Mercer Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-21732

Mercer Funds

(Exact Name of Registrant as Specified in Charter)

99 High Street

Boston, MA 02110

(Address of Principal Executive Offices)(Zip Code)

Colin J. Dean, Esq.

Mercer Investment Management, Inc.

99 High Street

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code: (617) 747-9500

Date of Fiscal Year End: March 31, 2018

Date of Reporting Period: September 30, 2017

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Mercer Funds^™

Semi-Annual Report

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

This report has been prepared for Mercer Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Mercer Funds prospectus. The prospectus contains more complete information about the Funds’ investment objectives, risks, and expenses. Investors are reminded to read the prospectus carefully before investing.

September 30, 2017

MERCER FUNDS

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	131
Statements of Operations	135
Statements of Changes in Net Assets	137
Financial Highlights	141
Notes to the Financial Statements	148
Understanding Your Fund’s Expenses	197
Trustees and Officers	200

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.5%
		Aerospace & Defense — 2.1%
	23,613	Boeing Co. (The)		6,002,661
	1,550	Lockheed Martin Corp.		480,949
	8,720	Northrop Grumman Corp.		2,508,918
	10,382	Spirit AeroSystems Holdings, Inc. Class A		806,889
	25,372	United Technologies Corp.		2,945,182
				12,744,599
		Agriculture — 0.4%
	24,824	Altria Group, Inc.		1,574,338
	7,023	Bunge, Ltd.		487,818
	2,744	Philip Morris International, Inc.		304,611
				2,366,767
		Airlines — 2.2%
	55,800	American Airlines Group, Inc.		2,649,942
	87,593	Delta Air Lines, Inc.		4,223,734
	35,188	Southwest Airlines Co.		1,969,824
	70,428	United Continental Holdings, Inc.*		4,287,657
				13,131,157
		Apparel — 2.7%
	37,600	Hanesbrands, Inc.‡		926,464
	94,925	LVMH Moet Hennessy Louis Vuitton SE, ADR		5,250,302
	22,434	Michael Kors Holdings, Ltd.*		1,073,467
	173,327	NIKE, Inc. Class B		8,987,005
				16,237,238
		Auto Manufacturers — 1.5%
	58,366	Fiat Chrysler Automobiles NV*		1,045,335
	178,075	General Motors Co.		7,190,669
	8,930	Toyota Motor Corp., ADR		1,064,188
				9,300,192
		Auto Parts & Equipment — 1.1%
	46,000	Goodyear Tire & Rubber Co. (The)		1,529,500
	13,848	Lear Corp.		2,396,812
	56,659	Magna International, Inc. Class A		3,024,457
				6,950,769
		Banks — 4.6%
	300,227	Bank of America Corp.		7,607,752
	27,500	BNP Paribas SA, ADR		1,111,825
	3,143	Capital One Financial Corp.		266,086
	2,634	CIT Group, Inc.		129,198
	100,985	Citigroup, Inc.		7,345,649
	53,507	Citizens Financial Group, Inc.		2,026,310

See accompanying Notes to the Financial Statements. 1

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	3,135	Goldman Sachs Group, Inc. (The)		743,591
	59,431	JPMorgan Chase & Co.		5,676,255
	18,486	Morgan Stanley		890,471
	25,000	Popular, Inc.		898,500
	72,357	Regions Financial Corp.		1,101,997
				27,797,634
		Beverages — 4.5%
	156,275	Coca-Cola Co. (The)		7,033,938
	46,180	Diageo Plc, ADR		6,101,763
	12,883	Dr Pepper Snapple Group, Inc.		1,139,759
	124,850	Heineken NV, ADR		6,196,305
	15,600	Molson Coors Brewing Co. Class B		1,273,584
	45,522	Monster Beverage Corp.*		2,515,091
	29,185	PepsiCo, Inc.		3,252,085
				27,512,525
		Biotechnology — 3.3%
	19,488	Alexion Pharmaceuticals, Inc.*		2,733,972
	1,384	Biogen, Inc.*		433,358
	26,519	Celgene Corp.*		3,867,001
	85,540	Gilead Sciences, Inc.		6,930,451
	11,921	Illumina, Inc.*		2,374,663
	24,361	Vertex Pharmaceuticals, Inc.*		3,703,846
				20,043,291
		Building Materials — 0.4%
	25,700	Louisiana-Pacific Corp.*		695,956
	49,852	Masco Corp.		1,944,727
				2,640,683
		Chemicals — 2.4%
	11,315	Celanese Corp. Series A		1,179,815
	10,920	DowDuPont, Inc.		755,992
	45,245	Eastman Chemical Co.		4,094,220
	85,102	LyondellBasell Industries NV Class A		8,429,353
				14,459,380
		Commercial Services — 1.5%
	49,100	AerCap Holdings NV*		2,509,501
	3,664	ManpowerGroup, Inc.		431,692
	21,900	New Oriental Education & Technology Group, Inc., ADR		1,932,894
	40,357	Quanta Services, Inc.*		1,508,141
	7,527	United Rentals, Inc.*		1,044,296
	83,824	Western Union Co. (The)		1,609,421
				9,035,945

2 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Computers — 1.7%
	31,618	Apple, Inc.		4,872,966
	68,601	HP, Inc.		1,369,276
	50,825	NetApp, Inc.		2,224,102
	30,241	Seagate Technology Plc		1,003,094
	8,488	Western Digital Corp.		733,363
				10,202,801
		Cosmetics & Personal Care — 0.4%
	26,375	Procter & Gamble Co. (The)		2,399,598
		Distribution & Wholesale — 0.0%
	1,551	W.W. Grainger, Inc.		278,792
		Diversified Financial Services — 4.8%
	41,553	American Express Co.		3,758,884
	45,766	Ameriprise Financial, Inc.		6,796,709
	80,823	Charles Schwab Corp. (The)		3,535,198
	78,679	Discover Financial Services		5,073,222
	32,467	Intercontinental Exchange, Inc.		2,230,483
	6,716	Leucadia National Corp.		169,579
	1,456	Mastercard, Inc. Class A		205,587
	22,829	Navient Corp.		342,891
	26,300	OneMain Holdings, Inc.* ‡		741,397
	71,300	Santander Consumer USA Holdings, Inc.*		1,095,881
	31,500	Synchrony Financial		978,075
	42,474	Visa, Inc. Class A‡		4,469,964
				29,397,870
		Electric — 1.2%
	133,474	AES Corp.		1,470,883
	64,500	Calpine Corp.*		951,375
	50,268	CenterPoint Energy, Inc.		1,468,328
	28,288	Entergy Corp.		2,160,072
	21,558	Public Service Enterprise Group, Inc.		997,058
				7,047,716
		Electrical Components & Equipment — 0.2%
	9,031	Acuity Brands, Inc.		1,546,830
		Electronics — 1.3%
	81,214	Corning, Inc.		2,429,923
	64,995	TE Connectivity, Ltd.		5,398,485
				7,828,408
		Engineering & Construction — 0.1%
	23,200	AECOM*		853,992

See accompanying Notes to the Financial Statements. 3

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Entertainment — 0.1%
	47,600	Regal Entertainment Group Class A		761,600
		Food — 3.4%
	39,817	Conagra Brands, Inc.		1,343,426
	48,317	Hershey Co. (The)		5,274,767
	64,875	Kellogg Co.		4,046,254
	92,725	Nestle SA, ADR		7,789,827
	26,458	Sysco Corp.		1,427,409
	8,021	Tyson Foods, Inc. Class A		565,079
				20,446,762
		Health Care - Products — 0.9%
	37,928	Baxter International, Inc.		2,379,982
	19,311	Edwards Lifesciences Corp.*		2,110,885
	11,100	Medtronic Plc		863,247
				5,354,114
		Health Care - Services — 1.4%
	18,210	Aetna, Inc.		2,895,572
	4,196	HCA Healthcare, Inc.*		333,960
	2,899	Humana, Inc.		706,283
	11,979	Laboratory Corp. of America Holdings*		1,808,470
	15,921	Quest Diagnostics, Inc.		1,490,842
	7,166	UnitedHealth Group, Inc.		1,403,461
				8,638,588
		Home Builders — 0.2%
	28,200	D.R. Horton, Inc.		1,126,026
	10,344	PulteGroup, Inc.		282,702
				1,408,728
		Insurance — 4.5%
	348,740	Aegon NV, ADR		2,019,204
	14,697	Aflac, Inc.		1,196,189
	44,632	Allstate Corp. (The)		4,102,127
	13,416	Berkshire Hathaway, Inc. Class B*		2,459,421
	8,100	Brighthouse Financial, Inc.*		492,480
	49,913	Hartford Financial Services Group, Inc. (The)		2,766,677
	65,875	Lincoln National Corp.		4,840,495
	22,984	Prudential Financial, Inc.		2,443,659
	35,300	Radian Group, Inc.		659,757
	11,936	Travelers Cos., Inc. (The)		1,462,399
	42,175	Unum Group		2,156,408
	64,004	XL Group, Ltd.		2,524,958
				27,123,774
		Internet — 4.9%
	21,543	Alibaba Group Holding, Ltd., ADR*		3,720,692

4 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Internet — continued
	1,682	Alphabet, Inc. Class A*		1,637,797
	5,525	Alphabet, Inc. Class C*		5,299,083
	3,505	Amazon.com, Inc.*		3,369,532
	49,841	eBay, Inc.*		1,916,885
	3,331	F5 Networks, Inc.*		401,585
	28,697	Facebook, Inc. Class A*		4,903,456
	7,568	MercadoLibre, Inc.		1,959,582
	2,171	Priceline Group, Inc. (The)*		3,974,710
	21,687	VeriSign, Inc.* ‡		2,307,280
				29,490,602
		Iron & Steel — 0.2%
	14,240	Reliance Steel & Aluminum Co.		1,084,661
		Leisure Time — 1.4%
	112,213	Carnival Corp.		7,245,593
	11,500	Norwegian Cruise Line Holdings, Ltd.*		621,575
	4,338	Royal Caribbean Cruises, Ltd.		514,227
				8,381,395
		Lodging — 1.1%
	8,818	Las Vegas Sands Corp.		565,763
	16,675	Marriott International, Inc. Class A		1,838,585
	39,887	Wyndham Worldwide Corp.		4,204,489
				6,608,837
		Machinery - Diversified — 0.6%
	14,800	Cognex Corp.		1,632,144
	10,614	Cummins, Inc.		1,783,470
				3,415,614
		Media — 3.7%
	34,544	CBS Corp. Class B		2,003,552
	150,875	Comcast Corp. Class A		5,805,670
	77,736	News Corp. Class A		1,030,779
	298,017	Sirius XM Holdings, Inc.		1,645,054
	4,359	Thomson Reuters Corp. (New York Exchange)		199,991
	25,887	Twenty-First Century Fox, Inc. Class A		682,899
	113,003	Walt Disney Co. (The)		11,138,706
				22,506,651
		Mining — 0.1%
	16,673	Teck Resources, Ltd. Class B		351,634
		Miscellaneous - Manufacturing — 0.3%
	10,000	Eaton Corp. Plc		767,900
	51,134	General Electric Co.		1,236,420
				2,004,320

See accompanying Notes to the Financial Statements. 5

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 5.1%
	21,700	Anadarko Petroleum Corp.		1,060,045
	11,769	Andeavor		1,213,972
	113,073	BP Plc, ADR		4,345,395
	109,400	Canadian Natural Resources, Ltd.		3,663,806
	12,382	Chevron Corp.		1,454,885
	56,005	ConocoPhillips		2,803,050
	60,897	Devon Energy Corp.		2,235,529
	2,227	Exxon Mobil Corp.		182,570
	36,800	Helmerich & Payne, Inc.		1,917,648
	35,961	Marathon Petroleum Corp.		2,016,693
	6,299	Phillips 66		577,051
	12,260	Pioneer Natural Resources Co.		1,808,841
	67,030	Southwestern Energy Co.*		409,553
	97,031	Valero Energy Corp.		7,464,595
				31,153,633
		Oil & Gas Services — 0.1%
	19,500	Oceaneering International, Inc.		512,265
		Packaging & Containers — 0.6%
	25,100	Crown Holdings, Inc.*		1,498,972
	8,700	Owens-Illinois, Inc.*		218,892
	29,303	WestRock Co.		1,662,359
				3,380,223
		Pharmaceuticals — 4.6%
	12,600	AbbVie, Inc.		1,119,636
	43,770	Bristol-Myers Squibb Co.		2,789,900
	12,892	Eli Lilly & Co.		1,102,782
	41,987	Express Scripts Holding Co.*		2,658,617
	61,800	Horizon Pharma Plc*		783,624
	4,000	Jazz Pharmaceuticals Plc*		585,000
	37,085	Johnson & Johnson		4,821,421
	18,300	Mallinckrodt Plc* ‡		683,871
	13,016	McKesson Corp.		1,999,388
	54,318	Merck & Co., Inc.		3,477,982
	28,100	Mylan NV*		881,497
	139,199	Pfizer, Inc.		4,969,404
	12,180	Shire Plc, ADR		1,865,245
	7,952	Zoetis, Inc.		507,019
				28,245,386
		Pipelines — 0.2%
	69,100	Kinder Morgan, Inc.		1,325,338
		Private Equity — 1.1%
	75,920	Blackstone Group, LP (The)*		2,533,450
	195,630	KKR & Co., LP*		3,977,158
				6,510,608

6 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Real Estate — 0.3%
	51,473	CBRE Group, Inc. Class A*		1,949,797
		REITS — 0.3%
	61,087	Host Hotels & Resorts, Inc. REIT		1,129,499
	73,830	Two Harbors Investment Corp. REIT		744,206
				1,873,705
		Retail — 12.1%
	14,300	Advance Auto Parts, Inc.		1,418,560
	32,789	Bed Bath & Beyond, Inc.‡		769,558
	57,376	Best Buy Co., Inc.		3,268,137
	14,341	Costco Wholesale Corp.		2,356,083
	40,459	CVS Health Corp.		3,290,126
	62,975	Darden Restaurants, Inc.		4,961,171
	8,280	Domino’s Pizza, Inc.		1,643,994
	8,925	Dunkin’ Brands Group, Inc.		473,739
	3,753	Home Depot, Inc. (The)		613,841
	42,148	Kohl’s Corp.		1,924,056
	16,811	Lowe’s Cos., Inc.		1,343,871
	88,970	Lululemon Athletica, Inc.*		5,538,383
	11,053	Macy’s, Inc.		241,176
	97,040	McDonald’s Corp.		15,204,227
	47,263	Starbucks Corp.		2,538,496
	57,969	Target Corp.		3,420,751
	85,225	TJX Cos., Inc. (The)		6,283,639
	28,980	Tractor Supply Co.		1,834,144
	16,791	Ulta Salon Cosmetics & Fragrance, Inc.*		3,795,773
	135,753	Wal-Mart Stores, Inc.		10,607,739
	28,620	Yum! Brands, Inc.		2,106,718
				73,634,182
		Semiconductors — 3.0%
	92,387	Applied Materials, Inc.		4,812,439
	84,084	Intel Corp.		3,201,919
	4,000	IPG Photonics Corp.*		740,240
	10,320	KLA-Tencor Corp.		1,093,920
	8,619	Lam Research Corp.		1,594,860
	86,034	Micron Technology, Inc.*		3,383,717
	12,872	NVIDIA Corp.		2,301,127
	17,338	QUALCOMM, Inc.		898,802
				18,027,024
		Software — 6.7%
	47,746	Activision Blizzard, Inc.		3,080,095
	15,469	Adobe Systems, Inc.*		2,307,665
	5,305	CA, Inc.		177,081
	84,128	Cadence Design Systems, Inc.*		3,320,532
	14,763	CDK Global, Inc.		931,398

See accompanying Notes to the Financial Statements. 7

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	16,054	Citrix Systems, Inc.*		1,233,268
	60,000	First Data Corp. Class A*		1,082,400
	7,444	Fiserv, Inc.*		959,978
	9,294	Intuit, Inc.		1,321,049
	194,451	Microsoft Corp.		14,484,655
	10,933	MSCI, Inc. Class A		1,278,068
	15,779	Oracle Corp.		762,915
	25,684	salesforce.com, Inc.*		2,399,399
	21,775	ServiceNow, Inc.*		2,559,216
	36,768	Splunk, Inc.*		2,442,498
	26,322	Synopsys, Inc.*		2,119,711
				40,459,928
		Telecommunications — 2.0%
	22,000	AT&T, Inc.		861,740
	139,816	CenturyLink, Inc.‡		2,642,522
	79,260	Cisco Systems, Inc.		2,665,514
	38,295	Juniper Networks, Inc.		1,065,750
	14,461	Motorola Solutions, Inc.		1,227,305
	28,536	Telstra Corp., Ltd., ADR		389,802
	66,927	Verizon Communications, Inc.		3,312,217
				12,164,850
		Transportation — 0.2%
	9,368	J.B. Hunt Transport Services, Inc.		1,040,597
		TOTAL COMMON STOCKS (COST $492,874,260)		579,631,003
		INVESTMENT COMPANY — 1.3%
	34,116	Vanguard S&P 500 ETF		7,872,608
		TOTAL INVESTMENT COMPANY (COST $7,210,490)		7,872,608
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 3.0%
		Bank Deposit — 2.9%
	17,580,646	State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		17,580,646
		Mutual Fund - Securities Lending Collateral — 0.0%
	75,533	State Street Institutional U.S. Government Money Market Fund, Premier Class***		75,533

8 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 0.1%
	700,000		United States Treasury Bill, 0.94%, due 10/12/17** ‡‡		699,811
			TOTAL SHORT-TERM INVESTMENTS (COST $18,355,975)		18,355,990
			TOTAL INVESTMENTS — 99.8% (Cost $518,440,725)		605,859,601
			Other Assets and Liabilities (net) — 0.2%		1,142,198
			NET ASSETS — 100.0%	$	607,001,799
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		*	Non-income producing security
		**	All or a portion of this security is pledged for open futures collateral.
		***	Represents an investment of securities lending cash collateral.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Financial Statements. 9

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	84	S&P 500 E-mini Index		Dec 2017	$	10,567,620	$	198,436
	13	S&P Mid 400 E-mini Index		Dec 2017		2,334,410		100,850
							$	299,286

10 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.5
Investment Company		1.3
Futures Contracts		0.0
Short-Term Investments		3.0
Other Assets and Liabilities (net)		0.2
		100.0	%

See accompanying Notes to the Financial Statements. 11

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 95.2%
		Aerospace & Defense — 1.8%
	26,348	HEICO Corp.		2,366,314
	42,810	KLX, Inc.*		2,265,933
	29,300	Moog, Inc. Class A*		2,444,499
	31,167	Orbital ATK, Inc.		4,150,198
	58,500	Spirit AeroSystems Holdings, Inc. Class A		4,546,620
	8,726	TransDigm Group, Inc.		2,230,802
				18,004,366
		Agriculture — 0.3%
	38,700	Bunge, Ltd.		2,688,102
	10,400	Universal Corp.		595,920
				3,284,022
		Airlines — 0.6%
	30,800	Alaska Air Group, Inc.		2,349,116
	111,000	JetBlue Airways Corp.*		2,056,830
	22,800	SkyWest, Inc.		1,000,920
				5,406,866
		Apparel — 0.3%
	17,674	Columbia Sportswear Co.		1,088,365
	39,700	Michael Kors Holdings, Ltd.*		1,899,645
				2,988,010
		Auto Manufacturers — 0.2%
	93,900	Wabash National Corp.‡		2,142,798
		Auto Parts & Equipment — 2.1%
	30,100	BorgWarner, Inc.		1,542,023
	8,800	Cooper-Standard Holdings, Inc.*		1,020,536
	112,840	Dana, Inc.		3,155,006
	37,269	Dorman Products, Inc.*		2,669,206
	81,300	Goodyear Tire & Rubber Co. (The)		2,703,225
	15,506	LCI Industries		1,796,370
	16,500	Lear Corp.		2,855,820
	27,700	Tenneco, Inc.		1,680,559
	39,700	Tower International, Inc.		1,079,840
	14,865	WABCO Holdings, Inc.*		2,200,020
				20,702,605
		Banks — 7.9%
	68,380	Ameris Bancorp		3,282,240
	47,900	Banco Latinoamericano de Comercio Exterior SA		1,410,176
	134,530	Bank of NT Butterfield & Son, Ltd. (The)		4,929,179
	78,761	BankUnited, Inc.		2,801,529
	33,100	Banner Corp.		2,028,368

12 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	21,400	Bryn Mawr Bank Corp.‡		937,320
	66,940	Capital Bank Financial Corp. Class A‡		2,747,887
	105,855	CIT Group, Inc.		5,192,188
	41,649	Columbia Banking System, Inc.		1,753,839
	43,950	East-West Bancorp, Inc.		2,627,331
	39,200	Fidelity Southern Corp.		926,688
	78,085	First Horizon National Corp.‡		1,495,328
	27,100	First Interstate BancSystem, Inc.		1,036,575
	12,519	First Republic Bank		1,307,735
	51,223	Glacier Bancorp, Inc.		1,934,180
	48,700	Hanmi Financial Corp.		1,507,265
	48,900	Heritage Financial Corp.		1,442,550
	69,566	Home BancShares, Inc.		1,754,455
	91,700	Hope Bancorp, Inc.		1,624,007
	30,200	International Bancshares Corp.		1,211,020
	95,100	Old National Bancorp		1,740,330
	43,015	PacWest Bancorp		2,172,688
	28,983	Pinnacle Financial Partners, Inc.		1,940,412
	251,000	Regions Financial Corp.		3,822,730
	23,005	Signature Bank*		2,945,560
	25,320	SVB Financial Group*		4,737,119
	162,200	TCF Financial Corp.		2,763,888
	46,271	Texas Capital Bancshares, Inc.*		3,970,052
	43,199	Webster Financial Corp.		2,270,107
	151,479	Western Alliance Bancorp*		8,040,505
	27,800	Zions Bancorporation		1,311,604
				77,664,855
		Biotechnology — 1.6%
	59,890	Acceleron Pharma, Inc.* ‡		2,235,095
	38,300	AMAG Pharmaceuticals, Inc.* ‡		706,635
	28,540	Bio-Rad Laboratories, Inc. Class A*		6,342,159
	33,940	Bioverativ, Inc.*		1,936,956
	51,250	Medicines Co. (The)* ‡		1,898,300
	21,758	Prothena Corp. Plc* ‡		1,409,265
	5,400	United Therapeutics Corp.*		632,826
				15,161,236
		Building Materials — 2.2%
	25,923	Apogee Enterprises, Inc.‡		1,251,044
	89,150	Boise Cascade Co.*		3,111,335
	223,310	Builders FirstSource, Inc.*		4,017,347
	19,783	Eagle Materials, Inc.		2,110,846
	21,995	Lennox International, Inc.		3,936,445
	26,500	Owens Corning		2,049,775
	125,935	Summit Materials, Inc. Class A* ‡		4,033,698
	32,300	USG Corp.* ‡		1,054,595
				21,565,085

See accompanying Notes to the Financial Statements. 13

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Chemicals — 2.8%
	125,410	Axalta Coating Systems, Ltd.* ‡		3,626,857
	40,100	Cabot Corp.		2,237,580
	29,900	Celanese Corp. Series A		3,117,673
	26,400	Eastman Chemical Co.		2,388,936
	144,900	Huntsman Corp.		3,973,158
	42,640	Innospec, Inc.		2,628,756
	13,899	Quaker Chemical Corp.		2,056,357
	83,299	RPM International, Inc.		4,276,571
	42,840	W.R. Grace & Co.		3,090,906
				27,396,794
		Commercial Services — 7.3%
	20,700	Avis Budget Group, Inc.* ‡		787,842
	76,967	Booz Allen Hamilton Holding Corp.		2,877,796
	29,225	Bright Horizons Family Solutions, Inc.*		2,519,487
	15,400	Carriage Services, Inc.		394,240
	35,902	CoStar Group, Inc.*		9,630,712
	30,700	Deluxe Corp.		2,239,872
	13,760	Euronet Worldwide, Inc.*		1,304,310
	80,253	Gartner, Inc.*		9,984,276
	28,980	Grand Canyon Education, Inc.*		2,631,964
	35,531	Healthcare Services Group, Inc.		1,917,608
	45,059	HealthEquity, Inc.* ‡		2,279,084
	64,842	IHS Markit, Ltd.*		2,858,235
	38,117	KAR Auction Services, Inc.		1,819,706
	53,156	Live Nation Entertainment, Inc.* ‡		2,314,944
	9,425	LSC Communications, Inc.		155,607
	31,800	ManpowerGroup, Inc.		3,746,676
	36,782	MarketAxess Holdings, Inc.		6,786,647
	27,028	Paylocity Holding Corp.*		1,319,507
	121,745	Ritchie Bros Auctioneers, Inc.		3,849,577
	25,133	RR Donnelley & Sons Co.		258,870
	41,640	Sotheby’s*		1,920,020
	65,280	Total System Services, Inc.		4,275,840
	97,344	TransUnion*		4,600,477
	73,600	Western Union Co. (The)		1,413,120
				71,886,417
		Computers — 1.5%
	77,300	Convergys Corp.		2,001,297
	74,310	Fortinet, Inc.*		2,663,270
	31,822	Lumentum Holdings, Inc.* ‡		1,729,526
	40,926	Mercury Systems, Inc.*		2,123,241
	134,150	NCR Corp.*		5,033,308
	42,200	Seagate Technology Plc‡		1,399,774
				14,950,416

14 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Distribution & Wholesale — 0.3%
	13,400	Pool Corp.		1,449,478
	25,400	ScanSource, Inc.*		1,108,710
				2,558,188
		Diversified Financial Services — 2.1%
	35,164	Artisan Partners Asset Management, Inc. Class A		1,146,346
	20,380	CBOE Holdings, Inc.‡		2,193,499
	18,000	Federal Agricultural Mortgage Corp. Class C		1,309,320
	42,900	Lazard, Ltd. Class A		1,939,938
	54,700	Legg Mason, Inc.		2,150,257
	96,000	Navient Corp.		1,441,920
	38,490	Raymond James Financial, Inc.		3,245,862
	36,999	SEI Investments Co.		2,259,159
	86,095	SLM Corp.*		987,510
	23,511	Stifel Financial Corp.		1,256,898
	44,700	WageWorks, Inc.*		2,713,290
				20,643,999
		Electric — 1.3%
	118,900	AES Corp.		1,310,278
	116,800	CenterPoint Energy, Inc.		3,411,728
	138,639	OGE Energy Corp.		4,995,163
	50,717	Portland General Electric Co.		2,314,724
	12,900	SCANA Corp.		625,521
				12,657,414
		Electrical Components & Equipment — 0.7%
	26,580	Advanced Energy Industries, Inc.*		2,146,601
	40,255	EnerSys		2,784,438
	41,677	Generac Holdings, Inc.*		1,914,225
				6,845,264
		Electronics — 3.2%
	21,700	Arrow Electronics, Inc.*		1,744,897
	45,300	Avnet, Inc.		1,780,290
	32,932	Coherent, Inc.*		7,744,618
	161,700	Flex, Ltd.*		2,679,369
	27,800	Jabil, Inc.		793,690
	4,784	Mettler-Toledo International, Inc.*		2,995,549
	51,070	National Instruments Corp.		2,153,622
	14,303	Rogers Corp.*		1,906,304
	43,100	Sanmina Corp.*		1,601,165
	60,947	Trimble, Inc.*		2,392,170
	68,200	TTM Technologies, Inc.*		1,048,234
	117,800	Vishay Intertechnology, Inc.‡		2,214,640
	28,045	Woodward, Inc.		2,176,573
				31,231,121

See accompanying Notes to the Financial Statements. 15

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Energy - Alternate Sources — 0.2%
	142,300	Renewable Energy Group, Inc.* ‡		1,728,945
		Engineering & Construction — 0.8%
	37,900	Chicago Bridge & Iron Co. NV‡		636,720
	42,612	Exponent, Inc.		3,149,027
	31,740	MasTec, Inc.*		1,472,736
	40,120	TopBuild Corp.*		2,614,620
				7,873,103
		Entertainment — 1.1%
	93,939	Lions Gate Entertainment Corp. Class B* ‡		2,986,321
	34,630	Six Flags Entertainment Corp.‡		2,110,352
	26,155	Vail Resorts, Inc.		5,966,479
				11,063,152
		Food — 2.1%
	42,503	Blue Buffalo Pet Products, Inc.* ‡		1,204,960
	22,700	Ingles Markets, Inc. Class A		583,390
	46,512	John B Sanfilippo & Son, Inc.		3,130,722
	64,700	Pilgrim’s Pride Corp.* ‡		1,838,127
	53,500	Pinnacle Foods, Inc.		3,058,595
	20,600	Sanderson Farms, Inc.‡		3,327,312
	29,600	SpartanNash Co.		780,552
	102,675	TreeHouse Foods, Inc.* ‡		6,954,178
				20,877,836
		Forest Products & Paper — 0.6%
	27,100	Clearwater Paper Corp.*		1,334,675
	19,374	Deltic Timber Corp.‡		1,713,243
	75,873	PH Glatfelter Co.		1,475,730
	35,400	Schweitzer-Mauduit International, Inc.		1,467,684
				5,991,332
		Hand & Machine Tools — 0.2%
	25,402	Lincoln Electric Holdings, Inc.		2,328,855
		Health Care - Products — 4.2%
	6,937	ABIOMED, Inc.*		1,169,578
	32,514	Align Technology, Inc.*		6,056,383
	14,074	Cantel Medical Corp. Class B		1,325,349
	44,390	Globus Medical, Inc. Class A*		1,319,271
	14,875	ICU Medical, Inc.*		2,764,519
	11,823	IDEXX Laboratories, Inc.*		1,838,358
	25,700	Integer Holdings Corp.*		1,314,555
	56,023	K2M Group Holdings, Inc.*		1,188,248
	24,900	LivaNova Plc*		1,744,494
	53,313	Merit Medical Systems, Inc.*		2,257,805
	16,488	Penumbra, Inc.* ‡		1,488,866

16 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Health Care - Products — continued
	92,285	STERIS Plc		8,157,994
	52,516	West Pharmaceutical Services, Inc.		5,055,190
	197,270	Wright Medical Group NV*		5,103,375
				40,783,985
		Health Care - Services — 1.5%
	44,773	Acadia Healthcare Co., Inc.*		2,138,358
	56,600	Ensign Group, Inc. (The)		1,278,594
	55,410	Envision Healthcare Corp.*		2,490,680
	21,902	ICON Plc, ADR*		2,494,200
	31,700	LifePoint Health, Inc.*		1,835,430
	26,030	Quest Diagnostics, Inc.		2,437,449
	13,965	WellCare Health Plans, Inc.*		2,398,349
				15,073,060
		Home Builders — 1.6%
	34,864	CalAtlantic Group, Inc.‡		1,277,068
	16,399	Cavco Industries, Inc.*		2,419,673
	60,700	PulteGroup, Inc.		1,658,931
	129,405	Taylor Morrison Home Corp. Class A*		2,853,380
	13,200	Thor Industries, Inc.		1,662,012
	429,360	TRI Pointe Group, Inc.*		5,929,462
				15,800,526
		Home Furnishings — 0.4%
	19,079	American Woodmark Corp.*		1,836,354
	23,400	Ethan Allen Interiors, Inc.‡		758,160
	23,360	Universal Electronics, Inc.*		1,481,024
				4,075,538
		Household Products & Wares — 0.4%
	40,120	Avery Dennison Corp.		3,945,401
		Housewares — 0.5%
	49,603	Toro Co. (The)		3,078,362
	20,878	Tupperware Brands Corp.		1,290,678
				4,369,040
		Insurance — 4.9%
	56,065	Arthur J. Gallagher & Co.		3,450,801
	29,000	Aspen Insurance Holdings, Ltd.		1,171,600
	23,400	Assurant, Inc.		2,235,168
	64,200	Assured Guaranty, Ltd.		2,423,550
	63,735	Axis Capital Holdings, Ltd.		3,652,653
	134,700	CNO Financial Group, Inc.		3,143,898
	101,820	Essent Group, Ltd.*		4,123,710
	15,800	Everest Re Group, Ltd.		3,608,562
	18,600	HCI Group, Inc.‡		711,450

See accompanying Notes to the Financial Statements. 17

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Insurance — continued
	66,600	Heritage Insurance Holdings, Inc.‡		879,786
	54,183	James River Group Holdings, Ltd.		2,247,511
	48,000	Lincoln National Corp.		3,527,040
	170,000	MGIC Investment Corp.*		2,130,100
	41,776	ProAssurance Corp.		2,283,058
	35,211	Reinsurance Group of America, Inc.		4,912,991
	87,300	Universal Insurance Holdings, Inc.		2,007,900
	84,000	Unum Group		4,294,920
	35,150	XL Group, Ltd.		1,386,667
				48,191,365
		Internet — 0.2%
	46,668	Cogent Communications Holdings, Inc.‡		2,282,065
		Investment Companies — 0.2%
	57,300	Ares Capital Corp.		939,147
	4,800	Fifth Street Finance Corp.		26,256
	59,200	New Mountain Finance Corp.		843,600
				1,809,003
		Iron & Steel — 0.2%
	27,800	Reliance Steel & Aluminum Co.		2,117,526
		Leisure Time — 1.6%
	63,065	Brunswick Corp.		3,529,748
	40,899	Camping World Holdings, Inc. Class A‡		1,666,225
	90,725	Harley-Davidson, Inc.‡		4,373,852
	68,065	Horizon Global Corp.* ‡		1,200,667
	88,168	Planet Fitness, Inc. Class A‡		2,378,773
	20,612	Polaris Industries, Inc.‡		2,156,633
				15,305,898
		Lodging — 0.6%
	93,870	Boyd Gaming Corp.		2,445,313
	35,300	Wyndham Worldwide Corp.		3,720,973
				6,166,286
		Machinery - Construction & Mining — 0.3%
	29,300	Oshkosh Corp.		2,418,422
		Machinery - Diversified — 3.8%
	74,087	Albany International Corp. Class A		4,252,594
	42,290	Altra Industrial Motion Corp.		2,034,149
	53,600	Briggs & Stratton Corp.		1,259,600
	40,696	Cognex Corp.		4,487,955
	55,340	Flowserve Corp.‡		2,356,931
	165,259	Gardner Denver Holdings, Inc.*		4,547,928
	16,767	Graco, Inc.		2,073,910

18 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Machinery - Diversified — continued
	55,956	Middleby Corp. (The)*		7,171,881
	19,614	Nordson Corp.		2,324,259
	35,666	Wabtec Corp.‡		2,701,699
	36,742	Zebra Technologies Corp. Class A*		3,989,446
				37,200,352
		Media — 0.3%
	14,800	AMC Networks, Inc. Class A*		865,356
	24,370	Nexstar Media Group, Inc. Class A‡		1,518,251
	67,300	TEGNA, Inc.		897,109
				3,280,716
		Metal Fabricate & Hardware — 0.7%
	45,900	Global Brass & Copper Holdings, Inc.		1,551,420
	26,599	RBC Bearings, Inc.*		3,328,865
	38,608	Sun Hydraulics Corp.		2,084,832
				6,965,117
		Mining — 0.4%
	21,357	Compass Minerals International, Inc.‡		1,386,069
	59,495	Materion Corp.		2,567,209
				3,953,278
		Miscellaneous - Manufacturing — 1.9%
	45,400	American Outdoor Brands Corp.*		692,350
	52,320	AO Smith Corp.		3,109,378
	17,105	AptarGroup, Inc.		1,476,333
	44,170	Crane Co.		3,533,158
	33,494	Hexcel Corp.		1,923,225
	40,100	ITT, Inc.		1,775,227
	12,115	John Bean Technologies Corp.		1,224,826
	59,400	Textron, Inc.		3,200,472
	19,300	Trinseo SA		1,295,030
				18,229,999
		Office & Business Equipment — 0.2%
	93,800	Pitney Bowes, Inc.		1,314,138
	26,200	Xerox Corp.		872,198
				2,186,336
		Oil & Gas — 3.3%
	48,360	Andeavor		4,988,334
	192,536	Callon Petroleum Co.* ‡		2,164,105
	284,295	Carrizo Oil & Gas, Inc.* ‡		4,869,973
	94,300	Diamond Offshore Drilling, Inc.* ‡		1,367,350
	39,312	Diamondback Energy, Inc.*		3,851,003
	38,870	Energen Corp.*		2,125,412
	48,720	EQT Corp.		3,178,493

See accompanying Notes to the Financial Statements. 19

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — continued
	53,700	Murphy Oil Corp.‡		1,426,272
	23,100	Murphy USA, Inc.*		1,593,900
	99,970	Newfield Exploration Co.*		2,966,110
	41,267	Parsley Energy, Inc. Class A*		1,086,973
	31,800	PBF Energy, Inc. Class A		877,998
	30,665	PDC Energy, Inc.*		1,503,505
	83,830	QEP Resources, Inc.*		718,423
				32,717,851
		Oil & Gas Services — 0.4%
	37,553	Dril-Quip, Inc.*		1,657,965
	59,700	Matrix Service Co.*		907,440
	30,875	Oil States International, Inc.*		782,681
	72,614	Superior Energy Services, Inc.*		775,518
				4,123,604
		Packaging & Containers — 0.4%
	74,600	Owens-Illinois, Inc.*		1,876,936
	20,800	Packaging Corp. of America		2,385,344
				4,262,280
		Pharmaceuticals — 2.7%
	4,400	Akorn, Inc.*		146,036
	36,567	Alkermes Plc*		1,859,066
	14,680	Avexis, Inc.* ‡		1,419,997
	71,172	Catalent, Inc.*		2,841,186
	23,140	DexCom, Inc.* ‡		1,132,125
	106,129	Ironwood Pharmaceuticals, Inc.* ‡		1,673,654
	26,817	Jazz Pharmaceuticals Plc*		3,921,986
	50,275	Lannett Co., Inc.* ‡		927,574
	23,400	Mallinckrodt Plc* ‡		874,458
	135,740	Nektar Therapeutics*		3,257,760
	42,653	Neurocrine Biosciences, Inc.* ‡		2,613,776
	39,900	Omega Protein Corp.		664,335
	50,815	Pacira Pharmaceuticals, Inc.* ‡		1,908,103
	54,705	Premier, Inc. Class A*		1,781,742
	90,700	Sucampo Pharmaceuticals, Inc. Class A* ‡		1,070,260
				26,092,058
		Real Estate — 0.2%
	26,266	FirstService Corp.		1,728,565
		REITS — 6.8%
	80,432	American Campus Communities, Inc. REIT		3,551,073
	227,300	Annaly Capital Management, Inc. REIT		2,770,787
	121,301	Brandywine Realty Trust REIT		2,121,555
	163,500	Cedar Realty Trust, Inc. REIT		918,870
	99,300	Chimera Investment Corp. REIT		1,878,756

20 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		REITS — continued
	52,000	City Office, Inc. REIT		716,040
	20,100	CoreCivic, Inc. REIT		538,077
	16,306	Coresite Realty Corp. REIT		1,824,641
	50,940	CyrusOne, Inc. REIT		3,001,894
	121,700	DDR Corp. REIT		1,114,772
	104,741	Easterly Government Properties, Inc. REIT		2,164,997
	84,600	Franklin Street Properties Corp. REIT		898,452
	58,700	Government Properties Income Trust REIT		1,101,799
	91,400	Hospitality Properties Trust REIT		2,603,986
	113,700	Independence Realty Trust, Inc. REIT		1,156,329
	59,000	InfraREIT, Inc. REIT		1,319,830
	227,800	Lexington Realty Trust REIT		2,328,116
	71,800	Mack-Cali Realty Corp. REIT		1,702,378
	159,000	Medical Properties Trust, Inc. REIT		2,087,670
	27,265	Mid-America Apartment Communities, Inc. REIT		2,914,083
	57,600	MTGE Investment Corp. REIT		1,117,440
	137,268	Physicians Realty Trust REIT		2,433,762
	95,600	Piedmont Office Realty Trust, Inc. REIT Class A		1,927,296
	56,600	Preferred Apartment Communities, Inc. REIT		1,068,608
	188,725	Ramco-Gershenson Properties Trust REIT		2,455,312
	84,500	RLJ Lodging Trust REIT		1,859,000
	68,800	Sabra Healthcare, Inc. REIT		1,509,472
	95,800	Select Income REIT		2,243,636
	139,600	Senior Housing Properties Trust REIT		2,729,180
	21,590	STAG Industrial, Inc. REIT		593,077
	89,900	Starwood Property Trust, Inc. REIT		1,952,628
	187,407	Summit Hotel Properties, Inc. REIT		2,996,638
	69,172	Sun Communities, Inc. REIT		5,926,657
	70,800	Xenia Hotels & Resorts, Inc. REIT		1,490,340
				67,017,151
		Retail — 3.6%
	78,700	American Eagle Outfitters, Inc.		1,125,410
	42,231	BJ’s Restaurants, Inc.*		1,285,934
	72,100	Bloomin’ Brands, Inc.		1,268,960
	78,676	BMC Stock Holdings, Inc.*		1,679,733
	27,535	Burlington Stores, Inc.*		2,628,491
	29,700	Dick’s Sporting Goods, Inc.		802,197
	16,800	Dillard’s, Inc. Class A‡		941,976
	46,230	Dunkin’ Brands Group, Inc.		2,453,888
	53,432	Five Below, Inc.*		2,932,348
	28,613	Floor & Decor Holdings, Inc.* ‡		1,113,904
	30,300	Foot Locker, Inc.		1,067,166
	178,689	Fred’s, Inc. Class A‡		1,150,757
	161,610	Haverty Furniture Cos., Inc.¤		4,226,102
	29,700	Kohl’s Corp.‡		1,355,805
	21,851	La-Z-Boy, Inc.		587,792
	20,380	Lithia Motors, Inc. Class A‡		2,451,918
	80,162	Michaels Cos., Inc. (The)*		1,721,078

See accompanying Notes to the Financial Statements. 21

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Retail — continued
	135,408	Office Depot, Inc.		614,752
	32,830	PriceSmart, Inc.		2,930,078
	60,400	Sonic Automotive, Inc. Class A‡		1,232,160
	23,900	Williams-Sonoma, Inc.‡		1,191,654
				34,762,103
		Savings & Loans — 0.4%
	71,400	Banc of California, Inc.‡		1,481,550
	33,800	Berkshire Hills Bancorp, Inc.		1,309,750
	44,600	United Financial Bancorp, Inc.		815,734
				3,607,034
		Semiconductors — 3.4%
	42,170	Advanced Micro Devices, Inc.* ‡		537,668
	890	Cabot Microelectronics Corp.		71,138
	119,465	Cypress Semiconductor Corp.‡		1,794,364
	47,130	Inphi Corp.* ‡		1,870,590
	60,700	Kulicke & Soffa Industries, Inc.*		1,309,299
	525,565	Lattice Semiconductor Corp.*		2,738,194
	63,560	Mellanox Technologies, Ltd.* ‡		2,996,854
	85,150	Microsemi Corp.*		4,383,522
	305,860	ON Semiconductor Corp.*		5,649,234
	24,466	Power Integrations, Inc.		1,790,911
	31,580	Qorvo, Inc.*		2,232,074
	50,295	Silicon Laboratories, Inc.*		4,018,570
	90,530	Teradyne, Inc.		3,375,864
				32,768,282
		Shipbuilding — 0.2%
	7,600	Huntington Ingalls Industries, Inc.		1,720,944
		Software — 6.0%
	18,823	ANSYS, Inc.*		2,310,147
	45,018	Black Knight Financial Services, Inc. Class A* ‡		1,938,025
	54,982	Blackbaud, Inc.		4,827,420
	19,842	Broadridge Financial Solutions, Inc.		1,603,630
	83,054	Callidus Software, Inc.* ‡		2,047,281
	43,027	Cotiviti Holdings, Inc.* ‡		1,548,111
	52,020	CyberArk Software, Ltd.* ‡		2,132,820
	9,425	Donnelley Financial Solutions, Inc.*		203,203
	13,344	EPAM Systems, Inc.*		1,173,338
	31,298	Guidewire Software, Inc.* ‡		2,436,862
	30,903	HubSpot, Inc.* ‡		2,597,397
	18,479	j2 Global, Inc.		1,365,229
	623,980	Mitel Networks Corp.*		5,235,192
	36,149	MSCI, Inc. Class A		4,225,818
	39,450	New Relic, Inc.*		1,964,610
	81,168	PTC, Inc.*		4,568,135

22 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	77,860	RealPage, Inc.* ‡		3,106,614
	31,755	Splunk, Inc.* ‡		2,109,485
	60,028	SS&C Technologies Holdings, Inc.		2,410,124
	27,830	Talend SA, ADR* ‡		1,139,360
	21,450	Tyler Technologies, Inc.*		3,739,164
	20,643	Ultimate Software Group, Inc. (The)* ‡		3,913,913
	34,217	Veeva Systems, Inc. Class A*		1,930,181
				58,526,059
		Telecommunications — 1.0%
	23,455	ARRIS International Plc*		668,233
	51,168	GTT Communications, Inc.*		1,619,467
	80,100	Juniper Networks, Inc.		2,229,183
	37,600	Plantronics, Inc.		1,662,672
	22,325	ViaSat, Inc.* ‡		1,435,944
	60,430	Zayo Group Holdings, Inc.*		2,080,001
				9,695,500
		Transportation — 1.7%
	31,300	Atlas Air Worldwide Holdings, Inc.*		2,059,540
	34,855	J.B. Hunt Transport Services, Inc.		3,871,693
	65,800	Navigator Holdings, Ltd.* ‡		730,380
	26,260	Old Dominion Freight Line, Inc.		2,891,489
	29,900	Ryder System, Inc.		2,528,045
	85,943	Schneider National, Inc. Class B		2,174,358
	39,904	XPO Logistics, Inc.* ‡		2,704,693
				16,960,198
		TOTAL COMMON STOCKS (COST $767,111,047)		933,088,221
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 8.3%
		Bank Deposit — 4.6%
	44,932,048	State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		44,932,048
		Mutual Fund - Securities Lending Collateral — 3.6%
	35,085,658	State Street Institutional U.S. Government Money Market Fund, Premier Class***		35,085,658
		U.S. Government and Agency Obligations — 0.1%
	1,250,000	United States Treasury Bill, 0.94%, due 10/12/17** ‡‡		1,249,614
		TOTAL SHORT-TERM INVESTMENTS (COST $81,267,305)		81,267,320
		TOTAL INVESTMENTS — 103.5% (Cost $848,378,352)		1,014,355,541
		Other Assets and Liabilities (net) — (3.5)%		(34,583,557	)
		NET ASSETS — 100.0%	$	979,771,984

See accompanying Notes to the Financial Statements. 23

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	All or a portion of this security is pledged for open futures collateral.
***	Represents an investment of securities lending cash collateral.
¤	Illiquid security. The total market value of the securities at period end is $4,226,102 which represents 0.4% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $3,348,952.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.

24 See accompanying Notes to the Financial Statements.

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	177	Russell 2000 Mini Index		Dec 2017	$	13,212,165	$	798,146
	100	S&P Mid 400 E-mini Index		Dec 2017		17,957,000		775,765
							$	1,573,911

See accompanying Notes to the Financial Statements. 25

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		95.2
Futures Contracts		0.2
Short-Term Investments		8.3
Other Assets and Liabilities (net)		(3.7	)
		100.0	%

26 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 93.6%
		Australia — 4.4%
	106,690	AGL Energy, Ltd.		1,956,403
	186,895	Aristocrat Leisure, Ltd.		3,079,589
	1,444,167	Asaleo Care, Ltd.		1,750,740
	43,809	ASX, Ltd.		1,802,267
	496,780	Aurizon Holdings, Ltd.		1,910,012
	259,978	Australia & New Zealand Banking Group, Ltd.		6,038,154
	294,129	BGP Holdings Plc* **** ¤		—
	83,900	BHP Billiton, Ltd., ADR		3,400,467
	331,433	BHP Billiton, Ltd.		6,704,316
	155,700	BlueScope Steel, Ltd.		1,340,205
	1,500,332	Brambles, Ltd.		10,595,116
	27,803	Computershare, Ltd.		315,672
	150,116	Crown Resorts, Ltd.		1,332,188
	136,310	CSL, Ltd.		14,327,773
	724,300	CSR, Ltd.		2,688,162
	458,581	Downer EDI, Ltd.		2,436,018
	1,105,906	Evolution Mining, Ltd.‡		1,917,725
	500,200	Fortescue Metals Group, Ltd.		2,017,357
	987,052	Genworth Mortgage Insurance Australia, Ltd.		2,160,827
	365,400	Harvey Norman Holdings, Ltd.‡		1,112,439
	227,700	Lendlease Group		3,201,672
	45,800	Macquarie Group, Ltd.		3,267,388
	33,691	Magellan Financial Group, Ltd.		649,259
	130,170	McMillan Shakespeare, Ltd.		1,501,427
	788,200	Metcash, Ltd.‡		1,583,260
	207,928	Orica, Ltd.		3,225,488
	18,182	Perpetual, Ltd.		739,290
	1,410,268	Qantas Airways, Ltd.		6,451,282
	249,400	Retail Food Group, Ltd.‡		837,560
	804,372	Sigma Healthcare, Ltd.		520,699
	226,050	Star Entertainment Grp, Ltd. (The)		929,419
	279,509	Steadfast Group, Ltd.		611,894
	229,387	Technology One, Ltd.		903,542
	1,098,269	Treasury Wine Estates, Ltd.		11,797,446
		Total Australia		103,105,056
		Austria — 1.1%
	8,428	ams AG		611,457
	11,603	ANDRITZ AG		670,833
	338,590	Erste Group Bank AG*		14,628,265
	23,146	Oesterreichische Post AG		1,068,806
	69,200	OMV AG		4,032,326
	45,807	UNIQA Insurance Group AG		480,012
	62,088	Vienna Insurance Group AG		1,835,744
	50,100	Voestalpine AG		2,555,400
		Total Austria		25,882,843

See accompanying Notes to the Financial Statements. 27

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Belgium — 0.8%
	55,042	Ageas		2,587,208
	13,779	KBC Ancora		811,544
	137,960	KBC Group NV		11,693,999
	61,711	Orange Belgium SA¤		1,426,994
	17,567	Telenet Group Holding NV*		1,162,576
		Total Belgium		17,682,321
		Bermuda — 0.2%
	1,742,733	Esprit Holdings, Ltd.*		972,809
	179,885	Hiscox, Ltd.		3,089,186
		Total Bermuda		4,061,995
		Brazil — 0.7%
	674,100	JBS SA		1,811,438
	427,700	Localiza Rent a Car SA		7,803,160
	616,600	Lojas Renner SA		7,029,258
		Total Brazil		16,643,856
		Canada — 0.5%
	47,300	Canadian National Railway Co.		3,918,805
	226,155	Entertainment One, Ltd.		782,826
	14,891	Fairfax Financial Holdings, Ltd.		7,731,318
		Total Canada		12,432,949
		Cayman Islands — 2.0%
	91,200	Alibaba Group Holding, Ltd., ADR*		15,751,152
	1,969,000	China Hongqiao Group, Ltd.* **** ¤		1,777,235
	197,500	CK Asset Holdings, Ltd.		1,634,729
	3,714,000	Jiangnan Group, Ltd.		221,108
	2,741,000	Lee & Man Paper Manufacturing, Ltd.		3,509,289
	262,800	Sands China, Ltd.		1,367,716
	406,550	Tencent Holdings, Ltd.		17,499,342
	3,167,500	WH Group, Ltd.		3,365,927
	2,144,000	Xinyi Glass Holdings, Ltd.*		2,119,103
		Total Cayman Islands		47,245,601
		China — 0.1%
	905,000	China Railway Construction Corp., Ltd. Class H		1,147,080
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,535,546
		Total China		2,682,626
		Denmark — 1.6%
	4,537	AP Moeller — Maersk AS Class B		8,620,214
	144,100	Danske Bank AS		5,764,183
	208,025	DSV AS		15,740,343
	30,798	Jyske Bank AS		1,777,485
	101,059	Novo Nordisk AS Class B		4,832,363

28 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Denmark — continued
	40,837	Sydbank AS		1,695,162
		Total Denmark		38,429,750
		Finland — 0.6%
	44,573	Neste OYJ		1,947,050
	20,860	Orion OYJ Class B		968,178
	185,949	Stora Enso OYJ Class R		2,626,954
	228,629	UPM-Kymmene OYJ		6,197,636
	82,851	Valmet OYJ		1,628,849
	21,381	Wartsila OYJ Abp‡		1,514,069
		Total Finland		14,882,736
		France — 7.8%
	10,500	Atos SE		1,629,218
	400,200	AXA SA		12,107,043
	197,827	BNP Paribas SA		15,961,693
	34,742	Cie Generale des Etablissements Michelin		5,072,388
	163,401	CNP Assurances		3,830,612
	154,654	Credit Agricole SA		2,811,954
	217,168	Danone SA		17,039,560
	51,505	Dassault Systemes SE		5,211,505
	112,488	Derichebourg SA		1,179,561
	57,611	Edenred		1,566,477
	76,000	Electricite de France SA		923,179
	232,756	Engie SA		3,954,107
	13,866	Euler Hermes Group		1,639,238
	10,382	Eurazeo SA		928,252
	2,855	Hermes International		1,439,683
	42,863	IPSOS		1,483,947
	42,490	Kering		16,930,578
	13,487	L’Oreal SA		2,868,384
	100,897	Legrand SA		7,285,645
	12,140	LVMH Moet Hennessy Louis Vuitton SE		3,350,451
	223,200	Natixis SA		1,786,379
	88,838	Neopost SA		3,453,197
	177,900	Orange SA		2,914,942
	93,823	Pernod Ricard SA		12,982,893
	21,065	Renault SA		2,069,691
	93,500	Sanofi		9,286,099
	140,973	Schneider Electric SE*		12,271,043
	55,683	SCOR SE		2,335,263
	202,072	Societe Generale SA		11,833,386
	250,055	Total SA		13,434,218
	41,561	UBISOFT Entertainment SA*		2,857,598
		Total France		182,438,184
		Germany — 8.6%
	107,172	Adidas AG		24,250,126
	35,045	Allianz SE		7,869,662

See accompanying Notes to the Financial Statements. 29

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	16,400	Aurubis AG		1,328,858
	23,200	BASF SE		2,469,529
	146,966	Bayer AG		20,032,581
	22,808	Bayerische Motoren Werke AG		2,314,286
	75,165	Brenntag AG		4,186,640
	84,200	CECONOMY AG		991,729
	4,694	Cewe Stiftung & Co. KGaA‡		446,215
	43,243	Covestro AG		3,719,115
	37,605	Daimler AG		2,999,487
	23,114	Deutsche Boerse AG		2,506,009
	129,200	Deutsche Lufthansa AG		3,590,921
	269,363	Deutsche Telekom AG		5,026,588
	247,561	Deutsche Wohnen SE		10,512,579
	116,064	Deutz AG		937,836
	459,870	E.ON SE		5,206,069
	68,600	Evonik Industries AG		2,450,808
	141,618	GEA Group AG		6,444,023
	62,820	HeidelbergCement AG		6,458,894
	664,911	Infineon Technologies AG		16,719,440
	1,298	Isra Vision AG		245,136
	76,774	Jenoptik AG		2,544,518
	5,228	Koenig & Bauer AG		430,969
	37,979	LEG Immobilien AG		3,842,884
	22,512	Leoni AG		1,493,293
	84,200	METRO AG*		1,780,294
	9,277	MTU Aero Engines AG		1,480,032
	35,894	Muenchener Rueckversicherungs-Gesellschaft in Muenchen AG		7,676,286
	6,097	Nemetschek SE‡		495,685
	27,895	Rheinmetall AG		3,144,730
	140,607	RWE AG*		3,194,854
	16,358	Salzgitter AG‡		742,209
	34,468	SAP SE		3,776,937
	29,600	Siemens AG		4,171,178
	99,544	Symrise AG		7,563,349
	134,023	TAG Immobilien AG‡		2,253,044
	52,401	Talanx AG*		2,118,946
	144,968	TUI AG		2,464,460
	238,200	Vonovia SE		10,137,596
	10,505	Wacker Chemie AG‡		1,506,425
	194,360	Zalando SE* ‡		9,742,344
		Total Germany		201,266,564
		Gibraltar — 0.0%
	96,024	888 Holdings Plc		330,837
		Hong Kong — 1.3%
	2,035,400	AIA Group, Ltd.		15,010,056
	3,160,000	Champion REIT		2,180,650
	468,000	Galaxy Entertainment Group, Ltd.		3,295,479

