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, 2019

Date of Reporting Period: September 30, 2018

Item 1. Reports to Stockholders.

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, 2018

MERCER FUNDS

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	160
Statements of Operations	163
Statements of Changes in Net Assets	165
Financial Highlights	169
Notes to the Financial Statements	176
Understanding Your Fund’s Expenses	237
Trustees and Officers	240

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 97.1%
		Aerospace & Defense — 0.9%
	5,720	L3 Technologies, Inc.		1,216,186
	6,056	Northrop Grumman Corp.		1,921,993
	9,610	Spirit AeroSystems Holdings, Inc. Class A		880,949
				4,019,128
		Agriculture — 0.3%
	29,780	Archer-Daniels-Midland Co.		1,497,041
		Airlines — 1.6%
	62,550	American Airlines Group, Inc.‡		2,585,192
	34,516	Delta Air Lines, Inc.		1,996,060
	27,737	United Continental Holdings, Inc.*		2,470,257
				7,051,509
		Apparel — 1.2%
	14,800	LVMH Moet Hennessy Louis Vuitton SE, ADR‡		1,043,252
	11,087	Michael Kors Holdings, Ltd.*		760,125
	22,621	NIKE, Inc. Class B		1,916,451
	5,944	PVH Corp.		858,313
	3,043	Ralph Lauren Corp.		418,565
	5,141	VF Corp.		480,426
				5,477,132
		Auto Manufacturers — 0.5%
	64,903	General Motors Co.		2,185,284
		Auto Parts & Equipment — 1.1%
	15,448	BorgWarner, Inc.		660,865
	39,022	Goodyear Tire & Rubber Co. (The)		912,725
	7,874	Lear Corp.		1,141,730
	38,363	Magna International, Inc. Class A		2,015,208
				4,730,528
		Banks — 5.5%
	95,823	Bank of America Corp.		2,822,946
	19,900	BNP Paribas SA, ADR‡		605,756
	9,353	Capital One Financial Corp.		887,880
	3,984	CIT Group, Inc.		205,614
	109,388	Citigroup, Inc.		7,847,495
	41,190	Citizens Financial Group, Inc.		1,588,698
	106,972	Fifth Third Bancorp		2,986,658
	16,200	First Republic Bank		1,555,200
	24,560	JPMorgan Chase & Co.		2,771,351
	151,437	Regions Financial Corp.		2,778,869
	1,567	SVB Financial Group*		487,071
				24,537,538

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Beverages — 4.1%
	47,150	Anheuser-Busch InBev SA, ADR‡		4,128,925
	129,525	Coca-Cola Co. (The)		5,982,760
	18,548	Diageo Plc, ADR‡		2,627,695
	43,050	Heineken NV, ADR‡		2,017,754
	17,500	Molson Coors Brewing Co. Class B		1,076,250
	21,688	PepsiCo, Inc.		2,424,718
				18,258,102
		Biotechnology — 2.9%
	13,755	Alexion Pharmaceuticals, Inc.*		1,912,083
	10,786	Amgen, Inc.		2,235,830
	25,139	Celgene Corp.*		2,249,689
	9,790	Exact Sciences Corp.* ‡		772,627
	8,800	Gilead Sciences, Inc.		679,448
	6,519	Illumina, Inc.*		2,392,864
	3,400	Shire Plc, ADR		616,318
	11,510	Vertex Pharmaceuticals, Inc.*		2,218,437
				13,077,296
		Building Materials — 0.3%
	40,851	Masco Corp.		1,495,147
		Chemicals — 1.8%
	22,703	Celanese Corp. Series A		2,588,142
	14,920	DowDuPont, Inc.		959,505
	6,000	Eastman Chemical Co.		574,320
	18,872	LyondellBasell Industries NV Class A		1,934,569
	4,810	Sherwin-Williams Co. (The)		2,189,560
				8,246,096
		Commercial Services — 2.5%
	12,700	Macquarie Infrastructure Corp.		585,851
	21,517	New Oriental Education & Technology Group, Inc., ADR*		1,592,473
	33,053	PayPal Holdings, Inc.*		2,903,375
	38,164	Quanta Services, Inc.*		1,273,914
	13,657	Robert Half International, Inc.		961,180
	2,602	S&P Global, Inc.		508,405
	5,448	United Rentals, Inc.*		891,293
	138,145	Western Union Co. (The)		2,633,044
				11,349,535
		Computers — 1.5%
	8,342	Apple, Inc.		1,883,123
	31,245	Hewlett Packard Enterprise Co.		509,606
	73,811	HP, Inc.		1,902,110
	47,058	Seagate Technology Plc		2,228,196
				6,523,035

See accompanying Notes to the Financial Statements.

2

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Cosmetics & Personal Care — 0.9%
	9,470	Estee Lauder Cos., Inc. (The) Class A		1,376,180
	30,855	Procter & Gamble Co. (The)		2,568,062
				3,944,242
		Distribution & Wholesale — 0.6%
	26,280	HD Supply Holdings, Inc.*		1,124,521
	4,177	W.W. Grainger, Inc.		1,492,902
				2,617,423
		Diversified Financial Services — 5.2%
	110,811	Ally Financial, Inc.		2,930,951
	34,038	Ameriprise Financial, Inc.		5,026,051
	78,416	Charles Schwab Corp. (The)		3,854,147
	22,997	Discover Financial Services		1,758,121
	35,700	Invesco, Ltd.		816,816
	21,825	Jefferies Financial Group, Inc.		479,277
	9,266	Mastercard, Inc. Class A		2,062,704
	19,300	OneMain Holdings, Inc.*		648,673
	52,300	Santander Consumer USA Holdings, Inc.		1,048,092
	49,300	SLM Corp.*		549,695
	48,854	Synchrony Financial		1,518,382
	17,847	Visa, Inc. Class A‡		2,678,656
				23,371,565
		Electric — 0.6%
	75,031	AES Corp.		1,050,434
	1,431	Entergy Corp.		116,097
	32,124	Exelon Corp.		1,402,534
				2,569,065
		Electrical Components & Equipment — 0.1%
	1,298	Acuity Brands, Inc.		204,046
		Electronics — 1.1%
	13,499	Agilent Technologies, Inc.		952,219
	67,652	Corning, Inc.		2,388,116
	5,012	Keysight Technologies, Inc.*		332,195
	12,916	TE Connectivity, Ltd.		1,135,704
				4,808,234
		Engineering & Construction — 0.2%
	15,700	AECOM*		512,762
	5,275	Jacobs Engineering Group, Inc.		403,537
				916,299
		Entertainment — 0.1%
	6,000	Cinemark Holdings, Inc.‡		241,200

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Food — 4.6%
	72,994	Conagra Brands, Inc.		2,479,606
	20,209	General Mills, Inc.		867,370
	5,000	Ingredion, Inc.		524,800
	6,100	JM Smucker Co. (The)		625,921
	60,175	Kellogg Co.‡		4,213,453
	67,693	Kroger Co. (The)		1,970,543
	70,400	Nestle SA, ADR		5,857,280
	42,226	Sysco Corp.		3,093,055
	15,850	Tyson Foods, Inc. Class A		943,551
				20,575,579
		Health Care - Products — 1.3%
	24,402	Baxter International, Inc.		1,881,150
	8,684	Edwards Lifesciences Corp.*		1,511,884
	8,584	IDEXX Laboratories, Inc.*		2,143,082
	3,600	Zimmer Biomet Holdings, Inc.		473,292
				6,009,408
		Health Care - Services — 1.4%
	4,128	DaVita, Inc.*		295,689
	5,380	Humana, Inc.		1,821,238
	7,787	Laboratory Corp. of America Holdings*		1,352,446
	5,129	Quest Diagnostics, Inc.		553,470
	5,513	UnitedHealth Group, Inc.		1,466,678
	1,738	WellCare Health Plans, Inc.*		557,012
				6,046,533
		Home Builders — 0.9%
	36,856	D.R. Horton, Inc.		1,554,586
	122	NVR, Inc.*		301,438
	94,946	PulteGroup, Inc.		2,351,812
				4,207,836
		Housewares — 0.1%
	18,400	Tupperware Brands Corp.		615,480
		Insurance — 3.6%
	18,422	Allstate Corp. (The)		1,818,251
	610	Aon Plc		93,806
	8,816	Berkshire Hathaway, Inc. Class B*		1,887,594
	52,859	Hartford Financial Services Group, Inc. (The)		2,640,836
	22,787	Lincoln National Corp.		1,541,768
	63,168	MetLife, Inc.		2,951,209
	18,414	Prudential Financial, Inc.		1,865,706
	20,157	Unum Group		787,534
	52,779	Voya Financial, Inc.		2,621,533
				16,208,237

See accompanying Notes to the Financial Statements.

4

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Internet — 8.8%
	15,936	Alibaba Group Holding, Ltd., ADR*		2,625,615
	4,526	Alphabet, Inc. Class A*		5,463,244
	2,055	Alphabet, Inc. Class C*		2,452,581
	1,764	Amazon.com, Inc.*		3,533,292
	1,521	Booking Holdings, Inc.*		3,017,664
	16,419	CDW Corp.		1,459,978
	41,577	Ctrip.com International, Ltd., ADR*		1,545,417
	182,425	eBay, Inc.*		6,023,674
	5,634	F5 Networks, Inc.*		1,123,532
	53,926	Facebook, Inc. Class A*		8,868,670
	1,872	IAC/InterActiveCorp*		405,700
	4,086	MercadoLibre, Inc.‡		1,391,160
	10,018	VeriSign, Inc.*		1,604,082
				39,514,609
		Iron & Steel — 0.4%
	5,740	Reliance Steel & Aluminum Co.		489,564
	25,889	Steel Dynamics, Inc.		1,169,924
				1,659,488
		Leisure Time — 0.4%
	11,400	Carnival Corp.		726,978
	18,200	Norwegian Cruise Line Holdings, Ltd.*		1,045,226
				1,772,204
		Lodging — 1.2%
	39,438	Marriott International, Inc. Class A		5,206,999
		Machinery - Diversified — 0.5%
	30,032	Cognex Corp.		1,676,386
	6,061	Dover Corp.		536,581
				2,212,967
		Media — 3.9%
	224,857	Comcast Corp. Class A		7,962,186
	57,976	News Corp. Class A		764,704
	15,120	Viacom, Inc. Class B		510,451
	68,956	Walt Disney Co. (The)		8,063,715
				17,301,056
		Mining — 0.1%
	7,563	Freeport-McMoRan, Inc.		105,277
	13,076	Teck Resources, Ltd. Class B		315,132
				420,409
		Miscellaneous - Manufacturing — 0.9%
	18,650	Illinois Tool Works, Inc.		2,631,888

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Miscellaneous - Manufacturing — continued
	19,186	Textron, Inc.		1,371,223
				4,003,111
		Oil & Gas — 7.2%
	40,544	Anadarko Petroleum Corp.		2,733,071
	70,173	BP Plc, ADR		3,234,975
	78,900	Canadian Natural Resources, Ltd.		2,576,874
	4,160	Chevron Corp.		508,685
	67,576	ConocoPhillips		5,230,382
	40,800	Devon Energy Corp.		1,629,552
	10,000	Helmerich & Payne, Inc.		687,700
	5,853	HollyFrontier Corp.		409,125
	33,231	Marathon Oil Corp.		773,618
	62,457	Marathon Petroleum Corp.		4,994,686
	11,362	Occidental Petroleum Corp.		933,616
	27,689	Phillips 66		3,121,104
	6,708	Pioneer Natural Resources Co.		1,168,467
	36,563	Valero Energy Corp.		4,159,041
				32,160,896
		Oil & Gas Services — 0.7%
	22,100	Halliburton Co.		895,713
	18,600	Oceaneering International, Inc.*		513,360
	26,400	Schlumberger, Ltd.		1,608,288
				3,017,361
		Packaging & Containers — 0.5%
	18,400	Crown Holdings, Inc.* ‡		883,200
	38,028	Sealed Air Corp.		1,526,824
				2,410,024
		Pharmaceuticals — 4.1%
	4,000	AbbVie, Inc.		378,320
	51,135	Bristol-Myers Squibb Co.		3,174,461
	8,919	Cardinal Health, Inc.		481,626
	14,800	CVS Health Corp.		1,165,056
	9,174	Eli Lilly & Co.		984,462
	31,400	Horizon Pharma Plc*		614,812
	2,600	Jazz Pharmaceuticals Plc*		437,138
	17,908	Johnson & Johnson		2,474,348
	10,958	McKesson Corp.		1,453,579
	30,445	Merck & Co., Inc.		2,159,768
	19,300	Mylan NV*		706,380
	65,775	Pfizer, Inc.		2,898,704
	9,700	Portola Pharmaceuticals, Inc.* ‡		258,311
	13,160	Zoetis, Inc.		1,204,930
				18,391,895

See accompanying Notes to the Financial Statements.

6

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Pipelines — 0.2%
	51,000	Kinder Morgan, Inc.		904,230
		Private Equity — 1.0%
	49,720	Blackstone Group, LP (The)*		1,893,338
	97,630	KKR & Co., Inc.‡		2,662,370
				4,555,708
		Real Estate — 0.3%
	34,420	CBRE Group, Inc. Class A*		1,517,922
		REITS — 0.3%
	59,935	Host Hotels & Resorts, Inc. REIT		1,264,628
		Retail — 9.1%
	35,530	Best Buy Co., Inc.		2,819,661
	5,298	Costco Wholesale Corp.		1,244,394
	9,825	Darden Restaurants, Inc.		1,092,442
	17,825	Dunkin’ Brands Group, Inc.		1,314,059
	9,503	Foot Locker, Inc.		484,463
	13,325	Gap, Inc. (The)		384,426
	12,420	Home Depot , Inc. (The)		2,572,803
	26,216	Kohl’s Corp.		1,954,403
	4,201	Lowe’s Cos., Inc.		482,359
	2,526	Lululemon Athletica, Inc.*		410,450
	15,142	Macy’s, Inc.		525,882
	33,750	McDonald’s Corp.		5,646,037
	6,903	Ross Stores, Inc.		684,087
	56,769	Starbucks Corp.		3,226,750
	14,235	Tapestry, Inc.		715,593
	17,656	Target Corp.		1,557,436
	15,359	Ulta Salon Cosmetics & Fragrance, Inc.*		4,333,081
	4,566	Walgreens Boots Alliance, Inc.		332,861
	68,205	Walmart, Inc.		6,405,132
	46,925	Williams-Sonoma, Inc.‡		3,083,911
	16,407	Yum! Brands, Inc.		1,491,560
				40,761,790
		Semiconductors — 1.8%
	47,487	Applied Materials, Inc.		1,835,373
	28,242	Intel Corp.		1,335,564
	3,259	KLA-Tencor Corp.		331,473
	51,072	Micron Technology, Inc.*		2,309,987
	8,271	NVIDIA Corp.		2,324,316
				8,136,713
		Shipbuilding — 0.2%
	3,406	Huntington Ingalls Industries, Inc.		872,208

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Software — 6.8%
	24,664	Activision Blizzard, Inc.		2,051,798
	8,400	Adobe Systems, Inc.*		2,267,580
	20,848	Cadence Design Systems, Inc.*		944,831
	16,144	CDK Global, Inc.		1,009,969
	35,807	Citrix Systems, Inc.*		3,980,306
	51,000	First Data Corp. Class A*		1,247,970
	8,718	Intuit, Inc.		1,982,473
	68,449	Microsoft Corp.		7,828,512
	7,797	MSCI, Inc. Class A		1,383,266
	16,060	salesforce.com, Inc.*		2,554,022
	12,594	ServiceNow, Inc.*		2,463,764
	17,396	Splunk, Inc.*		2,103,351
	3,499	Take-Two Interactive Software, Inc.*		482,827
				30,300,669
		Telecommunications — 2.8%
	51,100	AT&T, Inc.		1,715,938
	22,088	CenturyLink, Inc.		468,266
	114,563	Cisco Systems, Inc.		5,573,490
	63,014	Juniper Networks, Inc.		1,888,529
	52,215	Verizon Communications, Inc.		2,787,759
				12,433,982
		Transportation — 0.7%
	4,259	CSX Corp.		315,379
	6,854	FedEx Corp.		1,650,375
	7,792	Union Pacific Corp.		1,268,771
				3,234,525
		Trucking & Leasing — 0.3%
	23,700	AerCap Holdings NV*		1,363,224
		TOTAL COMMON STOCKS (COST $369,857,288)		434,199,136
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 2.0%
		Mutual Fund - Securities Lending Collateral — 1.8%
	7,743,812	State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## ***		7,743,812

See accompanying Notes to the Financial Statements.

8

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — 0.2%
	1,000,000		United States Treasury Bill, 2.34%, due 03/14/19** ‡‡		989,412
			TOTAL SHORT-TERM INVESTMENTS (COST $8,733,357)		8,733,224
			TOTAL INVESTMENTS — 99.1% (COST $378,590,645)		442,932,360
			Other Assets and Liabilities (net) — 0.9%		4,156,858
			NET ASSETS — 100.0%	$	447,089,218
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	47	S&P 500 E-mini Index		Dec 2018	$	6,859,650	$	20,225
	4	S&P Mid 400 E-mini Index		Dec 2018		810,080		(11,429	)
							$	8,796

See accompanying Notes to the Financial Statements.

10

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.1
Futures Contracts		0.0
Short-Term Investments		2.0
Other Assets and Liabilities (net)		0.9
		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, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 93.6%
		Aerospace & Defense — 1.3%
	24,057	HEICO Corp.		2,227,919
	39,000	Spirit AeroSystems Holdings, Inc. Class A		3,575,130
	12,575	Teledyne Technologies, Inc.*		3,102,001
	7,194	TransDigm Group, Inc.*		2,678,326
				11,583,376
		Airlines — 0.9%
	24,100	Alaska Air Group, Inc.		1,659,526
	111,000	JetBlue Airways Corp.*		2,148,960
	61,485	SkyWest, Inc.		3,621,467
				7,429,953
		Apparel — 1.0%
	32,123	Carter’s, Inc.		3,167,328
	17,710	Columbia Sportswear Co.		1,648,270
	22,200	Michael Kors Holdings, Ltd.*		1,522,032
	82,164	Skechers U.S.A., Inc. Class A*		2,294,840
				8,632,470
		Auto Manufacturers — 0.2%
	93,900	Wabash National Corp.		1,711,797
		Auto Parts & Equipment — 2.1%
	45,100	Allison Transmission Holdings, Inc.		2,345,651
	29,620	Altra Industrial Motion Corp.		1,223,306
	30,100	BorgWarner, Inc.		1,287,678
	8,800	Cooper-Standard Holdings, Inc.*		1,055,824
	92,923	Delphi Technologies Plc		2,914,065
	29,947	Dorman Products, Inc.*		2,303,523
	61,600	Goodyear Tire & Rubber Co. (The)		1,440,824
	9,700	Lear Corp.		1,406,500
	27,700	Tenneco, Inc.		1,167,278
	39,700	Tower International, Inc.		1,200,925
	12,275	Visteon Corp.*		1,140,348
	10,411	WABCO Holdings, Inc.*		1,227,873
				18,713,795
		Banks — 5.3%
	95,528	BankUnited, Inc.		3,381,691
	40,300	CIT Group, Inc.		2,079,883
	29,171	Columbia Banking System, Inc.		1,130,960
	64,517	East-West Bancorp, Inc.		3,894,891
	26,300	Fidelity Southern Corp.		651,714
	53,296	First Interstate BancSystem, Inc. Class A		2,387,661
	40,667	Glacier Bancorp, Inc.		1,752,341
	27,795	Great Western Bancorp, Inc.		1,172,671
	48,700	Hanmi Financial Corp.		1,212,630

See accompanying Notes to the Financial Statements.

12

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Banks — continued
	48,723	Home BancShares, Inc.		1,067,034
	91,700	Hope Bancorp, Inc.		1,482,789
	95,100	Old National Bancorp		1,835,430
	30,237	Pinnacle Financial Partners, Inc.		1,818,756
	154,500	Regions Financial Corp.		2,835,075
	18,167	Signature Bank		2,086,298
	6,581	SVB Financial Group*		2,045,572
	134,400	TCF Financial Corp.		3,200,064
	24,922	Texas Capital Bancshares, Inc.*		2,059,803
	16,199	UMB Financial Corp.		1,148,509
	34,228	Webster Financial Corp.		2,018,083
	80,299	Western Alliance Bancorp*		4,568,210
	56,000	Zions Bancorporation		2,808,400
				46,638,465
		Biotechnology — 2.0%
	45,150	Acceleron Pharma, Inc.* ‡		2,583,934
	12,060	Alnylam Pharmaceuticals, Inc.* ‡		1,055,491
	7,145	Argenx SE, ADR* ‡		541,877
	15,238	Bio-Rad Laboratories, Inc. Class A*		4,769,342
	31,702	Blueprint Medicines Corp.*		2,474,658
	36,200	Innoviva, Inc.*		551,688
	63,590	Medicines Co. (The)* ‡		1,901,977
	12,496	Sage Therapeutics, Inc.*		1,765,060
	11,400	United Therapeutics Corp.*		1,457,832
				17,101,859
		Building Materials — 1.4%
	37,058	Eagle Materials, Inc.		3,158,824
	15,305	Lennox International, Inc.		3,342,612
	26,500	Owens Corning		1,438,155
	8,062	Simpson Manufacturing Co., Inc.		584,173
	88,693	Summit Materials, Inc. Class A* ‡		1,612,439
	42,697	US Concrete, Inc.*		1,957,657
				12,093,860
		Chemicals — 3.1%
	43,639	Cabot Corp.		2,737,038
	13,100	Celanese Corp. Series A		1,493,400
	11,500	Chemours Co. (The)		453,560
	26,400	Eastman Chemical Co.		2,527,008
	191,044	Huntsman Corp.		5,202,128
	21,644	Ingevity Corp.*		2,205,091
	80,180	Orion Engineered Carbons SA		2,573,778
	13,438	Quaker Chemical Corp.		2,717,298
	62,631	RPM International, Inc.		4,067,257
	34,610	W.R. Grace & Co.		2,473,230

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Chemicals — continued
	10,115	Westlake Chemical Corp.		840,658
				27,290,446
		Coal — 0.1%
	6,388	Arch Coal, Inc. Class A		571,087
		Commercial Services — 6.9%
	18,240	Adtalem Global Education, Inc.*		879,168
	70,094	Avis Budget Group, Inc.*		2,252,821
	60,740	Booz Allen Hamilton Holding Corp.		3,014,526
	13,538	Bright Horizons Family Solutions, Inc.*		1,595,318
	15,400	Carriage Services, Inc.		331,870
	11,042	CoStar Group, Inc.*		4,646,915
	30,700	Deluxe Corp.		1,748,058
	43,104	Gartner, Inc.* ‡		6,831,984
	20,297	Grand Canyon Education, Inc.*		2,289,502
	22,418	HealthEquity, Inc.* ‡		2,116,484
	9,425	LSC Communications, Inc.		104,241
	29,000	ManpowerGroup, Inc.		2,492,840
	28,072	MarketAxess Holdings, Inc.		5,010,571
	7,173	Morningstar, Inc.		903,081
	71,020	Nielsen Holdings Plc		1,964,413
	21,113	Paylocity Holding Corp.*		1,695,796
	102,082	Ritchie Bros Auctioneers, Inc.		3,688,223
	21,050	Robert Half International, Inc.		1,481,499
	25,133	RR Donnelley & Sons Co.		135,718
	41,140	ServiceMaster Global Holdings, Inc.*		2,551,914
	45,430	Total System Services, Inc.		4,485,758
	52,283	TransUnion		3,846,983
	73,600	Western Union Co. (The)‡		1,402,816
	22,749	WEX, Inc.*		4,567,089
				60,037,588
		Computers — 1.8%
	19,700	Amdocs, Ltd.		1,299,806
	62,600	Convergys Corp.		1,486,124
	23,342	EPAM Systems, Inc.*		3,214,193
	37,200	Fortinet, Inc.*		3,432,444
	122,460	NCR Corp.* ‡		3,479,089
	42,200	Seagate Technology Plc		1,998,170
	82,941	Wesco Aircraft Holdings, Inc.*		933,086
				15,842,912
		Distribution & Wholesale — 0.9%
	37,366	G-III Apparel Group, Ltd.*		1,800,668
	32,734	KAR Auction Services, Inc.		1,953,892
	10,336	Pool Corp.		1,724,872
	25,400	ScanSource, Inc.*		1,013,460

See accompanying Notes to the Financial Statements.

14

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description		Value ($)
		Distribution & Wholesale — continued
	17,822	SiteOne Landscape Supply, Inc.* ‡	��		1,342,709
	8,300	Triton International, Ltd.			276,141
					8,111,742
		Diversified Financial Services — 3.4%
	109,239	Ally Financial, Inc.			2,889,372
	27,800	Artisan Partners Asset Management, Inc. Class A			900,720
	198,560	BGC Partners, Inc. Class A			2,346,979
	25,632	E*TRADE Financial Corp.*			1,342,860
	30,382	Eaton Vance Corp.			1,596,878
	18,000	Federal Agricultural Mortgage Corp. Class C			1,299,240
	129,709	Jefferies Financial Group, Inc.			2,848,410
	42,900	Lazard, Ltd. Class A			2,064,777
	54,700	Legg Mason, Inc.			1,708,281
	36,610	LPL Financial Holdings, Inc.			2,361,711
	96,000	Navient Corp.			1,294,080
	84,552	OneMain Holdings, Inc.*			2,841,793
	32,985	Raymond James Financial, Inc.			3,036,269
	175,682	SLM Corp.*			1,958,854
	27,525	WageWorks, Inc.*			1,176,694
					29,666,918
		Electric — 1.3%
	144,200	AES Corp.			2,018,800
	23,100	CenterPoint Energy, Inc.			638,715
	27,000	Entergy Corp.			2,190,510
	80,508	OGE Energy Corp.			2,924,050
	39,913	Portland General Electric Co.			1,820,432
	42,057	PPL Corp.			1,230,588
	12,900	SCANA Corp.			501,681
					11,324,776
		Electrical Components & Equipment — 0.2%
	31,989	Generac Holdings, Inc.*			1,804,499
		Electronics — 2.7%
	21,700	Arrow Electronics, Inc.*			1,599,724
	22,700	Avnet, Inc.			1,016,279
	48,600	Flex, Ltd.*			637,632
	84,695	FLIR Systems, Inc.			5,206,202
	34,000	Jabil, Inc.			920,720
	25,837	Keysight Technologies, Inc.*			1,712,476
	4,893	Mettler-Toledo International, Inc.*			2,979,739
	35,762	National Instruments Corp.			1,728,378
	43,100	Sanmina Corp.*			1,189,560
	22,191	Sensata Technologies Holding Plc*			1,099,564
	44,148	Trimble, Inc.*			1,918,672
	68,200	TTM Technologies, Inc.*			1,085,062

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Electronics — continued
	117,800	Vishay Intertechnology, Inc.‡		2,397,230
				23,491,238
		Energy-Alternate Sources — 0.2%
	61,000	Renewable Energy Group, Inc.* ‡		1,756,800
		Engineering & Construction — 1.0%
	75,797	Exponent, Inc.		4,062,719
	22,879	Fluor Corp.		1,329,270
	37,600	MasTec, Inc.* ‡		1,678,840
	97,906	Willscot Corp.* ‡		1,679,088
				8,749,917
		Entertainment — 1.6%
	81,249	Lions Gate Entertainment Corp. Class B‡		1,893,102
	37,223	Live Nation Entertainment, Inc.*		2,027,537
	6,913	Madison Square Garden Co. (The) Class A*		2,179,807
	110,180	Penn National Gaming, Inc.*		3,627,126
	16,308	Vail Resorts, Inc.		4,475,241
				14,202,813
		Food — 1.2%
	22,700	Ingles Markets, Inc. Class A		777,475
	11,613	Ingredion, Inc.		1,218,900
	49,215	Nomad Foods, Ltd.*		997,096
	64,700	Pilgrim’s Pride Corp.*		1,170,423
	40,730	Pinnacle Foods, Inc.		2,639,711
	29,600	SpartanNash Co.		593,776
	49,631	Sprouts Farmers Market, Inc.*		1,360,386
	20,852	US Foods Holding Corp.*		642,659
	18,909	Weis Markets, Inc.		820,651
				10,221,077
		Forest Products & Paper — 0.2%
	20,500	Clearwater Paper Corp.*		608,850
	35,400	Schweitzer-Mauduit International, Inc.		1,356,174
				1,965,024
		Hand & Machine Tools — 0.5%
	19,997	Lincoln Electric Holdings, Inc.		1,868,520
	24,900	Regal Beloit Corp.		2,053,005
				3,921,525
		Health Care - Products — 2.6%
	8,760	Cantel Medical Corp. Class B		806,446
	7,910	Haemonetics Corp.*		906,328
	11,733	ICU Medical, Inc.*		3,317,506
	13,000	Integer Holdings Corp.*		1,078,350

See accompanying Notes to the Financial Statements.

16

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Health Care - Products — continued
	41,300	Lantheus Holdings, Inc.*		617,435
	24,080	Merit Medical Systems, Inc.*		1,479,716
	12,083	Penumbra, Inc.* ‡		1,808,825
	52,218	STERIS Plc		5,973,739
	40,061	West Pharmaceutical Services, Inc.		4,946,332
	63,223	Wright Medical Group NV* ‡		1,834,731
				22,769,408
		Health Care - Services — 1.8%
	35,204	Acadia Healthcare Co., Inc.* ‡		1,239,181
	89,173	Catalent, Inc.*		4,061,830
	15,340	ICON Plc, ADR*		2,358,525
	11,070	LHC Group, Inc.*		1,140,099
	14,800	LifePoint Health, Inc.*		953,120
	29,930	Quest Diagnostics, Inc.		3,229,746
	7,542	WellCare Health Plans, Inc.*		2,417,136
				15,399,637
		Home Builders — 0.9%
	12,895	Cavco Industries, Inc.*		3,262,435
	49,200	MDC Holdings, Inc.		1,455,336
	60,700	PulteGroup, Inc.		1,503,539
	13,200	Thor Industries, Inc.		1,104,840
	60,900	TRI Pointe Group, Inc.* ‡		755,160
				8,081,310
		Home Furnishings — 0.1%
	23,400	Ethan Allen Interiors, Inc.		485,550
	5,800	Whirlpool Corp.‡		688,750
				1,174,300
		Household Products & Wares — 0.4%
	29,240	Avery Dennison Corp.		3,168,154
		Housewares — 0.5%
	96,373	Newell Rubbermaid, Inc.		1,956,372
	46,233	Toro Co. (The)		2,772,593
				4,728,965
		Insurance — 4.2%
	50,715	Arthur J. Gallagher & Co.		3,775,225
	7,900	Assurant, Inc.		852,805
	51,900	Assured Guaranty, Ltd.		2,191,737
	134,700	CNO Financial Group, Inc.		2,858,334
	65,320	Essent Group, Ltd.*		2,890,410
	12,400	Everest Re Group, Ltd.		2,833,028
	18,600	HCI Group, Inc.		813,750
	66,600	Heritage Insurance Holdings, Inc.‡		987,012

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Insurance — continued
	42,642	James River Group Holdings, Ltd.		1,817,402
	20,710	Kemper Corp.		1,666,119
	48,000	Lincoln National Corp.		3,247,680
	170,000	MGIC Investment Corp.*		2,262,700
	32,941	ProAssurance Corp.		1,546,580
	17,800	Reinsurance Group of America, Inc.		2,573,168
	63,300	Universal Insurance Holdings, Inc.		3,073,215
	73,600	Unum Group		2,875,552
				36,264,717
		Internet — 1.0%
	32,686	Cogent Communications Holdings, Inc.		1,823,879
	54,052	Criteo SA, ADR*		1,239,953
	5,000	F5 Networks, Inc.*		997,100
	40,410	GoDaddy, Inc. Class A*		3,369,790
	20,584	Zendesk, Inc.*		1,461,464
				8,892,186
		Investment Companies — 0.3%
	57,300	Ares Capital Corp.		984,987
	59,200	New Mountain Finance Corp.		799,200
	104,525	Oaktree Specialty Lending Corp.		518,444
	66,200	Prospect Capital Corp.‡		485,246
				2,787,877
		Iron & Steel — 0.0%
	5,300	United States Steel Corp.		161,544
		Leisure Time — 1.1%
	19,100	Brunswick Corp.		1,280,082
	36,900	Harley-Davidson, Inc.		1,671,570
	54,735	Norwegian Cruise Line Holdings, Ltd.*		3,143,431
	36,812	Planet Fitness, Inc. Class A*		1,988,952
	19,067	Polaris Industries, Inc.‡		1,924,814
				10,008,849
		Lodging — 0.1%
	9,100	Wyndham Destinations, Inc.		394,576
	9,100	Wyndham Hotels & Resorts, Inc.		505,687
				900,263
		Machinery - Construction & Mining — 0.3%
	19,256	BWX Technologies, Inc.		1,204,270
	13,600	Oshkosh Corp.		968,864
				2,173,134
		Machinery - Diversified — 2.3%
	53,600	Briggs & Stratton Corp.		1,030,728

See accompanying Notes to the Financial Statements.

