Debt securities: Valued at quoted market prices or valuations provided by commercialpricing services or the mean of the bid and ask prices provided by investment brokers.

Collective trust funds: Valued at the net asset value of units held by the Fund on the day ofvaluation based upon the market value of the underlying investments. The Fund has theability to redeem its investment in the underlying fund at net asset value per unit at thevaluation date.

Fully benefit-responsive funds: Reported at fair value (see note 2).

The preceding methods described may produce fair value calculations that may not be indicative ofnet realizable value or reflective of future fair values. Furthermore, although the Funds'management believes its valuation methods are appropriate and consistent with other marketparticipants, the use of different methodologies or assumptions to determine the fair value ofcertain financial instruments could result in a different fair value measurement as of the reportingdate. Changes in valuation techniques could result in transfers in or out of an investment'sassigned level within the hierarchy. See the individual Fund's Schedule of Investments andSpecific Fund Disclosures for aggregate value by class of investment and input level as ofDecember 31, 2015.

Note 5 - Fund changes

During the year ended December 31, 2015, certain of the Funds had changes in their sub-advisorsor changes in their names as follows:

FMT International Value Opportunities (Tradewinds) Fund is now FMT International ValueOpportunities (Harris) Fund.

Note 6 - Risks and Uncertainties

Investment securities in which the Funds invest are subject to various risks, such as market, creditand interest rate risks. Due to the level of risk associated with such securities, it is at leastreasonably possible that changes in the values of investment securities will occur in the near termand that such changes could materially affect the amounts reported in the financial statements.

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Note 7 - Subsequent events

Management has evaluated events and transactions that have occurred between December 31,2015 and June 10, 2016, which is the date that the financial statements were available to beissued, for possible recognition or disclosure in the financial statements.

Subsequent to December 31, 2015, the following Funds were closed:

FMT Aggressive International Growth (WCM) Fund

FMT Balanced Opportunities (Aristotle) Fund

FMT Equity Income (Sterling) Fund

FMT Special Opportunities (Sterling) Fund

FMT/Columbia Acorn Z Fund

FMT/Delaware High Yield Opportunity Fund

FMT/DFA U.S. Large Company Fund

FMT/FFTW Income Plus Fund

FMT/Fifth Third Equity Index Fund

FMT/Franklin Mutual Global Discovery Fund


FMT/Longleaf Partners Fund

FMT/SPDR S and P 500 ETF

FMT/SSgA Prime Money Market Fund

FMT/T. Rowe Price Health Sciences Fund

FMT/T. Rowe Price International Bond Fund

FMT/Third Avenue Value Fund

FMT/Wells Fargo Advantage Discovery Fund

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