30 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	147,000	Hopewell Holdings, Ltd.		574,020
	309,038	I-CABLE Communications, Ltd.*		10,287
	347,000	Link REIT		2,812,181
	1,243,000	PCCW, Ltd.		673,165
	134,000	Sun Hung Kai Properties, Ltd.		2,177,090
	193,000	Wharf Holdings, Ltd. (The)		1,719,795
	404,000	Wheelock & Co., Ltd.		2,842,229
		Total Hong Kong		31,294,952
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc		2,621,191
		India — 0.3%
	262,840	HDFC Bank, Ltd.		7,243,190
	423,100	KPIT Technologies, Ltd.		786,997
		Total India		8,030,187
		Indonesia — 0.5%
	17,815,000	Bank Mandiri Persero Tbk PT		8,894,935
	3,540,700	Bank Negara Indonesia Persero Tbk PT		1,945,295
		Total Indonesia		10,840,230
		Ireland — 1.2%
	188,344	Bank of Ireland Group Plc*		1,543,035
	313,147	C&C Group Plc		1,129,117
	233,390	CRH Plc (Dublin Exchange)		8,905,109
	67,045	Kerry Group Plc Class A		6,443,091
	91,299	Ryanair Holdings Plc, ADR*		9,624,740
		Total Ireland		27,645,092
		Isle of Man — 0.1%
	127,324	Playtech Plc		1,569,020
		Israel — 0.4%
	119,655	Bank Hapoalim BM		837,646
	62,998	Check Point Software Technologies, Ltd.*		7,183,032
	952,345	El Al Israel Airlines		641,888
	1,900	Orbotech, Ltd.*		80,199
	50,800	Teva Pharmaceutical Industries, Ltd.		888,130
		Total Israel		9,630,895
		Italy — 2.0%
	1,214,000	A2A SpA		2,088,202
	266,163	Assicurazioni Generali SpA		4,959,006
	183,100	Astaldi SpA		1,254,390
	42,780	ASTM SpA		1,110,110
	212,555	Autogrill SpA		2,764,106
	57,202	Azimut Holding SpA		1,237,522

See accompanying Notes to the Financial Statements. 31

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Italy — continued
	2,089,427	Enel SpA		12,585,258
	42,195	ERG SpA		673,918
	86,905	FinecoBank Banca Fineco SpA		770,543
	16,761	Industria Macchine Automatiche SpA		1,592,123
	188,652	Italgas SpA		1,059,365
	99,858	Leonardo SpA		1,871,125
	127,100	Mediobanca SpA		1,364,339
	39,405	OVS SpA		300,936
	198,320	Poste Italiane SpA		1,460,647
	319,195	Saras SpA		855,835
	167,166	Societa Cattolica di Assicurazioni SCRL		1,452,533
	163,172	Sogefi SpA*		992,480
	101,285	Technogym SpA		897,444
	156,407	UniCredit SpA*		3,331,975
	786,027	Unipol Gruppo Finanziario SpA		3,603,595
	148,899	UnipolSai Assicurazioni SpA		347,832
		Total Italy		46,573,284
		Japan — 23.3%
	57,100	Aeon Financial Service Co. Ltd.‡		1,192,574
	78,900	Aeon Mall Co., Ltd.		1,403,959
	31,300	Aida Engineering, Ltd.		369,266
	40,200	Air Water, Inc.		741,396
	79,600	Aisin Seiki Co., Ltd.		4,193,382
	126,100	Ajinomoto Co., Inc.		2,460,051
	61,200	Alpine Electronics, Inc.		1,112,925
	38,200	Amano Corp.		903,714
	79,200	Asahi Glass Co., Ltd.		2,937,503
	80,000	Asahi Kasei Corp.		984,320
	407,600	Astellas Pharma, Inc.		5,183,489
	37,900	Azbil Corp.		1,624,550
	42,200	Bandai Namco Holdings, Inc.		1,447,093
	21,300	Belluna Co., Ltd.		224,420
	109,700	Brother Industries, Ltd.		2,551,367
	17,100	Canon Marketing Japan, Inc.		408,492
	45,300	Canon, Inc.		1,547,359
	61,000	Central Glass Co., Ltd.		1,328,761
	14,100	Central Japan Railway Co.		2,471,399
	248,294	Chiba Bank, Ltd. (The)‡		1,775,656
	33,900	Chudenko Corp.		984,791
	330,300	Citizen Watch Co., Ltd.		2,274,086
	118,800	COMSYS Holdings Corp.		2,837,944
	2,000	Cosmos Pharmaceutical Corp.		446,320
	251,600	Dai-ichi Life Holdings, Inc.		4,512,774
	22,900	Daiichikosho Co., Ltd.		1,094,497
	30,500	Daikyonishikawa Corp.		490,970
	591,246	Daiwa Securities Group, Inc.		3,347,409
	30,200	Denka Co., Ltd.		994,012
	33,600	Denso Corp.		1,699,328

32 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	122,300	DIC Corp.		4,427,420
	48,400	DMG Mori Co., Ltd.		868,547
	73,500	East Japan Railway Co.		6,780,949
	21,900	en-japan, Inc.		802,536
	20,900	Enplas Corp.		967,343
	30,600	Exedy Corp.		931,062
	2,100	FANUC Corp.		425,168
	44,700	FCC Co., Ltd.		995,142
	32,300	Fuji Machine Manufacturing Co., Ltd.		601,437
	85,100	Fuji Oil Holdings, Inc.		2,221,906
	35,700	Fuji Seal International, Inc.		1,078,310
	54,400	FUJIFILM Holdings Corp.		2,110,468
	352,000	Fujikura, Ltd.		2,826,882
	114,100	Fujitec Co., Ltd.‡		1,596,478
	585,000	Fujitsu, Ltd.		4,344,170
	11,900	Funai Soken Holdings, Inc.		366,308
	9,100	Furukawa Electric Co., Ltd.		499,605
	16,900	Fuyo General Lease Co., Ltd.		1,101,994
	71,697	Glory, Ltd.		2,538,201
	244,094	Hachijuni Bank, Ltd. (The)		1,524,436
	24,600	Heiwado Co., Ltd.		538,265
	123,300	Hino Motors, Ltd.		1,507,225
	41,000	Hirose Electric Co., Ltd.		5,769,467
	14,100	Hitachi High-Technologies Corp.		511,065
	18,300	Hitachi Maxell, Ltd.		410,659
	1,041,000	Hitachi, Ltd.		7,332,731
	120,800	Hokuetsu Kishu Paper Co., Ltd.‡		754,430
	106,800	Hoya Corp.		5,763,870
	36,700	IBJ Leasing Co., Ltd.		992,773
	215,100	Inpex Corp.		2,284,476
	177,100	Isuzu Motors, Ltd.		2,345,810
	122,500	Ito En, Ltd.		4,129,947
	210,000	Itochu Corp.		3,438,280
	70,600	Japan Airlines Co., Ltd.		2,388,352
	269,300	Japan Tobacco, Inc.		8,823,155
	63,400	JFE Holdings, Inc.		1,237,698
	8,500	JINS, Inc.		530,849
	135,600	JSR Corp.		2,575,515
	43,500	Juki Corp.		621,401
	43,000	K’s Holdings Corp.‡		952,330
	27,800	Kaken Pharmaceutical Co., Ltd.‡		1,412,659
	16,500	Kamigumi Co., Ltd.		381,846
	29,000	Kandenko Co., Ltd.		304,260
	146,000	Kaneka Corp.		1,133,603
	164,600	Kanematsu Corp.		2,098,352
	203,900	Kansai Electric Power Co., Inc. (The)		2,607,507
	303,508	Kao Corp.		17,849,447
	643,200	KDDI Corp.		16,953,533
	75,600	Keihin Corp.		1,293,525
	16,400	Keio Corp.		676,018

See accompanying Notes to the Financial Statements. 33

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	9,500	Keyence Corp.		5,042,642
	20,300	KH Neochem Co., Ltd.		497,559
	17,100	Kikkoman Corp.		525,616
	33,700	Kinden Corp.		542,481
	35,900	Kintetsu World Express, Inc.		595,117
	103,100	Kobayashi Pharmaceutical Co., Ltd.		5,834,380
	7,000	Kobe Bussan Co., Ltd.		314,041
	423,300	Komatsu, Ltd.		12,037,341
	19,300	Komeri Co., Ltd.		555,519
	55,000	Komori Corp.		691,378
	36,700	Konami Holdings Corp.‡		1,763,843
	346,900	Konica Minolta, Inc.‡		2,847,560
	13,386	Kose Corp.		1,532,852
	25,000	Kumagai Gumi Co., Ltd.		754,009
	17,500	Kuraray Co., Ltd.		327,100
	45,900	KYB Corp.		2,772,798
	12,700	Kyocera Corp.		787,735
	52,100	Kyudenko Corp.		2,017,998
	13,600	Lintec Corp.		368,498
	335,200	Marubeni Corp.		2,288,466
	9,600	Maruwa Co., Ltd.		541,554
	26,200	Matsumotokiyoshi Holdings Co., Ltd.		1,752,641
	408,900	Mebuki Financial Group, Inc.		1,580,167
	102,800	MISUMI Group, Inc.		2,705,960
	314,300	Mitsubishi Chemical Holdings Corp.		2,993,200
	109,200	Mitsubishi Electric Corp.		1,705,447
	118,900	Mitsubishi Gas Chemical Co., Inc.		2,785,407
	52,500	Mitsubishi Shokuhin Co., Ltd.		1,532,115
	37,400	Mitsui Mining & Smelting Co., Ltd.		1,937,032
	17,100	Mixi, Inc.‡		824,883
	1,773,900	Mizuho Financial Group, Inc.‡		3,106,078
	293,300	MonotaRO Co., Ltd.‡		7,842,873
	128,700	MS&AD Insurance Group Holdings, Inc.		4,142,319
	5,300	Murata Manufacturing Co., Ltd.		778,768
	66,700	NEC Corp.		1,807,267
	70,300	Nexon Co., Ltd.*		1,833,614
	54,000	NH Foods Ltd.		1,484,742
	161,100	Nihon Kohden Corp.		3,480,613
	56,700	Nihon M&A Center, Inc.		2,770,399
	46,800	Nikon Corp.		811,147
	33,800	Nintendo Co., Ltd.		12,479,261
	66,600	Nippon Electric Glass Co., Ltd.		2,576,671
	40,700	Nippon Flour Mills Co., Ltd.		619,729
	38,500	Nippon Paper Industries Co., Ltd.‡		715,515
	326,000	Nippon Soda Co., Ltd.		1,980,935
	48,036	Nippon Telegraph & Telephone Corp.,ADR		2,196,206
	163,500	Nippon Telegraph & Telephone Corp.		7,490,512
	46,900	Nishi-Nippon Financial Holdings, Inc.		512,894
	29,200	Nishimatsu Construction Co., Ltd.		843,068

34 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares			Description	Value ($)
			Japan — continued
	35,000		Nissan Chemical Industries, Ltd.		1,231,289
	305,100		Nissan Motor Co., Ltd.‡		3,020,779
	130,000		Nisshinbo Holdings, Inc.‡		1,537,156
	23,100		Nissin Foods Holdings Co., Ltd.		1,403,669
	29,900		Nitori Holdings Co., Ltd.		4,273,895
	21,100		Nitto Denko Corp.		1,758,630
	24,000		NOF Corp.		678,008
	982,200		Nomura Holdings, Inc.		5,497,144
	231,000	��	Nomura Research Institute, Ltd.‡		9,008,928
	363,441		North Pacific Bank, Ltd.		1,149,425
	12,600		Obara Group, Inc.		713,028
	73,600		Obic Co., Ltd.		4,629,219
	132,000		Oji Holdings Corp.		711,802
	61,000		Okasan Securities Group, Inc.		350,073
	35,800		Okumura Corp.		1,367,565
	103,600		Omron Corp.		5,273,646
	224,600		Orix Corp.		3,620,457
	228,900		Panasonic Corp.		3,315,608
	70,200		Penta-Ocean Construction Co., Ltd.		442,784
	37,700		Pigeon Corp.		1,287,758
	341,600		Pola Orbis Holdings, Inc.		10,333,123
	257,000		Prima Meat Packers, Ltd.		1,737,458
	633,800		Recruit Holdings Co., Ltd.		13,721,588
	431,500		Resona Holdings, Inc.		2,215,671
	23,500		Ricoh Co., Ltd.‡		228,392
	58,500		Rohm Co., Ltd.		5,009,905
	188,500		Rohto Pharmaceutical Co., Ltd.		4,245,081
	26,000		Round One Corp.		349,469
	16,900		Royal Holdings Co., Ltd.		425,334
	43,600		Sankyu, Inc.		1,843,699
	435,500		Santen Pharmaceutical Co., Ltd.		6,859,517
	25,300		Sawai Pharmaceutical Co., Ltd.‡		1,436,210
	15,700		SCREEN Holdings Co., Ltd.		1,087,905
	87,100		Secom Co., Ltd.		6,346,504
	58,200		Seiko Epson Corp.		1,407,885
	32,600		Seiko Holdings Corp.‡		733,583
	66,500		Seino Holdings Co., Ltd.		932,825
	17,700		Seiren Co., Ltd.		325,964
	61,400		Sekisui Chemical Co., Ltd.		1,207,654
	264,300		Senshu Ikeda Holdings, Inc.		1,016,674
	54,500		Shikoku Electric Power Co., Inc.		640,550
	12,600		Shima Seiki Manufacturing, Ltd.		662,657
	77,300		Shin-Etsu Chemical Co., Ltd.		6,908,346
	21,200		Shindengen Electric Manufacturing Co., Ltd.		1,356,017
	45,100		Ship Healthcare Holdings, Inc.		1,392,284
	67,800		Shiseido Co., Ltd.		2,711,639
	6,600		SMC Corp.‡		2,327,135
	30,400		Sohgo Security Services Co., Ltd.		1,393,542
	896,700		Sojitz Corp.		2,477,446

See accompanying Notes to the Financial Statements. 35

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	58,200	Sompo Holdings, Inc.		2,263,578
	316,300	Start Today Co., Ltd.		10,017,408
	113,000	Sumitomo Chemical Co., Ltd.		705,717
	91,600	Sumitomo Electric Industries, Ltd.		1,495,676
	229,741	Sumitomo Mitsui Financial Group, Inc.		8,816,960
	128,300	Sumitomo Rubber Industries, Ltd.		2,350,239
	41,800	Suntory Beverage & Food, Ltd.		1,860,418
	115,600	Suzuki Motor Corp.		6,061,131
	84,100	T-Gaia Corp.		1,633,960
	10,700	Taiyo Holdings Co., Ltd.		498,094
	54,800	Takuma Co., Ltd.		665,983
	24,800	TDK Corp.		1,683,223
	15,600	Teijin, Ltd.		307,385
	105,800	Terumo Corp.		4,159,064
	59,900	THK Co., Ltd.		2,038,085
	94,800	Toagosei Co., Ltd.		1,269,165
	8,800	Tocalo Co., Ltd.		338,898
	149,000	Toda Corp.		1,160,867
	4,300	Toei Co., Ltd.		477,120
	5,500	Token Corp.		654,244
	25,800	Tokio Marine Holdings, Inc.		1,008,942
	39,600	Tokuyama Corp.		936,835
	47,500	Tokyo Century Corp.		2,135,211
	36,500	Tokyo Electron, Ltd.		5,603,163
	79,600	Tokyo Gas Co., Ltd.		1,950,311
	49,700	Tokyo Ohka Kogyo Co., Ltd.		1,766,091
	24,300	Tokyo Seimitsu Co., Ltd.		860,263
	27,900	Topre Corp.‡		856,345
	252,300	Toray Industries, Inc.		2,446,457
	18,000	Towa Pharmaceutical Co., Ltd.		908,275
	38,000	Toyo Ink SC Holdings Co., Ltd.		213,690
	146,000	Toyo Suisan Kaisha, Ltd.		5,363,212
	87,000	Toyoda Gosei Co., Ltd.		2,055,106
	47,400	Toyota Motor Corp.		2,825,514
	71,100	TS Tech Co., Ltd.		2,387,581
	61,000	Tsubakimoto Chain Co.		487,176
	69,400	Ube Industries, Ltd.		2,003,731
	13,100	Ulvac, Inc.		822,787
	83,870	USS Co., Ltd.		1,691,333
	96,900	Valor Holdings Co., Ltd.		2,069,450
	44,300	West Japan Railway Co.		3,078,351
	37,300	Yakult Honsha Co., Ltd.‡		2,687,363
	38,700	Yamaha Corp.		1,426,776
	148,900	Yamaha Motor Co., Ltd.		4,457,807
	306,162	Yamato Holdings Co., Ltd.‡		6,178,181
	124,400	Yokogawa Electric Corp.		2,117,447
	73,000	Yokohama Rubber Co., Ltd. (The)		1,504,553
		Total Japan		547,003,253

36 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Luxembourg — 0.1%
	106,700	SAF-Holland SA		2,169,620
		Malaysia — 0.1%
	748,700	Tenaga Nasional Bhd		2,539,108
		Mexico — 0.3%
	1,097,830	Grupo Financiero Banorte SAB de CV Series O		7,579,330
		Netherlands — 3.4%
	31,558	Aalberts Industries NV		1,526,078
	640,868	Aegon NV		3,733,619
	37,690	ASM International NV		2,383,359
	17,544	ASR Nederland NV		701,962
	23,692	Core Laboratories NV		2,338,400
	22,417	Euronext NV		1,364,555
	19,607	EXOR NV		1,243,574
	28,627	Ferrari NV		3,164,304
	99,427	Heineken NV		9,832,433
	500,473	ING Groep NV		9,229,879
	330,308	Koninklijke Philips NV		13,639,813
	130,000	NN Group NV		5,442,019
	8,710	Randstad Holding NV		538,943
	366,964	RELX NV		7,813,181
	177,909	STMicroelectronics NV, ADR		3,454,993
	200,064	STMicroelectronics NV (Euronext Exchange)		3,871,759
	308,780	Yandex NV Class A*		10,174,301
		Total Netherlands		80,453,172
		New Zealand — 0.2%
	757,106	Air New Zealand, Ltd.		1,844,441
	152,951	Chorus, Ltd.		433,428
	363,746	Sky Network Television, Ltd.		709,970
	330,102	Trade Me Group, Ltd.		1,090,543
		Total New Zealand		4,078,382
		Norway — 0.6%
	320,436	DNB ASA		6,460,809
	31,500	Salmar ASA		890,356
	89,259	SpareBank 1 SMN		911,058
	70,600	Statoil ASA		1,412,834
	374,939	Storebrand ASA		3,184,035
	31,300	Yara International ASA		1,402,549
		Total Norway		14,261,641
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		783,965

See accompanying Notes to the Financial Statements. 37

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Poland — 0.1%
	423,743	PGE Polska Grupa Energetyczna SA*		1,546,613
		Portugal — 0.4%
	782,528	Banco Espirito Santo SA* **** ¤ ^		—
	356,550	Jeronimo Martins SGPS SA‡		7,035,055
	302,546	Navigator Co. SA (The)		1,475,030
		Total Portugal		8,510,085
		Russia — 0.3%
	346,335	Gazprom PJSC, ADR		1,451,144
	48,600	LUKOIL PJSC, ADR		2,577,258
	49,400	MMC Norilsk Nickel PJSC, (London Exchange), ADR		850,421
	32,432	Tatneft PJSC, (London Exchange), ADR		1,384,846
		Total Russia		6,263,669
		Singapore — 0.2%
	146,200	DBS Group Holdings, Ltd.		2,241,529
	1,713,900	Yangzijiang Shipbuilding Holdings, Ltd.		1,804,836
		Total Singapore		4,046,365
		South Korea — 0.2%
	35,889	Kia Motors Corp.		991,738
	1,500	Samsung Electronics Co., Ltd.		3,357,925
	6,440	SK Telecom Co., Ltd.		1,433,798
		Total South Korea		5,783,461
		Spain — 2.1%
	9,687	Acciona SA		779,306
	244,502	Amadeus IT Group SA Class A		15,894,866
	1,095,927	Banco Santander SA		7,653,134
	334,800	Distribuidora Internacional de Alimentacion SA		1,953,275
	117,718	Ence Energia y Celulosa SA		612,331
	98,653	Endesa SA		2,224,670
	228,697	Gas Natural SDG SA		5,063,945
	1,070,173	Iberdrola SA		8,314,618
	20,191	Let’s GOWEX SA* **** ¤ ^ ‡		—
	260,656	Liberbank SA*		240,663
	714,400	Mapfre SA		2,325,927
	444,071	Telefonica SA		4,825,620
		Total Spain		49,888,355
		Sweden — 2.1%
	68,167	Atlas Copco AB Class A		2,880,396
	60,271	Atlas Copco AB Class B		2,331,875
	130,047	Boliden AB		4,392,602
	30,672	Com Hem Holding AB		437,401
	30,104	Industrivarden AB Class A		801,805
	133,780	Investor AB Class B		6,593,652

38 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Sweden — continued
	119,080	Kinnevik AB Class B		3,874,821
	292,650	Lundin Petroleum AB*		6,389,120
	230,914	Nordea Bank AB		3,123,231
	156,023	Sandvik AB		2,685,652
	368,300	SAS AB* ‡		1,177,679
	184,694	Skandinaviska Enskilda Banken AB Class A		2,427,936
	115,000	SKF AB Class B		2,500,812
	491,706	Svenska Handelsbanken AB Class A		7,403,587
	286,200	Telia Co. AB		1,345,033
		Total Sweden		48,365,602
		Switzerland — 8.5%
	85,894	ABB, Ltd.		2,125,157
	5,801	Adecco Group AG		452,042
	9,400	ALSO Holding AG*		1,328,007
	35,600	Aryzta AG* ‡		1,094,196
	8,468	Autoneum Holding AG		2,369,482
	3,316	Bucher Industries AG		1,180,614
	104,711	Cie Financiere Richemont SA		9,577,226
	82,184	Coca-Cola HBC AG*		2,784,119
	6,429	Comet Holding AG		952,789
	197,300	Credit Suisse Group AG*		3,125,888
	7,537	Flughafen Zurich AG		1,705,873
	58,048	GAM Holding AG*		899,876
	8,180	Geberit AG		3,872,735
	1,700	Georg Fischer AG		2,097,768
	6,380	Givaudan SA		13,892,786
	2,918	Helvetia Holding AG		1,586,263
	17,095	Implenia AG		1,131,599
	236,456	Julius Baer Group, Ltd.*		14,002,614
	62,319	Logitech International SA		2,274,167
	65,880	Lonza Group AG*		17,293,840
	312,846	Nestle SA		26,221,383
	8,037	Partners Group Holding AG		5,457,120
	4,000	Rieter Holding AG*		851,592
	123,358	Roche Holding AG		31,515,190
	14,476	Schindler Holding AG		3,200,100
	2,926	SGS SA		7,024,698
	2,065	Siegfried Holding AG*		680,259
	403	Sika AG		3,000,842
	7,574	Sonova Holding AG		1,286,077
	25,193	Swiss Life Holding AG*		8,881,079
	73,664	Swiss Re AG		6,676,657
	17,648	Temenos Group AG*		1,802,007
	572,162	UBS Group AG*		9,786,359
	11,332	VAT Group AG*		1,569,334
	11,934	Vontobel Holding AG		767,767
	20,736	Zurich Insurance Group AG		6,330,523
		Total Switzerland		198,798,028

See accompanying Notes to the Financial Statements. 39

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 1.2%
	591,000	Charoen Pokphand Enterprise		1,253,176
	2,407,000	Compeq Manufacturing Co., Ltd.		2,615,441
	608,000	Fubon Financial Holding Co., Ltd.		948,371
	1,148,000	Taiwan Semiconductor Manufacturing Co., Ltd.		8,196,214
	391,571	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		14,703,491
		Total Taiwan		27,716,693
		Thailand — 0.1%
	16,831,100	Quality Houses PCL		1,392,918
	23,666,400	Sansiri PCL		1,617,973
		Total Thailand		3,010,891
		Turkey — 0.0%
	208,146	TAV Havalimanlari Holding AS		1,033,092
		United Kingdom — 13.9%
	454,689	3i Group Plc		5,569,605
	38,991	Acacia Mining Plc		101,643
	150,718	Ashmore Group Plc		685,899
	573,387	Ashtead Group Plc		13,839,429
	17,768	ASOS Plc*		1,419,579
	1,378,911	BAE Systems Plc		11,682,849
	712,929	Barclays Plc		1,849,395
	211,562	Barratt Developments Plc		1,744,210
	256,120	BBA Aviation Plc		1,025,372
	61,900	Bellway Plc		2,738,096
	61,200	Berkeley Group Holdings Plc		3,051,990
	124,972	BHP Billiton Plc, ADR		4,430,257
	18,887	BP Plc, ADR		725,827
	759,300	BP Plc		4,862,325
	158,856	British American Tobacco Plc		9,957,392
	398,700	BT Group Plc		1,518,626
	306,930	Bunzl Plc		9,335,337
	352,865	Cairn Energy Plc*		906,602
	349,974	Carillion Plc‡		240,640
	570,622	Centrica Plc		1,431,625
	779,431	Compass Group Plc		16,553,802
	150,255	Crest Nicholson Holdings Plc		1,114,790
	88,026	Dechra Pharmaceuticals Plc		2,409,241
	381,860	Diageo Plc		12,567,268
	31,707	Diageo Plc, ADR		4,189,446
	33,665	Dialog Semiconductor Plc*		1,487,080
	229,693	Drax Group Plc		959,326
	86,500	easyJet Plc		1,412,361
	524,070	Experian Plc		10,539,745
	136,850	Ferguson PLC		8,989,290
	701,600	Firstgroup Plc*		1,101,323
	57,349	Galliford Try Plc		1,041,029
	591,200	GKN Plc		2,744,414

40 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	108,200	GlaxoSmithKline Plc		2,160,803
	1,719,840	Glencore Plc*		7,891,386
	47,696	Greggs Plc		797,972
	427,706	Halma Plc		6,426,915
	576,949	Hays Plc		1,466,076
	204,131	IG Group Holdings Plc		1,755,521
	368,476	IMI Plc		6,144,966
	121,168	Imperial Brands Plc		5,176,070
	293,969	Inchcape Plc		3,403,702
	31,876	InterContinental Hotels Group Plc		1,688,419
	71,726	Intermediate Capital Group Plc		900,724
	64,142	Intertek Group Plc		4,287,315
	151,226	IWG Plc		627,952
	1,287,320	J Sainsbury Plc		4,108,848
	134,454	Jardine Lloyd Thompson Group Plc		2,207,976
	218,943	Jupiter Fund Management Plc		1,621,471
	676,000	Kingfisher Plc		2,707,261
	4,197,051	Lloyds Banking Group Plc		3,813,858
	306,750	London Stock Exchange Group Plc		15,762,406
	728,107	Man Group Plc		1,640,156
	489,400	Marks & Spencer Group Plc		2,320,436
	309,291	Meggitt Plc		2,161,943
	213,648	Michael Page International Plc		1,427,184
	400,400	Mitchells & Butlers Plc		1,353,735
	73,124	Moneysupermarket.com Group Plc		311,980
	39,600	National Grid Plc, ADR		2,483,316
	150,713	NEX Group Plc		1,338,591
	1,294,785	Old Mutual Plc		3,373,541
	526,246	Paragon Group of Cos. Plc (The)		3,102,330
	324,784	Paysafe Group Plc*		2,538,223
	1,132,996	QinetiQ Group Plc		3,753,087
	208,872	Reckitt Benckiser Group Plc		19,092,279
	187,599	Redrow Plc		1,491,276
	100,513	RELX Plc		2,207,548
	37,337	Renishaw Plc		2,385,938
	598,645	Rentokil Initial Plc		2,414,335
	92,700	Restaurant Group Plc (The)		375,476
	13,824	Rightmove Plc		750,225
	89,687	Rio Tinto Plc, ADR		4,232,329
	79,900	Royal Dutch Shell Plc Class B		2,459,654
	340,973	Royal Dutch Shell Plc (Amsterdam Exchange) Class A		10,307,218
	211,900	Royal Mail Plc		1,092,264
	25,148	Smith & Nephew Plc, ADR		915,387
	159,221	Smith & Nephew Plc		2,879,582
	119,312	Spectris Plc		3,857,805
	130,955	Spirax-Sarco Engineering Plc		9,707,190
	56,100	SSE Plc		1,051,474
	554,354	St James’s Place Plc		8,523,363
	232,817	Stagecoach Group Plc		533,197

See accompanying Notes to the Financial Statements. 41

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	216,805	Tate & Lyle Plc		1,886,333
	279,410	Weir Group Plc (The)		7,366,203
	107,568	WM Morrison Supermarkets Plc		337,850
	6,216	WPP Plc, ADR		576,845
		Total United Kingdom		325,423,747
		United States — 2.2%
	57,940	Analog Devices, Inc.		4,992,690
	46,755	ANSYS, Inc.*		5,738,241
	271,040	Cadence Design Systems, Inc.*		10,697,949
	184,970	Colgate-Palmolive Co.		13,475,064
	66,667	DENTSPLY SIRONA, Inc.		3,987,353
	41,620	Nordson Corp.		4,931,970
	8,103	NVIDIA Corp.		1,448,573
	78,615	Texas Instruments, Inc.		7,047,049
		Total United States		52,318,889
		TOTAL COMMON STOCKS (COST $1,866,028,011)		2,196,864,130
		INVESTMENT COMPANY — 1.0%
		United States — 1.0%
	328,427	iShares MSCI EAFE ETF		22,490,681
		TOTAL INVESTMENT COMPANY (COST $18,602,126)		22,490,681
		PREFERRED STOCKS — 0.9%
		Brazil — 0.1%
	800,360	Itausa — Investimentos Itau SA, 5.12%		2,790,879
		Germany — 0.8%
	21,960	Fuchs Petrolub SE, 1.80%		1,300,392
	104,093	Henkel AG & Co. KGaA, 1.40%		14,170,207
	31,660	Porsche Automobil Holding SE, 1.83%		2,024,878
		Total Germany		17,495,477
		TOTAL PREFERRED STOCKS (COST $14,720,006)		20,286,356
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 5.8%
		Bank Deposit — 4.5%
	105,366,855	State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		105,366,855
		Mutual Fund - Securities Lending Collateral — 1.2%
	28,314,998	State Street Institutional U.S. Government Money Market Fund, Premier Class***		28,314,998

42 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 0.1%
	3,500,000		United States Treasury Bill, 0.94%, due 10/12/17** ‡‡		3,498,988
			TOTAL SHORT-TERM INVESTMENTS (COST $137,180,781)		137,180,841
			TOTAL INVESTMENTS — 101.3% (Cost $2,036,530,924)		2,376,822,008
			Other Assets and Liabilities (net) — (1.3)%		(30,880,687	)
			NET ASSETS — 100.0%	$	2,345,941,321
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		*	Non-income producing security
		**	All or a portion of this security is pledged for open futures collateral.
		***	Represents an investment of securities lending cash collateral.
		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $1,777,235 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $3,170,360.
		¤	Illiquid security. The total market value of the securities at period end is $3,204,229 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $4,472,807.
		^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Financial Statements. 43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased			Currency Sold		Settlement Date	Counterparty	Unrealized Appreciation (Depreciation)
	EUR	4,615,000	USD	5,500,849	02/23/18	Morgan Stanley & Co.	$	282
	USD	19,735,088	JPY	2,128,429,000	02/23/18	Morgan Stanley & Co.		684,750
							$	685,032

Currency Abbreviations

EUR — Euro

JPY — Japanese Yen

USD — U.S. Dollar

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	920	MSCI EAFE Index		Dec 2017	$	91,006,400	$	246,806

44 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		7.9
Insurance		6.1
Chemicals		4.9
Commercial Services		4.7
Food		4.3
Diversified Financial Services		3.8
Pharmaceuticals		3.4
Semiconductors		3.4
Internet		3.1
Retail		3.0
Electronics		2.8
Beverages		2.6
Software		2.6
Oil & Gas		2.5
Transportation		2.4
Cosmetics & Personal Care		2.2
Telecommunications		2.2
Electric		1.8
Real Estate		1.8
Auto Parts & Equipment		1.7
Mining		1.6
Electrical Components & Equipment		1.5
Building Materials		1.4
Household Products & Wares		1.4
Airlines		1.3
Machinery — Diversified		1.3
Apparel		1.2
Auto Manufacturers		1.2
Distribution & Wholesale		1.2
Miscellaneous — Manufacturing		1.2
Agriculture		1.0
Unaffiliated Fund		1.0
Engineering & Construction		0.9
Health Care — Products		0.9
Aerospace & Defense		0.8
Computers		0.7
Food Service		0.7
Gas		0.7
Machinery — Construction & Mining		0.7
Biotechnology		0.6
Holding Companies — Diversified		0.6
Home Builders		0.6
Investment Companies		0.6
Leisure Time		0.6
Hand & Machine Tools		0.5
Lodging		0.5
Toys, Games & Hobbies		0.5
Forest Products & Paper		0.4
Iron & Steel		0.4
Media		0.4
Metal Fabricate & Hardware		0.4

See accompanying Notes to the Financial Statements. 45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Home Furnishings		0.2
Office & Business Equipment		0.2
Packaging & Containers		0.2
REITS		0.2
Textiles		0.2
Advertising		0.1
Entertainment		0.1
Environmental Control		0.1
Oil & Gas Services		0.1
Shipbuilding		0.1
Energy — Alternate Sources		0.0
Short-Term Investments and Other Assets and Liabilities (net)		4.5
		100.0	%

46 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 98.8%
		Asset Backed Securities — 12.8%
	750,000	A Voce CLO, Ltd., Series 2014-1A, Class A1R, 2.46% (3 mo. USD LIBOR plus 1.160%), due 07/15/26† 144A		753,368
	315,000	Aegis Asset Backed Securities Trust, Series 2005-4, Class M1, 1.69% (1 mo. USD LIBOR plus 0.450%), due 10/25/35†		315,024
	750,000	AIMCO CLO, Series 2015-AA, Class A1, 3.00% (3 mo. USD LIBOR plus 1.700%), due 01/15/28† 144A		751,064
	420,000	Ally Auto Receivables Trust, Series 2017-3, Class A3, 1.74%, due 09/15/21		419,604
	290,000	Ally Auto Receivables Trust, Series 2017-4, Class A4, 1.96%, due 07/15/22		289,217
	250,000	ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 2.79% (3 mo. USD LIBOR plus 1.490%), due 10/15/28† 144A		251,963
	400,000	ALM CLO XII, Ltd., Series 2015-12A, Class A1R, 2.35% (3 mo. USD LIBOR plus 1.050%), due 04/16/27† 144A		401,689
	108,918	American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22		115,044
	1,000,000	American Express Credit Account Master Trust, Series 2013-1, Class B, 1.93% (1 mo. USD LIBOR plus 0.700%), due 02/16/21†		1,003,626
	815,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, due 09/15/22		816,444
	1,300,000	American Express Credit Account Master Trust, Series 2017-2, Class A, 1.69% (1 mo. USD LIBOR plus 0.450%), due 09/16/24†		1,311,299
	400,000	American Express Credit Account Master Trust, Series 2017-5, Class A, 1.61% (1 mo. USD LIBOR plus 0.380%), due 02/18/25†		402,374
	200,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class C, 2.69%, due 06/19/23		200,353
	611,560	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV1, 2.00% (1 mo. USD LIBOR plus 0.760%), due 09/25/33†		611,336
	116,273	Ameriquest Mortgage Securities, Inc., Series 2004-R2, Class A1A, 1.93% (1 mo. USD LIBOR plus 0.690%), due 04/25/34†		116,959
	785,000	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		769,445
	653,363	Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A		674,162
	266,918	Argent Securities, Inc., Series 2004-W6, Class M1, 2.06% (1 mo. USD LIBOR plus 0.825%), due 05/25/34†		266,797
	312,513	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M1, 2.21% (1 mo. USD LIBOR plus 0.975%), due 12/15/33†		312,941
	1,000,000	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 2.56% (3 mo. USD LIBOR plus 1.260%), due 07/16/29† 144A		1,007,285
	1,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.50%, due 07/20/21 144A		999,145
	1,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.63%, due 12/20/21 144A		1,000,896
	1,125,000	BA Credit Card Trust, Series 2017-A1, Class A1, 1.95%, due 08/15/22		1,127,115
	250,000	Battalion CLO VIII, Ltd., Series 2015-8A, Class A1R, 2.64% (3 mo. USD LIBOR plus 1.340%), due 07/18/30† 144A		252,117
	500,000	Battalion CLO X, Ltd., Series 2016-10A, Class A1, 2.86% (3 mo. USD LIBOR plus 1.550%), due 01/24/29† 144A		504,450
	25,900	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 2.37% (1 mo. USD LIBOR plus 0.570%), due 09/25/34†		25,968
	500,000	Benefit Street Partners CLO V, Ltd., Series 2014-VA, Class AR, 2.51% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A		502,666

See accompanying Notes to the Financial Statements. 47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 1.00% (3 mo. USD LIBOR plus 1.250%), due 10/15/30† †††† 144A		250,000
	250,000	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 2.63% (3 mo. USD LIBOR plus 1.330%), due 04/13/27† 144A		251,936
	315,000	BMW Vehicle Owner Trust, Series 2016-A, Class A4, 1.37%, due 12/27/22		311,097
	947,500	Cabela’s Credit Card Master Note Trust, Series 2016-1, Class A1, 1.78%, due 06/15/22		946,289
	460,000	California Republic Auto Receivables Trust, Series 2015-2, Class A4, 1.75%, due 01/15/21		460,026
	190,000	California Republic Auto Receivables Trust, Series 2016-2, Class A4, 1.83%, due 12/15/21		189,540
	860,000	Capital One Multi-Asset Execution Trust, Series 2016-A3, Class A3, 1.34%, due 04/15/22		854,034
	965,000	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1, 2.00%, due 01/17/23		968,194
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2012-4A, Class AR, 2.76% (3 mo. USD LIBOR plus 1.450%), due 01/20/29† 144A		504,535
	250,000	Carlyle Global Market Strategies CLO, Ltd., Series 2014-3A, Class A1AR, 2.47% (3 mo. USD LIBOR plus 1.150%), due 07/27/26† 144A		250,068
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2017-1A, Class A1B, 2.39% (3 mo. USD LIBOR plus 1.230%), due 04/20/31† 144A		505,237
	270,000	CarMax Auto Owner Trust, Series 2015-2, Class A4, 1.80%, due 03/15/21		270,181
	160,000	CarMax Auto Owner Trust, Series 2015-3, Class A4, 1.98%, due 02/16/21		160,386
	280,000	CarMax Auto Owner Trust, Series 2016-2, Class A4, 1.68%, due 09/15/21		278,209
	565,000	Chase Issuance Trust, Series 2016-A2, Class A, 1.37%, due 06/15/21		561,451
	1,220,000	Chase Issuance Trust, Series 2016-A5, Class A5, 1.27%, due 07/15/21		1,209,669
	800,000	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A4, 1.96%, due 01/18/22 144A		800,634
	255,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A4, 1.87%, due 02/15/22 144A		253,549
	1,020,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.75%, due 11/19/21		1,018,784
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 1.86% (1 mo. LIBOR plus 0.620%), due 04/22/26†		809,348
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A7, Class A7, 1.60% (1 mo. LIBOR plus 0.370%), due 08/08/24†		803,880
	573,934	CKE Restaurant Holdings, Inc., Series 2013-1A, Class A2, 4.47%, due 03/20/43 144A		578,715
	315,000	CNH Equipment Trust, Series 2016-B, Class A3, 1.63%, due 08/15/21		314,460
	334,163	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		347,889
	1,396,765	Colony American Homes, Series 2014-1A, Class A, 2.38% (1 mo. LIBOR plus 1.150%), due 05/17/31† 144A		1,403,480
	429,000	DB Master Finance LLC, Series 2015-1A, Class A2II, 3.98%, due 02/20/45 144A		439,549
	929,000	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47†††† 144A		933,041
	130,000	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47†††† 144A		130,508
	1,070,000	Discover Card Execution Note Trust, Series 2017-A6, Class A6, 1.88%, due 02/15/23		1,069,052
	520,000	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		527,391
	240,713	Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A		243,384
	250,000	Eaton Vance CLO, Ltd., Series 2014-1A, Class AR, 2.50% (3 mo. USD LIBOR plus 1.200%), due 07/15/26† 144A		250,306
	412,621	Enterprise Fleet Financing LLC, Series 2016-2, Class A2, 1.74%, due 02/22/22 144A		412,372

48 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	800,000	Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, due 07/20/22 144A		802,405
	500,000	Enterprise Fleet Financing LLC, Series 2017-2, Class A2, 1.97%, due 01/20/23 144A		500,214
	219,435	EquiFirst Mortgage Loan Trust, Series 2004-3, Class M3, 2.21% (1 mo. USD LIBOR plus 0.975%), due 12/25/34†		219,507
	250,000	Flagship CLO VIII, Ltd., Series 2014-8A, Class AR, 2.55% (3 mo. USD LIBOR plus 1.250%), due 01/16/26† 144A		251,030
	124,688	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A		126,388
	343,000	Ford Credit Auto Owner Trust, Series 2016-C, Class A4, 1.40%, due 02/15/22		338,643
	1,100,000	Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62%, due 08/15/28 144A		1,112,297
	1,300,000	Ford Credit Auto Owner Trust, Series 2017-2, Class A, 2.36%, due 03/15/29 144A		1,299,856
	113,000	Ford Credit Auto Owner Trust, Series 2017-B, Class A4, 1.87%, due 09/15/22		112,612
	500,000	GE Dealer Floorplan Master Note Trust, Series 2015-1, Class A, 1.74% (1 mo. LIBOR plus 0.500%), due 01/20/20†		500,567
	400,000	GM Financial Consumer Automobile Receivables Trust, Series 2017-2A, Class A3, 1.86%, due 12/16/21 144A		400,274
	330,000	GMF Floorplan Owner Revolving Trust, Series 2015-1, Class A1, 1.65%, due 05/15/20 144A		330,106
	700,000	Hertz Vehicle Financing LLC, Series 2016-1A, Class A, 2.32%, due 03/25/20 144A		699,478
	300,000	Hertz Vehicle Financing LLC, Series 2016-3A, Class A, 2.27%, due 07/25/20 144A		298,730
	250,000	Highbridge Loan Management CLO, Ltd., Series 2015-6A, Class A, 2.76% (3 mo. USD LIBOR plus 1.450%), due 05/05/27† 144A		250,045
	274,924	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		275,360
	245,499	Home Equity Asset Trust, Series 2003-8, Class M1, 2.32% (1 mo. USD LIBOR plus 1.080%), due 04/25/34†		248,268
	515,000	Honda Auto Receivables Owner Trust, Series 2016-2, Class A4, 1.62%, due 08/15/22		513,086
	1,185,000	Honda Auto Receivables Owner Trust, Series 2016-3, Class A4, 1.33%, due 11/18/22		1,173,636
	510,000	Honda Auto Receivables Owner Trust, Series 2016-4, Class A4, 1.36%, due 01/18/23		504,430
	560,000	Honda Auto Receivables Owner Trust, Series 2017-1, Class A3, 1.72%, due 07/21/21		559,833
	125,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, due 09/15/23		124,738
	145,000	Honda Auto Receivables Owner Trust, Series 2017-3, Class A4, 1.98%, due 11/20/23		144,766
	880,000	Huntington Auto Trust, Series 2016-1, Class A4, 1.93%, due 04/15/22		879,698
	450,000	Hyundai Auto Receivables Trust, Series 2017-A, Class A3, 1.76%, due 08/16/21‡		450,292
	750,000	ICG US CLO, Ltd., Series 2014-3A, Class A1AR, 2.54% (3 mo. USD LIBOR plus 1.230%), due 01/25/27† 144A		752,063
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 2.60% (3 mo. USD LIBOR plus 1.280%), due 10/23/29† 144A		503,506
	1,129,433	Invitation Homes Trust, Series 2015-SFR3, Class A, 2.53% (1 mo. USD LIBOR plus 1.300%), due 08/17/32† 144A		1,138,462
	500,000	KVK CLO, Ltd., Series 2014-1A, Class A1R, 2.62% (3 mo. USD LIBOR plus 1.300%), due 05/15/26† 144A		500,147
	500,000	KVK CLO, Ltd., Series 2014-2A, Class AR, 2.48% (3 mo. USD LIBOR plus 1.180%), due 07/15/26† 144A		502,294
	750,000	Limerock CLO III LLC, Series 2014-3A, Class A1R, 2.51% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A		751,097
	3,370,000	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22		3,335,063
	103,744	Merrill Lynch Mortgage Investors Trust, Series 2004-OPT1, Class A1A, 1.76% (1 mo. USD LIBOR plus 0.520%), due 06/25/35†		101,118
	1,570,000	MMAF Equipment Finance LLC, Series 2014-AA, Class A5, 2.33%, due 12/08/25 144A		1,575,146
	700,000	MMAF Equipment Finance LLC, Series 2017-AA, Class A4, 2.41%, due 08/16/24 144A		701,085

See accompanying Notes to the Financial Statements. 49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	137,859	Morgan Stanley ABS Capital I, Series 2003-NC7, Class M1, 2.29% (1 mo. USD LIBOR plus 1.050%), due 06/25/33†		136,750
	203,062	Morgan Stanley ABS Capital I, Series 2003-NC10, Class M1, 2.26% (1 mo. USD LIBOR plus 1.020%), due 10/25/33†		201,627
	250,000	Mountain View CLO, Ltd., Series 2014-1A, Class AR, 2.54% (3 mo. USD LIBOR plus 1.240%), due 10/15/26† 144A		250,686
	277,545	New Century Home Equity Loan Trust, Series 2003-A, Class A, 1.96% (1 mo. USD LIBOR plus 0.720%), due 10/25/33† 144A		270,323
	460,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, 1.91% (1 mo. USD LIBOR plus 0.675%), due 03/25/35†		460,374
	305,775	New Century Home Equity Loan Trust, Series 2005-2, Class M2, 1.91% (1 mo. USD LIBOR plus 0.675%), due 06/25/35†		306,673
	2,211,000	NextGear Floorplan Master Owner Trust, Series 2015-2A, Class A, 2.38%, due 10/15/20 144A		2,219,546
	610,000	Nissan Auto Receivables Owner Trust, Series 2015-B, Class A4, 1.79%, due 01/17/22		610,344
	280,000	Nissan Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.74%, due 08/16/21		280,178
	330,000	Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, due 10/16/23		329,218
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 2.56% (3 mo. USD LIBOR plus 1.260%), due 07/15/30† 144A		251,651
	98,976	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.04%, due 01/15/21 144A		99,039
	1,700,000	OneMain Direct Auto Receivables Trust, Series 2017-1A, Class A, 2.16%, due 10/15/20 144A		1,698,581
	795,623	OneMain Financial Issuance Trust, Series 2015-2A, Class A, 2.57%, due 07/18/25 144A		798,095
	700,000	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 2.04% (1 mo. USD LIBOR plus 0.800%), due 09/14/32† 144A		701,759
	500,000	OZLM Funding II CLO, Ltd., Series 2012-2A, Class A1R, 2.75% (3 mo. USD LIBOR plus 1.440%), due 10/30/27† 144A		502,602
	750,000	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 2.56% (3 mo. USD LIBOR plus 1.490%), due 10/22/30† 144A		753,435
	250,000	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 2.56% (3 mo. USD LIBOR plus 1.250%), due 10/30/30† 144A		251,449
	750,000	OZLM XV CLO, Ltd., Series 2016-15A, Class A1, 2.80% (3 mo. USD LIBOR plus 1.490%), due 01/20/29† 144A		757,355
	500,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R, 2.62% (3 mo. USD LIBOR plus 1.300%), due 05/21/29† 144A		503,566
	215,000	RAAC Trust, Series 2006-SP4, Class M1, 1.58% (1 mo. USD LIBOR plus 0.340%), due 11/25/36†		208,447
	500,000	Regatta IV Funding CLO, Ltd., Series 2014-1A, Class A1R, 2.33% (3 mo. USD LIBOR plus 1.020%), due 07/25/26† 144A		501,218
	500,000	Regatta VII Funding CLO, Ltd., Series 2016-1A, Class A1, 2.79% (3 mo. USD LIBOR plus 1.520%), due 12/20/28† 144A		501,217
	13,376	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††		13,681
	463,620	Saxon Asset Securities Trust, Series 2005-1, Class M1, 1.93% (1 mo. USD LIBOR plus 0.690%), due 05/25/35†		466,181
	316,312	Sierra Timeshare Receivables Funding LLC, Series 2013-3A, Class A, 2.20%, due 10/20/30 144A		316,186
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 2.80% (3 mo. USD LIBOR plus 1.240%), due 07/20/30† 144A		503,643

50 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	3,892,549	Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33		4,026,567
	3,594,780	Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34		3,712,731
	1,518,945	Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34		1,557,990
	1,047,411	Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34		1,066,567
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 2.57% (3 mo. USD LIBOR plus 1.280%), due 07/25/30† 144A		504,206
	586,649	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, due 04/25/29 144A		591,381
	860,000	Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, due 11/15/24 144A		866,194
	3,260,125	STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,349,143
	1,205,567	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		1,270,712
	205,082	Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1.97% (1 mo. USD LIBOR plus 0.735%), due 03/25/35†		205,915
	305,000	Synchrony Credit Card Master Note Trust, Series 2016-1, Class A, 2.04%, due 03/15/22		306,323
	386,100	Taco Bell Funding LLC, Series 2016-1A, Class A2I, 3.83%, due 05/25/46 144A		394,459
	750,000	Telos CLO, Series 2013-3A, Class AR, 2.57% (3 mo. USD LIBOR plus 1.300%), due 07/17/26† 144A		752,631
	1,000,000	TICP CLO VI, Ltd., Series 2016-6A, Class A, 2.85% (3 mo. USD LIBOR plus 1.550%), due 01/15/29† 144A		1,004,100
	250,000	TICP CLO VII, Ltd., Series 2017-7A, Class AS, 2.53% (3 mo. USD LIBOR plus 1.230%), due 07/15/29† 144A		250,979
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.47%, due 11/25/60◆◆ 144A		276,993
	527,537	Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50%, due 10/25/56◆◆ 144A		528,322
	153,604	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56◆◆ 144A		154,796
	129,738	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, due 04/25/57◆◆ 144A		130,596
	1,207,147	Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57◆◆ 144A		1,215,665
	265,000	Toyota Auto Receivables Owner Trust, Series 2016-C, Class A4, 1.32%, due 11/15/21		262,249
	425,000	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A3, 1.73%, due 02/16/21		424,846
	535,000	Toyota Auto Receivables Owner Trust, Series 2017-B, Class A3, 1.76%, due 07/15/21		535,606
	300,000	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.98%, due 12/15/22		299,775
	750,000	Trinitas CLO V, Ltd., Series 2016-5A, Class A, 3.01% (3 mo. USD LIBOR plus 1.700%), due 10/25/28† 144A		752,416
	500,000	Trinitas CLO VI, Ltd., Series 2017-6A, Class A, 2.65% (3 mo. USD LIBOR plus 1.320%), due 07/25/29† 144A		503,706
	2,398,000	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, due 01/20/21 144A		2,389,800
	700,000	Verizon Owner Trust, Series 2016-2A, Class A, 1.68%, due 05/20/21 144A		698,043
	3,220,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, due 09/20/21 144A		3,230,210
	119,957	VOLT LVII LLC, Series 2017-NPL4, Class A1, 3.38%, due 04/25/47†† 144A		120,911
	133,944	VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%, due 04/25/59†† 144A		134,793
	275,000	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		273,750
	500,000	Wellfleet CLO, Ltd., Series 2016-2A, Class A1, 2.96% (3 mo. USD LIBOR plus 1.650%), due 10/20/28† 144A		502,397
	720,984	Wells Fargo Home Equity Trust, Series 2005-4, Class M1, 1.70% (1 mo. USD LIBOR plus 0.460%), due 12/25/35†		724,914
	852,600	Wendys Funding LLC, Series 2015-1A, Class A2I, 3.37%, due 06/15/45 144A		862,596

See accompanying Notes to the Financial Statements. 51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	West CLO, Ltd., Series 2013-1A, Class A1AR, 2.47% (3 mo. USD LIBOR plus 1.160%), due 11/07/25† 144A		500,781
	243,513	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30‡‡‡‡		244,280
	695,000	World Omni Auto Receivables Trust, Series 2016-A, Class A3, 1.77%, due 09/15/21		695,245
	145,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.95%, due 02/15/23		144,794
	250,000	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 2.57% (3 mo. USD LIBOR plus 1.370%), due 07/15/29† 144A		251,815
				105,098,806
		Corporate Debt — 37.4%
	20,000	21st Century Fox America, Inc., 6.75%, due 01/09/38		26,349
	775,000	Abbott Laboratories, 2.90%, due 11/30/21		789,964
	812,000	AbbVie, Inc., 3.20%, due 11/06/22		833,560
	720,000	AbbVie, Inc., 3.60%, due 05/14/25		747,684
	500,000	AbbVie, Inc., 4.50%, due 05/14/35		539,681
	244,069	Abengoa Transmision Sur SA, 6.88%, due 04/30/43 144A		270,917
	410,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		415,575
	380,000	Activision Blizzard, Inc., 6.13%, due 09/15/23 144A		407,645
	347,000	AECOM, 5.13%, due 03/15/27		359,579
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47 144A		398,155
	175,000	AEP Transmission Co. LLC, 3.75%, due 12/01/47 144A		174,922
	340,000	AerCap Global Aviation Trust, 6.50% (3 mo. USD LIBOR plus 4.300%), due 06/15/45† ‡ 144A		373,575
	280,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.75%, due 05/15/19		286,628
	355,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, due 10/30/20		378,060
	330,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, due 10/01/21		356,407
	370,000	Aetna, Inc., 4.75%, due 03/15/44		423,059
	315,000	Agrium, Inc., 4.90%, due 06/01/43		345,358
	150,000	Agrium, Inc., 5.25%, due 01/15/45		172,544
	390,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		358,800
	250,000	Air Canada 2013-1 Class C Pass Through Trust, 6.63%, due 05/15/18 144A		256,012
	1,941,636	Air Canada 2015-1 Class A Pass Through Trust, 3.60%, due 09/15/28 144A		1,990,177
	170,000	Air Lease Corp., 3.38%, due 01/15/19‡		172,879
	155,000	Aircastle, Ltd., 5.50%, due 02/15/22		170,113
	150,000	Aircastle, Ltd., 7.63%, due 04/15/20		167,625
	210,000	Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22 144A		210,913
	385,000	Allergan Funding SCS, 3.80%, due 03/15/25		400,455
	605,000	Allergan Funding SCS, 4.55%, due 03/15/35		647,411
	39,000	Allergan Funding SCS, 4.75%, due 03/15/45		42,359
	225,000	Ally Financial, Inc., 3.25%, due 11/05/18		227,567
	465,000	Ally Financial, Inc., 5.13%, due 09/30/24‡		504,757
	200,000	Altice Financing SA, 6.63%, due 02/15/23 144A		212,500
	135,000	Altria Group, Inc., 2.85%, due 08/09/22		137,950
	595,000	Amazon.com, Inc., 3.15%, due 08/22/27 144A		600,488
	1,393,000	Amazon.com, Inc., 3.88%, due 08/22/37 144A		1,422,457
	585,000	Amazon.com, Inc., 4.05%, due 08/22/47 144A		598,760
	290,000	AMC Entertainment Holdings, Inc., 6.13%, due 05/15/27‡		287,825
	340,000	AMC Networks, Inc., 5.00%, due 04/01/24		351,900
	620,000	America Movil SAB de CV, 5.00%, due 03/30/20		663,956