18

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Machinery - Diversified — continued
	30,318	Cactus, Inc.*		1,160,573
	57,240	Cognex Corp.		3,195,137
	51,340	Flowserve Corp.		2,807,785
	124,578	Gardner Denver Holdings, Inc.*		3,530,541
	39,509	Graco, Inc.		1,830,847
	12,221	Middleby Corp. (The)* ‡		1,580,786
	15,498	Nordson Corp.		2,152,672
	28,273	Wabtec Corp.‡		2,965,272
				20,254,341
		Media — 0.9%
	68,172	Altice USA, Inc. Class A		1,236,640
	22,900	AMC Networks, Inc. Class A* ‡		1,519,186
	34,785	Nexstar Media Group, Inc. Class A		2,831,499
	36,423	Sinclair Broadcast Group, Inc. Class A		1,032,592
	67,300	TEGNA, Inc.		804,908
				7,424,825
		Metal Fabricate & Hardware — 0.7%
	45,900	Global Brass & Copper Holdings, Inc.		1,693,710
	20,958	RBC Bearings, Inc.*		3,151,245
	28,779	Sun Hydraulics Corp.		1,576,514
				6,421,469
		Mining — 0.3%
	103,816	Goldcorp, Inc.		1,058,923
	405,043	Kinross Gold Corp.*		1,093,616
	304,075	Tahoe Resources, Inc.*		848,370
				3,000,909
		Miscellaneous - Manufacturing — 1.4%
	13,421	AptarGroup, Inc.		1,445,978
	31,820	Crane Co.		3,129,497
	57,956	Hexcel Corp.		3,885,950
	19,600	ITT, Inc.		1,200,696
	35,700	Trinseo SA		2,795,310
				12,457,431
		Multi-National — 0.1%
	47,900	Banco Latinoamericano de Comercio Exterior SA		1,002,068
		Office & Business Equipment — 0.9%
	93,800	Pitney Bowes, Inc.		664,104
	124,406	Xerox Corp.		3,356,474
	22,519	Zebra Technologies Corp. Class A*		3,982,035
				8,002,613

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 3.8%
	141,863	Cabot Oil & Gas Corp.		3,194,755
	151,856	Callon Petroleum Co.* ‡		1,820,753
	62,900	Carrizo Oil & Gas, Inc.* ‡		1,585,080
	29,553	Delek US Holdings, Inc.		1,253,934
	34,565	Diamondback Energy, Inc.‡		4,672,842
	117,600	Gulfport Energy Corp.*		1,224,216
	37,300	Laredo Petroleum, Inc.*		304,741
	62,797	Matador Resources Co.*		2,075,441
	16,400	Murphy USA, Inc.*		1,401,544
	58,300	Par Pacific Holdings, Inc.*		1,189,320
	131,170	Parsley Energy, Inc. Class A*		3,836,723
	115,084	PBF Energy, Inc. Class A		5,743,842
	190,000	Southwestern Energy Co.*		970,900
	117,500	W&T Offshore, Inc.*		1,132,700
	116,540	WPX Energy, Inc.*		2,344,785
				32,751,576
		Oil & Gas Services — 0.6%
	33,028	Dril-Quip, Inc.* ‡		1,725,713
	31,232	McDermott International, Inc.* ‡		575,606
	32,189	Oil States International, Inc.*		1,068,675
	95,456	Superior Energy Services, Inc.*		929,741
	28,800	US Silica Holdings, Inc.‡		542,304
				4,842,039
		Packaging & Containers — 0.5%
	38,816	Berry Global Group, Inc.*		1,878,306
	74,600	Owens-Illinois, Inc.*		1,401,734
	5,800	Packaging Corp. of America		636,202
				3,916,242
		Pharmaceuticals — 3.8%
	28,900	Alkermes Plc*		1,226,516
	53,003	Amneal Pharmaceuticals, Inc.*		1,176,137
	14,314	Ascendis Pharma AS, ADR*		1,014,290
	20,710	Clovis Oncology, Inc.* ‡		608,253
	26,426	G1 Therapeutics, Inc.*		1,381,816
	74,332	Ironwood Pharmaceuticals, Inc.* ‡		1,372,169
	35,127	Jazz Pharmaceuticals Plc*		5,905,902
	50,275	Lannett Co., Inc.* ‡		238,806
	36,800	Mallinckrodt Plc*		1,078,608
	40,352	Mylan NV*		1,476,883
	17,020	Nektar Therapeutics*		1,037,539
	16,392	Neurocrine Biosciences, Inc.*		2,015,396
	53,800	Owens & Minor, Inc.‡		888,776
	22,133	PRA Health Sciences, Inc.*		2,438,835
	59,499	Premier, Inc. Class A*		2,723,864
	6,670	Sarepta Therapeutics, Inc.*		1,077,272

See accompanying Notes to the Financial Statements.

20

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Pharmaceuticals — continued
	571,181	TherapeuticsMD, Inc.*		3,746,947
	72,786	Zogenix, Inc.* ‡		3,610,186
				33,018,195
		Pipelines — 0.2%
	19,158	Cheniere Energy, Inc.*		1,331,289
		Real Estate — 0.2%
	18,396	FirstService Corp.		1,557,405
		REITS — 6.2%
	63,516	American Campus Communities, Inc. REIT		2,614,319
	294,908	Annaly Capital Management, Inc. REIT		3,016,909
	80,900	Brixmor Property Group, Inc. REIT		1,416,559
	163,500	Cedar Realty Trust, Inc. REIT		761,910
	99,300	Chimera Investment Corp. REIT		1,800,309
	52,000	City Office, Inc. REIT		656,240
	23,700	CoreCivic, Inc. REIT		576,621
	16,611	CoreSite Realty Corp. REIT		1,846,147
	60,850	DDR Corp. REIT		814,782
	102,866	Easterly Government Properties, Inc. REIT		1,992,514
	109,500	Franklin Street Properties Corp. REIT		874,905
	58,700	Government Properties Income Trust REIT‡		662,723
	91,400	Hospitality Properties Trust REIT		2,635,976
	203,400	Lexington Realty Trust REIT		1,688,220
	58,300	Mack-Cali Realty Corp. REIT		1,239,458
	159,000	Medical Properties Trust, Inc. REIT		2,370,690
	15,335	Mid-America Apartment Communities, Inc. REIT		1,536,260
	108,090	Physicians Realty Trust REIT		1,822,397
	95,600	Piedmont Office Realty Trust, Inc. REIT Class A		1,809,708
	56,600	Preferred Apartment Communities, Inc. REIT Class A		995,028
	43,990	QTS Realty Trust, Inc. REIT Class A		1,877,053
	6,085	Retail Value, Inc. REIT*		198,919
	69,400	RLJ Lodging Trust REIT		1,528,882
	68,800	Sabra Healthcare, Inc. REIT‡		1,590,656
	95,800	Select Income REIT		2,101,852
	139,600	Senior Housing Properties Trust REIT		2,451,376
	89,900	Starwood Property Trust, Inc. REIT		1,934,648
	232,944	Summit Hotel Properties, Inc. REIT		3,151,732
	48,293	Sun Communities, Inc. REIT		4,903,671
	221,500	VEREIT, Inc. REIT		1,608,090
	70,800	Xenia Hotels & Resorts, Inc. REIT		1,677,960
				54,156,514
		Retail — 4.9%
	78,700	American Eagle Outfitters, Inc.		1,954,121
	48,462	At Home Group, Inc.*		1,528,007
	33,328	BJ’s Restaurants, Inc.		2,406,282
	50,200	Bloomin’ Brands, Inc.		993,458

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Retail — continued
	62,688	BMC Stock Holdings, Inc.*		1,169,131
	40,461	Burlington Stores, Inc.*		6,591,906
	28,086	Dave & Buster’s Entertainment, Inc.		1,859,855
	44,300	Dick’s Sporting Goods, Inc.		1,571,764
	16,800	Dillard’s, Inc. Class A‡		1,282,512
	27,759	Five Below, Inc.*		3,610,335
	25,490	Floor & Decor Holdings, Inc. Class A*		769,033
	39,400	Foot Locker, Inc.		2,008,612
	32,863	Gap, Inc. (The)		948,097
	28,520	Jack in the Box, Inc.		2,390,832
	34,100	Kohl’s Corp.‡		2,542,155
	15,960	Lithia Motors, Inc. Class A‡		1,303,294
	63,717	Michaels Cos., Inc. (The)* ‡		1,034,127
	156,608	Office Depot, Inc.		502,712
	25,917	PriceSmart, Inc.		2,097,981
	7,000	Signet Jewelers, Ltd.		461,510
	47,400	Sonic Automotive, Inc. Class A‡		917,190
	52,102	Texas Roadhouse, Inc. Class A		3,610,148
	23,900	Williams-Sonoma, Inc.‡		1,570,708
				43,123,770
		Savings & Loans — 0.2%
	33,800	Berkshire Hills Bancorp, Inc.		1,375,660
	44,600	United Financial Bancorp, Inc.		750,618
				2,126,278
		Semiconductors — 2.2%
	35,452	Advanced Energy Industries, Inc.*		1,831,096
	798	Advanced Micro Devices, Inc.*		24,650
	10,000	Diodes, Inc.*		332,900
	60,700	Kulicke & Soffa Industries, Inc.		1,447,088
	17,190	Maxim Integrated Products, Inc.		969,344
	21,380	MKS Instruments, Inc.		1,713,607
	248,840	ON Semiconductor Corp.*		4,586,121
	19,292	Power Integrations, Inc.		1,219,254
	23,344	Semtech Corp.*		1,297,926
	35,193	Silicon Laboratories, Inc.*		3,230,718
	62,971	Teradyne, Inc.		2,328,668
				18,981,372
		Shipbuilding — 0.1%
	4,400	Huntington Ingalls Industries, Inc.		1,126,752
		Software — 7.8%
	9,750	ANSYS, Inc.*		1,820,130
	104,081	Black Knight, Inc.*		5,407,008
	32,517	Blackbaud, Inc.		3,299,825
	12,506	Broadridge Financial Solutions, Inc.		1,650,167

See accompanying Notes to the Financial Statements.

22

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Software — continued
	41,900	Envestnet, Inc.*		2,553,805
	100,152	Evolent Health, Inc. Class A*		2,844,317
	96,426	First Data Corp. Class A*		2,359,544
	53,081	Guidewire Software, Inc.*		5,361,712
	14,428	HubSpot, Inc.*		2,177,907
	19,552	j2 Global, Inc.		1,619,883
	24,239	LiveRamp Holdings, Inc.*		1,197,649
	22,093	Medidata Solutions, Inc.* ‡		1,619,638
	8,950	MSCI, Inc. Class A		1,587,819
	8,030	New Relic, Inc.* ‡		756,667
	121,958	Nuance Communications, Inc.*		2,112,312
	48,725	PTC, Inc.*		5,174,108
	44,654	Rapid7, Inc.*		1,648,626
	54,190	RealPage, Inc.*		3,571,121
	18,595	Splunk, Inc.*		2,248,321
	47,973	SS&C Technologies Holdings, Inc.		2,726,306
	71,415	Talend SA, ADR*		4,980,482
	18,639	Tyler Technologies, Inc.*		4,567,673
	13,064	Ultimate Software Group, Inc. (The)*		4,209,090
	19,209	Veeva Systems, Inc. Class A*		2,091,284
				67,585,394
		Telecommunications — 1.6%
	185,240	Ciena Corp.*		5,786,897
	55,360	CommScope Holding Co., Inc.*		1,702,874
	75,758	Finisar Corp.*		1,443,190
	115,749	Infinera Corp.*		844,968
	96,600	Juniper Networks, Inc.		2,895,102
	105,959	Viavi Solutions, Inc.*		1,201,575
				13,874,606
		Transportation — 2.3%
	31,300	Atlas Air Worldwide Holdings, Inc.*		1,995,375
	47,657	J.B. Hunt Transport Services, Inc.		5,668,323
	64,945	Knight-Swift Transportation Holdings, Inc.		2,239,304
	10,360	Old Dominion Freight Line, Inc.		1,670,654
	24,200	Ryder System, Inc.		1,768,294
	67,439	Schneider National, Inc. Class B		1,684,626
	326,881	Scorpio Tankers, Inc.		657,031
	56,889	Werner Enterprises, Inc.		2,011,026
	17,030	XPO Logistics, Inc.*		1,944,315
				19,638,948
		TOTAL COMMON STOCKS (COST $676,546,840)		815,968,317
		INVESTMENT COMPANY — 0.0%
	2,548	iShares Russell 2000 ETF Index Fund		429,465
		TOTAL INVESTMENT COMPANY (COST $412,279)		429,465

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, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.0%
			Mutual Fund - Securities Lending Collateral — 0.8%
	6,716,944		State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## ***		6,716,944
			U.S. Government and Agency Obligations — 0.2%
	2,000,000		United States Treasury Bill, 2.34%, due 03/14/19** ‡‡		1,978,824
			TOTAL SHORT-TERM INVESTMENTS (COST $8,696,034)		8,695,768
			TOTAL INVESTMENTS — 94.6% (COST $685,655,153)		825,093,550
			Other Assets and Liabilities (net) — 5.4%		46,828,415
			NET ASSETS — 100.0%	$	871,921,965
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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.

24

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	210	Russell 2000 E-mini Index		Dec 2018	$	17,858,400	$	(261,958	)
	98	S&P Mid 400 E-mini Index		Dec 2018		19,846,960		(274,655	)
							$	(536,613	)

See accompanying Notes to the Financial Statements.

25

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		93.6
Investment Company		0.0
Futures Contracts		0.0
Short-Term Investments		1.0
Other Assets and Liabilities (net)		5.4
		100.0	%

See accompanying Notes to the Financial Statements.

26

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 91.8%
		Australia — 5.0%
	15,541	Afterpay Touch Group, Ltd.* ‡		201,842
	47,337	AGL Energy, Ltd.		667,889
	49,220	Altium, Ltd.		973,663
	19,186	Ansell, Ltd.		350,521
	43,877	Aristocrat Leisure, Ltd.		902,891
	717,900	Asaleo Care, Ltd.		376,592
	17,529	ASX, Ltd.		807,407
	154,500	Australia & New Zealand Banking Group, Ltd.		3,150,200
	294,129	BGP Holdings Plc* **** ¤		—
	230,997	BHP Billiton, Ltd.		5,787,987
	281,793	BlueScope Steel, Ltd.		3,462,076
	849,985	Brambles, Ltd.		6,703,575
	94,065	carsales.com, Ltd.		984,159
	167,237	Cleanaway Waste Management, Ltd.		227,488
	459,365	Coca-Cola Amatil, Ltd.		3,243,967
	9,795	Cochlear, Ltd.		1,421,971
	116,188	Computershare, Ltd.		1,677,154
	54,888	Crown Resorts, Ltd.		543,688
	172,441	CSL, Ltd.		25,092,440
	593,400	CSR, Ltd.		1,618,667
	742,800	Evolution Mining, Ltd.		1,424,251
	328,100	Fortescue Metals Group, Ltd.		930,596
	921,596	Genworth Mortgage Insurance Australia, Ltd.‡		1,640,380
	655,300	Harvey Norman Holdings, Ltd.‡		1,668,982
	101,172	Insurance Australia Group, Ltd.		535,846
	231,215	LendLease Group		3,289,033
	28,788	Link Administration Holdings, Ltd.		162,054
	27,500	Macquarie Group, Ltd.		2,507,898
	788,200	Metcash, Ltd.‡		1,710,907
	298,070	Nine Entertainment Co. Holdings, Ltd.‡		487,411
	165,610	Origin Energy, Ltd.*		989,772
	51,477	Pinnacle Investment Management Group, Ltd.		295,362
	1,058,817	Qantas Airways, Ltd.		4,520,033
	2,100	REA Group, Ltd.		130,567
	135,089	Reliance Worldwide Corp., Ltd.		505,335
	249,400	Retail Food Group, Ltd.‡		85,715
	155,233	Santos, Ltd.		815,435
	224,299	Saracen Mineral Holdings, Ltd.*		302,674
	588,944	Scentre Group REIT		1,691,738
	41,423	Seek, Ltd.		622,211
	34,084	Seven Group Holdings, Ltd.‡		558,089
	64,173	St. Barbara, Ltd.		162,049
	279,509	Steadfast Group, Ltd.		576,381
	179,197	Stockland REIT		538,081
	125,400	Suncorp Group, Ltd.		1,312,002
	100,677	Technology One, Ltd.		406,474
	813,350	Treasury Wine Estates, Ltd.		10,292,858
	86,008	Wesfarmers, Ltd.		3,102,221

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Australia — continued
	45,349	Westpac Banking Corp.		916,447
	19,445	WiseTech Global, Ltd.‡		310,794
	76,467	Woodside Petroleum, Ltd.		2,134,543
	171,213	Woolworths Group, Ltd.		3,478,584
		Total Australia		106,298,900
		Austria — 0.8%
	297,762	Erste Group Bank AG*		12,374,528
	4,485	FACC AG		102,311
	31,900	OMV AG		1,792,938
	2,865	Schoeller-Bleckmann Oilfield Equipment AG		314,301
	17,974	Vienna Insurance Group AG		513,152
	50,100	Voestalpine AG		2,292,731
		Total Austria		17,389,961
		Belgium — 1.3%
	50,100	Ageas		2,694,831
	15,257	Groupe Bruxelles Lambert SA		1,600,206
	124,580	KBC Group NV		9,275,245
	33,307	UCB SA		2,994,301
	201,960	Umicore SA		11,299,548
		Total Belgium		27,864,131
		Bermuda — 0.2%
	1,666,533	Esprit Holdings, Ltd.*		400,399
	150,928	Hiscox, Ltd.		3,237,649
	52,900	Hongkong Land Holdings, Ltd.		350,198
	371,000	Shenzhen International Holdings, Ltd.		766,190
		Total Bermuda		4,754,436
		Brazil — 0.8%
	98,000	Cia de Saneamento Basico do Estado de Sao Paulo		578,888
	674,100	JBS SA		1,583,318
	1,471,700	Localiza Rent a Car SA*		8,383,813
	190,500	Magazine Luiza SA		5,843,008
	63,200	Sao Martinho SA		289,923
		Total Brazil		16,678,950
		Canada — 1.7%
	3,070,450	Bombardier, Inc. Class B*		10,926,868
	38,206	Canadian National Railway Co.		3,430,899
	23,367	Canadian Pacific Railway, Ltd.		4,952,402
	16,959	Descartes Systems Group (The), Inc.*		574,790
	7,292	Fairfax Financial Holdings, Ltd.		3,958,756
	573,490	First Quantum Minerals, Ltd.		6,526,410
	79,142	Thomson Reuters Corp.		3,608,719
	31,285	Toronto-Dominion Bank (The)		1,902,128
		Total Canada		35,880,972

See accompanying Notes to the Financial Statements.

28

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — 1.3%
	52,540	Alibaba Group Holding, Ltd., ADR*		8,656,490
	2,026,000	China Resources Cement Holdings, Ltd.		2,358,734
	1,211,000	IGG, Inc.		1,508,933
	3,714,000	Jiangnan Group, Ltd.*		201,721
	3,247,000	Lee & Man Paper Manufacturing, Ltd.		3,012,591
	198,550	Tencent Holdings, Ltd.		8,200,918
	6,931,000	Tongda Group Holdings, Ltd.		1,018,627
	1,616,000	Xinyi Glass Holdings, Ltd.		2,042,485
	3,914,000	Xinyi Solar Holdings, Ltd.		1,205,477
		Total Cayman Islands		28,205,976
		China — 0.1%
	905,000	China Railway Construction Corp., Ltd. Class H		1,221,332
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,571,319
		Total China		2,792,651
		Denmark — 0.9%
	185,470	Danske Bank AS		4,873,378
	91,850	DSV AS		8,354,747
	11,836	GN Store Nord AS		576,835
	25,596	Jyske Bank AS		1,240,262
	30,000	Novo Nordisk AS, ADR		1,414,200
	15,846	Pandora AS		989,951
	10,560	SimCorp AS		914,492
	33,938	Sydbank AS		999,055
	13,195	William Demant Holding AS*		496,121
		Total Denmark		19,859,041
		Finland — 1.1%
	29,540	Fortum OYJ		740,768
	36,570	Kesko OYJ Class B		1,987,454
	113,066	Neste OYJ		9,350,419
	308,862	Nokia OYJ		1,713,715
	270,500	Outokumpu OYJ		1,591,036
	48,165	Stora Enso OYJ Class R		921,671
	143,274	UPM-Kymmene OYJ		5,624,749
	54,251	Wartsila OYJ Abp‡		1,057,980
		Total Finland		22,987,792
		France — 8.5%
	13,800	Arkema SA		1,710,262
	176,708	AXA SA		4,751,451
	192,129	BNP Paribas SA		11,762,645
	54,475	Cie de Saint-Gobain		2,350,264
	26,957	Cie Generale des Etablissements Michelin SCA		3,223,420
	102,800	CNP Assurances		2,478,789
	263,755	Danone SA		20,433,633
	53,641	Dassault Systemes SE		8,021,640

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, 2018 (Unaudited)

Shares		Description	Value ($)
		France — continued
	45,997	Edenred		1,753,959
	313,916	Engie SA		4,617,827
	33,224	Essilor International SA		4,918,252
	56,300	Eutelsat Communications SA		1,331,390
	15,500	Faurecia SA		933,288
	6,372	Gaztransport Et Technigaz SA‡		483,290
	5,346	Hermes International		3,543,070
	42,863	IPSOS		1,312,342
	18,008	Kering SA		9,657,048
	57,481	L’Oreal SA		13,866,915
	117,811	Legrand SA		8,590,653
	4,447	LVMH Moet Hennessy Louis Vuitton SE		1,573,316
	48,100	Metropole Television SA		969,871
	417,700	Natixis SA		2,835,266
	35,500	Neopost SA		1,079,486
	205,800	Orange SA		3,283,168
	77,969	Pernod Ricard SA		12,796,263
	26,812	Renault SA		2,320,088
	4,011	Safran SA		562,314
	114,877	Sanofi		10,215,369
	1,195	Sartorius Stedim Biotech		164,477
	114,463	Schneider Electric SE		9,213,347
	2,893	Societe BIC SA		264,953
	42,900	Societe Generale SA		1,842,153
	202,033	Total SA		13,103,484
	120,585	UBISOFT Entertainment SA*		13,084,351
	142,557	Vivendi SA		3,670,906
		Total France		182,718,950
		Germany — 7.6%
	41,224	Adidas AG		10,098,241
	39,228	Allianz SE		8,748,154
	16,400	Aurubis AG		1,147,487
	72,812	BASF SE		6,473,918
	75,413	Bayer AG		6,701,677
	26,300	Bayerische Motoren Werke AG		2,373,841
	58,451	Brenntag AG		3,609,075
	32,700	CECONOMY AG		231,077
	12,353	Continental AG		2,151,483
	101,079	Covestro AG		8,201,788
	37,605	Daimler AG		2,373,910
	15,886	Deutsche Boerse AG		2,129,313
	194,402	Deutsche Lufthansa AG		4,777,882
	226,709	Deutsche Wohnen SE		10,880,482
	116,064	Deutz AG		1,033,980
	135,079	Evonik Industries AG		4,840,186
	19,000	Fresenius Medical Care AG & Co. KGaA, ADR		976,980
	7,770	Fresenius Medical Care AG & Co. KGaA		799,421
	117,689	GEA Group AG		4,193,825

See accompanying Notes to the Financial Statements.

30

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	16,516	HUGO BOSS AG		1,272,238
	445,286	Infineon Technologies AG		10,121,594
	30,714	LEG Immobilien AG		3,647,697
	22,512	Leoni AG		926,935
	21,022	Merck KGaA		2,173,117
	84,200	METRO AG		1,320,277
	3,951	MTU Aero Engines AG		890,741
	8,500	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,883,226
	5,736	Nemetschek SE		839,458
	15,700	Rheinmetall AG		1,642,293
	206	SAP SE, ADR		25,338
	94,000	SAP SE		11,573,181
	60,595	Siemens AG		7,765,847
	8,420	Software AG		383,956
	214,216	Symrise AG		19,561,583
	117,487	TAG Immobilien AG		2,797,452
	42,000	Talanx AG*		1,597,155
	61,004	TUI AG		1,173,023
	43,550	Uniper SE		1,340,963
	188,633	Vonovia SE		9,219,608
		Total Germany		161,898,402
		Hong Kong — 1.1%
	1,794,200	AIA Group, Ltd.		16,027,627
	3,160,000	Champion REIT		2,213,038
	347,000	Link REIT		3,416,830
	2,446,000	WH Group, Ltd.		1,722,381
	171,000	Wheelock & Co., Ltd.		1,026,013
		Total Hong Kong		24,405,889
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc		2,473,500
		India — 0.2%
	167,340	HDFC Bank, Ltd.		4,636,535
		Indonesia — 0.1%
	3,540,700	Bank Negara Indonesia Persero Tbk PT		1,758,291
		Ireland — 0.5%
	313,147	C&C Group Plc		1,203,913
	54,521	Kerry Group Plc Class A		6,031,813
	24,446	Ryanair Holdings Plc, ADR*		2,347,794
		Total Ireland		9,583,520
		Israel — 0.6%
	128,850	Bank Hapoalim BM		943,998
	112,540	Bank Leumi Le-Israel BM		742,488
	41,371	Check Point Software Technologies, Ltd.*		4,868,126

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, 2018 (Unaudited)

Shares		Description		Value ($)
		Israel — continued	��
	697,758	El Al Israel Airlines*			189,589
	10,315	Frutarom Industries, Ltd.			1,068,037
	39,874	Israel Discount Bank, Ltd. Class A			133,016
	18,213	Nice, Ltd., ADR*			2,084,842
	64,500	Teva Pharmaceutical Industries, Ltd.			1,414,274
	5,929	Wix.com, Ltd.*			709,701
		Total Israel			12,154,071
		Italy — 1.7%
	1,214,000	A2A SpA			2,108,040
	156,089	Assicurazioni Generali SpA			2,697,704
	1,673,517	Enel SpA			8,575,998
	619,796	ENI SpA			11,721,294
	146,770	Fincantieri SpA*			238,322
	133,129	Leonardo SpA			1,605,052
	182,600	Mediobanca Banca di Credito Finanziario SpA			1,824,821
	8,163	Reply SpA			561,768
	151,357	Snam SpA			630,950
	167,166	Societa Cattolica di Assicurazioni SC			1,438,750
	2,018,251	Telecom Italia SpA*			1,226,015
	609,469	Unipol Gruppo SpA			2,715,497
		Total Italy			35,344,211
		Japan — 22.4%
	79,800	AGC, Inc./Japan			3,312,559
	3,700	Asahi Intecc Co., Ltd.			161,571
	130,700	Asahi Kasei Corp.			1,982,622
	433,500	Astellas Pharma, Inc.			7,564,353
	20,600	Bandai Namco Holdings, Inc.			800,713
	79,000	Broadleaf Co., Ltd.			570,322
	57,700	Brother Industries, Ltd.			1,139,929
	105,000	Canon, Inc.			3,337,148
	23,700	Canon, Inc., ADR			750,105
	29,400	Capcom Co., Ltd.			746,227
	61,000	Central Glass Co., Ltd.‡			1,584,813
	17,200	Central Japan Railway Co.			3,582,797
	205,494	Chiba Bank, Ltd. (The)			1,403,912
	63,700	Chubu Electric Power Co., Inc.			963,758
	111,700	Citizen Watch Co., Ltd.‡			736,570
	3,400	Cosmos Pharmaceutical Corp.			764,802
	150,800	Dai-ichi Life Holdings, Inc.			3,140,533
	37,900	Daiichi Sanyko Co., Ltd.			1,643,329
	186,746	Daiwa Securities Group, Inc.			1,136,407
	12,500	Daiwabo Holdings Co., Ltd.			807,765
	20,000	Denka Co., Ltd.			697,275
	72,100	DIC Corp.			2,596,197
	18,200	Dip Corp.			440,639
	6,000	Disco Corp.			1,004,710
	207,600	Don Quijote Holdings Co., Ltd.			10,509,310

See accompanying Notes to the Financial Statements.

