Mercer Global Advisors Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Mercer Global Advisors Inc. reported 2,835 stock positions worth $65.6 billion. Its top holding was iShares Core U.S. Aggregate (AGG) at 5.5% of the portfolio, followed by Vanguard Short-Term Bond ETF (BSV, 5.0%) and Vanguard S&P 500 ETF (VOO, 4.7%). Compared with Q3 2025, it opened 353 new positions, sold out of 146, added to 1,611 and reduced 837. The biggest buy was Alphabet Class A (GOOGL, shares +25%) and the biggest sale Vngrd Mrngstr MD-Cap ETF-Usd (VO, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- DENVER, CO
- CIK
- 0000853758
- Portfolio Value
- $65.6B (Q4 2025)
- SEC Filing
- 0000853758-26-000013 ↗ filed Feb 18, 2026
Holdings Value
Holdings 2,835 stocks · $65.6B
| AGG iShares Core U.S. Aggregate | 5.52% | 36,259,568 | $3.6B | Add +9.1% |
| BSV Vanguard Short-Term Bond ETF | 4.98% | 41,443,879 | $3.3B | Add +9.5% |
| VOO Vanguard S&P 500 ETF | 4.75% | 5,382,675 | $3.1B | Add +9.5% |
| DFAC Dimensional US Core Equity 2 | 3.88% | 64,358,203 | $2.5B | Add +5.1% |
| VEA Vanguard Ftse Developed ETF | 3.32% | 34,844,186 | $2.2B | Add +4.3% |
| MTUM iShares MSCI USA Momentum Fa | 2.99% | 7,824,890 | $2.0B | Add +3.0% |
| DFUV Dimensional US Marketwide Va | 2.83% | 39,863,226 | $1.9B | Add +4.5% |
| AAPL Apple Inc. | 2.73% | 6,601,785 | $1.8B | Add +9.1% |
| DUHP Dimensional US High Profi Et | 2.60% | 44,791,614 | $1.7B | Add +5.1% |
| BNDX Vanguard Total Intl Bond ETF | 2.56% | 34,728,517 | $1.7B | Add +11.3% |
| DFIC Dimensional International Co. | 1.94% | 36,999,033 | $1.3B | Add +6.0% |
| IMTM iShares MSCI Intl Momentum F | 1.67% | 22,855,822 | $1.1B | Add +5.2% |
| NVDA Nvidia Corp. | 1.65% | 5,990,493 | $1.1B | Add +2.3% |
| DFIV Dimensional International Va | 1.64% | 21,523,566 | $1.1B | Add +2.8% |
| DIHP Dimensional International Hi | 1.46% | 30,174,025 | $955.5M | Add +6.2% |
| MSFT Microsoft Corp. | 1.45% | 1,975,658 | $953.7M | Add +10.3% |
| MUB iShares National Muni Bond E | 1.40% | 8,549,244 | $915.7M | Add +13.8% |
| SUB iShares Short-Term National | 1.38% | 8,489,274 | $905.8M | Add +9.3% |
| VWO Vanguard Ftse Emerging Marke | 1.30% | 15,834,560 | $851.1M | Add +3.5% |
| AVSC Avantis US Small Cap Equity | 1.29% | 14,459,274 | $849.3M | Add +2.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.26% | 3,195,143 | $824.2M | Add +0.0% |
| AVEM Avantis Emerging Markets Eq | 1.13% | 9,627,411 | $741.5M | Add +4.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.05% | 2,052,515 | $687.9M | Add +2.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.78% | 10,228,805 | $514.4M | Add +6.7% |
| AMZN Amazon.com Inc. | 0.75% | 2,120,444 | $493.4M | Add +14.3% |
| IVV iShares Core S&P 500 ETF | 0.75% | 713,159 | $489.2M | Add +7.8% |
| GOOGL Alphabet Inc. Class A | 0.73% | 1,532,806 | $480.1M | Add +24.8% |
| GOOG Alphabet Inc. Class C | 0.59% | 1,215,875 | $388.2M | Add +7.5% |