52 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)			Description	Value ($)
			Corporate Debt — continued
	150,000		America Movil SAB de CV, Guaranteed Senior Note, 5.63%, due 11/15/17		150,752
	324,080		American Airlines 2011-1 Class B Pass Through Trust, 7.00%, due 07/31/19 144A		329,346
	3,782,353		American Airlines 2013-2 Class A Pass Through Trust, 4.95%, due 07/15/24		4,061,604
	90,371		American Airlines 2016-1 Class A Pass Through Trust, 4.10%, due 07/15/29		95,116
	228,000		American Airlines 2017-1 Class A Pass Through Trust, 4.00%, due 08/15/30		237,690
	270,000	��	American Airlines 2017-1 Class AA Pass Through Trust, 3.65%, due 02/15/29		278,640
	150,000		American Airlines 2017-2 Class A Pass Through Trust, 3.60%, due 04/15/31		152,625
	455,000		American Express Co., 2.50%, due 08/01/22		454,993
	1,003,000		American Express Credit Corp., 1.88%, due 05/03/19		1,004,387
	465,000		American Honda Finance Corp., (MTN), 2.00%, due 02/14/20		466,188
	235,000		American Tower Corp. REIT, 3.40%, due 02/15/19		239,367
	510,000		American Tower Corp. REIT, 3.55%, due 07/15/27		507,766
	235,000		American Tower Corp. REIT, 4.70%, due 03/15/22		254,864
	180,000		AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25		185,850
	813,000		Amgen, Inc., 4.66%, due 06/15/51		895,634
	295,000		Anadarko Petroleum Corp., 6.20%, due 03/15/40		343,859
	6,000,000		Anadarko Petroleum Corp., 6.92%, due 10/10/36‡‡		2,539,345
	240,000		Anglo American Capital Plc, 4.75%, due 04/10/27 144A		250,884
	465,000		Anheuser-Busch InBev Finance, Inc., 4.70%, due 02/01/36		514,260
	2,280,000		Anheuser-Busch InBev Finance, Inc., 4.90%, due 02/01/46		2,585,677
	340,000		Anheuser-Busch InBev Worldwide, Inc., 5.38%, due 01/15/20		366,061
	350,000		Anixter, Inc., 5.63%, due 05/01/19		368,812
	230,000		Antero Midstream Partners, LP/Antero Midstream Finance Corp., 5.38%, due 09/15/24		239,200
	5,000		Anthem, Inc., 5.10%, due 01/15/44		5,784
	295,000		Aquarius & Investments Plc for Swiss Reinsurance Co., Ltd., Reg S, 6.38% (USD 5 year swap rate plus 5.210%), due 09/01/24† ‡‡‡		311,520
	390,000		Arconic, Inc., 5.13%, due 10/01/24		416,218
	215,000		Ares Capital Corp., 3.88%, due 01/15/20‡		220,560
	240,000		Arrow Electronics, Inc., 3.88%, due 01/12/28		239,992
	180,000		ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		174,150
	150,000		AT&T, Inc., 2.63%, due 12/01/22		148,826
	2,079,000		AT&T, Inc., 3.40%, due 05/15/25		2,054,139
	5,000,000		AT&T, Inc., 3.60%, due 11/27/22‡‡ 144A		4,206,245
	120,000		AT&T, Inc., 3.88%, due 08/15/21‡		125,725
	400,000		AT&T, Inc., 3.90%, due 08/14/27		401,577
	10,000		AT&T, Inc., 4.45%, due 05/15/21		10,658
	394,000		AT&T, Inc., 4.75%, due 05/15/46		380,359
	45,000		AT&T, Inc., 4.90%, due 08/14/37		45,621
	110,000		AT&T, Inc., 5.25%, due 03/01/37		116,113
	50,000		AT&T, Inc., 5.30%, due 08/14/58		50,754
	640,000		AT&T, Inc., 5.45%, due 03/01/47		679,523
	425,000		Australia & New Zealand Banking Group, Ltd., 2.13%, due 08/19/20		424,811
	200,000		Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%)† ††††† 144A		226,500
	365,000		Autodesk, Inc., 3.50%, due 06/15/27		364,841
	190,000		AXA SA, 8.60%, due 12/15/30		272,650
	260,000		BAC Capital Trust XIV, 4.00% (3 mo. USD LIBOR plus 0.400%)† †††††		231,725
	2,160,000		BAE Systems Holdings, Inc., 6.38%, due 06/01/19 144A		2,310,870
	600,000		Bank of America Corp., 2.60%, due 01/15/19		605,040

See accompanying Notes to the Financial Statements. 53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	2,526,000	Bank of America Corp., 3.50%, due 04/19/26		2,572,844
	300,000	Bank of America Corp., 3.59% (3 mo. USD LIBOR plus 1.370%), due 07/21/28†		303,286
	500,000	Bank of America Corp., 4.13%, due 01/22/24		532,376
	30,000	Bank of America Corp., 4.20%, due 08/26/24		31,580
	245,000	Bank of America Corp., 4.25%, due 10/22/26		256,604
	1,390,000	Bank of America Corp., 4.45%, due 03/03/26		1,472,141
	420,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR plus 3.387%)† †††††		429,463
	270,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR plus 4.553%)† ††††† ‡		305,775
	100,000	Bank of America Corp., 7.63%, due 06/01/19		109,174
	450,000	Bank of America Corp., (MTN), 3.25%, due 10/21/27		441,546
	740,000	Bank of America Corp., (MTN), 3.30%, due 01/11/23		758,643
	378,000	Bank of America Corp., (MTN), 3.95%, due 04/21/25		389,389
	270,000	Bank of America Corp., (MTN), 4.44% (3 mo. USD LIBOR plus 1.990%), due 01/20/48† ‡		293,114
	425,000	Banque Federative du Credit Mutuel SA, 2.20%, due 07/20/20 144A		424,936
	380,000	Barclays Plc, 3.20%, due 08/10/21		385,974
	300,000	Barclays Plc, 3.68%, due 01/10/23		307,975
	325,000	Barclays Plc, 4.38%, due 01/12/26		339,766
	200,000	Barclays Plc, 4.95%, due 01/10/47		219,449
	770,000	BAT Capital Corp., 3.22%, due 08/15/24 144A		773,053
	375,000	Becton Dickinson and Co., 2.13%, due 06/06/19		376,186
	1,060,000	Becton Dickinson and Co., 3.70%, due 06/06/27		1,073,877
	1,432,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,843,645
	105,000	BHP Billiton Finance USA, Ltd., 6.25% (USD 5 year swap rate plus 4.971%), due 10/19/75† 144A		115,553
	1,099,000	Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A		1,207,676
	1,555,000	Blackstone Holdings Finance Co. LLC, Series 1, 6.63%, due 08/15/19 144A		1,685,736
	340,000	BMW US Capital LLC, 2.15%, due 04/06/20 144A		341,972
	170,000	Boardwalk Pipelines, LP, 4.45%, due 07/15/27		173,434
	1,835,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		2,010,594
	280,000	BPCE SA, 4.50%, due 03/15/25 144A		289,807
	415,000	BPCE SA, 5.70%, due 10/22/23 144A		462,585
	595,000	Branch Banking & Trust Co., 2.10%, due 01/15/20		597,580
	205,000	Braskem Finance, Ltd., 7.00%, due 05/07/20 144A		226,269
	530,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27 144A		521,446
	263,792	British Airways 2013-1 Class A Pass Through Trust, 4.63%, due 12/20/25 144A		283,471
	72,277	British Airways 2013-1 Class B Pass Through Trust, 5.63%, due 12/20/21 144A		75,619
	425,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 2.38%, due 01/15/20 144A		427,584
	1,022,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, due 01/15/27 144A		1,054,632
	280,000	Building Materials Corp. of America, 5.38%, due 11/15/24‡‡‡‡		298,984
	185,000	Bunge, Ltd. Finance Corp., 8.50%, due 06/15/19		204,416
	245,000	C&W Senior Financing Designated Activity Co., 6.88%, due 09/15/27 144A		255,412
	305,000	CA, Inc., 3.60%, due 08/15/22		312,962
	248,000	CA, Inc., 4.70%, due 03/15/27		260,526
	933,000	Canadian Natural Resources, Ltd., 2.95%, due 01/15/23		928,669
	859,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15#		1,098,361
	310,000	Capital One Financial Corp., 2.45%, due 04/24/19		312,011
	585,000	Capital One Financial Corp., 3.75%, due 07/28/26		580,421
	460,000	Capital One Financial Corp., 4.20%, due 10/29/25		473,497

54 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	265,000	Capital One NA/Mclean VA, 2.35%, due 08/17/18		266,060
	320,000	Cardinal Health, Inc., 1.95%, due 06/14/19		320,260
	190,000	Cascades, Inc., 5.50%, due 07/15/22 144A		198,075
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 05/01/27 144A		220,500
	39,000	CDW LLC/CDW Finance Corp., 5.00%, due 09/01/25		41,145
	235,000	Cemex SAB de CV, 6.13%, due 05/05/25‡ 144A		253,506
	225,000	Cengage Learning, Inc., 9.50%, due 06/15/24‡ 144A		196,875
	380,000	Cenovus Energy, Inc., 4.45%, due 09/15/42		334,173
	205,000	CenterPoint Energy, Inc., 2.50%, due 09/01/22		204,813
	520,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28 144A		527,277
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,296
	1,582,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		1,855,478
	815,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		959,871
	386,000	Chemours Co. (The), 6.63%, due 05/15/23		412,537
	92,000	Cheniere Corpus Christi Holdings LLC, 5.13%, due 06/30/27 144A		94,990
	133,000	Cheniere Corpus Christi Holdings LLC, 5.88%, due 03/31/25		143,640
	240,000	Chester Downs & Marina LLC/Chester Downs Finance Corp., 9.25%, due 02/01/20‡ 144A		244,200
	240,000	CHS/Community Health Systems, Inc., 5.13%, due 08/01/21‡		237,600
	185,000	CHS/Community Health Systems, Inc., 8.00%, due 11/15/19		180,838
	30,000	Chubb INA Holdings, Inc., 4.35%, due 11/03/45		33,050
	175,000	Cimarex Energy Co., 4.38%, due 06/01/24		185,388
	200,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24 144A		196,500
	400,000	Citigroup, Inc., 2.35%, due 08/02/21		397,495
	1,374,000	Citigroup, Inc., 2.70%, due 03/30/21		1,390,010
	789,000	Citigroup, Inc., 2.75% (3 mo. USD LIBOR plus 1.430%), due 09/01/23†		809,734
	465,000	Citigroup, Inc., 2.75%, due 04/25/22		467,725
	983,000	Citigroup, Inc., 3.40%, due 05/01/26		986,945
	1,110,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR plus 1.563%), due 01/10/28†		1,140,843
	140,000	Citigroup, Inc., 4.28% (3 mo. USD LIBOR plus 1.839%), due 04/24/48†		148,005
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		189,681
	460,000	Citigroup, Inc., 4.60%, due 03/09/26‡		490,593
	115,000	Citigroup, Inc., 4.75%, due 05/18/46		125,693
	560,000	Citigroup, Inc., 5.88% (3 mo. USD LIBOR plus 4.059%)† †††††		585,620
	130,000	Citigroup, Inc., 5.90% (3 mo. USD LIBOR plus 4.230%)† †††††		140,400
	230,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.068%)† †††††		247,825
	550,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.095%)† †††††		580,594
	120,000	Citigroup, Inc., 6.13% (3 mo. USD LIBOR plus 4.478%)† †††††		128,550
	495,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR plus 4.517%)† ††††† ‡		557,494
	390,000	Citizens Bank NA/Providence RI, 2.20%, due 05/26/20		390,188
	250,000	Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		258,750
	1,614,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#		1,763,122
	300,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		321,750
	233,000	Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		232,095

See accompanying Notes to the Financial Statements. 55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	495,000	Columbia Pipeline Group, Inc., 4.50%, due 06/01/25		529,657
	1,930,000	Comcast Corp., 4.25%, due 01/15/33		2,078,899
	349,000	Comcast Corp., 6.40%, due 05/15/38		461,271
	20,000	Comcast Corp., 6.50%, due 11/15/35		26,751
	90,000	Comcast Corp., 6.95%, due 08/15/37		125,714
	200,000	Comcel Trust via Comunicaciones Celulares SA, 6.88%, due 02/06/24 144A		214,112
	73,000	Commercial Metals Co., 5.38%, due 07/15/27		76,833
	350,000	Commerzbank AG, 8.13%, due 09/19/23 144A		424,839
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		47,034
	190,000	ConocoPhillips Co., 4.95%, due 03/15/26‡		214,538
	575,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		746,655
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		69,237
	400,000	Consumers Energy Co., 3.25%, due 08/15/46		368,941
	1,182,313	Continental Airlines 2007-1 Class A Pass Through Trust, 5.98%, due 10/19/23		1,304,978
	187,890	Continental Airlines 2012-1 Class B Pass Through Trust, 6.25%, due 10/11/21		198,929
	475,000	Continental Resources, Inc., 5.00%, due 09/15/22		484,500
	820,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		815,777
	1,526,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		1,496,160
	205,000	Credit Acceptance Corp., 6.13%, due 02/15/21		209,100
	300,000	Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		336,172
	250,000	Credit Agricole SA, 8.13% (USD 5 year swap rate plus 6.283%), due 09/19/33† 144A		263,263
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.13%, due 12/10/20		510,417
	300,000	Crown Castle Holdings GS V LLC/Crown Castle GS III Corp. REIT, 3.85%, due 04/15/23		314,349
	357,000	Crown Castle Towers LLC, 4.88%, due 08/15/40 144A		378,412
	335,000	Crown Castle Towers LLC, 6.11%, due 01/15/40 144A		358,143
	1,160,000	CVS Health Corp., 2.75%, due 12/01/22		1,163,992
	275,000	CVS Health Corp., 2.88%, due 06/01/26		266,173
	600,000	CVS Health Corp., 5.13%, due 07/20/45‡		692,715
	2,889,219	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		3,584,281
	205,000	Cydsa SAB DE CV, 6.25%, due 10/04/27 144A		201,275
	1,615,000	Daimler Finance North America LLC, 2.20%, due 05/05/20 144A		1,617,517
	265,000	DaVita, Inc., 5.00%, due 05/01/25		262,096
	578,000	DCP Midstream Operating LP, 5.35%, due 03/15/20 144A		606,900
	240,000	DCP Midstream Operating LP, 5.85% (3 mo. USD LIBOR plus 3.850%), due 05/21/43† 144A		225,000
	210,000	DCP Midstream Operating LP, 9.75%, due 03/15/19 144A		230,475
	920,129	Delta Air Lines 2007-1 Class A Pass Through Trust, 6.82%, due 02/10/24		1,062,197
	70,553	Delta Air Lines 2010-1 Class A Pass Through Trust, 6.20%, due 01/02/20		72,846
	405,000	Delta Air Lines, Inc., 3.63%, due 03/15/22		416,678
	375,000	Deutsche Bank AG, 3.38%, due 05/12/21		382,518
	670,000	Devon Energy Corp., 7.95%, due 04/15/32		879,233
	250,000	Dexia Credit Local SA, 1.88%, due 09/15/21 144A		245,352
	215,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 3.48%, due 06/01/19 144A		219,358
	640,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, due 06/15/26 144A		711,944
	55,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 7.13%, due 06/15/24‡ 144A		60,790
	250,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.35%, due 07/15/46 144A		322,095
	235,000	Digicel, Ltd., 6.75%, due 03/01/23 144A		231,181
	622,000	Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		629,129

56 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	665,000	Discover Financial Services, 3.75%, due 03/04/25		668,653
	555,000	Discover Financial Services, 3.95%, due 11/06/24		568,984
	72,000	Discover Financial Services, 5.20%, due 04/27/22		78,344
	35,000	Discovery Communications LLC, 5.00%, due 09/20/37		35,650
	125,000	Discovery Communications LLC, 5.20%, due 09/20/47		127,325
	210,000	Dominion Energy, Inc., 2.58%, due 07/01/20		211,892
	115,000	Dominion Resources, Inc., 2.85%, due 08/15/26‡		110,917
	400,000	Dominion Resources, Inc., 4.45%, due 03/15/21		428,300
	400,000	Dow Chemical Co. (The), 4.38%, due 11/15/42		408,325
	2,589,000	Duke Energy Corp., 3.55%, due 09/15/21		2,697,475
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		397,642
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		193,546
	215,000	eBay, Inc., 2.15%, due 06/05/20		215,624
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		245,634
	874,000	Electricite de France SA, 3.63%, due 10/13/25 144A		899,259
	235,000	Electricite de France SA, 5.25% (USSW10 plus 3.709%)† ††††† 144A		244,767
	494,000	Electronic Arts, Inc., 4.80%, due 03/01/26		547,730
	465,000	Emera US Finance, LP, 3.55%, due 06/15/26		468,980
	355,000	Enbridge Energy Partners, LP, 4.38%, due 10/15/20		373,399
	230,000	Enbridge Energy Partners, LP, 8.05% (3 mo. USD LIBOR plus 3.798%), due 10/01/77†		229,648
	540,000	Encana Corp., 6.50%, due 08/15/34		633,615
	179,000	Energy Transfer Equity, LP, 5.88%, due 01/15/24		193,096
	110,000	Energy Transfer Partners, LP, 4.20%, due 04/15/27‡		111,588
	295,000	Energy Transfer Partners, LP, 5.15%, due 03/15/45		289,235
	203,000	Energy Transfer Partners, LP, 9.70%, due 03/15/19		224,302
	110,000	EnerSys, 5.00%, due 04/30/23 144A		114,813
	307,000	EnLink Midstream Partners, LP, 4.85%, due 07/15/26		321,803
	162,000	Enova International, Inc., 9.75%, due 06/01/21		171,720
	55,000	Enterprise Products Operating LLC, 3.70%, due 02/15/26		56,586
	460,000	Enterprise Products Operating LLC, 3.75%, due 02/15/25		477,491
	230,000	Enterprise Products Operating LLC, 5.02% (3 mo. USD LIBOR plus 3.708%), due 08/01/66†		230,402
	440,000	Enterprise Products Operating LLC, 5.25%, due 08/16/77◆		444,950
	85,000	Equifax, Inc., 3.25%, due 06/01/26		80,350
	70,000	Equifax, Inc., 7.00%, due 07/01/37		85,142
	174,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		189,442
	1,934,000	ERAC USA Finance LLC, 2.80%, due 11/01/18‡‡‡‡		1,950,285
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49* **** ¤ ^ †††		—
	120,000	Exela Intermediate LLC/Exela Finance, Inc., 10.00%, due 07/15/23 144A		118,500
	1,169,000	Exelon Corp., 5.10%, due 06/15/45		1,340,780
	912,000	Exelon Generation Co. LLC, 4.25%, due 06/15/22‡		976,113
	520,000	Expedia, Inc., 3.80%, due 02/15/28 144A		516,503
	645,000	Expedia, Inc., 5.00%, due 02/15/26		702,625
	1,270,000	Express Scripts Holding Co., 3.40%, due 03/01/27		1,254,512
	405,000	Fidelity National Information Services, Inc., 2.85%, due 10/15/18		409,835
	302,000	Fidelity National Information Services, Inc., 3.63%, due 10/15/20		314,698
	1,303,000	Fifth Third Bancorp, 2.88%, due 07/27/20		1,328,612
	272,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR plus 3.033%)† †††††		279,480
	170,000	FirstEnergy Corp., 4.85%, due 07/15/47		179,117

See accompanying Notes to the Financial Statements. 57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	245,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		326,708
	250,000	Flagstar Bancorp, Inc., 6.13%, due 07/15/21		265,893
	761,000	Ford Motor Co., 4.75%, due 01/15/43		748,811
	222,000	Ford Motor Credit Co. LLC, 2.38%, due 03/12/19		223,180
	595,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		662,395
	580,000	Ford Motor Credit Co. LLC, 8.13%, due 01/15/20		653,594
	625,000	Freeport-McMoRan, Inc., 2.38%, due 03/15/18		626,562
	155,000	FS Investment Corp., 4.00%, due 07/15/19		158,134
	285,000	FS Investment Corp., 4.25%, due 01/15/20‡		292,274
	221,000	GCI, Inc., 6.88%, due 04/15/25‡		238,680
	80,000	General Electric Capital Corp., 4.38%, due 09/16/20		85,715
	645,000	General Electric Co., 5.00% (3 mo. USD LIBOR plus 3.330%)† †††††		683,023
	450,000	General Motors Co., 4.00%, due 04/01/25‡		457,894
	120,000	General Motors Co., 4.20%, due 10/01/27		121,991
	450,000	General Motors Co., 4.88%, due 10/02/23		487,331
	175,000	General Motors Co., 6.25%, due 10/02/43		200,680
	1,045,000	General Motors Financial Co., Inc., 3.50%, due 07/10/19		1,070,750
	460,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		469,854
	1,430,000	General Motors Financial Co., Inc., 4.20%, due 03/01/21		1,500,050
	394,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		407,452
	475,000	Gilead Sciences, Inc., 2.50%, due 09/01/23		470,596
	185,000	GLP Capital, LP/GLP Financing II, Inc., 5.38%, due 04/15/26		202,344
	265,000	Goldcorp, Inc., 3.63%, due 06/09/21		274,768
	285,000	Goldman Sachs Group (The), Inc., 2.00%, due 04/25/19		285,065
	625,000	Goldman Sachs Group (The), Inc., 2.30%, due 12/13/19		628,023
	919,000	Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21		924,820
	140,000	Goldman Sachs Group (The), Inc., 3.50%, due 01/23/25		142,170
	85,000	Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26		87,169
	930,000	Goldman Sachs Group (The), Inc., 3.85%, due 01/26/27		951,158
	290,000	Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		332,760
	125,000	Goldman Sachs Group (The), Inc., 5.30% (3 mo. USD LIBOR plus 3.834%)† ††††† ‡		134,531
	565,000	Goldman Sachs Group (The), Inc., 5.38% (3 mo. USD LIBOR plus 3.922%)† †††††		586,103
	130,000	Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22		145,789
	680,000	Goldman Sachs Group (The), Inc., 5.95%, due 01/18/18		688,672
	535,000	Goldman Sachs Group (The), Inc., 6.25%, due 02/01/41		707,700
	1,462,000	Goldman Sachs Group (The), Inc., 7.50%, due 02/15/19		1,570,717
	280,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		284,854
	200,000	Grupo Televisa SAB, 5.00%, due 05/13/45‡		202,097
	70,000	Gulfport Energy Corp., 6.00%, due 10/15/24		70,875
	80,000	H&E Equipment Services, Inc., 5.63%, due 09/01/25 144A		84,600
	465,000	Hartford Financial Services Group, Inc. (The), 8.13% (3 mo. USD LIBOR plus 4.603%), due 06/15/68†		483,600
	380,000	HBOS Plc, 6.75%, due 05/21/18 144A		391,362
	390,000	HCA, Inc., 5.25%, due 04/15/25‡		422,662
	262,000	HCA, Inc., 5.25%, due 06/15/26		282,960
	460,000	HCA, Inc., 5.88%, due 03/15/22		510,600
	195,000	HCA, Inc., 7.50%, due 02/15/22		224,190
	418,000	Hewlett Packard Enterprise Co., 2.10%, due 10/04/19 144A		418,346
	315,000	Hewlett Packard Enterprise Co., 2.45%, due 10/05/17		315,015

58 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	175,000	Hewlett Packard Enterprise Co., 2.85%, due 10/05/18		176,793
	105,000	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, due 12/01/24 144A		115,526
	145,000	Home Depot, Inc. (The), 3.50%, due 09/15/56		134,120
	214,000	HSBC Finance Corp., 6.68%, due 01/15/21		242,246
	270,000	HSBC Holdings Plc, 6.88% (USISDA05 plus 5.514%)† †††††		294,637
	95,000	Humana, Inc., 3.95%, due 03/15/27		99,445
	1,260,000	Husky Energy, Inc., 7.25%, due 12/15/19		1,393,838
	90,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		96,525
	110,000	IHS Markit, Ltd., 5.00%, due 11/01/22 144A		119,075
	420,000	Imperial Tobacco Finance Plc, 2.05%, due 02/11/18 144A		420,259
	385,000	ING Bank NV, 5.80%, due 09/25/23 144A		440,134
	310,000	Ingram Micro, Inc., 5.45%, due 12/15/24		318,638
	200,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		225,750
	220,000	International Lease Finance Corp., 5.88%, due 04/01/19		231,831
	310,000	International Paper Co., 4.40%, due 08/15/47		314,865
	54,000	IPALCO Enterprises, Inc., 3.70%, due 09/01/24 144A		54,196
	150,000	Iron Mountain, Inc. REIT, 4.88%, due 09/15/27 144A		153,000
	350,000	Iron Mountain, Inc. REIT, 6.00%, due 08/15/23		372,312
	260,000	Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A		306,398
	105,000	Israel Electric Corp., Ltd., 7.25%, due 01/15/19 144A		111,379
	107,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		112,484
	453,000	Jabil Circuit, Inc., 4.70%, due 09/15/22		484,144
	110,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		118,800
	418,000	Jefferies Group LLC, 4.85%, due 01/15/27		439,569
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		546,777
	175,000	Jefferies Group LLC, 8.50%, due 07/15/19		193,631
	1,802,000	JPMorgan Chase & Co., 3.20%, due 01/25/23		1,849,444
	380,000	JPMorgan Chase & Co., 3.20%, due 06/15/26		377,637
	300,000	JPMorgan Chase & Co., 3.25%, due 09/23/22		310,359
	1,430,000	JPMorgan Chase & Co., 3.38%, due 05/01/23‡		1,461,643
	820,000	JPMorgan Chase & Co., 4.25%, due 10/15/20		868,538
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		96,476
	200,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		216,830
	475,000	JPMorgan Chase & Co., 4.63%, due 05/10/21		513,172
	1,000,000	JPMorgan Chase & Co., 5.30% (3 mo. USD LIBOR plus 3.800%)† †††††		1,045,000
	420,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR plus 3.780%)† ††††† ‡		480,925
	822,000	Juniper Networks, Inc., 3.13%, due 02/26/19		835,109
	348,000	Juniper Networks, Inc., 3.30%, due 06/15/20‡		356,985
	200,000	KazMunayGas National Co. JSC, 3.88%, due 04/19/22 144A		202,221
	45,000	KCA Deutag UK Finance Plc, 9.88%, due 04/01/22 144A		46,913
	290,000	Kerr-McGee Corp., 6.95%, due 07/01/24		345,096
	217,000	Keysight Technologies, Inc., 4.60%, due 04/06/27		228,703
	2,500,000	Kinder Morgan Energy Partners, LP, 4.15%, due 02/01/24		2,594,880
	185,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32		237,600
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,416,495
	688,000	KKR Group Finance Co. LLC, 6.38%, due 09/29/20 144A		767,186
	200,000	Klabin Finance SA, 4.88%, due 09/19/27‡ 144A		198,980
	360,000	Kraft Foods Group, Inc., 3.50%, due 06/06/22‡		373,208

See accompanying Notes to the Financial Statements. 59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	349,000	Kraft Foods Group, Inc., 5.38%, due 02/10/20‡		374,560
	95,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		94,186
	235,000	Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A		251,300
	170,000	Kraft Heinz Foods Co., 5.00%, due 07/15/35		185,752
	148,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45		162,734
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		434,883
	180,000	Kronos Acquisition Holdings, Inc., 9.00%, due 08/15/23 144A		175,950
	300,000	L Brands, Inc., 5.63%, due 10/15/23‡		320,625
	221,000	L Brands, Inc., 6.63%, due 04/01/21		244,205
	120,000	L Brands, Inc., 6.88%, due 11/01/35		117,000
	82,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 03/15/22‡ 144A		83,845
	133,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		132,086
	150,000	Laureate Education, Inc., 8.25%, due 05/01/25 144A		162,000
	272,000	Lear Corp., 5.25%, due 01/15/25		290,902
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%**** ††† †††††		165
	270,000	Lehman Brothers Holdings, Inc., (MTN), Series I, 6.75%, due 12/28/17**** †††		95
	890,000	Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17**** †††		312
	290,000	Leucadia National Corp., 5.50%, due 10/18/23		310,111
	1,150,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		1,229,878
	1,237,000	Liberty Mutual Group, Inc., 4.95%, due 05/01/22 144A		1,352,175
	386,000	Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		488,290
	235,000	LifePoint Health, Inc., 5.38%, due 05/01/24‡		245,281
	105,000	Lions Gate Entertainment Corp., 5.88%, due 11/01/24 144A		110,775
	300,000	Lloyds Banking Group Plc, 7.50% (USD 5 year swap rate plus 4.760%)† ††††† ‡		337,125
	645,000	Lloyds Banking Group Plc, Subordinated Note, 4.65%, due 03/24/26		683,155
	370,000	Lockheed Martin Corp., 2.90%, due 03/01/25‡		368,765
	1,268,000	Lockheed Martin Corp., 4.70%, due 05/15/46		1,424,075
	247,000	LSC Communications, Inc., 8.75%, due 10/15/23 144A		255,336
	492,000	LyondellBasell Industries NV, 5.00%, due 04/15/19		510,654
	215,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR plus 3.520%)† †††††		227,497
	300,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		317,158
	335,000	Macy’s Retail Holdings, Inc., 3.63%, due 06/01/24‡		321,385
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		54,757
	400,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		444,905
	700,000	Marriott International, Inc., 3.13%, due 06/15/26		693,317
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		244,393
	195,000	Masco Corp., 4.38%, due 04/01/26		208,065
	225,000	Masco Corp., 4.45%, due 04/01/25‡		241,290
	725,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14#		827,546
	210,000	Match Group, Inc., 6.38%, due 06/01/24		229,425
	205,000	MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A		207,562
	190,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		199,500
	70,000	Medtronic, Inc., 3.13%, due 03/15/22		72,110
	190,000	Medtronic, Inc., 3.15%, due 03/15/22		196,858
	384,000	Medtronic, Inc., 4.38%, due 03/15/35		423,494
	275,000	MetLife, Inc., 6.40%, due 12/15/66		317,625

60 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	250,000	MetLife, Inc., 9.25%, due 04/08/38 144A		371,875
	63,000	MGIC Investment Corp., 5.75%, due 08/15/23		69,458
	225,000	Micron Technology, Inc., 7.50%, due 09/15/23		250,594
	410,000	Microsoft Corp., 3.95%, due 08/08/56		423,763
	1,104,000	Microsoft Corp., 4.25%, due 02/06/47		1,223,714
	540,000	Microsoft Corp., 4.45%, due 11/03/45		609,666
	165,630	Miran Mid-Atlantic Series C Pass Through Trust, 10.06%, due 12/30/28		158,177
	345,000	Molson Coors Brewing Co., 1.45%, due 07/15/19		341,397
	375,000	Molson Coors Brewing Co., 3.00%, due 07/15/26		365,402
	380,000	Mondelez International Holdings Netherlands BV, 1.63%, due 10/28/19 144A		377,281
	921,000	Morgan Stanley, 3.88%, due 04/29/24		964,676
	305,000	Morgan Stanley, 3.88%, due 01/27/26		316,985
	135,000	Morgan Stanley, 3.97% (3 mo. USD LIBOR plus 1.455%), due 07/22/38†		136,235
	660,000	Morgan Stanley, 4.38%, due 01/22/47		703,882
	325,000	Morgan Stanley, 5.45% (3 mo. USD LIBOR plus 3.610%)† †††††		335,562
	305,000	Morgan Stanley, 5.50%, due 01/26/20		327,721
	2,147,000	Morgan Stanley, 7.30%, due 05/13/19		2,324,990
	1,720,000	Morgan Stanley, (MTN), 4.10%, due 05/22/23		1,800,743
	1,000,000	Morgan Stanley, (MTN), Series F, 6.63%, due 04/01/18		1,024,566
	25,000	MPLX, LP, 5.20%, due 03/01/47‡		26,274
	185,000	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 6.38%, due 02/15/22		191,049
	225,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24‡ 144A		224,098
	140,000	Murphy Oil Corp., 5.75%, due 08/15/25‡		144,536
	194,000	Mylan NV, 2.50%, due 06/07/19		194,845
	429,000	Mylan NV, 3.95%, due 06/15/26‡		437,548
	360,000	Myriad International Holdings BV, 5.50%, due 07/21/25‡ 144A		393,304
	44,000	National CineMedia LLC, 6.00%, due 04/15/22		45,100
	245,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, due 07/01/21		250,666
	235,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 7.88%, due 10/01/20		240,434
	175,000	Navient Corp., (MTN), 8.45%, due 06/15/18		182,788
	90,000	NCR Corp., 5.88%, due 12/15/21		93,330
	237,000	Nemak SAB de CV, 5.50%, due 02/28/23‡ 144A		244,999
	335,000	NetApp, Inc., 2.00%, due 09/27/19		335,057
	170,000	Newell Brands, Inc., 4.20%, due 04/01/26		179,204
	123,000	Newfield Exploration Co., 5.63%, due 07/01/24		132,533
	103,000	Newfield Exploration Co., 5.75%, due 01/30/22		110,468
	200,000	NewStar Financial, Inc., 7.25%, due 05/01/20		207,000
	205,000	NextEra Energy Capital Holdings, Inc., 2.30%, due 04/01/19		206,121
	435,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		447,993
	95,000	NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A		97,019
	285,000	Nippon Life Insurance Co., 5.10% (USISDA05 plus 3.650%), due 10/16/44† 144A		306,019
	670,000	NiSource Finance Corp., 3.49%, due 05/15/27		679,521
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		822,428
	200,000	Noble Energy, Inc., 5.05%, due 11/15/44		207,185
	135,000	Nokia OYJ, 4.38%, due 06/12/27		139,219
	205,000	Norbord, Inc., 6.25%, due 04/15/23 144A		225,500
	220,000	Northern States Power Co., 4.13%, due 05/15/44		233,609
	195,000	Northern States Power Co/MN, 3.60%, due 09/15/47		192,881
	194,019	Northwest Airlines 2007-1 Class A Pass Through Trust, 7.03%, due 05/01/21		211,888

See accompanying Notes to the Financial Statements. 61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	370,000	NOVA Chemicals Corp., 5.00%, due 05/01/25 144A		376,475
	80,000	Novelis Corp., 5.88%, due 09/30/26 144A		81,400
	569,000	NRG Energy, Inc., 6.25%, due 05/01/24‡		594,605
	270,000	NRG Energy, Inc., 6.63%, due 01/15/27		284,175
	540,000	NRG Yield Operating LLC, 5.38%, due 08/15/24‡		569,700
	225,000	NRG Yield, Inc., 3.25%, due 06/01/20 144A		225,422
	530,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		571,075
	325,000	NXP BV/NXP Funding LLC, 5.75%, due 03/15/23 144A		340,031
	210,000	Omega Healthcare Investors, Inc. REIT, 4.50%, due 01/15/25		213,417
	300,000	Omega Healthcare Investors, Inc. REIT, 4.95%, due 04/01/24		314,909
	195,000	Omega Healthcare Investors, Inc. REIT, 5.25%, due 01/15/26		206,248
	300,000	Omnicom Group, Inc., 3.60%, due 04/15/26		302,968
	139,000	ONEOK Partners, LP, 5.00%, due 09/15/23		150,291
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		201,302
	175,000	Open Text Corp., 5.88%, due 06/01/26 144A		192,500
	320,000	Oracle Corp., 4.30%, due 07/08/34		350,307
	250,000	Owens Corning, 4.20%, due 12/15/22		265,589
	460,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		600,079
	205,000	PECO Energy Co., 3.70%, due 09/15/47		205,736
	730,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, due 06/15/19‡‡‡‡		735,642
	155,000	Petrobras Global Finance BV, 5.30%, due 01/27/25 144A		154,961
	426,000	Petrobras Global Finance BV, 5.63%, due 05/20/43‡		381,802
	485,000	Petrobras Global Finance BV, 7.38%, due 01/17/27		534,955
	320,000	Petroleos Mexicanos, 4.88%, due 01/24/22		336,400
	80,000	Petroleos Mexicanos, 5.38%, due 03/13/22 144A		85,576
	255,000	Petroleos Mexicanos, 5.50%, due 01/21/21		272,404
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		267,240
	630,000	Petroleos Mexicanos, 6.75%, due 09/21/47 ‡ 144A		671,832
	350,000	Petroleos Mexicanos, 6.88%, due 08/04/26		399,000
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		1,005,495
	115,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		104,443
	250,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.90%, due 02/15/45		233,260
	515,000	PNC Bank NA, 2.45%, due 07/28/22		515,846
	1,190,000	PNC Bank NA, 2.95%, due 01/30/23		1,205,153
	270,000	PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR plus 3.040%)† †††††		278,100
	163,000	PNC Financial Services Group, Inc. (The), 6.75% (3 mo. USD LIBOR plus 3.678%)† †††††		183,579
	200,000	Popular, Inc., 7.00%, due 07/01/19		206,500
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		608,450
	252,000	Priceline Group (The), Inc., 2.75%, due 03/15/23		252,060
	165,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		182,500
	95,000	Private Export Funding Corp., 1.88%, due 07/15/18		95,381
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		86,446
	598,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR plus 4.175%), due 09/15/42†		663,032
	1,000,000	Prudential Financial, Inc., 7.38%, due 06/15/19		1,090,967
	445,000	Public Service Electric & Gas Co., 3.00%, due 05/15/27		444,166
	170,000	QEP Resources, Inc., 6.88%, due 03/01/21‡		179,775
	370,000	Quicken Loans, Inc., 5.75%, due 05/01/25 144A		390,350

62 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	175,000	Quintiles IMS, Inc., 4.88%, due 05/15/23 144A		182,875
	240,000	QVC, Inc., 4.38%, due 03/15/23		249,582
	265,000	QVC, Inc., 5.13%, due 07/02/22‡		283,616
	300,000	QVC, Inc., 5.45%, due 08/15/34		296,319
	305,000	Rabobank Nederland NV, 11.00% (3 mo. USD LIBOR plus 10.868%)† ††††† 144A		345,794
	79,000	Radian Group, Inc., 5.25%, due 06/15/20		82,753
	129,000	Radian Group, Inc., 7.00%, due 03/15/21‡		146,899
	1,207,000	Realty Income Corp. REIT, 4.65%, due 08/01/23		1,313,522
	465,000	Regency Energy Partners, LP/Regency Energy Finance Corp., 5.50%, due 04/15/23		480,810
	495,000	Regions Financial Corp., 2.75%, due 08/14/22		494,707
	261,000	Resolute Energy Corp., 8.50%, due 05/01/20		266,872
	170,000	Revlon Consumer Products Corp., 5.75%, due 02/15/21‡		149,175
	185,000	Revlon Consumer Products Corp., 6.25%, due 08/01/24‡		143,838
	795,000	Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23		814,585
	265,000	Royal Bank of Scotland Group Plc, 6.00%, due 12/19/23		293,452
	205,000	Royal Bank of Scotland Group Plc, 8.00% (USD 5 year swap rate plus 5.720%)† ††††† ‡		227,550
	200,000	Royal Bank of Scotland Group Plc, 8.63% (USD 5 year swap rate plus 7.598%)† †††††		222,250
	67,000	S&P Global, Inc., 4.40%, due 02/15/26		72,315
	231,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		233,333
	217,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		231,615
	155,000	Sabine Pass Liquefaction LLC, 5.75%, due 05/15/24		172,665
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		329,600
	270,000	Santander Holdings USA, Inc., 2.70%, due 05/24/19		272,233
	255,000	Santander Holdings USA, Inc., 3.70%, due 03/28/22 144A		260,067
	380,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		397,632
	320,000	Select Medical Corp., 6.38%, due 06/01/21		330,800
	1,402,000	Sempra Energy, 2.40%, due 03/15/20		1,408,093
	275,000	Sherwin-Williams Co. (The), 2.25%, due 05/15/20		276,263
	465,000	Shire Acquisitions Investments Ireland DAC, 1.90%, due 09/23/19		464,304
	485,000	Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23		482,639
	875,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		864,259
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,154,221
	230,000	Sinclair Television Group, Inc., 5.63%, due 08/01/24 144A		236,612
	500,000	Sinopec Group Overseas Development 2015, Ltd., 2.50%, due 04/28/20 144A		501,477
	90,000	Sirius XM Radio, Inc., 3.88%, due 08/01/22‡ 144A		92,493
	205,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		210,125
	205,000	Sirius XM Radio, Inc., 5.38%, due 04/15/25 144A		216,787
	315,000	Sirius XM Radio, Inc., 5.38%, due 07/15/26 144A		332,325
	210,000	Sixsigma Networks Mexico SA de CV, 8.25%, due 11/07/21‡ 144A		218,820
	335,000	Societe Generale SA, 7.38% (USD 5 year swap rate plus 6.238%)† ††††† ‡ 144A		363,475
	325,000	Societe Generale SA, 8.00% (USISDA05 plus 5.873%)† ††††† ‡ 144A		372,937
	200,000	Societe Generale SA, Reg S, 8.25% (USD 5 year swap rate plus 6.394%)† ††††† ‡‡‡		211,924
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		353,549
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,305,351
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,234,228
	630,000	Southern Copper Corp., 5.25%, due 11/08/42		670,547
	230,000	Southern Power Co., 1.95%, due 12/15/19		229,650
	255,000	Sprint Capital Corp., 6.88%, due 11/15/28		286,237

See accompanying Notes to the Financial Statements. 63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	735,000	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A		747,862
	340,000	Standard Chartered Plc, 2.10%, due 08/19/19 144A		339,748
	377,000	State Street Corp., 2.32% (3 mo. USD LIBOR plus 1.000%), due 06/01/77†		344,880
	850,000	State Street Corp., 4.96%, due 03/15/18		862,035
	395,000	State Street Corp., 5.25% (3 mo. USD LIBOR plus 3.597%)† †††††		416,725
	18,000	Stearns Holdings LLC, 9.38%, due 08/15/20 144A		18,900
	310,000	Stifel Financial Corp., 4.25%, due 07/18/24		317,850
	470,000	Sumitomo Mitsui Trust Bank, Ltd., 2.05%, due 03/06/19 144A		470,502
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		930,730
	460,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26		457,194
	271,000	Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21		286,128
	200,000	Sunoco, LP/Sunoco Finance Corp., 6.25%, due 04/15/21		210,070
	405,000	SunTrust Bank/Atlanta GA, 2.45%, due 08/01/22		404,630
	217,000	Synovus Financial Corp., 7.88%, due 02/15/19		233,546
	190,000	T-Mobile USA, Inc., 6.13%, due 01/15/22		198,075
	130,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 5.50%, due 09/15/24 144A		134,225
	95,000	Tapstone Energy LLC/Tapstone Energy Finance Corp., 9.75%, due 06/01/22 144A		85,263
	270,000	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, due 04/15/21 144A		277,425
	760,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		787,444
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		46,990
	536,000	Tech Data Corp., 4.95%, due 02/15/27‡		553,868
	1,599,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		1,588,046
	260,000	Telefonos de Mexico SAB de CV, 5.50%, due 11/15/19		279,255
	90,000	Tenet Healthcare Corp., 4.38%, due 10/01/21		91,688
	60,000	Tervita Escrow Corp., 7.63%, due 12/01/21 144A		61,050
	140,000	Tesoro Logistics, LP/Tesoro Logistics Finance Corp., 5.25%, due 01/15/25		150,500
	385,000	Tesoro Logistics, LP/Tesoro Logistics Finance Corp., 6.13%, due 10/15/21		397,512
	270,000	Tesoro Logistics, LP/Tesoro Logistics Finance Corp., 6.38%, due 05/01/24		294,300
	1,650,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26‡		1,523,724
	40,000	Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46‡		33,827
	220,000	Thermo Fisher Scientific, Inc., 3.60%, due 08/15/21		229,789
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		72,738
	670,000	Time Warner Cable LLC, 8.25%, due 04/01/19		728,731
	971,000	Time Warner Cos., Inc., 7.57%, due 02/01/24		1,209,029
	590,000	Time Warner, Inc., 3.80%, due 02/15/27		591,292
	260,000	Time Warner, Inc., 4.70%, due 01/15/21		278,362
	200,000	Time Warner, Inc., 4.75%, due 03/29/21		215,521
	550,000	Total System Services, Inc., 4.80%, due 04/01/26		602,090
	77,000	Tutor Perini Corp., 6.88%, due 05/01/25‡ 144A		83,738
	1,812,000	UBS Group Funding Jersey, Ltd., 4.13%, due 04/15/26 144A		1,905,141
	495,000	UBS Group Funding Switzerland AG, 2.86%, due 08/15/23◆ 144A		493,945
	3,195,858	United Airlines 2014-1 Class A Pass Through Trust, 4.00%, due 10/11/27		3,389,815
	432,911	United Airlines 2014-2 Class A Pass Through Trust, 3.75%, due 03/03/28		449,601
	255,000	United Airlines 2016-1 Class A Pass Through Trust, 3.45%, due 01/07/30		259,144
	415,000	United Rentals North America, Inc., 4.88%, due 01/15/28		418,112
	220,000	United Rentals North America, Inc., 5.50%, due 07/15/25		236,500

64 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	145,000	United Rentals North America, Inc., 5.75%, due 11/15/24		154,425
	105,000	United Rentals North America, Inc., 5.88%, due 09/15/26		114,450
	130,000	UnitedHealth Group, Inc., 4.20%, due 01/15/47		138,879
	390,000	UnitedHealth Group, Inc., 4.38%, due 03/15/42		423,166
	230,000	Universal Health Services, Inc., 4.75%, due 08/01/22 144A		238,625
	275,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		290,812
	188,695	US Airways 2010-1 Class A Pass Through Trust, 6.25%, due 10/22/24		212,754
	210,157	US Airways 2012-1 Class A Pass Through Trust, 5.90%, due 04/01/26		238,002
	350,000	US Bank NA/Cincinnati OH, 2.00%, due 01/24/20		351,057
	145,000	US Concrete, Inc., 6.38%, due 06/01/24		156,963
	210,000	Vale Overseas, Ltd., 6.25%, due 08/10/26‡		238,812
	335,000	Valeant Pharmaceuticals International, Inc., 6.13%, due 04/15/25‡ 144A		294,800
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		484,318
	115,000	Vector Group, Ltd., 6.13%, due 02/01/25 144A		119,313
	200,000	Vedanta Resources Plc, 6.38%, due 07/30/22‡ 144A		208,500
	430,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		432,351
	2,000,000	Ventas Realty, LP/Ventas Capital Corp. REIT, 2.70%, due 04/01/20		2,020,048
	260,000	VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24		273,348
	130,000	VeriSign, Inc., 4.75%, due 07/15/27		134,550
	170,000	VeriSign, Inc., 5.25%, due 04/01/25‡		184,450
	494,000	Verisk Analytics, Inc., 4.00%, due 06/15/25		514,750
	255,000	Verizon Communications, Inc., 4.40%, due 11/01/34		255,910
	250,000	Verizon Communications, Inc., 4.50%, due 08/10/33		256,874
	1,017,000	Verizon Communications, Inc., 4.52%, due 09/15/48		988,663
	310,000	Verizon Communications, Inc., 4.67%, due 03/15/55		296,575
	1,074,000	Verizon Communications, Inc., 4.86%, due 08/21/46		1,092,914
	255,000	Verizon Communications, Inc., 5.01%, due 08/21/54		257,252
	230,000	Viacom, Inc., 6.25% (3 mo. USD LIBOR plus 3.899%), due 02/28/57† ‡		231,864
	824,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		832,763
	223,000	Vista Outdoor, Inc., 5.88%, due 10/01/23‡		230,526
	290,000	VMware, Inc., 2.95%, due 08/21/22		292,057
	415,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR plus 3.580%), due 05/15/53†		441,767
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,164,337
	855,000	WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 2.70%, due 09/17/19 144A		862,935
	1,298,000	Wells Fargo & Co., 3.07%, due 01/24/23		1,321,033
	90,000	Wells Fargo & Co., 4.60%, due 04/01/21		96,712
	265,000	Wells Fargo & Co., 4.65%, due 11/04/44		284,206
	735,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR plus 3.990%)† †††††		818,974
	315,000	Wells Fargo & Co., Class A, Series K, 7.98% (3 mo. USD LIBOR plus 3.770%)† †††††		324,844
	708,000	Welltower, Inc. REIT, 4.50%, due 01/15/24		761,183
	240,000	Westlake Chemical Corp., 4.63%, due 02/15/21		249,240
	581,000	Westpac Banking Corp., 2.15%, due 03/06/20‡		583,193
	170,000	WestRock RKT Co., 3.50%, due 03/01/20		174,281
	1,000,000	Weyerhaeuser Co. REIT, 7.38%, due 10/01/19		1,104,547
	465,000	Williams Cos. (The), Inc., 4.55%, due 06/24/24		483,600
	275,000	Williams Cos. (The), Inc., 5.75%, due 06/24/44		292,187
	315,000	Williams Partners, LP, 3.75%, due 06/15/27		315,179
	515,000	Williams Partners, LP/ACMP Finance Corp., 4.88%, due 03/15/24		540,271

See accompanying Notes to the Financial Statements. 65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	200,000	Wind Acquisition Finance SA, 7.38%, due 04/23/21 144A		208,125
	80,000	WM Wrigley Jr Co., 2.40%, due 10/21/18 144A		80,525
	320,000	WM Wrigley Jr Co., 2.90%, due 10/21/19 144A		324,860
	90,000	WM Wrigley Jr Co., 3.38%, due 10/21/20 144A		92,871
	145,000	WMG Acquisition Corp., 4.88%, due 11/01/24 144A		149,713
	180,000	WMG Acquisition Corp., 6.75%, due 04/15/22 144A		189,675
	90,000	WPX Energy, Inc., 5.25%, due 09/15/24‡		90,675
	360,000	XPO Logistics, Inc., 6.50%, due 06/15/22‡ 144A		379,350
	310,000	YPF SA, 8.50%, due 07/28/25‡ 144A		357,988
	105,000	Zayo Group LLC/Zayo Capital, Inc., 5.75%, due 01/15/27 144A		111,563
	37,000	Zebra Technologies Corp., 7.25%, due 10/15/22‡		39,243
	225,000	ZF North America Capital, Inc., 4.75%, due 04/29/25 144A		238,219
	425,000	Zimmer Biomet Holdings, Inc., 3.55%, due 04/01/25		429,811
				306,380,835
		Mortgage Backed Securities - Private Issuers — 10.4%
	47,113	American Home Mortgage Investment Trust, Series 2005-1, Class 1A1, 1.67% (1 mo. USD LIBOR plus 0.440%), due 06/25/45†		46,531
	450,000	Americold LLC, Series 2010-ARTA, Class D, 7.44%, due 01/14/29 144A		500,915
	113,000	AOA Mortgage Trust, Series 2015-1177, Class C, 3.11%, due 12/13/29◆◆ 144A		112,768
	264,000	Barclays Commercial Mortgage Trust, Series 2015-MSQ, Class D, 4.12%, due 09/15/32◆◆ 144A		264,569
	1,350,000	Barclays Commercial Mortgage Trust, Series 2016-ETC, Class A, 2.94%, due 08/14/36 144A		1,333,387
	153,701	Bayview Opportunity Master Fund IIIb Trust, Series 2017-CRT2, Class M, 3.24% (1 mo. USD LIBOR plus 2.000%), due 11/25/27† 144A		153,746
	285,288	Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3, 1.94% (1 mo. USD LIBOR plus 0.700%), due 01/25/35†		284,972
	125,909	Bear Stearns ALT-A Trust, Series 2005-7, Class 11A1, 1.78% (1 mo. USD LIBOR plus 0.540%), due 08/25/35†		123,861
	260,634	Bear Stearns ARM Trust, Series 2005-2, Class A1, 3.26% (1 year CMT plus 2.450%), due 03/25/35†		263,796
	210,954	Bear Stearns ARM Trust, Series 2005-5, Class A2, 2.82% (1 year CMT plus 2.150%), due 08/25/35†		210,600
	130,000	BWAY Mortgage Trust, Series 2015-1740, Class D, 3.79%, due 01/10/35◆◆ 144A		129,218
	300,000	BXHTL Mortgage Trust, Series 2015-JWRZ, Class GL2, 4.92% (1 mo. LIBOR plus 3.688%), due 05/15/29† 144A		303,917
	355,000	BXP Trust, Series 2017-GM, Class D, 3.54%, due 06/13/39◆◆ 144A		342,385
	366,000	CD Mortgage Trust, Series 2017-CD3, Class C, 4.72%, due 02/10/50◆◆		386,606
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		696,143
	100,000	CGDB Commercial Mortgage Trust, Series 2017-BIO, Class E, 3.73% (1 mo. LIBOR plus 2.500%), due 05/15/30† 144A		100,375
	240,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 3.38% (1 mo. LIBOR plus 2.150%), due 07/15/28† 144A		240,519
	416,545	CGGS Commercial Mortgage Trust, Series 2016-RNDA, Class DFX, 4.39%, due 02/10/33 144A		420,544
	820,000	CGMS Commercial Mortgage Trust, Series 2017-MDRC, Class D, 3.48% (1 mo. LIBOR plus 2.250%), due 07/15/30† 144A		821,385
	997,173	CIM Trust, Series 2017-3, 3.24%, due 01/25/57◆◆ 144A		1,014,327

66 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	434,185	CIM Trust, Series 2017-6, 3.00%, due 06/25/57 144A		433,015
	1,000,000	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2, 2.96%, due 11/10/46		1,010,703
	1,600,000	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A3, 3.36%, due 07/10/47		1,645,935
	1,500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4, 2.88%, due 02/10/48		1,492,179
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,777,620
	115,000	Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 3.73%, due 07/15/32◆◆ 144A		115,216
	1,400,000	Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A3, 3.20%, due 09/15/50		1,407,931
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.49%, due 05/10/47◆◆		742,643
	140,000	CLNS Trust, Series 2017-IKPR, Class C, 2.34% (1 mo. LIBOR plus 1.100%), due 06/11/32† 144A		140,081
	315,000	Cold Storage Trust, Series 2017-ICE3, Class D, 3.33% (1 mo. LIBOR plus 2.100%), due 04/15/36† 144A		317,491
	221,000	Commercial Mortgage Pass Through Certificates, Series 2012-LC4, Class B, 4.93%, due 12/10/44◆◆		233,231
	130,000	Commercial Mortgage Pass Through Certificates, Series 2013-300P, Class D, 4.54%, due 08/10/30◆◆ 144A		137,010
	460,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR11, Class B, 5.17%, due 08/10/50◆◆		500,954
	225,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR13, Class C, 4.90%, due 11/12/46◆◆		236,128
	300,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A2, 2.37%, due 06/10/46		301,033
	1,250,000	Commercial Mortgage Pass Through Certificates, Series 2013-CR8, Class A4, 3.33%, due 06/10/46		1,294,261
	100,000	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46		100,489
	397,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR16, Class C, 5.06%, due 04/10/47◆◆		406,330
	1,600,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class A3, 3.33%, due 11/10/47		1,640,021
	425,000	Commercial Mortgage Pass Through Certificates, Series 2014-FL4, Class D, 2.83% (1 mo. LIBOR plus 2.450%), due 07/13/31 † 144A		421,810
	195,000	Commercial Mortgage Pass Through Certificates, Series 2014-PAT, Class D, 3.47% (1 mo. LIBOR plus 2.150%), due 08/13/27 † 144A		195,359
	390,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class D, 3.49% (1 mo. LIBOR plus 2.250%), due 02/13/32 † 144A		391,931
	2,150,000	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		2,177,554
	1,200,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,244,584
	250,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR27, Class B, 4.51%, due 10/10/48◆◆		262,403
	53,000,000	Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.28%, due 05/10/47◆◆ 144A		727,346