32

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	11,900	DTS Corp.		474,072
	33,700	East Japan Railway Co.		3,131,606
	18,700	Eisai Co., Ltd.		1,820,857
	20,900	Enplas Corp.‡		599,850
	17,300	Exedy Corp.		573,443
	32,500	Fancl Corp.		1,596,602
	31,400	FCC Co., Ltd.		944,059
	8,600	Fuji Electric Holdings Co., Ltd.		344,500
	8,700	Fuji Oil Holdings, Inc.		274,209
	84,900	FUJIFILM Holdings Corp.		3,823,247
	329,200	Fujikura, Ltd.‡		1,556,371
	27,000	Fujitec Co., Ltd.‡		362,028
	5,600	Future Corp.		91,012
	201,594	Hachijuni Bank, Ltd. (The)		924,686
	14,200	Hamamatsu Photonics KK		565,700
	2,800	Hikari Tsushin, Inc.		553,665
	49,300	Hino Motors, Ltd.		539,941
	35,700	Hirose Electric Co., Ltd.‡		3,903,632
	29,500	Hitachi Capital Corp.		822,006
	20,500	Hitachi High-Technologies Corp.		706,585
	208,200	Hitachi, Ltd.		7,075,336
	103,300	Hoya Corp.		6,138,795
	36,700	IBJ Leasing Co., Ltd.		982,242
	5,400	Idemitsu Kosan Co., Ltd.		285,724
	17,800	IHI Corp.		674,640
	281,900	Inpex Corp.		3,516,770
	177,100	Isuzu Motors, Ltd.		2,792,500
	130,000	Ito En, Ltd.		5,768,367
	204,000	ITOCHU Corp.		3,735,705
	19,600	Itochu Techno-Solutions Corp.		426,046
	70,600	Japan Airlines Co., Ltd.		2,538,455
	53,300	Japan Exchange Group, Inc.		929,119
	380,800	Japan Post Holdings Co., Ltd.		4,532,655
	173,800	Japan Tobacco, Inc.		4,538,370
	11,000	Jeol, Ltd.		238,817
	77,100	JFE Holdings, Inc.		1,769,597
	691,400	JXTG Holdings, Inc.		5,224,533
	7,300	Kakaku.com, Inc.		142,806
	27,800	Kaken Pharmaceutical Co., Ltd.		1,478,294
	18,500	Kamigumi Co., Ltd.		407,836
	45,600	Kaneka Corp.		2,107,673
	132,600	Kanematsu Corp.		1,996,267
	94,200	Kansai Electric Power Co., Inc. (The)		1,420,651
	41,000	Kansai Mirai Financial Group, Inc.*		384,065
	80,200	Kansai Paint Co., Ltd.‡		1,478,530
	176,008	Kao Corp.		14,215,763
	538,700	KDDI Corp.		14,887,347
	75,600	Keihin Corp.		1,564,115
	15,000	Keisei Electric Railway Co., Ltd.		528,239

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	3,700	Keyence Corp.		2,149,280
	32,500	Kikkoman Corp.‡		1,934,234
	26,800	Kintetsu World Express, Inc.		513,892
	81,300	Kobayashi Pharmaceutical Co., Ltd.		5,983,783
	299,100	Komatsu, Ltd.		9,100,582
	377,500	Konica Minolta, Inc.		4,014,791
	8,986	Kose Corp.		1,712,787
	34,400	KYB Corp.		1,541,542
	2,900	Kyocera Corp., ADR		173,971
	31,800	Kyocera Corp.		1,909,372
	10,200	Lintec Corp.		261,320
	9,900	Mani, Inc.		482,863
	518,900	Marubeni Corp.		4,751,120
	16,200	Matsumotokiyoshi Holdings Co., Ltd.		664,630
	339,600	Mebuki Financial Group, Inc.		1,175,004
	15,300	Megmilk Snow Brand Co., Ltd.		393,192
	14,200	Milbon Co., Ltd.		651,336
	83,000	MISUMI Group, Inc.		2,148,347
	235,500	Mitsubishi Chemical Holdings Corp.		2,254,754
	124,400	Mitsubishi Corp.		3,834,348
	118,900	Mitsubishi Gas Chemical Co., Inc.		2,532,193
	37,600	Mitsubishi Heavy Industries, Ltd.		1,452,227
	2,900	Mitsubishi Research Institute, Inc.		111,828
	52,500	Mitsubishi Shokuhin Co., Ltd.		1,402,804
	13,700	Mitsubishi UFJ Financial Group, Inc.		85,528
	96,100	Mitsui & Co., Ltd.		1,709,469
	1,773,900	Mizuho Financial Group, Inc.		3,095,364
	391,400	MonotaRO Co., Ltd.‡		11,044,037
	128,700	MS&AD Insurance Group Holdings, Inc.		4,298,876
	28,000	NEC Corp.		774,046
	13,100	Nidec Corp.		1,885,104
	150,700	Nihon Kohden Corp.		4,776,335
	46,300	Nihon Unisys, Ltd.		1,195,154
	49,600	Nippon Soda Co., Ltd.		1,526,187
	191,100	Nippon Telegraph & Telephone Corp.		8,634,284
	36,700	Nishi-Nippon Financial Holdings, Inc.		424,561
	18,100	Nissan Chemical Corp.		956,112
	305,100	Nissan Motor Co., Ltd.		2,856,661
	20,600	Nisshin Oillio Group, Ltd. (The)		604,842
	130,000	Nisshinbo Holdings, Inc.		1,548,532
	20,000	Nissin Foods Holdings Co., Ltd.		1,375,182
	32,400	Nitto Denko Corp.		2,429,180
	120,600	Nomura Research Institute, Ltd.		6,094,502
	302,241	North Pacific Bank, Ltd.‡		1,024,456
	10,000	NS Solutions Corp.		323,106
	261,000	NTN Corp.‡		1,068,495
	181,700	NTT Data Corp.		2,516,301
	146,500	NTT DoCoMo, Inc.		3,940,287
	4,200	OBIC Business Consultants Co., Ltd.		374,944

See accompanying Notes to the Financial Statements.

34

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	72,400	Obic Co., Ltd.		6,852,137
	22,300	Odakyu Electric Railway Co., Ltd.		527,732
	132,000	Oji Holdings Corp.		958,753
	51,000	Okasan Securities Group, Inc.		262,667
	120,900	Omron Corp.		5,109,125
	50,200	Ono Pharmaceutical Co., Ltd.		1,420,901
	11,600	Oracle Corp. Japan		935,476
	173,800	Orix Corp.		2,818,502
	27,600	Otsuka Holdings Co., Ltd.		1,391,603
	12,100	Pasona Group, Inc.		179,500
	5,800	Pilot Corp.		348,761
	29,600	Prima Meat Packers, Ltd.‡		698,663
	11,000	Rakus Co., Ltd.		237,558
	386,800	Recruit Holdings Co., Ltd.		12,913,198
	1,233,000	Resona Holdings, Inc.		6,928,942
	71,700	Ricoh Co., Ltd.‡		770,119
	127,300	Rohto Pharmaceutical Co., Ltd.		4,471,779
	24,800	Royal Holdings Co., Ltd.		647,156
	9,900	Sakai Chemical Industry Co., Ltd.‡		244,308
	352,800	Santen Pharmaceutical Co., Ltd.		5,593,985
	25,300	Sawai Pharmaceutical Co., Ltd.‡		1,365,400
	7,900	SCSK Corp.		373,491
	72,400	Secom Co., Ltd.		5,903,674
	82,500	Seibu Holdings, Inc.		1,483,889
	82,500	Seiko Epson Corp.		1,407,624
	386,900	Senshu Ikeda Holdings, Inc.		1,297,785
	40,700	Seven & i Holdings Co., Ltd.		1,813,109
	6,300	SHIFT, Inc.*		281,208
	45,700	Shin-Etsu Chemical Co., Ltd.		4,049,571
	21,200	Shindengen Electric Manufacturing Co., Ltd.		1,013,479
	86,900	Shinsei Bank, Ltd.		1,420,727
	65,200	Shionogi & Co., Ltd.		4,261,520
	183,000	Shiseido Co., Ltd.		14,176,317
	59,600	Showa Shell Sekiyu KK		1,262,994
	9,300	SMC Corp.		2,977,048
	37,800	Sohgo Security Services Co., Ltd.		1,662,288
	896,700	Sojitz Corp.		3,236,757
	46,200	Sompo Holdings, Inc.		1,968,233
	228,300	Start Today Co., Ltd.		6,914,223
	228,000	Sumitomo Chemical Co., Ltd.		1,334,859
	183,400	Sumitomo Corp.		3,058,954
	41,700	Sumitomo Dainippon Pharma Co., Ltd.‡		957,832
	136,600	Sumitomo Electric Industries, Ltd.		2,143,075
	101,600	Sumitomo Mitsui Financial Group, Inc.		4,102,105
	102,300	Sumitomo Rubber Industries, Ltd.‡		1,535,603
	5,900	Sushiro Global Holdings, Ltd.‡		349,580
	10,000	Sysmex Corp.		861,029
	28,300	Systena Corp.		386,934
	10,000	T-Gaia Corp.		260,950

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	37,400	Taiyo Nippon Sanso Corp.		559,757
	98,600	Takeda Pharmaceutical Co., Ltd.‡		4,219,700
	87,500	TDK Corp.		9,544,614
	96,100	Terumo Corp.		5,694,000
	20,600	THK Co., Ltd.		524,499
	10,500	TIS, Inc.		525,069
	36,700	Tobu Railway Co., Ltd.		1,085,636
	35,200	Tocalo Co., Ltd.		362,583
	5,300	Toho Holdings Co., Ltd.‡		140,683
	90,700	Tohoku Electric Power Co., Inc.		1,231,319
	155,300	Tokio Marine Holdings, Inc.		7,707,233
	12,100	Tokuyama Corp.‡		329,172
	198,000	Tokyo Electric Power Co. Holdings, Inc.*		972,699
	61,300	Tokyo Gas Co., Ltd.		1,507,067
	10,200	Tokyotokeiba Co., Ltd.		392,878
	151,400	Tokyu Corp.		2,769,813
	21,100	Towa Pharmaceutical Co., Ltd.		1,564,133
	27,400	Toyo Ink SC Holdings Co., Ltd.		726,099
	143,400	Toyo Suisan Kaisha, Ltd.		5,561,271
	63,700	Toyoda Gosei Co., Ltd.‡		1,573,082
	47,400	Toyota Motor Corp.		2,960,805
	24,100	Toyota Tsusho Corp.		910,235
	5,100	Trend Micro, Inc.		328,221
	49,200	TS Tech Co., Ltd.		1,697,971
	88,300	Ube Industries, Ltd.		2,402,139
	33,900	Ulvac, Inc.		1,272,910
	51,000	Unicharm Corp.		1,687,353
	71,270	USS Co., Ltd.		1,323,312
	74,700	Valor Holdings Co., Ltd.		1,728,323
	11,700	Welcia Holdings Co., Ltd.		663,362
	26,100	West Japan Railway Co.		1,820,118
	68,900	Yamaha Motor Co., Ltd.		1,932,002
	7,862	Yamato Holdings Co., Ltd.‡		241,428
	209,800	Yokogawa Electric Corp.		4,438,521
	73,000	Yokohama Rubber Co., Ltd. (The)		1,573,949
		Total Japan		479,620,518
		Luxembourg — 0.7%
	38,997	ArcelorMittal		1,213,906
	1,616,004	B&M European Value Retail SA		8,151,227
	44,000	SAF-Holland SA		665,400
	31,620	Spotify Technology SA*		5,717,845
	8,514	Tenaris SA		142,698
		Total Luxembourg		15,891,076
		Malaysia — 0.1%
	748,700	Tenaga Nasional Bhd		2,796,883

See accompanying Notes to the Financial Statements.

36

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Mexico — 0.3%
	932,300	Grupo Financiero Banorte SAB de CV Series O		6,749,724
		Netherlands — 3.2%
	1,177,045	Aegon NV		7,639,563
	27,365	AerCap Holdings NV*		1,574,035
	23,489	Core Laboratories NV		2,720,731
	82,626	Heineken NV		7,750,542
	146,400	ING Groep NV		1,901,767
	140,235	ING Groep NV, ADR		1,818,848
	217,448	Koninklijke Ahold Delhaize NV		4,988,173
	14,160	Koninklijke DSM NV		1,500,609
	147,277	Koninklijke Philips NV		6,711,624
	112,875	Koninklijke Philips NV, ADR		5,136,941
	183,605	NN Group NV		8,195,471
	81,000	Philips Lighting NV		2,098,017
	35,890	Randstad NV		1,916,732
	89,100	STMicroelectronics NV, ADR		1,634,094
	62,357	STMicroelectronics NV (Euronext Exchange)		1,134,941
	52,254	Unilever NV, ADR		2,911,140
	45,846	Wolters Kluwer NV		2,858,466
	151,300	Yandex NV Class A*		4,976,257
		Total Netherlands		67,467,951
		New Zealand — 0.1%
	363,746	SKY Network Television, Ltd.		530,520
	330,102	Trade Me Group, Ltd.¤		1,142,351
		Total New Zealand		1,672,871
		Norway — 0.8%
	8,571	Aker BP ASA		363,541
	14,108	Atea ASA*		228,686
	248,937	DNB ASA		5,235,035
	150,117	Equinor ASA		4,230,699
	111,104	Equinor ASA, ADR		3,133,133
	87,267	Orkla ASA		736,861
	46,800	Salmar ASA		2,334,454
	69,427	SpareBank 1 SMN		774,982
		Total Norway		17,037,391
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		705,800
		Poland — 0.1%
	423,743	PGE Polska Grupa Energetyczna SA*		1,094,391
		Portugal — 0.1%
	782,528	Banco Espirito Santo SA* **** ¤ ^		—
	70,384	Jeronimo Martins SGPS SA		1,037,011

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Portugal — continued
	302,546	Navigator Co. SA (The)		1,482,235
		Total Portugal		2,519,246
		Russia — 0.3%
	297,500	Gazprom PJSC, ADR		1,487,500
	29,100	LUKOIL PJSC, ADR		2,224,404
	49,400	MMC Norilsk Nickel PJSC, ADR		854,620
	26,100	Tatneft PJSC, ADR		1,996,650
		Total Russia		6,563,174
		Singapore — 0.1%
	501,300	Wilmar International, Ltd.		1,181,386
	1,713,900	Yangzijiang Shipbuilding Holdings, Ltd.		1,555,411
		Total Singapore		2,736,797
		South Africa — 0.1%
	1,003,000	Old Mutual, Ltd.		2,121,252
		South Korea — 0.4%
	35,889	Kia Motors Corp.		1,135,636
	125,869	Samsung Electronics Co., Ltd.		5,270,782
	6,440	SK Telecom Co., Ltd.		1,637,214
		Total South Korea		8,043,632
		Spain — 2.0%
	226,102	Amadeus IT Group SA Class A		21,014,642
	309,821	Banco Santander SA		1,560,160
	3,277	Corp. Financiera Alba SA		182,509
	334,800	Distribuidora Internacional de Alimentacion SA‡		777,740
	145,283	Ence Energia y Celulosa SA		1,476,529
	49,364	Endesa SA		1,067,028
	354,792	Iberdrola SA		2,611,831
	189,832	International Consolidated Airlines Group SA		1,634,327
	20,191	Let’s GOWEX SA* **** ¤ ^ ‡		—
	564,700	Mapfre SA		1,772,239
	51,575	Naturgy Energy Group SA		1,408,351
	419,866	Repsol SA		8,370,927
	118,853	Telefonica SA		941,209
		Total Spain		42,817,492
		Sweden — 2.1%
	89,995	Boliden AB		2,508,631
	57,885	Elekta AB		778,140
	67,233	Getinge AB		774,149
	53,344	Hexagon AB Class B		3,125,110
	29,291	Industrivarden AB Class A		669,268
	39,164	Industrivarden AB Class C		869,753
	50,414	Investor AB Class A		2,323,085

See accompanying Notes to the Financial Statements.

38

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Sweden — continued
	57,769	Kinnevik AB Class B		1,748,036
	299,404	Lundin Petroleum AB		11,453,385
	230,914	Nordea Bank AB		2,514,992
	127,786	Resurs Holding AB		956,254
	368,300	SAS AB*		889,566
	115,000	SKF AB Class B		2,267,491
	408,624	Svenska Handelsbanken AB Class A		5,157,653
	17,650	Swedish Match AB		903,021
	34,165	Swedish Orphan Biovitrum AB*		998,842
	223,004	Telefonaktiebolaget LM Ericsson Class B		1,977,978
	223,800	Volvo AB Class B		3,953,468
		Total Sweden		43,868,822
		Switzerland — 7.1%
	14,476	Ascom Holding AG		295,804
	9,800	Autoneum Holding AG‡		1,986,486
	874	Barry Callebaut AG		1,664,251
	1,393	BKW AG		88,703
	85	Chocoladefabriken Lindt & Spruengli AG		598,690
	99,125	Cie Financiere Richemont SA		8,118,346
	112,500	Credit Suisse Group AG*		1,698,787
	4,132	Geberit AG		1,925,559
	6,323	Givaudan SA		15,619,778
	29,307	Julius Baer Group, Ltd.*		1,473,451
	28,780	Logitech International SA		1,292,272
	55,470	Lonza Group AG*		19,023,802
	259,983	Nestle SA		21,777,036
	78,240	Novartis AG, ADR		6,741,158
	11,775	Novartis AG		1,017,414
	2,293	Partners Group Holding AG		1,827,498
	118,721	Roche Holding AG		28,896,312
	9,198	Schindler Holding AG		2,303,267
	2,857	SGS SA		7,557,830
	12,636	Sika AG		1,848,571
	3,557	Sonova Holding AG		711,182
	1,914	Straumann Holding AG		1,446,081
	1,877	Swatch Group AG (The)		749,993
	12,800	Swiss Life Holding AG*		4,874,693
	52,900	Swiss Re AG		4,906,572
	7,465	Temenos Group AG*		1,216,654
	624,262	UBS Group AG*		9,905,877
	9,330	Vifor Pharma AG		1,625,204
	2,920	Zurich Insurance Group AG		927,297
		Total Switzerland		152,118,568
		Taiwan — 0.8%
	591,000	Charoen Pokphand Enterprise		996,839
	1,419,000	Compeq Manufacturing Co., Ltd.		1,120,031
	940,000	Fubon Financial Holding Co., Ltd.		1,594,734

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, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	297,264	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,127,178
		Total Taiwan		16,838,782
		Thailand — 0.1%
	16,831,100	Quality Houses PCL Class F		1,800,730
	23,666,400	Sansiri PCL		1,214,787
		Total Thailand		3,015,517
		Turkey — 0.1%
	272,300	TAV Havalimanlari Holding AS		1,417,866
		United Kingdom — 15.0%
	339,008	3i Group Plc		4,160,887
	23,691	Acacia Mining Plc*		40,997
	124,242	Anglo American Plc		2,791,565
	91,678	Ashtead Group Plc		2,913,498
	30,658	Associated British Foods Plc		915,532
	110,321	AstraZeneca Plc, ADR		4,365,402
	175,640	AstraZeneca Plc		13,657,850
	977,136	BAE Systems Plc		8,025,124
	280,200	Barratt Developments Plc		2,071,788
	48,300	Bellway Plc		1,898,386
	33,600	Berkeley Group Holdings Plc		1,611,993
	77,542	BHP Billiton Plc, ADR		3,410,297
	653,800	BP Plc		5,024,299
	234,625	BP Plc, ADR		10,816,212
	36,522	British American Tobacco Plc		1,707,172
	129,300	Britvic Plc		1,319,402
	689,200	BT Group Plc		2,024,886
	45,176	Bunzl Plc		1,421,540
	37,049	Burberry Group Plc		973,522
	849,500	Centrica Plc		1,715,967
	653,870	Compass Group Plc		14,546,702
	150,255	Crest Nicholson Holdings Plc		686,182
	19,213	Croda International Plc		1,303,346
	37,901	Dechra Pharmaceuticals Plc		1,076,472
	29,928	Diageo Plc, ADR		4,239,900
	652,771	Diageo Plc		23,145,372
	231,943	Evraz Plc		1,713,768
	330,728	Experian Plc		8,498,485
	140,645	Ferguson Plc		11,949,035
	701,600	Firstgroup Plc*		833,036
	76,465	Galliford Try Plc		1,008,110
	3,285	Games Workshop Group Plc		162,142
	82,171	GlaxoSmithKline Plc, ADR		3,300,809
	313,672	GlaxoSmithKline Plc		6,286,186
	47,696	Greggs Plc		656,188
	402,748	Halma Plc		7,589,189
	34,071	Hargreaves Lansdown Plc		993,017

See accompanying Notes to the Financial Statements.

40

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	978,811	Hays Plc		2,603,893
	114,584	IG Group Holdings Plc		947,343
	350,347	IMI Plc		5,011,862
	4,100	Imperial Brands Plc, ADR		142,290
	148,500	Inchcape Plc		1,295,528
	31,876	InterContinental Hotels Group Plc		1,986,945
	251,401	Intertek Group Plc		16,365,741
	881,200	J Sainsbury Plc		3,697,896
	125,161	Jardine Lloyd Thompson Group Plc		3,094,578
	1,466,313	Kingfisher Plc		4,933,334
	4,719,400	Lloyds Banking Group Plc		3,647,672
	244,380	London Stock Exchange Group Plc		14,614,832
	569,000	Man Group Plc		1,308,895
	489,400	Marks & Spencer Group Plc		1,843,127
	309,291	Meggitt Plc		2,284,466
	400,400	Mitchells & Butlers Plc		1,378,453
	256,118	Moneysupermarket.com Group Plc		931,500
	248,545	Pagegroup Plc		1,853,938
	277,200	Paragon Banking Group Plc		1,730,778
	26,454	Pets at Home Group Plc		41,190
	333,422	Premier Oil Plc*		602,196
	1,132,996	QinetiQ Group Plc		4,228,556
	334,333	Quilter Plc		585,530
	143,802	Reckitt Benckiser Group Plc		13,156,750
	222,500	Redrow Plc		1,693,031
	5,338	RELX Plc, ADR		111,724
	313,402	RELX Plc*		6,586,875
	192,666	RELX Plc (London Exchange)		4,060,136
	28,039	Renishaw Plc		1,734,608
	240,814	Rentokil Initial Plc		999,882
	92,700	Restaurant Group Plc (The)‡		360,238
	138,240	Rightmove Plc		849,080
	14,810	Rio Tinto Plc		749,343
	352,831	Royal Dutch Shell Plc (Amsterdam Exchange) Class A		12,120,221
	62,804	Royal Dutch Shell Plc Class A, ADR		4,279,465
	215,100	Royal Dutch Shell Plc Class B		7,542,674
	275,200	Royal Mail Plc		1,712,190
	239,381	Senior Plc		974,578
	6,100	Smith & Nephew Plc, ADR		226,249
	358,442	Smith & Nephew Plc		6,541,629
	77,198	Sophos Group Plc		491,270
	92,480	Spectris Plc		2,861,803
	61,537	Spirax-Sarco Engineering Plc		5,858,053
	123,300	SSE Plc		1,842,646
	232,817	Stagecoach Group Plc		475,142
	561,000	Taylor Wimpey Plc		1,256,840
	31,300	Tesco Plc, ADR		292,029
	19,720	Unilever Plc, ADR		1,084,008
	299,420	Weir Group Plc (The)		6,883,784

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, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	60,600	William Hill Plc		199,223
	690,051	WM Morrison Supermarkets Plc		2,334,239
		Total United Kingdom		321,262,511
		United States — 2.3%
	81,513	Analog Devices, Inc.		7,536,692
	36,950	ANSYS, Inc.*		6,897,826
	251,686	Cadence Design Systems, Inc.*		11,406,410
	153,955	Colgate-Palmolive Co.		10,307,287
	54,932	DENTSPLY SIRONA, Inc.		2,073,134
	33,961	Nordson Corp.		4,717,183
	50,505	Texas Instruments, Inc.		5,418,681
		Total United States		48,357,213
		TOTAL COMMON STOCKS (COST $1,761,140,717)		1,962,403,656
		INVESTMENT COMPANY — 0.9%
		United States — 0.9%
	292,327	iShares MSCI EAFE ETF		19,875,313
		TOTAL INVESTMENT COMPANY (COST $17,056,191)		19,875,313
		PREFERRED STOCKS — 0.9%
		Brazil — 0.1%
	517,660	Itausa — Investimentos Itau SA, 5.29%		1,309,203
		Germany — 0.8%
	118,593	Henkel AG & Co. KGaA, 1.78%		13,919,205
	29,593	Porsche Automobil Holding SE, 3.09%		1,993,591
	14,800	Volkswagen AG, 2.66%		2,606,033
		Total Germany		18,518,829
		Spain — 0.0%
	7,328	Grifols SA, 2.17% Series B		155,249
		TOTAL PREFERRED STOCKS (COST $19,627,241)		19,983,281
		RIGHTS — 0.0%
		Australia — 0.0%
	5,693	Harvey Norman Holdings, Ltd. Expires 10/15/18* ‡		3,295
		TOTAL RIGHTS (COST $—)		3,295

See accompanying Notes to the Financial Statements.

42

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.3%
			Mutual Fund - Securities Lending Collateral — 1.0%
	21,145,393		State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## ***		21,145,393
			U.S. Government and Agency Obligations — 0.3%
	6,000,000		United States Treasury Bill, 2.34%, due 03/14/19** ‡‡		5,936,470
			TOTAL SHORT-TERM INVESTMENTS (COST $27,082,663)		27,081,863
			TOTAL INVESTMENTS — 94.9% (COST $1,824,906,812)		2,029,347,408
			Other Assets and Liabilities (net) — 5.1%		109,265,259
			NET ASSETS — 100.0%	$	2,138,612,667
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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 $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $1,457,972.
		¤	Illiquid security. The total market value of the securities at period end is $1,142,351 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $2,527,448.
		^	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, 2018 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date	Counterparty	Unrealized Appreciation (Depreciation)
USD	697,333	JPY	76,000,000	02/22/19	Citibank N.A.	$	20,226
USD	19,547,046	JPY	2,128,429,000	02/22/19	State Street Bank and Trust		584,233
						$	604,459

Currency Abbreviations

JPY — Japanese Yen

USD — U.S. Dollar

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	985	MSCI EAFE Index		Dec 2018	$	97,293,375	$	1,355,978

See accompanying Notes to the Financial Statements.

44

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Pharmaceuticals		6.7
Banks		6.1
Oil & Gas		5.9
Insurance		5.0
Chemicals		4.7
Food		4.6
Commercial Services		4.5
Software		3.6
Beverages		3.5
Cosmetics & Personal Care		3.0
Health Care — Products		2.7
Retail		2.5
Semiconductors		2.3
Telecommunications		2.3
Internet		2.2
Distribution & Wholesale		1.9
Diversified Financial Services		1.9
Electronics		1.8
Computers		1.7
Transportation		1.7
Machinery — Diversified		1.6
Electric		1.5
Apparel		1.3
Biotechnology		1.3
Auto Manufacturers		1.2
Household Products & Wares		1.2
Real Estate		1.2
Aerospace & Defense		1.1
Auto Parts & Equipment		1.1
Electrical Components & Equipment		1.1
Mining		1.1
Building Materials		0.9
Miscellaneous — Manufacturing		0.9
Unaffiliated Fund		0.9
Airlines		0.8
Food Service		0.7
Iron & Steel		0.7
Machinery — Construction & Mining		0.7
Home Builders		0.6
Office & Business Equipment		0.6
Forest Products & Paper		0.5
Media		0.5
Agriculture		0.4
Metal Fabricate & Hardware		0.4
REITS		0.4
Engineering & Construction		0.3
Gas		0.3
Investment Companies		0.3
Hand & Machine Tools		0.2
Leisure Time		0.2
Private Equity		0.2

See accompanying Notes to the Financial Statements.

45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Advertising		0.1
Energy-Alternate Sources		0.1
Holding Companies — Diversified		0.1
Lodging		0.1
Oil & Gas Services		0.1
Packaging & Containers		0.1
Shipbuilding		0.1
Trucking & Leasing		0.1
Entertainment		0.0
Environmental Control		0.0
Health Care — Services		0.0
Toys, Games & Hobbies		0.0
Water		0.0
Short-Term Investments and Other Assets and Liabilities (net)		6.4
		100.0	%

See accompanying Notes to the Financial Statements.

46

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		DEBT OBLIGATIONS — 98.8%
		Asset Backed Securities — 12.4%
	170,000	AccessLex Institute, Series 2005-1, Class A4, 2.58% (3 mo. USD LIBOR plus 0.210%), due 06/22/37†		164,506
	293,799	AccessLex Institute, Series 2006-1, Class A3, 2.51% (3 mo. USD LIBOR plus 0.200%), due 08/25/37†		289,662
	267,990	AccessLex Institute, Series 2007-A, Class A3, 2.61% (3 mo. USD LIBOR plus 0.300%), due 05/25/36†		264,435
	290,000	Ally Auto Receivables Trust, Series 2017-4, Class A4, 1.96%, due 07/15/22		283,392
	245,000	Ally Auto Receivables Trust, Series 2018-1, Class A3, 2.35%, due 06/15/22		242,830
	848,000	Ally Master Owner Trust, Series 2018-1, Class A2, 2.70%, due 01/17/23		839,596
	250,000	ALM CLO VIII, Ltd., Series 2013-8A, Class A1R, 3.83% (3 mo. USD LIBOR plus 1.490%), due 10/15/28† 144A		250,078
	76,590	American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22		78,888
	815,000	American Express Credit Account Master Trust, Series 2017-1, Class A, 1.93%, due 09/15/22		803,879
	200,000	AmeriCredit Automobile Receivables Trust, Series 2017-3, Class C, 2.69%, due 06/19/23		196,514
	500,000	AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, due 09/18/23		488,966
	400,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24		398,693
	170,000	AmeriCredit Automobile Receivables Trust, Series 2018-2, Class C, 3.59%, due 06/18/24		169,572
	519,796	Ameriquest Mortgage Securities, Inc., Series 2003-9, Class AV1, 2.98% (1 mo. USD LIBOR plus 0.760%), due 09/25/33†		520,908
	777,150	Applebee’s Funding LLC/IHOP Funding LLC, Series 2014-1, Class A2, 4.28%, due 09/05/44 144A		766,187
	646,713	Arbys Funding LLC, Series 2015-1A, Class A2, 4.97%, due 10/30/45 144A		652,724
	271,090	Asset Backed Securities Corp Home Equity Loan Trust, Series 2003-HE7, Class M1, 3.13% (1 mo. USD LIBOR plus 0.975%), due 12/15/33†		271,772
	80,122	Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 2.91% (1 mo. USD LIBOR plus 0.690%), due 04/25/34†		80,537
	1,000,000	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 3.60% (3 mo. USD LIBOR plus 1.260%), due 07/16/29† 144A		1,002,220
	1,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-1A, Class A, 2.50%, due 07/20/21 144A		987,136
	1,000,000	Avis Budget Rental Car Funding AESOP LLC, Series 2015-2A, Class A, 2.63%, due 12/20/21 144A		985,414
	1,125,000	BA Credit Card Trust, Series 2017-A1, Class A1, 1.95%, due 08/15/22		1,109,621
	250,000	Battalion CLO VIII, Ltd., Series 2015-8A, Class A1R, 3.67% (3 mo. USD LIBOR plus 1.340%), due 07/18/30† 144A		250,274
	500,000	Battalion CLO X, Ltd., Series 2016-10A, Class A1, 3.89% (3 mo. USD LIBOR plus 1.550%), due 01/24/29† 144A		500,557
	7,887	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 3.36% (1 mo. USD LIBOR plus 0.570%), due 09/25/34†		7,915
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 3.59% (3 mo. USD LIBOR plus 1.250%), due 10/15/30† 144A		250,433
	250,000	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 3.67% (3 mo. USD LIBOR plus 1.330%), due 04/13/27† 144A		250,623
	315,000	BMW Vehicle Owner Trust, Series 2016-A, Class A4, 1.37%, due 12/27/22		308,840
	400,000	BMW Vehicle Owner Trust, Series 2018-A, Class A3, 2.35%, due 04/25/22		395,700
	5,000	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.99%, due 07/17/23		4,899

See accompanying Notes to the Financial Statements.