| AVGO Broadcom Inc. | 0.59% | 1,119,547 | $385.0M | Add +10.2% |
| VYM Vanguard High DVD Yield ETF | 0.57% | 2,751,727 | $373.1M | Add +4.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.56% | 535,995 | $364.5M | Add +9.5% |
| IEFA iShares Core MSCI Eafe ETF | 0.54% | 3,982,084 | $356.2M | Reduce -5.6% |
| DFCA Dimensional Calfornia MB ETF | 0.47% | 6,138,572 | $307.4M | Add +17.4% |
| META Meta Platforms Inc. Class A | 0.46% | 461,718 | $298.8M | Add +7.3% |
| IWB iShares Russell 1000 ETF | 0.45% | 792,517 | $296.0M | Add +0.4% |
| SCHX Schwab US Large-Cap ETF | 0.43% | 10,387,007 | $283.0M | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 548,252 | $275.6M | Add +10.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.40% | 430,342 | $263.6M | Add +47.0% |
| VXF Vanguard Extended Market ETF | 0.39% | 1,213,006 | $253.4M | Add +24.6% |
| JPM JPMorgan Chase & Co. | 0.38% | 760,957 | $250.8M | Add +8.8% |
| TSLA Tesla Inc. | 0.35% | 523,753 | $232.8M | Add +10.4% |
| IBDT iShares Ibonds Dec 2028 ETF | 0.34% | 8,819,963 | $226.0M | Add +166.0% |
| QUAL iShares MSCI USA Quality Fac | 0.34% | 1,369,378 | $221.1M | Add +21.2% |
| SCHF Schwab Intl Equity ETF | 0.33% | 9,122,515 | $219.7M | Reduce -0.5% |
| DFUS Dimensional US Eq MKT ETF | 0.32% | 2,825,574 | $209.6M | Add +14.8% |
| IWF iShares Russell 1000 Growth | 0.31% | 430,661 | $203.8M | Reduce -1.8% |
| WMT Walmart Inc. | 0.31% | 1,804,128 | $201.9M | Add +2.5% |
| VGT Vanguard Info Tech ETF | 0.29% | 249,617 | $188.2M | Reduce -9.3% |
| XOM Exxon Mobil Corp. | 0.28% | 1,503,594 | $182.3M | Add +8.9% |
| VIG Vanguard Dividend Apprec ETF | 0.26% | 772,653 | $170.1M | Add +0.2% |
| VLUE iShares MSCI USA Value Facto | 0.26% | 1,228,831 | $168.0M | Reduce -3.0% |
| JNJ Johnson & Johnson | 0.26% | 849,734 | $167.3M | Add +10.8% |
| IJR iShares Core S&P Small-Cap E | 0.24% | 1,326,065 | $158.9M | Add +22.4% |
| IEMG iShares Core MSCI Emerging | 0.24% | 2,329,384 | $156.6M | Reduce -8.8% |
| NFLX Netflix Inc. | 0.23% | 1,616,762 | $152.4M | Reduce -1.7% |
| IJH iShares Core S&P Midcap ETF | 0.23% | 2,275,104 | $149.9M | Reduce -1.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.23% | 308,007 | $149.8M | Reduce -7.8% |
| IDV iShares International Select | 0.23% | 3,793,581 | $149.7M | Add +7.9% |
| LLY Eli Lilly & Co. | 0.23% | 134,390 | $149.4M | Add +6.2% |
| EAGG iShares ESG Aware US Aggrega | 0.22% | 2,963,376 | $141.8M | Add +7.1% |
| EFA iShares MSCI Eafe ETF | 0.21% | 1,463,552 | $140.5M | Add +2.9% |
| IVLU iShares MSCI International V | 0.21% | 3,663,188 | $139.4M | Reduce -2.1% |
| IBDV iShares Ibonds Dec 2030 Corp. | 0.21% | 6,189,596 | $136.6M | Add +60.5% |
| VTES Vanguard SH Term Tax-Ex Bond | 0.20% | 1,313,515 | $133.4M | Reduce -4.5% |
| IBDU iShares Ibonds Dec 2029 Term | 0.20% | 5,611,412 | $131.3M | Add +58.6% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.20% | 451,908 | $131.2M | Reduce -31.7% |
| HD Home Depot Inc. | 0.20% | 379,969 | $131.1M | Add +4.5% |