See accompanying Notes to the Financial Statements. 67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	355,000	Core Industrial Trust, Series 2015-CALW, Class F, 3.98%, due 02/10/34◆◆ 144A		356,103
	108,271	Credit Suisse Mortgage Trust, Series 2006-CF2, Class M1, 1.71% (1 mo. USD LIBOR plus 0.470%), due 05/25/36 † 144A		108,402
	475,000	Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/23 144A		503,171
	327,807	Credit Suisse Mortgage Trust, Series 2017-6R, 2.72%, due 02/01/47◆◆ 144A		327,807
	892,602	Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3, 3.50%, due 06/25/47◆◆ 144A		915,073
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,106,645
	115,000	DBJPM Mortgage Trust, Series 2016-C3, Class C, 3.64%, due 09/10/49◆◆		111,265
	210,000	DBJPM Mortgage Trust, Series 2017-C6, Class C, 4.17%, due 06/10/50◆◆		214,249
	248,880	Fremont Home Loan Trust, Series 2004-B, Class M1, 2.11% (1 mo. USD LIBOR plus 0.870%), due 05/25/34†		249,112
	339,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.49%, due 12/15/34◆◆ 144A		342,633
	32,695	GMACM Mortgage Loan Trust, Series 2004-AR2, Class 3A, 4.09%, due 08/19/34◆◆		31,847
	1,401,304	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		1,450,677
	1,424,000	GS Mortgage Securities Trust, Series 2013-GC13, Class A2, 2.81%, due 07/10/46		1,430,825
	155,000	GS Mortgage Securities Trust, Series 2014-NEW, Class C, 3.79%, due 01/10/31 144A		155,368
	260,000	GS Mortgage Securities Trust, Series 2015-590M, Class C, 3.93%, due 10/10/35◆◆ 144A		262,669
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		911,108
	325,000	GS Mortgage Securities Trust, Series 2016-RENT, Class D, 4.20%, due 02/10/29◆◆ 144A		334,504
	200,000	GS Mortgage Securities Trust, Series 2017-485L, Class C, 4.11%, due 02/10/37◆◆ 144A		208,062
	165,000	GS Mortgage Securities Trust, Series 2017-GS5, Class C, 4.30%, due 03/10/50◆◆		168,593
	165,000	GS Mortgage Securities Trust, Series 2017-GS6, Class C, 4.32%, due 05/10/50◆◆		170,572
	77,214	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 1.69% (1 mo. USD LIBOR plus 0.450%), due 06/20/35†		76,897
	310,000	Hilton Mortgage Trust, Series 2014-ORL, Class D, 3.23% (1 mo. USD LIBOR plus 2.150%), due 07/15/29† 144A		306,548
	280,000	Hilton USA Trust, Series 2016-HHV, Class D, 4.33%, due 11/05/38◆◆ 144A		277,686
	100,000	Hudsons Bay Simon JV Trust, Series 2015-HBFL, Class DFL, 4.88% (1 mo. LIBOR plus 3.650%), due 08/05/34† 144A		99,791
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34◆◆ 144A		169,241
	415,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class C, 4.82%, due 04/15/47◆◆		431,869
	824,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		840,777
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		695,145
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,338,936
	1,331,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		1,420,855
	500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A3, 3.53%, due 01/15/46		513,284
	1,725,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,788,230

68 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	516,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-FL5, Class C, 3.33% (1 mo. USD LIBOR plus 2.100%), due 07/15/31 † 144A		511,627
	18,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-PHH, Class C, 3.33% (1 mo. USD LIBOR plus 2.100%), due 08/15/27 † 144A		18,020
	455,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-MAR7, Class C, 4.49%, due 06/05/32 144A		465,148
	171,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-SGP, Class B, 3.98% (1 mo. USD LIBOR plus 2.750%), due 07/15/36 † 144A		172,562
	177,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class C, 3.62%, due 08/15/49◆◆		170,329
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,613,089
	1,193,273	JPMorgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46◆◆ 144A		1,226,018
	749,698	JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, due 10/25/46◆◆ 144A		769,743
	1,657,921	JPMorgan Mortgage Trust, Series 2017-2, Class A5, 3.50%, due 05/25/47◆◆ 144A		1,703,416
	897,195	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, due 08/25/47◆◆ 144A		921,184
	490,107	LSTAR Securities Investment, Ltd., Series 2017-3, Class A1, 3.24% (1 mo. USD LIBOR plus 2.000%), due 04/01/22† 144A		491,400
	1,660,588	LSTAR Securities Investment, Ltd., Series 2017-4, Class A, 3.24% (1 mo. USD LIBOR plus 2.000%), due 05/01/22† 144A		1,664,987
	1,750,087	LSTAR Securities Investment, Ltd., Series 2017-5, Class A, 3.24% (1 mo. USD LIBOR plus 2.000%), due 05/01/22† 144A		1,754,704
	220,000	MAD Mortgage Trust, Series 2017-330M, Class D, 4.11%, due 08/15/34◆◆ 144A		222,544
	242,864	MASTR Adjustable Rate Mortgages Trust, Series 2004-11, Class M2, 2.34% (1 mo. USD LIBOR plus 1.100%), due 11/25/34†		247,500
	137,820	MASTR Alternative Loan Trust, Series 2005-2, Class 4A3, 1.64% (1 mo. USD LIBOR plus 0.400%), due 03/25/35†		133,417
	71,464	Merrill Lynch Mortgage Investors Trust, Series 2005-2, Class 1A, 2.66% (6 mo. USD LIBOR plus 1.250%), due 10/25/35†		71,520
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		101,878
	765,000	Morgan Stanley Capital I Trust, Series 2014-150E, Class D, 4.44%, due 09/09/32◆◆ 144A		789,333
	315,000	Morgan Stanley Capital I Trust, Series 2015-XLF1, Class C, 3.44% (1 mo. USD LIBOR plus 2.200%), due 08/14/31† 144A		316,372
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,541,550
	560,000	Mortgage Repurchase Agreement Financing Trust, Series 2017-1, Class A2, 2.09% (1 mo. USD LIBOR plus 0.850%), due 07/10/19† 144A		560,172
	455,000	MSCG Trust, Series 2016-SNR, Class D, 6.55%, due 11/15/34 144A		454,120
	55,000	MSDB Trust, Series 2017-712F, Class C, 3.75%, due 07/11/39◆◆ 144A		55,719
	125,000	MSSG Trust, Series 2017-237P, Class D, 3.86%, due 09/13/39 144A		122,194
	180,000	MSSG Trust, Series 2017-237P, Class E, 3.86%, due 09/13/39 144A		164,771
	290,000	Olympic Tower Mortgage Trust, Series 2017-OT, Class D, 4.08%, due 05/10/39◆◆ 144A		291,226
	160,000	One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, due 02/10/32 144A		163,817
	100,877	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.42%, due 05/25/35◆◆		98,942
	889,806	Sequoia Mortgage Trust, Series 2017-4, Class A4, 3.50%, due 07/25/47◆◆ 144A		915,162

See accompanying Notes to the Financial Statements. 69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	2,336,529	Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33		2,420,642
	315,000	TMSQ Mortgage Trust, Series 2014-1500, Class D, 3.96%, due 10/10/36◆◆ 144A		308,185
	215,000	UBS Commercial Mortgage Trust, Series 2012-C1, Class B, 4.82%, due 05/10/45		233,806
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		693,976
	2,272,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,333,937
	1,739,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		1,761,312
	1,667,531	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,728,459
	490,000	VNO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, due 12/13/29◆◆ 144A		502,892
	445,000	VNO Mortgage Trust, Series 2016-350P, Class D, 4.03%, due 01/10/35◆◆ 144A		439,776
	25,765	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 3.31%, due 09/25/33◆◆		26,362
	32,704	WaMu Mortgage Pass Through Certificates, Series 2005-AR2, Class 2A3, 1.59% (1 mo. USD LIBOR plus 0.350%), due 01/25/45†		32,340
	363,000	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class C, 2.80%, due 03/18/28◆◆ 144A		363,379
	55,000	Wells Fargo Commercial Mortgage Trust, Series 2013-BTC, Class E, 3.67%, due 04/16/35◆◆ 144A		50,378
	260,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class B, 4.69%, due 09/15/58◆◆		279,222
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,430,889
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		2,913,447
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		958,799
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,433,824
	200,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class C, 4.31%, due 03/15/50◆◆		205,679
	2,560,000	WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44◆◆ 144A		2,770,195
	1,462,000	WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.20%, due 03/15/48		1,504,761
	195,000	WF-RBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.63%, due 08/15/46◆◆		207,212
				84,753,702
		Mortgage Backed Securities - U.S. Government Agency Obligations — 23.1%
	693,936	FHLMC, Pool # J26100, 3.00%, due 10/01/28		714,655
	568,609	FHLMC, Pool # V60565, 3.00%, due 06/01/29		585,579
	1,220,101	FHLMC, Pool # V60603, 3.00%, due 09/01/29		1,256,286
	1,383,254	FHLMC, Pool # V60599, 3.00%, due 09/01/29		1,424,456
	3,094,607	FHLMC, Pool # G60039, 3.00%, due 04/01/43		3,125,164
	1,591,250	FHLMC, Pool # Q42618, 3.00%, due 08/01/46		1,599,171
	268,983	FHLMC, Pool # J16432, 3.50%, due 08/01/26		282,776
	274,224	FHLMC, Pool # J17763, 3.50%, due 01/01/27		287,430

70 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	317,003	FHLMC, Pool # Q11218, 3.50%, due 09/01/42		328,646
	598,044	FHLMC, Pool # Q12052, 3.50%, due 10/01/42		620,072
	1,228,088	FHLMC, Pool # Q12862, 3.50%, due 11/01/42		1,275,840
	574,574	FHLMC, Pool # Q17792, 3.50%, due 05/01/43		596,913
	1,068,022	FHLMC, Pool # V82084, 3.50%, due 12/01/45		1,102,735
	2,056,801	FHLMC, Pool # V82515, 3.50%, due 06/01/46		2,128,473
	2,590,005	FHLMC, Pool # Q41917, 3.50%, due 07/01/46		2,685,870
	2,660,367	FHLMC, Pool # Q41918, 3.50%, due 07/01/46		2,762,939
	398,152	FHLMC, Pool # G14678, 4.00%, due 12/01/26		417,386
	507,403	FHLMC, Pool # G30700, 4.00%, due 04/01/34		540,427
	765,365	FHLMC, Pool # G06231, 4.00%, due 12/01/40		809,424
	550,305	FHLMC, Pool # A96970, 4.00%, due 02/01/41		581,993
	1,720,959	FHLMC, Pool # Q04020, 4.00%, due 10/01/41		1,820,134
	1,798,111	FHLMC, Pool # Q36815, 4.00%, due 10/01/45		1,894,691
	1,054,966	FHLMC, Pool # G08672, 4.00%, due 10/01/45		1,111,631
	801,359	FHLMC, Pool # A89870, 4.50%, due 11/01/39		862,775
	910,040	FHLMC, Pool # Q02552, 4.50%, due 08/01/41		979,760
	138,700	FHLMC, Pool # G07515, 4.50%, due 09/01/41		149,294
	2,148,789	FHLMC, Pool # G60804, 4.50%, due 05/01/42		2,309,890
	574,450	FHLMC, Pool # G08568, 4.50%, due 01/01/44		616,140
	1,800,459	FHLMC, Pool # G60700, 4.50%, due 09/01/45		1,944,079
	763,071	FHLMC, Pool # G07021, 5.00%, due 09/01/39		837,210
	2,362,281	FHLMC, Pool # G60564, 5.00%, due 02/01/42		2,590,137
	227,285	FHLMC, Pool # G01749, 5.50%, due 01/01/35		254,631
	212,421	FHLMC, Pool # G06875, 5.50%, due 12/01/38		238,294
	393,479	FHLMC, Pool # G06409, 6.00%, due 11/01/39		446,490
	483,917	FHLMC Gold, Pool # J35715, 2.50%, due 11/01/31		487,921
	914,146	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		931,847
	1,502,008	FHLMC Gold, Pool # G08721, 3.00%, due 09/01/46		1,509,493
	500,531	FHLMC Gold, Pool # G08741, 3.00%, due 01/01/47††††		502,870
	2,096,589	FHLMC Gold, Pool # G60931, 3.00%, due 02/01/47		2,115,091
	2,385,735	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		2,478,409
	1,977,814	FHLMC Gold, Pool # G61043, 4.00%, due 07/01/47		2,100,567
	250,781	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46††††		268,977
	1,616,014	FHLMC Gold, Pool # G30592, 5.50%, due 12/01/28		1,780,577
	1,000,000	FHLMC Multifamily Structured Pass Through Certificates, Series K053, Class A2, 3.00%, due 12/25/25		1,022,591
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26◆◆		563,296
	600,000	FHLMC Multifamily Structured Pass Through Certificates, Series KS03, Class A4, 3.16%, due 05/25/25◆◆		620,057
	33,749,258	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.13%, due 01/25/20◆◆		633,517
	21,966,955	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.22%, due 04/25/20◆◆		486,004
	27,330,640	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 1.00%, due 10/25/22◆◆		991,692
	130,258	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		146,265

See accompanying Notes to the Financial Statements. 71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	448,159	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M1, 2.14% (1 mo. USD LIBOR plus 0.900%), due 10/25/27†		448,755
	250,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M2, 3.08% (1 mo. USD LIBOR plus 1.850%), due 10/25/27†		255,457
	218,072	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M1, 2.69% (1 mo. USD LIBOR plus 1.450%), due 07/25/28†		218,710
	280,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, 3.23% (1 mo. USD LIBOR plus 2.000%), due 12/25/28†		285,969
	480,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA4, Class M2, 2.54% (1 mo. USD LIBOR plus 1.300%), due 04/25/29†		486,385
	645,127	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class M1, 2.44% (1 mo. USD LIBOR plus 1.200%), due 07/25/29†		652,467
	1,250,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 1.98% (1 mo. USD LIBOR plus 0.750%), due 03/25/30†		1,250,000
	1,250,000	FHLMC TBA, 3.50%, due 10/01/44		1,286,963
	500,000	FHLMC TBA, 4.00%, due 01/01/44		526,484
	364,047	FNMA, Pool # AS7693, 2.00%, due 08/01/31		358,197
	617,488	FNMA, Pool # AO7971, 2.50%, due 06/01/27		626,003
	488,735	FNMA, Pool # AS8212, 2.50%, due 10/01/31		492,598
	327,244	FNMA, Pool # AB7059, 2.50%, due 11/01/42††††		318,420
	475,280	FNMA, Pool # AS8073, 2.50%, due 10/01/46		460,524
	1,021,233	FNMA, Pool # AB6212, 3.00%, due 09/01/42		1,030,535
	583,705	FNMA, Pool # AQ7923, 3.00%, due 12/01/42		589,012
	1,377,585	FNMA, Pool # AB7505, 3.00%, due 01/01/43		1,390,147
	1,089,540	FNMA, Pool # AR2001, 3.00%, due 02/01/43		1,099,455
	1,067,060	FNMA, Pool # AT0232, 3.00%, due 03/01/43		1,076,786
	1,945,292	FNMA, Pool # AB9659, 3.00%, due 06/01/43		1,963,033
	184,276	FNMA, Pool # AY7121, 3.00%, due 04/01/45		185,497
	889,160	FNMA, Pool # AZ0611, 3.00%, due 04/01/45		893,961
	586,758	FNMA, Pool # AX3719, 3.50%, due 07/01/27		612,715
	1,037,368	FNMA, Pool # MA2164, 3.50%, due 02/01/35		1,084,535
	1,177,413	FNMA, Pool # AJ9278, 3.50%, due 12/01/41		1,219,711
	1,860,534	FNMA, Pool # AL1895, 3.50%, due 06/01/42		1,930,414
	2,125,676	FNMA, Pool # AB6022, 3.50%, due 08/01/42		2,201,520
	1,037,017	FNMA, Pool # AP2422, 3.50%, due 08/01/42		1,073,593
	1,555,149	FNMA, Pool # AB6802, 3.50%, due 11/01/42		1,611,616
	1,007,235	FNMA, Pool # AL3000, 3.50%, due 12/01/42		1,042,761
	1,329,929	FNMA, Pool # AL3316, 3.50%, due 03/01/43		1,378,207
	2,319,305	FNMA, Pool # AL3873, 3.50%, due 07/01/43		2,406,095
	1,499,432	FNMA, Pool # AS5133, 3.50%, due 06/01/45		1,547,358
	1,253,548	FNMA, Pool # AY5617, 3.50%, due 06/01/45		1,293,615
	4,781,022	FNMA, Pool # AL7594, 3.50%, due 08/01/45		4,956,976
	1,355,674	FNMA, Pool # AZ4775, 3.50%, due 10/01/45		1,399,005
	424,262	FNMA, Pool # AZ3743, 3.50%, due 11/01/45		437,822
	878,364	FNMA, Pool # AS6452, 3.50%, due 01/01/46		906,440
	1,369,625	FNMA, Pool # MA1689, 4.00%, due 12/01/33		1,456,300
	1,653,839	FNMA, Pool # 725331, 4.00%, due 01/01/34		1,758,627
	600,685	FNMA, Pool # MA2019, 4.00%, due 09/01/34		638,602
	2,435,350	FNMA, Pool # AL9621, 4.00%, due 01/01/37		2,592,233

72 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,720,775	FNMA, Pool # AL6663, 4.00%, due 03/01/39		1,820,928
	734,171	FNMA, Pool # 932807, 4.00%, due 09/01/40		777,128
	400,050	FNMA, Pool # AE7685, 4.00%, due 10/01/40		423,364
	1,686,327	FNMA, Pool # AH4404, 4.00%, due 01/01/41		1,784,425
	634,929	FNMA, Pool # AJ9317, 4.00%, due 01/01/42		671,487
	258,337	FNMA, Pool # AO4109, 4.00%, due 06/01/42		273,102
	342,858	FNMA, Pool # AB9383, 4.00%, due 05/01/43		365,010
	1,532,484	FNMA, Pool # AL8191, 4.00%, due 12/01/45		1,639,653
	427,357	FNMA, Pool # AS6286, 4.00%, due 12/01/45		450,325
	1,335,734	FNMA, Pool # AS6304, 4.00%, due 12/01/45		1,407,529
	1,121,206	FNMA, Pool # BC2494, 4.00%, due 03/01/46		1,196,880
	3,489,392	FNMA, Pool # BD7043, 4.00%, due 03/01/47		3,696,558
	3,380,578	FNMA, Pool # BE7192, 4.00%, due 03/01/47		3,578,526
	1,974,151	FNMA, Pool # BH1207, 4.00%, due 06/01/47		2,091,150
	809,492	FNMA, Pool # 995243, 4.50%, due 08/01/38		871,470
	1,055,108	FNMA, Pool # AL9737, 4.50%, due 08/01/38		1,137,559
	692,456	FNMA, Pool # AD9153, 4.50%, due 08/01/40		749,782
	1,164,576	FNMA, Pool # AL0215, 4.50%, due 04/01/41**		1,261,371
	1,503,632	FNMA, Pool # AL6301, 4.50%, due 06/01/42		1,625,678
	2,425,040	FNMA, Pool # 254903, 5.00%, due 10/01/33		2,673,264
	855,509	FNMA, Pool # 725027, 5.00%, due 11/01/33		943,130
	1,056,551	FNMA, Pool # 735676, 5.00%, due 07/01/35		1,164,907
	693,721	FNMA, Pool # 745148, 5.00%, due 01/01/36		765,118
	527,068	FNMA, Pool # 995245, 5.00%, due 01/01/39		581,059
	1,235,376	FNMA, Pool # AL7521, 5.00%, due 06/01/39		1,361,055
	779,857	FNMA, Pool # AI1971, 5.00%, due 05/01/41		852,232
	247,124	FNMA, Pool # AI1892, 5.00%, due 05/01/41		274,390
	1,350,941	FNMA, Pool # BM1105, 5.00%, due 07/01/41		1,487,566
	1,702,682	FNMA, Pool # AL0761, 5.00%, due 09/01/41		1,859,186
	608,202	FNMA, Pool # AL5955, 5.00%, due 01/01/42		664,719
	804,298	FNMA, Pool # AL6839, 5.00%, due 04/01/42		884,529
	483,175	FNMA, Pool # AL5788, 5.00%, due 05/01/42		528,056
	1,944,331	FNMA, Pool # BM1655, 5.00%, due 11/01/44		2,145,337
	5,401	FNMA, Pool # 254548, 5.50%, due 12/01/32		6,037
	435,334	FNMA, Pool # 704235, 5.50%, due 05/01/33		487,459
	66,536	FNMA, Pool # 990906, 5.50%, due 10/01/35		74,605
	367,176	FNMA, Pool # 849077, 5.50%, due 01/01/36		410,966
	676,436	FNMA, Pool # 983471, 5.50%, due 05/01/38		748,984
	838,858	FNMA, Pool # 985184, 5.50%, due 08/01/38		932,797
	429,461	FNMA, Pool # AE0469, 6.00%, due 12/01/39		488,289
	1,409,119	FNMA, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,586,663
	54,654	FNMA, Series 2012-28, Class B, 6.50%, due 06/25/39		59,801
	181,193	FNMA Connecticut Avenue Securities, Series 2016-C02, Class 1M1, 3.39% (1 mo. USD LIBOR plus 2.150%), due 09/25/28†		183,198
	266,208	FNMA Connecticut Avenue Securities, Series 2016-C03, Class 2M1, 3.44% (1 mo. USD LIBOR plus 2.200%), due 10/25/28†		268,924
	319,137	FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 2.69% (1 mo. USD LIBOR plus 1.450%), due 01/25/29†		322,163

See accompanying Notes to the Financial Statements. 73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	140,000	FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1M2, 4.24% (1 mo. USD LIBOR plus 3.000%), due 10/25/29†		144,418
	40,000	FNMA Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 3.44% (1M USD LIBOR plus 2.200%), due 01/25/30†		39,522
	500,000	FNMA TBA, 3.00%, due 05/01/29		513,789
	2,000,000	FNMA TBA, 3.50%, due 07/01/44		2,059,170
	500,000	FNMA TBA, 4.00%, due 12/01/43		525,703
	1,200,000	FNMA-ACES, Series 2014-M4, Class A2, 3.35%, due 03/25/24◆◆		1,258,572
	892,843	FNMA-ACES, Series 2014-M4, Class AB2, 3.21%, due 03/25/24		907,038
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27◆◆		1,727,112
	1,300,000	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25◆◆		1,318,669
	500,000	FNMA-ACES, Series 2016-M7, Class AB2, 2.38%, due 09/25/26		486,413
	500,000	FNMA-ACES, Series 2017-M1, Class A2, 2.50%, due 10/25/26◆◆		485,071
	2,350,000	FNMA-ACES, Series 2017-M4, Class A2, 2.68%, due 12/25/26◆◆		2,307,778
	1,700,000	FNMA-ACES, Series 2017-M8, Class A2, 3.06%, due 05/25/27◆◆		1,729,935
	279,062	GNMA, Pool # MA4125, 2.50%, due 12/20/46††††		273,775
	67,893	GNMA, Pool # 783637, 3.00%, due 06/20/42		69,153
	99,052	GNMA, Pool # MA0624, 3.00%, due 12/20/42		101,166
	256,725	GNMA, Pool # MA0698, 3.00%, due 01/20/43		262,282
	880,561	GNMA, Pool # MA0851, 3.00%, due 03/20/43		899,897
	150,923	GNMA, Pool # MA1156, 3.00%, due 07/20/43		154,237
	209,099	GNMA, Pool # MA1599, 3.00%, due 01/20/44		213,691
	500,016	GNMA, Pool # AL8626, 3.00%, due 08/15/45		507,052
	1,365,149	GNMA, Pool # MA3873, 3.00%, due 08/20/46		1,386,150
	488,109	GNMA, Pool # MA4261, 3.00%, due 02/20/47		495,618
	453,525	GNMA, Pool # MA0625, 3.50%, due 12/20/42		474,157
	1,685,228	GNMA, Pool # MA2754, 3.50%, due 04/20/45		1,755,162
	568,512	GNMA, Pool # 004833, 4.00%, due 10/20/40		603,850
	850,780	GNMA, Pool # 734152, 4.00%, due 01/15/41		903,582
	480,652	GNMA, Pool # 004977, 4.00%, due 03/20/41		509,915
	463,175	GNMA, Pool # MA2372, 4.00%, due 11/20/44		490,651
	457,347	GNMA, Pool # MA3377, 4.00%, due 01/20/46		484,246
	491,121	GNMA, Pool # 004636, 4.50%, due 02/20/40		528,248
	90,058	GNMA, Pool # 004678, 4.50%, due 04/20/40		97,227
	1,296,056	GNMA, Pool # 004978, 4.50%, due 03/20/41		1,394,117
	2,045,321	GNMA, Pool # 005055, 4.50%, due 05/20/41		2,199,969
	288,385	GNMA, Pool # 005334, 5.00%, due 03/20/42		318,124
	489,986	GNMA II, Pool # MA2825, 3.00%, due 05/20/45††††		497,524
	710,693	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		743,023
	711,369	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		743,732
	2,268,112	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		2,361,226
	1,501,912	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,577,838
	954,550	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		1,002,989
	461,756	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		493,167
	1,000,000	GNMA TBA, 3.50%, due 03/01/45		1,039,453
	1,750,000	GNMA TBA, 4.00%, due 10/01/44		1,843,037
				188,767,875

74 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		Municipal Obligations — 1.2%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		63,563
	300,000	California Bay Area Toll Authority, 6.26%, due 04/01/49		431,787
	170,000	California Educational Facilities Authority, 5.00%, due 06/01/46		226,736
	245,000	Central Puget Sound Regional Transit Authority, 5.00%, due 11/01/46		322,513
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#		101,283
	490,000	District of Columbia Water & Sewer Authority, 5.52%, due 10/01/44		604,979
	900,000	Energy Northwest, 2.80%, due 07/01/21		921,393
	1,150,000	New Jersey Economic Development Authority, 2.03%, due 02/15/19‡‡		1,118,444
	2,049,000	New Jersey Economic Development Authority, 2.53%, due 02/15/20‡‡		1,931,469
	705,000	State Board of Administration Finance Corp., 2.64%, due 07/01/21		709,992
	700,000	State of California General Obligation, 7.50%, due 04/01/34		1,017,751
	1,000,000	State of California General Obligation, 7.55%, due 04/01/39		1,534,600
	305,000	University of Texas System (The), 5.00%, due 08/15/47		400,904
	105,000	University of Virginia, 4.18%, due 09/01/17#		105,520
				9,490,934
		Sovereign Debt Obligations — 1.0%
	130,000	Argentine Republic Government International Bond, 6.88%, due 01/26/27‡		140,660
	425,000	Argentine Republic Government International Bond, 7.50%, due 04/22/26‡		478,763
	200,000	Development Bank of Japan, Inc., 2.13%, due 09/01/22 144A		198,488
	600,000	Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25		630,705
	812,000	Hungary Government International Bond, 5.75%, due 11/22/23		942,382
	144,000	Hungary Government International Bond, 7.63%, due 03/29/41‡		223,596
	420,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		483,089
	200,000	Iraq Government AID Bond, 2.15%, due 01/18/22		201,338
	200,000	Japan Bank for International Cooperation/Japan, 2.13%, due 06/01/20		200,234
	200,000	Japan Bank for International Cooperation/Japan, 2.13%, due 07/21/20		200,631
	200,000	Japan Bank for International Corp., 1.50%, due 07/21/21		194,849
	200,000	Japan Bank for International Corp., 2.25%, due 02/24/20		201,026
	200,000	Japan Finance Organization for Municipalities, 2.13%, due 04/13/21 144A		197,941
	400,000	Japan Finance Organization for Municipalities, 2.13%, due 10/25/23 144A		388,637
	400,000	Japan Finance Organization for Municipalities, 2.63%, due 04/20/22 144A		401,549
	200,000	Panama Government International Bond, 3.75%, due 03/16/25		209,700
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		214,000
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26‡		95,212
	165,000	Province of Ontario Canada, 2.25%, due 05/18/22‡		165,399
	125,000	Province of Ontario Canada, 4.40%, due 04/14/20		132,642
	580,000	Province of Quebec Canada, 2.75%, due 04/12/27		580,016
	300,000	Provincia de Buenos Aires, 7.88%, due 06/15/27 144A		325,890
	310,000	Saudi Government International Bond, 2.38%, due 10/26/21 144A		306,131
	375,000	Saudi Government International Bond, 2.88%, due 03/04/23 144A		373,093
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		402,205
	400,000	Turkey Government International Bond, 7.00%, due 06/05/20		437,445
	140,000	Uruguay Government International Bond, 5.10%, due 06/18/50		148,050
	8,473,671
		U.S. Government and Agency Obligations — 12.9%
	255,000	Federal Home Loan Mortgage Corp., 1.50%, due 01/17/20		254,413
	85,000	Federal Home Loan Mortgage Corp., 1.63%, due 09/29/20		84,820

See accompanying Notes to the Financial Statements. 75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)		Description	Value ($)
		U.S. Government and Agency Obligations — continued
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		36,315
	7,086,000	U.S. Treasury Bond, 2.50%, due 05/15/46		6,584,724
	6,320,000	U.S. Treasury Bond, 2.75%, due 11/15/42		6,240,012
	700,000	U.S. Treasury Bond, 2.75%, due 08/15/47		684,920
	4,977,000	U.S. Treasury Bond, 3.00%, due 05/15/45		5,126,018
	5,945,000	U.S. Treasury Bond, 3.00%, due 02/15/47		6,116,615
	5,595,000	U.S. Treasury Bond, 3.00%, due 05/15/47		5,758,370
	9,710,000	U.S. Treasury Bond, 4.50%, due 02/15/36		12,493,280
	1,677,406	U.S. Treasury Inflation Indexed Note, 0.38%, due 07/15/25		1,678,644
	12,029,000	U.S. Treasury Note, 0.75%, due 08/15/19		11,872,764
	125,000	U.S. Treasury Note, 1.38%, due 09/30/19		124,751
	5,895,000	U.S. Treasury Note, 1.38%, due 09/15/20		5,854,817
	1,000,000	U.S. Treasury Note, 1.38%, due 05/31/21		986,621
	665,000	U.S. Treasury Note, 1.50%, due 08/15/20		663,091
	5,055,000	U.S. Treasury Note, 1.63%, due 04/30/23*****		4,951,136
	15,570,000	U.S. Treasury Note, 1.75%, due 05/31/22		15,470,559
	1,211,000	U.S. Treasury Note, 1.88%, due 01/31/22		1,211,781
	3,715,000	U.S. Treasury Note, 1.88%, due 04/30/22		3,712,170
	610,000	U.S. Treasury Note, 2.00%, due 06/30/24		604,615
	140,000	U.S. Treasury Note, 2.13%, due 09/30/21		141,717
	3,530,000	U.S. Treasury Note, 2.13%, due 05/15/25		3,507,800
	6,250,000	U.S. Treasury Note, 2.25%, due 02/15/27		6,213,257
	4,512,000	U.S. Treasury Note, 2.25%, due 08/15/27		4,481,949
	315,000	U.S. Treasury Note, 2.38%, due 05/15/27		316,360
				105,171,519
		TOTAL DEBT OBLIGATIONS (COST $804,352,895)		808,137,342

Number of Contracts		Notional Value ($)	Description	Value ($)
			OPTIONS PURCHASED — 0.0%
			Call Options — 0.0%
	83	10,400,938	U.S. Treasury Note 10-Year Futures Option with JPMorgan Chase Bank N.A., Strike Price $131.00, Expires 10/27/17		83
	30	3,525,000	U.S. Treasury Note 5-Year Futures Option with JPMorgan Chase Bank N.A., Strike Price $118.00, Expires 11/24/17		7,031
	166	20,801,875	U.S. Treasury Note 10-Year Futures Option with JPMorgan Chase Bank N.A., Strike Price $127.00, Expires 10/27/17		15,563
			TOTAL CALL OPTIONS PURCHASED (COST $134,913)		22,677
			Put Options — 0.0%
	30	3,525,000	U.S. Treasury Note 5-Year Futures Option with JPMorgan Chase Bank N.A., Strike Price $116.00, Expires 11/24/17		1,641
			TOTAL PUT OPTIONS PURCHASED (COST $1,471)		1,641
			TOTAL OPTIONS PURCHASED (COST $136,384)		24,318

76 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 4.5%
			Bank Deposit — 2.7%
	22,189,084		State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		22,189,084
			TOTAL BANK DEPOSITS (Cost $22,189,084)		22,189,084
			Mutual Fund - Securities Lending Collateral — 1.8%
	14,733,320		State Street Institutional U.S. Government Money Market Fund, Premier Class***		14,733,320
			TOTAL MUTUAL FUND - SECURITIES LENDING COLLATERAL (Cost $14,733,320)		14,733,320
			TOTAL SHORT-TERM INVESTMENTS (COST $36,922,404)		36,922,404
			TOTAL INVESTMENTS — 103.3% (Cost $841,411,683)		845,084,064
			Other Assets and Liabilities (net) — (3.3)%		(26,830,895	)
			NET ASSETS — 100.0%	$	818,253,169
			Notes to Schedule of Investments:
			ACES — Alternative Credit Enhancement Securities
			CLO — Collateralized Loan Obligation
			FHLMC — Federal Home Loan Mortgage Corporation
			FNMA — Federal National Mortgage Association
			GNMA — Government National Mortgage Association
			IO — Interest Only
			MTN – Medium Term Note
			REIT — Real Estate Investment Trust
			REMIC — Real Estate Mortgage Investment Conduit
			TBA — To Be Announced
		#	Year of maturity is greater than 2100.
		*	Non-income producing security
		**	All or a portion of this security is pledged for open futures collateral.
		***	Represents an investment of securities lending cash collateral.
		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $572 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $1,565,555.
		*****	All or a portion of this security is pledged for open swaps collateral.
		¤	Illiquid security. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $0.
		^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.

See accompanying Notes to the Financial Statements. 77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

†	Variable or floating rate note. Rate shown is as of September 30, 2017.
◆	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
◆◆	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
††	Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.
†††	Security is currently in default.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period, the market value of restricted securities was $3,229,191, which is 0.4% of net assets.
	144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $165,382,144 which represents 20.2% of net assets.

78 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	67	U.S. Treasury Note 10-Year		Dec 2017	$	8,395,937	$	(31,814	)
	179	U.S. Treasury Note 2-Year		Dec 2017		38,610,860		(73,321	)
	162	U.S. Treasury Note 5-Year		Dec 2017		19,035,000		(97,409	)
	23	U.S. Ultra 10-Year		Dec 2017		3,089,547		(30,423	)
	137	U.S. Ultra Bond		Dec 2017		22,622,125		(342,302	)
							$	(575,269	)
	Sales
	98	U.S. Long Bond		Dec 2017	$	14,975,625	$	195,973

Written Options

Type of Contract	Counterparty	Number of Contracts		Notional Value			Premiums Received		Value at September 30, 2017
CALL — U.S. Treasury Note 10-Year Futures Option Strike @ $ 129.00 Expires 10/27/2017	JPMorgan Chase Bank N.A.		249	$	(31,202,813	)	$	53,854	$	(7,781	)
CALL — U.S. Treasury Note 5-Year Futures Option Strike @ $ 119.00 Expires 11/24/2017	JPMorgan Chase Bank N.A.		30		(3,525,000	)		2,045		(2,109	)
PUT — U.S. Treasury Note 5-Year Futures Option Strike @ $ 117.00 Expires 11/24/2017	JPMorgan Chase Bank N.A.		30		(3,525,000	)		6,030		(6,797	)
TOTAL							$	61,929	$	(16,687	)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)			Notional Value		Market Value			Unrealized Appreciation (Depreciation)
12-Month USD LIBOR	1.82%	02/15/27	$	20,041		$	1,447,000	$	15,873		$	(4,168	)
3-Month USD LIBOR	2.01%	08/31/21		15,446			1,875,000		7,180			(8,266	)
3-Month USD LIBOR	2.15%	02/15/24		(2,135	)		1,953,000		(6,562	)		(4,428	)
3-Month USD LIBOR	2.18%	02/15/24		(2,166	)		1,090,000		(5,799	)		(3,633	)
3-Month USD LIBOR	2.17%	02/15/24		(952	)		630,000		(2,724	)		(1,772	)
3-Month USD LIBOR	2.11%	02/15/24		—			235,000		(283	)		(283	)
2.34%	3-Month USD LIBOR	02/15/36		(9,556	)		1,610,000		(33,379	)		(23,823	)
1.76%	3-Month USD LIBOR	11/30/21		119			4,655,000		(32,561	)		(32,680	)
3-Month USD LIBOR	2.21%	01/08/26		—			7,920,000		(4,966	)		(4,966	)
12-Month USD LIBOR	1.90%	02/15/27		797			390,000		1,739			941
0.00%	3-Month USD LIBOR	07/17/22		644			5,735,000		1,674			1,030

See accompanying Notes to the Financial Statements. 79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Centrally Cleared Interest Rate Swaps — continued

Payments Received by Fund	Payments Made by Fund	Maturity Date	Upfront Premiums Paid (Received)			Notional Value		Market Value			Unrealized Appreciation (Depreciation)
Overnight Federal Funds Effective Rate (12M)	2.07%	02/15/27	$	(336	)	$	920,000	$	(9,374	)	$	(9,038	)
Overnight Federal Funds Effective Rate (12M)	1.50%	06/30/19		(1,218	)		2,795,000		(1,183	)		34
Overnight Federal Funds Effective Rate (12M)	1.49%	06/30/19	��	(4,677	)		13,105,000		(1,954	)		2,724
Overnight Federal Funds Effective Rate (12M)	1.96%	02/15/27		102			265,000		(333	)		(435	)
3-Month USD LIBOR	1.20%	05/31/23		—			1,170,000		53,201			53,201
Overnight Federal Funds Effective Rate (12M)	0.61%	10/18/17		—			29,950,000		8,815			8,815
Overnight Federal Funds Effective Rate (12M)	0.63%	11/09/17		—			16,645,000		10,148			10,148
3-Month USD LIBOR	1.46%	08/15/23		221,842			4,480,000		150,320			(71,523	)
3-Month USD LIBOR	2.57%	09/08/24		113			1,600,000		(45,821	)		(45,931	)
											$	(134,053	)

80 See accompanying Notes to the Financial Statements.

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		98.8
Swaps		0.0
Options Purchased		0.0
Written Options		0.0
Futures Contracts		(0.1	)
Short-Term Investments		4.5
Other Assets and Liabilities (net)		(3.2	)
		100.0	%

See accompanying Notes to the Financial Statements. 81

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			DEBT OBLIGATIONS — 96.7%
			Corporate Debt — 45.2%
	2,500,000		1011778 BC ULC/New Red Finance, Inc., 5.00%, due 10/15/25 144A		2,543,500
	2,000,000		24 Hour Fitness Worldwide, Inc., 8.00%, due 06/01/22 144A		1,865,000
	800,000	EUR	Adient Global Holdings, Ltd., 3.50%, due 08/15/24 144A		981,415
	2,000,000		Aircastle, Ltd., 4.13%, due 05/01/24		2,075,000
	2,500,000		Allison Transmission, Inc., 5.00%, due 10/01/24 144A		2,600,875
	2,300,000		Altice US Finance I Corp., 5.50%, due 05/15/26 144A		2,431,537
	1,000,000		AMC Entertainment Holdings, Inc., 5.88%, due 11/15/26‡		988,750
	1,000,000		AMC Networks, Inc., 5.00%, due 04/01/24		1,035,000
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		566,386
	1,500,000		ArcelorMittal, 6.00%, due 03/01/21		1,653,750
	1,000,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 06/30/21 144A		1,031,250
	1,000,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 7.25%, due 05/15/24 144A		1,100,620
	1,000,000		Ascend Learning LLC, 6.88%, due 08/01/25 144A		1,057,500
	1,500,000	EUR	Avantor, Inc., 4.75%, due 10/01/24†††† 144A		1,807,462
	2,000,000		Axalta Coating Systems LLC, 4.88%, due 08/15/24 144A		2,090,000
	1,000,000	EUR	Ball Corp., 4.38%, due 12/15/23		1,350,970
	1,500,000		Bank of America Corp., Series M, 8.13% (3 mo. USD LIBOR plus 3.640%)† ††††† ‡		1,548,750
	800,000		Beazer Homes USA, Inc., 6.75%, due 03/15/25		846,480
	1,000,000		Beazer Homes USA, Inc., 8.75%, due 03/15/22		1,107,875
	2,000,000		Bill Barrett Corp., 8.75%, due 06/15/25‡		1,930,000
	1,558,000		Blackboard, Inc., 9.75%, due 10/15/21‡ 144A		1,398,305
	1,600,000		Block Communications, Inc., 6.88%, due 02/15/25 144A		1,744,480
	900,000		BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.88%, due 04/15/22†††		49,500
	2,400,000		BWAY Holding Co., 7.25%, due 04/15/25 144A		2,478,000
	15,000		California Resources Corp., 5.50%, due 09/15/21		8,475
	36,000		California Resources Corp., 6.00%, due 11/15/24		16,560
	1,293,000		California Resources Corp., 8.00%, due 12/15/22 144A		845,299
	2,500,000		Calpine Corp., 5.75%, due 01/15/25		2,371,875
	500,000		Calumet Specialty Products Partners, LP/Calumet Finance Corp., 11.50%, due 01/15/21 144A		581,875
	600,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		619,500
	2,500,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		2,627,500
	2,000,000		CDW LLC/CDW Finance Corp., 5.00%, due 09/01/25		2,110,000
	2,500,000		Cemex Finance LLC, 6.00%, due 04/01/24 144A		2,662,525
	1,500,000		Centene Corp., 4.75%, due 05/15/22		1,573,125
	600,000		CenturyLink, Inc., 6.75%, due 12/01/23		609,203
	1,200,000	EUR	CeramTec Group GmbH, 8.25%, due 08/15/21 144A		1,496,253
	538,009		CHC Group LLC/CHC Finance, Ltd., 0.01%, due 10/01/20‡‡		825,844
	400,000		Chemours Co. (The), 5.38%, due 05/15/27		416,000
	1,800,000	EUR	Chemours Co. (The), 6.13%, due 05/15/23		2,286,419
	1,600,000		Cheniere Corpus Christi Holdings LLC, 5.88%, due 03/31/25		1,728,000
	900,000		Cheniere Corpus Christi Holdings LLC, 7.00%, due 06/30/24		1,030,500
	1,900,000		Cheniere Energy Partners, LP, 5.25%, due 10/01/25 144A		1,947,500
	800,000		CHS/Community Health Systems, Inc., 6.25%, due 03/31/23		789,000
	2,000,000		CHS/Community Health Systems, Inc., 6.88%, due 02/01/22‡		1,577,500
	1,500,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.423%)† †††††		1,629,375
	200,000		Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		207,000
	800,000		Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		793,000

82 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	2,400,000		Cloud Crane LLC, 10.13%, due 08/01/24 144A		2,670,000
	1,300,000	EUR	CMA CGM SA, 6.50%, due 07/15/22 144A		1,615,692
	2,000,000		CNH Industrial Capital LLC, 3.88%, due 10/15/21		2,060,250
	1,500,000	EUR	Codere Finance 2 Luxembourg SA, 6.75%, due 11/01/21 144A		1,862,778
	600,000	EUR	Colfax Corp., 3.25%, due 05/15/25 144A		736,436
	2,000,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		2,147,500
	2,400,000		Concordia Healthcare Corp., 7.00%, due 04/15/23 144A		402,000
	300,000		Concordia International Corp., 9.00%, due 04/01/22‡ 144A		235,500
	1,000,000		CONSOL Energy, Inc., 5.88%, due 04/15/22		1,015,000
	900,000		CONSOL Energy, Inc., 8.00%, due 04/01/23		960,804
	1,300,000	EUR	Cott Corp., 5.50%, due 07/01/24 144A		1,689,585
	1,000,000		Cott Holdings, Inc., 5.50%, due 04/01/25 144A		1,045,000
	800,000		Crestwood Midstream Partners, LP/Crestwood Midstream Finance Corp., 5.75%, due 04/01/25		820,000
	1,500,000		Crestwood Midstream Partners, LP/Crestwood Midstream Finance Corp., 6.25%, due 04/01/23		1,554,375
	1,681,000		CSC Holdings LLC, 10.88%, due 10/15/25 144A		2,082,339
	800,000		CSI Compressco, LP/Compressco Finance, Inc., 7.25%, due 08/15/22		744,000
	700,000		CVR Partners, LP/CVR Nitrogen Finance Corp., 9.25%, due 06/15/23‡ 144A		748,125
	900,000		DAE Funding LLC, 4.50%, due 08/01/22 144A		924,637
	1,200,000		DAE Funding LLC, 5.00%, due 08/01/24 144A		1,233,000
	2,000,000		DaVita, Inc., 5.13%, due 07/15/24		2,008,750
	1,000,000		Digicel Group, Ltd., 7.13%, due 04/01/22 144A		910,840
	1,000,000		Digicel, Ltd., 6.00%, due 04/15/21 144A		979,890
	1,000,000		DISH DBS Corp., 5.00%, due 03/15/23		1,024,375
	1,200,000		DISH DBS Corp., 5.88%, due 11/15/24		1,262,250
	500,000		Dynegy, Inc., 7.63%, due 11/01/24‡		520,625
	1,900,000		Dynegy, Inc., 8.00%, due 01/15/25‡ 144A		1,976,000
	500,000		Dynegy, Inc., 8.13%, due 01/30/26 144A		515,625
	1,000,000		Eagle Holding Co. II LLC, 7.63% (7.63% Cash or 8.38% PIK), due 05/15/22 144A		1,040,000
	500,000		Endo, Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, due 07/15/23 144A		415,000
	1,500,000		Endo, Ltd./Endo Finance LLC/Endo Finco, Inc., 6.00%, due 02/01/25 144A		1,222,500
	1,071,464		EnQuest Plc, (MTN), Reg S, 7.00% (7.00% Cash or PIK), due 10/15/23‡ ‡‡‡ 144A		756,721
	400,000	EUR	Equinix, Inc. REIT, 2.88%, due 10/01/25		475,665
	1,500,000		Equinix, Inc. REIT, 5.38%, due 04/01/23		1,568,700
	100,000		Escrow GCB Penn Virginia Corp., 8.50%, due 05/01/20* **** ^ †††		—
	9,280,000,000	IDR	European Investment Bank, Reg S, 6.95%, due 02/06/20‡‡‡		709,315
	24,240,000,000	IDR	European Investment Bank, Reg S, 7.20%, due 07/09/19‡‡‡		1,849,647
	8,150,000	ZAR	European Investment Bank, Reg S, 8.50%, due 09/17/24‡‡‡		614,861
	2,000,000	EUR	Federal-Mogul LLC/Federal-Mogul Financing Corp., 5.00%, due 07/15/24 144A		2,343,533
	300,000		Ferrellgas Partners, LP/Ferrellgas Partners Finance Corp., 8.63%, due 06/15/20		286,500
	1,500,000		Ferrellgas, LP/Ferrellgas Finance Corp., 6.75%, due 06/15/23‡		1,455,000
	2,000,000		Fiat Chrysler Automobiles NV, 4.50%, due 04/15/20‡		2,089,700
	649,000,000	COP	Financiera de Desarrollo Territorial SA Findeter, Reg S, 7.88%, due 08/12/24‡‡‡		227,092
	2,000,000		First Data Corp., 5.75%, due 01/15/24 144A		2,100,000
	1,600,000		First Quantum Minerals, Ltd., 7.00%, due 02/15/21 144A		1,654,000
	700,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		722,750
	1,800,000		FirstCash, Inc., 5.38%, due 06/01/24 144A		1,885,500
	1,200,000		FMG Resources August 2006 Pty, Ltd., 5.13%, due 05/15/24 144A		1,219,500

See accompanying Notes to the Financial Statements. 83

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	400,000	EUR	Galapagos Holding SA, 7.00%, due 06/15/22 144A		405,950
	449,000	EUR	Galapagos SA/Luxembourg, 5.38%, due 06/15/21 144A		523,111
	2,500,000		Goodyear Tire & Rubber Co. (The), 5.00%, due 05/31/26		2,615,625
	700,000		Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, due 12/15/23 144A		761,250
	900,000		H&E Equipment Services, Inc., 5.63%, due 09/01/25 144A		951,750
	1,500,000	EUR	Hanesbrands Finance Luxembourg SCA, 3.50%, due 06/15/24 144A		1,908,247
	1,000,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		1,043,750
	2,000,000		HCA, Inc., 5.00%, due 03/15/24		2,135,000
	2,000,000		Horizon Pharma, Inc., 6.63%, due 05/01/23‡		1,960,000
	400,000		Horizon Pharma, Inc./Horizon Pharma USA, Inc., 8.75%, due 11/01/24 144A		421,000
	1,000,000		iHeartCommunications, Inc., 9.00%, due 03/01/21		715,000
	500,000		iHeartCommunications, Inc., 9.00%, due 09/15/22‡		355,000
	2,000,000	EUR	Infor US, Inc., 5.75%, due 05/15/22		2,484,898
	560,000	EUR	Inovyn Finance Plc, 6.25%, due 05/15/21 144A		688,533
	2,000,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		1,705,000
	8,860,000,000	IDR	Inter-American Development Bank, 7.35%, due 09/12/18		667,312
	35,350,000,000	IDR	Inter-American Development Bank, 7.88%, due 03/14/23		2,870,544
	2,700,000		InterGen NV, 7.00%, due 06/30/23 144A		2,646,000
	2,000,000		Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, due 11/15/21 144A		2,102,500
	1,300,000		Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, due 08/01/23 144A		1,363,375
	2,200,000		JBS USA LUX SA/JBS USA Finance, Inc., 5.88%, due 07/15/24 144A		2,216,500
	1,500,000		JPMorgan Chase & Co., 6.00% (3 mo. USD LIBOR plus 3.300%)† †††††		1,635,000
	552,301		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22‡‡‡‡		30,432
	86,948		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22‡‡‡‡		89,991
	1,000,000		KB Home, 7.50%, due 09/15/22		1,150,000
	500,000		Lamb Weston Holdings, Inc., 4.63%, due 11/01/24 144A		523,750
	1,500,000		Lamb Weston Holdings, Inc., 4.88%, due 11/01/26 144A		1,578,750
	1,000,000		Lithia Motors, Inc., 5.25%, due 08/01/25 144A		1,041,250
	1,500,000		Martin Midstream Partners, LP/Martin Midstream Finance Corp., 7.25%, due 02/15/21		1,541,250
	1,000,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21**** ¤ ^		—
	400,000		MPH Acquisition Holdings LLC, 7.13%, due 06/01/24 144A		431,000
	1,900,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		1,952,250
	1,000,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.25%, due 08/01/26		1,037,500
	1,800,000		Multi-Color Corp., 4.88%, due 11/01/25†††† 144A		1,824,210
	800,000		Murray Energy Corp., 11.25%, due 04/15/21 144A		481,000
	500,000		Navient Corp., 6.75%, due 06/25/25		521,250
	2,500,000		Navient Corp., 7.25%, due 09/25/23		2,728,125
	200,000	EUR	Netflix, Inc., 3.63%, due 05/15/27 144A		240,656
	1,000,000		Netflix, Inc., 4.38%, due 11/15/26‡ 144A		1,005,940
	1,000,000		Netflix, Inc., 5.88%, due 02/15/25		1,096,250
	1,700,000	EUR	NEW Areva Holding SA, Reg S, 3.13%, due 03/20/23‡‡‡		2,080,080
	1,100,000		New Gold, Inc., 6.38%, due 05/15/25 144A		1,166,000
	2,000,000		Nexstar Broadcasting, Inc., 5.63%, due 08/01/24 144A		2,075,000
	1,200,000		Novelis Corp., 5.88%, due 09/30/26 144A		1,221,000
	1,400,000		Novelis Corp., 6.25%, due 08/15/24 144A		1,463,280
	1,500,000		NRG Yield Operating LLC, 5.38%, due 08/15/24		1,582,500
	2,000,000		Owens-Brockway Glass Container, Inc., 5.00%, due 01/15/22 144A		2,125,000

84 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	800,000		Park Aerospace Holdings, Ltd., 5.25%, due 08/15/22 144A		835,000
	2,100,000		Park Aerospace Holdings, Ltd., 5.50%, due 02/15/24 144A		2,210,250
	1,500,000		Petrobras Global Finance BV, 5.38%, due 01/27/21		1,586,250
	61,562,400	MXN	Petroleos Mexicanos, Reg S, 7.19%, due 09/12/24‡ ‡‡ ‡‡‡		3,107,063
	2,300,000		PetSmart, Inc., 8.88%, due 06/01/25‡ 144A		1,835,400
	100,000		Platform Specialty Products Corp., 10.38%, due 05/01/21 144A		109,250
	2,500,000		Post Holdings, Inc., 5.00%, due 08/15/26 144A		2,500,000
	500,000		Post Holdings, Inc., 5.75%, due 03/01/27 144A		517,500
	1,000,000	EUR	PSPC Escrow Corp., 6.00%, due 02/01/23 144A		1,245,482
	2,000,000		PulteGroup, Inc., 5.00%, due 01/15/27		2,087,500
	1,400,000		QEP Resources, Inc., 5.25%, due 05/01/23‡		1,368,500
	2,000,000		Qorvo, Inc., 7.00%, due 12/01/25		2,295,000
	1,000,000	EUR	Quintiles IMS, Inc., 3.25%, due 03/15/25 144A		1,204,288
	1,500,000	EUR	Rain CII Carbon LLC/CII Carbon Corp., 8.50%, due 01/15/21 144A		1,856,688
	400,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 5.13%, due 07/15/23 144A		417,940
	700,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 5.75%, due 10/15/20		713,160
	200,000		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 7.00%, due 07/15/24‡ 144A		213,375
	1,000,000		Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		1,067,352
	1,000,000		Sanchez Energy Corp., 6.13%, due 01/15/23‡		860,000
	1,300,000	EUR	Schoeller Allibert Group, 8.00%, due 10/01/21 144A		1,662,298
	800,000	EUR	Sealed Air Corp., 4.50%, due 09/15/23 144A		1,081,287
	600,000	EUR	SIG Combibloc Holdings SCA, 7.75%, due 02/15/23 144A		752,138
	1,500,000		Sprint Communications, Inc., 6.00%, due 11/15/22		1,609,530
	1,500,000		Sprint Corp., 7.13%, due 06/15/24		1,691,250
	500,000		Sprint Corp., 7.63%, due 02/15/25		574,687
	300,000		Steel Dynamics, Inc., 5.13%, due 10/01/21		309,375
	1,000,000		Steel Dynamics, Inc., 5.50%, due 10/01/24		1,072,500
	1,400,000		SunCoke Energy Partners, LP/SunCoke Energy Partners Finance Corp., 7.50%, due 06/15/25 144A		1,452,500
	800,000		Symantec Corp., 5.00%, due 04/15/25 144A		838,504
	1,000,000		T-Mobile USA, Inc., 5.13%, due 04/15/25		1,047,500
	800,000		T-Mobile USA, Inc., 6.00%, due 04/15/24		851,000
	1,700,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		1,834,640
	2,200,000		Talen Energy Supply LLC, 6.50%, due 06/01/25		1,683,000
	2,200,000		Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, due 06/01/25 144A		2,227,500
	200,000		Tenet Healthcare Corp., 7.50%, due 01/01/22 144A		212,250
	1,800,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		1,836,000
	1,600,000		Tennant Co., 5.63%, due 05/01/25 144A		1,668,000
	2,000,000		Terex Corp., 5.63%, due 02/01/25 144A		2,110,000
	1,200,000	GBP	Tesco Plc, 6.13%, due 02/24/22		1,835,805
	2,000,000		Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, due 10/01/20¤ †††		12,500
	300,000		TransDigm, Inc., 6.50%, due 07/15/24		310,500
	1,100,000		TransDigm, Inc., 6.50%, due 05/15/25		1,135,750
	2,880,000	ZAR	Transnet SOC, Ltd., Reg S, 9.50%, due 05/13/21‡‡‡		209,678
	1,000,000		TTM Technologies, Inc., 5.63%, due 10/01/25 144A		1,014,375