47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2012-4A, Class AR, 3.80% (3 mo. USD LIBOR plus 1.450%), due 01/20/29† 144A		500,869
	500,000	Carlyle Global Market Strategies CLO, Ltd., Series 2017-1A, Class A1B, 3.58% (3 mo. USD LIBOR plus 1.230%), due 04/20/31† 144A		500,488
	280,000	CarMax Auto Owner Trust, Series 2016-2, Class A4, 1.68%, due 09/15/21		274,464
	255,000	CarMax Auto Owner Trust, Series 2018-1, Class A3, 2.48%, due 11/15/22		252,147
	255,000	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A4, 1.87%, due 02/15/22 144A		251,097
	1,020,000	Citibank Credit Card Issuance Trust, Series 2016-A1, Class A1, 1.75%, due 11/19/21		1,007,138
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 2.83% (1 mo. LIBOR plus 0.620%), due 04/22/26†		808,942
	800,000	Citibank Credit Card Issuance Trust, Series 2017-A7, Class A7, 2.50% (1 mo. LIBOR plus 0.370%), due 08/08/24†		802,497
	930,000	Citibank Credit Card Issuance Trust, Series 2018-A1, Class A1, 2.49%, due 01/20/23		917,518
	368,198	CLI Funding LLC, Series 2018-1A, Class A, 4.03%, due 04/18/43 144A		366,186
	270,000	CNH Equipment Trust, Series 2017-C, Class A3, 2.08%, due 02/15/23		265,408
	392,000	CNH Equipment Trust, Series 2018-B, Class A3, 3.19%, due 11/15/23		391,984
	330,813	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		335,038
	223,000	Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 2.59% (3 mo. USD LIBOR plus 0.200%), due 03/28/35†		217,151
	724,929	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		705,888
	400,000	CSMC Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58 144A		400,516
	424,600	DB Master Finance LLC, Series 2015-1A, Class A2II, 3.98%, due 02/20/45 144A		425,140
	1,092,743	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		1,066,112
	129,025	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A		126,865
	1,070,000	Discover Card Execution Note Trust, Series 2017-A6, Class A6, 1.88%, due 02/15/23		1,048,106
	1,124,000	DLL LLC, Series 2018-1, Class A4, 3.27%, due 04/17/26 144A		1,123,643
	857,340	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 3.59% (3 mo. USD LIBOR plus 1.250%), due 07/25/47† 144A		861,575
	514,800	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		507,142
	604,485	Domino’s Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 144A		601,696
	400,000	Drive Auto Receivables Trust, Series 2018-1, Class B, 2.88%, due 02/15/22		399,643
	486,250	Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A		500,538
	490,000	Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/23‡‡‡‡		487,014
	250,000	Flagship CLO VIII, Ltd., Series 2014-8A, Class ARR, 3.19%, due 01/16/26◆◆ 144A		249,696
	123,438	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A		123,215
	255,000	Ford Credit Auto Owner Trust, Series 2016-B, Class A4, 1.52%, due 08/15/21		251,129
	343,000	Ford Credit Auto Owner Trust, Series 2016-C, Class A4, 1.40%, due 02/15/22		334,289
	113,000	Ford Credit Auto Owner Trust, Series 2017-B, Class A4, 1.87%, due 09/15/22		109,954
	285,000	Ford Credit Auto Owner Trust, Series 2017-C, Class A4, 2.16%, due 03/15/23		278,051
	455,000	Ford Credit Floorplan Master Owner Trust, Series 2017-2, Class A1, 2.16%, due 09/15/22		446,375
	900,000	Ford Credit Floorplan Master Owner Trust, Series 2017-3, Class A, 2.48%, due 09/15/24		869,922
	2,900,000	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25		2,874,818

See accompanying Notes to the Financial Statements.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	400,000	GM Financial Consumer Automobile Receivables Trust, Series 2017-2A, Class A3, 1.86%, due 12/16/21 144A		394,974
	936,000	Goal Capital Funding Trust, Series 2005-2, Class A4, 2.51% (3 mo. USD LIBOR plus 0.200%), due 08/25/44†		921,071
	390,000	Golden Credit Card Trust, Series 2018-1A, Class A, 2.62%, due 01/15/23 144A		384,923
	250,251	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		245,597
	114,000	Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A		114,018
	208,861	Home Equity Asset Trust, Series 2003-8, Class M1, 3.30% (1 mo. USD LIBOR plus 1.080%), due 04/25/34†		211,134
	510,000	Honda Auto Receivables Owner Trust, Series 2016-4, Class A4, 1.36%, due 01/18/23		499,378
	125,000	Honda Auto Receivables Owner Trust, Series 2017-2, Class A4, 1.87%, due 09/15/23		121,862
	145,000	Honda Auto Receivables Owner Trust, Series 2017-3, Class A4, 1.98%, due 11/20/23		141,476
	226,000	Honda Auto Receivables Owner Trust, Series 2018-2, Class A3, 3.01%, due 05/18/22		225,825
	170,000	Honda Auto Receivables Owner Trust, Series 2018-3, Class A3, 2.95%, due 08/22/22		169,507
	880,000	Huntington Auto Trust, Series 2016-1, Class A4, 1.93%, due 04/15/22		867,376
	345,000	Hyundai Auto Lease Securitization Trust, Series 2018-A, Class A3, 2.81%, due 04/15/21 144A		343,861
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 3.63% (3 mo. USD LIBOR plus 1.280%), due 10/23/29† 144A		500,359
	165,000	John Deere Owner Trust, Series 2018-A, Class A3, 2.66%, due 04/18/22		163,848
	181,426	KeyCorp Student Loan Trust, Series 2004-A, Class 1A2, 2.58% (3 mo. USD LIBOR plus 0.240%), due 10/27/42†		178,068
	350,658	KVK CLO, Ltd., Series 2014-1A, Class A1R, 3.61% (3 mo. USD LIBOR plus 1.300%), due 05/15/26† 144A		351,099
	500,000	KVK CLO, Ltd., Series 2014-2A, Class AR, 3.52% (3 mo. USD LIBOR plus 1.180%), due 07/15/26† 144A		500,525
	500,000	Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		486,083
	750,000	Limerock CLO III LLC, Series 2014-3A, Class A1R, 3.55% (3 mo. USD LIBOR plus 1.200%), due 10/20/26† 144A		750,104
	2,370,000	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A4, 1.46%, due 12/15/22		2,315,195
	750,000	MidOcean Credit CLO III, Series 2014-3A, Class A1R, 2.68%, due 04/21/31◆◆ 144A		750,547
	175,000	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/58◆◆ ‡‡‡‡		173,619
	1,570,000	MMAF Equipment Finance LLC, Series 2014-AA, Class A5, 2.33%, due 12/08/25 144A		1,538,770
	700,000	MMAF Equipment Finance LLC, Series 2017-AA, Class A4, 2.41%, due 08/16/24 144A		680,613
	360,000	MMAF Equipment Finance LLC, Series 2017-B, Class A3, 2.21%, due 10/17/22 144A		354,104
	164,906	Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 3.24% (1 mo. USD LIBOR plus 1.020%), due 10/25/33†		163,810
	92,238	Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 3.27% (1 mo. USD LIBOR plus 1.050%), due 06/25/33†		93,309
	353,513	MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A		352,533
	219,000	Nelnet Student Loan Trust, Series 2006-1, Class A6, 2.76% (3 mo. USD LIBOR plus 0.450%), due 08/23/36† 144A		216,752
	253,440	New Century Home Equity Loan Trust, Series 2003-A, Class A, 2.94% (1 mo. USD LIBOR plus 0.720%), due 10/25/33† 144A		247,199
	269,570	New Residential Mortgage LLC, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A		268,775
	168,769	New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		169,049
	438,748	New Residential Mortgage Trust, Series 2018-1A, Class A1A, 4.00%, due 12/25/57◆◆ 144A		441,765

See accompanying Notes to the Financial Statements.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	2,211,000	NextGear Floorplan Master Owner Trust, Series 2015-2A, Class A, 2.38%, due 10/15/20 144A		2,210,835
	323,000	NextGear Floorplan Master Owner Trust, Series 2017-1A, Class A2, 2.54%, due 04/18/22 144A		319,748
	120,000	NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A2, 3.22%, due 02/15/23 144A		119,296
	330,000	Nissan Auto Receivables Owner Trust, Series 2017-B, Class A4, 1.95%, due 10/16/23		321,412
	600,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 3.14% (3 mo. USD LIBOR plus 0.800%), due 07/25/36†		607,212
	104,213	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, due 01/25/23 144A		103,700
	192,420	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2, Class A, 3.27%, due 02/25/23 144A		191,338
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 3.60% (3 mo. USD LIBOR plus 1.260%), due 07/15/30† 144A		250,371
	721,589	OneMain Direct Auto Receivables Trust, Series 2017-1A, Class A, 2.16%, due 10/15/20 144A		719,144
	1,300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class B, 2.55%, due 11/14/23 144A		1,281,260
	300,000	OneMain Direct Auto Receivables Trust, Series 2017-2A, Class C, 2.82%, due 07/15/24 144A		295,321
	12,529	OneMain Financial Issuance Trust, Series 2015-2A, Class A, 2.57%, due 07/18/25 144A		12,543
	700,000	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 2.93% (1 mo. USD LIBOR plus 0.800%), due 09/14/32† 144A		702,146
	270,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		268,129
	750,000	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 3.60% (3 mo. USD LIBOR plus 1.490%), due 10/22/30† 144A		751,893
	250,000	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 3.59% (3 mo. USD LIBOR plus 1.250%), due 10/30/30† 144A		249,740
	750,000	OZLM XV CLO, Ltd., Series 2016-15A, Class A1, 3.84% (3 mo. USD LIBOR plus 1.490%), due 01/20/29† 144A		750,822
	750,000	Palmer Square CLO Ltd., Series 2018-2A, Class A1A, 3.36%, due 07/16/31◆◆ 144A		749,736
	500,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R, 3.61% (3 mo. USD LIBOR plus 1.300%), due 05/21/29† 144A		500,097
	340,000	PFS Financing Corp., Series 2018-B, Class A, 2.89%, due 02/15/23 144A		336,344
	500,000	Regatta VII Funding CLO, Ltd., Series 2016-1A, Class A1, 3.86% (3 mo. USD LIBOR plus 1.520%), due 12/20/28† 144A		500,224
	11,088	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35††		11,316
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 3.43%, due 07/25/31◆◆ 144A		250,174
	300,000	Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76%, due 12/15/22		296,548
	300,000	Santander Drive Auto Receivables Trust, Series 2018-1, Class C, 2.96%, due 03/15/24		296,450
	500,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class C, 3.35%, due 07/17/23		497,488
	430,000	Santander Drive Auto Receivables Trust, Series 2018-3, Class C, 3.51%, due 08/15/23		429,010
	337,685	Saxon Asset Securities Trust, Series 2005-1, Class M1, 2.91% (1 mo. USD LIBOR plus 0.690%), due 05/25/35†		335,621
	174,763	Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/35‡‡‡‡		174,265
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 3.59% (3 mo. USD LIBOR plus 1.240%), due 07/20/30† 144A		500,701

See accompanying Notes to the Financial Statements.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	115,486	SLM Private Credit Student Loan Trust, Series 2006-A, Class A5, 2.62% (3 mo. USD LIBOR plus 0.290%), due 06/15/39†		112,791
	3,305,568	Small Business Administration Participation Certificates, Series 2013-20H, Class 1, 3.16%, due 08/01/33		3,300,710
	3,085,453	Small Business Administration Participation Certificates, Series 2014-20C, Class 1, 3.21%, due 03/01/34		3,066,547
	1,309,787	Small Business Administration Participation Certificates, Series 2014-20D, Class 1, 3.11%, due 04/01/34		1,292,440
	941,380	Small Business Administration Participation Certificates, Series 2014-20I, Class 1, 2.92%, due 09/01/34		918,571
	167,667	SoFi Professional Loan Program, Series 2017-E, Class A2A, 1.86%, due 11/26/40 144A		165,422
	1,300,000	SoFi Professional Loan Program, Series 2017-F, Class A2FX, 2.84%, due 01/25/41 144A		1,261,652
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 3.62% (3 mo. USD LIBOR plus 1.280%), due 07/25/30† 144A		500,838
	413,456	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, due 04/25/29 144A		412,158
	363,321	Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, due 11/15/24 144A		363,368
	3,243,625	STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,169,777
	1,199,437	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		1,207,407
	862,388	SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.53% (3 mo. USD LIBOR plus 0.190%), due 10/28/37† ‡‡‡‡		853,328
	428,475	Taco Bell Funding LLC, Series 2016-1A, Class A2I, 3.83%, due 05/25/46 144A		429,221
	750,000	Telos CLO, Series 2013-3A, Class AR, 3.64% (3 mo. USD LIBOR plus 1.300%), due 07/17/26† 144A		753,413
	148,200	Textainer Marine Containers VII, Ltd., Series 2018-1A, Class A, 4.11%, due 07/20/43 144A		147,094
	1,000,000	TICP CLO VI, Ltd., Series 2016-6A, Class A, 3.89% (3 mo. USD LIBOR plus 1.550%), due 01/15/29† 144A		1,001,334
	250,000	TICP CLO VII, Ltd., Series 2017-7A, Class AS, 3.57% (3 mo. USD LIBOR plus 1.230%), due 07/15/29† 144A		250,473
	115,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.73%, due 10/25/53◆◆ ‡‡‡‡		115,786
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.64%, due 11/25/60◆◆ 144A		266,252
	416,706	Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50%, due 10/25/56◆◆ 144A		406,903
	121,440	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56◆◆ 144A		119,367
	99,318	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, due 04/25/57◆◆ 144A		97,577
	780,299	Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57◆◆ 144A		762,072
	873,833	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, due 10/25/57◆◆ 144A		852,584
	862,758	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58◆◆ ‡‡‡‡		849,545
	273,612	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58◆◆ 144A		274,363
	394,200	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58◆◆ 144A		384,390
	300,000	Towd Point Mortgage Trust, Series 2018-5, Class A1, 3.25%, due 07/25/58◆◆ 144A		294,495
	116,000	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58◆◆ 144A		114,755
	265,000	Toyota Auto Receivables Owner Trust, Series 2016-C, Class A4, 1.32%, due 11/15/21		259,582
	300,000	Toyota Auto Receivables Owner Trust, Series 2017-C, Class A4, 1.98%, due 12/15/22		293,290
	315,000	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A3, 2.35%, due 05/16/22		311,580
	460,000	Toyota Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.02%, due 12/15/22		459,140
	750,000	Trinitas CLO V, Ltd., Series 2016-5A, Class A, 4.04% (3 mo. USD LIBOR plus 1.700%), due 10/25/28† 144A		750,096

See accompanying Notes to the Financial Statements.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Trinitas CLO VI, Ltd., Series 2017-6A, Class A, 3.66% (3 mo. USD LIBOR plus 1.320%), due 07/25/29† 144A		501,008
	232,750	Triton Container Finance V LLC, Series 2018-1A, Class A, 3.95%, due 03/20/43 144A		230,256
	1,426,472	United States Small Business Administration, Series 2017-20D, Class 1, 2.84%, due 04/01/37		1,355,102
	183,921	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, due 02/16/43 144A		184,206
	1,534,042	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, due 01/20/21 144A		1,528,740
	1,130,000	Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, due 09/20/21 144A		1,119,960
	71,533	VOLT LX LLC, Series 2017-NPL7, Class A1, 3.25%, due 06/25/47†† 144A		71,236
	440,000	Volvo Financial Equipment LLC, Series 2018-1A, Class A3, 2.54%, due 02/15/22 144A		436,208
	238,869	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		230,686
	60,715	Wachovia Student Loan Trust, Series 2006-1, Class B, 2.58% (3 mo. USD LIBOR plus 0.240%), due 04/25/40† 144A		58,145
	500,000	Wellfleet CLO, Ltd., Series 2016-2A, Class A1, 4.00% (3 mo. USD LIBOR plus 1.650%), due 10/20/28† 144A		500,140
	183,245	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30‡‡‡‡		181,611
	145,000	World Omni Auto Receivables Trust, Series 2017-B, Class A3, 1.95%, due 02/15/23		142,159
	410,000	World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, due 04/17/23		404,857
	317,000	World Omni Automobile Lease Securitization Trust, Series 2018-B, Class A3, 3.19%, due 12/15/21		316,975
	250,000	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 3.71% (3 mo. USD LIBOR plus 1.370%), due 07/15/29† 144A		250,551
				96,199,198
		Corporate Debt — 36.1%
	20,000	21st Century Fox America, Inc., 6.75%, due 01/09/38		26,561
	775,000	Abbott Laboratories, 2.90%, due 11/30/21		765,885
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		290,783
	500,000	AbbVie, Inc., 4.50%, due 05/14/35		481,633
	242,820	Abengoa Transmision Sur SA, 6.88%, due 04/30/43 144A		270,865
	265,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		252,175
	161,000	Advanced Micro Devices, Inc., 7.00%, due 07/01/24		170,660
	340,000	AECOM, 5.13%, due 03/15/27		332,860
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		360,001
	175,000	AEP Transmission Co. LLC, 3.75%, due 12/01/47		160,355
	280,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.75%, due 05/15/19		281,146
	265,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.63%, due 10/30/20		270,187
	330,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, due 10/01/21		339,668
	370,000	Aetna, Inc., 4.75%, due 03/15/44		366,314
	390,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		386,100
	190,061	Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, due 11/15/26‡‡‡‡		191,011
	1,838,914	Air Canada Pass Through Trust, Series 2015-1, Class A, 3.60%, due 09/15/28 144A		1,785,770
	285,000	Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, due 07/15/27‡‡‡‡		275,179
	1,908,000	Air Lease Corp., 3.25%, due 03/01/25		1,786,037
	157,000	Aircastle, Ltd., 4.40%, due 09/25/23		157,195
	200,000	Aircastle, Ltd., 5.50%, due 02/15/22		208,043
	210,000	Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22 144A		202,043
	335,000	Allergan Funding SCS, 3.80%, due 03/15/25‡		328,511
	640,000	Allergan Funding SCS, 4.55%, due 03/15/35‡		624,313

See accompanying Notes to the Financial Statements.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	10,000	Allergan Funding SCS, 4.85%, due 06/15/44		9,921
	420,000	Ally Financial, Inc., 5.13%, due 09/30/24		433,650
	200,000	Altice Financing SA, 6.63%, due 02/15/23‡ 144A		202,000
	500,000	Amazon.com, Inc., 3.15%, due 08/22/27		479,995
	485,000	Amazon.com, Inc., 4.05%, due 08/22/47		479,775
	340,000	AMC Networks, Inc., 5.00%, due 04/01/24‡		335,750
	3,473,270	American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, due 07/15/24		3,563,141
	273,926	American Airlines Pass Through Trust, Series 2015-1, Class A, 3.38%, due 11/01/28		263,997
	362,645	American Airlines Pass Through Trust, Series 2016-1, Class A, 4.10%, due 07/15/29		361,124
	210,615	American Airlines Pass Through Trust, Series 2017-1, Class A, 4.00%, due 08/15/30		207,845
	249,413	American Airlines Pass Through Trust, Series 2017-1, Class AA, 3.65%, due 02/15/29		243,732
	150,000	American Airlines Pass Through Trust, Series 2017-2, Class A, 3.60%, due 04/15/31		143,566
	455,000	American Express Co., 2.50%, due 08/01/22		436,563
	1,003,000	American Express Credit Corp., 1.88%, due 05/03/19		998,380
	290,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		277,967
	471,000	American Tower Corp. REIT, 3.55%, due 07/15/27‡		440,946
	235,000	American Tower Corp. REIT, 4.70%, due 03/15/22		242,886
	180,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25		177,750
	400,000	Anadarko Petroleum Corp., 4.85%, due 03/15/21		411,308
	6,000,000	Anadarko Petroleum Corp., 7.14%, due 10/10/36‡‡		2,572,642
	156,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 4.25%, due 12/01/27‡		152,712
	140,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 5.25%, due 01/15/25		143,560
	270,000	Andeavor Logistics, LP/Tesoro Logistics Finance Corp., 6.38%, due 05/01/24		286,875
	240,000	Anglo American Capital Plc, 4.75%, due 04/10/27‡ 144A		234,296
	355,000	Anheuser-Busch InBev Finance, Inc., 4.70%, due 02/01/36		356,505
	1,380,000	Anheuser-Busch InBev Finance, Inc., 4.90%, due 02/01/46		1,400,840
	275,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		267,446
	350,000	Anixter, Inc., 5.63%, due 05/01/19		355,250
	230,000	Antero Midstream Partners, LP/Antero Midstream Finance Corp., 5.38%, due 09/15/24		232,587
	249,000	Antero Resources Corp., 5.13%, due 12/01/22		253,482
	5,000	Anthem, Inc., 5.10%, due 01/15/44		5,201
	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† ‡‡‡		301,524
	238,000	Archrock Partners, LP/Archrock Partners Finance Corp., 6.00%, due 04/01/21		240,380
	176,000	Archrock Partners, LP/Archrock Partners Finance Corp., 6.00%, due 10/01/22‡		178,420
	314,000	Arconic, Inc., 5.13%, due 10/01/24‡		316,944
	245,000	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A		240,406
	269,000	Ares Capital Corp., 3.63%, due 01/19/22		263,216
	240,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		228,600
	180,000	ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		137,700
	150,000	AT&T, Inc., 2.63%, due 12/01/22		143,667
	619,000	AT&T, Inc., 3.40%, due 05/15/25		590,192
	3,000,000	AT&T, Inc., 3.97%, due 11/27/22‡‡ 144A		2,568,097
	10,000	AT&T, Inc., 4.45%, due 05/15/21		10,248
	110,000	AT&T, Inc., 5.25%, due 03/01/37		109,953
	200,000	Australia & New Zealand Banking Group, Ltd., 6.75% (USISDA05 plus 5.168%)† ††††† 144A		207,500
	150,000	Autodesk, Inc., 3.50%, due 06/15/27		139,972
	197,000	Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		199,616

See accompanying Notes to the Financial Statements.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	190,000	AXA SA, 8.60%, due 12/15/30		247,475
	260,000	Azul Investments LLP, 5.88%, due 10/26/24 144A		225,930
	185,000	BAC Capital Trust XIV, 4.00% (3 mo. USD LIBOR plus 0.400%)† †††††		155,631
	2,160,000	BAE Systems Holdings, Inc., 6.38%, due 06/01/19 144A		2,207,416
	200,000	Banco Santander SA, 3.85%, due 04/12/23‡		195,600
	200,000	Banco Santander SA, 4.38%, due 04/12/28		190,057
	187,000	Banff Merger Sub, Inc., 9.75%, due 09/01/26‡ 144A		190,179
	87,000	Bank of America Corp., 2.60%, due 01/15/19		86,990
	2,526,000	Bank of America Corp., 3.50%, due 04/19/26		2,444,568
	420,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR plus 3.387%)† ††††† ‡		423,675
	270,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR plus 4.553%)† †††††		288,900
	740,000	Bank of America Corp., (MTN), 3.30%, due 01/11/23		730,159
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR plus 1.370%), due 07/21/28†		720,623
	385,000	Bank of America Corp., (MTN), 3.82% (3 mo. USD LIBOR plus 1.575%), due 01/20/28†		375,047
	378,000	Bank of America Corp., (MTN), 3.95%, due 04/21/25		370,417
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		508,346
	165,000	Bank of America Corp., (MTN), 4.20%, due 08/26/24		165,900
	124,000	Bank of America Corp., (MTN), 4.25%, due 10/22/26		122,703
	210,000	Bank of America Corp., (MTN), 4.27%, due 07/23/29◆		209,997
	1,205,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		1,208,344
	200,000	Bank of Montreal (MTN), 2.80%, due 04/13/21◆		200,873
	155,000	Bank of Montreal (MTN), 3.10%, due 04/13/21		154,437
	425,000	Banque Federative du Credit Mutuel SA, 2.20%, due 07/20/20 144A		416,688
	670,000	Barclays Bank Plc, 2.65%, due 01/11/21		657,041
	575,000	Barclays Plc, 3.68%, due 01/10/23		560,541
	325,000	Barclays Plc, 4.38%, due 01/12/26		315,893
	400,000	Barclays Plc, 4.97%, due 05/16/29◆		394,612
	240,000	Barclays Plc, 7.75%◆ †††††		241,200
	770,000	BAT Capital Corp., 3.22%, due 08/15/24 144A		734,884
	240,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25‡ 144A		228,600
	255,000	Bayer US Finance II LLC, 3.00%, due 06/25/21◆ 144A		256,091
	400,000	Bayer US Finance II LLC, 3.50%, due 06/25/21 144A		399,330
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		100,856
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,592,794
	105,000	BHP Billiton Finance USA, Ltd., 6.25% (USD 5 year swap rate plus 4.971%), due 10/19/75† 144A		109,778
	1,099,000	Blackstone Holdings Finance Co. LLC, 4.75%, due 02/15/23 144A		1,140,493
	110,000	BMW US Capital LLC, 2.75%, due 04/12/21◆ 144A		110,404
	145,000	BMW US Capital LLC, 3.10%, due 04/12/21 144A		144,103
	510,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		483,467
	225,000	BNP Paribas SA, 7.00%◆ ††††† ‡ 144A		227,081
	1,835,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		1,909,516
	280,000	BPCE SA, 4.50%, due 03/15/25‡ 144A		274,217
	415,000	BPCE SA, 5.70%, due 10/22/23 144A		433,153
	205,000	Braskem Finance, Ltd., 7.00%, due 05/07/20 144A		215,250
	310,000	Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		296,034
	430,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27		382,421
	246,547	British Airways Pass Through Trust, Series 2013-1, Class A, 4.63%, due 12/20/25 144A		252,525

See accompanying Notes to the Financial Statements.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	45,994	British Airways Pass Through Trust, Series 2013-1, Class B, 5.63%, due 12/20/21 144A		46,684
	134,990	British Airways Pass Through Trust, Series 2018-1, Class A, 4.13%, due 03/20/33 144A		133,671
	425,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 2.38%, due 01/15/20		420,145
	495,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, due 01/15/27		466,826
	245,000	C&W Senior Financing DAC, 6.88%, due 09/15/27 144A		245,000
	305,000	CA, Inc., 3.60%, due 08/15/22		303,072
	165,000	Cablevision SA, 6.50%, due 06/15/21 144A		163,350
	195,000	Cablevision Systems Corp., 5.88%, due 09/15/22		199,266
	725,000	Canadian Imperial Bank of Commerce, 2.70%, due 02/02/21		714,421
	859,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15#		1,019,462
	475,000	Capital One Financial Corp., 2.50%, due 05/12/20		469,478
	958,000	Capital One Financial Corp., 3.20%, due 01/30/23		929,330
	420,000	Capital One Financial Corp., 3.45%, due 04/30/21		419,821
	220,000	Capital One Financial Corp., 3.50%, due 06/15/23		216,215
	122,000	CBS Corp., 3.38%, due 03/01/22		120,497
	195,000	CBS Corp., 3.70%, due 08/15/24		189,833
	175,000	CCM Merger, Inc., 6.00%, due 03/15/22 144A		180,068
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, due 05/01/27 144A		208,688
	67,000	CDK Global, Inc., 5.88%, due 06/15/26		69,203
	715,000	Celgene Corp., 2.25%, due 08/15/21		691,534
	235,000	Cemex SAB de CV, 6.13%, due 05/05/25 144A		243,427
	290,000	Cengage Learning, Inc., 9.50%, due 06/15/24‡ 144A		251,212
	350,000	Cenovus Energy, Inc., 4.45%, due 09/15/42		303,744
	250,000	Cenovus Energy, Inc., 5.40%, due 06/15/47‡		250,988
	223,000	Centene Corp., 5.38%, due 06/01/26 144A		228,876
	225,000	Centene Corp., 5.63%, due 02/15/21		229,500
	205,000	CenterPoint Energy, Inc., 2.50%, due 09/01/22		196,117
	200,000	Cequel Communications Holdings I LLC/Cequel Capital Corp., 7.50%, due 04/01/28 144A		210,750
	520,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		498,442
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22‡		5,088
	475,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		476,973
	1,846,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		1,990,537
	780,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		841,234
	386,000	Chemours Co. (The), 6.63%, due 05/15/23		404,177
	355,000	Cheniere Corpus Christi Holdings LLC, 5.13%, due 06/30/27		357,219
	133,000	Cheniere Corpus Christi Holdings LLC, 5.88%, due 03/31/25		140,149
	141,000	Chesapeake Energy Corp., 7.50%, due 10/01/26		141,176
	205,000	Cimarex Energy Co., 4.38%, due 06/01/24		207,020
	335,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24‡ 144A		309,037
	490,000	Citibank NA, 3.05%, due 05/01/20		489,849
	455,000	Citigroup, Inc., 2.35%, due 08/02/21		441,567
	983,000	Citigroup, Inc., 3.40%, due 05/01/26		935,808
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR plus 1.39%), due 07/24/28†		295,504

See accompanying Notes to the Financial Statements.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,110,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR plus 1.563%), due 01/10/28†		1,078,762
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		180,185
	504,000	Citigroup, Inc., 4.60%, due 03/09/26		508,127
	797,000	Citigroup, Inc., 4.65%, due 07/23/48		809,293
	520,000	Citigroup, Inc., 4.75%, due 05/18/46		509,147
	155,000	Citigroup, Inc., 5.50%, due 09/13/25		165,366
	130,000	Citigroup, Inc., 5.90% (3 mo. USD LIBOR plus 4.230%)† †††††		133,250
	230,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.068%)† ††††† ‡		235,398
	550,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR plus 4.095%)† †††††		567,284
	120,000	Citigroup, Inc., 6.13% (3 mo. USD LIBOR plus 4.478%)† †††††		125,175
	385,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR plus 4.517%)† ††††† ‡		402,325
	401,000	Citrix Systems, Inc., 4.50%, due 12/01/27		387,140
	250,000	Clear Channel Worldwide Holdings, Inc., 6.50%, due 11/15/22		255,625
	243,000	Clearway Energy Operating LLC, 5.38%, due 08/15/24		245,430
	225,000	Clearway Energy, Inc., 3.25%, due 06/01/20 144A		225,383
	1,024,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14#		1,075,634
	885,000	CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22‡‡‡		856,642
	286,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		293,865
	233,000	Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		228,476
	180,000	Columbia Pipeline Group, Inc., 4.50%, due 06/01/25		182,231
	5,000	Comcast Corp., 3.97%, due 11/01/47		4,474
	1,680,000	Comcast Corp., 4.25%, due 01/15/33		1,649,546
	79,000	Comcast Corp., 6.40%, due 05/15/38		93,714
	20,000	Comcast Corp., 6.50%, due 11/15/35		24,175
	79,000	Commercial Metals Co., 5.38%, due 07/15/27		74,458
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		338,597
	200,000	Comunicaciones Celulares SA Via Comcel Trust, 6.88%, due 02/06/24‡ 144A		205,125
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		45,704
	575,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		718,822
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		62,222
	255,000	Constellation Brands, Inc., 3.20%, due 02/15/23		247,279
	400,000	Consumers Energy Co., 3.25%, due 08/15/46		342,913
	1,136,195	Continental Airlines Pass Through Trust, Series 2007-1, Class A, 5.98%, due 10/19/23		1,202,071
	155,863	Continental Airlines Pass Through Trust, Series 2012-1, Class B, 6.25%, due 10/11/21		159,819
	463,000	Continental Resources, Inc., 5.00%, due 09/15/22		470,215
	2,035,000	Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A		2,030,555
	1,526,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		1,419,915
	205,000	Credit Acceptance Corp., 6.13%, due 02/15/21		207,819
	300,000	Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		316,626
	250,000	Credit Agricole SA/London, 3.75%, due 04/24/23 144A		245,595
	275,000	Credit Suisse Group AG, 7.50%◆ ††††† 144A		283,594
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21		498,296
	215,000	Credito Real SAB de CV SOFOM ER, 9.13%◆ ††††† 144A		214,196
	230,000	Crown Castle Holdings GS V LLC/Crown Castle GS III Corp. REIT, 3.85%, due 04/15/23		228,772
	311,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.25%, due 08/15/22		290,007
	177,000	CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		181,425
	1,160,000	CVS Health Corp., 2.75%, due 12/01/22		1,119,873