| ESGD iShares Trust iShares ESG Aw | 0.20% | 1,369,980 | $129.6M | Add +2.4% |
| RJF Raymond James Financial Inc. | 0.19% | 792,153 | $127.2M | Reduce -11.7% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 0.19% | 5,175,746 | $125.6M | Add +34.2% |
| CSCO Cisco Systems Inc. | 0.19% | 1,583,346 | $124.3M | Add +19.3% |
| ITOT iShares Core S&P Total U.S. | 0.19% | 826,324 | $122.9M | Add +9.6% |
| IQLT iShares MSCI International Q | 0.18% | 2,648,394 | $120.4M | Reduce -4.2% |
| GLD SPDR Gold Shares | 0.18% | 313,880 | $120.0M | Add +25.4% |
| USMV iShares MSCI USA Min Vol Fac | 0.18% | 1,267,613 | $119.4M | Reduce -1.5% |
| EOG EOG Resources Inc. | 0.18% | 1,129,439 | $118.8M | Reduce -0.4% |
| APH Amphenol Corp. Class A | 0.18% | 866,313 | $117.1M | Add +3.7% |
| IWM iShares Russell 2000 ETF | 0.18% | 474,279 | $116.2M | Add +17.7% |
| V Visa Inc. Class A | 0.17% | 327,629 | $114.7M | Add +2.0% |
| COST Costco Wholesale Corp. | 0.17% | 127,961 | $113.8M | Add +7.6% |
| XLK SS Technology Select Sector | 0.17% | 792,342 | $113.6M | Reduce -8.1% |
| AVUS Avantis U.S. Equity ETF | 0.17% | 1,015,677 | $113.5M | Reduce -10.4% |
| QCOM Qualcomm Inc. | 0.17% | 662,857 | $112.9M | Add +1.4% |
| LRCX Lam Research Corp. | 0.17% | 647,175 | $110.8M | Add +3.8% |
| INTC Intel Corp. | 0.16% | 2,915,058 | $107.6M | Reduce -11.4% |
| CVX Chevron Corp. | 0.16% | 686,339 | $107.3M | Add +6.3% |
| IWV iShares Russell 3000 ETF | 0.16% | 272,375 | $105.4M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.16% | 521,493 | $102.0M | Add +15.9% |
| ABBV Abbvie Inc. | 0.15% | 430,631 | $100.4M | Add +5.9% |
| IBDR iShares Ibonds Dec 2026 Term | 0.15% | 4,136,377 | $100.3M | Add +15.5% |
| IBMQ iShares Ibonds Dec 2028 Muni | 0.15% | 3,902,720 | $99.8M | Add +333.5% |
| MU Micron Technology Inc. | 0.15% | 345,378 | $98.6M | Add +14.9% |
| KLAC KLA Corp. | 0.15% | 81,483 | $98.3M | Add +21.0% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.14% | 1,170,521 | $93.9M | Add +9.3% |
| CAT Caterpillar Inc. | 0.14% | 156,535 | $92.1M | Add +11.6% |
| PG The Procter & Gamble Co. | 0.14% | 621,261 | $91.7M | Add +0.2% |
| FTEC Fidelity MSCI Info Tech Indx | 0.14% | 402,846 | $90.5M | Reduce -16.0% |
| FDX FedEx Corp. | 0.14% | 307,496 | $88.8M | Add +203.8% |
| SUSL iShares ESG MSCI USA Leaders | 0.14% | 732,489 | $88.8M | Reduce -7.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.13% | 462,799 | $88.4M | Reduce -0.9% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $2.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 23,843 | $1.9M | New |
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | 405,000 | $398K | No change |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 26,000 | $25K | No change |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 18,000 | $17K | No change |
| OXBRW Oxbridge Re Holdings-CW24 | *W EXP 03/26/202 | 47,500 | $9K | No change |
Total filed on the 13F, all lines: $65.6B.