See accompanying Notes to the Financial Statements. 85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	2,500,000		United Rentals North America, Inc., 5.88%, due 09/15/26		2,725,000
	800,000	EUR	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, due 01/15/25 144A		1,004,132
	138,510	EUR	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.75%, due 01/15/23 144A		171,103
	500,000		Univar USA, Inc., 6.75%, due 07/15/23 144A		526,250
	1,600,000	EUR	UPCB Finance IV, Ltd., 4.00%, due 01/15/27 144A		1,994,370
	1,000,000		Urban One, Inc., 9.25%, due 02/15/20‡ 144A		952,500
	1,000,000		Valeant Pharmaceuticals International, Inc., 5.50%, due 03/01/23 144A		880,000
	1,000,000		Valeant Pharmaceuticals International, Inc., 5.63%, due 12/01/21 144A		938,750
	600,000		Valeant Pharmaceuticals International, Inc., 6.13%, due 04/15/25 144A		528,000
	2,400,000		Vertiv Group Corp., 9.25%, due 10/15/24 144A		2,712,000
	450,000	GBP	Virgin Media Secured Finance Plc, 5.50%, due 01/15/25 144A		635,062
	1,000,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		1,056,250
	900,000		Weatherford International, Ltd., 7.75%, due 06/15/21		939,375
	1,100,000		Weatherford International, Ltd., 8.25%, due 06/15/23		1,135,750
	2,500,000		Weekley Homes LLC/Weekley Finance Corp., 6.63%, due 08/15/25 144A		2,431,250
	1,300,000		WellCare Health Plans, Inc., 5.25%, due 04/01/25		1,371,500
	1,400,000		WPX Energy, Inc., 8.25%, due 08/01/23		1,576,750
	2,000,000		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 144A		2,039,980
	2,300,000		Wynn Macau, Ltd., 5.50%, due 10/01/27‡ 144A		2,338,812
	1,300,000	EUR	XPO Logistics, Inc., 5.75%, due 06/15/21 144A		1,598,105
	1,900,000	EUR	Ziggo Secured Finance BV, 4.25%, due 01/15/27 144A		2,376,574
					267,571,980
			Sovereign Debt Obligations — 51.5%
	74,847,500	ARS	Argentina POM Politica Monetaria, 26.25%, due 06/21/20†		4,567,322
	2,050,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		3,269,545
	43,882,000	BRL	Brazil Letras do Tesouro Nacional, 7.05%, due 01/01/19‡‡		12,723,512
	45,000,000	BRL	Brazil Letras do Tesouro Nacional, 8.15%, due 01/01/20‡‡		11,959,246
	46,800,000	BRL	Brazil Letras do Tesouro Nacional, 10.55%, due 07/01/20‡‡		11,857,652
	462,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/19		150,752
	16,403,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21		5,382,082
	1,045,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/23		341,081
	13,103,700,000	COP	Colombian TES, 6.00%, due 04/28/28		4,278,438
	9,113,600,000	COP	Colombian TES, 7.00%, due 05/04/22		3,229,742
	2,261,600,000	COP	Colombian TES, 7.00%, due 06/30/32		777,233
	9,868,600,000	COP	Colombian TES, 7.50%, due 08/26/26		3,590,576
	2,113,000,000	COP	Colombian TES, 7.75%, due 09/18/30		787,397
	14,734,900,000	COP	Colombian TES, 10.00%, due 07/24/24		6,036,746
	6,945,200,000	COP	Colombian TES, 11.00%, due 07/24/20		2,695,993
	144,060,000	HUF	Hungary Government Bond, 1.75%, due 10/26/22		563,737
	1,325,060,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		5,398,415
	543,100,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		2,149,039
	6,499,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		470,161
	8,900,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		644,241
	15,988,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		1,142,058
	26,674,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/22		2,054,169
	20,529,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		1,599,994

86 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	8,113,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		663,334
	70,909,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		5,835,417
	16,601,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		1,390,915
	50,513,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		4,137,536
	38,839,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		3,347,121
	33,162,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		2,896,678
	3,006,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		292,280
	645,000,000	IDR	Indonesia Treasury Bond, 12.80%, due 06/15/21		58,878
	7,306,452	ILS	Israel Government Bond — Fixed, 3.75%, due 03/31/47		2,332,781
	266,000	ILS	Israel Government Bond — Fixed, 5.50%, due 01/31/42		109,702
	13,548,000	MYR	Malaysia Government Bond, 3.26%, due 03/01/18		3,211,734
	18,298,000	MYR	Malaysia Government Bond, 3.31%, due 10/31/17		4,334,318
	120,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		28,028
	1,497,000	MYR	Malaysia Government Bond, 3.49%, due 03/31/20		356,008
	1,059,000	MYR	Malaysia Government Bond, 3.58%, due 09/28/18		251,928
	23,235,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		5,505,218
	1,497,000	MYR	Malaysia Government Bond, 3.66%, due 10/15/20		357,188
	3,763,000	MYR	Malaysia Government Bond, 3.76%, due 03/15/19		899,288
	9,387,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		2,227,812
	999,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		233,282
	8,779,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		2,077,067
	4,915,000	MYR	Malaysia Government Bond, 4.07%, due 09/30/26		1,153,526
	174,000	MYR	Malaysia Government Bond, 4.16%, due 07/15/21		42,135
	16,055,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		3,869,987
	10,529,000	MYR	Malaysia Government Bond, 4.24%, due 02/07/18		2,504,099
	2,939,000	MYR	Malaysia Government Bond, 4.25%, due 05/31/35		680,342
	12,774,000	MYR	Malaysia Government Bond, 4.38%, due 11/29/19		3,095,002
	1,068,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		259,225
	61,224,900	MXN	Mexican Bonos, 6.50%, due 06/10/21		3,353,989
	104,690,900	MXN	Mexican Bonos, 6.50%, due 06/09/22		5,721,110
	18,283,700	MXN	Mexican Bonos, 7.50%, due 06/03/27		1,051,699
	109,758,600	MXN	Mexican Bonos, 7.75%, due 05/29/31		6,411,956
	33,144,400	MXN	Mexican Bonos, 7.75%, due 11/23/34		1,938,808
	44,854,300	MXN	Mexican Bonos, 7.75%, due 11/13/42		2,619,120
	51,860,000	MXN	Mexican Bonos, 8.00%, due 11/07/47		3,119,825
	7,197,300	MXN	Mexican Bonos, 8.50%, due 05/31/29		445,439
	77,835,500	MXN	Mexican Bonos, 10.00%, due 12/05/24		5,079,448
	51,429,200	MXN	Mexican Bonos, 10.00%, due 11/20/36		3,659,611
	2,924,000	PEN	Peruvian Government International Bond, 6.90%, due 08/12/37		1,006,470
	4,050,000	PEN	Peruvian Government International Bond, Reg S, 5.70%, due 08/12/24‡‡‡		1,317,353
	11,231,000	PEN	Peruvian Government International Bond, Reg S, 6.15%, due 08/12/32‡‡‡		3,638,081
	5,543,000	PEN	Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡		1,839,404
	8,284,000	PEN	Peruvian Government International Bond, Reg S, 6.90%, due 08/12/37‡‡‡		2,851,436
	7,112,000	PEN	Peruvian Government International Bond, Reg S, 6.95%, due 08/12/31‡‡‡		2,461,762
	1,937,000	PEN	Peruvian Government International Bond, Reg S, 7.84%, due 08/12/20‡‡‡		660,871
	3,135,000	PEN	Peruvian Government International Bond, Reg S, 8.20%, due 08/12/26‡‡‡		1,187,646
	1,488,000	PLN	Poland Government Bond, 1.75%, due 07/25/21		399,528
	15,465,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		3,994,685
	29,539,000	PLN	Poland Government Bond, 2.50%, due 07/25/27		7,528,333

See accompanying Notes to the Financial Statements. 87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	10,311,000	PLN	Poland Government Bond, 3.25%, due 07/25/25		2,848,156
	3,314,000	PLN	Poland Government Bond, 5.25%, due 10/25/20		992,304
	7,430,000	RON	Romania Government Bond, 3.50%, due 12/19/22		1,939,199
	14,315,000	RON	Romania Government Bond, 4.75%, due 02/24/25		3,907,550
	6,560,000	RON	Romania Government Bond, 5.80%, due 07/26/27		1,916,965
	9,090,000	RON	Romania Government Bond, 5.85%, due 04/26/23		2,639,509
	359,701,000	RUB	Russian Federal Bond — OFZ, 6.70%, due 05/15/19		6,180,864
	411,464,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		6,990,016
	263,471,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		4,573,407
	118,417,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		2,055,414
	239,106,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		4,245,645
	288,962,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		5,422,038
	8,430,000	ZAR	South Africa Government Bond, 6.25%, due 03/31/36		451,296
	53,043,982	ZAR	South Africa Government Bond, 6.75%, due 03/31/21		3,840,655
	24,915,318	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		1,699,842
	82,221,611	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		5,580,230
	71,547,451	ZAR	South Africa Government Bond, 8.88%, due 02/28/35		5,010,266
	44,000,000	THB	Thailand Government Bond, 1.88%, due 06/17/22		1,328,078
	123,887,000	THB	Thailand Government Bond, 2.13%, due 12/17/26		3,662,761
	35,347,000	THB	Thailand Government Bond, 2.88%, due 06/17/46		1,000,700
	50,239,000	THB	Thailand Government Bond, 3.40%, due 06/17/36		1,636,089
	175,480,000	THB	Thailand Government Bond, 3.63%, due 06/16/23		5,767,625
	164,657,000	THB	Thailand Government Bond, 3.65%, due 06/20/31		5,476,289
	22,191,000	THB	Thailand Government Bond, 3.85%, due 12/12/25		747,573
	1,717,000	THB	Thailand Government Bond, 4.68%, due 06/29/44		65,615
	50,727,000	THB	Thailand Government Bond, 4.88%, due 06/22/29		1,882,650
	48,553,242	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		1,401,678
	8,186,000	TRY	Turkey Government Bond, 7.40%, due 02/05/20		2,122,983
	4,165,394	TRY	Turkey Government Bond, 8.00%, due 03/12/25		1,013,195
	3,885,833	TRY	Turkey Government Bond, 8.50%, due 07/10/19		1,044,097
	1,710,885	TRY	Turkey Government Bond, 8.50%, due 09/14/22		440,464
	1,831,712	TRY	Turkey Government Bond, 8.80%, due 11/14/18		500,719
	19,897,174	TRY	Turkey Government Bond, 9.00%, due 07/24/24		5,157,397
	5,549,857	TRY	Turkey Government Bond, 9.20%, due 09/22/21		1,475,993
	3,832,000	TRY	Turkey Government Bond, 9.50%, due 01/12/22		1,030,979
	10,764,871	TRY	Turkey Government Bond, 10.60%, due 02/11/26		3,018,075
	16,575,453	TRY	Turkey Government Bond, 10.70%, due 02/17/21		4,623,843
	9,300,000	TRY	Turkey Government Bond, 10.70%, due 08/17/22		2,606,725
	29,305,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡		1,045,908
					305,449,326
			TOTAL DEBT OBLIGATIONS (COST $565,300,871)		573,021,306
Shares			Description	Value ($)
			COMMON STOCKS — 0.5%
			Diversified Financial Services — 0.0%
	7,396,155		Edcon Holdings, Ltd. 1* **** ¤ ^		—
	736,020		Edcon Holdings, Ltd. 2* **** ¤ ^		—
					—

88 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 0.5%
	19,687	Energy XXI Gulf Coast, Inc.* ‡		203,564
	43,602	Goodrich Petroleum Corp.*		423,375
	73,737	Halcon Resources Corp.*		501,412
	49,395	Linn Energy, Inc.*		1,785,629
	455	Midstates Petroleum Co., Inc.*		7,071
	14,783	Nine Point Energy, LLC* ¤		177,396
	1,038	Penn Virginia Corp.*		41,499
				3,139,946
		Transportation — 0.0%
	11,563	CHC Group LLC*		1
		TOTAL COMMON STOCKS (COST $6,253,004)		3,139,947
		CONVERTIBLE PREFERRED STOCK — 0.1%
		Oil & Gas — 0.1%
	322	Nine Point Energy Holdings, Inc., 0.00%* **** ¤		381,648
		TOTAL CONVERTIBLE PREFERRED STOCK (COST $300,884)		381,648
		WARRANTS — 0.0%
		Oil & Gas — 0.0%
	3,095	Energy XXI Gulf Coast, Inc. Strike Price $43.66, Expires 12/30/21*		928
	3,495	Halcon Resources Corp. Strike Price $14.04, Expires 09/09/20*		2,010
	3,224	Midstates Petroleum Co., Inc. Strike Price $46.00, Expires 04/21/20* **** ¤		362
				3,300
		TOTAL WARRANTS (COST $86,596)		3,300
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 5.1%
		Bank Deposit — 1.7%
	10,167,817	State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		10,167,817
		Mutual Fund - Securities Lending Collateral — 3.4%
	20,065,928	State Street Institutional U.S. Government Money Market Fund, Premier Class***		20,065,928
		TOTAL SHORT-TERM INVESTMENTS (COST $30,233,745)		30,233,745
		TOTAL INVESTMENTS — 102.4% (Cost $602,175,100)		606,779,946
		Other Assets and Liabilities (net) — (2.4)%		(14,018,300	)
		NET ASSETS — 100.0%	$	592,761,646

See accompanying Notes to the Financial Statements. 89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

	Notes to Schedule of Investments:
	MTN — Medium Term Note
	PIK — Payment In Kind
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	Unless otherwise indicated, all par values are denominated in United States dollars ($).
***	Represents an investment of securities lending cash collateral.
****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $382,010 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $402,653.
¤	Illiquid security. The total market value of the securities at period end is $571,906 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $1,173,173.
^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
†	Variable or floating rate note. Rate shown is as of September 30, 2017.
†††	Security is currently in default.
††††	When-issued security.
†††††	Security is perpetual and has no stated maturity date.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period, the market value of restricted securities was $120,423, which is 0.0% of net assets.
	144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $146,781,312 which represents 24.8% of net assets.

90 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
ARS	14,370,000	USD	793,046		12/20/17	Citibank N.A.	$	811
ARS	27,171,200	USD	1,496,211		12/20/17	Goldman Sachs International		4,835
ARS	57,738,800	USD	3,202,090		12/20/17	JPMorgan Chase Bank N.A. London		(12,365	)
BRL	21,180,000	USD	6,642,830		12/04/17	JPMorgan Chase Bank N.A. London		(1,666	)
CLP	2,621,030,743	USD	4,168,240		12/20/17	Citibank N.A.		(75,448	)
CLP	4,276,418,581	USD	6,817,617		12/20/17	JPMorgan Chase Bank N.A. London		(139,904	)
CNY	66,180,000	USD	9,790,873		10/18/17	Citibank N.A.		167,117
CNY	124,240,000	USD	18,038,476		12/20/17	Citibank N.A.		599,542
CNY	64,090,000	USD	9,571,386		10/18/17	JPMorgan Chase Bank N.A. London		72,127
CNY	64,830,000	USD	9,852,262		10/18/17	Standard Chartered Bank		(97,403	)
CZK	71,940,000	EUR	2,712,803		06/20/18	Goldman Sachs International		67,492
CZK	128,810,000	EUR	4,863,498		12/19/18	JPMorgan Chase Bank N.A. London		104,859
CZK	50,830,000	USD	2,349,823		06/20/18	Citibank N.A.		(1,122	)
CZK	84,130,000	USD	3,764,159		06/20/18	Goldman Sachs International		123,236
CZK	11,910,000	USD	526,836		12/19/18	HSBC Bank plc		28,981
CZK	90,131,700	USD	3,816,391		12/19/18	JPMorgan Chase Bank N.A. London		389,883
EUR	500,000	USD	547,710		10/26/17	Citibank N.A.		44,115
EUR	6,449,746	USD	7,746,074		12/20/17	Citibank N.A.		(88,048	)
EUR	2,200,000	USD	2,411,420		10/26/17	Deutsche Bank AG London		192,608
GBP	1,222,000	USD	1,589,394		10/26/17	Deutsche Bank AG London		51,340
HUF	1,685,243,924	USD	6,549,469		12/20/17	Citibank N.A.		(112,100	)
IDR	6,581,370,000	USD	490,105		12/20/17	Citibank N.A.		(4,797	)
IDR	80,743,851,000	USD	6,066,405		12/20/17	Standard Chartered Bank		(112,385	)
INR	513,880,000	USD	7,929,819		12/20/17	Citibank N.A.		(132,668	)
MXN	128,650,000	USD	7,158,995		12/20/17	Goldman Sachs International		(162,299	)
MYR	6,620,000	USD	1,575,065		12/20/17	Standard Chartered Bank		(11,626	)
PEN	5,827,241	USD	1,791,454		12/20/17	Citibank N.A.		(13,888	)
PLN	18,337,295	USD	5,163,690		12/20/17	JPMorgan Chase Bank N.A. London		(130,526	)
RON	3,160,000	USD	812,379		12/20/17	Citibank N.A.		(116	)
RUB	42,319,924	USD	720,818		12/20/17	Citibank N.A.		4,769
RUB	721,722,058	USD	12,357,998		12/20/17	Goldman Sachs International		16,129
THB	20,260,000	USD	612,673		12/20/17	Citibank N.A.		(4,667	)
THB	296,405,604	USD	8,969,078		12/20/17	Goldman Sachs International		(73,885	)
TRY	37,823,324	USD	9,968,406		09/19/18	Citibank N.A.		(297,007	)
TRY	3,448,645	USD	909,933		09/19/18	Goldman Sachs International		(28,116	)
TRY	12,973,472	USD	3,434,180		09/19/18	Standard Chartered Bank		(116,871	)
TWD	432,640,000	USD	14,507,654		12/20/17	Goldman Sachs International		(185,177	)
USD	14,689,767	CNY	103,864,000		12/20/17	Barclays Bank Plc		(891,519	)
USD	707,701	CNY	4,990,000		12/20/17	Citibank N.A.		(40,880	)
USD	1,050,096	CNY	7,410,000		12/21/17	Citibank N.A.		(61,474	)
USD	628,859	CNY	4,430,000		12/20/17	Standard Chartered Bank		(35,713	)
USD	722,800	CNY	5,160,000		12/20/17	UBS AG London		(51,283	)
USD	575,170	EUR	500,000		10/26/17	Citibank N.A.		(16,654	)
USD	2,517,880	EUR	2,200,000		10/26/17	Deutsche Bank AG London		(86,148	)
ZAR	55,474,587	USD	4,236,845		12/20/17	Citibank N.A.		(179,132	)
ZAR	48,655,197	USD	3,650,162		12/20/17	Goldman Sachs International		(91,256	)
EUR	5,412,867	CZK	141,370,000		12/20/17	Goldman Sachs International		(36,834	)
USD	8,116,793	BRL	25,830,882		12/04/17	Goldman Sachs International		17,307

See accompanying Notes to the Financial Statements. 91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,761,543	BRL	5,570,000		12/04/17	JPMorgan Chase Bank N.A. London	$	15,024
USD	9,803,349	CNY	63,810,000		10/18/17	Goldman Sachs International		201,968
USD	17,113,053	COP	50,578,294,419		12/20/17	Citibank N.A.		42,525
USD	1,689,260	CZK	36,930,000		06/20/18	Citibank N.A.		(17,165	)
USD	13,038,169	EUR	11,070,000		12/20/17	Citibank N.A.		(105,658	)
USD	3,455,252	ILS	12,177,000		12/20/17	Citibank N.A.		(1,509	)
USD	7,012,821	ILS	24,723,000		12/20/17	Goldman Sachs International		(5,452	)
USD	7,847,892	INR	513,880,000		12/20/17	Goldman Sachs International		50,742
USD	746,045	PEN	2,445,908		12/20/17	Goldman Sachs International		(65	)
USD	2,637,273	PEN	8,646,826		12/20/17	JPMorgan Chase Bank N.A. London		(392	)
USD	6,909,586	PHP	355,360,000		12/20/17	JPMorgan Chase Bank N.A. London		(56,864	)
USD	8,434,424	PHP	436,140,000		12/20/17	Standard Chartered Bank		(115,630	)
USD	11,171,813	RON	42,920,431		12/20/17	Citibank N.A.		139,318
USD	16,433,425	SGD	22,178,675		12/20/17	Citibank N.A.		86,857
USD	1,825,081	ZAR	24,327,598		12/20/17	Goldman Sachs International		45,628
USD	1,404,748	ZAR	18,330,000		12/21/17	Goldman Sachs International		64,203
							$	(1,064,296	)

Currency Abbreviations

ARS — Argentine Peso

BRL — Brazilian Real

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro Currency

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

MXN — Mexican Peso

MYR — Malaysian Ringgit

PEN — Peruvian Nouveau Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

92 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	556	South Africa Government Bond, Series R186		Nov 2017	$	4,777,725	$	1,872
	189	South Africa Government Bond, Series R2030		Nov 2017		1,314,911		4,721
	190	South Africa Government Bond, Series R2032		Nov 2017		1,297,177		3,450
	39	South Africa Government Bond, Series R2035		Nov 2017		277,372		2,363
	79	South Africa Government Bond, Series R2037		Nov 2017		539,622		2,527
	105	South Africa Government Bond, Series R207		Nov 2017		795,109		169
	253	South Africa Government Bond, Series R208		Nov 2017		1,845,621		(2,756	)
							$	12,346
	Sales
	71	U.S. Treasury Note 2-Year		Dec 2017	$	15,314,922	$	37,719
	161	U.S. Treasury Note 5-Year		Dec 2017		18,917,500		106,598
							$	144,317

See accompanying Notes to the Financial Statements. 93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		51.5
Corporate Debt		45.2
Common Stocks		0.5
Convertible Preferred Stock		0.1
Futures Contracts		0.0
Warrants		0.0
Forward Foreign Currency Contracts		(0.2	)
Short-Term Investments		5.1
Other Assets and Liabilities (net)		(2.2	)
		100.0	%

94 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 90.4%
		Austria — 0.3%
	64,733	Erste Group Bank AG*		2,796,691
	75,721	Raiffeisen Bank International AG*		2,538,263
		Total Austria		5,334,954
		Bermuda — 1.1%
	394,466	Cosan, Ltd. Class A		3,207,009
	47,276	Credicorp, Ltd.		9,692,525
	24,900	Jardine Matheson Holdings, Ltd.		1,577,664
	789,000	Nine Dragons Paper Holdings, Ltd.		1,551,595
	510,000	Shenzhen International Holdings, Ltd.		958,531
	453,505	VEON, Ltd., ADR		1,895,651
		Total Bermuda		18,882,975
		Brazil — 5.5%
	545,300	AMBEV SA		3,627,116
	721,521	AMBEV SA, ADR ‡		4,754,823
	1,251,256	Atacadao Distribuicao Comercio e Industria Ltda* ¤		6,135,334
	457,800	B3 SA - Brasil Bolsa Balcao		3,466,263
	338,275	Banco Bradesco SA, ADR		3,744,704
	1,080,869	Banco do Brasil SA		11,925,558
	79,726	Banco Santander Brasil SA, ADR		696,805
	76,300	BB Seguridade Participacoes SA		690,599
	607,514	CCR SA		3,401,379
	23,307	Cia Brasileira de Distribuicao, ADR*		551,677
	89,900	Cia de Saneamento Basico do Estado de Sao Paulo		945,852
	112,336	Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,175,035
	104,689	Cia Energetica de Minas Gerais, ADR‡		259,629
	287,380	Cielo SA		1,996,937
	376,400	Cosan SA Industria e Comercio		4,307,630
	205,900	EcoRodovias Infraestrutura e Logistica SA		742,715
	134,073	Embraer SA, ADR		3,031,391
	271,750	Engie Brasil Energia SA		3,114,281
	13,215	Fibria Celulose SA, ADR		178,931
	163,900	Fleury SA		1,527,001
	275,900	Hypermarcas SA		2,808,586
	125,100	Iguatemi Empresa de Shopping Centers SA		1,552,701
	494,227	Itau Unibanco Holding SA, ADR		6,770,910
	47,000	Klabin SA		272,655
	309,400	Kroton Educacional SA		1,961,168
	103,700	Localiza Rent a Car SA		1,891,952
	235,400	Lojas Renner SA		2,683,567
	38,700	M Dias Branco SA		608,062
	58,800	Magazine Luiza SA		1,379,495
	206,000	Porto Seguro SA		2,453,257
	204,400	Qualicorp SA		2,449,065
	123,300	Raia Drogasil SA		2,923,510
	94,900	Ser Educacional SA		936,054

See accompanying Notes to the Financial Statements. 95

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	187,244	Sul America SA		1,059,006
	93,300	Ultrapar Participacoes SA		2,221,337
	414,900	Vale SA		4,180,283
		Total Brazil		92,425,268
		British Virgin Islands — 0.2%
	79,343	Mail.Ru Group, Ltd. (London Exchange), Reg S, GDR* ‡‡‡		2,615,145
		Cayman Islands — 12.3%
	5,561	58.com, Inc., ADR*		351,121
	273,975	Alibaba Group Holding, Ltd., ADR* ‡		47,318,222
	34,000	ANTA Sports Products, Ltd.		142,996
	45,367	Baidu, Inc., ADR*		11,236,952
	188,942	Bizlink Holding, Inc.		1,725,924
	722,000	Chailease Holding Co., Ltd.		1,740,476
	1,213,000	China Conch Venture Holdings, Ltd.		2,360,557
	923,000	China Evergrande Group* ‡		3,220,166
	1,879,000	China Medical System Holdings, Ltd.		3,281,340
	2,926,000	China Resources Cement Holdings, Ltd.		1,798,149
	488,000	China Resources Land, Ltd.		1,493,234
	996,000	China State Construction International Holdings, Ltd.		1,451,148
	431,000	Country Garden Holdings Co., Ltd.		685,344
	108,442	Ctrip.com International, Ltd., ADR* ‡		5,719,231
	364,000	ENN Energy Holdings, Ltd.		2,637,715
	3,385,000	Geely Automobile Holdings, Ltd.		9,534,357
	70,000	General Interface Solution Holding, Ltd.		695,983
	131,010	Gourmet Master Co., Ltd.		1,393,310
	614,000	Haitian International Holdings, Ltd.		1,764,797
	232,000	Hengan International Group Co., Ltd.		2,147,516
	50,741	JD.com, Inc., ADR*		1,938,306
	2,259,652	Lee & Man Paper Manufacturing, Ltd.		2,893,021
	64,059	NetEase, Inc., ADR		16,899,405
	43,600	New Oriental Education & Technology Group, Inc., ADR		3,848,136
	1,062,500	Shimao Property Holdings, Ltd.		2,304,371
	40,919	Silicon Motion Technology Corp., ADR‡		1,965,339
	105,000	Sunny Optical Technology Group Co., Ltd.		1,669,633
	134,317	TAL Education Group, ADR		4,527,826
	87,674	Tarena International, Inc., ADR		1,275,657
	1,206,800	Tencent Holdings, Ltd.		51,944,916
	1,594,000	Tianneng Power International, Ltd.		1,646,918
	10,600,000	Tongda Group Holdings, Ltd.‡		2,836,365
	28,968	Vipshop Holdings, Ltd., ADR*		254,629
	7,653,332	WH Group, Ltd. 144A		8,132,774
	1,648,000	Xinyi Glass Holdings, Ltd.*		1,628,863
	2,849,500	Xtep International Holdings, Ltd.		981,366
		Total Cayman Islands		205,446,063
		Chile — 0.8%
	14,363,906	Banco de Chile		2,194,601

96 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Chile — continued
	85,287	Banco Santander Chile, ADR		2,533,877
	28,995,284	Banco Santander Chile		2,140,859
	5,289	Cia Cervecerias Unidas SA, ADR		142,433
	110,478	Enel Americas SA, ADR		1,129,085
	38,232	Enel Chile SA, ADR		229,392
	887,345	Enel Generacion Chile SA		777,345
	10,934	Latam Airlines Group SA, ADR‡		144,876
	70,196	Sociedad Quimica y Minera de Chile SA, ADR		3,907,109
		Total Chile		13,199,577
		China — 9.2%
	12,501,000	Agricultural Bank of China, Ltd. Class H		5,601,739
	2,032,000	Air China, Ltd. Class H		1,688,412
	701,000	Anhui Conch Cement Co., Ltd. Class H		2,795,671
	57,301	Autohome, Inc. Class H, ADR* ‡		3,442,644
	35,344,000	Bank of China, Ltd. Class H		17,421,537
	170,000	Bank of Communications Co., Ltd. Class H		124,061
	2,326,000	Beijing Capital International Airport Co., Ltd. Class H		3,466,353
	1,679,000	China Cinda Asset Management Co., Ltd. Class H		619,089
	4,954,000	China Communications Services Corp., Ltd. Class H		2,549,718
	36,802,000	China Construction Bank Corp. Class H		30,532,085
	6,720,000	China Petroleum & Chemical Corp. Class H		5,033,096
	4,427,984	China Shenhua Energy Co., Ltd. Class H		10,408,515
	138,000	China Vanke Co., Ltd. Class H		454,069
	1,407,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		891,681
	4,134,000	Dongfeng Motor Group Co., Ltd. Class H		5,462,107
	536,000	Guangzhou Automobile Group Co., Ltd. Class H		1,240,718
	2,719,600	Guangzhou R&F Properties Co., Ltd. Class H		6,302,221
	23,133,000	Industrial & Commercial Bank of China Class H		17,177,897
	243,000	Jiangxi Copper Co., Ltd. Class H		383,912
	4,177,000	Lonking Holdings, Ltd. Class H		1,759,424
	2,128,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		950,839
	818,000	PICC Property & Casualty Co., Ltd. Class H		1,443,154
	2,258,500	Ping An Insurance Group Co. Class H		17,334,819
	4,167	SINA Corp. Class H*		477,747
	1,354,000	Sinopec Engineering Group Co., Ltd. Class H		1,194,395
	12,892,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		7,675,087
	210,000	Sinotrans, Ltd. Class H		106,738
	71,000	TravelSky Technology, Ltd. Class H		184,983
	3,048,000	Weichai Power Co., Ltd. Class H		3,340,402
	3,320,000	Zhejiang Expressway Co., Ltd. Class H		4,127,313
		Total China		154,190,426
		Czech Republic — 0.1%
	466,352	Moneta Money Bank AS 144A		1,641,778
		France — 0.2%
	28,043	Sanofi		2,785,135

See accompanying Notes to the Financial Statements. 97

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Greece — 0.1%
	96,831	JUMBO SA		1,601,485
		Hong Kong — 4.1%
	428,400	AIA Group, Ltd.		3,159,236
	340,000	Beijing Enterprises Holdings, Ltd.		1,828,261
	2,032,000	Brilliance China Automotive Holdings, Ltd.		5,411,244
	477,500	BYD Electronic International Co., Ltd.		1,412,197
	206,000	China Everbright International, Ltd.		258,466
	1,564,480	China Mobile, Ltd.		15,853,713
	1,752,658	China Overseas Land & Investment, Ltd.		5,699,555
	4,468,000	China Resources Power Holdings Co., Ltd.		8,065,705
	4,802,000	CITIC, Ltd.		7,094,765
	1,928,000	CNOOC, Ltd.		2,488,156
	2,616,000	CSPC Pharmaceutical Group, Ltd.		4,380,821
	301,000	Galaxy Entertainment Group, Ltd.		2,119,528
	1,118,000	Haier Electronics Group Co., Ltd.*		2,725,328
	465,000	Shanghai Industrial Holdings, Ltd.		1,407,972
	2,968,000	Shenzhen Investment, Ltd.		1,345,170
	4,539,000	Sino-Ocean Group Holding, Ltd.		3,027,666
	1,497,500	Sun Art Retail Group, Ltd.		1,390,000
		Total Hong Kong		67,667,783
		Hungary — 0.8%
	487,410	Magyar Telekom Telecommunications Plc		890,310
	456,960	MOL Hungarian Oil & Gas Plc		5,216,809
	89,058	OTP Bank Plc		3,353,469
	172,182	Richter Gedeon Nyrt		4,291,752
		Total Hungary		13,752,340
		India — 9.5%
	76,609	Aditya Birla Capital, Ltd.*		216,856
	177,021	Asian Paints, Ltd.		3,065,211
	249,202	Bajaj Auto, Ltd.		11,879,252
	118,064	Bajaj Finance, Ltd.		3,318,697
	298,668	Bharat Heavy Electricals, Ltd.		384,080
	149,334	Bharat Heavy Electricals, Ltd. (Private Placement)****		192,040
	285,718	Bharat Petroleum Corp., Ltd.		2,077,711
	40,873	Cadila Healthcare, Ltd.		294,095
	90,901	Capital First, Ltd.		1,022,845
	49,114	Ceat, Ltd.		1,283,904
	437,452	Edelweiss Financial Services, Ltd.		1,794,143
	6,378	Eicher Motors, Ltd.		3,048,297
	459,505	Exide Industries, Ltd.		1,452,660
	1,506,075	Federal Bank, Ltd.		2,605,427
	279,477	GAIL India, Ltd.		1,792,084
	251,433	Grasim Industries, Ltd.		4,368,899
	937,949	HCL Technologies, Ltd. Class T		12,506,944
	71,659	HDFC Bank, Ltd., ADR		6,905,778
	134,371	HDFC Bank, Ltd.		3,702,917

98 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		India — continued
	73,722	Hero MotoCorp Ltd.		4,268,585
	128,313	Hindalco Industries, Ltd.		473,022
	332,023	Hindustan Petroleum Corp., Ltd.		2,185,700
	214,599	Hindustan Unilever, Ltd.		3,842,709
	411,167	Housing Development Finance Corp., Ltd.		10,891,330
	165,664	Indiabulls Housing Finance, Ltd.		3,033,285
	86,801	Indian Oil Corp., Ltd.		531,078
	78,333	Indraprastha Gas, Ltd.		1,768,728
	164,519	IndusInd Bank, Ltd.		4,220,018
	143,836	Infosys, Ltd., ADR‡		2,098,567
	690,073	Infosys, Ltd.		9,497,484
	962,328	ITC, Ltd.		3,799,516
	881,626	Jain Irrigation Systems, Ltd.		1,283,568
	207,129	JSW Steel, Ltd.		790,845
	540,428	Karnataka Bank, Ltd. (The)		1,174,016
	551,218	L&T Finance Holdings, Ltd.		1,650,616
	73,874	Marico, Ltd.		350,766
	63,583	Maruti Suzuki India, Ltd.		7,771,688
	2,970	MRF, Ltd.		2,874,516
	102,039	NTPC, Ltd.		261,424
	447,966	Oil & Natural Gas Corp., Ltd.		1,175,808
	12,007	Piramal Enterprises, Ltd.		485,822
	5,371,070	Power Finance Corp., Ltd.		10,044,032
	133,009	Reliance Capital, Ltd.		1,195,289
	28,234	Reliance Industries, Ltd. (London Exchange), GDR 144A		673,381
	14,741	State Bank of India, Ltd., Reg S, GDR‡‡‡		566,054
	297,786	Tata Consultancy Services, Ltd.		11,112,724
	155,489	Tata Power Co., Ltd. (The)		185,673
	118,227	Tata Steel, Ltd.		1,181,003
	369,397	Tech Mahindra, Ltd.		2,587,815
	356,158	Vedanta, Ltd.		1,719,449
	95,557	Videocon d2h, Ltd., ADR*		850,457
	205,938	Voltas, Ltd.		1,594,033
	82,306	Wipro, Ltd., ADR‡		467,498
		Total India		158,518,339
		Indonesia — 2.3%
	8,584,600	Adaro Energy Tbk PT		1,163,182
	423,400	Bank Central Asia Tbk PT		638,133
	1,590,800	Bank Mandiri Persero Tbk PT		794,278
	7,337,200	Bank Negara Indonesia Persero Tbk PT		4,031,129
	5,787,900	Bank Rakyat Indonesia Persero Tbk PT		6,563,975
	6,974,700	Bank Tabungan Negara Persero Tbk PT		1,631,176
	111,500	Gudang Garam Tbk PT		544,710
	229,300	Indofood CBP Sukses Makmur Tbk PT		148,537
	1,797,300	Indofood Sukses Makmur Tbk PT		1,124,230
	3,856,800	Matahari Department Store Tbk PT		2,655,863
	4,098,200	Mitra Keluarga Karyasehat Tbk PT		617,666
	9,160,700	Surya Citra Media Tbk PT		1,489,489

See accompanying Notes to the Financial Statements. 99

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Indonesia — continued
	31,477,500	Telekomunikasi Indonesia Persero Tbk PT		10,937,315
	761,300	Unilever Indonesia Tbk PT		2,768,184
	1,085,110	United Tractors Tbk PT		2,578,033
	5,917,900	Waskita Karya Persero Tbk PT		779,885
		Total Indonesia		38,465,785
		Isle of Man — 0.0%
	39,231	NEPI Rockcastle Plc		534,314
		Japan — 0.2%
	97,200	Honda Motor Co., Ltd.		2,877,186
		Luxembourg — 0.2%
	121,741	Ternium SA, ADR		3,765,449
		Malaysia — 1.4%
	5,821,515	AirAsia Bhd		4,756,478
	222,800	CIMB Group Holdings Bhd		332,419
	205,700	Genting Bhd		465,230
	3,138,200	Genting Malaysia Bhd		3,998,464
	153,200	Kuala Lumpur Kepong Bhd		891,081
	1,974,000	Malayan Banking Bhd		4,455,233
	1,049,300	Malaysia Airports Holdings Bhd		2,112,268
	72,800	MISC Bhd		125,859
	271,700	Petronas Chemicals Group Bhd		469,081
	1,037,000	Public Bank Bhd		5,019,841
	115,600	Westports Holdings Bhd		104,307
		Total Malaysia		22,730,261
		Mexico — 3.3%
	532,200	Alfa SAB de CV Class A		672,604
	312,800	Alsea SAB de CV		1,157,201
	100,977	America Movil SAB de CV Series L, ADR		1,792,342
	131,500	Arca Continental SAB de CV		900,189
	426,399	Cemex SAB de CV, ADR*		3,871,703
	2,613,597	Fibra Uno Administracion SA de CV REIT		4,421,422
	37,004	Fomento Economico Mexicano SAB de CV, ADR		3,534,992
	79,300	Fomento Economico Mexicano SAB de CV		759,320
	1,843,200	Gentera SAB de CV		2,994,309
	140,925	Gruma SAB de CV Class B		2,075,393
	154,900	Grupo Aeroportuario del Centro Norte SAB de CV		859,236
	35,300	Grupo Aeroportuario del Pacifico SAB de CV Class B		362,540
	15,883	Grupo Aeroportuario del Sureste SAB de CV, ADR		3,030,794
	31,050	Grupo Aeroportuario del Sureste SAB de CV		593,839
	1,809,473	Grupo Financiero Banorte SAB de CV Series O		12,492,456
	433,000	Grupo Financiero Santander Mexico SAB de CV		881,296
	174,783	Grupo Financiero Santander Mexico SAB de CV Class B, ADR		1,763,560
	1,793,279	Grupo Mexico SAB de CV Series B		5,507,450
	6,210	Industrias Penoles SAB de CV		155,051

100 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	500,800	Kimberly-Clark de Mexico SAB de CV Class A		1,023,428
	360,600	Mexichem SAB de CV		953,366
	103,130	Promotora y Operadora de Infraestructura SAB de CV		1,091,883
	1,933,900	Wal-Mart de Mexico SAB de CV		4,440,912
		Total Mexico		55,335,286
		Netherlands — 0.3%
	135,883	Yandex NV Class A*		4,477,345
		Philippines — 0.4%
	6,920	Ayala Corp.		132,135
	84,480	Bank of the Philippine Islands		165,386
	214,810	BDO Unibank, Inc.		552,676
	501,910	Cebu Air, Inc.		1,083,860
	7,115	Globe Telecom, Inc.		287,124
	845,030	International Container Terminal Services, Inc.		1,730,000
	108,880	JG Summit Holdings, Inc.		160,750
	29,860	Jollibee Foods Corp.		143,306
	10,769,700	Metro Pacific Investments Corp.		1,420,427
	24,670	Security Bank Corp.		118,106
	16,600	SM Investments Corp.		288,542
		Total Philippines		6,082,312
		Poland — 0.6%
	14,714	Eurocash SA		155,945
	83,470	Jastrzebska Spolka Weglowa SA*		2,209,786
	16,797	KRUK SA		1,352,675
	372,632	PGE Polska Grupa Energetyczna SA*		1,360,064
	53,519	Polski Koncern Naftowy ORLEN SA		1,787,418
	147,906	Polskie Gornictwo Naftowe i Gazownictwo SA		275,603
	220,741	Powszechna Kasa Oszczednosci Bank Polski SA*		2,140,199
	846,575	Tauron Polska Energia SA*		871,213
		Total Poland		10,152,903
		Qatar — 0.1%
	71,084	Qatar National Bank QPSC		2,381,995
		Russia — 2.1%
	391,156	Gazprom PJSC, ADR		1,638,944
	1,237,315	Gazprom PJSC (OTC Exchange), ADR‡		5,184,350
	36,117	LUKOIL PJSC, ADR		1,915,285
	92,435	LUKOIL PJSC (Euroclear Shares), ADR		4,892,585
	60,121	Magnit PJSC, Reg S, GDR‡‡‡		2,461,955
	234,282	Mobile Telesystems PJSC, ADR		2,445,904
	7,128	Novatek PJSC, Reg S, GDR‡‡‡		836,114
	5,290	Novolipetsk Steel PJSC, GDR		120,347
	324,777	Rosneft Oil Co. PJSC, Reg S, GDR‡‡‡		1,804,136
	92,659	Rosneft Oil Co. PJSC, Reg S, (London Exchange), GDR‡‡‡		514,721

See accompanying Notes to the Financial Statements. 101

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Russia — continued
	1,086,933	RusHydro PJSC, ADR		1,554,314
	1,344,658	Sberbank of Russia PJSC		4,499,520
	196,528	Sberbank of Russia PJSC, ADR‡		2,804,455
	210,804	Severstal PJSC, Reg S, GDR‡‡‡		3,151,520
	81,513	Sistema PJSC FC, Reg S, GDR‡‡‡		391,262
	137,124	Surgutneftegas OJSC, ADR		693,847
	20,024	Tatneft PJSC, (London Exchange), ADR		855,025
		Total Russia		35,764,284
		Singapore — 0.6%
	15,412	Broadcom, Ltd.		3,738,026
	610,300	Singapore Telecommunications, Ltd. (London Exchange)		1,649,399
	133,980	United Overseas Bank, Ltd.		2,318,591
	1,234,500	Yanlord Land Group, Ltd.		1,681,818
		Total Singapore		9,387,834
		South Africa — 4.7%
	140,804	AVI, Ltd.		1,020,901
	607,427	Barclays Africa Group, Ltd.		6,253,090
	133,493	Bid Corp., Ltd.		3,004,519
	274,886	Bidvest Group, Ltd. (The)‡		3,515,039
	31,503	Capitec Bank Holdings, Ltd.		2,004,316
	115,181	Clicks Group, Ltd.		1,348,051
	378,239	Exxaro Resources, Ltd.		3,441,338
	1,924,983	FirstRand, Ltd.		7,417,653
	157,927	Foschini Group, Ltd. (The)		1,587,750
	390,382	Growthpoint Properties, Ltd. REIT‡		702,558
	95,638	Imperial Holdings, Ltd.		1,354,479
	65,727	Investec, Ltd.		477,041
	295,231	Liberty Holdings, Ltd.		2,301,064
	65,188	Massmart Holdings, Ltd.		538,595
	1,000,405	MMI Holdings, Ltd.‡		1,285,468
	84,223	Mondi, Ltd.		2,254,762
	44,917	Mr Price Group, Ltd.		598,916
	87,743	MTN Group, Ltd.		808,256
	68,220	Naspers, Ltd. Class N		14,753,001
	22,632	Nedbank Group, Ltd.		339,669
	11,170	Novus Holdings, Ltd.		5,402
	253,796	Pick n Pay Stores, Ltd.		1,082,850
	92,564	Rand Merchant Investment Holdings, Ltd.		284,290
	728,346	Redefine Properties, Ltd. REIT		576,635
	39,012	Remgro, Ltd.		593,277
	29,715	Resilient, Ltd. REIT		292,870
	546,985	RMB Holdings, Ltd.		2,572,379
	163,764	Sanlam, Ltd.		820,609
	330,223	Sappi, Ltd.		2,251,459
	176,693	Spar Group, Ltd. (The)		2,186,400
	401,830	Standard Bank Group, Ltd.		4,696,374
	620,043	Steinhoff Africa Retail, Ltd.* ‡‡‡‡		1,006,580

102 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	848,553	Telkom SA SOC, Ltd.		3,726,029
	395,212	Truworths International, Ltd.‡		2,261,072
	46,724	Vodacom Group, Ltd.		557,608
		Total South Africa		77,920,300
		South Korea — 11.7%
	2,447	AMOREPACIFIC Group		263,853
	57,809	BNK Financial Group, Inc.		504,728
	82,606	Coway Co., Ltd.		6,779,556
	23,756	DGB Financial Group, Inc.		217,783
	30,744	Dongbu Insurance Co., Ltd.		1,959,499
	42,934	Douzone Bizon Co., Ltd.		1,169,547
	90,288	Hana Financial Group, Inc.		3,732,603
	60,692	Hankook Tire Co., Ltd.		3,189,993
	43,147	Hanwha Chemical Corp.		1,222,439
	43,122	Hanwha Corp.		1,656,584
	21,631	Hanwha Life Insurance Co., Ltd.		129,369
	32,946	Hyosung Corp.		4,185,308
	10,069	Hyundai Development Co-Engineering & Construction		313,846
	56,028	Hyundai Engineering & Construction Co., Ltd.		1,875,998
	211,101	Hyundai Marine & Fire Insurance Co., Ltd.		8,349,304
	6,728	Hyundai Mobis Co., Ltd.		1,409,805
	18,594	Hyundai Motor Co.		2,443,268
	55,915	ING Life Insurance Korea, Ltd. 144A		2,316,468
	16,063	Innocean Worldwide, Inc.		938,241
	119,922	Jusung Engineering Co., Ltd.*		1,486,788
	42,138	Kangwon Land, Inc.		1,287,668
	100,557	KB Financial Group, Inc.		4,925,348
	83,677	Kia Motors Corp.		2,312,286
	24,966	KIWOOM Securities Co., Ltd.		1,578,154
	109,050	Korea Electric Power Corp.		3,713,232
	6,765	Korea Petrochemical Ind Co., Ltd.		1,464,810
	1,453	Korea Zinc Co., Ltd.		628,595
	43,294	Korean Air Lines Co., Ltd.*		1,164,234
	21,242	KT Corp., ADR		294,627
	48,718	KT&G Corp.		4,487,492
	18,940	LG Chem, Ltd.		6,482,281
	4,800	LG Corp.		337,783
	22,800	LG Electronics, Inc.		1,640,302
	17,787	LG Uplus Corp.		207,322
	13,105	Loen Entertainment, Inc.		1,000,024
	4,297	Lotte Chemical Corp.		1,418,139
	47,981	Modetour Network, Inc.		1,015,881
	17,380	NCSoft Corp.		7,048,509
	18,489	POSCO		5,117,224
	40,833	Posco Daewoo Corp.		688,066
	29,201	Samsung Electronics Co., Ltd.		65,369,855
	21,901	Samsung Life Insurance Co., Ltd.		2,160,748
	248,254	Shinhan Financial Group Co., Ltd.		10,902,498

See accompanying Notes to the Financial Statements. 103

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	37,952	Silicon Works Co., Ltd.		1,464,599
	116,649	SK Hynix, Inc.		8,443,010
	5,760	SK Innovation Co., Ltd.		1,000,777
	57,388	SK Telecom Co., Ltd.		12,776,828
	43,490	Value Added Technology Co., Ltd.		1,036,606
	23,787	Vieworks Co., Ltd.		813,080
	33,990	Woori Bank		529,726
		Total South Korea		195,454,684
		Sweden — 0.1%
	217,918	Telefonaktiebolaget LM Ericsson Class B		1,248,663
		Switzerland — 0.2%
	24,903	ABB, Ltd.		616,141
	23,031	Nestle SA		1,930,357
		Total Switzerland		2,546,498
		Taiwan — 9.7%
	285,000	Asustek Computer, Inc.		2,344,925
	1,937,000	AU Optronics Corp.		776,103
	393,000	Basso Industry Corp.		1,095,123
	71,000	Catcher Technology Co., Ltd.		661,440
	547,000	Cathay Financial Holding Co., Ltd.		869,457
	1,455,399	China General Plastics Corp.		1,447,048
	1,043,130	China Life Insurance Co., Ltd.		982,105
	4,124,000	Compal Electronics, Inc.		2,930,754
	9,789,120	CTBC Financial Holding Co., Ltd.		6,133,534
	1,210,000	E Ink Holdings, Inc.		1,695,851
	664,643	E.Sun Financial Holding Co., Ltd.		396,717
	161,160	Eclat Textile Co., Ltd.		1,958,431
	337,800	Elite Advanced Laser Corp.		1,253,215
	249,000	Elite Material Co., Ltd.		1,182,430
	27,720	Feng TAY Enterprise Co., Ltd.		126,150
	1,897,021	First Financial Holding Co., Ltd.		1,216,761
	121,000	Formosa Chemicals & Fibre Corp.		367,900
	68,230	Foxconn Technology Co., Ltd.		196,878
	597,997	Fubon Financial Holding Co., Ltd.		932,768
	7,628,905	Hon Hai Precision Industry Co., Ltd.		26,415,876
	250,897	Hua Nan Financial Holdings Co., Ltd.		136,105
	1,730,000	Innolux Corp.		807,265
	6,402,000	Inventec Corp.		4,729,086
	1,578,000	King Yuan Electronics Co., Ltd.		1,548,130
	24,000	Largan Precision Co., Ltd.		4,218,441
	1,868,195	Lite-On Technology Corp.		2,667,618
	133,000	MediaTek, Inc.		1,247,807
	666,000	Mega Financial Holding Co., Ltd.		520,518
	2,714,000	Micro-Star International Co., Ltd.		5,835,404
	35,000	Nien Made Enterprise Co., Ltd.		358,957
	114,000	Novatek Microelectronics Corp.		428,571

104 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	2,277,000	Pegatron Corp.		5,909,507
	684,000	Phison Electronics Corp.		8,120,301
	639,000	Pou Chen Corp.		801,805
	1,129,000	Powertech Technology, Inc.		3,254,010
	679,000	Primax Electronics, Ltd.		1,679,363
	501,000	Realtek Semiconductor Corp.		1,726,504
	454,534	SinoPac Financial Holdings Co., Ltd.		136,102
	169,000	Sunny Friend Environmental Technology Co., Ltd.		1,064,470
	625,870	Taishin Financial Holding Co., Ltd.		269,345
	627,954	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		23,579,673
	4,436,000	Taiwan Semiconductor Manufacturing Co., Ltd.		31,671,086
	169,000	TCI Co., Ltd.		1,064,470
	190,000	Teco Electric and Machinery Co., Ltd.		170,113
	272,015	Uni-President Enterprises Corp.		569,613
	4,507,012	Wistron Corp.		3,604,242
	1,926,000	WPG Holdings, Ltd.		2,562,792
		Total Taiwan		161,664,764
		Thailand — 2.7%
	2,745,300	Airports of Thailand PCL		4,856,753
	2,004,700	CP All PCL Class F		3,952,295
	826,800	Hana Microelectronics PCL		1,177,601
	327,100	Indorama Ventures PCL, NVDR		414,392
	399,000	Kasikornbank PCL, NVDR		2,476,552
	2,677,300	Krung Thai Bank PCL, NVDR		1,509,243
	346,200	Krungthai Card PCL Class F		1,173,031
	1,230,800	Muangthai Leasing PCL Class F		1,300,920
	102,500	PTT Exploration & Production PCL Class N, NVDR		275,075
	1,694,500	PTT Global Chemical PCL		3,912,339
	1,571,600	PTT Global Chemical PCL, NVDR		3,628,582
	225,400	PTT PCL¤		2,757,517
	39,500	PTT PCL, NVDR		483,238
	24,151,400	Sansiri PCL		1,651,130
	220,850	Siam Cement PCL (The)¤		3,324,339
	1,642,900	Star Petroleum Refining PCL Class F		871,944
	3,204,200	Thai Oil PCL		8,887,211
	914,400	Thai Oil PCL, NVDR		2,536,192
	963,600	Thai Union Group PCL, NVDR		577,871
		Total Thailand		45,766,225
		Turkey — 1.6%
	867,320	Akbank Turk AS		2,292,626
	395,300	Arcelik AS		2,525,580
	2,451,015	Eregli Demir ve Celik Fabrikalari TAS		5,327,844
	172,953	Ford Otomotiv Sanayi AS		2,217,783
	747,655	KOC Holding AS		3,437,518
	373,399	TAV Havalimanlari Holding AS		1,853,292
	42,987	Tofas Turk Otomobil Fabrikasi AS		373,285
	149,636	Tupras Turkiye Petrol Rafinerileri AS		5,116,768

See accompanying Notes to the Financial Statements. 105

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Turkey — continued
	753,109	Turkiye Halk Bankasi AS		2,566,767
	458,924	Turkiye Vakiflar Bankasi TAO Series D		809,160
		Total Turkey		26,520,623
		United Arab Emirates — 1.1%
	471,566	Abu Dhabi Commercial Bank PJSC		911,636
	6,271,806	Aldar Properties PJSC		3,978,955
	1,687,032	Dubai Islamic Bank PJSC		2,779,068
	2,731,465	Emaar Malls PJSC		1,732,894
	2,896,809	Emaar Properties PJSC		6,696,502
	860,990	First Abu Dhabi Bank PJSC		2,391,215
		Total United Arab Emirates		18,490,270
		United Kingdom — 1.4%
	68,270	Diageo Plc		2,246,812
	399,878	Evraz Plc		1,679,233
	132,474	GlaxoSmithKline Plc		2,645,566
	581,530	Glencore Plc*		2,668,317
	165,916	Mondi Plc		4,463,153
	42,909	NMC Health Plc		1,583,719
	1,283,238	Old Mutual Plc		3,332,950
	197,672	Polymetal International Plc		2,233,040
	10,950,000	West China Cement, Ltd.*		1,780,442
		Total United Kingdom		22,633,232
		United States — 1.5%
	41,747	Citigroup, Inc.		3,036,677
	45,039	Crown Holdings, Inc.*		2,689,729
	13,661	MercadoLibre, Inc.		3,537,243
	31,144	Microsoft Corp.		2,319,917
	21,228	Monsanto Co.		2,543,539
	74,736	Pfizer, Inc.		2,668,075
	59,132	Southern Copper Corp.‡		2,351,088
	127,062	Yum China Holdings, Inc.*		5,078,668
		Total United States		24,224,936
		TOTAL COMMON STOCKS (COST $1,259,085,359)		1,506,486,417
		PREFERRED STOCKS — 2.4%
		Brazil — 2.3%
	374,364	Banco Bradesco SA, 1.83%		4,148,225
	181,700	Braskem SA, 2.75%		2,437,295
	106,229	Cia de Transmissao de Energia Eletrica Paulista, 2.36%		2,294,411
	546,100	Cia Energetica de Minas Gerais, 6.60%		1,377,702
	74,700	Cia Paranaense de Energia, 6.74%		666,671
	420,870	Itau Unibanco Holding SA, 4.09%		5,767,894
	2,152,996	Itausa — Investimentos Itau SA, 5.12%		7,507,562
	1,560,100	Petroleo Brasileiro SA, 0.00%*		7,546,127

106 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	300,900	Suzano Papel e Celulose SA, 1.78%		1,741,770
	290,700	Telefonica Brasil SA, 4.14%		4,638,297
		Total Brazil		38,125,954
		Colombia — 0.0%
	70,850	Bancolombia SA, 2.79%		814,957
		Germany — 0.1%
	20,005	Bayerische Motoren Werke AG, 4.57%		1,782,730
		TOTAL PREFERRED STOCKS (COST $32,795,612)		40,723,641
		RIGHTS — 0.0%
		Cayman Islands — 0.0%
	111,000	China State Construction International Holdings, Ltd., Expires 10/03/17* **** ‡		711
		TOTAL RIGHTS (COST $—)		711
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 7.1%
		Bank Deposit — 5.6%
	92,688,991	State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		92,688,991
		Investment Fund — 0.7%
	11,976,796	State Street Institutional Treasury Plus Money Market Fund, Premier Class*****		11,976,796
		Mutual Fund - Securities Lending Collateral — 0.6%
	10,109,602	State Street Institutional U.S. Government Money Market Fund, Premier Class***		10,109,602
		U.S. Government and Agency Obligations — 0.2%
	1,700,000	United States Treasury Bill, 0.78%, due 10/12/17** ‡‡		1,699,566
	1,200,000	United States Treasury Bill, 0.94%, due 12/14/17** ‡‡		1,197,682
		TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $2,896,857)		2,897,248
		TOTAL SHORT-TERM INVESTMENTS (COST $117,672,246)		117,672,637
		TOTAL INVESTMENTS — 99.9% (Cost $1,409,553,217)		1,664,883,406
		Other Assets and Liabilities (net) — 0.1%		1,602,530
		NET ASSETS — 100.0%	$	1,666,485,936

See accompanying Notes to the Financial Statements. 107

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

	Notes to Schedule of Investments:
	ADR — American Depository Receipt
	GDR — Global Depository Receipt
	NVDR — Non-Voting Depository Receipt
	REIT — Real Estate Investment Trust
*	Non-income producing security
**	All or a portion of this security is pledged for open futures collateral.
***	Represents an investment of securities lending cash collateral.
****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $192,751 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $205,802.
*****	Security has been segregated to cover collateral requirements on open synthetic futures contracts.
¤	Illiquid security. The total market value of the securities at period end is $12,217,190 which represents 0.7% of net assets. The aggregate tax cost of these securities held at September 30, 2017 was $11,588,585.
‡	All or a portion of this security is out on loan.
‡‡	Interest rate presented is yield to maturity.
‡‡‡	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
‡‡‡‡	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of period, the market value of restricted securities was $1,006,580, which is 0.1% of net assets.
	144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $12,764,401 which represents 0.8% of net assets.