See accompanying Notes to the Financial Statements.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	675,000	CVS Health Corp., 3.35%, due 03/09/21		674,004
	50,000	CVS Health Corp., 4.78%, due 03/25/38		49,917
	675,000	CVS Health Corp., 5.05%, due 03/25/48		693,067
	120,000	CVS Health Corp., 5.13%, due 07/20/45		123,814
	2,769,547	CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		3,222,196
	245,000	Cydsa SAB DE CV, 6.25%, due 10/04/27 144A		234,587
	1,615,000	Daimler Finance North America LLC, 2.20%, due 05/05/20 144A		1,586,430
	414,000	Daimler Finance North America LLC, 3.10%, due 05/04/20‡ 144A		412,838
	375,000	DaVita, Inc., 5.00%, due 05/01/25‡		359,531
	400,000	DCP Midstream Operating LP, 5.85% (3 mo. USD LIBOR plus 3.850%), due 05/21/43† ‡ 144A		372,000
	578,000	DCP Midstream Operating, LP, 5.35%, due 03/15/20 144A		592,450
	272,000	DCP Midstream, LP, 7.38%◆ †††††		271,150
	215,000	Dell International LLC/EMC Corp., 3.48%, due 06/01/19 144A		215,578
	515,000	Dell International LLC/EMC Corp., 6.02%, due 06/15/26 144A		551,278
	486,000	Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		606,801
	843,403	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24		924,286
	405,000	Delta Air Lines, Inc., 3.63%, due 03/15/22		400,254
	345,000	Delta Air Lines, Inc., 4.38%, due 04/19/28		333,955
	110,000	Delta Merger Sub, Inc., 6.00%, due 09/15/26 144A		111,650
	375,000	Deutsche Bank AG, (MTN), 3.38%, due 05/12/21		368,325
	250,000	Dexia Credit Local SA, 1.88%, due 09/15/21 144A		240,756
	250,000	Dexia Credit Local SA, 3.25%, due 09/26/23 144A		249,332
	172,000	Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		172,645
	622,000	Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		592,000
	665,000	Discover Financial Services, 3.75%, due 03/04/25		634,797
	412,000	Discover Financial Services, 3.95%, due 11/06/24		403,352
	120,000	Discover Financial Services, 4.10%, due 02/09/27		114,907
	72,000	Discover Financial Services, 5.20%, due 04/27/22		74,593
	600,000	Discovery Communications LLC, 2.80%, due 06/15/20‡ 144A		594,149
	185,000	Discovery Communications LLC, 5.00%, due 09/20/37		180,935
	245,000	Dollar Tree, Inc., 3.04%, due 04/17/20◆		245,393
	526,000	Dollar Tree, Inc., 4.20%, due 05/15/28		511,891
	264,000	Dominion Energy, Inc., 2.58%, due 07/01/20		260,561
	115,000	Dominion Energy, Inc., 2.85%, due 08/15/26		104,882
	400,000	Dominion Energy, Inc., 4.45%, due 03/15/21		407,668
	325,000	DTE Electric Co., 4.05%, due 05/15/48		320,639
	2,589,000	Duke Energy Corp., 3.55%, due 09/15/21		2,599,103
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		366,552
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		178,539
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		240,394
	200,000	Electricite de France SA, 3.63%, due 10/13/25 144A		193,656
	440,000	Electricite de France SA, 5.25% (USSW10 plus 3.709%)† ††††† 144A		441,650
	399,000	Electronic Arts, Inc., 4.80%, due 03/01/26		418,637
	50,000	Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		52,001
	373,000	Emera US Finance, LP, 3.55%, due 06/15/26		351,892
	340,000	Enable Midstream Partners, LP, 4.95%, due 05/15/28		338,041
	355,000	Enbridge Energy Partners, LP, 4.38%, due 10/15/20		360,354

See accompanying Notes to the Financial Statements.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	230,000	Enbridge Energy Partners, LP, 6.19% (3 mo. USD LIBOR plus 3.798%), due 10/01/77† ‡		228,850
	320,000	Enbridge, Inc., 5.50% (3 mo. USD LIBOR plus 3.418%), due 07/15/77†		297,374
	265,000	Enbridge, Inc., 6.25%, due 03/01/78◆		256,948
	265,000	Encana Corp., 6.50%, due 08/15/34‡		309,822
	179,000	Energy Transfer Equity, LP, 5.88%, due 01/15/24		188,845
	110,000	Energy Transfer Partners, LP, 4.20%, due 04/15/27		106,437
	270,000	Energy Transfer Partners, LP, 4.95%, due 06/15/28‡		275,404
	245,000	Energy Transfer Partners, LP, 5.15%, due 03/15/45		232,100
	110,000	EnerSys, 5.00%, due 04/30/23 144A		111,513
	54,000	Enova International, Inc., 8.50%, due 09/01/24 144A		54,405
	227,000	Enova International, Inc., 8.50%, due 09/15/25 144A		227,000
	460,000	Enterprise Products Operating LLC, 3.75%, due 02/15/25		459,868
	480,000	Enterprise Products Operating LLC, 5.25%, due 08/16/77◆		448,508
	215,000	Equifax, Inc., 3.60%, due 08/15/21		213,781
	70,000	Equifax, Inc., 7.00%, due 07/01/37		81,527
	184,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		184,460
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49 * **** ¤ ^		—
	1,169,000	Exelon Corp., 5.10%, due 06/15/45		1,236,901
	912,000	Exelon Generation Co. LLC, 4.25%, due 06/15/22		926,317
	300,000	Exelon Generation Co. LLC, 5.20%, due 10/01/19		306,364
	530,000	Expedia Group, Inc., 3.80%, due 02/15/28		489,447
	430,000	Expedia Group, Inc., 5.00%, due 02/15/26		438,667
	495,000	Express Scripts Holding Co., 2.60%, due 11/30/20		487,388
	1,270,000	Express Scripts Holding Co., 3.40%, due 03/01/27		1,182,368
	302,000	Fidelity National Information Services, Inc., 3.63%, due 10/15/20		303,823
	1,303,000	Fifth Third Bancorp, 2.88%, due 07/27/20		1,295,282
	227,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR plus 3.033%)† †††††		223,028
	38,000	Financial & Risk US Holdings, Inc., 6.25%, due 05/15/26†††† 144A		38,188
	62,000	Financial & Risk US Holdings, Inc., 8.25%, due 11/15/26†††† 144A		61,779
	245,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		316,943
	200,000	FLIR Systems, Inc., 3.13%, due 06/15/21		196,914
	761,000	Ford Motor Co., 4.75%, due 01/15/43		635,776
	250,000	Ford Motor Credit Co. LLC, 3.34%, due 03/18/21		246,585
	515,000	Ford Motor Credit Co. LLC, 3.81%, due 10/12/21		511,695
	395,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		413,373
	240,000	Freedom Mortgage Corp., 8.13%, due 11/15/24 144A		234,000
	102,000	Freedom Mortgage Corp., 8.25%, due 04/15/25‡ 144A		99,450
	72,000	frontdoor, Inc., 6.75%, due 08/15/26‡ 144A		74,340
	155,000	FS Investment Corp., 4.00%, due 07/15/19		155,610
	140,000	FS Investment Corp., 4.25%, due 01/15/20		140,128
	221,000	GCI LLC, 6.88%, due 04/15/25		229,628
	1,350,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		1,272,796
	435,000	General Dynamics Corp., 2.88%, due 05/11/20		434,051
	520,000	General Dynamics Corp., 3.00%, due 05/11/21		517,412
	80,000	General Electric Co., (MTN), 4.38%, due 09/16/20		81,754
	450,000	General Motors Co., 4.00%, due 04/01/25		431,646
	450,000	General Motors Co., 4.88%, due 10/02/23‡		461,235
	160,000	General Motors Financial Co., Inc., 3.26%, due 04/09/21◆		160,669

See accompanying Notes to the Financial Statements.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	1,045,000	General Motors Financial Co., Inc., 3.50%, due 07/10/19		1,049,714
	410,000	General Motors Financial Co., Inc., 3.55%, due 04/09/21		409,962
	351,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		339,994
	1,085,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,081,807
	289,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		281,507
	429,000	GLP Capital, LP/GLP Financing II, Inc., 5.38%, due 04/15/26		436,726
	265,000	Goldcorp, Inc., 3.63%, due 06/09/21		264,176
	919,000	Goldman Sachs Group (The), Inc., 2.63%, due 04/25/21		900,650
	140,000	Goldman Sachs Group (The), Inc., 3.50%, due 01/23/25		135,725
	85,000	Goldman Sachs Group (The), Inc., 3.75%, due 02/25/26		82,723
	570,000	Goldman Sachs Group (The), Inc., 3.81%, due 04/23/29◆		544,372
	780,000	Goldman Sachs Group (The), Inc., 3.85%, due 01/26/27		757,546
	480,000	Goldman Sachs Group (The), Inc., 4.22%, due 05/01/29◆		473,894
	290,000	Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		296,614
	125,000	Goldman Sachs Group (The), Inc., 5.30% (3 mo. USD LIBOR plus 3.834%)† ††††† ‡		125,375
	465,000	Goldman Sachs Group (The), Inc., 5.38% (3 mo. USD LIBOR plus 3.922%)† †††††		474,881
	130,000	Goldman Sachs Group (The), Inc., 5.75%, due 01/24/22		138,371
	480,000	Goldman Sachs Group (The), Inc., (MTN), 7.50%, due 02/15/19		488,375
	80,000	Graham Holdings Co., 5.75%, due 06/01/26 144A		82,100
	280,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		267,400
	124,000	H&E Equipment Services, Inc., 5.63%, due 09/01/25		124,000
	540,000	Halfmoon Parent, Inc., 4.38%, due 10/15/28 144A		539,512
	390,000	HCA, Inc., 5.25%, due 04/15/25		403,162
	262,000	HCA, Inc., 5.25%, due 06/15/26		270,187
	195,000	HCA, Inc., 7.50%, due 02/15/22		214,013
	45,000	Hewlett Packard Enterprise Co., 2.10%, due 10/04/19 144A		44,572
	69,000	Hewlett Packard Enterprise Co., 2.85%, due 10/05/18		69,003
	135,000	Hilton Domestic Operating Co., Inc., 5.13%, due 05/01/26 144A		135,000
	112,000	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, due 12/01/24		114,660
	440,000	HSBC Holdings Plc, 2.92%, due 05/18/21◆		440,957
	450,000	HSBC Holdings Plc, 3.95%, due 05/18/24◆ ‡		447,341
	305,000	HSBC Holdings Plc, 6.88% (USISDA05 plus 5.514%)† †††††		316,437
	460,000	Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25 144A		477,618
	1,260,000	Husky Energy, Inc., 7.25%, due 12/15/19		1,320,088
	256,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		245,600
	125,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		127,129
	270,000	IHS Markit, Ltd., 4.75%, due 08/01/28		271,237
	110,000	IHS Markit, Ltd., 5.00%, due 11/01/22 144A		113,806
	255,000	ING Bank NV, 5.80%, due 09/25/23 144A		269,149
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A		157,002
	200,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		208,500
	310,000	International Paper Co., 4.40%, due 08/15/47		286,905
	54,000	IPALCO Enterprises, Inc., 3.70%, due 09/01/24		52,432
	175,000	IQVIA, Inc., 4.88%, due 05/15/23 144A		176,750
	66,000	Iridium Communications, Inc., 10.25%, due 04/15/23‡ 144A		72,290
	145,000	Iron Mountain, Inc. REIT, 4.88%, due 09/15/27 144A		133,763
	325,000	Israel Electric Corp., Ltd., 9.38%, due 01/28/20‡ 144A		349,653
	107,000	j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		110,344

See accompanying Notes to the Financial Statements.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	110,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		117,030
	72,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		75,060
	290,000	Jefferies Financial Group, Inc, 5.50%, due 10/18/23		300,637
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		517,486
	340,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30		306,128
	418,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		411,670
	2,082,000	JPMorgan Chase & Co., 3.20%, due 01/25/23		2,053,379
	380,000	JPMorgan Chase & Co., 3.20%, due 06/15/26		360,559
	1,430,000	JPMorgan Chase & Co., 3.38%, due 05/01/23		1,404,575
	665,000	JPMorgan Chase & Co., 3.51%, due 06/18/22◆		665,944
	625,000	JPMorgan Chase & Co., 3.96%, due 11/15/48◆		572,304
	340,000	JPMorgan Chase & Co., 4.01%, due 04/23/29◆		334,634
	820,000	JPMorgan Chase & Co., 4.25%, due 10/15/20		836,070
	90,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		92,327
	200,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		206,269
	555,000	JPMorgan Chase & Co., 5.30% (3 mo. USD LIBOR plus 3.800%)† †††††		568,875
	420,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR plus 3.780%)† ††††† ‡		458,850
	250,000	JPMorgan Chase Bank NA, 3.09%, due 04/26/21◆		249,327
	822,000	Juniper Networks, Inc., 3.13%, due 02/26/19		823,335
	237,000	Juniper Networks, Inc., 3.30%, due 06/15/20‡		236,876
	843,000	Juniper Networks, Inc., 4.60%, due 03/15/21		861,509
	200,000	KazMunayGas National Co. JSC, 3.88%, due 04/19/22 144A		199,656
	447,000	Keurig Dr Pepper, Inc., 3.55%, due 05/25/21 144A		446,469
	2,500,000	Kinder Morgan Energy Partners, LP, 4.15%, due 02/01/24		2,510,203
	185,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32‡		229,475
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,282,304
	688,000	KKR Group Finance Co. LLC, 6.38%, due 09/29/20 144A		724,657
	200,000	Klabin Finance SA, 4.88%, due 09/19/27 144A		178,500
	360,000	Kraft Heinz Foods Co., 3.50%, due 06/06/22		358,067
	95,000	Kraft Heinz Foods Co., 4.38%, due 06/01/46		84,223
	235,000	Kraft Heinz Foods Co., 4.88%, due 02/15/25 144A		239,080
	148,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45		145,187
	204,000	Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A		210,436
	400,000	Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		414,979
	180,000	Kronos Acquisition Holdings, Inc., 9.00%, due 08/15/23‡ 144A		170,100
	300,000	L Brands, Inc., 5.63%, due 10/15/23‡		300,750
	120,000	L Brands, Inc., 6.88%, due 11/01/35‡		102,000
	82,000	Ladder Capital Finance Holdings LLP/Ladder Capital Finance Corp., 5.25%, due 03/15/22 144A		82,410
	133,000	Ladder Capital Finance Holdings LLP/Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		125,353
	150,000	Laureate Education, Inc., 8.25%, due 05/01/25 144A		161,000
	251,000	Lear Corp., 5.25%, due 01/15/25		259,613
	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
	1,150,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		1,164,023
	1,237,000	Liberty Mutual Group, Inc., 4.95%, due 05/01/22 144A		1,282,193
	386,000	Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		452,585

See accompanying Notes to the Financial Statements.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	105,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A		108,150
	230,000	Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		236,445
	800,000	Lloyds Bank Plc, 3.30%, due 05/07/21		797,196
	675,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25‡		674,557
	300,000	Lloyds Banking Group Plc, 7.50% (USD 5 year swap rate plus 4.760%)† ††††† ‡		310,125
	933,000	Lockheed Martin Corp., 4.70%, due 05/15/46		998,523
	247,000	LSC Communications, Inc., 8.75%, due 10/15/23‡ 144A		250,396
	492,000	LyondellBasell Industries NV, 5.00%, due 04/15/19		494,500
	240,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR plus 3.520%)† ††††† ‡		242,100
	300,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		298,812
	1,484,000	Macquarie Group, Ltd., 4.15%, due 03/27/24† 144A		1,479,252
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		51,518
	400,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43		416,342
	700,000	Marriott International, Inc., 3.13%, due 06/15/26		654,200
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		231,653
	340,000	Marvell Technology Group, Ltd., 4.88%, due 06/22/28		342,452
	225,000	Masco Corp., 4.38%, due 04/01/26		224,335
	225,000	Masco Corp., 4.45%, due 04/01/25		227,516
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14#		495,705
	175,000	McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, due 05/15/24‡ 144A		157,500
	239,000	MDC Partners, Inc., 6.50%, due 05/01/24‡ 144A		213,905
	270,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		271,012
	346,000	Meredith Corp., 6.88%, due 02/01/26‡ 144A		355,515
	195,000	MetLife, Inc., 6.40%, due 12/15/66		207,188
	295,000	Mexichem SAB de CV, 5.50%, due 01/15/48 144A		271,772
	63,000	MGIC Investment Corp., 5.75%, due 08/15/23		66,150
	230,000	Microchip Technology, Inc., 3.92%, due 06/01/21 144A		228,796
	525,000	Microchip Technology, Inc., 4.33%, due 06/01/23 144A		522,284
	754,000	Microsoft Corp., 4.25%, due 02/06/47		793,679
	464,000	Microsoft Corp., 4.45%, due 11/03/45		498,864
	590,000	Microsoft Corp., 4.50%, due 02/06/57		638,538
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR plus 1.340%), due 07/22/28†		897,606
	921,000	Morgan Stanley, 3.88%, due 04/29/24		917,498
	816,000	Morgan Stanley, 4.30%, due 01/27/45		787,987
	325,000	Morgan Stanley, 5.45% (3 mo. USD LIBOR plus 3.610%)† ††††† ‡		329,144
	695,000	Morgan Stanley, (MTN), 3.77%, due 01/24/29◆ ‡		667,902
	250,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		245,974
	1,720,000	Morgan Stanley, (MTN), 4.10%, due 05/22/23		1,732,462
	438,000	Motorola Solutions, Inc., 4.60%, due 02/23/28‡		429,046
	295,000	MPLX, LP, 4.00%, due 03/15/28		284,287
	250,000	MPLX, LP, 4.50%, due 04/15/38		236,372
	25,000	MPLX, LP, 5.20%, due 03/01/47		25,142
	225,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24‡ 144A		204,815
	154,000	Murphy Oil Corp., 5.75%, due 08/15/25		156,877
	545,000	Mylan, Inc., 4.55%, due 04/15/28 144A		530,830
	360,000	Myriad International Holdings BV, 5.50%, due 07/21/25‡ 144A		372,925
	44,000	National CineMedia LLC, 6.00%, due 04/15/22		44,770
	142,000	Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23‡ 144A		149,072

See accompanying Notes to the Financial Statements.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	113,000	Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		118,650
	330,000	Natura Cosmeticos SA, 5.38%, due 02/01/23‡ 144A		320,925
	275,000	Netflix, Inc., 4.88%, due 04/15/28 144A		258,844
	375,000	Netflix, Inc., 5.88%, due 11/15/28 144A		375,469
	445,000	New England Power Co., 3.80%, due 12/05/47‡ 144A		412,760
	170,000	Newell Brands, Inc., 4.20%, due 04/01/26		161,842
	123,000	Newfield Exploration Co., 5.63%, due 07/01/24		130,226
	157,000	Newfield Exploration Co., 5.75%, due 01/30/22		165,046
	435,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27‡		419,286
	285,000	Nippon Life Insurance Co., 5.10% (USISDA05 plus 3.650%), due 10/16/44† 144A		289,987
	670,000	NiSource, Inc., 3.49%, due 05/15/27		636,593
	180,000	Nissan Motor Acceptance Corp., 3.65%, due 09/21/21‡ 144A		180,531
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		790,053
	205,000	Norbord, Inc., 6.25%, due 04/15/23 144A		214,738
	195,000	Northern States Power Co., 3.60%, due 09/15/47		177,455
	220,000	Northern States Power Co., 4.13%, due 05/15/44		219,282
	370,000	NOVA Chemicals Corp., 5.00%, due 05/01/25 144A		352,425
	444,000	NRG Energy, Inc., 6.25%, due 05/01/24		463,980
	270,000	NRG Energy, Inc., 6.63%, due 01/15/27		284,850
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43		311,184
	560,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		569,100
	35,000	Olin Corp., 5.00%, due 02/01/30‡		32,769
	167,000	Omega Healthcare Investors, Inc. REIT, 4.50%, due 01/15/25		164,002
	109,000	Omega Healthcare Investors, Inc. REIT, 4.95%, due 04/01/24		110,656
	1,328,000	Oncor Electric Delivery Co. LLC, 3.70%, due 11/15/28 144A		1,325,233
	139,000	ONEOK Partners, LP, 5.00%, due 09/15/23		145,013
	200,000	ONEOK, Inc., 4.95%, due 07/13/47‡		199,482
	175,000	Open Text Corp., 5.88%, due 06/01/26 144A		180,578
	385,000	Oracle Corp., 3.80%, due 11/15/37		367,513
	320,000	Oracle Corp., 4.30%, due 07/08/34		327,327
	150,000	Owens Corning, 4.20%, due 12/15/22		150,471
	225,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		226,080
	460,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		524,210
	205,000	Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27‡ 144A		206,025
	205,000	PECO Energy Co., 3.70%, due 09/15/47		188,724
	730,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, due 06/15/19 144A		727,594
	1,700,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		1,678,912
	155,000	Petrobras Global Finance BV, 5.30%, due 01/27/25		145,158
	185,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		165,455
	160,000	Petrobras Global Finance BV, 6.25%, due 03/17/24		160,920
	420,000	Petrobras Global Finance BV, 7.38%, due 01/17/27		426,153
	320,000	Petroleos Mexicanos, 4.88%, due 01/24/22		324,480
	80,000	Petroleos Mexicanos, 5.38%, due 03/13/22		82,600
	255,000	Petroleos Mexicanos, 5.50%, due 01/21/21		263,647
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		239,700
	690,000	Petroleos Mexicanos, 6.75%, due 09/21/47		660,116
	350,000	Petroleos Mexicanos, 6.88%, due 08/04/26		370,090
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		971,639
	774,000	Phillips 66 Partners, LP, 3.75%, due 03/01/28		738,314

See accompanying Notes to the Financial Statements.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	115,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		103,945
	430,000	PNC Bank NA, 2.45%, due 07/28/22		414,103
	270,000	PNC Financial Services Group (The), Inc., 4.85% (3 mo. USD LIBOR plus 3.040%)† †††††		270,000
	513,000	PNC Financial Services Group (The), Inc., 6.75% (3 mo. USD LIBOR plus 3.678%)† †††††		555,579
	200,000	Popular, Inc., 7.00%, due 07/01/19		205,200
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		563,979
	134,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23‡ 144A		143,648
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		82,490
	628,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR plus 4.175%), due 09/15/42†		664,895
	1,000,000	Prudential Financial, Inc., 7.38%, due 06/15/19		1,031,598
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27‡		421,561
	355,000	Public Service Electric & Gas Co., (MTN), 3.70%, due 05/01/28		353,176
	170,000	QEP Resources, Inc., 6.88%, due 03/01/21		179,350
	100,000	Qorvo, Inc., 5.50%, due 07/15/26‡ 144A		102,000
	225,000	Quicken Loans, Inc., 5.25%, due 01/15/28‡ 144A		209,813
	370,000	Quicken Loans, Inc., 5.75%, due 05/01/25 144A		371,387
	340,000	QVC, Inc., 4.38%, due 03/15/23		336,165
	225,000	QVC, Inc., 5.13%, due 07/02/22		228,130
	130,000	QVC, Inc., 5.45%, due 08/15/34		116,510
	220,000	Rackspace Hosting, Inc., 8.63%, due 11/15/24‡ 144A		214,522
	132,000	Radian Group, Inc., 4.50%, due 10/01/24		130,350
	79,000	Radian Group, Inc., 5.25%, due 06/15/20		80,876
	82,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, due 02/15/23‡ 144A		79,335
	1,358,000	Realty Income Corp. REIT, 4.13%, due 10/15/26		1,362,829
	438,000	Regions Bank/Birmingham AL, 3.37%, due 08/13/21◆		436,883
	495,000	Regions Financial Corp., 2.75%, due 08/14/22		477,771
	355,000	Revlon Consumer Products Corp., 6.25%, due 08/01/24‡		217,216
	490,000	Royal Bank of Canada (MTN), 2.73%, due 04/30/21◆		491,889
	1,320,000	Royal Bank of Canada (MTN), 3.20%, due 04/30/21		1,318,054
	930,000	Royal Bank of Scotland Group Plc, 3.88%, due 09/12/23		904,369
	205,000	Royal Bank of Scotland Group Plc, 5.72% (USD 5 year swap rate plus 5.720%)† ††††† ‡		217,685
	200,000	Royal Bank of Scotland Group Plc, 8.63% (USD 5 year swap rate plus 7.598%)† †††††		214,750
	231,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28‡		224,518
	217,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		223,046
	385,000	Sabine Pass Liquefaction LLC, 5.75%, due 05/15/24		413,764
	136,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		147,097
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25‡		306,400
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		284,910
	255,000	Santander Holdings USA, Inc., 3.40%, due 01/18/23		246,146
	345,000	Santander Holdings USA, Inc., 3.70%, due 03/28/22		341,034
	240,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		234,302
	400,000	Schlumberger Holdings Corp., 3.00%, due 12/21/20 144A		397,375
	275,000	Schlumberger Investment SA, 3.30%, due 09/14/21 144A		274,945
	230,000	Select Medical Corp., 6.38%, due 06/01/21		233,450
	922,000	SES SA, 3.60%, due 04/04/23 144A		896,737
	485,000	Shire Acquisitions Investments Ireland DAC, 2.88%, due 09/23/23		462,411
	865,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		798,575

See accompanying Notes to the Financial Statements.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	150,000	Simmons Foods, Inc., 5.75%, due 11/01/24‡ 144A		115,688
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,103,787
	230,000	Sinclair Television Group, Inc., 5.63%, due 08/01/24‡ 144A		225,687
	500,000	Sinopec Group Overseas Development 2015, Ltd., 2.50%, due 04/28/20 144A		492,040
	335,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		324,015
	245,000	Sirius XM Radio, Inc., 5.38%, due 07/15/26 144A		243,775
	50,000	SM Energy Co., 6.63%, due 01/15/27‡		51,750
	335,000	Societe Generale SA, 7.38% (USD 5 year swap rate plus 6.238%)† ††††† ‡ 144A		346,306
	265,000	Societe Generale SA, 8.00% (USISDA05 plus 5.873%)† ††††† ‡ 144A		280,023
	200,000	Societe Generale SA, (MTN), Reg S, 8.25% (USD 5 year swap rate plus 6.394%)† ††††† ‡‡‡		201,605
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		315,446
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,231,306
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,183,518
	630,000	Southern Copper Corp., 5.25%, due 11/08/42		639,075
	960,594	Spirit Airlines Pass Through Trust, 3.38%, due 08/15/31		919,685
	102,000	Springleaf Finance Corp., 6.88%, due 03/15/25		102,000
	255,000	Sprint Capital Corp., 6.88%, due 11/15/28		256,912
	150,000	Sprint Communications, Inc., 7.00%, due 03/01/20 144A		156,000
	250,000	Sprint Communications, Inc., 9.00%, due 11/15/18 144A		251,862
	235,000	Sprint Corp., 7.88%, due 09/15/23		254,094
	551,250	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A		550,561
	280,000	Standard Industries, Inc./NJ, 5.38%, due 11/15/24 144A		280,700
	293,000	State Street Corp., 3.33% (3 mo. USD LIBOR plus 1.000%), due 06/01/77†		262,967
	18,000	Stearns Holdings LLC, 9.38%, due 08/15/20 144A		17,730
	20,000	Stevens Holding Co., Inc., 6.13%, due 10/01/26†††† 144A		20,375
	203,000	Stifel Financial Corp., 4.25%, due 07/18/24		202,988
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		901,001
	335,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26		318,331
	271,000	Sunoco Logistics Partners Operations, LP, 4.40%, due 04/01/21		275,829
	217,000	Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47		215,429
	405,000	SunTrust Bank/Atlanta GA, 2.45%, due 08/01/22		389,324
	245,000	Symantec Corp., 5.00%, due 04/15/25‡ 144A		243,027
	175,000	Synchrony Financial, 2.70%, due 02/03/20		173,093
	423,000	Syngenta Finance NV, 4.44%, due 04/24/23‡ 144A		420,851
	197,000	Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 4.75%, due 10/01/23‡ 144A		197,064
	95,000	Tapstone Energy LLC/Tapstone Energy Finance Corp., 9.75%, due 06/01/22 144A		89,063
	215,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.88%, due 04/15/26 144A		222,794
	270,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.25%, due 04/15/21 144A		272,025
	760,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		739,102
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		44,705
	60,000	Team Health Holdings, Inc., 6.38%, due 02/01/25‡ 144A		52,950
	446,000	Tech Data Corp., 4.95%, due 02/15/27		435,579
	220,000	Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23‡ 144A		226,600

See accompanying Notes to the Financial Statements.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	343,000	Telecom Italia Capital SA, Guaranteed Senior Note, 7.20%, due 07/18/36		357,577
	240,000	Telecom Italia SpA, 5.30%, due 05/30/24 144A		234,600
	1,414,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		1,406,223
	65,000	Tenet Healthcare Corp., 4.38%, due 10/01/21		65,044
	170,000	Tervita Escrow Corp., 7.63%, due 12/01/21 144A		176,163
	1,303,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		1,085,976
	225,000	Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28‡		237,751
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		70,598
	380,000	Time Warner Cable LLC, 8.25%, due 04/01/19		389,761
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48‡		488,580
	230,000	Tribune Media Co., 5.88%, due 07/15/22		235,175
	75,000	Trident Merger Sub, Inc., 6.63%, due 11/01/25‡ 144A		71,250
	255,000	Trimble, Inc., 4.90%, due 06/15/28		256,930
	77,000	Tutor Perini Corp., 6.88%, due 05/01/25‡ 144A		79,310
	500,000	UBS AG/London, 2.45%, due 12/01/20 144A		490,255
	495,000	UBS Group Funding Switzerland AG, 2.86%, due 08/15/23◆ 144A		475,616
	1,812,000	UBS Group Funding Switzerland AG, 4.13%, due 04/15/26 144A		1,798,653
	2,998,464	United Airlines Pass Through Trust, Series 2014-1, Class A, 4.00%, due 10/11/27		3,037,219
	343,347	United Airlines Pass Through Trust, Series 2014-2, Class A, 3.75%, due 03/03/28		341,172
	189,710	United Airlines Pass Through Trust, Series 2014-2, Class B, 4.63%, due 03/03/24		190,698
	284,171	United Airlines Pass Through Trust, Series 2016-1, Class A, 3.45%, due 01/07/30		273,055
	432,644	United Airlines Pass Through Trust, Series 2016-1, Class B, 3.65%, due 07/07/27		416,083
	89,000	United Airlines Pass Through Trust, Series 2018-1, Class B, 4.60%, due 09/01/27		88,931
	540,000	United Rentals North America, Inc., 4.88%, due 01/15/28		507,600
	220,000	United Rentals North America, Inc., 5.50%, due 07/15/25		225,225
	105,000	United Rentals North America, Inc., 5.88%, due 09/15/26		108,150
	320,000	United Technologies Corp., 4.13%, due 11/16/28		318,466
	230,000	Universal Health Services, Inc., 4.75%, due 08/01/22‡ 144A		231,725
	275,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		277,062
	200,000	UPC Holding BV, 5.50%, due 01/15/28‡ 144A		190,314
	168,811	US Airways Pass Through Trust, Series 2010-1, Class A, 6.25%, due 10/22/24		181,049
	193,573	US Airways Pass Through Trust, Series 2012-1, Class A, 5.90%, due 04/01/26		208,091
	145,000	US Concrete, Inc., 6.38%, due 06/01/24		147,422
	210,000	Vale Overseas, Ltd., 6.25%, due 08/10/26		230,664
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		466,595
	115,000	Vector Group, Ltd., 6.13%, due 02/01/25 144A		106,950
	200,000	Vedanta Resources Plc, 6.38%, due 07/30/22 144A		193,250
	329,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		314,557
	2,000,000	Ventas Realty, LP/Ventas Capital Corp. REIT, 2.70%, due 04/01/20		1,983,232
	260,000	VEREIT Operating Partnership, LP REIT, 4.60%, due 02/06/24		261,154
	130,000	VeriSign, Inc., 4.75%, due 07/15/27		127,199
	170,000	VeriSign, Inc., 5.25%, due 04/01/25		173,825
	349,000	Verisk Analytics, Inc., 4.00%, due 06/15/25‡		345,227
	255,000	Verizon Communications, Inc., 4.40%, due 11/01/34		249,380
	250,000	Verizon Communications, Inc., 4.50%, due 08/10/33		248,609
	1,017,000	Verizon Communications, Inc., 4.52%, due 09/15/48‡		971,012
	310,000	Verizon Communications, Inc., 4.67%, due 03/15/55		292,667
	1,074,000	Verizon Communications, Inc., 4.86%, due 08/21/46‡		1,075,404
	207,000	Viacom, Inc., 4.38%, due 03/15/43		181,295