Portfolio Sells Q3 2025 → Q4 2025
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -31.7% | 0.20% | −0.12 |
| NFLX Netflix Inc. | Reduce -1.7% | 0.23% | −0.10 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -5.6% | 0.54% | −0.07 |
| RJF Raymond James Financial Inc. | Reduce -11.7% | 0.19% | −0.06 |
| VGT Vanguard Info Tech ETF | Reduce -9.3% | 0.29% | −0.06 |
| RCL Royal Caribbean Cruises Ltd. | Reduce -23.8% | 0.06% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -8.8% | 0.24% | −0.04 |
| USFR Wisdomtree Floating Rate Tre | Reduce -58.9% | 0.02% | −0.04 |
| FTEC Fidelity MSCI Info Tech Indx | Reduce -16.0% | 0.14% | −0.04 |
| K Kellanova | Sold out | 0.00% | −0.04 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -7.8% | 0.23% | −0.04 |
| SPOT Spotify Technology SA | Reduce -0.2% | 0.11% | −0.03 |
| AVUS Avantis U.S. Equity ETF | Reduce -10.4% | 0.17% | −0.03 |
| IWF iShares Russell 1000 Growth | Reduce -1.8% | 0.31% | −0.03 |
| EOG EOG Resources Inc. | Reduce -0.4% | 0.18% | −0.03 |
| VTES Vanguard SH Term Tax-Ex Bond | Reduce -4.5% | 0.20% | −0.03 |
| XLK SS Technology Select Sector | Reduce -8.1% | 0.17% | −0.03 |
| RSP Invesco S&P 500 Equal Weight | Reduce -29.6% | 0.06% | −0.03 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -16.2% | 0.11% | −0.03 |
| SCHP Schwab U.S. Tips ETF | Reduce -15.4% | 0.08% | −0.02 |
| TNET Trinet Group Inc. | Reduce -86.9% | 0.00% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -3.7% | 0.07% | −0.02 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.2% | 0.23% | −0.02 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -1.5% | 0.18% | −0.02 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -16.8% | 0.07% | −0.02 |
| XLF SS Financial Select Sector | Reduce -15.0% | 0.08% | −0.02 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -6.1% | 0.13% | −0.02 |
| SCHF Schwab Intl Equity ETF | Reduce -0.5% | 0.33% | −0.02 |
| IQLT iShares MSCI International Q | Reduce -4.2% | 0.18% | −0.02 |
| INTC Intel Corp. | Reduce -11.4% | 0.16% | −0.02 |
| XLY SS Consumer Disc Select Sect | Reduce -11.3% | 0.08% | −0.02 |
| SUSL iShares ESG MSCI USA Leaders | Reduce -7.5% | 0.14% | −0.02 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -4.2% | 0.13% | −0.02 |
| XLI SS Industrial Select Sector | Reduce -9.7% | 0.08% | −0.02 |
| TFLO iShares Treasury Floating Ra | Reduce -42.4% | 0.02% | −0.02 |
| EA Electronic Arts Inc. | Reduce -71.5% | 0.01% | −0.02 |
| IBDQ iShares Ibonds Dec 2025 Term | Reduce -91.9% | 0.00% | −0.02 |
| HOOD Robinhood Markets Inc. Class A | Reduce -3.5% | 0.04% | −0.02 |
| PGR Progressive Corp. | Reduce -15.3% | 0.04% | −0.02 |
| MAS Masco Corp. | Reduce -53.0% | 0.01% | −0.02 |
| FISV Fiserv Inc. | Reduce -31.0% | 0.01% | −0.02 |
| NBIS Nebius Group NV | Reduce -88.0% | 0.00% | −0.01 |
| DFAT Dimensional US Target Value | Reduce -3.9% | 0.13% | −0.01 |
| KTOS Kratos Defense & Security | Reduce -5.1% | 0.04% | −0.01 |
| BUFF Innovator Laddered Allocatio | Reduce -13.2% | 0.06% | −0.01 |
| SYK Stryker Corp. | Reduce -1.1% | 0.08% | −0.01 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -20.8% | 0.04% | −0.01 |
| NSA National Storage Affiliates | Reduce -93.1% | 0.00% | −0.01 |
| SGOV iShares 0-3 Month Treasury B | Reduce -7.9% | 0.07% | −0.01 |
| VGSH Vanguard Short-Term Treasury | Reduce -6.3% | 0.07% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +24.8% | 0.73% | +0.23 |
| IBDT iShares Ibonds Dec 2028 ETF | Add +166.0% | 0.34% | +0.20 |
| AAPL Apple Inc. | Add +9.1% | 2.73% | +0.17 |
| GOOG Alphabet Inc. Class C | Add +7.5% | 0.59% | +0.14 |
| IBMQ iShares Ibonds Dec 2028 Muni | Add +333.5% | 0.15% | +0.11 |