108 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
BRL	40,769,000	USD	12,793,957		12/20/17	Citibank N.A. London	$	(35,570	)
CLP	7,933,942,000	USD	12,568,600		12/20/17	Citibank N.A. London		(179,590	)
CNH	34,062,000	USD	5,157,919		12/20/17	Citibank N.A. London		(56,257	)
CZK	580,310,000	USD	26,629,574		12/20/17	Citibank N.A. London		(96,580	)
HKD	447,896,000	USD	57,414,338		12/20/17	Citibank N.A. London		41,290
HUF	4,950,122,000	USD	19,367,956		12/20/17	Citibank N.A. London		(459,260	)
IDR	2,639,082,000	USD	197,640		12/20/17	Citibank N.A. London		(3,036	)
INR	1,046,563,000	USD	16,178,402		12/20/17	Citibank N.A. London		(298,802	)
KRW	3,566,669,000	USD	3,158,676		12/20/17	Citibank N.A. London		(41,626	)
MXN	758,898,000	USD	41,997,262		12/20/17	Citibank N.A. London		(724,205	)
PEN	200,000	USD	61,549		12/20/17	Citibank N.A. London		(541	)
PHP	559,219,000	USD	10,899,370		12/20/17	Citibank N.A. London		63,516
PLN	82,546,000	USD	23,010,979		12/20/17	Citibank N.A. London		(354,011	)
RUB	490,240,000	USD	8,158,578		12/20/17	Citibank N.A. London		246,725
THB	43,186,000	USD	1,304,673		12/20/17	Citibank N.A. London		(8,653	)
TRY	82,872,000	USD	23,309,619		12/20/17	Citibank N.A. London		(529,204	)
TWD	533,265,000	USD	17,766,025		12/20/17	Citibank N.A. London		(112,375	)
ZAR	35,320,000	USD	2,659,719		12/20/17	Citibank N.A. London		(76,223	)
USD	40,056,512	BRL	127,543,000		12/20/17	Citibank N.A. London		142,779
USD	3,451,041	CLP	2,175,494,000		12/20/17	Citibank N.A. London		53,963
USD	29,006,314	CNH	192,053,329		12/20/17	Citibank N.A. London		241,377
USD	11,004,706	CNH	72,876,671		12/20/17	Citibank N.A. London.		89,545
USD	4,290,638	COP	12,713,000,000		12/20/17	Citibank N.A. London		(88	)
USD	5,041,149	CZK	109,000,000		12/20/17	Citibank N.A. London		57,439
USD	10,341,478	HKD	80,589,000		12/20/17	Citibank N.A. London		3,604
USD	4,722,083	IDR	63,703,512,775		12/20/17	Citibank N.A. London		24,611
USD	9,080,239	ILS	32,380,000		12/20/17	Citibank N.A. London		(111,675	)
USD	10,579,802	INR	698,549,000		12/20/17	Citibank N.A. London		(19,350	)
USD	38,437,796	KRW	43,283,116,000		12/20/17	Citibank N.A. London		611,022
USD	8,045,981	MXN	144,910,000		12/20/17	Citibank N.A. London		164,977
USD	184,138	PEN	600,000		12/20/17	Citibank N.A. London		1,112
USD	15,560,541	PHP	804,382,000		12/20/17	Citibank N.A. London		(208,500	)
USD	270,277	PLN	989,000		12/20/17	Citibank N.A. London		(1,180	)
USD	794,420	RUB	46,577,000		12/20/17	Citibank N.A. London		(4,156	)
USD	24,316,214	SGD	32,836,000		12/20/17	Citibank N.A. London		114,774
USD	1,762,805	THB	58,574,000		12/20/17	Citibank N.A. London		4,986
USD	4,289,704	TRY	15,441,000		12/20/17	Citibank N.A. London		45,179
USD	4,626,090	TWD	138,614,000		12/20/17	Citibank N.A. London		37,297
USD	10,982,015	ZAR	146,379,000		12/20/17	Citibank N.A. London		275,056
							$	(1,101,630	)

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

COP — Colombian Peso

See accompanying Notes to the Financial Statements. 109

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Currency Abbreviations — continued

CZK — Czech Koruna

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

PEN — Peruvian Nouveau Sol

PHP — Philippines Peso

PLN — Polish Zloty

RUB — Russian Ruble

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	56	FTSE Bursa Malaysia KLCI Index		Oct 2017	$	1,161,445	$	(1,332	)
	82	KOSPI 200 Index		Dec 2017		5,685,445		68,057
	1,131	MSCI Emerging Markets E-mini Index		Dec 2017		61,599,915		(955,189	)
	12	MSCI Singapore Index		Oct 2017		317,906		784
	55	MSCI Taiwan Index		Oct 2017		2,115,850		(1,625	)
							$	(889,305	)
	Sales
	380	FTSE/JSE Top 40 Index		Dec 2017	$	14,110,024	$	74,087
	43	Mexico Bolsa Index		Dec 2017		1,198,627		(920	)
	316	SET50 Index		Dec 2017		2,035,097		172,399
	983	SGX Nifty 50 Index		Oct 2017		19,272,698		226,431
							$	471,997

Synthetic Futures

Number of Contracts Long (Short)			Reference Entity	Expiration Date	Counterparty	Notional Value		Value
	(63,800	)	BIST 30 Futures	10/31/2017	Goldman Sachs International	$	2,464,356	$	131,037
	33,150		Hang Seng China Enterprises Index	10/30/2017	Goldman Sachs International		46,572,042		(294,198	)
	(520	)	Ibovespa Futures Index	10/18/2017	Goldman Sachs International		11,699,492		(563,340	)

110 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Synthetic Futures — continued

Number of Contracts Long (Short)			Reference Entity	Expiration Date	Counterparty	Notional Value		Value
	83,000,000		KOSPI 200 Index	12/14/2017	Goldman Sachs International	$	22,868,580	$	457,545
	(1,355	)	MSCI Brazil Net Return Index	12/20/2017	Goldman Sachs International		363,139		7,329
	11,224		MSCI China Net Return Index	12/20/2017	Goldman Sachs International		814,081		(7,401	)
	231		MSCI Singapore Net Return SGD Index	12/20/2017	Goldman Sachs International		911,439		8,494
	(54,406	)	MSCI South Africa Net Return Index	12/20/2017	Goldman Sachs International		3,902,915		22,000
	7,700		MSCI Taiwan Stock Index	10/30/2017	Goldman Sachs International		2,968,167		(5,977	)
	(917	)	MSCI Turkey Net Return Index	12/20/2017	Goldman Sachs International		346,610		15,114
	4,400		Taiwan Stock Index	10/18/2017	Goldman Sachs International		1,546,151		(41,161	)
	13,800		Tel Aviv 35 Index	10/27/2017	Goldman Sachs International		5,566,000		4,317
	(4,180	)	WIG20 Futures Index	12/15/2017	Goldman Sachs International		2,922,934		53,594
								$	(212,647	)

See accompanying Notes to the Financial Statements. 111

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		14.5
Internet		9.4
Semiconductors		8.7
Diversified Financial Services		5.3
Oil & Gas		4.1
Telecommunications		4.0
Electronics		3.7
Insurance		3.0
Retail		2.9
Auto Manufacturers		2.6
Chemicals		2.6
Real Estate		2.6
Computers		2.3
Commercial Services		2.0
Electric		1.6
Engineering & Construction		1.5
Food		1.5
Iron & Steel		1.5
Pharmaceuticals		1.5
Holding Companies — Diversified		1.4
Software		1.2
Leisure Time		1.1
Media		1.1
Coal		1.0
Auto Parts & Equipment		0.9
Beverages		0.9
Building Materials		0.9
Forest Products & Paper		0.8
Mining		0.8
Agriculture		0.6
Airlines		0.6
Environmental Control		0.5
Gas		0.5
Home Furnishings		0.5
Household Products & Wares		0.4
Lodging		0.4
Miscellaneous — Manufacturing		0.4
Packaging & Containers		0.4
Electrical Components & Equipment		0.3
Health Care — Products		0.3
Machinery — Construction & Mining		0.3
Metal Fabricate & Hardware		0.3
Water		0.3
Aerospace & Defense		0.2
Entertainment		0.2
Food Service		0.2
Health Care — Services		0.2
REITS		0.2
Advertising		0.1
Apparel		0.1
Distribution & Wholesale		0.1

112 See accompanying Notes to the Financial Statements.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Hand & Machine Tools		0.1
Machinery — Diversified		0.1
Oil & Gas Services		0.1
Cosmetics & Personal Care		0.0
Home Builders		0.0
Investment Companies		0.0
Transportation		0.0
Short-Term Investments and Other Assets and Liabilities (net)		7.2
		100.0	%

See accompanying Notes to the Financial Statements. 113

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 90.6%
		Australia — 1.1%
	226,920	AGL Energy, Ltd.		4,161,092
	65,651	BHP Billiton, Ltd.		1,328,006
	137,194	Computershare, Ltd.		1,557,685
	61,232	Costa Group Holdings, Ltd.		268,095
	75,835	Rio Tinto, Ltd.‡		3,958,795
	98,087	South32, Ltd.		251,672
	102,339	Wesfarmers, Ltd.		3,318,810
	12,475	Woolworths, Ltd.		246,768
		Total Australia		15,090,923
		Austria — 0.6%
	17,851	EVN AG		278,882
	22,343	Flughafen Wien AG		871,658
	1,523	Mayr Melnhof Karton AG		218,579
	39,832	Raiffeisen Bank International AG*		1,335,219
	9,765	S IMMO AG		172,874
	105,118	Telekom Austria AG*		953,776
	93,487	Voestalpine AG		4,768,397
		Total Austria		8,599,385
		Bahamas — 0.0%
	232	United International Enterprises		48,650
		Belgium — 0.3%
	11,272	Bekaert SA		540,759
	39,322	Colruyt SA		2,014,490
	32,340	Elia System Operator SA		1,873,002
		Total Belgium		4,428,251
		Bermuda — 1.4%
	26,500	Arch Capital Group, Ltd.*		2,610,250
	24,600	Aspen Insurance Holdings, Ltd.		993,840
	16,700	Axis Capital Holdings, Ltd.		957,077
	27,000	Bunge, Ltd.		1,875,420
	1,282,000	China Oriental Group Co., Ltd.		917,508
	281,500	CK Infrastructure Holdings, Ltd.		2,421,909
	34,000	Clear Media, Ltd.		39,264
	10,600	Everest Re Group, Ltd.		2,420,934
	49,300	Genpact, Ltd.		1,417,375
	82,600	GL, Ltd.		51,703
	17,000	Guoco Group, Ltd.		255,521
	480,000	Regal Hotels International Holdings, Ltd.		353,361
	13,100	RenaissanceRe Holdings, Ltd.		1,770,334
	73,500	Soundwill Holdings, Ltd.		162,984
	93,200	Transport International Holdings, Ltd.		295,326
	29,000	Validus Holdings, Ltd.		1,427,090
	1,400	White Mountains Insurance Group, Ltd.		1,199,800

114 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Bermuda — continued
	5,000	Wing On Co. International, Ltd.		18,436
	52,000	Wing Tai Properties, Ltd.		35,884
		Total Bermuda		19,224,016
		Canada — 3.4%
	93,112	Atco, Ltd. Class I		3,409,851
	51,000	Bank of Montreal		3,850,742
	14,000	Bank of Nova Scotia (The)		897,773
	57,494	BCE, Inc.		2,692,444
	46,089	Canadian Imperial Bank of Commerce‡		4,023,137
	700	Canadian Real Estate Investment Trust REIT		25,819
	8,400	Canadian Tire Corp., Ltd. Class A		1,043,342
	2,619	Canadian Utilities, Ltd. Class A		81,147
	15,459	Cineplex, Inc.‡		482,564
	10,200	Cogeco, Inc.		667,793
	200	E-L Financial Corp., Ltd.		135,290
	89,934	First Capital Realty, Inc.‡		1,415,185
	45,188	George Weston, Ltd.		3,925,700
	975	Granite Real Estate Investment Trust REIT		39,458
	72,300	Loblaw Cos., Ltd.		3,936,857
	78,400	Maple Leaf Foods, Inc.		2,131,999
	200	Morguard Corp.		29,420
	1,600	Power Financial Corp.		44,278
	167,300	Pure Industrial Real Estate Trust REIT		850,780
	83,900	Rogers Communications, Inc. Class B‡		4,316,256
	51,700	Royal Bank of Canada		3,990,819
	177,692	Shaw Communications, Inc. Class B‡		4,080,529
	21,000	Sun Life Financial, Inc.		834,358
	73,600	Toronto-Dominion Bank (The)		4,134,170
	1,513	Valener, Inc.‡		26,688
		Total Canada		47,066,399
		Cayman Islands — 0.0%
	510,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		186,091
		Denmark — 0.3%
	17,927	Carlsberg AS Class B		1,962,208
	27,802	H Lundbeck AS		1,604,573
	1,767	Matas AS		25,825
	963	Schouw & Co. AB		104,717
		Total Denmark		3,697,323
		Finland — 0.3%
	70,309	Orion OYJ Class B		3,263,262
	32,235	Raisio OYJ Class V		139,857
		Total Finland		3,403,119

See accompanying Notes to the Financial Statements. 115

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		France — 2.8%
	13,000	Aeroports de Paris		2,102,423
	14,781	Albioma SA		333,406
	52,227	BNP Paribas SA		4,213,941
	6,521	Caisse Regionale de Credit Agricole Mutuel Nord de France		161,815
	15,538	Carrefour SA		314,018
	223,817	Credit Agricole SA		4,069,491
	1,190	Dassault Aviation SA		1,925,159
	4,758	Groupe Guillin		245,471
	7,434	Ipsen SA		988,264
	885	Manutan International		84,212
	70,150	Metropole Television SA		1,622,551
	49,126	Rallye SA		910,643
	191,393	Sanofi		19,008,496
	487	Savencia SA		46,634
	892	Societe Fonciere Lyonnaise SA REIT		58,790
	29,501	Societe Generale SA		1,727,586
	5,667	SPIE SA		155,965
	4,137	Thales SA		468,437
	1,748	Vetoquinol SA		112,623
	5,599	Vilmorin & Cie SA		503,120
		Total France		39,053,045
		Germany — 1.5%
	28,745	Aareal Bank AG		1,217,417
	25,222	Aurubis AG		2,043,687
	1,638	Beiersdorf AG		176,274
	21,210	CECONOMY AG		249,817
	12,141	Deutsche Post AG		540,609
	5,911	Fielmann AG		512,289
	6,693	Hornbach Baumarkt AG		254,781
	5,425	Hornbach Holding AG & Co. KGaA		500,248
	2,351	KWS Saat SE		1,029,055
	68,779	Mckesson Europe AG		2,134,400
	31,806	Merck KGaA		3,539,009
	21,210	METRO AG*		448,456
	78,113	Rhoen-Klinikum AG		2,630,913
	64,031	Salzgitter AG		2,905,267
	96,747	Suedzucker AG		2,078,752
	13,369	Thyssenkrupp AG		396,306
	17,892	Wuestenrot & Wuerttembergische AG		486,494
		Total Germany		21,143,774
		Hong Kong — 0.9%
	373,500	CLP Holdings, Ltd.		3,827,912
	473,000	HKT Trust & HKT, Ltd.		575,300
	1,693,790	Hong Kong & China Gas Co., Ltd.		3,183,433
	18,000	Hong Kong Aircraft Engineering Co., Ltd.		118,338
	26,000	Hong Kong Ferry Holdings Co., Ltd.		29,693
	121,500	Hongkong & Shanghai Hotels (The)‡		202,845

116 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	51,500	Hopewell Holdings, Ltd.		201,102
	45,000	Kowloon Development Co., Ltd.		50,642
	143,500	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		60,996
	60,000	Liu Chong Hing Investment, Ltd.		100,477
	80,000	Miramar Hotel & Investment		176,169
	422,000	Power Assets Holdings, Ltd.		3,655,024
	557,000	Regal Real Estate Investment Trust REIT		164,732
	873,000	Sunlight Real Estate Investment Trust REIT		565,555
		Total Hong Kong		12,912,218
		Ireland — 0.5%
	22,300	Accenture Plc Class A		3,012,061
	106,989	Hibernia Plc REIT		192,886
	134,153	Irish Residential Properties Plc REIT		233,928
	3,278	Kerry Group Plc Class A		315,019
	41,200	Medtronic Plc		3,204,124
	55,591	Total Produce Plc		151,155
		Total Ireland		7,109,173
		Israel — 0.7%
	196,069	Amot Investments, Ltd.		1,089,519
	426,581	Bank Hapoalim BM		2,986,284
	51,123	Bank Leumi Le-Israel BM		271,346
	14,168	Check Point Software Technologies, Ltd.*		1,615,435
	1,770	FIBI Holdings, Ltd.		40,485
	340,722	Israel Discount Bank, Ltd. Class A*		859,377
	4,045,879	Isramco Negev 2, LP		562,341
	9,175	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		468,801
	134,362	Shufersal, Ltd.		789,604
	61,055	Strauss Group, Ltd.		1,148,130
		Total Israel		9,831,322
		Italy — 0.4%
	37,257	Ascopiave SpA		154,423
	241,874	Banca Mediolanum SpA		2,115,980
	768,501	Parmalat SpA‡		2,816,416
		Total Italy		5,086,819
		Japan — 4.8%
	11,300	Aeon Hokkaido Corp.		62,741
	48,700	Alpen Co., Ltd.		948,344
	12,300	ANA Holdings, Inc.		465,382
	24,100	Asahi Holdings, Inc.		495,638
	12,000	Astellas Pharma, Inc.		152,605
	3,000	AT-Group Co., Ltd.		72,785
	94,000	Canon, Inc.		3,210,856
	174,200	Daiichi Sanyko Co., Ltd.		3,927,683
	27,000	DyDo Group Holdings, Inc.		1,285,657

See accompanying Notes to the Financial Statements. 117

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	150,100	EDION Corp.‡		1,406,792
	12,300	Eisai Co., Ltd.		631,145
	21,200	Hoya Corp.		1,144,139
	255	Invesco Office J-Reit, Inc. REIT‡		242,846
	107,700	Japan Tobacco, Inc.		3,528,606
	3,000	Joshin Denki Co., Ltd.		101,808
	1,900	Kadoya Sesame Mills, Inc.		96,549
	28,300	Kato Sangyo Co., Ltd.		851,024
	1,000	KFC Holdings Japan, Ltd.		17,767
	19,000	Kisoji Co., Ltd.‡		463,163
	91,700	KYORIN Holdings, Inc.		1,845,160
	35,700	Kyowa Hakko Kirin Co., Ltd.		607,025
	99,500	McDonald’s Holdings Co., Ltd.		4,401,990
	4,200	Mitsubishi Shokuhin Co., Ltd.		122,569
	167,200	Mitsubishi Tanabe Pharma Corp.		3,832,239
	17,900	Mitsui Sugar Co., Ltd.		601,888
	24,100	Mochida Pharmaceutical Co., Ltd.		1,770,595
	14,900	MOS Food Services, Inc.‡		463,950
	41,900	Nippon Flour Mills Co., Ltd.		638,001
	136,600	Nippon Light Metal Holdings Co., Ltd.		388,327
	53	NIPPON REIT Investment Corp. REIT		152,316
	60,700	Nippon Telegraph & Telephone Corp.		2,780,881
	102,600	Nisshin Oillio Group, Ltd. (The)		3,363,337
	96,000	NTT DoCoMo, Inc.		2,192,227
	16,900	Ohsho Food Service Corp.		678,612
	16,900	Okinawa Cellular Telephone Co.		587,030
	51,260	Okinawa Electric Power Co., Inc. (The)		1,126,613
	22,200	Otsuka Holdings Co., Ltd.		881,768
	12,600	Parco Co., Ltd.		154,359
	1,400	Plenus Co., Ltd.		30,931
	17,300	Shimachu Co., Ltd.		454,305
	20,800	Showa Sangyo Co., Ltd.		537,162
	9,000	ST Corp.		200,684
	43,100	Sumitomo Dainippon Pharma Co., Ltd.‡		560,551
	17,100	Suzuken Co., Ltd.		607,649
	33,200	Taisho Pharmaceutical Holdings Co., Ltd.		2,518,794
	45,400	Takara Holdings, Inc.		414,212
	74,300	Takeda Pharmaceutical Co., Ltd.		4,101,632
	40,000	Toppan Printing Co., Ltd.		396,571
	109,400	Tsumura & Co.		3,936,126
	68,900	Vital KSK Holdings, Inc.		571,081
	14,400	Xebio Holdings Co., Ltd.		281,821
	284,600	Yamada Denki Co., Ltd.‡		1,554,915
	31,800	Yodogawa Steel Works, Ltd.		870,111
	218,700	Yoshinoya Holdings Co., Ltd.		3,602,095
	5,900	ZERIA Pharmaceutical Co., Ltd.		105,405
		Total Japan		66,438,462

118 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Liberia — 0.1%
	13,300	Royal Caribbean Cruises, Ltd.		1,576,582
		Luxembourg — 0.4%
	80,694	Aperam SA		4,228,922
	89,943	Atento SA*		1,043,339
		Total Luxembourg		5,272,261
		Netherlands — 0.8%
	2,996	ASR Nederland NV		119,875
	54,264	ForFarmers NV		705,660
	40,906	Heineken Holding NV		3,844,544
	19,100	LyondellBasell Industries NV Class A		1,891,855
	131,227	QIAGEN NV*		4,133,650
		Total Netherlands		10,695,584
		New Zealand — 0.6%
	406,495	Argosy Property, Ltd.		305,609
	429,149	Contact Energy, Ltd.		1,706,275
	61,450	Ebos Group, Ltd.		760,952
	43,771	Fisher & Paykel Healthcare Corp., Ltd.		404,386
	64,035	Fonterra Co-operative Group, Ltd.‡		288,855
	37,644	Freightways, Ltd.		211,716
	185,486	Genesis Energy, Ltd.		320,470
	734,190	Infratil, Ltd.		1,655,928
	316,209	Kiwi Property Group, Ltd. REIT		308,593
	56,956	Mainfreight, Ltd.		1,026,044
	374,576	Mercury NZ, Ltd.		917,948
	80,584	Summerset Group Holdings, Ltd.‡		295,931
	10,900	Trustpower, Ltd.		43,259
	110,093	Vector, Ltd.		260,247
	5,934	Warehouse Group, Ltd. (The)‡		9,352
		Total New Zealand		8,515,565
		Norway — 0.8%
	2,293	Atea ASA*		30,246
	218,730	Austevoll Seafood ASA		2,280,642
	87,462	Norsk Hydro ASA		636,163
	3,384	Olav Thon Eiendomsselskap ASA		69,505
	329,683	Orkla ASA		3,383,679
	206,541	Telenor ASA		4,369,371
		Total Norway		10,769,606
		Panama — 0.2%
	40,300	Carnival Corp.		2,602,171
		Portugal — 0.0%
	139,574	REN — Redes Energeticas Nacionais SGPS SA‡		454,422

See accompanying Notes to the Financial Statements. 119

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Puerto Rico — 0.1%
	47,400	Popular, Inc.		1,703,556
		Singapore — 1.0%
	195,700	AIMS AMP Capital Industrial REIT		203,201
	494,000	Cache Logistics Trust REIT		303,759
	210,000	Fortune Real Estate Investment Trust REIT‡		244,664
	53,800	Fraser and Neave, Ltd.		100,235
	45,600	Hong Leong Finance, Ltd.		86,637
	1,069,400	Keppel Infrastructure Trust		433,131
	52,700	Metro Holdings, Ltd.		50,839
	63,600	Olam International, Ltd.		94,607
	830,800	OUE, Ltd.		1,193,019
	1,197,500	Sheng Siong Group, Ltd.‡		811,297
	181,400	SIA Engineering Co., Ltd.‡		466,207
	181,800	Singapore Airlines, Ltd.		1,344,138
	1,270,900	Singapore Telecommunications, Ltd.		3,444,097
	1,121,400	SPH REIT		825,804
	741,900	StarHub, Ltd.		1,420,479
	7,800	Straits Trading Co., Ltd.		13,786
	12,600	United Industrial Corp., Ltd.		29,135
	124,800	Venture Corp., Ltd.		1,621,173
	126,400	Wilmar International, Ltd.		295,999
		Total Singapore		12,982,207
		Spain — 0.2%
	134,576	Ebro Foods SA		3,189,868
		Sweden — 1.0%
	26,674	Axfood AB		456,530
	67,681	Bonava AB Class B		1,092,866
	5,862	Catena AB		105,213
	19,570	Clas Ohlson AB Class B		362,037
	102,697	Essity AB Class B*		2,788,125
	16,877	Granges AB		192,810
	20,993	Hufvudstaden AB Class A		357,498
	99,278	ICA Gruppen AB		3,723,069
	7,787	Mekonomen AB		176,016
	102,697	Svenska Cellulosa AB SCA Class B		868,144
	112,343	Swedish Match AB		3,932,249
		Total Sweden		14,054,557
		Switzerland — 5.6%
	122,970	ABB, Ltd.		3,042,478
	14,845	Allreal Holding AG*		2,603,552
	720	Alpiq Holding AG*		58,041
	4,850	ALSO Holding AG*		685,195
	1,732	Baloise Holding AG		274,227
	1,752	Banque Cantonale de Geneve		291,155
	435	Barry Callebaut AG*		667,156

120 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		Switzerland — continued
	1,090	Bell Food Group AG		506,924
	170	Berner Kantonalbank AG		32,415
	27,738	BKW AG		1,666,975
	1,100	Chubb, Ltd.		156,805
	264	Cie Financiere Tradition SA		26,220
	13,237	Clariant AG*		317,382
	4,328	Coca-Cola HBC AG*		146,618
	880	Conzzeta AG		928,566
	399	dormakaba Holding AG*		407,206
	4,509	Dufry AG*		716,705
	4,295	EMS-Chemie Holding AG		2,858,599
	15,257	Flughafen Zurich AG		3,453,166
	158	Forbo Holding AG		252,284
	264	Georg Fischer AG		325,771
	2,259	Intershop Holding AG		1,120,628
	17,876	Julius Baer Group, Ltd.		1,058,593
	14,530	Kuehne + Nagel International AG		2,692,465
	157	Luzerner Kantonalbank AG‡		73,786
	27	Metall Zug AG Class B		109,663
	280	Mobimo Holding AG*		75,672
	276,841	Nestle SA		23,203,602
	238,637	Novartis AG		20,445,440
	14,133	Roche Holding AG		3,610,663
	44	Romande Energie Holding SA		57,842
	350	SGS SA		840,275
	2,221	Siegfried Holding AG*		731,649
	237	St Galler Kantonalbank AG		109,241
	4,036	Swiss Life Holding AG*		1,422,778
	331	Swisscom AG		169,742
	2,560	Swissquote Group Holding SA		96,172
	3,678	Valora Holding AG		1,288,592
	8,088	Vifor Pharma AG‡		952,906
	32	Zug Estates Holding AG Class B*		59,727
		Total Switzerland		77,536,876
		United Kingdom — 6.4%
	20,200	Aon Plc		2,951,220
	46,619	Atrium European Real Estate, Ltd.*		218,302
	213,000	Aviva Plc		1,470,294
	372,056	BCA Marketplace Plc		1,095,676
	37,959	British American Tobacco Plc		2,379,341
	230,829	Britvic Plc		2,339,721
	1,502	Carnival Plc		95,579
	448,311	Centrica Plc		1,124,761
	89,119	Coca-Cola European Partners Plc		3,709,133
	65,812	Compass Group Plc		1,397,736
	4,163	Cranswick Plc		164,878
	128,543	Diageo Plc		4,230,436
	20,842	EI Group Plc*		38,519

See accompanying Notes to the Financial Statements. 121

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	3,310	EMIS Group Plc		40,967
	44,266	Ferroglobe Plc		582,540
	6,588	Gamma Communications Plc		52,591
	171,031	GlaxoSmithKline Plc		3,415,567
	18,802	Greggs Plc		314,564
	29,618	Hansteen Holdings Plc REIT		54,837
	15,264	Headlam Group Plc		120,826
	24,417	Hill & Smith Holdings Plc		414,074
	66,623	Imperial Brands Plc		2,846,010
	75,552	Inchcape Plc		874,774
	152,166	International Game Technology Plc‡		3,735,675
	270,846	J Sainsbury Plc		864,482
	237,580	JD Sports Fashion Plc		1,193,716
	26,331	John Menzies Plc		254,178
	773,315	Kingfisher Plc		3,096,991
	184,137	Legal & General Group Plc		642,076
	19,326,766	Lloyds Banking Group Plc		17,562,220
	252,640	Melrose Industries Plc		721,295
	91,874	National Express Group Plc		436,227
	18,738	QinetiQ Group Plc		62,070
	1,087,037	Rentokil Initial Plc		4,384,019
	11,227	Secure Income Plc REIT		56,485
	171,079	Smith & Nephew Plc		3,094,039
	65,271	Softcat Plc		368,235
	156,184	SSE Plc		2,927,333
	43,827	TBC Bank Group Plc		976,088
	5,311,119	Tesco Plc*		13,335,676
	658,218	Tritax Big Box Plc REIT		1,257,532
	12,470	Ultra Electronics Holdings Plc		300,812
	1,142,674	Vodafone Group Plc		3,201,047
		Total United Kingdom		88,402,542
		United States — 54.4%
	19,200	3M Co.		4,030,080
	23,200	Adobe Systems, Inc.*		3,460,976
	85,400	AGNC Investment Corp. REIT		1,851,472
	1,900	Alleghany Corp.*		1,052,619
	30,300	Allstate Corp. (The)		2,784,873
	9,472	Alphabet, Inc. Class A*		9,223,076
	31,677	Alphabet, Inc. Class C*		30,381,728
	69,700	Altria Group, Inc.		4,420,374
	2,500	Amazon.com, Inc.*		2,403,375
	36,500	Amdocs, Ltd.		2,347,680
	31,700	Ameren Corp.		1,833,528
	16,400	American Campus Communities, Inc. REIT		724,060
	34,800	American Electric Power Co., Inc.		2,444,352
	4,900	American Express Co.		443,254
	21,800	American Financial Group, Inc.		2,255,210
	190,700	Annaly Capital Management, Inc. REIT		2,324,633

122 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	15,300	ANSYS, Inc.*		1,877,769
	11,400	Anthem, Inc.		2,164,632
	54,000	Apple Hospitality, Inc. REIT		1,021,140
	256,033	Apple, Inc.		39,459,806
	30,100	Applied Materials, Inc.		1,567,909
	59,800	Aramark		2,428,478
	11,500	Archer-Daniels-Midland Co.		488,865
	37,800	Arthur J. Gallagher & Co.		2,326,590
	104,000	AT&T, Inc.		4,073,680
	17,200	Atmos Energy Corp.		1,442,048
	26,900	Bank of New York Mellon Corp. (The)		1,426,238
	42,700	Baxter International, Inc.		2,679,425
	14,000	Becton Dickinson and Co.		2,743,300
	16,300	Berkshire Hathaway, Inc. Class B*		2,988,116
	45,300	BGC Partners, Inc. Class A		655,491
	19,000	Boeing Co. (The)		4,829,990
	28,700	Broadridge Financial Solutions, Inc.		2,319,534
	35,700	Brown & Brown, Inc.		1,720,383
	66,800	CA, Inc.		2,229,784
	2,300	Cable One, Inc.		1,660,876
	14,200	Cabot Corp.		792,360
	49,100	Cadence Design Systems, Inc.*		1,937,977
	26,900	Campbell Soup Co.		1,259,458
	3,200	Cardinal Health, Inc.		214,144
	18,300	Carlisle Cos., Inc.		1,835,307
	34,400	CDK Global, Inc.		2,170,296
	79,700	CenterPoint Energy, Inc.		2,328,037
	52,400	Chimera Investment Corp. REIT		991,408
	15,500	Cigna Corp.		2,897,570
	17,100	Clorox Co. (The)		2,255,661
	38,300	CMS Energy Corp.		1,774,056
	10,800	Columbia Property Trust, Inc. REIT		235,116
	96,800	Comcast Corp. Class A		3,724,864
	15,513	Commerce Bancshares, Inc.		896,186
	58,400	Conagra Brands, Inc.		1,970,416
	23,800	Consolidated Edison, Inc.		1,920,184
	6,500	Constellation Brands, Inc. Class A		1,296,425
	11,000	Cooper Cos., Inc. (The)		2,608,210
	69,200	Copart, Inc.*		2,378,404
	32,600	Corporate Office Properties Trust REIT		1,070,258
	103,715	Costco Wholesale Corp.		17,039,337
	9,300	CR Bard, Inc.		2,980,650
	22,700	Crane Co.		1,815,773
	164,116	Crown Castle International Corp. REIT		16,408,318
	35,900	Danaher Corp.		3,079,502
	32,400	Darden Restaurants, Inc.		2,552,472
	100	Digital Realty Trust, Inc. REIT‡		11,833
	700	Domino’s Pizza, Inc.		138,985
	22,300	Dr Pepper Snapple Group, Inc.‡		1,972,881

See accompanying Notes to the Financial Statements. 123

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	21,600	DTE Energy Co.		2,318,976
	11,400	DXC Technology Co.		979,032
	592,609	eBay, Inc.*		22,791,742
	29,600	Edison International		2,284,232
	9,100	Electronic Arts, Inc.*		1,074,346
	42,100	Eli Lilly & Co.		3,601,234
	4,400	Entergy Corp.		335,984
	19,900	Equity LifeStyle Properties, Inc. REIT		1,693,092
	4,100	Erie Indemnity Co. Class A		494,337
	7,800	Essex Property Trust, Inc. REIT		1,981,434
	67,600	Exelon Corp.		2,546,492
	4,100	F5 Networks, Inc.*		494,296
	194,912	Facebook, Inc. Class A*		33,304,614
	6,900	FedEx Corp.		1,556,502
	35,500	First American Financial Corp.		1,773,935
	62,500	FirstEnergy Corp.		1,926,875
	5,800	Fiserv, Inc.*		747,968
	13,300	General Dynamics Corp.		2,734,214
	17,100	General Mills, Inc.		885,096
	15,300	Hanover Insurance Group, Inc. (The)		1,483,029
	13,300	Hawaiian Electric Industries, Inc.		443,821
	191,687	HCA Healthcare, Inc.*		15,256,368
	25,200	Henry Schein, Inc.*		2,066,148
	14,200	Hershey Co. (The)		1,550,214
	8,200	Highwoods Properties, Inc. REIT		427,138
	24,500	Hill-Rom Holdings, Inc.		1,813,000
	11,300	Home Depot, Inc. (The)		1,848,228
	26,500	Honeywell International, Inc.		3,756,110
	46,100	Hospitality Properties Trust REIT		1,313,389
	6,800	Humana, Inc.		1,656,684
	10,500	Huntington Ingalls Industries, Inc.		2,377,620
	2,900	IAC/InterActiveCorp*		340,982
	19,000	Ingredion, Inc.		2,292,160
	97,800	Intel Corp.		3,724,224
	2,100	Intercontinental Exchange, Inc.		144,270
	26,900	International Business Machines Corp.		3,902,652
	21,500	Intuit, Inc.		3,056,010
	7,600	Jack Henry & Associates, Inc.		781,204
	8,300	JM Smucker Co. (The)		870,919
	42,000	Johnson & Johnson		5,460,420
	22,500	Kellogg Co.‡		1,403,325
	2,000	Kimberly-Clark Corp.		235,360
	5,900	KLA-Tencor Corp.		625,400
	259,021	Kraft Heinz Co. (The)		20,087,079
	16,200	Landstar System, Inc.		1,614,330
	8,700	Liberty Property Trust REIT		357,222
	13,800	Live Nation Entertainment, Inc.*		600,990
	11,100	Lockheed Martin Corp.		3,444,219
	388,030	Lowe’s Cos., Inc.		31,019,118

124 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	15,500	M&T Bank Corp.		2,496,120
	22,900	Macquarie Infrastructure Corp.		1,652,922
	8,800	ManpowerGroup, Inc.		1,036,816
	7,600	MarketAxess Holdings, Inc.		1,402,276
	155,417	Mastercard, Inc. Class A		21,944,880
	31,700	Maxim Integrated Products, Inc.		1,512,407
	3,300	McCormick & Co., Inc.		338,712
	140,931	McDonald’s Corp.		22,081,069
	70,900	Merck & Co., Inc.		4,539,727
	9,200	Mercury General Corp.		521,548
	1,400	Mettler-Toledo International, Inc.*		876,624
	187,800	MFA Financial, Inc. REIT		1,645,128
	374,178	Microsoft Corp.		27,872,519
	1,963	Mid-America Apartment Communities, Inc. REIT		209,805
	7,200	Morningstar, Inc.		611,928
	27,700	Motorola Solutions, Inc.		2,350,899
	5,600	Nasdaq, Inc.		434,392
	2,400	NewMarket Corp.		1,021,800
	6,500	Newmont Mining Corp.		243,815
	16,300	NextEra Energy, Inc.		2,388,765
	6,700	Northern Trust Corp.		615,931
	9,600	Northrop Grumman Corp.		2,762,112
	28,700	Omnicom Group, Inc.		2,125,809
	483,931	Oracle Corp.		23,398,064
	19,800	Orbital ATK, Inc.		2,636,568
	132,943	PayPal Holdings, Inc.*		8,512,340
	33,800	PepsiCo, Inc.		3,766,334
	84,200	Pfizer, Inc.		3,005,940
	37,200	PG&E Corp.		2,532,948
	47,100	Philip Morris International, Inc.		5,228,571
	52,000	Piedmont Office Realty Trust, Inc. REIT Class A		1,048,320
	35,100	Pinnacle Foods, Inc.		2,006,667
	700	PPG Industries, Inc.		76,062
	26,300	Premier, Inc. Class A*		856,591
	200	Priceline Group, Inc. (The)*		366,164
	41,800	Procter & Gamble Co. (The)		3,802,964
	39,400	Progressive Corp. (The)		1,907,748
	14,500	Prologis, Inc. REIT		920,170
	8,700	Public Service Enterprise Group, Inc.		402,375
	17,600	Raytheon Co.		3,283,808
	16,700	Reinsurance Group of America, Inc.		2,330,151
	40,400	Republic Services, Inc.		2,668,824
	50	Seaboard Corp.		225,250
	68,900	Senior Housing Properties Trust REIT		1,346,995
	500	Spectrum Brands Holdings, Inc.‡		52,960
	1,900	Spirit AeroSystems Holdings, Inc. Class A		147,668
	466,492	Starbucks Corp.		25,055,285
	14,400	Stericycle, Inc.*		1,031,328
	20,600	Stryker Corp.		2,925,612

See accompanying Notes to the Financial Statements. 125

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	15,700	Sun Communities, Inc. REIT		1,345,176
	35,500	Synopsys, Inc.*		2,858,815
	52,000	Synovus Financial Corp.		2,395,120
	48,800	Sysco Corp.		2,632,760
	3,400	T-Mobile US, Inc.*		209,644
	6,800	Teleflex, Inc.		1,645,396
	22,800	Telephone & Data Systems, Inc.		635,892
	39,000	Texas Instruments, Inc.		3,495,960
	14,500	Thermo Fisher Scientific, Inc.		2,743,400
	7,600	Torchmark Corp.		608,684
	16,200	Total System Services, Inc.		1,061,100
	11,000	Travelers Cos., Inc. (The)		1,347,720
	8,200	Tupperware Brands Corp.		506,924
	96,400	Two Harbors Investment Corp. REIT		971,712
	30,900	Tyson Foods, Inc. Class A		2,176,905
	53,700	UDR, Inc. REIT		2,042,211
	33,800	UGI Corp.		1,583,868
	2,800	Union Pacific Corp.		324,716
	21,800	UnitedHealth Group, Inc.		4,269,530
	50,100	US Bancorp		2,684,859
	6,800	Varian Medical Systems, Inc.*		680,408
	26,900	Vectren Corp.		1,769,213
	20,000	Ventas, Inc. REIT		1,302,600
	12,200	Verizon Communications, Inc.		603,778
	278,054	Visa, Inc. Class A‡		29,262,403
	48,300	Wal-Mart Stores, Inc.		3,774,162
	35,000	Waste Management, Inc.		2,739,450
	2,700	Waters Corp.*		484,704
	378,366	Wells Fargo & Co.		20,866,885
	23,400	WP Carey, Inc. REIT		1,576,926
	3,300	Xcel Energy, Inc.		156,156
	43,700	Yum China Holdings, Inc.*		1,746,689
	270,895	Yum! Brands, Inc.		19,940,581
	7,800	Zimmer Biomet Holdings, Inc.		913,302
		Total United States		751,696,826
		TOTAL COMMON STOCKS (COST $1,061,444,614)		1,252,771,593
		INVESTMENT COMPANY — 0.0%
		United Kingdom — 0.0%
	136,056	Renewables Infrastructure Group, Ltd. (The)		198,603
		TOTAL INVESTMENT COMPANY (COST $198,006)		198,603
		PREFERRED STOCKS — 0.3%
		Germany — 0.3%
	26,000	Henkel AG & Co. KGaA, 1.40%		3,539,387
		Japan — 0.0%
	128	Shinkin Central Bank, 2.79% Class A		264,381

126 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2017 (Unaudited)

Shares			Description	Value ($)
			Sweden — 0.0%
	3,915		Akelius Residential Property AB, 6.21%		160,200
			TOTAL PREFERRED STOCKS (COST $3,192,475)		3,963,968
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 9.3%
			Bank Deposit — 8.7%
	120,803,969		State Street Bank & Trust Euro Time Deposit, 0.12%, due 10/02/17		120,803,969
			Mutual Fund - Securities Lending Collateral — 0.4%
	4,853,860		State Street Institutional U.S. Government Money Market Fund, Premier Class**		4,853,860
			U.S. Government and Agency Obligations — 0.2%
	2,050,000		United States Treasury Bill, 0.94%, due 10/12/17*** ‡‡		2,049,430
			TOTAL SHORT-TERM INVESTMENTS (COST $127,707,218)		127,707,259
			TOTAL INVESTMENTS — 100.2% (Cost $1,192,542,313)		1,384,641,423
			Other Assets and Liabilities (net) — (0.2)%		(2,424,628	)
			NET ASSETS — 100.0%	$	1,382,216,795
			Notes to Schedule of Investments:
			REIT — Real Estate Investment Trust
		*	Non-income producing security
		**	Represents an investment of securities lending cash collateral.
		***	All or a portion of this security is held for open futures collateral.
		‡	All or a portion of this security is out on loan.
		‡‡	Interest rate presented is yield to maturity.

See accompanying Notes to the Financial Statements. 127

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	24	Canadian Dollar		Dec 2017	$	1,926,120	$	(42,063	)
	201	MSCI EAFE Index		Dec 2017		19,882,920		195,144
	247	S&P 500 E-mini Index		Dec 2017		31,073,835		633,632
	14	S&P/TSX 60 Index		Dec 2017		2,056,818		99,545
							$	886,258

128 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Retail		11.2
Food		8.5
Pharmaceuticals		7.9
Internet		7.3
Banks		6.6
Software		5.2
Computers		3.8
Diversified Financial Services		3.7
Electric		3.7
REITS		3.3
Insurance		3.0
Telecommunications		2.7
Health Carec — Products		2.5
Commercial Services		2.1
Health Care — Services		2.1
Agriculture		1.9
Beverages		1.9
Aerospace & Defense		1.7
Engineering & Construction		1.0
Iron & Steel		1.0
Electronics		0.8
Media		0.8
Miscellaneous — Manufacturing		0.8
Real Estate		0.8
Semiconductors		0.8
Chemicals		0.7
Gas		0.6
Cosmetics & Personal Care		0.5
Environmental Control		0.5
Household Products & Wares		0.5
Transportation		0.5
Mining		0.4
Entertainment		0.3
Leisure Time		0.3
Machinery — Diversified		0.3
Metal Fabricate & Hardware		0.3
Advertising		0.2
Shipbuilding		0.2
Airlines		0.1
Distribution & Wholesale		0.1
Food Service		0.1
Forest Products & Paper		0.1
Investment Companies		0.1
Auto Parts & Equipment		0.0
Biotechnology		0.0
Building Materials		0.0
Electrical Components & Equipment		0.0
Energy-Alternate Sources		0.0
Holding Companies — Diversified		0.0
Housewares		0.0
Lodging		0.0

See accompanying Notes to the Financial Statements. 129

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2017 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Oil & Gas		0.0
Packaging & Containers		0.0
Short-Term Investments and Other Assets and Liabilities (net)		9.1
		100.0	%

130 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities

September 30, 2017 (Unaudited)

	Mercer US Large Cap Equity Fund			Mercer US Small/Mid Cap Equity Fund			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Assets
Investments, at value(a)		$	605,859,601		$	1,014,355,541		$	2,376,822,008		$	845,084,064
Foreign currency, at value(b)			—			—			4,400,875			—
Cash			—			64,590			96,295			17,063
Receivable for investments sold			2,766,137			1,614,326			12,353,538			694,657
Receivable for TBA securities sold			—			—			—			12,675,711
Dividend and interest receivable			528,077			842,224			5,638,343			5,239,586
Cash collateral held at broker on open swap contracts			—			—			—			150,000
Unrealized appreciation on open forward foreign currency contracts			—			—			685,032			—
Receivable for variation margin on open futures contracts			45,459			23,413			562,823			—
Receivable for variation margin on open centrally cleared swap contracts			—			—			—			28,571
Foreign tax reclaims receivable			189,639			50,797			3,443,384			1,662
Securities lending income receivable			2,580			40,128			16,885			5,094
Prepaid expenses			9,994			16,005			39,989			13,158
Total assets			609,401,487			1,017,007,024			2,404,059,172			863,909,566
Liabilities
Payable for investments purchased			1,933,344			1,197,923			13,321,536			6,773,573
Payable for TBA and when-issued securities purchased			—			—			—			23,690,252
Payable for Fund shares repurchased			—			—			14,382,856			—
Written options, at value(c)			—			—			—			16,687
Variation margin payable on open futures contracts			—			—			—			11,456
Obligation to return securities lending collateral			75,533			35,085,658			28,314,998			14,733,320
Payable to affiliate for:
Advisory fees			262,533			703,060			1,370,980			234,424
Trustees fees			3,346			5,560			10,941			3,373
Payable for foreign capital gains tax			—			—			47,597			—
Accrued expenses			124,932			242,839			668,943			193,312
Total liabilities			2,399,688			37,235,040			58,117,851			45,656,397
Net assets		$	607,001,799		$	979,771,984		$	2,345,941,321		$	818,253,169
Net assets consist of:
Paid-in capital			461,343,201			737,951,032			1,885,197,639			804,275,497
Accumulated undistributed net investment income			5,798,544			1,970,392			29,169,262			13,825,515
Accumulated net realized gain (loss)			52,142,308			72,299,346			90,400,224			(3,052,117	)
Net unrealized appreciation on investments, futures contracts, options written, swap contracts and foreign currencies			87,717,746			167,551,214			341,174,196			3,204,274
Net assets		$	607,001,799		$	979,771,984		$	2,345,941,321		$	818,253,169

See accompanying Notes to the Financial Statements. 131

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2017 (Unaudited)

	Mercer US Large Cap Equity Fund			Mercer US Small/Mid Cap Equity Fund			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Net assets attributable to:
Class Y-3 shares		$	607,001,799		$	979,771,984		$	2,345,941,321		$	818,253,169
Shares outstanding:
Class Y-3			52,191,748			75,934,899			198,518,437			79,906,518
Net asset value per share:
Class Y-3		$	11.63		$	12.90		$	11.82		$	10.24
(a)    Investments, at cost		$	518,440,725		$	848,378,352		$	2,036,530,924		$	841,411,683
(b)    Foreign currency, at cost		$	—		$	—		$	4,402,989		$	—
(c)    Premiums on written options		$	—		$	—		$	—		$	61,929

132 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2017 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a)		$	606,779,946			$	1,664,883,406			$	1,384,641,423
Foreign currency, at value(b)			1,277,628				7,090,862				744,334
Cash			171,945				1,704,114				33,572
Receivable for investments sold			111,094				19,186,322				—
Receivable for Fund shares sold			—				20,637				—
Dividend and interest receivable			9,392,928				2,070,883				1,593,205
Cash collateral held at broker on open futures contracts			488,209				2,319,051				—
Unrealized appreciation on open forward foreign currency contracts			2,531,416				2,219,252				—
Receivable for variation margin on open futures contracts			518,243				715,532				224,972
Synthetic futures, at value			—				699,430				—
Foreign tax reclaims receivable			80,944				56,943				880,253
Securities lending income receivable			10,529				11,334				7,771
Prepaid expenses			9,736				27,917				22,306
Total assets			621,372,618				1,701,005,683				1,388,147,836
Liabilities
Payable for investments purchased			—				15,873,231				—
Payable for TBA and when-issued securities purchased			3,573,299				—				—
Payable for variation margin on open futures contracts			—				113,264				—
Payable for Fund shares repurchased			292,228				31,542				—
Synthetic futures, at value			—				912,077				—
Unrealized depreciation on open forward foreign currency contracts			3,595,712				3,320,882				—
Cash collateral due to broker on open forward foreign currency contracts			110,000				—				—
Obligation to return securities lending collateral			20,065,928				10,109,602				4,853,860
Payable to affiliate for:
Advisory fees			391,124				1,075,921				824,731
Trustees fees			2,649				7,442				5,683
Payable for foreign capital gains tax			311,283				1,965,229				—
Accrued expenses			268,749				1,110,557				246,767
Total liabilities			28,610,972				34,519,747				5,931,041
Net assets		$	592,761,646			$	1,666,485,936			$	1,382,216,795
Net assets consist of:
Paid-in capital			581,602,136				1,424,947,025				1,140,761,332
Accumulated undistributed net investment income			20,347,957				31,600,327				14,389,652
Accumulated net realized gain (loss)			(12,607,496	)			(41,590,963	)			34,081,573
Net unrealized appreciation on investments, futures contracts and foreign currencies			3,419,049				251,529,547				192,984,238
Net assets		$	592,761,646			$	1,666,485,936			$	1,382,216,795

See accompanying Notes to the Financial Statements. 133

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2017 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Net assets attributable to:
Class Y-3 shares		$	592,761,646		$	1,666,485,936		$	1,382,216,795
Shares outstanding:
Class Y-3			59,886,709			149,620,173			100,973,804
Net asset value per share:
Class Y-3		$	9.90		$	11.14		$	13.69
(a)    Investments, at cost		$	602,175,100		$	1,409,553,217		$	1,192,542,313
(b)    Foreign currency, at cost		$	1,275,220		$	7,118,482		$	745,108

134 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Operations

For the Six Months Ended September 30, 2017 (Unaudited)

	Mercer US Large Cap Equity Fund				Mercer US Small/Mid Cap Equity Fund				Mercer Non-US Core Equity Fund				Mercer Core Fixed Income Fund
Investment Income:
Interest		$	12,968			$	31,701			$	67,966			$	12,107,183
Dividends			6,060,439				6,392,474				42,572,697				—
Securities lending income			48,706				186,395				441,378				29,093
Withholding taxes			(107,279	)			(7,820	)			(3,377,425	)			(950	)
Other income			—				—				2,020				27,782
Total investment income			6,014,834				6,602,750				39,706,636				12,163,108
Expenses:
Advisory fees			1,608,469				4,342,504				8,428,063				1,413,689
Custodian and fund accounting fees			92,407				129,528				660,148				164,384
Audit fees			26,265				28,748				55,703				42,825
Transfer agent fees			12,199				12,698				12,458				12,367
Legal fees			28,504				45,589				108,997				36,576
Trustees fees			16,843				27,188				64,251				21,351
Registration fees			333				332				3,612				10,480
Interest expense			—				—				10				—
Miscellaneous			28,211				44,887				96,415				36,559
Total expenses			1,813,231				4,631,474				9,429,657				1,738,231
Net investment income			4,201,603				1,971,276				30,276,979				10,424,877
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			40,054,444				33,207,599				95,205,906				2,142,754
Purchased option contracts			—				—				—				(38,882	)
Swap contracts			—				—				—				86,724
Closed futures contracts			823,613				408,902				8,686,138				1,643,057
Written option contracts			—				—				—				25,924
Forward foreign currency contracts			—				—				154,687				—
Foreign currency related transactions			379				—				125,165				(11,888	)
Net realized gain			40,878,436				33,616,501				104,171,896				3,847,689
Change in net unrealized appreciation (depreciation) on:
Investments			10,640,842				24,285,333				160,225,337				8,727,649
Purchased option contracts			—				—				—				(109,994	)
TBA Sale Commitments			—				—				—				5,859
Swap contracts			—				—				—				(360,247	)
Open futures contracts			301,930				1,338,389				(320,576	)			(594,652	)
Written option contracts			—				—				—				43,442
Forward foreign currency contracts			—				—				666,625				—
Foreign currency related translations			(665	)			1,598				129,260				7,214
Change in net unrealized appreciation (depreciation)			10,942,107				25,625,320				160,700,646				7,719,271
Net realized and unrealized gain (loss)			51,820,543				59,241,821				264,872,542				11,566,960
Net increase in net assets resulting from operations		$	56,022,146			$	61,213,097			$	295,149,521			$	21,991,837

See accompanying Notes to the Financial Statements. 135

Mercer Funds

Statements of Operations (Continued)