See accompanying Notes to the Financial Statements.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Corporate Debt — continued
	357,000	Viacom, Inc., 5.85%, due 09/01/43		378,951
	230,000	Viacom, Inc., 6.25% (3 mo. USD LIBOR plus 3.899%), due 02/28/57†		227,430
	824,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		793,225
	223,000	Vista Outdoor, Inc., 5.88%, due 10/01/23		219,655
	290,000	VMware, Inc., 2.95%, due 08/21/22		279,392
	405,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR plus 3.580%), due 05/15/53†		409,050
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,112,802
	491,000	Warner Media LLC, 3.80%, due 02/15/27		470,501
	260,000	Warner Media LLC, 4.70%, due 01/15/21		267,158
	200,000	Warner Media LLC, 4.75%, due 03/29/21		206,162
	855,000	WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 2.70%, due 09/17/19 144A		852,958
	496,000	Wells Fargo & Co., 3.07%, due 01/24/23		484,397
	585,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR plus 3.990%)† ††††† ‡		616,087
	315,000	Wells Fargo & Co., Series K, Class A, 6.10% (3 mo. USD LIBOR plus 3.770%)† †††††		319,627
	708,000	Welltower, Inc. REIT, 4.50%, due 01/15/24		720,723
	115,000	West Corp., 8.50%, due 10/15/25 144A		106,088
	319,000	Western Digital Corp., 4.75%, due 02/15/26		309,095
	170,000	WestRock RKT Co., 3.50%, due 03/01/20		170,064
	1,000,000	Weyerhaeuser Co. REIT, 7.38%, due 10/01/19		1,041,976
	315,000	Williams Cos. (The), Inc., 3.75%, due 06/15/27		300,401
	400,000	Williams Cos. (The), Inc., 4.55%, due 06/24/24		406,884
	135,000	Williams Cos. (The), Inc., 4.85%, due 03/01/48		131,005
	275,000	Williams Cos. (The), Inc., 5.75%, due 06/24/44		295,302
	201,000	Windstream Services LLC/Windstream Finance Corp., 10.50%, due 06/30/24‡‡‡‡		172,860
	80,000	WM Wrigley Jr Co., 2.40%, due 10/21/18 144A		79,994
	320,000	WM Wrigley Jr Co., 2.90%, due 10/21/19 144A		319,436
	90,000	WM Wrigley Jr Co., 3.38%, due 10/21/20 144A		90,126
	145,000	WMG Acquisition Corp., 4.88%, due 11/01/24 144A		142,100
	152,000	WMG Acquisition Corp., 5.50%, due 04/15/26 144A		151,240
	90,000	WPX Energy, Inc., 5.25%, due 09/15/24		90,900
	1,496,000	Xcel Energy, Inc., 4.00%, due 06/15/28		1,501,652
	196,000	XPO Logistics, Inc., 6.50%, due 06/15/22 144A		203,105
	310,000	YPF SA, 8.50%, due 07/28/25 144A		303,416
				279,006,406
		Mortgage Backed Securities - Private Issuers — 9.7%
	450,000	Americold LLC, Series 2010-ARTA, Class D, 7.44%, due 01/14/29 144A		476,052
	99,516	Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/48◆◆ ‡‡‡‡		99,756
	197,641	Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/48◆◆ ‡‡‡‡		198,367
	711,205	Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.76%, due 04/25/48◆◆ 144A		713,122
	113,000	Avenue of Americas Mortgage Trust, Series 2015-1177, Class C, 3.11%, due 12/13/29◆◆ 144A		109,542
	264,000	Barclays Commercial Mortgage Trust, Series 2015-MSQ, Class D, 4.12%, due 09/15/32◆◆ 144A		260,058
	1,350,000	Barclays Commercial Mortgage Trust, Series 2016-ETC, Class A, 2.94%, due 08/14/36 144A		1,254,763

See accompanying Notes to the Financial Statements.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	330,000	BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 5.12%, due 08/10/35◆◆ 144A		338,468
	301,000	BBCMS Mortgage Trust, Series 2018-TALL, Class B, 3.13%, due 03/15/37◆◆ ‡‡‡‡		301,440
	207,000	BBCMS Mortgage Trust, Series 2018-TALL, Class E, 4.60%, due 03/15/37◆◆ 144A		208,131
	184,720	Bear Stearns ALT-A Trust, Series 2004-12, Class 1A3, 2.92% (1 mo. USD LIBOR plus 0.700%), due 01/25/35†		185,128
	150,303	Bellemeade Re, Ltd., Series 2017-1, Class M1, 3.92%, due 10/25/27◆◆ 144A		151,434
	293,000	Bellemeade Re, Ltd., Series 2018-1A, Class M1B, 3.82%, due 04/25/28◆◆ 144A		294,940
	150,000	Bellemeade Re, Ltd., Series 2018-2A, Class M1A, 3.17%, due 08/25/28◆◆ 144A		150,345
	265,000	BHMS, Series 2018-ATLS, Class A, 3.41%, due 07/15/35◆◆ 144A		265,776
	190,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 3.48%, due 03/15/37◆◆ 144A		190,698
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		668,183
	240,000	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 4.31% (1 mo. LIBOR plus 2.150%), due 07/15/32† ‡‡‡‡		240,249
	351,000	CHT Mortgage Trust, Series 2017-CSMO, Class D, 4.41%, due 11/15/36◆◆ 144A		352,446
	797,641	CIM Trust, Series 2017-3, 4.10%, due 01/25/57◆◆ 144A		816,839
	364,727	CIM Trust, Series 2017-6, 3.02%, due 06/25/57◆◆ 144A		358,306
	633,410	Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class A2, 2.96%, due 11/10/46		633,153
	1,600,000	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A3, 3.36%, due 07/10/47		1,588,765
	1,500,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4, 2.88%, due 02/10/48		1,442,155
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,725,128
	115,000	Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 4.66%, due 07/15/32◆◆ ‡‡‡‡		114,947
	820,000	Citigroup Commercial Mortgage Trust, Series 2017-MDRC, Class D, 4.31% (1 mo. LIBOR plus 2.250%), due 07/15/30† ‡‡‡‡		819,398
	1,400,000	Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A3, 3.20%, due 09/15/50		1,340,316
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.58%, due 05/10/47¤ ◆◆		659,010
	140,000	CLNS Trust, Series 2017-IKPR, Class C, 3.23% (1 mo. LIBOR plus 1.100%), due 06/11/32† 144A		140,298
	315,000	Cold Storage Trust, Series 2017-ICE3, Class D, 4.26% (1 mo. LIBOR plus 2.100%), due 04/15/36† 144A		317,335
	94,055	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, due 07/27/48◆◆ 144A		93,960
	221,000	Commercial Mortgage Pass Through Certificates, Series 2012-LC4, Class B, 4.93%, due 12/10/44◆◆		224,799
	405,000	Commercial Mortgage Pass Through Certificates, Series 2013-300P, Class D, 4.54%, due 08/10/30◆◆ 144A		408,238
	72,946	Commercial Mortgage Pass Through Certificates, Series 2013-LC6, Class A3, 2.67%, due 01/10/46		70,997
	1,600,000	Commercial Mortgage Pass Through Certificates, Series 2014-CR20, Class A3, 3.33%, due 11/10/47		1,580,980
	195,000	Commercial Mortgage Pass Through Certificates, Series 2014-PAT, Class D, 4.28% (1 mo. LIBOR plus 2.150%), due 08/13/27† 144A		195,058
	390,000	Commercial Mortgage Pass Through Certificates, Series 2014-TWC, Class D, 4.40% (1 mo. LIBOR plus 2.250%), due 02/13/32† 144A		392,819
	2,036,835	Commercial Mortgage Pass Through Certificates, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		2,036,348

See accompanying Notes to the Financial Statements.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,200,000	Commercial Mortgage Pass Through Certificates, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,191,908
	1,197,000	Commercial Mortgage Pass Through Certificates, Series 2018-COR3, Class A3, 4.23%, due 05/10/51		1,233,848
	53,000,000	Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.28%, due 05/10/47◆◆ ‡‡‡‡		643,616
	355,000	Core Industrial Trust, Series 2015-CALW, Class F, 3.98%, due 02/10/34◆◆ 144A		345,349
	515,000	Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/23‡‡‡‡		525,176
	773,636	Credit Suisse Mortgage Trust, Series 2017-HL1, Class A3, 3.50%, due 06/25/47◆◆ 144A		764,543
	387,689	Credit Suisse Mortgage Trust, Series 2018, 2.99%, due 12/04/46◆◆ 144A		387,689
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,045,913
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		741,020
	390,967	DBGS Mortgage Trust, Series 2018-BIOD, Class A, 2.96%, due 05/15/35◆◆ 144A		391,689
	221,405	Fremont Home Loan Trust, Series 2004-B, Class M1, 3.09% (1 mo. USD LIBOR plus 0.870%), due 05/25/34†		219,180
	339,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.49%, due 12/15/34◆◆ 144A		337,124
	220,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.49%, due 12/15/34◆◆ 144A		217,868
	174,232	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, due 11/25/57◆◆ 144A		173,837
	22,116	GMACM Mortgage Loan Trust, Series 2004-AR2, Class 3A, 4.72%, due 08/19/34◆◆		21,524
	85,000	Great Wolf Trust, Series 2017-WOLF, Class E, 5.41%, due 09/15/34◆◆ ‡‡‡‡		85,614
	1,329,098	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		1,331,723
	260,000	GS Mortgage Securities Trust, Series 2015-590M, Class C, 3.93%, due 10/10/35◆◆ 144A		253,781
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		877,481
	325,000	GS Mortgage Securities Trust, Series 2016-RENT, Class D, 4.20%, due 02/10/29◆◆ 144A		322,587
	200,000	GS Mortgage Securities Trust, Series 2017-485L, Class C, 4.11%, due 02/10/37◆◆ 144A		195,091
	145,000	GS Mortgage Securities Trust, Series 2018-CHLL, Class E, 4.51%, due 02/15/37◆◆ ‡‡‡‡		146,468
	100,000	Hilton Orlando Trust, Series 2018-ORL, Class D, 3.86%, due 12/15/34◆◆ ‡‡‡‡		100,300
	100,000	Hudsons Bay Simon JV Trust, Series 2015-HBFL, Class DFL, 6.01% (1 mo. LIBOR plus 3.650%), due 08/05/34† 144A		100,247
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34◆◆ 144A		164,949
	1,725,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,737,662
	824,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		817,184
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		664,125
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,273,914
	1,321,989	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		1,356,241
	500,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class A3, 3.53%, due 01/15/46		501,700
	455,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-MAR7, Class C, 4.49%, due 06/05/32 144A		448,263

See accompanying Notes to the Financial Statements.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		705,139
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,557,903
	148,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.07%, due 06/15/35◆◆ ‡‡‡‡		148,350
	955,956	JPMorgan Mortgage Trust, Series 2016-1, Class A5, 3.50%, due 05/25/46◆◆ 144A		946,209
	621,342	JPMorgan Mortgage Trust, Series 2016-4, Class A5, 3.50%, due 10/25/46◆◆ 144A		613,305
	1,426,974	JPMorgan Mortgage Trust, Series 2017-2, Class A5, 3.50%, due 05/25/47◆◆ 144A		1,409,328
	695,629	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, due 08/25/47◆◆ 144A		687,027
	293,622	Lehman XS Trust, Series 2006-GP4, Class 1A1, 2.42% (1 mo. USD LIBOR plus 0.205%), due 08/25/46†		291,663
	326,773	LSTAR Securities Investment, Ltd., Series 2017-5, Class A, 4.26% (1 mo. USD LIBOR plus 2.000%), due 05/01/22† 144A		327,530
	249,092	LSTAR Securities Investment, Ltd., Series 2017-8, Class A, 3.91%, due 11/01/22◆◆ 144A		249,812
	197,671	MetLife Securization Trust 2018-1, Series 2018-1A, Class A, 3.75%, due 03/25/57◆◆ 144A		197,203
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		97,963
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,474,358
	342,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 3.56%, due 11/15/34◆◆ 144A		342,527
	386,750	MSCG Trust, Series 2016-SNR, Class D, 6.55%, due 11/15/34 144A		383,613
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due 11/15/32◆◆ ‡‡‡‡		92,830
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due 01/15/43◆◆ 144A		164,173
	160,000	One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, due 02/10/32 144A		157,319
	67,456	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.80%, due 05/25/35◆◆		66,509
	330,000	Radnor RE Ltd., Series 2018-1, Class M1, 3.62%, due 03/25/28◆◆ 144A		330,986
	765,128	Sequoia Mortgage Trust, Series 2017-4, Class A4, 3.50%, due 07/25/47◆◆ 144A		757,951
	2,058,688	Small Business Administration Participation Certificates, Series 2013-20L, Class 1, 3.38%, due 12/01/33		2,060,335
	290,000	STACR Trust, Series 2018-DNA3, Class M1, 2.88%, due 09/25/48◆◆ 144A		290,695
	130,831	Starwood Mortgage Residential Trust, Series 2018-IMC1, Class A1, 3.79%, due 03/25/48◆◆ 144A		131,155
	215,000	UBS Commercial Mortgage Trust, Series 2012-C1, Class B, 4.82%, due 05/10/45		223,149
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		660,935
	1,400,000	UBS Commercial Mortgage Trust, Series 2017-C5, Class A4, 3.21%, due 11/15/50		1,338,669
	550,000	UBS Commercial Mortgage Trust, Series 2018-C9, Class A3, 3.85%, due 03/15/51		550,421
	2,272,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,243,845
	1,501,751	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		1,472,952
	1,523,797	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,526,959
	490,000	VNO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, due 12/13/29◆◆ 144A		489,034

See accompanying Notes to the Financial Statements.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	20,513	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 4.33%, due 09/25/33◆◆		21,156
	363,000	Wells Fargo Commercial Mortgage Trust, Series 2013-120B, Class C, 2.80%, due 03/18/28◆◆ 144A		357,157
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,373,940
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		2,786,765
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		910,071
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class A3, 3.21%, due 11/15/50		1,436,785
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,359,934
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 3.81%, due 12/15/34◆◆ ‡‡‡‡		110,528
	2,560,000	WF-RBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44◆◆ 144A		2,651,902
	1,462,000	WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class A4, 3.20%, due 03/15/48		1,445,706
	195,000	WF-RBS Commercial Mortgage Trust, Series 2013-C15, Class B, 4.62%, due 08/15/46◆◆		198,108
				74,677,260
		Mortgage Backed Securities - U.S. Government Agency Obligations — 26.0%
	648,673	FHLMC Gold, Pool # A89870, 4.50% , due 11/01/39		676,563
	495,742	FHLMC Gold, Pool # A96970, 4.00% , due 02/01/41		505,229
	826,640	FHLMC Gold, Pool # C91908, 3.00% , due 01/01/37		806,331
	664,608	FHLMC Gold, Pool # G06231, 4.00% , due 12/01/40		677,325
	310,206	FHLMC Gold, Pool # G06409, 6.00% , due 11/01/39		343,522
	169,679	FHLMC Gold, Pool # G06875, 5.50% , due 12/01/38		183,906
	618,232	FHLMC Gold, Pool # G07021, 5.00% , due 09/01/39		656,506
	864,112	FHLMC Gold, Pool # G08672, 4.00% , due 10/01/45		874,697
	1,361,363	FHLMC Gold, Pool # G08721, 3.00% , due 09/01/46		1,305,286
	206,718	FHLMC Gold, Pool # G08735, 4.50% , due 10/01/46		213,589
	105,964	FHLMC Gold, Pool # G08748, 3.50% , due 02/01/47		104,442
	658,032	FHLMC Gold, Pool # G08788, 3.50% , due 11/01/47		648,346
	300,633	FHLMC Gold, Pool # G14678, 4.00% , due 12/01/26		307,809
	275,965	FHLMC Gold, Pool # G16177, 2.00% , due 01/01/32		258,731
	1,831,436	FHLMC Gold, Pool # G60039, 3.00% , due 04/01/43		1,769,014
	1,903,431	FHLMC Gold, Pool # G60564, 5.00% , due 02/01/42		2,022,658
	1,460,247	FHLMC Gold, Pool # G60700, 4.50% , due 09/01/45		1,513,811
	1,682,256	FHLMC Gold, Pool # G60722, 3.00% , due 10/01/46		1,613,223
	702,373	FHLMC Gold, Pool # G60767, 3.50% , due 10/01/46		693,452
	416,967	FHLMC Gold, Pool # G60788, 3.50% , due 12/01/46		411,699
	1,711,669	FHLMC Gold, Pool # G60804, 4.50% , due 05/01/42		1,775,477
	1,622,797	FHLMC Gold, Pool # G60806, 5.00% , due 12/01/44		1,728,632
	1,869,323	FHLMC Gold, Pool # G60931, 3.00% , due 02/01/47		1,800,694
	2,095,566	FHLMC Gold, Pool # G60934, 3.50% , due 06/01/45		2,079,339
	1,327,007	FHLMC Gold, Pool # G60989, 3.00% , due 12/01/46		1,272,320

See accompanying Notes to the Financial Statements.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,766,804	FHLMC Gold, Pool # G61043, 4.00% , due 07/01/47		1,792,657
	1,197,023	FHLMC Gold, Pool # G61194, 3.50% , due 11/01/47		1,181,425
	1,824,691	FHLMC Gold, Pool # G61242, 4.50% , due 12/01/45		1,891,480
	377,909	FHLMC Gold, Pool # G61581, 4.00% , due 08/01/48		383,256
	1,800,175	FHLMC Gold, Pool # G67703, 3.50% , due 04/01/47		1,778,141
	203,421	FHLMC Gold, Pool # J16432, 3.50% , due 08/01/26		204,654
	212,349	FHLMC Gold, Pool # J17763, 3.50% , due 01/01/27		213,638
	573,378	FHLMC Gold, Pool # J26100, 3.00% , due 10/01/28		568,438
	666,158	FHLMC Gold, Pool # J34888, 2.50% , due 07/01/31		642,820
	419,579	FHLMC Gold, Pool # J35715, 2.50% , due 11/01/31		404,866
	1,481,541	FHLMC Gold, Pool # Q04020, 4.00% , due 10/01/41		1,509,937
	1,223,780	FHLMC Gold, Pool # Q09224, 4.00% , due 07/01/42		1,247,419
	270,141	FHLMC Gold, Pool # Q11218, 3.50% , due 09/01/42		268,049
	524,551	FHLMC Gold, Pool # Q12052, 3.50% , due 10/01/42		520,488
	1,044,101	FHLMC Gold, Pool # Q12862, 3.50% , due 11/01/42		1,036,029
	505,828	FHLMC Gold, Pool # Q17792, 3.50% , due 05/01/43		501,925
	2,009,650	FHLMC Gold, Pool # Q34842, 3.00% , due 07/01/45		1,931,237
	1,547,418	FHLMC Gold, Pool # Q36815, 4.00% , due 10/01/45		1,566,163
	2,112,019	FHLMC Gold, Pool # Q41917, 3.50% , due 07/01/46		2,083,279
	2,222,159	FHLMC Gold, Pool # Q41918, 3.50% , due 07/01/46		2,194,981
	1,436,240	FHLMC Gold, Pool # Q42618, 3.00% , due 08/01/46		1,377,127
	546,558	FHLMC Gold, Pool # Q44399, 3.50% , due 11/01/46		539,201
	1,582,396	FHLMC Gold, Pool # Q44455, 3.50% , due 11/01/46		1,561,812
	1,543,164	FHLMC Gold, Pool # Q45741, 3.50% , due 01/01/47		1,524,276
	239,359	FHLMC Gold, Pool # Q49494, 4.50% , due 07/01/47		247,324
	491,305	FHLMC Gold, Pool # Q51461, 3.50% , due 10/01/47		484,093
	975,710	FHLMC Gold, Pool # Q54957, 4.00% , due 03/01/48		987,043
	463,371	FHLMC Gold, Pool # V60565, 3.00% , due 06/01/29		459,027
	1,160,513	FHLMC Gold, Pool # V60599, 3.00% , due 09/01/29		1,149,633
	517,803	FHLMC Gold, Pool # V60603, 3.00% , due 09/01/29		512,950
	1,469,360	FHLMC Gold, Pool # V82292, 4.00% , due 04/01/46		1,489,825
	1,801,294	FHLMC Gold, Pool # V82515, 3.50% , due 06/01/46		1,777,532
	421,262	FHLMC Gold, Pool # V82848, 3.00% , due 12/01/46		404,497
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17% , due 09/25/26◆◆		535,913
	1,700,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class A2, 3.19% , due 09/25/27◆◆		1,652,987
	2,025,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class AM, 3.25% , due 09/25/27◆◆		1,965,179
	2,800,000	FHLMC Multifamily Structured Pass Through Certificates, Series K071, Class A2, 3.29% , due 11/25/27		2,742,648
	1,300,000	FHLMC Multifamily Structured Pass Through Certificates, Series K071, Class AM, 3.36% , due 11/25/27◆◆		1,271,787
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99% , due 05/25/33◆◆		920,540
	480,000	FHLMC Multifamily Structured Pass Through Certificates, Series W5FX, Class AFX, 3.34% , due 04/25/28◆◆		465,444
	33,012,985	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.11% , due 01/25/20¤ ◆◆		327,545

See accompanying Notes to the Financial Statements.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	21,433,823	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.20% , due 04/25/20¤ ◆◆		267,254
	26,696,540	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.98% , due 10/25/22¤ ◆◆		777,195
	103,974	FHLMC Reference REMIC, Series R007, Class ZA, 6.00% , due 05/15/36		113,554
	974,376	FHLMC REMIC, Series 4777, Class CB, 3.50% , due 10/15/45		971,890
	230,820	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M2, 4.22% (1 mo. USD LIBOR plus 2.000%), due 12/25/28†		233,925
	480,000	FHLMC Structured Agency Credit Risk Debt Notes, Series 2016-HQA4, Class M2, 3.52% (1 mo. USD LIBOR plus 1.300%), due 04/25/29†		486,567
	548,485	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA1, Class M1, 3.42% (1 mo. USD LIBOR plus 1.200%), due 07/25/29†		553,493
	1,168,138	FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 2.97% (1 mo. USD LIBOR plus 0.750%), due 03/25/30†		1,173,192
	1,500,000	FHLMC TBA, 4.00% , due 10/11/48		1,514,819
	775,000	FNMA, 2.38% , due 01/19/23		755,981
	310,000	FNMA, 6.63% , due 11/15/30		409,020
	4,341	FNMA, Pool # 254548, 5.50% , due 12/01/32		4,681
	1,981,333	FNMA, Pool # 254903, 5.00% , due 10/01/33		2,104,685
	700,720	FNMA, Pool # 725027, 5.00% , due 11/01/33		746,614
	1,323,529	FNMA, Pool # 725331, 4.00% , due 01/01/34		1,351,234
	863,039	FNMA, Pool # 735676, 5.00% , due 07/01/35		916,703
	539,779	FNMA, Pool # 745148, 5.00% , due 01/01/36		573,612
	620,090	FNMA, Pool # 932807, 4.00% , due 09/01/40		631,176
	532,996	FNMA, Pool # 983471, 5.50% , due 05/01/38		572,517
	673,431	FNMA, Pool # 985184, 5.50% , due 08/01/38		723,492
	652,900	FNMA, Pool # 995243, 4.50% , due 08/01/38		677,942
	424,532	FNMA, Pool # 995245, 5.00% , due 01/01/39		450,760
	914,905	FNMA, Pool # AB6212, 3.00% , due 09/01/42		883,943
	1,330,807	FNMA, Pool # AB6802, 3.50% , due 11/01/42		1,320,447
	293,451	FNMA, Pool # AB7059, 2.50% , due 11/01/42		273,091
	506,987	FNMA, Pool # AB7505, 3.00% , due 01/01/43		489,698
	287,254	FNMA, Pool # AB9383, 4.00% , due 05/01/43		292,541
	1,719,978	FNMA, Pool # AB9659, 3.00% , due 06/01/43		1,660,519
	577,052	FNMA, Pool # AD9153, 4.50% , due 08/01/40		600,832
	335,440	FNMA, Pool # AE0469, 6.00% , due 12/01/39		369,790
	344,235	FNMA, Pool # AE7685, 4.00% , due 10/01/40		350,389
	1,417,435	FNMA, Pool # AH4404, 4.00% , due 01/01/41		1,442,781
	208,045	FNMA, Pool # AI1892, 5.00% , due 05/01/41		221,465
	649,213	FNMA, Pool # AI1971, 5.00% , due 05/01/41		691,134
	1,025,668	FNMA, Pool # AJ9278, 3.50% , due 12/01/41		1,017,687
	525,062	FNMA, Pool # AJ9317, 4.00% , due 01/01/42		534,745
	1,047,885	FNMA, Pool # AL0215, 4.50% , due 04/01/41**		1,090,962
	1,498,798	FNMA, Pool # AL0761, 5.00% , due 09/01/41		1,595,583
	1,603,054	FNMA, Pool # AL1895, 3.50% , due 06/01/42		1,590,580
	892,604	FNMA, Pool # AL3000, 3.50% , due 12/01/42		885,655
	1,174,108	FNMA, Pool # AL3316, 3.50% , due 03/01/43		1,164,969
	2,022,733	FNMA, Pool # AL3873, 3.50% , due 07/01/43		2,006,988
	387,880	FNMA, Pool # AL5788, 5.00% , due 05/01/42		413,230

See accompanying Notes to the Financial Statements.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	493,290		FNMA, Pool # AL5955, 5.00% , due 01/01/42		525,026
	1,229,909		FNMA, Pool # AL6301, 4.50% , due 06/01/42		1,278,995
	1,429,759		FNMA, Pool # AL6663, 4.00% , due 03/01/39		1,452,584
	642,163		FNMA, Pool # AL6839, 5.00% , due 04/01/42		683,494
	1,004,105		FNMA, Pool # AL7521, 5.00% , due 06/01/39		1,066,428
	3,458,082		FNMA, Pool # AL7594, 3.50% , due 08/01/45		3,418,843
	1,249,743	��	FNMA, Pool # AL8191, 4.00% , due 12/01/45		1,268,743
	851,801		FNMA, Pool # AL8936, 4.50% , due 05/01/46		883,358
	850,236		FNMA, Pool # AL9737, 4.50% , due 08/01/38		882,229
	216,796		FNMA, Pool # AO4109, 4.00% , due 06/01/42		220,630
	501,607		FNMA, Pool # AO7971, 2.50% , due 06/01/27		488,142
	923,100		FNMA, Pool # AP2422, 3.50% , due 08/01/42		915,913
	517,432		FNMA, Pool # AQ7923, 3.00% , due 12/01/42		499,910
	975,263		FNMA, Pool # AR2001, 3.00% , due 02/01/43		942,345
	1,287,504		FNMA, Pool # AS5133, 3.50% , due 06/01/45		1,272,895
	362,306		FNMA, Pool # AS6286, 4.00% , due 12/01/45		366,505
	587,037		FNMA, Pool # AS6304, 4.00% , due 12/01/45		593,871
	492,204		FNMA, Pool # AS6332, 3.50% , due 12/01/45		486,619
	765,860		FNMA, Pool # AS6452, 3.50% , due 01/01/46		757,169
	317,103		FNMA, Pool # AS7693, 2.00% , due 08/01/31		297,565
	725,714		FNMA, Pool # AS7729, 3.00% , due 08/01/46		695,925
	444,532		FNMA, Pool # AS8073, 2.50% , due 10/01/46		411,884
	946,303		FNMA, Pool # AT0232, 3.00% , due 03/01/43		913,723
	467,141		FNMA, Pool # AX3719, 3.50% , due 07/01/27		469,928
	1,063,820		FNMA, Pool # AY5617, 3.50% , due 06/01/45		1,051,913
	136,591		FNMA, Pool # AY7121, 3.00% , due 04/01/45		131,056
	810,340		FNMA, Pool # AZ0611, 3.00% , due 04/01/45		777,746
	369,848		FNMA, Pool # AZ3743, 3.50% , due 11/01/45		365,651
	1,190,438		FNMA, Pool # AZ4775, 3.50% , due 10/01/45		1,176,930
	1,582,423		FNMA, Pool # BD1412, 4.00% , due 06/01/46		1,604,152
	3,084,423		FNMA, Pool # BD7043, 4.00% , due 03/01/47		3,127,610
	2,888,001		FNMA, Pool # BE7192, 4.00% , due 03/01/47		2,925,552
	1,687,323		FNMA, Pool # BH1207, 4.00% , due 06/01/47		1,709,858
	1,572,506		FNMA, Pool # BH9320, 4.00% , due 09/01/47		1,594,640
	1,093,791		FNMA, Pool # BM1105, 5.00% , due 07/01/41		1,161,642
	1,634,466		FNMA, Pool # BM1573, 3.50% , due 07/01/47		1,614,227
	1,586,516		FNMA, Pool # BM1655, 5.00% , due 11/01/44		1,684,978
	1,757,497		FNMA, Pool # BM1972, 3.50% , due 10/01/37		1,758,509
	1,017,753		FNMA, Pool # BM3033, 3.00% , due 10/01/47		975,636
	1,145,760		FNMA, Pool # BM3116, 3.00% , due 02/01/47		1,104,571
	310,407		FNMA, Pool # BM3258, 3.00% , due 02/01/47		298,775
	2,329,175		FNMA, Pool # BM3286, 4.50% , due 11/01/47		2,405,418
	1,063,244		FNMA, Pool # BM3491, 4.50% , due 01/01/38		1,104,828
	1,800,493		FNMA, Pool # BM3641, 4.00% , due 04/01/48		1,826,032
	3,291,950		FNMA, Pool # BM3820, 4.00% , due 02/01/47		3,334,332
	1,531,536		FNMA, Pool # CA0655, 3.50% , due 11/01/47		1,511,305
	2,179,336		FNMA, Pool # CA2057, 4.50% , due 07/01/48		2,250,585
	1,135,977		FNMA, Pool # MA1689, 4.00% , due 12/01/33		1,165,004
	11,448		FNMA, Pool # MA2064, 3.00% , due 10/01/24		11,425