| VPC Virtus Private Credit Strate | New | 0.11% | +0.11 |
| QQQ Invesco QQQ Trust Series 1 | Add +47.0% | 0.40% | +0.11 |
| FDX FedEx Corp. | Add +203.8% | 0.14% | +0.10 |
| AMZN Amazon.com Inc. | Add +14.3% | 0.75% | +0.07 |
| LLY Eli Lilly & Co. | Add +6.2% | 0.23% | +0.07 |
| MU Micron Technology Inc. | Add +14.9% | 0.15% | +0.07 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +60.5% | 0.21% | +0.07 |
| IBDU iShares Ibonds Dec 2029 Term | Add +58.6% | 0.20% | +0.06 |
| MUB iShares National Muni Bond E | Add +13.8% | 1.40% | +0.06 |
| IBDW iShares Ibonds Dec 2031 Corp. | Add +1686.5% | 0.06% | +0.06 |
| CFLT Confluent Inc. Class A | Add +2048.7% | 0.06% | +0.06 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +109.5% | 0.09% | +0.05 |
| IBTG iShares Ibonds Dec 2026 Term | Add +126.0% | 0.10% | +0.05 |
| VXF Vanguard Extended Market ETF | Add +24.6% | 0.39% | +0.05 |
| IBMR iShares Ibonds Dec 2029 M BD | Add +154.7% | 0.08% | +0.05 |
| PAVE Global X US Infrastructure | Add +2031.1% | 0.05% | +0.04 |
| IBMS ISHARESIBONDDEC2030MUNIBDETF | Add +137.5% | 0.07% | +0.04 |
| BSCW Invesco Bulletshares 2032 CB | Add +1619.8% | 0.04% | +0.04 |
| DFAI Dimensional International Co. | Add +144.6% | 0.07% | +0.04 |
| IBMP iShares Ibonds Dec 2027 Term | Add +112.9% | 0.08% | +0.04 |
| IBTH iShares Ibonds Dec 2027 Term | Add +113.9% | 0.08% | +0.04 |
| CSCO Cisco Systems Inc. | Add +19.3% | 0.19% | +0.04 |
| IBTI iShares Ibonds Dec 2028 Term | Add +114.8% | 0.08% | +0.04 |
| IBMO iShares Ibonds Dec 2026 Term | Add +98.4% | 0.08% | +0.04 |
| GLD SPDR Gold Shares | Add +25.4% | 0.18% | +0.04 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Add +34.2% | 0.19% | +0.03 |
| TJUL Innovator Equity Defined Pro | New | 0.03% | +0.03 |
| DFCA Dimensional Calfornia MB ETF | Add +17.4% | 0.47% | +0.03 |
| IBMT iShares Ibonds Dec 2031 Muni | New | 0.03% | +0.03 |
| DFIC Dimensional International Co. | Add +6.0% | 1.94% | +0.03 |
| AVGO Broadcom Inc. | Add +10.2% | 0.59% | +0.03 |
| LRCX Lam Research Corp. | Add +3.8% | 0.17% | +0.03 |
| CAT Caterpillar Inc. | Add +11.6% | 0.14% | +0.03 |
| JPST JPMorgan Ultra-Short Income | Add +154.2% | 0.04% | +0.03 |
| KLAC KLA Corp. | Add +21.0% | 0.15% | +0.03 |
| IJR iShares Core S&P Small-Cap E | Add +22.4% | 0.24% | +0.03 |
| IBTJ iShares Ibonds Dec 2029 Term | Add +87.8% | 0.07% | +0.03 |
| UNM Unum Group | Add +88.0% | 0.06% | +0.03 |
| DFIV Dimensional International Va | Add +2.8% | 1.64% | +0.02 |
| BSCT Invesco Bulletshares 2029 CB | Add +3855.9% | 0.03% | +0.02 |
| C Citigroup Inc. | Add +22.1% | 0.11% | +0.02 |
| MRK Merck & Co. Inc. | Add +8.3% | 0.12% | +0.02 |
| AMAT Applied Materials Inc. | Add +10.5% | 0.11% | +0.02 |
| FLEX Flex Ltd. | Add +93.7% | 0.05% | +0.02 |
| CLS Celestica Inc. | Add +1570.7% | 0.02% | +0.02 |
Notes & Other Activity Q3 2025 → Q4 2025
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | New | 23,843 | $1.9M |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 29,736 | $2Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 3,573 | $80.9B | AGG, BSV, VOO, DFAC, MTUM |
| Q1 2026 | 3,206 | $67.6B | AGG, BSV, VOO, DFAC, VEA |
| Q4 2025 | 2,835 | $65.6B | AGG, BSV, VOO, DFAC, VEA |
| Q3 2025 | 2,628 | $59.9B | AGG, VOO, BSV, DFAC, VEA |
| Q2 2025 | 2,212 | $44.5B | AGG, BSV, VOO, DFAC, MTUM |
| Q1 2025 | 2,143 | $43.6B | AGG, BSV, VOO, DFAC, MTUM |
| Q4 2024 | 2,113 | $41.0B | AGG, BSV, VOO, DFAC, MTUM |
| Q3 2024 | 1,949 | $42.7B | BSV, AGG, VOO, DFAC, MTUM |
| Q2 2024 | 1,964 | $36.7B | BSV, VOO, AGG, DFAC, MTUM |
| Q1 2024 | 1,938 | $35.2B | BSV, VOO, AGG, DFAC, MTUM |