For the Six Months Ended September 30, 2017 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Interest		$	18,665,310			$	103,741			$	81,899
Dividends			29,345				31,627,132				17,250,317
Securities lending income			73,628				66,889				92,734
Withholding taxes			(154,167	)			(3,344,190	)			(864,703	)
Other income			21,011				—				—
Total investment income			18,635,127				28,453,572				16,560,247
Expenses:
Advisory fees			2,320,592				6,249,052				4,847,615
Custodian and fund accounting fees			216,166				1,101,698				200,399
Audit fees			35,793				78,461				35,450
Transfer agent fees			12,299				12,607				12,368
Legal fees			26,391				73,455				60,237
Trustees fees			15,505				43,181				35,165
Registration fees			20,268				13,738				227
Interest expense			3,947				22,974				—
Miscellaneous			23,334				61,106				50,649
Total expenses			2,674,295				7,656,272				5,242,110
Net investment income			15,960,832				20,797,300				11,318,137
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(647,883	)			72,870,703				20,339,341
Purchased option contracts			—				—				—
Swap contracts			—				—				—
Closed futures contracts			(232,699	)			17,349,123				3,788,710
Written option contracts			—				—				—
Forward foreign currency contracts			4,540,431				1,644,033				—
Foreign currency related transactions			106,418				(231,147	)			77,351
Net realized gain			3,766,267				91,632,712				24,205,402
Change in net unrealized appreciation (depreciation) on:
Investments			17,205,247				103,491,654				70,560,457
Purchased option contracts			—				—				—
TBA Sale Commitments			—				—				—
Swap contracts			—				—				—
Open futures contracts			266,103				(3,255,029	)			612,860
Written option contracts			—				—				—
Forward foreign currency contracts			(1,731,386	)			(1,084,680	)			—
Foreign currency related translations			(18,408	)			333,479				37,909
Change in net unrealized appreciation (depreciation)			15,721,556				99,485,424				71,211,226
Net realized and unrealized gain (loss)			19,487,823				191,118,136				95,416,628
Net increase in net assets resulting from operations		$	35,448,655			$	211,915,436			$	106,734,765

136 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets

	Mercer US Large Cap Equity Fund								Mercer US Small/Mid Cap Equity Fund
	Six Months Ended September 30, 2017 (Unaudited)				Year Ended March 31, 2017				Six Months Ended September 30, 2017 (Unaudited)				Year Ended March 31, 2017
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	4,201,603			$	6,011,362			$	1,971,276			$	3,352,783
Net realized gain (loss)			40,878,436				21,505,233				33,616,501				67,704,689
Change in net unrealized appreciation (depreciation)			10,942,107				75,394,273				25,625,320				112,674,843
Net increase in net assets resulting from operations			56,022,146				102,910,868				61,213,097				183,732,315
Distributions to shareholders from:
Net investment income
Class Y-3			—				(4,340,709	)			—				(6,503,271	)
Total distributions from net investment income			—				(4,340,709	)			—				(6,503,271	)
Net realized gains
Class Y-3			—				(16,932,342	)			—				(22,642,529	)
Total distributions from net realized gains			—				(16,932,342	)			—				(22,642,529	)
Net share transactions (See Note 7):
Class Y-3			(50,079,338	)			218,161,247				(53,896,899	)			390,443,708
Increase (decrease) in net assets resulting from net shares transactions			(50,079,338	)			218,161,247				(53,896,899	)			390,443,708
Net increase in net assets			5,942,808				299,799,064				7,316,198				545,030,223
Net assets:
Beginning of period			601,058,991				301,259,927				972,455,786				427,425,563
End of period		$	607,001,799			$	601,058,991			$	979,771,984			$	972,455,786
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$	5,798,544			$	1,596,941			$	1,970,392			$	(884	)

See accompanying Notes to the Financial Statements. 137

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Non-US Core Equity Fund								Mercer Core Fixed Income Fund
	Six Months Ended September 30, 2017 (Unaudited)				Year Ended March 31, 2017				Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	30,276,979			$	37,553,915			$	10,424,877		$	20,075,933
Net realized gain (loss)			104,171,896				22,455,558				3,847,689			862,609
Change in net unrealized appreciation (depreciation)			160,700,646				155,153,562				7,719,271			(9,988,310	)
Net increase in net assets resulting from operations			295,149,521				215,163,035				21,991,837			10,950,232
Distributions to shareholders from:
Net investment income
Class Y-3			—				(37,187,651	)			—			(21,073,131	)
Total distributions from net investment income			—				(37,187,651	)			—			(21,073,131	)
Net realized gains
Class Y-3			—				—				—			(8,462,989	)
Total distributions from net realized gains			—				—				—			(8,462,989	)
Net share transactions (See Note 7):
Class Y-3			(220,312,575	)			151,494,721				30,658,357			313,880
Increase (decrease) in net assets resulting from net shares transactions			(220,312,575	)			151,494,721				30,658,357			313,880
Net increase (decrease) in net assets			74,836,946				329,470,105				52,650,194			(18,272,008	)
Net assets:
Beginning of period			2,271,104,375				1,941,634,270				765,602,975			783,874,983
End of period		$	2,345,941,321			$	2,271,104,375			$	818,253,169		$	765,602,975
Undistributed (distributions in excess of) net investment income included in net assets at end of period		$	29,169,262			$	(1,107,717	)		$	13,825,515		$	3,400,638

138 See accompanying Notes to the Financial Statements.

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Six Months Ended September 30, 2017 (Unaudited)				Year Ended March 31, 2017				Six Months Ended September 30, 2017 (Unaudited)				Year Ended March 31, 2017
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	15,960,832			$	28,430,898			$	20,797,300			$	19,614,437
Net realized gain (loss)			3,766,267				(23,937,398	)			91,632,712				4,480,393
Change in net unrealized appreciation (depreciation)			15,721,556				41,657,609				99,485,424				177,622,353
Net increase in net assets resulting from operations			35,448,655				46,151,109				211,915,436				201,717,183
Distributions to shareholders from:
Net investment income
Class Y-3			—				—				—				(26,250,811	)
Total distributions from net investment income			—				—				—				(26,250,811	)
Net share transactions (See Note 7):
Class Y-3			(1,545,630	)			98,445,823				(27,419,296	)			156,387,071
Increase (decrease) in net assets resulting from net shares transactions			(1,545,630	)			98,445,823				(27,419,296	)			156,387,071
Net increase in net assets			33,903,025				144,596,932				184,496,140				331,853,443
Net assets:
Beginning of period			558,858,621				414,261,689				1,481,989,796				1,150,136,353
End of period		$	592,761,646			$	558,858,621			$	1,666,485,936			$	1,481,989,796
Undistributed net investment income included in net assets at end of period		$	20,347,957			$	4,387,125			$	31,600,327			$	10,803,027

See accompanying Notes to the Financial Statements. 139

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Six Months Ended September 30, 2017 (Unaudited)			Year Ended March 31, 2017
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	11,318,137		$	14,491,313
Net realized gain (loss)			24,205,402			33,621,829
Change in net unrealized appreciation (depreciation)			71,211,226			66,569,212
Net increase in net assets resulting from operations			106,734,765			114,682,354
Distributions to shareholders from:
Net investment income
Class Y-3			—			(12,612,013	)
Total distributions from net investment income			—			(12,612,013	)
Net realized gains
Class Y-3			—			(28,619,153	)
Total distributions from net realized gains			—			(28,619,153	)
Net share transactions (See Note 7):
Class Y-3			25,622,253			224,023,068
Increase in net assets resulting from net shares transactions			25,622,253			224,023,068
Net increase in net assets			132,357,018			297,474,256
Net assets:
Beginning of period			1,249,859,777			952,385,521
End of period		$	1,382,216,795		$	1,249,859,777
Undistributed net investment income included in net assets at end of period		$	14,389,652		$	3,071,515

140 See accompanying Notes to the Financial Statements.

Mercer US Large Cap Equity Fund

Financial Highlights

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	10.61			$	9.34			$	11.11			$	13.16			$	13.56			$	13.27
Net investment income†			0.08				0.11	(a)			0.04				0.05				0.07				0.08
Net realized and unrealized gain (loss) on investments			0.94				1.54				(0.43	)			1.63				3.11				0.68
Total from investment operations			1.02				1.65				(0.39	)			1.68				3.18				0.76
Less dividends and distributions:
From net investment income (loss)			—				(0.08	)			(0.05	)			(0.04	)			(0.09	)			(0.08	)
From net realized gain on investments			—				(0.30	)			(1.33	)			(3.69	)			(3.49	)			(0.39	)
Total dividends and distributions			—				(0.38	)			(1.38	)			(3.73	)			(3.58	)			(0.47	)
Net asset value at end of period		$	11.63			$	10.61			$	9.34			$	11.11			$	13.16			$	13.56
Total investment return			9.61	%**			17.74	%			(4.09	)%			13.63	%(b)			23.99	%(b)			6.03	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.38	%*			1.14	%(a)			0.33	%			0.37	%			0.48	%			0.61	%
Net expenses to average daily net assets			0.60	%*			0.61	%(d)			0.63	%(c)			0.60	%(c)			0.57	%			0.57	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.60	%*			0.61	%			0.63	%(c)			0.63	%(c)			0.63	%			0.63	%
Portfolio turnover rate			32	%**			84	%			66	%			118	%			50	%			65	%
Net assets at end of period (in 000’s)		$	607,002			$	601,059			$	301,260			$	362,698			$	358,862			$	465,787

(a) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 141

Mercer US Small/Mid Cap Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	12.12			$	10.30			$	12.23			$	12.44			$	11.94			$	11.62
Net investment income (loss)†			0.03				0.04	(a)			(0.02	)			(0.03	)			(0.02	)			(0.01	)
Net realized and unrealized gain (loss) on investments			0.75				2.13				(1.28	)			1.32				2.63				1.31
Total from investment operations			0.78				2.17				(1.30	)			1.29				2.61				1.30
Less dividends and distributions:
From net investment income (loss)			—				(0.08	)			—				—				—				(0.01	)
From net realized gain on investments			—				(0.27	)			(0.63	)			(1.50	)			(2.11	)			(0.97	)
Total dividends and distributions			—				(0.35	)			(0.63	)			(1.50	)			(2.11	)			(0.98	)
Net asset value at end of period		$	12.90			$	12.12			$	10.30			$	12.23			$	12.44			$	11.94
Total investment return			6.44	%**			21.24	%			(10.78	)%			11.11	%(b)			22.34	%(b)			12.11	%(b)
Ratios/Supplemental Data:
Net investment income (loss) to average net assets			0.41	%*			0.40	%(a)			(0.18	)%			(0.25	)%			(0.17	)%			(0.05	)%
Net expenses to average daily net assets			0.96	%*			0.97	%(d)			0.98	%(c)			0.98	%(c)			0.97	%			0.96	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.96	%*			0.97	%			0.98	%(c)			0.99	%(c)			0.99	%			1.01	%
Portfolio turnover rate			17	%**			106	%			68	%			75	%			67	%			54	%
Net assets at end of period (in 000’s)		$	979,772			$	972,456			$	427,426			$	470,893			$	397,360			$	442,080

(a) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

142 See accompanying Notes to the Financial Statements.

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	10.44			$	9.61			$	10.64			$	11.92			$	10.58			$	9.72
Net investment income†			0.14				0.18	(a)			0.16				0.19				0.29				0.21
Net realized and unrealized gain (loss) on investments			1.24				0.83				(0.76	)			(0.22	)			1.94				0.90
Total from investment operations			1.38				1.01				(0.60	)			(0.03	)			2.23				1.11
Less dividends and distributions:
From net investment income (loss)			—				(0.18	)			(0.17	)			(0.27	)			(0.33	)			(0.25	)
From net realized gain on investments			—				—				(0.26	)			(0.98	)			(0.56	)			—
Total dividends and distributions			—				(0.18	)			(0.43	)			(1.25	)			(0.89	)			(0.25	)
Net asset value at end of period		$	11.82			$	10.44			$	9.61			$	10.64			$	11.92			$	10.58
Total investment return			13.22	%**			10.62	%			(5.64	)%			0.19	%(b)			21.48	%(b)			11.53	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.54	%*			1.81	%(a)			1.60	%			1.72	%			2.52	%			2.17	%
Net expenses to average daily net assets			0.79	%*(c)			0.82	%(c)(d)			0.83	%(c)			0.84	%(c)			0.85	%			0.83	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.79	%*(c)			0.81	%(c)			0.83	%(c)			0.84	%(c)			0.86	%			0.86	%
Portfolio turnover rate			39	%**			81	%			109	%			101	%			95	%(e)			90	%
Net assets at end of period (in 000’s)		$	2,345,941			$	2,271,104			$	1,941,634			$	2,072,981			$	1,881,476			$	2,138,930

(a) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and is 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is 0.01% of average net assets.

(e) Portfolio turnover calculation does not include $177,821,966 of securities transferred out of the Fund as part of an in-kind redemption.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 143

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Year Ended 03/31/13
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.96			$	10.15			$	10.43			$	10.42			$	10.68			$	10.58
Net investment income†			0.13				0.25	(a)			0.29				0.28				0.24				0.27
Net realized and unrealized gain (loss) on investments			0.15				(0.09	)			(0.17	)			0.28				(0.19	)			0.37
Total from investment operations			0.28				0.16				0.12				0.56				0.05				0.64
Less dividends and distributions:
From net investment income (loss)			—				(0.25	)			(0.30	)			(0.33	)			(0.25	)			(0.31	)
From net realized gain on investments			—				(0.10	)			(0.10	)			(0.22	)			(0.06	)			(0.23	)
Total dividends and distributions			—				(0.35	)			(0.40	)			(0.55	)			(0.31	)			(0.54	)
Net asset value at end of period		$	10.24			$	9.96			$	10.15			$	10.43			$	10.42			$	10.68
Total investment return			2.81	%**			1.58	%			1.26	%			5.43	%(b)			0.44	%(b)			6.15	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.57	%*			2.43	%(a)			2.80	%			2.66	%			2.32	%			2.51	%
Net expenses to average daily net assets			0.43	%*			0.43	%(c)(d)			0.42	%			0.40	%			0.37	%			0.37	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.43	%*			0.43	%(c)			0.42	%			0.42	%			0.43	%			0.43	%
Portfolio turnover rate			58	%**(f)			151	%			88	%			192	%			187	%(e)			125	%
Net assets at end of period (in 000’s)		$	818,253			$	765,603			$	783,875			$	892,649			$	1,076,439			$	1,093,253

(a) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(c) Includes interest expense that amounts to less than 0.01%.

(d) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is 0.01% of average net assets.

(e) Excludes treasury dollar roll transactions. The Portfolio turnover rate including treasury dollar roll transactions was 251% for the year ended March 31, 2014.

(f) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 43% for the period.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

144 See accompanying Notes to the Financial Statements.

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Period Ended 03/31/14(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.31			$	8.44			$	9.13			$	10.43			$	10.00
Net investment income†			0.27				0.51	(b)			0.54				0.56				0.34
Net realized and unrealized gain (loss) on investments			0.32				0.36				(1.12	)			(1.32	)			0.35
Total from investment operations			0.59				0.87				(0.58	)			(0.76	)			0.69
Less dividends and distributions:
From net investment income (loss)			—				—				(0.07	)			(0.47	)			(0.22	)
From net realized gain on investments			—				—				(0.04	)			(0.07	)			(0.04	)
Total dividends and distributions			—				—				(0.11	)			(0.54	)			(0.26	)
Net asset value at end of period		$	9.90			$	9.31			$	8.44			$	9.13			$	10.43
Total investment return			6.34	%**			10.31	%(c)			(6.25	)%(c)			(7.36	)%(c)			7.00	%**(c)
Ratios/Supplemental Data:
Net investment income to average net assets			5.50	%*			5.75	%(b)			6.28	%			5.55	%			5.52	%*
Net expenses to average daily net assets			0.92	%(d)*			0.94	%(d)(e)			0.90	%(d)			0.90	%(d)			0.90	%*
Total expenses (before reductions and reimbursements) to average daily net assets			0.92	%(d)*			0.94	%(d)			0.95	%(d)			0.97	%(d)			1.17	%*
Portfolio turnover rate			33	%**			55	%			53	%			58	%			28	%**
Net assets at end of period (in 000’s)		$	592,762			$	558,859			$	414,262			$	395,939			$	260,581

(a) The Fund commenced operations on August 21, 2013.

(b) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

(e) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is less than 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 145

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Period Ended 03/31/13(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.77			$	8.59			$	9.88			$	9.99			$	10.49			$	10.00
Net investment income†			0.14				0.14	(b)			0.16				0.17				0.18				0.10
Net realized and unrealized gain (loss) on investments			1.23				1.22				(1.36	)			(0.09	)			(0.46	)			0.46
Total from investment operations			1.37				1.36				(1.20	)			0.08				(0.28	)			0.56
Less dividends and distributions:
From net investment income (loss)			—				(0.18	)			(0.09	)			(0.19	)			(0.19	)			(0.06	)
From net realized gain on investments			—				—				—				—				(0.03	)			(0.01	)
Total dividends and distributions			—				(0.18	)			(0.09	)			(0.19	)			(0.22	)			(0.07	)
Net asset value at end of period		$	11.14			$	9.77			$	8.59			$	9.88			$	9.99			$	10.49
Total investment return			14.02	%**			16.14	%			(12.06	)%			0.81	%(c)			(2.61	)%(c)			5.64	%(c)**
Ratios/Supplemental Data:
Net investment income to average net assets			2.56	%*			1.52	%(b)			1.79	%			1.66	%			1.77	%			1.08	%*
Net expenses to average daily net assets			0.94	%(d)*			1.00	%(d)(e)			1.00	%(d)			0.98	%(d)			0.95	%(d)			0.95	%(d)*
Total expenses (before reductions and reimbursements) to average daily net assets			0.94	%(d)*			0.99	%(d)			1.00	%(d)			1.00	%(d)			1.04	%(d)			1.15	%(d)*
Portfolio turnover rate			35	%**			89	%			66	%			46	%			64	%			52	%**
Net assets at end of period (in 000’s)		$	1,666,486			$	1,481,990			$	1,150,136			$	1,087,355			$	862,923			$	517,085

(a) The Fund commenced operations on May 1, 2012.

(b) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

(e) Includes a repayment to the Advisor, referenced above, for prior years’ reimbursement of expenses. The amount is 0.01% of average net assets.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

146 See accompanying Notes to the Financial Statements.

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/17 (Unaudited)				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14				Period Ended 03/31/13(a)
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	12.62			$	11.81			$	12.11			$	12.27			$	11.19			$	10.00
Net investment income†			0.11				0.16	(b)			0.15				0.15				0.14				0.07
Net realized and unrealized gain on investments			0.96				1.11				0.33				0.54				1.45				1.14
Total from investment operations			1.07				1.27				0.48				0.69				1.59				1.21
Less dividends and distributions:
From net investment income (loss)			—				(0.14	)			(0.14	)			(0.19	)			(0.16	)			(0.02	)
From net realized gain on investments			—				(0.32	)			(0.64	)			(0.66	)			(0.35	)			—
Total dividends and distributions			—				(0.46	)			(0.78	)			(0.85	)			(0.51	)			(0.02	)
Net asset value at end of period		$	13.69			$	12.62			$	11.81			$	12.11			$	12.27			$	11.19
Total investment return			8.48	%**			11.02	%			4.13	%			5.80	%(c)			14.40	%(c)			12.13	%(c)**
Ratios/Supplemental Data:
Net investment income to average net assets			1.70	%*			1.34	%(b)			1.23	%			1.25	%			1.20	%			1.62	%*
Net expenses to average daily net assets			0.79	%*			0.81	%(d)			0.82	%(d)			0.85	%(d)			0.85	%			0.85	%*
Total expenses (before reductions and reimbursements/recapture) to average daily net assets			0.79	%*			0.81	%(d)			0.82	%(d)			0.84	%(d)			0.84	%			1.00	%*
Portfolio turnover rate			16	%**			55	%			31	%			84	%			46	%			12	%**
Net assets at end of period (in 000’s)		$	1,382,217			$	1,249,860			$	952,386			$	819,052			$	742,641			$	301,230

(a) The Fund commenced operations on November 6, 2012.

(b) Includes a non-recurring refund for overbilling of prior years’ custody fees, a portion of which was paid to the Advisor for prior years’ reimbursement of expenses. This amounted to less than $0.01 per share and less than 0.01% of average net assets.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed during the periods shown.

(d) Includes interest expense that amounts to less than 0.01%.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements. 147

Mercer Funds

Notes to the Financial Statements

September 30, 2017 (Unaudited)

1. Organization

Mercer Funds (the “Trust”) consists of the following seven series: Mercer US Large Cap Equity Fund (“Large Cap”), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap”), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Fixed Income Fund (“Core Fixed”), Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed”), Mercer Emerging Markets Equity Fund (“Emerging Markets”) and Mercer Global Low Volatility Equity Fund (“Global Low Volatility”) (each a “Fund,” and collectively referred to as the “Funds”). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). The Funds’ investment advisor is Mercer Investment Management, Inc. (the “Advisor”). The Advisor manages each Fund using a “manager of managers” approach by selecting one or more subadvisors (each a “Subadvisor,” and collectively referred to as the “Subadvisors”) to manage each Fund’s assets. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946: Financial Services — Investment Companies.

Under the 1940 Act, each Fund is classified as “diversified”.

The investment objectives of the Funds are:

Fund	Investment Objective
Large Cap	Long-term total return, which includes capital appreciation and income
Small/Mid Cap	Long-term total return, comprised primarily of capital appreciation
Non-US Core Equity	Long-term total return, which includes capital appreciation and income
Core Fixed	Total return, consisting of both current income and capital appreciation
Opportunistic Fixed	Long-term total return, which includes capital appreciation and income
Emerging Markets	Long-term total return, which includes capital appreciation and income
Global Low Volatility	Long-term total return, which includes capital appreciation and income

Each Fund has registered and is authorized to offer interests in four classes of shares: Class S, Class Y-1, Class Y-2 and Class Y-3. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of September 30, 2017, only the Class Y-3 shares of each Fund had commenced operations.

2. Significant Accounting Policies

The following are significant accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

148

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

(a)  Security Valuation

Each Fund’s investments are valued as of the close of regular trading on the New York Stock Exchange (“NYSE”) on each day when the NYSE is open. Portfolio securities listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued or, lacking any sales on such day, at the last available bid price using prices as of the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Advisor or the applicable Subadvisor as the primary market for such securities. Securities traded in the over-the-counter (“OTC”) market and listed on the NASDAQ Stock Market (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price; other OTC securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board of Trustees of the Trust (the “Board”) has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value (“NAV”) per share.

Certain fixed-income securities may be valued based upon appraisals received from an independent pricing service using a computerized matrix system or based upon appraisals derived from information concerning the securities or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each such determination is based on consideration of relevant factors, and judgment is made by or at the direction of the Board. Each Fund values its investments for which market quotations are readily available at market value. Each Fund may value short-term investments that will mature within 60 days or less by using pricing service quotations or at amortized cost, provided that such amortized cost approximates market value.

Derivative financial instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Futures traded on inactive markets are valued using broker quotations. OTC derivative financial instruments, such as foreign currency contracts, options contracts, synthetic futures, or swaps agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of an independent pricing service providers or broker dealer quotations. Depending on the derivative type and the terms of the derivative, the value of the derivative financial instruments is assigned by independent pricing service providers using a series of techniques, which may include pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, volatilities, dividends and exchange rates.

Senior secured floating rate loans and senior secured floating rate debt securities are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing

149

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

service may reflect appropriate factors such as ratings, yield curves, prepayment speeds, tranche type, industry, company performance, spread, individual trading characteristics, institutional size trading in similar groups of securities and other market data.

The Board has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Advisor or the applicable Subadvisor) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board.

The application of fair value pricing represents a good faith determination based on specific procedures performed under the supervision of the Board. Due to the subjective nature of fair value pricing, there can be no assurance that a Fund could realize the fair value assigned to the security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV per share. A Fund’s value for a particular security may be different from the last quoted market price.

The Funds follow a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 — quoted prices unadjusted in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for “to-be-announced” (“TBA”), TBA commitments or when-issued securities approximate fair value and are determined using Level 2 inputs, as of September 30, 2017. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts and swap contracts are determined using Level 1 inputs as of September 30, 2017.

At September 30, 2017, Large Cap and Small/Mid Cap held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the schedule of investments, Futures Contracts and State Street Institutional U.S. Government Money Market Fund, Premier Class whose value was determined using Level 1 inputs and short-term investment positions in a Euro Time Deposit and a United States Treasury Bill, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

150

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

The following is a summary of the inputs used as of September 30, 2017 in valuing the assets and liabilities of Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility for which fair valuation was used:

Non-US Core Equity

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Common Stocks
Australia	$	103,105,056	$	0	*	$	—		$	103,105,056
Austria		25,882,843		—			—			25,882,843
Belgium		17,682,321		—			—			17,682,321
Bermuda		4,061,995		—			—			4,061,995
Brazil		16,643,856		—			—			16,643,856
Canada		12,432,949		—			—			12,432,949
Cayman Islands		45,468,366		1,777,235			—			47,245,601
China		2,682,626		—			—			2,682,626
Denmark		38,429,750		—			—			38,429,750
Finland		14,882,736		—			—			14,882,736
France		182,438,184		—			—			182,438,184
Germany		201,266,564		—			—			201,266,564
Gibraltar		330,837		—			—			330,837
Hong Kong		31,294,952		—			—			31,294,952
Hungary		2,621,191		—			—			2,621,191
India		8,030,187		—			—			8,030,187
Indonesia		10,840,230		—			—			10,840,230
Ireland		27,645,092		—			—			27,645,092
Isle of Man		1,569,020		—			—			1,569,020
Israel		9,630,895		—			—			9,630,895
Italy		46,573,284		—			—			46,573,284
Japan		547,003,253		—			—			547,003,253
Luxembourg		2,169,620		—			—			2,169,620
Malaysia		2,539,108		—			—			2,539,108
Mexico		7,579,330		—			—			7,579,330
Netherlands		80,453,172		—			—			80,453,172
New Zealand		4,078,382		—			—			4,078,382
Norway		14,261,641		—			—			14,261,641
Philippines		783,965		—			—			783,965
Poland		1,546,613		—			—			1,546,613
Portugal		8,510,085		—			0	**		8,510,085
Russia		6,263,669		—			—			6,263,669
Singapore		4,046,365		—			—			4,046,365
South Korea		5,783,461		—			—			5,783,461
Spain		49,888,355		—			0	**		49,888,355
Sweden		48,365,602		—			—			48,365,602
Switzerland		198,798,028		—			—			198,798,028

151

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Taiwan	$	27,716,693	$	—	$	—	$	27,716,693
Thailand		3,010,891		—		—		3,010,891
Turkey		1,033,092		—		—		1,033,092
United Kingdom		325,423,747		—		—		325,423,747
United States		52,318,889		—		—		52,318,889
Total Common Stocks		2,195,086,895		1,777,235		0		2,196,864,130
Investment Companies
United States		22,490,681		—		—		22,490,681
Total Investment Companies		22,490,681		—		—		22,490,681
Preferred Stocks
Brazil		2,790,879		—		—		2,790,879
Germany		17,495,477		—		—		17,495,477
Total Preferred Stocks		20,286,356		—		—		20,286,356
Short-Term Investments
Bank Deposits		—		105,366,855		—		105,366,855
Mutual Fund - Securities Lending Collateral		28,314,998		—		—		28,314,998
U.S. Government and Agency Obligations		—		3,498,988		—		3,498,988
Total Short-Term Investments		28,314,998		108,865,843		—		137,180,841
Futures Contracts†
Buys		246,806		—		—		246,806
Total Futures Contracts		246,806		—		—		246,806
Forward Foreign Currency Contracts†		—		685,032		—		685,032
Total	$	2,266,425,736	$	111,328,110	$	0	$	2,377,753,846

* Represents one or more Level 2 securities at $0 value as of September 30, 2017.

** Represents one or more Level 3 securities at $0 value as of September 30, 2017.

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

152

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Core Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	105,098,806	$	—		$	105,098,806
Corporate Debt		—		306,380,835		0	**		306,380,835
Mortgage Backed Securities - Private Issuers		—		84,753,702		—			84,753,702
Mortgage Backed Securities - U.S. Government Agency Obligations		—		188,767,875		—			188,767,875
Municipal Obligations		—		9,490,934		—			9,490,934
Sovereign Debt Obligations		—		8,473,671		—			8,473,671
U.S. Government and Agency Obligations		—		105,171,519		—			105,171,519
Total Debt Obligations		—		808,137,342		0			808,137,342
Options Purchased
Call Options		22,677		—		—			22,677
Put Options		1,641		—		—			1,641
Total Options Purchased		24,318		—		—			24,318
Short-Term Investments
Bank Deposits		—		22,189,084		—			22,189,084
Mutual Fund - Securities Lending Collateral		14,733,320		—		—			14,733,320
Total Short-Term Investments		14,733,320		22,189,084		—			36,922,404
Futures Contracts†
Sales		195,973		—		—			195,973
Total Futures Contracts		195,973		—		—			195,973
Swaps
Centrally Cleared Interest Rate Swaps†		—		76,893		—			76,893
Total Swaps		—		76,893		—			76,893
Total	$	14,953,611	$	830,403,319	$	0		$	845,356,930

153

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(575,269	)	$	—		$	—	$	(575,269	)
Total Futures Contracts		(575,269	)		—			—		(575,269	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(210,946	)		—		(210,946	)
Total Swaps		—			(210,946	)		—		(210,946	)
Written Options		(16,687	)		—			—		(16,687	)
Total	$	(591,956	)	$	(210,946	)	$	—	$	(802,902	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2017.

† Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

Opportunistic Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Corporate Debt	$	—	$	267,571,980	$	0	**	$	267,571,980
Sovereign Debt Obligations		—		305,449,326		—			305,449,326
Total Debt Obligations		—		573,021,306		0			573,021,306
Common Stocks
Common Stocks		2,962,550		177,397		0	**		3,139,947
Total Common Stocks		2,962,550		177,397		0			3,139,947
Convertible Preferred Stock
Oil & Gas		—		381,648		—			381,648
Total Convertible Preferred Stock		—		381,648		—			381,648
Warrants
Warrants		928		2,372		—			3,300
Total Warrants		928		2,372		—			3,300
Short-Term Investments
Bank Deposits		—		10,167,817		—			10,167,817
Mutual Fund - Securities Lending Collateral		20,065,928		—		—			20,065,928
Total Short-Term Investments		20,065,928		10,167,817		—			30,233,745

154

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	15,102	$	—	$	—	$	15,102
Sales		144,317		—		—		144,317
Total Futures Contracts		159,419		—		—		159,419
Forward Foreign Currency Contracts†		—		2,531,416		—		2,531,416
Total	$	23,188,825	$	586,281,956	$	0	$	609,470,781

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(2,756	)	$	—		$	—	$	(2,756	)
Total Futures Contracts		(2,756	)		—			—		(2,756	)
Forward Foreign Currency Contracts†		—			(3,595,712	)		—		(3,595,712	)
Total	$	(2,756	)	$	(3,595,712	)	$	—	$	(3,598,468	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2017.

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

Emerging Markets

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Austria	$	5,334,954	$	—	$	—	$	5,334,954
Bermuda		18,882,975		—		—		18,882,975
Brazil		92,425,268		—		—		92,425,268
British Virgin Islands		2,615,145		—		—		2,615,145
Cayman Islands		205,446,063		—		—		205,446,063
Chile		13,199,577		—		—		13,199,577
China		154,190,426		—		—		154,190,426
Czech Republic		1,641,778		—		—		1,641,778

155

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
France	$	2,785,135	$	—	$	—	$	2,785,135
Greece		1,601,485		—		—		1,601,485
Hong Kong		67,667,783		—		—		67,667,783
Hungary		13,752,340		—		—		13,752,340
India		158,326,299		192,040		—		158,518,339
Indonesia		38,465,785		—		—		38,465,785
Isle of Man		534,314		—		—		534,314
Japan		2,877,186		—		—		2,877,186
Luxembourg		3,765,449		—		—		3,765,449
Malaysia		22,730,261		—		—		22,730,261
Mexico		55,335,286		—		—		55,335,286
Netherlands		4,477,345		—		—		4,477,345
Philippines		6,082,312		—		—		6,082,312
Poland		10,152,903		—		—		10,152,903
Qatar		2,381,995		—		—		2,381,995
Russia		35,764,284		—		—		35,764,284
Singapore		9,387,834		—		—		9,387,834
South Africa		77,920,300		—		—		77,920,300
South Korea		195,454,684		—		—		195,454,684
Sweden		1,248,663		—		—		1,248,663
Switzerland		2,546,498		—		—		2,546,498
Taiwan		161,664,764		—		—		161,664,764
Thailand		28,841,594		16,924,631		—		45,766,225
Turkey		26,520,623		—		—		26,520,623
United Arab Emirates		18,490,270		—		—		18,490,270
United Kingdom		22,633,232		—		—		22,633,232
United States		24,224,936		—		—		24,224,936
Total Common Stocks		1,489,369,746		17,116,671		—		1,506,486,417
Preferred Stocks
Brazil		38,125,954		—		—		38,125,954
Colombia		814,957		—		—		814,957
Germany		1,782,730		—		—		1,782,730
Total Preferred Stocks		40,723,641		—		—		40,723,641
Rights
Cayman Islands		—		711		—		711
Total Rights		—		711		—		711
Short-Term Investments
Bank Deposits		—		92,688,991		—		92,688,991
Investment Fund		—		11,976,796		—		11,976,796
Mutual Fund - Securities Lending Collateral		10,109,602		—		—		10,109,602
U.S. Government and Agency Obligations		—		2,897,248		—		2,897,248
Total Short-Term Investments		10,109,602		107,563,035		—		117,672,637

156

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	68,841	$	—	$	—	$	68,841
Sales		472,917		—		—		472,917
Total Futures Contracts		541,758		—		—		541,758
Synthetic Futures		—		699,430		—		699,430
Forward Foreign Currency Contracts†		—		2,219,252		—		2,219,252
Total	$	1,540,744,747	$	127,599,099	$	—	$	1,668,343,846

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(958,146	)	$	—		$	—	$	(958,146	)
Sales		(920	)		—			—		(920	)
Total Futures Contracts		(959,066	)		—			—		(959,066	)
Synthetic Futures		—			(912,077	)		—		(912,077	)
Forward Foreign Currency Contracts†		—			(3,320,882	)		—		(3,320,882	)
Total	$	(959,066	)	$	(4,232,959	)	$	—	$	(5,192,025	)

† Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

Global Low Volatility

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	15,090,923	$	—	$	—	$	15,090,923
Austria		8,599,385		—		—		8,599,385
Bahamas		48,650		—		—		48,650
Belgium		4,428,251		—		—		4,428,251
Bermuda		19,224,016		—		—		19,224,016
Canada		47,066,399		—		—		47,066,399

157

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cayman Islands	$	186,091	$	—	$	—	$	186,091
Denmark		3,697,323		—		—		3,697,323
Finland		3,403,119		—		—		3,403,119
France		39,053,045		—		—		39,053,045
Germany		21,143,774		—		—		21,143,774
Hong Kong		12,912,218		—		—		12,912,218
Ireland		7,109,173		—		—		7,109,173
Israel		9,831,322		—		—		9,831,322
Italy		5,086,819		—		—		5,086,819
Japan		66,438,462		—		—		66,438,462
Liberia		1,576,582		—		—		1,576,582
Luxembourg		5,272,261		—		—		5,272,261
Netherlands		10,695,584		—		—		10,695,584
New Zealand		8,515,565		—		—		8,515,565
Norway		10,769,606		—		—		10,769,606
Panama		2,602,171		—		—		2,602,171
Portugal		454,422		—		—		454,422
Puerto Rico		1,703,556		—		—		1,703,556
Singapore		12,982,207		—		—		12,982,207
Spain		3,189,868		—		—		3,189,868
Sweden		14,054,557		—		—		14,054,557
Switzerland		77,536,876		—		—		77,536,876
United Kingdom		88,402,542		—		—		88,402,542
United States		751,696,826		—		—		751,696,826
Total Common Stocks		1,252,771,593		—		—		1,252,771,593
Investment Companies
United Kingdom		198,603		—		—		198,603
Total Investment Companies		198,603		—		—		198,603
Preferred Stocks
Germany		3,539,387		—		—		3,539,387
Japan		264,381		—		—		264,381
Sweden		160,200		—		—		160,200
Total Preferred Stocks		3,963,968		—		—		3,963,968
Short-Term Investments
Bank Deposits		—		120,803,969		—		120,803,969
Mutual Fund - Securities Lending Collateral		4,853,860		—		—		4,853,860
U.S. Government and Agency Obligations		—		2,049,430		—		2,049,430
Total Short-Term Investments		4,853,860		122,853,399		—		127,707,259
Futures Contracts†
Buys		928,321		—		—		928,321
Total Futures Contracts		928,321		—		—		928,321
Total	$	1,262,716,345	$	122,853,399	$	—	$	1,385,569,744

158

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(42,063	)	$	—	$	—	$	(42,063	)
Total Futures Contracts		(42,063	)		—		—		(42,063	)
Total	$	(42,063	)	$	—	$	—	$	(42,063	)

† Futures contracts are valued at unrealized appreciation/depreciation. Only current day’s variation margin, if any, is reported on the Statements of Assets and Liabilities.

The following tables show transfers between Level 1 and Level 2 of the fair value hierarchy:

Opportunistic Fixed

	Transfers In					Transfers Out
	Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs		Level 1 — Quoted Prices		Level 2 —  Other Significant Observable Inputs
Common Stocks	$	423,375	**	$	—	$	—	$	423,375	**
Warrants		928	**		—		—		928	**

Emerging Markets

	Transfers In						Transfers Out
	Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs			Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs
Common Stocks	$	5,506,609	**	$	1,651,130	*	$	1,651,130	*	$	5,506,609	**

Global Low Volatility

	Transfers In					Transfers Out
	Level 1 — Quoted Prices			Level 2 —  Other Significant Observable Inputs		Level 1 — Quoted Prices		Level 2 —  Other Significant Observable Inputs
Common Stocks	$	91,221	**	$	—	$	—	$	91,221	**

* Transfers occurred between Level 1 and Level 2 as a result of foreign securities not receiving an exchange traded price.

** Transfers occurred between Level 1 and Level 2 as a result of foreign securities receiving an exchange traded price.

For financial statement reporting purposes, the Funds recognize transfers between Levels as of the end of the reporting period.

159

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

The following tables include a rollforward of the amounts for the period ended September 30, 2017 for financial instruments classified as Level 3:

Non-US Core Equity

Investments in Securities	Balance as of March 31, 2017				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3			Purchases			Balance as of September 30, 2017				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2017
COMMON STOCKS
Portugal		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—
Spain			0	^			—			—			—			—			0	^^			—
Total		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—

^ Represents one security at $0 value as of March 31, 2017.

^^ Represents one security at $0 value as of September 30, 2017.

Core Fixed

Investments in Securities	Balance as of March 31, 2017				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3			Purchases/ Sales			Balance as of September 30, 2017				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2017
DEBT OBLIGATIONS
Corporate Debt		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—
Total		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—

^ Represents one security at $0 value as of March 31, 2017.

^^ Represents one security at $0 value as of September 30, 2017.

160

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Opportunistic Fixed

Investments in Securities	Balance as of March 31, 2017				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3				Net Purchases			Balance as of September 30, 2017				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2017
DEBT OBLIGATIONS
Corporate Debt		$	0	^		$	—		$	—		$	—			$	—		$	0	^^		$	—
COMMON STOCKS
Diversified Financial Services			0	^			—			—			—				—			0	^^			—
WARRANTS
Oil & Gas			0	^			—			362			(362	)			—			0				—
Total		$	0	^		$	—		$	362		$	(362	)		$	—		$	—			$	—

^ Represents one or more securities at $0 value as of March 31, 2017.

^^ Represents one or more securities at $0 value as of September 30, 2017.

Investments in Derivative Instruments

Non-US Core Equity, Emerging Markets and Global Low Volatility held rights during the period as a result of corporate actions. Opportunistic Fixed held warrants during the period as a result of corporate actions.

At September 30, 2017 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Large Cap

ASSET DERIVATIVES
	Equity Risk		Total
Futures Contracts(3)	$	299,286	$	299,286
Total Value	$	299,286	$	299,286
NET REALIZED GAIN (LOSS)
	Equity Risk		Total
Futures Contracts(8)	$	823,613	$	823,613
Total Realized Gain (Loss)	$	823,613	$	823,613
CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk		Total
Futures Contracts(14)	$	301,930	$	301,930
Total Change in Appreciation (Depreciation)	$	301,930	$	301,930

161

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Equity Risk		Total
Futures Contracts		100		100

Small/Mid Cap

ASSET DERIVATIVES
	Equity Risk		Total
Futures Contracts(3)	$	1,573,911	$	1,573,911
Total Value	$	1,573,911	$	1,573,911
NET REALIZED GAIN (LOSS)
	Equity Risk		Total
Futures Contracts(8)	$	408,902	$	408,902
Total Realized Gain (Loss)	$	408,902	$	408,902
CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk		Total
Futures Contracts(14)	$	1,338,389	$	1,338,389
Total Change in Appreciation (Depreciation)	$	1,338,389	$	1,338,389
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Equity Risk		Total
Futures Contracts		336		336

Non-US Core Equity

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	—	$	246,806	$	246,806
Forward Foreign Currency Contracts(2)		685,032		—		685,032
Total Value	$	685,032	$	246,806	$	931,838
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk		Equity Risk		Total
Rights(6)	$	—	$	115,838	$	115,838
Futures Contracts(8)		—		8,686,138		8,686,138
Forward Foreign Currency Contracts(7)		154,687		—		154,687
Total Realized Gain (Loss)	$	154,687	$	8,801,976	$	8,956,663

162

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Rights(12)	$	—		$	(168,453	)	$	(168,453	)
Futures Contracts(14)		—			(320,576	)		(320,576	)
Forward Foreign Currency Contracts(13)		666,625			—			666,625
Total Change in Appreciation (Depreciation)	$	666,625		$	(489,029	)	$	177,596
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Equity Risk			Total
Rights		—			1,042,235			1,042,235
Futures Contracts		—			815			815
Forward Foreign Currency Contracts		(14,132,284	)		—			(14,132,284	)

Core Fixed

ASSET DERIVATIVES
	Credit Risk			Interest Rate Risk			Total
Options Purchased(1)	$	—		$	24,318		$	24,318
Futures Contracts(3)		—			195,973			195,973
Centrally Cleared Swap Contracts**		—			76,893			76,893
Total Value	$	—		$	297,184		$	297,184
LIABILITY DERIVATIVES
	Credit Risk			Interest Rate Risk			Total
Options Written(5)	$	—		$	(16,687	)	$	(16,687	)
Futures Contracts(3)		—			(575,269	)		(575,269	)
Centrally Cleared Swap Contracts**		—			(210,946	)		(210,946	)
Total Value	$	—		$	(802,902	)	$	(802,902	)
NET REALIZED GAIN (LOSS)
	Credit Risk			Interest Rate Risk			Total
Options Purchased(9)	$	—		$	(38,882	)	$	(38,882	)
Options Written(10)		—			25,924			25,924
Swaps Contracts(11)		(51,022	)		137,746			86,724
Futures Contracts(8)		—			1,643,057			1,643,057
Total Realized Gain (Loss)	$	(51,022	)	$	1,767,845		$	1,716,823

163

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Credit Risk		Interest Rate Risk			Total
Options Purchased(15)	$	—	$	(109,994	)	$	(109,994	)
Options Written(16)		—		43,442			43,442
Swaps Contracts(17)		26,705		(386,952	)		(360,247	)
Futures Contracts(14)		—		(594,652	)		(594,652	)
Total Change in Appreciation (Depreciation)	$	26,705	$	(1,048,156	)	$	(1,021,451	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Credit Risk		Interest Rate Risk			Total
Options Purchased		—		100,120			100,120
Options Written		—		(239,400	)		(239,400	)
Swaps Contracts		17,000,000		113,273,833			130,273,833
Futures Contracts		—		621			621

Opportunistic Fixed

ASSET DERIVATIVES
	Foreign Currency Risk			Interest Rate Risk			Equity Risk		Total
Warrants(1)	$	—		$	—		$	3,300	$	3,300
Futures Contracts(3)		—			159,419			—		159,419
Forward Foreign Currency Contracts(2)†		2,531,416			—			—		2,531,416
Total Value	$	2,531,416		$	159,419		$	3,300	$	2,694,135
LIABILITY DERIVATIVES
	Foreign Currency Risk			Interest Rate Risk			Equity Risk		Total
Futures Contracts(3)	$	—		$	(2,756	)	$	—	$	(2,756	)
Forward Foreign Currency Contracts(4)†		(3,595,712	)		—			—		(3,595,712	)
Total Value	$	(3,595,712	)	$	(2,756	)	$	—	$	(3,598,468	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Interest Rate Risk			Equity Risk		Total
Futures Contracts(8)	$	—		$	(232,699	)	$	—	$	(232,699	)
Forward Foreign Currency Contracts(7)†		4,540,431			—			—		4,540,431
Total Realized Gain (Loss)	$	4,540,431		$	(232,699	)	$	—	$	4,307,732

164

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Interest Rate Risk		Equity Risk			Total
Warrants(12)	$	—		$	—	$	(21,525	)	$	(21,525	)
Futures Contracts(14)		—			266,103		—			266,103
Forward Foreign Currency Contracts(13)†		(1,731,386	)		—		—			(1,731,386	)
Total Change in Appreciation (Depreciation)	$	(1,731,386	)	$	266,103	$	(21,525	)	$	(1,486,808	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Interest Rate Risk		Equity Risk			Total
Warrants		—			—		9,814			9,814
Futures Contracts		—			2,000		—			2,000
Forward Foreign Currency Contracts†		20,075,717			—		—			20,075,717

Emerging Markets

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Rights	$	—		$	711		$	711
Futures Contracts(3)††		—			1,241,188			1,241,188
Forward Foreign Currency Contracts(2)		2,219,252			—			2,219,252
Total Value	$	2,219,252		$	1,241,899		$	3,461,151
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Forward Foreign Currency Contracts(4)	$	(3,320,882	)	$	—		$	(3,320,882	)
Futures Contracts(3)††		—			(1,871,143	)		(1,871,143	)
Total Value	$	(3,320,882	)	$	(1,871,143	)	$	(5,192,025	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Rights(6)	$	—		$	(144,147	)	$	(144,147	)
Futures Contracts(8)††		—			17,349,123			17,349,123
Forward Foreign Currency Contracts(7)		1,644,033			—			1,644,033
Total Realized Gain (Loss)	$	1,644,033		$	17,204,976		$	18,849,009

165

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Rights(12)	$	—		$	711		$	711
Futures Contracts(14)††		—			(3,255,029	)		(3,255,029	)
Forward Foreign Currency Contracts(13)		(1,084,680	)		—			(1,084,680	)
Total Change in Appreciation (Depreciation)	$	(1,084,680	)	$	(3,254,318	)	$	(4,338,998	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Equity Risk			Total
Rights		—			410,814			410,814
Futures Contracts		—			174,031,859			174,031,859
Forward Foreign Currency Contracts		35,688,935			—			35,688,935

Global Low Volatility

ASSET DERIVATIVES
	Foreign Currency Risk			Equity Risk		Total
Futures Contracts(3)	$	—		$	928,321	$	928,321
Total Value	$	—		$	928,321	$	928,321
LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk		Total
Futures Contracts(3)	$	(42,063	)	$	—	$	(42,063	)
Total Value	$	(42,063	)	$	—	$	(42,063	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk		Total
Rights(6)	$	—		$	44,869	$	44,869
Futures Contracts(8)		185,557			3,603,153		3,788,710
Total Realized Gain (Loss)	$	185,557		$	3,648,022	$	3,833,579
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk		Total
Futures Contracts(14)	$	(59,997	)	$	672,857	$	612,860
Total Change in Appreciation (Depreciation)	$	(59,997	)	$	672,857	$	612,860

166

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk		Equity Risk		Total
Rights		—		90,937		90,937
Futures Contracts		26		484		510

** Centrally Cleared Swaps are valued at unrealized appreciation/depreciation on the Schedule of Investments. Only current day’s variation margin, if any, is reported on the Statement of Assets and Liabilities.

† Includes Cross Currency Foreign Currency Contracts.

†† Includes Synthetic Futures.

⁽¹⁾ Statements of Assets and Liabilities location: Investments, at value.

⁽²⁾ Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

⁽³⁾ Cumulative appreciation (depreciation) on futures contracts is disclosed within the Schedule of Investments under the open “Futures Contracts” section. Only current day’s variation margin, if any, are reported within the Statements of Assets and Liabilities. Synthetic futures are presented as Synthetic futures, at value within the Statements of Assets and Liabilities.

⁽⁴⁾ Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

⁽⁵⁾ Statements of Assets and Liabilities location: Written options, at value.

⁽⁶⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Investments.

⁽⁷⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Forward foreign currency contracts.

⁽⁸⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Closed futures contracts.

⁽⁹⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Purchased option contracts.

⁽¹⁰⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Written option contracts.

⁽¹¹⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Swap contracts.

⁽¹²⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Investments.

⁽¹³⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Forward foreign currency contracts.

⁽¹⁴⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Open futures contracts.

⁽¹⁵⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Purchased option contracts.

⁽¹⁶⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Written option contracts.

⁽¹⁷⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Swap contracts.

⁽¹⁸⁾ Amounts disclosed represent average number of contracts, notional amounts, or shares outstanding for the time period that the Fund held such derivatives during the period ended September 30, 2017.

167

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Netting Agreements and Collateral Requirements

In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with certain collateral held and/or posted and create a net payment. The provisions of the ISDA Master Agreement typically permit a net payment in the event of default including the bankruptcy or insolvency of the counterparty. Absent an event of default by the counterparty or termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Funds fail to meet the terms of their ISDA Master Agreements, which would cause the Funds to accelerate payment of any net liability owed to the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by or received by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined each day at the close of business of the Funds, typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement and any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

The Funds are required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowings transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. The Funds’ derivative assets and liabilities at fair value by risk are presented in the tables

168

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

above. For financial reporting purposes the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The following tables present the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of September 30, 2017.

Non-US Core Equity

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset		Collateral Received*		Net Amount of Derivative Assets(a)
Morgan Stanley & Co.	$	685,032	$	—	$	—	$	685,032
	$	685,032	$	—	$	—	$	685,032

^(a)  Represents the net amount receivable from the counterparty in the event of default.

* In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Opportunistic Fixed

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*			Net Amount of Derivative Assets(a)
Citibank N.A.	$	1,085,054	$	(1,085,054	)	$	—		$	—
Deutsche Bank AG London		243,948		(86,148	)		(110,000	)		47,800
Goldman Sachs International		591,540		(583,084	)		—			8,456
HSBC Bank plc		28,981		—			—			28,981
JPMorgan Chase Bank N.A. London		581,893		(341,717	)		—			240,176
	$	2,531,416	$	(2,096,003	)	$	(110,000	)	$	325,413

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Assets(b)
Barclays Bank Plc	$	(891,519	)	$	—	$	—	$	(891,519	)
Citibank N.A.		(1,152,333	)		1,085,054		—		(67,279	)
Deutsche Bank AG London		(86,148	)		86,148		—		—
Goldman Sachs International		(583,084	)		583,084		—		—
JPMorgan Chase Bank N.A. London		(341,717	)		341,717		—		—
Standard Chartered Bank		(489,628	)		—		—		(489,628	)
UBS AG London		(51,283	)		—		—		(51,283	)
	$	(3,595,712	)	$	2,096,003	$	—	$	(1,499,709	)

^(a)  Represents the net amount receivable from the counterparty in the event of default.

169

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

^(b)  Represents the net amount payable to the counterparty in the event of default.

* In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

Emerging Markets

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets(a)
Citibank N.A. London	$	2,219,252	$	(2,219,252	)	$	—	$	—
Goldman Sachs International		699,430		(699,430	)		—		—
	$	2,918,682	$	(2,918,682	)	$	—	$	—

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Assets(b)
Citibank N.A. London	$	(3,320,882	)	$	2,219,252	$	—	$	(1,101,630	)
Goldman Sachs International		(912,077	)		699,430		—		(212,647	)
	$	(4,232,959	)	$	2,918,682	$	—	$	(1,314,277	)

^(a)  Represents the net amount receivable from the counterparty in the event of default.

^(b)  Represents the net amount payable to the counterparty in the event of default.

* In some instances, the actual collateral received and/or pledged may be more than the derivative asset or liability due to overcollateralization.

(b)  Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized, on securities for which collection is not expected. Withholding taxes on foreign dividend, interest, and capital gains have been provided for in accordance with the respective country’s tax rules and rates. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income on inflation indexed securities is accrued daily based upon an inflation-adjusted principal. Additionally, any increase in the principal or face amount of these securities is recorded as interest income. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified-cost basis.

(c)  Cash and short term investments

A Fund may invest a portion of its assets in short-term debt securities (including repurchase agreements and reverse repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities and banks and finance companies, which may be denominated in any currency.

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund’s assets in portfolio securities. When unusual market conditions

170

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund’s net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund’s ability to achieve its investment objective.

(d)  Securities lending

A Fund may lend its portfolio securities to qualified broker/dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked-to-market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. A liability for cash collateral is reflected in the Statements of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund’s portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

Certain Funds may from time to time participate in a securities lending program under which the Funds’ custodian, State Street Bank and Trust Company (the “Custodian”) acting as securities lending agent, is authorized to lend Fund portfolio securities to qualified broker/dealers and financial institutions that post appropriate collateral. The Custodian has agreed to indemnify the Funds in case of default of any security borrower.

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at September 30, 2017. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. Cash collateral is invested in the State Street Institutional U.S. Government Money Market Fund, Premier Class. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at September 30, 2017 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	11,224,620	$	75,533	$	11,379,713
Small/Mid Cap		116,731,675		35,085,658		84,029,483
Non-US Core Equity		64,732,564		28,314,998		39,816,084
Core Fixed		21,724,573		14,733,320		7,414,348
Opportunistic Fixed		19,675,878		20,065,928		—
Emerging Markets		34,295,980		10,109,602		24,907,302
Global Low Volatility		28,078,078		4,853,860		24,077,481

For Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund’s Schedule of Investments at September 30, 2017, with a contractual maturity of overnight and continuous.

171

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

For Core Fixed and Opportunistic Fixed, the values of the security loan obligations are classified as follows at September 30, 2017:

Core Fixed

	Remaining Contractual Maturity of the Agreements As of September 30, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Asset Backed Securities	$	479,962	$	—	$	—	$	—	$	479,962
Corporate Debt		13,387,201		—		—		—		13,387,201
Sovereign Debt Obligations		866,157		—		—		—		866,157
Total	$	14,733,320	$	—	$	—	$	—	$	14,733,320
Total Borrowings	$	14,733,320	$	—	$	—	$	—	$	14,733,320
Gross amount of recognized liabilities for securities lending transactions									$	14,733,320

Opportunistic Fixed

	Remaining Contractual Maturity of the Agreements As of September 30, 2017
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	35,415	$	—	$	—	$	—	$	35,415
Corporate Debt		20,030,513		—		—		—		20,030,513
Total	$	20,065,928	$	—	$	—	$	—	$	20,065,928
Total Borrowings	$	20,065,928	$	—	$	—	$	—	$	20,065,928
Gross amount of recognized liabilities for securities lending transactions									$	20,065,928

(e)  Repurchase agreements

A Fund may enter into a repurchase agreement under the terms of a Master Repurchase Agreement (“MRA”) where the Fund purchases securities from a bank or broker/dealer who simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months (up to one year) from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to a seller secured by the securities transferred to the Fund. Repurchase agreements are fully collateralized and the collateral is marked-to-market daily. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid securities held by the Fund, would exceed 15% of the value of the net assets of the Fund.

An MRA permits the Funds, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Funds. However,

172

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Funds receive or post securities as collateral with a market value in excess of the repurchase price to be paid or received by the Funds upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds would recognize a liability with respect to such excess collateral to reflect the Funds’ obligation under bankruptcy law to return the excess to the counterparty. As of September 30, 2017, none of the Funds held open repurchase agreements.

(f)  Swaps

Swap contracts are derivatives in the form of a contract or similar instrument, which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio’s duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

The credit default swap agreements may have as reference obligations one or more securities that are not currently held by a Fund. The protection “buyer” in a credit default swap agreement is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit worthiness and an increased market perception that there is a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

173

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Swaps do not involve the delivery of securities or other underlying assets or principal, and are subject to counterparty risk. If the other party to a swap defaults and fails to consummate the transaction, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive.