See accompanying Notes to the Financial Statements.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	857,516	FNMA, Pool # MA2164, 3.50% , due 02/01/35		858,407
	214,326	FNMA, Pool # MA3182, 3.50% , due 11/01/47		211,099
	1,233,467	FNMA, Pool # MA3385, 4.50% , due 06/01/48		1,273,425
	250,000	FNMA, Pool # MA3392, 3.50% , due 06/01/33		251,485
	44,699	FNMA Connecticut Avenue Securities, Series 2016-C02, Class 1M1, 4.37% (1 mo. USD LIBOR plus 2.150%), due 09/25/28†		44,883
	32,911	FNMA Connecticut Avenue Securities, Series 2016-C03, Class 2M1, 4.42% (1 mo. USD LIBOR plus 2.200%), due 10/25/28†		32,989
	151,641	FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 3.67% (1 mo. USD LIBOR plus 1.450%), due 01/25/29†		152,723
	1,232,226	FNMA REMIC, Series 2011-59, Class NZ, 5.50% , due 07/25/41		1,327,722
	36,098	FNMA REMIC, Series 2012-28, Class B, 6.50% , due 06/25/39		38,343
	1,000,000	FNMA TBA, 4.00% , due 10/11/48		1,009,844
	1,575,000	FNMA TBA, 4.50% , due 10/11/48		1,624,905
	231,253	FNMA-ACES, Series 2014-M4, Class AB2, 3.21% , due 03/25/24		229,435
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09% , due 04/25/27◆◆		1,639,771
	1,191,887	FNMA-ACES, Series 2015-M8, Class AB2, 2.83% , due 01/25/25◆◆		1,156,986
	500,000	FNMA-ACES, Series 2016-M7, Class AB2, 2.38% , due 09/25/26		459,785
	500,000	FNMA-ACES, Series 2017-M1, Class A2, 2.50% , due 10/25/26◆◆		462,525
	2,350,000	FNMA-ACES, Series 2017-M4, Class A2, 2.68% , due 12/25/26◆◆		2,196,459
	1,700,000	FNMA-ACES, Series 2017-M8, Class A2, 3.06% , due 05/25/27◆◆		1,637,297
	1,000,000	FNMA-ACES, Series 2018-M4, Class A2, 3.14% , due 03/25/28◆◆		958,069
	447,451	FNMA-ACES, Series 2018-M10, Class A1, 3.50% , due 07/25/28◆◆		447,594
	1,625,000	FNMA-ACES, Series 2018-M10, Class A2, 3.50% , due 07/25/28◆◆		1,599,329
	395,456	GNMA, Pool # 004636, 4.50% , due 02/20/40		414,678
	73,117	GNMA, Pool # 004678, 4.50% , due 04/20/40		76,670
	470,232	GNMA, Pool # 004833, 4.00% , due 10/20/40		482,806
	401,808	GNMA, Pool # 004977, 4.00% , due 03/20/41		412,555
	1,055,114	GNMA, Pool # 004978, 4.50% , due 03/20/41		1,106,483
	1,653,023	GNMA, Pool # 005055, 4.50% , due 05/20/41		1,733,346
	237,712	GNMA, Pool # 005334, 5.00% , due 03/20/42		255,910
	719,234	GNMA, Pool # 734152, 4.00% , due 01/15/41		737,095
	56,485	GNMA, Pool # 783637, 3.00% , due 06/20/42		55,218
	455,826	GNMA, Pool # AL8626, 3.00% , due 08/15/45		442,105
	83,782	GNMA, Pool # MA0624, 3.00% , due 12/20/42		81,902
	380,795	GNMA, Pool # MA0625, 3.50% , due 12/20/42		380,932
	217,669	GNMA, Pool # MA0698, 3.00% , due 01/20/43		212,785
	745,966	GNMA, Pool # MA0851, 3.00% , due 03/20/43		729,228
	127,579	GNMA, Pool # MA1156, 3.00% , due 07/20/43		124,716
	179,560	GNMA, Pool # MA1599, 3.00% , due 01/20/44		175,529
	370,069	GNMA, Pool # MA2372, 4.00% , due 11/20/44		379,495
	1,339,657	GNMA, Pool # MA2754, 3.50% , due 04/20/45		1,336,008
	363,399	GNMA, Pool # MA3377, 4.00% , due 01/20/46		372,651
	1,188,853	GNMA, Pool # MA3873, 3.00% , due 08/20/46		1,154,076
	251,418	GNMA, Pool # MA4125, 2.50% , due 12/20/46		236,046
	430,984	GNMA, Pool # MA4261, 3.00% , due 02/20/47		418,089
	1,378,883	GNMA II, Pool # AV9421, 3.50% , due 11/20/46		1,375,654
	934,278	GNMA II, Pool # AY7555, 3.50% , due 04/20/47		932,286
	593,024	GNMA II, Pool # MA0462, 3.50% , due 10/20/42		593,236

See accompanying Notes to the Financial Statements.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	592,502	GNMA II, Pool # MA0852, 3.50% , due 03/20/43		592,714
	512,174	GNMA II, Pool # MA2371, 3.50% , due 11/20/44		510,688
	407,622	GNMA II, Pool # MA2825, 3.00% , due 05/20/45		396,498
	1,910,373	GNMA II, Pool # MA3803, 3.50% , due 07/20/46		1,902,813
	1,226,187	GNMA II, Pool # MA3874, 3.50% , due 08/20/46		1,221,334
	462,645	GNMA II, Pool # MA3936, 3.00% , due 09/20/46		449,324
	351,613	GNMA II, Pool # MA4071, 4.50% , due 11/20/46		369,746
	1,348,669	GNMA II, Pool # MA4263, 4.00% , due 02/20/47		1,373,269
	779,129	GNMA II, Pool # MA4964, 4.50% , due 01/20/48		806,349
	168,546	GNMA II, Pool # MA5079, 4.50% , due 03/20/48		174,434
	500,000	GNMA Pool II TBA, 4.50% , due 10/18/48		516,702
				201,078,745
		Municipal Obligations — 1.0%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		61,211
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		410,538
	170,000	California Educational Facilities Authority, 5.00%, due 06/01/46		215,301
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14#		98,369
	900,000	Energy Northwest, 2.80%, due 07/01/21		888,840
	464,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		548,773
	1,150,000	New Jersey Economic Development Authority, 2.97%, due 02/15/19‡‡		1,137,787
	2,049,000	New Jersey Economic Development Authority, 3.20%, due 02/15/20‡‡		1,960,934
	1,000,000	State of California General Obligation, 7.55%, due 04/01/39		1,463,130
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		729,986
	305,000	University of Texas System (The), 5.00%, due 08/15/47		374,964
	105,000	University of Virginia, 4.18%, due 09/01/17#		101,452
				7,991,285
		Sovereign Debt Obligations — 1.3%
	440,000	Argentine Republic Government International Bond, 5.88%, due 01/11/28‡		349,360
	250,000	Canada Pension Plan Investment Board Capital, Inc., 2.75%, due 11/02/27 144A		237,022
	135,000	Colombia Government International Bond, 7.38%, due 09/18/37		170,606
	820,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		788,053
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23		53,075
	200,000	Development Bank of Japan, Inc., 2.13%, due 09/01/22 144A		191,131
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28 144A		200,632
	600,000	Hashemite Kingdom of Jordan Government AID Bond, 3.00%, due 06/30/25		590,408
	812,000	Hungary Government International Bond, 5.75%, due 11/22/23		880,971
	420,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		451,000
	200,000	Japan Bank for International Cooperation/Japan, 1.50%, due 07/21/21		190,844
	200,000	Japan Finance Organization for Municipalities, 2.13%, due 04/13/21 144A		193,909
	400,000	Japan Finance Organization for Municipalities, 2.13%, due 10/25/23 144A		374,360
	400,000	Japan Finance Organization for Municipalities, 2.63%, due 04/20/22 144A		389,579
	200,000	Panama Government International Bond, 3.75%, due 03/16/25		199,602
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		203,202
	200,000	Panama Government International Bond, 4.50%, due 04/16/50		198,802
	250,000	Province of Alberta Canada, 3.30%, due 03/15/28		245,713
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26‡		91,063
	165,000	Province of Ontario Canada, 2.25%, due 05/18/22‡		159,392

See accompanying Notes to the Financial Statements.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)		Description	Value ($)
		Sovereign Debt Obligations — continued
	390,000	Province of Quebec Canada, 2.75%, due 04/12/27		371,648
	150,000	Provincia de Buenos Aires, 7.88%, due 06/15/27 144A		125,477
	250,000	Qatar Government International Bond, 3.88%, due 04/23/23 144A		252,214
	520,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		541,891
	310,000	Saudi Government International Bond, 2.38%, due 10/26/21 144A		299,635
	375,000	Saudi Government International Bond, 2.88%, due 03/04/23 144A		362,711
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		235,561
	245,000	Saudi Government International Bond, 5.00%, due 04/17/49 144A		249,226
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		388,228
	400,000	Turkey Government International Bond, 7.00%, due 06/05/20		404,835
	175,000	Uruguay Government International Bond, 4.98%, due 04/20/55		175,438
	140,000	Uruguay Government International Bond, 5.10%, due 06/18/50‡		143,325
				9,708,913
		U.S. Government and Agency Obligations — 12.3%
	380,000	Federal Farm Credit Banks, 3.22%, due 03/26/31		366,988
	320,000	Federal Home Loan Mortgage Corp., 1.38%, due 08/15/19		316,691
	55,000	Federal Home Loan Mortgage Corp., 2.38%, due 01/13/22		54,075
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		33,721
	7,444,000	U.S. Treasury Bond, 2.50%, due 05/15/46		6,493,145
	7,010,000	U.S. Treasury Bond, 2.75%, due 11/15/42		6,489,590
	2,982,000	U.S. Treasury Bond, 2.75%, due 11/15/47		2,730,452
	4,165,000	U.S. Treasury Bond, 3.00%, due 02/15/47		4,014,832
	2,180,000	U.S. Treasury Bond, 3.00%, due 02/15/48		2,098,463
	228,000	U.S. Treasury Bond, 3.00%, due 08/15/48		219,468
	8,706,000	U.S. Treasury Bond, 3.13%, due 05/15/48		8,592,074
	2,315,000	U.S. Treasury Bond, 4.50%, due 02/15/36		2,747,480
	7,832,000	U.S. Treasury Bond, 4.50%, due 05/15/38		9,399,777
	913,896	U.S. Treasury Inflation Indexed Note, 0.38%, due 07/15/25		885,081
	240,000	U.S. Treasury Note, 1.88%, due 03/31/22		231,802
	200,000	U.S. Treasury Note, 2.13%, due 08/15/21		195,879
	5,990,000	U.S. Treasury Note, 2.13%, due 05/15/25** *****		5,672,951
	3,660,000	U.S. Treasury Note, 2.25%, due 11/15/27		3,426,389
	784,000	U.S. Treasury Note, 2.38%, due 01/31/23		766,100
	2,715,000	U.S. Treasury Note, 2.63%, due 08/31/20		2,705,508
	10,522,000	U.S. Treasury Note, 2.63%, due 05/15/21		10,457,059
	12,304,000	U.S. Treasury Note, 2.75%, due 05/31/23		12,204,030
	2,111,000	U.S. Treasury Note, 2.75%, due 07/31/23		2,092,529
	695,000	U.S. Treasury Note, 2.75%, due 08/31/25		683,665
	1,105,000	U.S. Treasury Note, 2.75%, due 02/15/28		1,077,526
	963,000	U.S. Treasury Note, 2.88%, due 09/30/23††††		959,746
	10,029,000	U.S. Treasury Note, 2.88%, due 08/15/28		9,876,019
	250,000	U.S. Treasury Note, 3.00%, due 09/30/25††††		249,746
				95,040,786
		TOTAL DEBT OBLIGATIONS (COST $786,618,325)		763,702,593

See accompanying Notes to the Financial Statements.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.2%
			Certificate of Deposit — 0.1%
	430,000		Ford Motor Credit Co., 3.31%, due 04/09/19‡‡ 144A		422,668
			TOTAL CERTIFICATES OF DEPOSIT (COST $423,056)		422,668
			Mutual Fund - Securities Lending Collateral — 1.1%
	8,431,740		State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## ***		8,431,740
			TOTAL MUTUAL FUND - SECURITIES LENDING COLLATERAL (COST $8,431,740)		8,431,740
			TOTAL SHORT-TERM INVESTMENTS (COST $8,854,796)		8,854,408
			TOTAL INVESTMENTS — 100.0% (COST $795,473,121)		772,557,001
			Other Assets and Liabilities (net) — (0.0)%		(270,298	)
			NET ASSETS — 100.0%	$	772,286,703
			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.
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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, 2018 was $1,565,555.
		*****	All or a portion of this security is pledged for open swaps collateral.

See accompanying Notes to the Financial Statements.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

¤	Illiquid security. The total market value of the securities at period end is $2,031,004 which represents 0.3% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $5,378,276.
^	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, 2018.
◆	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 end, the market value of restricted securities was $7,101,257, which is 0.9% of net assets. See details shown in the Restricted Securities table that follows.
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 $154,294,700 which represents 20.0% of net assets.

See accompanying Notes to the Financial Statements.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

At September 30, 2018, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Air Canada Pass Through Trust, Series 2013-1, Class A, 4.13%, due 11/15/2026		12/14/17		$	190,061		$	197,985		$	191,011
Air Canada Pass Through Trust, Series 2017-1, Class B, 3.70%, due 07/15/2027		12/07/17			285,000			281,123			275,179
Angel Oak Mortgage Trust I LLC, Series 2018-1, Class A1, 3.26%, due 04/27/2048		03/28/18			99,516			99,516			99,756
Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, due 09/25/2048		08/16/18			197,641			197,640			198,367
BBCMS Mortgage Trust, Series 2018-TALL, Class B, 3.13%, due 03/15/2037		03/19/18			301,000			299,182			301,440
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 4.31% (1 mo. LIBOR plus 2.150%), due 07/15/2032		08/03/17			240,000			240,000			240,249
Citigroup Commercial Mortgage Trust, Series 2017-MDRC, Class D, 4.31% (1 mo. LIBOR plus 2.250%), due 07/15/2030		07/14/17			820,000			820,000			819,398
Citigroup Commercial Mortgage Trust, Series 2017-1500, Class E, 4.66%, due 07/15/2032		08/18/17			115,000			115,000			114,947
Commercial Mortgage Pass Through Certificates, (IO), Series 2014-CR17, Class XB, 0.28%, due 05/10/2047		05/01/14			53,000,000			1,059,119			643,616
Credit Suisse Mortgage Trust, Series 2006-OMA, Class B2, 5.54%, due 05/15/2023		06/29/16			515,000			571,189			525,176
Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, due 03/15/2023		03/28/18			490,000			489,947			487,014
GS Mortgage Securities Trust, Series 2018-CHLL, Class E, 4.51%, due 02/15/2037		02/16/18			145,000			145,000			146,468
Great Wolf Trust, Series 2017-WOLF, Class E, 5.41%, due 09/15/2034		01/30/18			85,000			85,770			85,614
Hilton Orlando Trust, Series 2018-ORL, Class D, 3.86%, due 12/15/2034		02/14/18			100,000			100,000			100,300
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 3.07%, due 06/15/2035		07/27/18			148,000			148,000			148,350
Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/2058		09/20/18			175,000			173,137			173,619
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due 11/15/2032		01/17/18			95,000			93,661			92,830
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A, 3.50%, due 06/20/2035		07/11/18			174,763			174,730			174,265
SunTrust Student Loan Trust, Series 2006-1A, Class A4, 2.53% (3 mo. USD LIBOR plus 0.190%), due 10/28/2037		02/06/18			862,388			845,140			853,328
Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.73%, due 10/25/2053		10/23/17			115,000			121,217			115,786
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/2058		02/06/18			862,758			862,202			849,545
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 3.81%, due 12/15/2034		12/14/17			110,000			110,000			110,528
Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/2030		03/30/17			183,245			183,023			181,611
Windstream Services LLC/Windstream Finance Corp., 10.50%, due 06/30/2024		10/30/17			201,000			184,221			172,860
										$	7,101,257

See accompanying Notes to the Financial Statements.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	186	U.S. Treasury Note 10-Year		Dec 2018	$	22,093,313	$	(108,233	)
	197	U.S. Treasury Note 2-Year		Dec 2018		41,514,672		(122,627	)
	240	U.S. Treasury Note 5-Year		Dec 2018		26,994,375		(152,444	)
	96	U.S. Ultra Bond		Dec 2018		14,811,000		(525,669	)
							$	(908,973	)
	Sales
	70	90 Day Euro		Dec 2018	$	17,034,500	$	124,947
	14	U.S. Long Bond		Dec 2018		1,967,000		57,018
	20	U.S. Ultra 10-Year		Dec 2018		2,520,000		46,690
							$	228,655

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)
Overnight Federal Funds Effective Rate (12M)	1.84%	12/31/19	$	7,647		$	2,545,000	$	22,682	$	15,035
Overnight Federal Funds Effective Rate (12M)	1.95%	12/31/19		1,758			4,875,000		36,897		35,139
Overnight Federal Funds Effective Rate (12M)	2.04%	12/31/19		104			1,695,000		10,938		10,834
Overnight Federal Funds Effective Rate (12M)	2.11%	12/31/19		201			1,710,000		9,629		9,428
Overnight Federal Funds Effective Rate (12M)	2.41%	02/12/25		117			2,295,000		45,932		45,815
Overnight Federal Funds Effective Rate (12M)	2.37%	03/23/21		92			4,545,000		37,080		36,988
Overnight Federal Funds Effective Rate (12M)	2.16%	03/20/19		309			232,770,000		73,704		73,395
Overnight Federal Funds Effective Rate (12M)	2.26%	01/30/19		321			245,370,000		22,699		22,378
Overnight Federal Funds Effective Rate (12M)	1.82%	02/15/27		20,041			1,447,000		102,601		82,560
Overnight Federal Funds Effective Rate (12M)	1.90%	02/15/27		797			390,000		25,459		24,662
Overnight Federal Funds Effective Rate (12M)	2.07%	02/15/27		(336	)		920,000		48,413		48,749
Overnight Federal Funds Effective Rate (12M)	1.50%	06/30/19		(1,218	)		2,795,000		18,962		20,180
Overnight Federal Funds Effective Rate (12M)	1.49%	06/30/19		(4,677	)		13,105,000		90,453		95,131
Overnight Federal Funds Effective Rate (12M)	1.96%	02/15/27		102			265,000		15,990		15,888

See accompanying Notes to the Financial Statements.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (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)	1.71%	09/30/19	$	2,051	$	6,165,000	$	48,332		$	46,281
3-Month USD LIBOR	2.21%	01/08/26		—		7,920,000		452,588			452,588
3-Month USD LIBOR	3.00%	05/31/25		50		120,000		535			486
3-Month USD LIBOR	3.11%	07/31/25		340		2,709,000		(1,345	)		(1,685	)
3-Month USD LIBOR	2.18%	08/15/24		1,488		385,000		18,589			17,101
3-Month USD LIBOR	2.17%	08/15/24		10,977		7,885,000		383,087			372,111
3-Month USD LIBOR	2.29%	05/15/27		101		130,000		7,919			7,818
3-Month USD LIBOR	2.33%	11/15/24		12,963		3,810,000		157,903			144,939
3-Month USD LIBOR	2.66%	11/15/43		103		145,000		12,552			12,449
										$	1,588,270

See accompanying Notes to the Financial Statements.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		98.9
Swaps		0.2
Futures Contracts		(0.1	)
Short-Term Investments		1.2
Other Assets and Liabilities (net)		(0.2	)
		100.0	%

See accompanying Notes to the Financial Statements.

82

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**		Description	Value ($)
		DEBT OBLIGATIONS — 92.5%
		Asset Backed Securities — 3.3%
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 2.65% (1 mo. USD LIBOR plus 0.430%), due 12/25/35†		1,068,220
	475,000	Americredit Automobile Receivables Trust, Series 2018-1, Class D, 3.82%, due 03/18/24		474,470
	250,000	AMMC CLO 20, Ltd., Series 2017-20A, Class D, 5.74% (3 mo. USD LIBOR plus 3.400%), due 04/17/29† 144A		251,085
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 2.50% (1 mo. USD LIBOR plus 0.280%), due 07/25/36†		1,062,535
	660,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 5.16%, due 08/05/27◆◆ 144A		660,599
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		384,224
	625,000	CarMax Auto Owner Trust, Series 2018-2, Class D, 3.99%, due 04/15/25		622,194
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 8.35% (3 mo. USD LIBOR plus 6.000%), due 04/20/29† 144A		606,043
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		197,180
	330,000	Cent CLO 24, Ltd., Series 2015-24A, Class CR, 5.37%, due 10/15/26◆◆ 144A		330,222
	612,250	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		620,071
	296,000	Colony American Homes, Series 2015-1A, Class B, 3.63% (1 mo. USD LIBOR plus 1.500%), due 07/17/32† 144A		296,908
	208,000	Colony Starwood Homes Trust, Series 2016-2A, Class B, 3.91% (1 mo. USD LIBOR plus 1.750%), due 12/17/33† 144A		208,741
	468,816	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		466,926
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		649,640
	225,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, due 11/15/22 144A		221,858
	15,158	GCAT LLC, Series 2017-5, Class A1, 3.23%, due 07/25/47†† 144A		15,143
	572,480	GSAA Home Equity Trust, Series 2007-7, Class A4, 2.49% (1 mo. USD LIBOR plus 0.270%), due 07/25/37†		550,871
	500,000	Invitation Homes Trust, Series 2018-SFR1, Class E, 4.16%, due 03/17/37◆◆ 144A		502,946
	241,975	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		242,300
	241,975	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		243,396
	575,000	Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		569,196
	500,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 7.55%, due 10/20/27◆◆ 144A		498,787
	730,000	OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, due 07/18/25 144A		736,407
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		278,886
	530,000	OZLM CLO VII, Ltd., Series 2014-7RA, Class CR, 5.34%, due 07/17/29◆◆ 144A		530,041
	750,000	OZLM CLO XII, Ltd., Series 2015-12A, Class CR, 5.19%, due 04/30/27◆◆ 144A		748,328
	715,000	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		709,061
	200,000	Santander Drive Auto Receivables Trust, Series 2018-2, Class D, 3.88%, due 02/15/24		198,566
	680,000	Santander Drive Auto Receivables Trust, Series 2018-4, Class D, 3.98%, due 12/15/25		678,270
	180,000	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 5.62%, due 06/22/30◆◆ 144A		180,024
	352,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32†		352,208
	147,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33†		147,852
	2,200,000	SLM Student Loan Trust, Series 2006-10, Class A6, 2.49% (3 mo. USD LIBOR plus 0.150%), due 03/25/44†		2,121,446
	650,000	SoFi Consumer Loan Program Trust, Series 2018-2, Class B, 3.79%, due 04/26/27 144A		645,363

See accompanying Notes to the Financial Statements.

83

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Asset Backed Securities — continued
	750,000	THL Credit Wind River CLO, Ltd., Series 2016-1A, Class ER, 7.90%, due 07/15/28◆◆ 144A		751,355
	250,000	Thunderbolt II Aircraft Lease, Ltd., Series 2018-A, Class A, 4.15%, due 09/15/38†† 144A		248,819
	151,075	VOLT LXIII LLC, Series 2017-NP10, Class A1, 3.00%, due 10/25/47†† 144A		149,783
	427,778	VOLT LXVIII LLC, Series 2018-NPL4, Class A1A, 4.34%, due 07/27/48†† 144A		428,263
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 7.75%, due 07/23/27◆◆ 144A		500,920
	552,181	WAVE 2017-1 Trust, Series 2017-1A, Class A, 3.84%, due 11/15/42 144A		544,806
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		260,238
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 6.08%, due 10/15/31◆◆ 144A		409,890
				21,364,081
		Bank Loans — 8.5%
	508,715	Albany Molecular Research, Inc., 2017 1st Lien Term Loan, 5.49% (1 mo. USD LIBOR plus 3.250%), due 08/30/24†		510,146
	1,127,146	Albertsons, LLC, USD 2017 Term Loan B5, 5.38% (3 mo. USD LIBOR plus 3.000%), due 12/21/22†		1,129,471
	827,925	Alliant Holdings Intermediate LLC, 2018 Term Loan B, 5.15% (1 mo. USD LIBOR plus 3.000%), due 05/09/25†		830,618
	204,184	American Axle & Manufacturing, Inc., Term Loan B, 4.45% (2 mo. USD LIBOR plus 2.250%), due 04/06/24†		204,503
	300,639	American Axle & Manufacturing, Inc., Term Loan B, 4.47% (1 mo. USD LIBOR plus 2.250%), due 04/06/24†		301,108
	508,709	American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 4.24% (1 mo. USD LIBOR plus 2.000%), due 10/31/23†		508,015
	2,004,798	Asurion LLC, 2018 Term Loan B6, 5.24% (1 mo. USD LIBOR plus 3.000%), due 11/03/23†		2,021,295
	798,000	Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 4.17% (1 mo. USD LIBOR plus 2.000%), due 01/15/25†		801,493
	508,722	Beacon Roofing Supply, Inc., 2017 Term Loan B, 4.38% (1 mo. USD LIBOR plus 2.250%), due 01/02/25†		508,404
	507,218	Boyd Gaming Corp., Term Loan B3, 4.42% (1 mo. USD LIBOR plus 2.250%), due 09/15/23†		510,357
	210,000	BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 4.69% (1 mo. USD LIBOR plus 2.500%), due 08/15/25†		211,116
	588,510	BWAY Holding Co., 2017 Term Loan B, 5.58% (3 mo. USD LIBOR plus 3.250%), due 04/03/24†		588,878
	698,241	Caesars Entertainment Operating Co., Exit Term Loan, 4.24% (1 mo. USD LIBOR plus 2.000%), due 10/06/24†		698,616
	508,719	Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 12/22/24†		512,034
	1,000,000	California Resources Corp., 2017 1st Lien Term Loan, 5.65% (1 mo. USD LIBOR plus 3.500%), due 12/31/22†		1,021,250
	1,571,033	Camelot UK Holdco, Ltd., 2017 Repriced Term Loan, 5.49%, due 10/03/23†		1,575,521
	323,415	Catalent Pharma Solutions, Inc., USD Term Loan B, 4.49% (1 mo. USD LIBOR plus 2.250%), due 05/20/24†		325,840
	508,668	CEC Entertainment, Inc., Term Loan B, 5.49% (1 mo. USD LIBOR plus 3.250%), due 02/14/21†		493,045

See accompanying Notes to the Financial Statements.

84

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Bank Loans — continued
	1,265,994	Change Healthcare Holdings LLC, 2017 Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 03/01/24†		1,271,620
	763,088	Consolidated Energy Finance, S.A., Term Loan B, 4.60% (1 mo. USD LIBOR plus 2.500%), due 05/07/25†		762,134
	937,644	Delek US Holdings, Inc., 2018 Term Loan B, 4.63% (1 mo. USD LIBOR plus 2.500%), due 03/31/25†		942,723
	1,515,442	Dell International LLC, 2017 Term Loan B, 4.25% (1 mo. USD LIBOR plus 2.000%), due 09/07/23†		1,520,178
	770,000	DTZ U.S. Borrower LLC, 2018 Add On Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 08/21/25†		773,529
	35,219	Engility Corp., Term Loan B2, 3.75%, due 08/12/23		35,380
	837,889	Engineered Machinery Holdings, Inc., USD 1st Lien Term Loan, 4.25% (1 mo. USD LIBOR plus 2.000%), due 07/19/24†		828,463
	959,218	Falcon Aerospace, Ltd., 2017 Term Loan A, 4.58%, due 02/15/42 144A		954,422
	1,007,437	Four Seasons Hotels, Ltd., New 1st Lien Term Loan, 4.24% (1 mo. USD LIBOR plus 2.000%), due 11/30/23†		1,009,506
	817,935	Gates Global LLC, 2017 USD Repriced Term Loan B, 5.64% (3 mo. USD LIBOR plus 3.250%), due 04/01/24†		823,749
	269,322	Global Business Travel Holdings, Ltd., 2018 Term Loan B, 5.39% (3 mo. USD LIBOR plus 3.000%), due 07/20/25†		272,015
	215,315	Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.90% (1 mo. USD LIBOR plus 2.750%), due 10/04/23†		216,499
	287,184	Golden Nugget, Inc., 2017 Incremental Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 10/04/23†		288,763
	928,250	GrafTech Finance, Inc., 2018 Term Loan B, 6.12% (1 mo. USD LIBOR plus 4.000%), due 02/12/25†		935,792
	778,050	GTT Communications, Inc., 2018 USD Term Loan B, 5.49% (1 mo. USD LIBOR plus 3.250%), due 05/31/25†		772,457
	1,555,214	Harbor Freight Tools USA, Inc., 2018 Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 08/18/23†		1,558,346
	867,825	Hub International, Ltd., 2018 Term Loan B, 4.84% (3 mo. USD LIBOR plus 2.500%), due 04/25/25†		870,292
	508,686	Jaguar Holding Co. II, 2018 Term Loan, 4.74% (1 mo. USD LIBOR plus 2.500%), due 08/18/22†		509,639
	112,583	JBS USA, LLC, 2017 Term Loan B, 4.89% (3 mo. USD LIBOR plus 2.500%), due 10/30/22†		112,935
	645,493	JBS USA, LLC, 2017 Term Loan B, 4.84% (3 mo. USD LIBOR plus 2.500%), due 10/30/22†		647,510
	802,977	Jeld-Wen, Inc., 2017 1st Lien Term Loan, 4.74% (1 mo. USD LIBOR plus 2.500%), due 12/14/24†		806,323
	703,680	Kraton Polymers, LLC, 2018 USD Term Loan, 5.34% (3 mo. USD LIBOR plus 3.000%), due 03/05/25†		706,979
	510,000	Level 3 Financing, Inc., 2017 Term Loan B, 4.43% (1 mo. USD LIBOR plus 2.250%), due 02/22/24†		511,806
	432,519	LTF Merger Sub, Inc., 2017 Term Loan B, 3.75%, due 06/10/22		434,682
	203,918	MA FinanceCo., LLC, USD Term Loan B3, 4.84% (3 mo. USD LIBOR plus 2.500%), due 06/21/24†		203,153
	1,034,352	MEG Energy Corp., 2017 Term Loan B, 4.89% (3 mo. USD LIBOR plus 2.500%), due 12/31/23†		1,035,645

See accompanying Notes to the Financial Statements.