The equity swaps in which the Funds may invest involve agreements with a counterparty. The return to the Funds on any equity swap contract will be the total return on the notional amount of the contract as if it were invested in the stocks comprising the contract index in exchange for an interest component based on the notional amount of the agreement. The Funds will only enter into an equity swap contract on a net basis, i.e., the two parties’ obligations are netted out, with the Funds paying or receiving, as the case may be, only the net amount of the payments. Payments under an equity swap contract may be made at the conclusion of the contract or periodically during its term.

Whether a Fund’s use of swap agreements or swap options will be successful in achieving the Fund’s investment objective will depend on the Subadvisor’s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness.

If there is a default by the counterparty to a swap contract, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap contract counterparty will be able to meet its obligations pursuant to a swap contract or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap at the time of default, and not the entire notional amount. The Subadvisor that enters into the swap agreement will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize counterparty risk of swaps.

Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund’s limitation on investments in illiquid securities. However, the Trust has adopted procedures pursuant to which the Advisor may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) enacted in 2010, a regulatory framework for certain OTC derivatives, such as swaps was enacted. The Dodd-Frank Act requires certain swap transactions to be executed on registered exchanges or through swap execution facilities, cleared through a regulated clearinghouse, and publicly reported. In addition, many market participants who were not previously required to register are regulated as swap dealers or swap participants, and are subject to certain minimum capital and margin requirements and business conduct standards.

The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds’ ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

174

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty.

The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Cash margin is recorded on the Statements of Assets and Liabilities as cash collateral held at broker on open swap contracts. Swap agreements are marked to market daily. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

A Fund will accrue for interim payments on swap contracts on a daily basis, with the net amount recorded as interest payable or receivable on swap contracts on the Statements of Assets and Liabilities. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap contracts, in addition to realized gain/loss recorded upon the termination of swap contracts on the Statements of Operations. Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation of swap contracts (swap contracts, at value on the Statements of Assets and Liabilities).

Swap agreements are marked to market daily. The change in value, if any, is recorded as unrealized gain or loss in the Statements of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments are included as part of realized gain (loss) on the Statements of Operations.

The swaps in which the Fund may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. The Fund’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty, if possible.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Advisor or Subadvisor is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund’s interest. A Fund bears the risk that Subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If a Subadvisor attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

175

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

During the period ended September 30, 2017, Core Fixed used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. See the Core Fixed Schedule of Investments for a listing of open swap agreements as of September 30, 2017.

(g)  Futures

A futures contract is a contractual agreement to buy or sell a specific amount of a commodity or financial instrument at a predetermined price on a stipulated future date. A Fund may enter into contracts for the purchase or sale for future delivery of securities, indices and foreign currencies. Futures contracts may be opened to protect against the adverse effects of fluctuations in security prices, interest rates, or foreign exchange rates without actually buying or selling the securities or foreign currency. A Fund also may enter into futures contracts as a low cost method for gaining or reducing exposure to a particular currency or securities market without directly investing in those currencies or securities.

A purchase of a futures contract means the acquisition of a contractual right of a Fund to obtain delivery of the securities, indices or foreign currency underlying the contract at a specified price on a specified future date. When a futures contract is sold, a Fund incurs a contractual obligation to deliver the securities, indices or foreign currency underlying the contract at a specified price on a specified date.

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as “initial margin.” This amount is maintained by the futures commission merchant in a segregated account at the custodian bank. Futures contracts are marked-to-market daily, depending upon changes in the price of the underlying securities, indices or foreign currencies subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

A Fund may enter into futures transactions on domestic exchanges and, to the extent such transactions have been approved by the Commodity Futures Trading Commission (“CFTC”) for sale to customers in the United States, or on foreign exchanges. In addition, a Fund may sell stock index futures in anticipation of, or during a market decline to attempt to offset the decrease in the market value of the Fund’s common stocks that might otherwise result, and a Fund may purchase such contracts in order to offset increases in the cost of common stocks that it intends to purchase. Unlike other futures contracts, a stock index futures contract specifies that no delivery of the actual stocks making up the index will take place. Instead, settlement in cash must occur upon the termination of the contract.

In entering into futures contracts and options on futures contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts and options on futures contracts traded in the United States and on most foreign futures exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of its members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will be able to meet its obligations to the Fund.

While futures contracts provide for the delivery of securities, deliveries usually do not occur. Contracts are generally terminated by entering into offsetting transactions.

176

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Where the futures market is not as developed or where the regulations prevent or make it disadvantageous to trade futures, Emerging Markets will utilize synthetic futures as part of the country selection strategy implementation. A synthetic future operates like a swap transaction and uses equity index swaps on equity index futures. These are marked to market daily and the change in value is recorded as unrealized gain or loss in the Statement of Operations.

During the period ended September 30, 2017, Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility used futures to equitize cash. Core Fixed and Opportunistic Fixed used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets also used futures to create passive index exposure to certain domestic emerging market country indices in the Fund. See the Large Cap, Small/Mid Cap, Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility Schedules of Investments for a listing of open futures contracts as of September 30, 2017.

(h)  Options

The Funds may purchase and sell (write) put and call options on debt securities, currencies and indices to enhance investment performance, manage duration, or protect against changes in market prices. The Funds may also buy and sell combinations of put and call options on the same underlying security, currency or index. Short (sold) options positions will generally be hedged by the Funds with cash, cash equivalents, current portfolio security holdings, or other options or futures positions.

The Funds may enter into swap options (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may sell (write) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund’s risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

When the Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. The Fund receives a premium on the sale of a call option but gives up the opportunity to profit from any increase in stock value above the exercise price of the option, and when the Fund writes a put option, it is exposed to a decline in the price of the underlying security.

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

177

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Fund’s exposure to market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price of the underlying securities, currencies and interest rates.

During the period ended September 30, 2017, Core Fixed used options to manage interest rate and volatility exposure.

(i)  Forward foreign currency contracts

The Funds may purchase or sell currencies and/or engage in forward foreign currency transactions in order to expedite settlement of portfolio transactions and to manage currency risk.

Forward foreign currency contracts are traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement and no commissions are charged at any stage for trades. The Funds will account for forward contracts by marking-to-market each day at current forward contract values. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time the contract was opened and the value at the time the contract was closed.

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract.

During the period ended September 30, 2017, Opportunistic Fixed used forward foreign currency contracts for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. Non-US Core Equity and Emerging Markets used forward foreign currency contracts to hedge, cross hedge or to actively manage the currency exposures in the Funds. See the Non-US Core Equity, Opportunistic Fixed and Emerging Markets Schedules of Investments for a listing of open forward foreign currency contracts as of September 30, 2017.

(j)  Foreign currency translation

The books and records of each Fund are maintained in US dollars. Foreign currencies, investments and other assets and liabilities denominated in foreign currencies are translated into US dollars at the foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income and expenses are translated at exchange rates prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign currency exchange rates have been included in the unrealized gains (losses) on foreign currency translations within each Fund’s Statement of Operations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions and the difference between the amounts of interest

178

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

and dividends recorded on the books of the Fund and the amount actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the purchase settlement date and subsequent sale trade date is included in realized gains and losses on investment transactions.

(k)  When-issued securities/TBA securities

Purchasing securities on a “when-issued” basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a “when-issued” or “forward delivery” basis such as TBA securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund’s NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date.

A Fund may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Security Valuation”.

See the Schedules of Investments for TBA and when-issued securities held as of September 30, 2017.

(l)  Real estate investment trusts

The Funds may invest in real estate investment trusts (“REITs”), which pool investors’ funds for investment, primarily in income producing real estate or real estate-related loans or interests. A REIT is not taxed on income distributed to its shareholders or unitholders if it complies with regulatory requirements relating to its organization, ownership, assets and income, and with a regulatory requirement to distribute to its shareholders or unitholders at least 90% of its taxable income for each taxable year.

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder’s proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund’s Schedule of Investments for REIT securities held as of September 30, 2017.

179

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

(m)  Mortgage-related and other asset-backed securities

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedule of Investments for mortgage-backed and asset-backed securities held by Core Fixed as of September 30, 2017.

(n)  Mortgage dollar roll and treasury roll transactions

The Funds may sell mortgage-backed securities and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. The Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

The Funds may enter into treasury roll transactions. In a treasury roll transaction the Fund sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price at a future settlement date. The Fund receives cash from the sale of the treasury security to use for other investment purposes. The difference between the sale and repurchase price represents net interest income or net interest expense. Under GAAP, the treasury roll transaction is accounted for as a financing transaction and not as a purchase or sale. During the term of the borrowing the Fund records the related interest income or interest expenses on an accrual basis. Treasury roll transactions involve the risk that the market value of the securities that the Fund is required to repurchase may decline below the agreed upon repurchase price of those securities.

Treasury roll transactions are entered into by the Funds under an MRA. An MRA permits the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With treasury roll transactions, typically the Fund and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or

180

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund obligation under bankruptcy law to return the excess to the counterparty. The Funds did not hold open mortgage dollar rolls or treasury rolls as of September 30, 2017.

(o)  Bank loans

Core Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ‘‘Lender’’) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At September 30, 2017, the Funds held no unfunded loan commitments.

(p)  Indexed securities

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment.

(q)  Taxes and distributions

The Funds intend to qualify each year as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“the Code”). The Funds intend to distribute substantially all of their net investment income and net realized short-term and long-term gains, if any, after giving effect to any available capital loss carryovers for U.S. federal income tax purposes. Therefore, no provision for U.S. federal and state income or excise tax is necessary.

The Funds’ policy is to declare and pay distributions from net investment income and net realized short-term and long-term gains at least annually. All distributions are paid in shares of the Funds, at NAV, unless the shareholder elects to receive cash distributions. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise taxes on the Funds. The amount of any distribution will vary, and there is no guarantee that a Fund will pay either income dividends or capital gains distributions.

(r)  Allocation of expenses and income

The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated among the applicable Funds, taking into consideration, among other things, the nature and type of expense and the relative size of each applicable Fund.

181

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

(s)  Redemption fees

While none of the Funds’ classes have initial or contingent deferred sales charges on purchases of Fund shares, redemptions of Fund shares held less than 30 days may be assessed a 2% short-term trading fee and recorded as paid-in capital.

3. Credit agreement

The Trust entered into a Credit Agreement on behalf of the Funds (“the Agreement”) with a bank pursuant to a committed, unsecured revolving line of credit through December 14, 2017. Borrowings for each Fund under the Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund’s Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Agreement the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate equal to the higher of the Overnight Federal Funds Rate or 30-Day LIBOR plus 1.00%. The Funds did not borrow under the Agreement during the period ended September 30, 2017.

4. Indemnities

In the normal course of business, the Funds enter into contracts that require them to provide a variety of representations or general indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

5. Fees and other transactions with affiliates

The Advisor provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Advisor a fee for managing the Fund’s investments at an annual rate of:

	Investment Advisory Fee* on Net Assets
	Average net assets up to $750 million			Average net assets in excess of $750 million up to $1 billion			Average net assets in excess of $1 billion
Large Cap		0.53	%		0.51	%		0.46	%
Small/Mid Cap		0.90	%		0.88	%		0.83	%
Non-US Core Equity		0.75	%		0.73	%		0.68	%
Core Fixed		0.35	%		0.33	%		0.28	%
Opportunistic Fixed		0.80	%		0.78	%		0.73	%
Emerging Markets		0.80	%		0.78	%		0.73	%
Global Low Volatility		0.75	%		0.73	%		0.68	%

* Consists of the total advisory fee payable by the Funds to the Advisor. The Advisor is responsible for paying the subadvisory fees.

Such fees as referenced above are shown in the Advisory fees line in the Statements of Operations. The Advisor provides certain internal administrative services to the Class S, Class Y-1 and Class Y-2 shares of the Funds, for which the Advisor receives a fee of 0.15%, 0.10% and 0.05% of the average daily net assets of the Class S, Class Y-1 and Class Y-2 shares of the Funds, respectively. These internal

182

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring and overseeing non-advisory relationships with entities providing services to the Class S, Class Y-1 and Class Y-2 shares, including the transfer agent. However, Class S, Class Y-1 and Class Y-2 shares have not commenced operations.

The Funds have adopted a plan of marketing and service, or “12b-1 plan” to finance the provision of certain shareholder services to the owners of Class S and Class Y-1 shares of the Funds (collectively referred to as the “plans”). The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund’s Class S and Class Y-1 shares. However, Class S and Class Y-1 shares have not commenced operations.

The Trust, with respect to Opportunistic Fixed, and the Advisor entered into a written contractual fee waiver and expense reimbursement agreement pursuant to which the Advisor agreed to waive a portion of its fees and/or reimburse expenses through July 31, 2016 in an amount necessary to limit the Fund’s total annual operating expenses to an annual rate (as a percentage of the Fund’s average daily net assets) as set forth in the table below. This agreement expired on July 31, 2016.

Pursuant to the expense reimbursement agreement, the Advisor is entitled to be reimbursed for any fees the Advisor waives and Fund expenses that the Advisor reimburses for a period of three years following such fee waiver and expense reimbursement, to the extent that such reimbursement of the Advisor by a Fund will not cause the Fund to exceed any applicable expense limitation that is in place for the Fund. For the period ended September 30, 2017, there were no reimbursed expenses recovered by the Advisor from the Funds.

Pursuant to the Funds’ expense reimbursement agreement, the Advisor can recapture certain amounts waived or reimbursed over the 12-month period ended July 31, 2016 with respect to Opportunistic Fixed Income Fund. The following amounts were available for recapture as of July 31, 2017:

	Expenses Reimbursed in the 12-Months Ended July 31,
	2015		2016
	Subject to Recapture until July 31,
	2018		2019
Opportunistic Fixed	$	208,082	$	176,732

183

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

6. Purchases and sales of securities

Cost of purchases and proceeds from sales of securities, excluding short-term investments, for the period ended September 30, 2017, were as follows:

	Long-Term U.S. Government Securities			Other Long-Term Securities
Purchases
Large Cap	$	—		$	187,172,327
Small/Mid Cap		—			158,735,641
Non-US Core Equity		—			883,101,885
Core Fixed		400,594,460	*		108,204,845
Opportunistic Fixed		—			189,222,100
Emerging Markets		—			538,512,301
Global Low Volatility		—			253,633,754
Sales
Large Cap		—			238,151,373
Small/Mid Cap		—			216,225,789
Non-US Core Equity		—			1,040,289,752
Core Fixed		360,688,158	*		98,154,160
Opportunistic Fixed		—			178,194,441
Emerging Markets		—			521,449,570
Global Low Volatility		—			190,752,808

* Includes purchases of $121,357,061 and sales of $123,141,436 for TBA securities.

7. Share transactions

Each Fund is authorized to issue an unlimited number of shares of beneficial interest without par value. Transactions in Fund shares were as follows:

Large Cap

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		656,687		$	7,494,700			3,013,075		$	29,359,225
Shares issued through acquisition (see Note 9)		—			—			30,126,230			274,762,972
Shares issued to shareholders in reinvestment of distributions		—			—			2,091,745			21,273,051
Shares repurchased		(5,123,016	)		(57,574,038	)		(10,819,328	)		(107,234,001	)
Net increase (decrease)		(4,466,329	)	$	(50,079,338	)		24,411,722		$	218,161,247

184

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Small/Mid Cap

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		2,189,681		$	26,891,554			4,542,072		$	49,111,330
Shares issued through acquisition (see Note 9)		—			—			44,707,680			461,393,851
Shares issued to shareholders in reinvestment of distributions		—			—			2,514,737			29,145,800
Shares repurchased		(6,482,803	)		(80,788,453	)		(13,020,694	)		(149,207,273	)
Net increase (decrease)		(4,293,122	)	$	(53,896,899	)		38,743,795		$	390,443,708

Non-US Core Equity

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		8,512,749		$	92,987,268			30,189,177		$	298,749,804
Shares issued to shareholders in reinvestment of distributions		—			—			3,873,714			37,187,651
Shares repurchased		(27,606,441	)		(313,299,843	)		(18,541,674	)		(184,442,734	)
Net increase (decrease)		(19,093,692	)	$	(220,312,575	)		15,521,217		$	151,494,721

Core Fixed

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		7,231,000		$	73,207,455			21,634,648		$	222,899,384
Shares issued to shareholders in reinvestment of distributions		—			—			3,023,144			29,536,120
Shares repurchased		(4,167,988	)		(42,549,098	)		(25,081,385	)		(252,121,624	)
Net increase (decrease)		3,063,012		$	30,658,357			(423,593	)	$	313,880

Opportunistic Fixed

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		8,146,660		$	79,168,837			17,780,404		$	159,120,616
Shares issued to shareholders in reinvestment of distributions		—			—			—			—
Shares repurchased		(8,312,135	)		(80,714,467	)		(6,812,473	)		(60,674,793	)
Net increase (decrease)		(165,475	)	$	(1,545,630	)		10,967,931		$	98,445,823

185

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Emerging Markets

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		14,523,387		$	150,858,197			32,571,851		$	293,233,025
Shares issued to shareholders in reinvestment of distributions		—			—			3,007,053			26,250,811
Shares repurchased		(16,528,545	)		(178,277,493	)		(17,835,590	)		(163,096,765	)
Net increase (decrease)		(2,005,158	)	$	(27,419,296	)		17,743,314		$	156,387,071

Global Low Volatility

	Six Months Ended September 30, 2017						Year Ended March 31, 2017
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		6,875,604		$	90,972,402			27,192,594		$	332,279,779
Shares issued to shareholders inreinvestment of distributions		—			—			3,485,306			41,231,166
Shares repurchased		(4,945,398	)		(65,350,149	)		(12,271,880	)		(149,487,877	)
Net increase		1,930,206		$	25,622,253			18,406,020		$	224,023,068

8. Federal income taxes

As of September 30, 2017, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments and derivatives were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap	$	521,433,612	$	93,860,128	$	(9,134,853	)	$	84,725,275
Small/Mid Cap		851,489,685		187,683,444		(23,243,677	)		164,439,767
Non-US Core Equity		2,052,397,939		378,173,418		(52,817,511	)		325,355,907
Core Fixed		841,941,074		12,632,356		(9,781,341	)		2,851,015
Opportunistic Fixed		603,077,608		27,579,371		(24,784,666	)		2,794,705
Emerging Markets		1,426,441,349		268,666,492		(31,956,020	)		236,710,472
Global Low Volatility		1,194,808,463		210,947,425		(20,228,207	)		190,719,218

9. Acquisition

At the close of business on June 24, 2016, Large Cap, formerly Mercer US Large Cap Growth Equity Fund, with Class Y-3 net assets of $267,918,751 acquired all of the assets and liabilities of Large Cap Value, each a series of the Trust, in a tax-free reorganization. The acquisition was accomplished by a tax-free exchange of 30,880,775 Class Y-3 shares of Large Cap Value valued at $274,762,972 for 30,126,230 Class Y-3 shares of Large Cap. Large Cap Value’s net assets on June 24, 2016 were $274,762,972 for Class Y-3, including investments valued at $273,909,251 with a cost basis of $281,311,613. For financial reporting purposes, assets received, liabilities assumed, and shares issued

186

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

by Large Cap were recorded at fair value; however, the cost basis of the investments received by Large Cap from Large Cap Value were carried forward to align ongoing reporting of Large Cap’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of Large Cap immediately after the acquisition was $542,681,723, which included $7,402,474 of acquired unrealized depreciation on investments and foreign currency transactions from Large Cap Value.

Assuming the acquisition had been completed on April 1, 2016, Large Cap’s pro-forma results of operations for the year ended March 31, 2017 are as follows:

Net investment income	$	7,338,647	(a)
Net realized and unrealized gain on investments		90,015,237	(b)
Net increase in net assets from operations	$	97,353,884

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Large Cap Value that have been included in the Fund’s Statement of Operations since June 24, 2016.

(a) $6,011,362 net investment income as reported at March 31, 2017 plus $1,258,593 from Large Cap Value pre-merger net investment income, plus $13,667 in lower net advisory fees, plus $55,025 of pro-forma eliminated other expenses.

(b) $76,775,639 unrealized appreciation as reported at March 31, 2017 minus $8,099,693 pro-forma March 31, 2016 unrealized appreciation, plus $21,505,233 net realized gain as reported at March 31, 2017 minus $165,942 in net realized loss from Large Cap Value pre-merger.

At the close of business on June 24, 2016, Small/Mid Cap, formerly Mercer US Small/Mid Cap Growth Equity Fund, with Class Y-3 net assets of $440,701,905 acquired all of the assets and liabilities of Small/Mid Cap Value, each a series of the Trust, in a tax-free reorganization. The acquisition was accomplished by a tax-free exchange of 53,005,209 Class Y-3 shares of Small/Mid Cap Value valued at $461,393,851 for 44,707,680 Class Y-3 shares of Small/Mid Cap. Small/Mid Cap Value’s net assets on June 24, 2016 were $461,393,851 for Class Y-3, including investments valued at $461,246,059 with a cost basis of $459,083,775. For financial reporting purposes, assets received, liabilities assumed, and shares issued by Small/Mid Cap were recorded at fair value; however, the cost basis of the investments received by Small/Mid Cap from Small/Mid Cap Value were carried forward to align ongoing reporting of Small/Mid Cap’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of Small/Mid Cap immediately after the acquisition was $902,095,756, which included $2,162,284 of acquired unrealized appreciation on investments from Small/Mid Cap Value.

Assuming the acquisition had been completed on April 1, 2016, Small/Mid Cap’s pro-forma results of operations for the period ended March 31, 2017 are as follows:

Net investment income	$	3,676,399	(a)
Net realized and unrealized gain on investments		177,784,445	(b)
Net increase in net assets from operations	$	181,460,844

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Small/Mid Cap Value that have been included in the Fund’s Statement of Operations since June 24, 2016.

187

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

(a) $3,352,783 net investment income as reported at March 31, 2017 plus $259,669 from Small/Mid Cap Value pre-merger net investment income, plus $7,289 in lower net advisory fees, plus $56,658 of pro-forma eliminated other expenses.

(b) $141,925,894 unrealized appreciation as reported at March 31, 2017 minus $35,608,850 pro-forma March 31, 2016 unrealized appreciation, plus $67,704,689 net realized gain as reported at March 31, 2017 plus $3,762,712 in net realized gain from Small/Mid Cap Value pre-merger, respectively.

10. Subsequent events

Management has evaluated the impact of subsequent events through November 21, 2017, the date the financial statements were available to be issued for possible adjustment to and/or disclosures in the Funds’ financial statements. The following items were noted:

On October 13, 2017 and November 17, 2017, as a result of redemptions by a large affiliated shareholder, 39,626,270 shares of Global Low Volatility and 53,685,733 shares of Emerging Markets Equity were redeemed at net asset value, representing approximately 38% and 36%, respectively, of the total outstanding shares of the Funds. The redemptions were effected in accordance with the Trust’s Procedures for In-Kind Redemptions with Affiliated Persons (the “In-Kind Procedures”). Pursuant to the In-Kind Procedures, the redemption from Global Low Volatility was effected by delivering a pro rata slice of the Fund’s portfolio securities in-kind and cash representing the net asset value of the shares redeemed at the close of business on October 13, 2017. Pursuant to the In-Kind Procedures, the redemption from Emerging Markets Equity was effective by delivering a pro rata slice of the Fund’s transferable portfolio securities, and cash in lieu of the Fund’s non-transferable securities, representing the net asset value of the shares redeemed at the close of business on November 17, 2017. Any realized gains and losses on portfolio sales resulting from the in-kind capital share redemptions will not be recognized for tax purposes by the Funds. The redemption will not adversely impact the Funds’ ability to continue as a going concern.

11. Proxy Voting

A description of the policies and procedures that the Advisor and each Fund’s Subadvisors use to determine how to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-866-658-9896, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information about Funds’ proxy voting decisions are available without charge, online on the Funds’ website at http://www.mercer.us/mutual-funds-on-offer.

12. Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q, which when filed, will be available on the SEC’s website at http://www.sec.gov. When filed, the Funds’ Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

13. Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2017 through September 30, 2017

May 31 - June 1, 2017 Board Meeting

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

188

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Renewal of the Investment Management Agreement for the Funds

At a meeting of the Board of Trustees (the “Board” or the “Trustees”) of Mercer Funds (the “Trust”) held on May 31 - June 1, 2017 (the “Meeting”), the Trustees, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust or Mercer Investment Management, Inc., the Trust’s investment advisor (the “Advisor”) (together, the “Independent Trustees”), considered and approved the renewal of the investment management agreement between the Advisor and the Trust (the “Investment Management Agreement”) with respect to each of the series of the Trust (each a “Fund,” and together, the “Funds”) subject to renewal, consisting of: Mercer US Large Cap Equity Fund (“Large Cap Fund”), Mercer US Small/Mid Cap Equity Fund (“Small/Mid Cap Fund”), Mercer Non-US Core Equity Fund (“Non-US Core Equity Fund”), Mercer Emerging Markets Equity Fund (“Emerging Markets Fund”), Mercer Global Low Volatility Equity Fund (“Global Low Volatility Fund”), Mercer Core Fixed Income Fund (“Core Fixed Income Fund”), and Mercer Opportunistic Fixed Income Fund (“Opportunistic Fixed Income Fund”).

In considering the renewal of the Investment Management Agreement, the Trustees reviewed the information and materials from the Advisor and from counsel that were prepared for the Meeting, including: (i) the Investment Management Agreement with respect to the Advisor’s management of the assets of each Fund; (ii) information describing the nature, extent, and quality of the services that the Advisor provided to the Funds; the fees that the Advisor charged to the Funds for these services; and a comparison of those fees to the fees paid by a peer group of other investment companies having investment objectives similar to the investment objectives of the Funds, as contained in a report prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent, nationally recognized provider of investment company data (the “Broadridge Report”); (iii) information regarding the Advisor’s business and operations; financial position; portfolio management team; and compliance program; (iv) information describing each Fund’s operating expenses compared to the Fund’s peer group of other registered investment companies with investment objectives similar to the investment objectives of the Funds, and that were identified by Broadridge in the Broadridge Report; (v) information describing each Fund’s performance compared to the Fund’s peer group of other investment companies with investment objectives similar to the investment objective of the Fund, as identified in the Broadridge Report; and (vi) information regarding the benefits that the Advisor enjoyed (or may enjoy in the future) as a result of its relationship with the Funds. The Trustees also considered presentations made by, and discussions held with, representatives of the Advisor, both at the Meeting and throughout the course of the year and before at regularly scheduled and special Board meetings. The Trustees also evaluated the Advisor’s answers and responses to the questions and information requests contained in the 15(c) Information Request Letter that was submitted to the Advisor on behalf of the Independent Trustees for use in connection with the contract renewal process.

In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor. The Trustees considered and analyzed the factors that they deemed relevant with respect to the Advisor, including: the nature, extent, and quality of the services that were provided to the Funds by the Advisor; the Advisor’s investment management personnel and operations; the performance of the Funds; the Funds’ expense levels; the profitability to the Advisor under the Investment Management

189

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Agreement for each Fund at certain asset levels, and the current profitability levels of the Funds; any ancillary benefits to the Advisor and its affiliates of the Advisor’s relationship with the Funds; and the effect of asset growth on the Funds’ expenses. The Board also considered the nature, extent, and quality of the non-advisory services that the Advisor and its affiliates provided to the Funds. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel.

In their consideration of the renewal of the Investment Management Agreement, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the services that were provided by the Advisor.  The Trustees reviewed the services that the Advisor had provided to the Funds. In connection with the investment advisory services that were provided to the Funds, the Trustees considered the qualifications, experience, and capabilities of the Advisor’s portfolio management team and other investment personnel, and the extent of care and conscientiousness with which the Advisor personnel performed their duties. In this regard, the Trustees considered that while the Advisor focused primarily on the selection, evaluation, and oversight of the Funds’ Subadvisors, consistent with the Trust’s multi-manager structure, the Advisor also had extensive other responsibilities as the Funds’ investment advisor, including: the provision of investment advice; the allocation of each Fund’s assets among multiple Subadvisors (including overseeing the process of transitioning assets among Subadvisor(s)), and the fee negotiation process whereby the Advisor sought to achieve an appropriate and competitive level of fees and fee structure, and the Advisor’s continual monitoring of the ongoing appropriateness and competitiveness of each subadvisory fee and fee structure; the monitoring of each Subadvisor’s investment performance and processes; the oversight of each Subadvisor’s compliance with the applicable Fund’s investment objective, policies, and limitations; review of portfolio security brokerage and trading practices; and oversight of general portfolio compliance with relevant law.

The Trustees discussed the Advisor’s ability and willingness to identify instances where there was a need to add a new Subadvisor, to replace a current Subadvisor, to reallocate Fund assets among current Subadvisors, to utilize a new strategy of a current Subadvisor, or to implement a combination of these measures, as well as the Advisor’s ability to promptly, efficiently, and economically effect such changes. The Board reviewed the proprietary tools utilized by the Advisor to review, select, evaluate, and monitor Subadvisors for the Funds, as well as the Advisor’s experience, resources, and strengths in advising the Mercer Collective Trust and the Mercer Group Trust, two other pooled investment vehicles overseen by the Advisor. The Trustees also considered the fact that the Advisor is capable of providing, through its other business divisions, significant research and related services to the Funds that an investment advisor to a fund complex of similar size as the Funds might not otherwise be able to provide.

The Trustees discussed the Trust’s multi-manager structure, and the services required by the Trust as a consequence of that structure, as measured against an investment company without multiple Subadvisors. The Trustees also evaluated the nature, extent, and quality of the non-investment advisory and administrative services that were provided to the Funds by the Advisor, such as the supervision of the Funds’ third-party service providers. The Trustees considered the scope and substance of the Advisor’s regulatory and compliance policies, procedures, and systems. The Trustees evaluated the Advisor’s capabilities in providing the administrative and compliance services needed to support management of the Funds, and the information that regularly had been provided by the Trust’s Chief Compliance Officer (the “CCO”) to the Trustees at prior Board meetings. The Trustees also considered the Advisor’s willingness both to add personnel and to replace existing personnel, as the Funds have grown, in order to ensure that appropriate staffing levels were maintained.

190

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Based on their consideration and review of the foregoing information, the members of the Board determined that the Funds benefited from the nature, extent, and high quality of these services, as well as the Advisor’s ability to continue to provide these services based on the Advisor’s experience, operations, and resources and concluded that they supported the continuation of the Investment Management Agreement with the Advisor.

(b)  The costs of the services provided and the profits realized by the Advisor and its affiliates from the Advisor’s relationship with the Funds.  The Trustees compared each Fund’s contractual management fee and expense ratio to other investment companies considered to be in the Fund’s respective peer group (as identified by Broadridge in its Report), and noted each Fund’s rankings. The Trustees observed that the Advisor did not manage other registered investment companies and, therefore, the Advisor could not provide information regarding the Advisor’s fees for such activities.

The Trustees discussed the entrepreneurial risk undertaken by the Advisor in creating and operating the Trust and the Funds, recalling the costs of organizing and operating the Funds, and the substantial financial resources that had been expended by the Advisor over the years as they worked to grow and develop the Funds. The Trustees considered that the Advisor had only become profitable in the last few years with respect to the services it provides in connection with the operations of the Funds, and they took notice of the level of profitability currently being realized by the Advisor in connection with its management of the Funds. The Trustees also discussed the Advisor’s ongoing costs in operating the Funds and the costs of compensating the Subadvisors, as well as the Advisor’s initiative to negotiate reduced fee schedules for certain of the Subadvisors, which results in a benefit to the Advisor, and the Advisor’s willingness to retain replacement Subadvisors that may charge higher subadvisory fees than the firm being replaced, which can negatively impact the overall level of profitability of the Advisor.

The Trustees also considered the other relationships that the Advisor and its affiliates have with the Trust, and any ancillary benefits realized by the Advisor and its affiliates from the Advisor’s relationship with each Fund, as discussed in the materials on this subject that were provided to the Board, as well as in the comments of the Advisor’s personnel at the Meeting. The Trustees recognized that because of the Trust’s multi-manager structure, the Advisor did not place portfolio transactions on behalf of the Funds, and, thus, the Advisor did not receive proprietary research from broker-dealers that executed the Funds’ portfolio transactions. In addition, the Trustees noted that the Advisor, as a policy, did not receive any services paid for by Fund soft dollar commissions. As such, the members of the Board took note of the fact that the Advisor did not derive any benefits from any Fund portfolio transactions, which benefits were enjoyed by certain Subadvisors, and in the case of other registered investment companies, by their investment managers.

The Trustees noted that the Advisor, by managing the Funds, may benefit (along with its affiliates) to the extent that potential investors view the Advisor and its affiliates as providing a diverse array of investment products, and managing different asset classes, which were available through multiple investment vehicles. The Trustees also noted that the Advisor served as the Trust’s internal administrator, and the Advisor will be entitled to receive compensation from the Class S, Class Y-1, and Class Y-2 shares of the Funds for acting in that capacity (although no compensation had been paid to date). The Trustees also considered that, in return for this compensation, the Advisor was responsible for, among other things, attending to shareholder correspondence, assisting with the purchase and redemption of shares, and preparing and distributing documents for shareholder use.

(c)  The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected these economies of scale for the benefit of Fund shareholders.  The Trustees took into consideration the fact that the advisory fee schedule for each Fund currently includes breakpoints at the

191

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

levels of $750 million in assets and also at $1 billion in assets, which allows the shareholders of the Funds to participate in additional economies of scale that are available when the Fund surpasses these thresholds, without compromising the quality of services.

(d)  The investment performance of each Fund and the Advisor.  The Trustees considered the investment performance of each Fund, and evaluated Fund performance in the context of the Trust’s multi-manager structure, and the unique considerations that this structure requires. The Trustees considered whether the Funds operated within their investment objectives and styles, and considered each Fund’s record of compliance with its investment restrictions. The Trustees also considered that the Advisor continues to be proactive in seeking to replace and/or add Subadvisors, to reallocate assets among Subadvisors, and to implement new investment Subadvisor strategies, with a view to improving Fund performance over the long term.

While consideration was given to the Advisor’s performance reports and discussions at prior Board meetings, particular attention was given to the Broadridge Report prepared specifically for the Meeting. In reviewing the performance of the Funds, the Trustees considered the performance of each respective Fund as compared to its applicable performance universe for the ten-year measurement period or the since inception period for those Funds that did not have ten years of performance, noting that the performance of the Large Cap Fund fell within the first quintile, the performance of the Small/Mid Cap Fund fell within the third quintile, the performance of the Non-US Core Equity Fund fell within the third quintile, the performance of the Emerging Markets Fund fell within the third quintile, the Global Low Volatility Fund’s performance fell within the first quintile, the Core Fixed Income Fund’s performance fell within the second quintile, and the Opportunistic Fixed Income Fund’s performance fell within the fifth quintile of their respective performance universes for these periods. The Trustees also recalled the Advisor’s expectations for the acceptable performance of each Fund with respect to a range of quintiles.

With respect to their review of the performance results of each of the Funds, the Trustees took into consideration the following:

1.  Large Cap Fund.  In the case of the Large Cap Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the second, fourth, third, second, fourth and first quintiles, respectively, of its peer universe. The Trustees also considered that the Large Cap Fund’s performance for each of the six measurement periods placed the Fund’s performance in the second, fourth, third, third, fourth, and first quintiles, respectively, of its peer group.

2.  Small/Mid Cap Fund.  In the case of the Small/Mid Cap Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the third, fourth, third, third, fourth and third quintiles, respectively, of its peer universe. The Trustees also considered that the Small/Mid Cap Fund’s performance for each of the six measurement periods placed the Fund’s performance in the third quintile for each of the measurement periods of its peer group except for the two- and five-year period where it fell within the fourth quintile.

3.  Non-US Core Fund.  In the case of the Non-US Core Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the third, first, second, first, first and third quintiles, respectively, of its peer universe. The Trustees also considered that the Non-US Core Fund’s performance for each of the six measurement periods placed the Fund’s performance in the fourth, second, third, first, first and fifth quintiles, respectively, of its peer group.

192

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

4.  Emerging Markets Fund.  In case of the Emerging Markets Fund, which had commenced operations in May of 2012, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-year and since inception measurement periods placed it in the third quintile for each measurement period of its peer universe, except it placed in the fourth quintile for the two-year period. The Independent Trustees also considered that the Emerging Markets Fund’s performance for each of the five measurement periods placed the Fund’s performance in the fourth quintile for each measurement period of its peer group, except it placed in the fifth quintile for the since inception period.

5.  Global Low Volatility Fund.  In case of the Global Low Volatility Fund, which had commenced operations in November of 2012, the Trustees noted that performance fell within the first quintile for the one-, two-, three-, four-year and since inception measurement periods of its peer universe. The Independent Trustees also considered that the Global Low Volatility Fund’s performance for the one-, two- and three-year periods was in the first quintile of its peer group.

6.  Core Fixed Income Fund.  In the case of the Core Fixed Income Fund, the Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the second quintile of its peer universe for all periods except for the five-year measurement period where the Fund was placed in the first quintile. The Independent Trustees also considered that the Core Fixed Income Fund’s performance for each of the six measurement periods placed the Fund’s performance in the third, third, third, second, second and fourth quintiles, respectively, of its peer group.

7.  Opportunistic Fixed Income.  In the case of the Opportunistic Fixed Income Fund, which had commenced operations in August of 2013, the Trustees noted that performance for the one-year, two- and three-year and since inception measurement periods placed it in the first, fourth, fifth and fifth quintiles, respectively, of its peer universe. The Trustees also considered that the Opportunistic Fixed Income Fund’s performance for each of the four measurement periods placed its performance in the second, fifth, fifth and fifth quintiles, respectively, of its peer group. In connection with their consideration of the performance results for the Opportunistic Fixed Income Fund, the Trustees further took into consideration the Advisor’s explanation that the Fund’s performance was not likely to compare favorably with its selected benchmark index because the Fund had been established by the Advisor with a specific investment purpose that was not likely to be correlated to the investment performance of its benchmark index, and that the Fund had been successful in achieving its intended performance results consistent with the Advisor’s objective for the Fund.

On the basis of the foregoing, the Trustees concluded that the Advisor’s performance in managing each Fund indicated that the Advisor’s continued management will benefit the Funds and their shareholders.

Conclusion.  Following further consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, and such other matters as were deemed relevant, the Trustees concluded that the management fee rates of the Funds continued to be supported by the services provided by the Advisor to the Funds, as well as the costs that were incurred and benefits that were gained by the Advisor in providing such services. It was noted that the Trustees had taken into consideration the fees charged by the investment advisors to the investment companies included in the Funds’ peer groups as presented in the Broadridge Report. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Investment Management Agreement was in the best interests of the Funds and their shareholders, and they approved the renewal of the Investment Management Agreement.

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

193

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

Mercer Core Fixed Income Fund

Mercer Opportunistic Fixed Income Fund

Renewal of the Subadvisory Agreements for the Funds

At the Meeting, the Board, including the Independent Trustees, also considered and approved the continuation of the subadvisory agreements (collectively, the “Subadvisory Agreements”) entered into by the Advisor and the following Subadvisors for the Funds: AJO, LP, Brandywine Global Investment Management, LLC, Columbia Management Investment Advisers, LLC, HS Management Partners, LLC, O’Shaughnessy Asset Management, LLC, and Parametric Portfolio Associates LLC (in the case of the Large Cap Fund); GW&K Investment Management, LLC, Loomis, Sayles & Company, L.P., LSV Asset Management, NWQ Investment Management Company, LLC, Westfield Capital Management Company, L.P. and Parametric Portfolio Associates LLC (in the case of the Small/Mid Cap Fund); American Century Investment Management, Inc., Arrowstreet Capital, Limited Partnership, LSV Asset Management, Massachusetts Financial Services Company and Parametric Portfolio Associates LLC (in the case of the Non-US Core Equity Fund); AQR Capital Management, LLC, Copper Rock Capital Partners LLC, Investec Asset Management Ltd., KBI Global Investors (North America) Ltd., William Blair Investment Management, LLC and Parametric Portfolio Associates LLC (in the case of the Emerging Markets Fund); Acadian Asset Management LLC, Martingale Asset Management, L.P., MFG Asset Management and Parametric Portfolio Associates LLC (in the case of the Global Low Volatility Fund); Income Research & Management, Manulife Asset Management (US) LLC and PGIM, Inc. (in the case of the Core Fixed Income Fund) and Franklin Advisers, Inc. and Investec Asset Management Ltd. (in the case of the Opportunistic Fixed Income Fund) (each a “Subadvisor,” and together, the “Subadvisors”).

In considering the renewal of the Subadvisory Agreements, the Trustees considered the information and materials from the Advisor and counsel that included, as to each Subadvisor whose Subadvisory Agreement was being considered and each Fund: (i) the Subadvisory Agreement between the Advisor and the Subadvisor; (ii) information regarding the review and due diligence process by which the Advisor selected, monitored, and evaluated the Subadvisor, and recommended the Subadvisor for Board approval; (iii) information describing the nature, extent, and quality of the services that the Subadvisor provided to the respective Fund, and the fees that the Subadvisor charged the Advisor for these services; (iv) information regarding the Subadvisor’s business and operations, financial condition, portfolio management team, and compliance program; (v) the Subadvisor’s brokerage and trading policies and practices; (vi) the Subadvisor’s performance in managing its allocated portion of the Fund’s investment portfolio; (vii) the Subadvisor’s historical performance returns managing a similar investment mandate, and a comparison of the performance returns to a relevant index; and (viii) the Advisor’s detailed monitoring and reporting of Subadvisor performance on qualitative and quantitative factors.

In addition, the Trustees considered presentations made by, and discussions held with, representatives of the Advisor and representatives of the Subadvisors at the Meeting and throughout the course of the year and before at regularly scheduled Board meetings. During their review of this information, the Trustees also considered the Subadvisors’ answers and responses to applicable information requests contained in their 15(c) Information Request Letters. The Trustees considered and analyzed the factors that the Board deemed relevant with respect to each Subadvisor, including: the nature, extent, and quality of the services that were provided to the applicable Fund by the Subadvisor; the Subadvisor’s investment

194

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

management style and investment decision-making process; the Subadvisor’s historical performance record managing its allocated portion of the Fund’s portfolio, as well as pooled investment products similar to the applicable Fund; the qualifications and experience of the employees at the Subadvisor who were responsible for the day-to-day management of the allocated portion of the Fund; and the Subadvisor’s staffing levels and overall resources. The Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors, which includes extensive management and compliance due diligence with respect to the management and operations of each of the Subadvisors. Additionally, the Independent Trustees received assistance and advice regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements and reviewed materials supplied by their independent legal counsel

In particular, and as to each Fund and to each Subadvisor, the Board, including the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the advisory services that were provided by the Subadvisors.  The Trustees reviewed the nature, extent, and quality of the advisory services that each Subadvisor had provided to the applicable Fund. The Trustees considered the Advisor’s active role as a manager of managers, which included, among other items, monitoring and evaluating the performance of the Subadvisors, recommending that Subadvisors that have not performed as expected either be replaced or their allocated portion of the Fund’s portfolio be reduced, and negotiating fee arrangements that may permit the Funds to realize economies of scale without compromising the quality of services. The Trustees considered the specific investment management process that was employed by each Subadvisor in managing the assets that were allocated to the Subadvisor (which had been discussed with each Subadvisor previously); the qualifications, experience, and capabilities of the Subadvisor’s management and other personnel responsible for the portfolio management of the allocated portion of the applicable Fund; the financial position of the Subadvisor; the quality of the Subadvisor’s regulatory and legal compliance policies and procedures; and the Subadvisor’s brokerage practices. The Trustees considered each Subadvisor’s infrastructure and whether it continued to support the Subadvisor’s investment strategy adequately. The Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to each Subadvisor, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services that were provided by the Subadvisor. The Trustees determined that each Fund would continue to benefit from the quality and experience of the portfolio managers of each Fund’s Subadvisors.

Based on their consideration and review of the foregoing information, the Trustees concluded that the nature, extent, and quality of the subadvisory services that were provided by each Subadvisor, as well as each Subadvisor’s ability to continue to provide these services based on its experience, operations, and resources, were adequate and appropriate, and had benefited, and will continue to benefit, the applicable Fund and its shareholders. The Trustees concluded that these factors supported the continuation of the Subadvisory Agreements with the Subadvisors.

(b)  The costs of the services provided and the profits realized by the Subadvisor and its affiliates from the Subadvisor’s relationship with the Funds.  The Trustees considered the review, selection, and due diligence process employed by the Advisor in deciding to recommend each Subadvisor as a Subadvisor to the respective Fund. The Trustees took account of the Advisor’s recommendation at the Meeting that the Subadvisors be continued, particularly in light of the fact that the Subadvisors’ fees were paid by the Advisor and not by the Funds (or their shareholders), and, thus, payments to the Subadvisors detracted from the Advisor’s profitability.

195

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2017 (Unaudited)

The Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Funds, an analysis of economies of scale and profitability was more appropriate in the context of their consideration of the Management Agreement with the Advisor. In addition, since the fees paid by the Advisor to each Subadvisor were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate reasonable fees with the Subadvisors, the consideration of each Subadvisor’s profitability was not considered relevant to the Trustees’ deliberations. The Trustees took into account the Advisor’s ongoing monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, the Advisor’s assessment that the subadvisory fee rates charged by each Subadvisor reflected a reasonable fee arrangement, and the Advisor’s continued initiative to implement reduced subadvisory fee schedules with the Subadvisors which results in a benefit to the Advisor. The Trustees noted that the subadvisory fees were paid by the Advisor to each Subadvisor and were not additional fees to be borne by the Funds or their shareholders. The Trustees also considered the information supplied by each Subadvisor, in its 15(c) questionnaire, that presented data regarding fees charged to other clients of the Subadvisor. Based on their discussion, the Trustees concluded that, in light of the quality and extent of the services that were provided, the fees paid to each Subadvisor with respect to the Fund assets that were allocated to the Subadvisor appeared to be within a reasonable range in relation to the services to be provided by each Subadvisor.

(c)  Ancillary Benefits.  The Trustees considered whether there were any ancillary benefits that may accrue to the Subadvisors as a result of their relationships with the Funds. The Trustees concluded that certain Subadvisors may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Trustees noted that the Subadvisors were required to select brokers who met the Funds’ requirements for seeking best execution, and that the Advisor monitored and evaluated the Subadvisors’ trade execution with respect to Fund brokerage transactions on a quarterly basis and provided reports to the Board on these matters. The Trustees concluded that the benefits accruing to the Subadvisors by virtue of their relationships with the Funds were reasonable based upon the level and quality of services provided.

(d)  The extent to which economies of scale were realized as each Fund grew, and whether fee levels reflected these economies of scale for the benefit of Fund shareholders.  The Trustees next discussed economies of scale. The Trustees considered each Subadvisor’s fee schedule for providing services to the applicable Fund, and noted that several of the Subadvisory Agreements included breakpoints that would reduce the Subadvisor’s fees as assets in the applicable Fund increased. It was noted that the benefit of breakpoints would go to the Advisor, and not to the Funds, and would be reflected in the Advisor’s profitability, which had been reviewed by the Trustees.

(e)  The investment performance of the Funds and the Subadvisors.  The Trustees considered whether each Subadvisor operated within the applicable Fund’s investment objective and style, and considered each Subadvisor’s record of compliance with the Fund’s relevant investment restrictions. The Trustees also considered the Advisor’s conclusions, and the reasons supporting the Advisor’s conclusions, that the performance record of each Subadvisor supported the approval of its Subadvisory Agreement.

Conclusion.  Following full consideration of the foregoing factors, it was reported that no single factor was determinative to the decisions of the Trustees. Based on these factors, along with the determination of the Advisor at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Trustees concluded that the fee rate for each Subadvisor continued to be supported by the services that were provided by each of the Subadvisors to the Funds. As a result, the Board, including all of the Independent Trustees, concluded that the approval of the Subadvisory Agreements was in the best interests of the Funds and their shareholders, and approved the renewal of each of the Subadvisory Agreements.

196

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited)

As a mutual fund shareholder, you incur different costs: transaction costs, including sales charges (loads) on purchases, redemption fees and certain exchange fees and ongoing costs, including management fees, distribution fees (12b-1 fees), and other fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand the ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The first line in the table for each Fund shows the actual account values and actual fund expenses you would have paid on a $1,000 investment in the Fund from April 1, 2017 through September 30, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual fund returns and expenses. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = $8.60) and multiply the result by the number in the Operating Expenses Incurred column as shown below for your Class. The second line in the table for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid on your investment for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown reflect ongoing costs only, and do not include any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line in the table of each fund is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If transaction costs were included, total costs would be higher.

Large Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.60%		1,000.00		1,096.10		1,048.05		3.15
Hypothetical		0.60%		1,000.00		1,022.06		1,011.03		3.04

* Actual expenses are equal to the Class’ annualized expense ratio of 0.60%, multiplied by the average account value over the period, multiplied by 183/365

Small/Mid Cap — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.96%		1,000.00		1,064.40		1,032.20		4.97
Hypothetical		0.96%		1,000.00		1,020.26		1,010.13		4.86

* Actual expenses are equal to the Class’ annualized expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 183/365

197

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited) (Continued)

Non-US Core Equity — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.79%**		1,000.00		1,132.20		1,066.10		4.22
Hypothetical		0.79%**		1,000.00		1,021.11		1,010.56		4.00

* Actual expenses are equal to the Class’ annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

Core Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.43%		1,000.00		1,028.10		1,014.05		2.19
Hypothetical		0.43%		1,000.00		1,022.91		1,011.46		2.18

* Actual expenses are equal to the Class’ annualized expense ratio of 0.43%, multiplied by the average account value over the period, multiplied by 183/365

Opportunistic Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.92%**		1,000.00		1,063.40		1,031.70		4.76
Hypothetical		0.92%**		1,000.00		1,020.46		1,010.23		4.66

* Actual expenses are equal to the Class’ annualized expense ratio of 0.92%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

Emerging Markets — Class Y3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.94%**		1,000.00		1,140.20		1,070.10		5.04
Hypothetical		0.94%**		1,000.00		1,020.36		1,010.18		4.76

* Actual expenses are equal to the Class’ annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 183/365

** Includes interest expense that amounts to less than 0.01%.

198

Mercer Funds

Understanding Your Fund’s Expenses (Unaudited) (Continued)

Global Low Volatility — Class Y3

Hypothetical Return on $1,000

	Expense Ratio		Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.79%		1,000.00		1,084.80		1,042.40		4.13
Hypothetical		0.79%		1,000.00		1,021.11		1,010.56		4.00

* Actual expenses are equal to the Class’ annualized expense ratio of 0.79%, multiplied by the average account value over the period, multiplied by 183/365

199

Mercer Funds

Trustees and Officers (Unaudited)

The following tables list the Trust’s Trustees and Officers as of the date of this report; their address and age; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trust’s trustees, including changes subsequent to the date of the report. The SAI is available, without charge, upon request, by calling 1-866-658-9896, or on the SEC website at www.sec.gov.

Independent Trustees

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Harrison M. Bains, Jr. 99 High Street Boston, MA 02110 (74)	Chairperson and Trustee	Chairperson since 2016; Trustee since 2005	Mr. Bains is retired.		7	Mr. Bains is a director of Cara Therapeutics, Inc.; Mr. Bains was a director of BG Medicine, Inc. (2007 to 2014) and a trustee of BofA Funds Series Trust (11 portfolios) (2011 to 2016).

200

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Adela M. Cepeda A.C. Advisory, Inc. 150 North Wacker Drive, Suite 2160 Chicago, IL 60606 (59)	Trustee	Since 2005	Ms. Cepeda is Managing Director of PFM Financial Advisors LLC (a financial advisory firm) since September 2016. Ms. Cepeda was previously Founder and President of A.C. Advisory, Inc. (a financial advisory firm) 1995 — 2016.		7	Ms. Cepeda is a director or trustee of: The UBS Funds (15 portfolios); UBS Relationship Funds (11 portfolios); SMA Relationship Trust (5 portfolios); Consulting Group Capital Markets Funds (9 portfolios); BMO Financial Corp. (U.S. holding company for BMO Harris Bank N.A.); Ms. Cepeda was a director of Fort Dearborn Income Securities, Inc. (2000 to 2016); and Amalgamated Bank of Chicago (2003 to 2012).
Gail A. Schneider 99 High Street Boston, MA 02110 (69)	Trustee	Trustee Since 2009	Ms. Schneider is a self-employed consultant since 2007.		7	None

201

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Interested Trustee:

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Richard S. Joseph** (52)	Trustee, President, and Chief Executive Officer	Since 2016	Mr. Joseph is President and Head of the US Mercer Delegated Solutions of Mercer Investment Management, Inc. since December 2015. Prior to December 2015, he was Chief Operating Officer of Mercer Investment Management, Inc. since 2005.		7	Mr. Joseph is a trustee of Mercer Trust Company and a director of Mercer Investment Management, Inc.

(1) Each Trustee holds office for an indefinite term.

* The “Fund Complex” consists of the Trust, which has seven portfolios.

** Mr. Joseph is considered to be an “interested person,” as defined in the 1940 Act, of the Trust due to his relationship with the Advisor.

202

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Officers:

The executive officers of the Trust not named above are:

Name and Age	Position(s) Held with the Trust	Term of Office† and Length of Time Served	Principal Occupation(s) During Past 5 Years
Janice Desmond (66)	Treasurer and Chief Financial Officer	Since 2015	Ms. Desmond is a CPA and has served as Head of Fund Administration for Mercer Investment Management, Inc. since 2010.
Carol Ann McMahon (45)	Vice President and Assistant Treasurer	Since 2017	Ms. McMahon is a Partner and Global and US GBS Wealth COO. Ms. McMahon was appointed to the role of global COO for investments in January 2016 and US COO in January 2017, and prior to that held the position of European COO since 2006.
Stan Mavromates (56)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investment Management, Inc. since 2012. Prior to 2012, he served as Chief Investment Officer of the Massachusetts Pension Reserves Investment Management Board (2005-2012).
Colin Dean (40)	Vice President, Chief Legal Officer, and Secretary	Since 2017	Mr. Dean has served as Senior Legal Counsel — Investments for Mercer Investment Management, Inc. and Mercer Investment Consulting LLC since 2010.
Caroline Hulme (32)	Vice President and Assistant Secretary	Since 2017	Ms. Hulme has served as Legal Counsel — Investments for Mercer Investment Management, Inc. and Mercer Investment Consulting LLC since 2014. Prior to 2014, she was an Associate in the investment management practice group of Bingham McCutchen LLP.
Larry Vasquez (50)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investment Management, Inc. since 2012. Prior to joining Mercer, he was a Portfolio Manager at UBS Global Asset Management, Inc. from 2009 to 2012.
Robert Phay (49)	Vice President and Chief Compliance Officer	Since 2016	Mr. Phay is the Chief Risk and Compliance Officer — Investments of Mercer Investment Management, Inc. and Mercer Investment Consulting, Inc. since March 2015. Mr. Phay most recently served in various compliance and legal positions for Commonfund, including Chief Compliance Officer (September 2011 — February 2015), Acting General Counsel (January 2015 — February 2015), and Associate General Counsel (July 2006 — December 2014).

† Officers of the Trust are elected by the Trustees and serve at the pleasure of the Board.

203

Shares of Mercer Funds are distributed by MGI Funds Distributors, LLC.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the

Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))), are effective based on the evaluation of Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certification of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   Mercer Funds

By (Signature and Title)	By: /S/ Richard Joseph
	Richard Joseph  President and Chief Executive Officer  (Principal Executive Officer)

Date   November 21, 2017                

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.

By (Signature and Title)	By: /S/ Richard Joseph
	Richard Joseph  President and Chief Executive Officer  (Principal Executive Officer)

Date   November 21, 2017                

By (Signature and Title)	By: /S/ Janice Desmond
	Janice Desmond  Treasurer and Chief Financial Officer  (Principal Financial Officer)

Date   November 21, 2017