85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Bank Loans — continued
	825,539	Meredith Corp., Term Loan B, 4.39% (3 mo. USD LIBOR plus 2.000%), due 01/31/25†		831,674
	507,932	MGM Growth Properties Operating Partnership, LP, 2016 Term Loan B, 4.24% (1 mo. USD LIBOR plus 2.000%), due 03/21/25†		509,157
	742,465	Microchip Technology, Inc., 2018 Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.500%), due 05/29/25†		743,854
	797,970	Midas Intermediate Holdco II, LLC, Incremental Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.500%), due 08/18/21†		765,053
	490,788	MPH Acquisition Holdings LLC, 2016 Term Loan B, 5.14% (3 mo. USD LIBOR plus 2.750%), due 06/07/23†		492,283
	508,712	Post Holdings, Inc., 2017 Series A Incremental Term Loan, 4.22% (1 mo. USD LIBOR plus 2.000%), due 05/24/24†		509,412
	287,814	PQ Corp., 2018 Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.500%), due 02/08/25†		288,444
	508,712	Prime Security Services Borrower, LLC, 2016 1st Lien Term Loan, 4.99% (1 mo. USD LIBOR plus 2.750%), due 05/02/22†		511,750
	1,090,000	Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 4.99% (1 mo. USD LIBOR plus 2.750%), due 11/15/23†		1,093,202
	148,862	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 4.99% (1 mo. USD LIBOR plus 2.750%), due 02/05/23†		149,709
	410,742	Scientific Games International, Inc., 2018 Term Loan B5, 5.04% (2 mo. USD LIBOR plus 2.750%), due 08/14/24†		410,582
	97,980	Scientific Games International, Inc., 2018 Term Loan B5, 4.99% (1 mo. USD LIBOR plus 2.750%), due 08/14/24†		97,941
	1,377,109	Seattle Spinco, Inc., USD Term Loan B3, 5.24% (1 mo. USD LIBOR plus 3.000%), due 06/21/24†		1,370,913
	987,422	Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 4.25% (1 mo. USD LIBOR plus 2.000%), due 03/01/21†		989,068
	982,538	Shutterfly, Inc., Term Loan B2, 5.14% (3 mo. USD LIBOR plus 2.750%), due 08/17/24†		987,327
	917,647	Solera, LLC, USD Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 03/03/23†		920,966
	1,515,000	Speedcast International, Ltd., Term Loan B, 2.50%, due 05/02/25		1,504,900
	763,063	Sprint Communications, Inc., 1st Lien Term Loan B, 4.74% (1 mo. USD LIBOR plus 2.500%), due 02/02/24†		765,448
	766,043	Staples, Inc., 2017 Term Loan B, 4.99% (1 mo. USD LIBOR plus 2.750%), due 09/12/24†		766,761
	250,000	Starfruit Finco B.V, 2018 USD Term Loan B, 3.25%, due 09/20/25		251,362
	775,000	Telenet Financing USD LLC, USD Term Loan AN, 5.10% (1 mo. USD LIBOR plus 3.000%), due 08/15/26†		772,417
	508,715	Trans Union, LLC, Term Loan B3, 4.24% (1 mo. USD LIBOR plus 2.000%), due 04/10/23†		510,464
	939,664	TTM Technologies, Inc., 2017 Term Loan, 5.00% (1 mo. USD LIBOR plus 2.750%), due 09/28/24†		944,355
	1,252,711	Uber Technologies, 2018 Incremental Term Loan, 4.75% (1 mo. USD LIBOR plus 2.500%), due 07/13/23†		1,259,757
	303,333	Uber Technologies, 2018 Term Loan, 4.99% (1 mo. USD LIBOR plus 2.750%), due 04/04/25†		305,874
	249,873	UPC Financing Partnership, USD Term Loan AR, 4.66% (1 mo. USD LIBOR plus 2.500%), due 01/15/26†		249,978
	1,541,108	USI, Inc., 2017 Repriced Term Loan, 6.34% (3 mo. USD LIBOR plus 4.000%), due 05/16/24†		1,543,311

See accompanying Notes to the Financial Statements.

86

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Bank Loans — continued
	1,535,625		Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.39% (3 mo. USD LIBOR plus 3.000%), due 06/01/25†		1,545,223
	510,000		VICI Properties 1 LLC, Replacement Term Loan B, 4.21% (1 mo. USD LIBOR plus 2.000%), due 12/20/24†		511,594
	1,545,000		Vistra Operations Co. LLC, 2016 Term Loan B2, 2.25%, due 12/14/23		1,550,698
	1,137,136		Wall Street Systems Delaware, Inc., 2017 Term Loan B, 4.41% (3 mo. USD LIBOR plus 2.250%), due 11/21/24†		1,135,714
					55,845,441
			Convertible Debt — 0.1%
	60,000		Cree, Inc., 0.88%, due 09/01/23 144A		55,198
	30,000		Finisar Corp., 0.50%, due 12/15/36		27,556
	150,000		FTI Consulting, Inc., 2.00%, due 08/15/23 144A		146,197
	110,000		Palo Alto Networks, Inc., 0.75%, due 07/01/23 144A		115,521
	70,000		Splunk, Inc., 0.50%, due 09/15/23 144A		72,607
					417,079
			Corporate Debt — 21.8%
	1,000,000		1MDB Global Investments, Ltd., Reg S, 4.40%, due 03/09/23‡‡‡		945,510
	490,000		ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		492,201
	405,000		AHP Health Partners, Inc., 9.75%, due 07/15/26 144A		424,237
	1,000,000		Air Lease Corp., 3.50%, due 01/15/22		993,501
	1,000,000		Alibaba Group Holding, Ltd., 3.13%, due 11/28/21		988,667
	275,000		Allison Transmission, Inc., 5.00%, due 10/01/24 144A		274,313
	590,000		Altice Financing SA, Reg S, 7.50%, due 05/15/26‡‡‡		576,725
	1,000,000		Altice France SA/France, 7.38%, due 05/01/26 144A		1,003,750
	500,000		Altice Luxembourg SA, 7.75%, due 05/15/22 144A		487,500
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		518,510
	615,000		AmWINS Group, Inc., 7.75%, due 07/01/26 144A		641,137
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27 144A		184,611
	1,230,000		Ardonagh Midco 3 Plc, 8.63%, due 07/15/23 144A		1,220,775
	715,000		Ardonagh Midco 3 Plc, Reg S, 8.63%, due 07/15/23‡‡‡		709,637
	330,000		Ashtead Capital, Inc., 5.25%, due 08/01/26 144A		334,208
	370,000		ASP AMC Merger Sub, Inc., 8.00%, due 05/15/25 144A		283,050
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		263,453
	200,000		Banco Santander SA, 4.38%, due 04/12/28		190,057
	300,000		Barclays Plc, 4.97%, due 05/16/29◆		295,959
	350,000		Bausch Health Cos., Inc., 5.50%, due 03/01/23 144A		338,188
	350,000		Bausch Health Cos., Inc., 5.63%, due 12/01/21 144A		350,000
	465,000		Becton Dickinson and Co., 3.26%, due 12/29/20◆◆		465,718
	650,000		BioScrip, Inc., 8.88%, due 02/15/21		619,125
	610,000		BlueLine Rental Finance Corp./BlueLine Rental LLC, 9.25%, due 03/15/24 144A		642,787
	1,035,000		BNP Paribas SA, 5.13%◆ †††† 144A		928,266
	180,000		BP Capital Markets America, Inc., 3.94%, due 09/21/28		181,361
	200,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		190,990
	800,000	EUR	CaixaBank SA, (MTN), Reg S, 2.75% (5 year EUR Swap plus 2.350%), due 07/14/28† ‡‡‡		944,256
	950,000		Capital One NA/Mclean VA, 2.35%, due 01/31/20		939,743
	930,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, due 02/15/23		935,812

See accompanying Notes to the Financial Statements.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, due 09/30/22		202,562
	200,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, due 02/15/26 144A		201,000
	330,000		Centene Corp., 5.38%, due 06/01/26 144A		338,696
	630,000		Charles Schwab Corp. (The), 5.00%◆ †††††		609,525
	250,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		239,635
	150,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		146,338
	500,000		CIT Group, Inc., 5.25%, due 03/07/25		511,250
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		172,213
	550,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR plus 3.423%)† †††††		562,375
	630,000		Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		633,937
	170,000		Cleaver-Brooks, Inc., 7.88%, due 03/01/23 144A		174,250
	200,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		204,000
	193,822		Concordia International Corp., 8.00%, due 09/06/24		190,430
	250,000		Cooperatieve Rabobank UA, 3.75%, due 07/21/26		236,520
	525,000		Corp. Nacional del Cobre de Chile, 4.50%, due 09/16/25 144A		534,062
	1,015,000		Country Garden Holdings Co., Ltd., Reg S, 4.75%, due 09/28/23‡‡‡		918,608
	280,000		Country Garden Holdings Co., Ltd., Reg S, 7.25%, due 04/04/21‡‡‡		282,225
	575,000		Credit Agricole SA, 7.88% (USD 5 year swap rate plus 4.898%)† ††††† 144A		606,866
	400,000		Credit Agricole SA, 8.13% (USD 5 year swap rate plus 6.185%)† ††††† 144A		440,994
	930,000		Credit Suisse Group AG, 7.25%◆ ††††† 144A		935,812
	1,425,000		Credit Suisse Group Funding Guernsey, Ltd., 2.75%, due 03/26/20		1,412,484
	800,000		CVS Health Corp., 4.78%, due 03/25/38		798,674
	590,000		CVS Health Corp., 5.05%, due 03/25/48		605,792
	1,100,000		DAE Funding LLC, 5.00%, due 08/01/24 144A		1,079,375
	600,000		Deutsche Bank AG, Reg S, 6.25% (5 year USD Swap plus 4.358%)† ††††† ‡‡‡		571,650
	530,000		Diamondback Energy, Inc., 4.75%, due 11/01/24 144A		531,987
	1,020,000		DISH DBS Corp., 7.75%, due 07/01/26		965,991
	430,000		DP World, Ltd., 5.63%, due 09/25/48 144A		426,816
	1,115,000		Ecopetrol SA, 4.13%, due 01/16/25		1,084,337
	625,000		Electricite de France SA, 4.50%, due 09/21/28 144A		616,401
	625,000		Electricite de France SA, 5.00%, due 09/21/48 144A		609,906
	685,000		Enel Finance International NV, 3.50%, due 04/06/28 144A		604,148
	500,000		EP Energy LLC/Everest Acquisition Finance, Inc., 6.38%, due 06/15/23		337,500
	100,000		Escrow GCB Penn Virginia Corp., 8.50%, due 05/01/20**** ^ †††		—
	24,500,000	ZAR	Eskom Holdings SOC, Ltd., (MTN), 7.50%, due 09/15/33		1,295,482
	19,550,000	BRL	European Investment Bank, (MTN), 8.33%, due 08/27/21‡‡		3,881,313
	51,960,000	MXN	European Investment Bank, (MTN), Reg S, 4.00%, due 02/25/20‡‡‡		2,625,530
	9,280,000,000	IDR	European Investment Bank, (MTN), Reg S, 6.95%, due 02/06/20‡‡‡		612,418
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24‡‡‡		572,494
	160,000		Extraction Oil & Gas, Inc., 5.63%, due 02/01/26 144A		142,400
	200,000		Extraction Oil & Gas, Inc., 7.38%, due 05/15/24 144A		198,500
	155,000		Financial & Risk US Holdings, Inc., 6.25%, due 05/15/26†††† 144A		155,766
	105,000	EUR	Financial & Risk US Holdings, Inc., 6.88%, due 11/15/26†††† 144A		123,025
	257,000		Financial & Risk US Holdings, Inc., 8.25%, due 11/15/26†††† 144A		256,085
	200,000		First Data Corp., 5.75%, due 01/15/24 144A		204,000
	190,000		First Data Corp., 7.00%, due 12/01/23 144A		198,313
	400,000		First Quantum Minerals, Ltd., 6.50%, due 03/01/24 144A		367,500

See accompanying Notes to the Financial Statements.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	500,000		First Quantum Minerals, Ltd., 7.00%, due 02/15/21 144A		495,312
	1,645,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		1,576,116
	740,000		Freeport-McMoRan, Inc., 5.45%, due 03/15/43		677,100
	515,000		Frontier Communications Corp., 8.50%, due 04/01/26 144A		488,606
	370,000	GBP	Garfunkelux Holdco 3 SA, Reg S, 8.50%, due 11/01/22‡‡‡		465,981
	330,000		Gazprom OAO Via Gaz Capital SA, 4.95%, due 03/23/27 144A		317,015
	480,000		General Electric Co. (MTN), 6.88%, due 01/10/39		600,600
	605,000		Geopark, Ltd., 6.50%, due 09/21/24 144A		610,294
	400,000		Glencore Funding LLC, 4.00%, due 03/27/27 144A		376,113
	100,000		Goldman Sachs Group (The), Inc., 3.50%, due 11/16/26		94,998
	100,000		Goldman Sachs Group (The), Inc., 5.15%, due 05/22/45		102,281
	600,000		GTP Acquisition Partners I LLC, 3.48%, due 06/16/25 144A		584,862
	1,000,000		Halfmoon Parent, Inc., 2.98%, due 09/17/21◆◆ 144A		1,001,614
	1,000,000		Halfmoon Parent, Inc., 3.75%, due 07/15/23 144A		998,023
	765,000		Halfmoon Parent, Inc., 4.38%, due 10/15/28 144A		764,309
	605,000		Halfmoon Parent, Inc., 4.90%, due 12/15/48 144A		602,984
	800,000		Hanesbrands, Inc., 4.88%, due 05/15/26 144A		769,000
	410,000		Harley-Davidson Financial Services, Inc., Series S, 3.55%, due 05/21/21 144A		408,329
	910,000		HCA, Inc., 5.50%, due 06/15/47		924,787
	890,000		HCA, Inc., 5.63%, due 09/01/28		896,675
	60,000,000	INR	HDFC Bank, Ltd., Reg S, 8.10%, due 03/22/25‡‡‡		782,049
	1,000,000		Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, due 04/01/27		988,230
	400,000		HSBC Holdings Plc, 4.58%, due 06/19/29◆		400,473
	400,000		HSBC Holdings Plc, 6.50%◆ †††††		386,500
	425,000		HUB International, Ltd., 7.00%, due 05/01/26 144A		426,619
	240,000		HudBay Minerals, Inc., 7.63%, due 01/15/25 144A		249,000
	1,000,000		iHeartCommunications, Inc., 9.00%, due 03/01/21†††		750,000
	500,000		iHeartCommunications, Inc., 9.00%, due 09/15/22†††		379,375
	500,000		Intelsat Jackson Holdings SA, 5.50%, due 08/01/23		461,875
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		2,327,919
	700,000		InterGen NV, 7.00%, due 06/30/23		694,750
	900,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		813,130
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		318,852
	540,000		iStar, Inc. REIT, 5.25%, due 09/15/22		533,250
	190,000		Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 10.25%, due 11/15/22 144A		209,513
	70,000		JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		72,975
	675,000		Jeld-Wen, Inc., 4.63%, due 12/15/25 144A		624,375
	1,000,000		JPMorgan Chase & Co., 4.63%, due 05/10/21		1,031,881
	568,994		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		19,858
	110,044		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		14,306
	410,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		411,923
	440,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		420,534
	515,000	EUR	Kraton Polymers LLC/Kraton Polymers Capital Corp., Reg S, 5.25%, due 05/15/26‡‡‡		614,622
	150,000		L Brands, Inc., 5.25%, due 02/01/28		129,233
	290,000		L Brands, Inc., 6.88%, due 11/01/35		246,500
	815,000		Ladder Capital Finance Holdings LLP/Ladder Capital Finance Corp., 5.25%, due 10/01/25 144A		768,137
	300,000		Lamb Weston Holdings, Inc., 4.88%, due 11/01/26 144A		295,125
	3,200,000	EUR	Landsbankinn HF, (MTN), Reg S, 1.38%, due 03/14/22‡‡‡		3,749,752

See accompanying Notes to the Financial Statements.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	935,000		Lennar Corp., 4.50%, due 04/30/24		917,889
	500,000		Lennar Corp., 4.75%, due 11/29/27		481,875
	460,000		LHMC Finco Sarl, 7.88%, due 12/20/23 144A		469,637
	400,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		393,631
	450,000		Lonestar Resources America, Inc., 11.25%, due 01/01/23 144A		496,125
	460,000		Match Group, Inc., 5.00%, due 12/15/27 144A		460,046
	700,000		McDermott Technology Americas, Inc./McDermott Technology US, Inc., 10.63%, due 05/01/24 144A		750,750
	695,000		MEG Energy Corp., 6.50%, due 01/15/25 144A		691,525
	770,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		706,475
	835,000		Meredith Corp., 6.88%, due 02/01/26 144A		857,962
	650,000		Microchip Technology, Inc., 3.92%, due 06/01/21 144A		646,597
	280,000		Microchip Technology, Inc., 4.33%, due 06/01/23 144A		278,552
	1,000,000		Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 9.25%, due 06/01/21**** ^		—
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		977,415
	590,000		MPH Acquisition Holdings LLC, 7.13%, due 06/01/24 144A		613,600
	400,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		386,500
	420,000		Myriad International Holdings BV, 4.85%, due 07/06/27 144A		414,666
	350,000		Nationstar Mortgage Holdings, Inc., 8.13%, due 07/15/23 144A		367,430
	505,000		Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		530,250
	500,000		Navient Corp., 6.75%, due 06/25/25		503,125
	260,000		NCL Corp., Ltd., Class C, 4.75%, due 12/15/21 144A		262,275
	350,000		Neovia Logistics Services LLC/SPL Logistics Finance Corp., 8.88%, due 08/01/20 144A		318,500
	41,000,000	SEK	Nordea Hypotek AB, Reg S, 1.25%, due 05/19/21‡‡‡		4,751,232
	795,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22 144A		814,875
	370,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24‡‡‡		368,136
	1,050,000	CAD	Parkland Fuel Corp., 5.63%, due 05/09/25		815,874
	395,000		Party City Holdings, Inc., 6.63%, due 08/01/26 144A		400,925
	440,000		Perusahaan Listrik Negara PT, 4.13%, due 05/15/27 144A		413,273
	310,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		290,315
	420,000		Petrobras Global Finance BV, 5.75%, due 02/01/29		375,627
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15#		619,200
	500,000		Petrobras Global Finance BV, 7.25%, due 03/17/44		476,312
	1,000,000		Petroleos Mexicanos, 6.75%, due 09/21/47		956,690
	503,000		Polaris Intermediate Corp., 8.50% (8.50% Cash or PIK), due 12/01/22 144A		521,606
	545,000		Post Holdings, Inc., 5.00%, due 08/15/26 144A		517,368
	500,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, due 05/15/23 144A		536,000
	920,000		Prudential Financial, Inc., 5.70%, due 09/15/48◆		916,854
	1,730,000		Quicken Loans, Inc., 5.75%, due 05/01/25 144A		1,736,487
	1,000,000	EUR	RCI Banque SA, (MTN), Reg S, 2.25%, due 03/29/21‡‡‡		1,218,527
	180,000		RegionalCare Hospital Partners Holdings, Inc., 8.25%, due 05/01/23 144A		189,900
	300,000		Royal Bank of Scotland Group Plc, 4.89%, due 05/18/29◆		298,722
	200,000		Sands China, Ltd., 5.13%, due 08/08/25 144A		199,836
	1,000,000	EUR	Santander Consumer Finance SA, Reg S, 0.88%, due 01/24/22‡‡‡		1,169,263
	200,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		195,252
	500,000		Scientific Games International, Inc., 10.00%, due 12/01/22		531,250
	605,000		Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A		626,175
	200,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		218,500
	765,000		Societe Generale SA, 4.75%, due 09/14/28 144A		762,411

See accompanying Notes to the Financial Statements.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Corporate Debt — continued
	555,000		Southern Copper Corp., 3.88%, due 04/23/25		541,965
	20,000		Speedway Motorsports, Inc., 5.13%, due 02/01/23		20,075
	540,000		Sprint Corp., 7.13%, due 06/15/24		561,600
	2,630,000		Sprint Corp., 7.88%, due 09/15/23		2,843,687
	585,000		Standard Chartered Plc, 7.75% (5 year USD Swap plus 5.723%)† ††††† 144A		599,625
	350,000		Standard Industries, Inc./NJ, 4.75%, due 01/15/28 144A		324,608
	420,000		Suzano Austria GmbH, 6.00%, due 01/15/29 144A		422,205
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26‡‡‡		262,925
	16,600,000	SEK	Swedbank Hypotek AB, Reg S, 1.00%, due 06/15/22‡‡‡		1,904,528
	370,000		Swire Pacific MTN Financing, Ltd. (MTN), Reg S, 4.50%, due 10/09/23‡‡‡		378,560
	480,000		Symantec Corp., 5.00%, due 04/15/25 144A		476,135
	250,000		T-Mobile USA, Inc., 6.38%, due 03/01/25		261,075
	200,000		Telecom Italia Capital SA, Guaranteed Senior Note, 7.20%, due 07/18/36		208,500
	500,000		Telecom Italia SpA, 5.30%, due 05/30/24 144A		488,750
	200,000		Telefonica Emisiones SAU, 5.21%, due 03/08/47		196,388
	1,000,000		Telenet Finance Luxembourg Notes Sarl, 5.50%, due 03/01/28 144A		945,000
	100,000		Tenet Healthcare Corp., 8.13%, due 04/01/22		105,755
	1,010,000		Tesla, Inc., 5.30%, due 08/15/25 144A		854,712
	100,000		Teva Pharmaceutical Finance Co. BV, 2.95%, due 12/18/22		92,950
	50,000		Teva Pharmaceutical Finance Netherlands III BV, 2.80%, due 07/21/23		44,571
	720,000		Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		600,079
	580,000		Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due 03/01/28		612,870
	2,000,000		Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, due 10/01/20†††		9,000
	530,000		TransDigm, Inc., 6.50%, due 07/15/24		544,310
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21‡‡‡		199,262
	910,000		Transocean Pontus, Ltd., 6.13%, due 08/01/25 144A		927,053
	590,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		569,350
	205,000		Tullow Oil Plc, 7.00%, due 03/01/25 144A		200,131
	1,150,000	EUR	UniCredit SpA, (MTN), Reg S, 4.38% (5 year EUR Swap plus 4.316%), due 01/03/27† ‡‡‡		1,377,432
	575,000		Unifin Financiera SAB de CV SOFOM ENR, 7.00%, due 01/15/25 144A		547,693
	610,000		Unifin Financiera SAB de CV SOFOM ENR, 7.25%, due 09/27/23 144A		604,669
	800,000		Union Pacific Corp., 4.50%, due 09/10/48		819,265
	350,000		United Rentals North America, Inc., 5.88%, due 09/15/26		360,500
	700,000		Univision Communications, Inc., 5.13%, due 05/15/23 144A		670,250
	500,000		UPCB Finance IV, Ltd., 5.38%, due 01/15/25 144A		500,625
	380,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		447,070
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		95,478
	935,000		Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 9.75%, due 04/15/23 144A		935,000
	2,081	GBP	Virgin Media Secured Finance Plc, 5.50%, due 01/15/25		2,791
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		495,000
	700,000	GBP	Virgin Media Secured Finance Plc, Reg S, 6.25%, due 03/28/29‡‡‡		959,047
	1,260,000		Vizient, Inc., 10.38%, due 03/01/24 144A		1,384,425
	750,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		724,530
	400,000		Vodafone Group Plc, 4.38%, due 05/30/28		394,859
	400,000		Vodafone Group Plc, 5.25%, due 05/30/48		403,106
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		355,231

See accompanying Notes to the Financial Statements.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**		Description	Value ($)
		Corporate Debt — continued
	2,500,000	Wells Fargo Bank NA, 2.85%, due 07/23/21◆◆		2,506,685
	910,000	Williams Cos. (The), Inc., 8.75%, due 03/15/32		1,216,759
	300,000	WPX Energy, Inc., 8.25%, due 08/01/23		342,000
	1,230,000	XPO CNW, Inc., 6.70%, due 05/01/34		1,257,675
	290,000	Yamana Gold, Inc., 4.63%, due 12/15/27		273,372
	650,000	Yingde Gases Investment, Ltd., 6.25%, due 01/19/23 144A		630,666
	1,310,000	YPF SA, 8.75%, due 04/04/24 144A		1,309,345
	710,000	YPF SA, Reg S, 8.50%, due 03/23/21‡‡‡		717,987
				142,631,551
		Mortgage Backed Securities - Private Issuers — 2.2%
	2,000,000	BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33◆◆ 144A		1,693,604
	620,000	BBCMS Trust, Series 2018-CBM, Class D, 4.55%, due 07/15/37◆◆ 144A		625,528
	1,000,000	BHMS, Series 2018-MZB, Class MZB, 8.79%, due 07/15/20◆◆ 144A		1,008,661
	530,000	BX Trust, Series 2017-IMC, Class A, 3.21%, due 10/15/32◆◆ 144A		531,013
	1,500,000	BX Trust, Series 2018-BILT, 3.18%, due 05/15/30◆◆ 144A		1,504,180
	640,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.95%, due 12/15/47◆◆ 144A		659,805
	343,096	Citigroup Mortgage Loan Trust, Series 2018-A, Class A1, 4.00%, due 01/25/68◆◆ 144A		342,542
	860,000	GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.49%, due 12/15/34◆◆ 144A		851,666
	1,500,000	GS Mortgage Securities Corp. II, Series 2018-GS10, Class F, 4.56%, due 07/10/51◆◆ 144A		1,099,964
	410,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.56%, due 08/10/44◆◆ 144A		402,923
	1,390,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 10.37%, due 06/15/35◆◆ 144A		1,390,794
	1,229,872	Motel 6 Trust, Series 2017-MTL6, Class E, 5.41%, due 08/15/34◆◆ 144A		1,241,932
	665,000	Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57◆◆ 144A		642,675
	230,000	Starwood Retail Property Trust, Series 2014-STAR, Class C, 4.66% (1 mo. USD LIBOR plus 2.500%), due 11/15/27† 144A		228,185
	1,397,456	Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 2.78% (1 mo. USD LIBOR plus 0.560%), due 05/25/45†		1,200,153
	1,053,480	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR1, Class A1B, 3.00% (1 mo. USD LIBOR plus 0.780%), due 01/25/45†		1,051,403
	224,637	Wells Fargo Mortgage Backed Securities Trust, Series 2006-3, Class A11, 5.50%, due 03/25/36		227,055
				14,702,083
		Mortgage Backed Securities - U.S. Government Agency Obligations — 6.8%
	1,500,000	FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 7.07% (1 mo. USD LIBOR plus 4.850%), due 10/25/29† 144A		1,732,676
	535,000	FNMA Connecticut Avenue Securities, Series 2017-C05, Class 1M2, 4.42% (1 mo. USD LIBOR plus 2.200%), due 01/25/30†		551,918
	1,920,000	FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1B1, 6.47%, due 01/25/31◆◆ 144A		2,007,346
	1,580,000	FNMA Connecticut Avenue Securities, Series 2018-C05, Class 1M2, 4.57%, due 01/25/31◆◆ 144A		1,607,654
	2,570,000	FNMA TBA, 3.00% , due 10/16/33		2,538,319

See accompanying Notes to the Financial Statements.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	20,275,000		FNMA TBA, 3.50% , due 10/16/33		20,378,751
	1,895,000		FNMA TBA, 5.00% , due 10/11/48		1,989,465
	4,911,914		GNMA II, Pool # MA5400, 5.00% , due 08/20/48		5,139,111
	7,840,000		GNMA Pool II TBA, 5.00% , due 10/18/48		8,188,251
					44,133,491
			Sovereign Debt Obligations — 42.6%
	200,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		191,520
	58,440,000	ARS	Argentina POM Politica Monetaria, 43.08%, due 06/21/20◆◆		1,712,695
	300,000		Argentine Republic Government International Bond, 4.63%, due 01/11/23		254,437
	1,789,000		Argentine Republic Government International Bond, 5.88%, due 01/11/28		1,420,466
	1,775,000		Argentine Republic Government International Bond, 6.88%, due 04/22/21		1,701,781
	1,565,000		Argentine Republic Government International Bond, 6.88%, due 01/11/48		1,212,875
	1,635,000		Argentine Republic Government International Bond, 7.50%, due 04/22/26		1,461,690
	1,230,000		Bahrain Government International Bond, Reg S, 6.13%, due 08/01/23 ‡‡‡		1,252,048
	3,245,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/21		4,998,194
	4,005,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		6,078,942
	540,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		820,447
	335,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		569,863
	827,000	BRL	Brazil Letras do Tesouro Nacional, 7.78%, due 10/01/19‡‡		191,967
	888,000	BRL	Brazil Letras do Tesouro Nacional, 8.73%, due 07/01/20‡‡		191,698
	2,393,000	BRL	Brazil Letras do Tesouro Nacional, 11.59%, due 01/01/22‡‡		434,615
	6,587,000	BRL	Brazil Letras do Tesouro Nacional Series B, 8.20%, due 01/01/20‡‡		1,493,593
	1,148,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 08/15/20		938,302
	1,493,000	BRL	Brazil Notas do Tesouro Nacional Series B, 6.00%, due 05/15/45		1,192,132
	26,000,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/21		6,581,976
	30,871,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/23		7,520,642
	30,736,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/25		7,264,554
	45,346,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/27		10,444,015
	207,000	BRL	Brazil Notas do Tesouro Nacional Series F, 10.00%, due 01/01/29		46,425
	14,592,900,000	COP	Colombian TES, 6.00%, due 04/28/28		4,622,310
	9,669,100,000	COP	Colombian TES, 7.00%, due 05/04/22		3,399,120
	4,831,600,000	COP	Colombian TES, 7.00%, due 06/30/32		1,598,895
	9,622,000,000	COP	Colombian TES, 7.50%, due 08/26/26		3,413,184
	2,344,400,000	COP	Colombian TES, 7.75%, due 09/18/30		836,033
	7,353,300,000	COP	Colombian TES, 10.00%, due 07/24/24		2,921,039
	9,511,100,000	COP	Colombian TES, 11.00%, due 07/24/20		3,538,360
	330,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.38%, due 09/25/28‡‡‡		386,362
	570,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 2.75%, due 06/27/24‡‡‡		720,055
	2,890,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 3.75%, due 07/26/23‡‡‡		3,799,124
	1,270,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 3.88%, due 05/06/22‡‡‡		1,646,258
	450,000	EUR	Cyprus Government International Bond, (MTN), Reg S, 4.25%, due 11/04/25‡‡‡		615,267
	7,550,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		292,692
	5,170,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		244,062
	30,360,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30‡‡‡		1,187,496
	7,320,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26‡‡‡		304,731
	4,970,000	CZK	Czech Republic Government Bond, Reg S, 2.50%, due 08/25/28‡‡‡		230,960
	880,000		Ecuador Government International Bond, 9.63%, due 06/02/27 144A		872,256
	600,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		602,825

See accompanying Notes to the Financial Statements.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	220,000		Honduras Government International Bond, Reg S, 6.25%, due 01/19/27‡‡‡		226,897
	175,510,000	HUF	Hungary Government Bond, 0.50%, due 04/21/21		615,263
	60,570,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		207,336
	227,770,000	HUF	Hungary Government Bond, 3.00%, due 06/26/24		829,357
	341,050,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		1,175,549
	311,940,000	HUF	Hungary Government Bond, 3.50%, due 06/24/20		1,166,673
	137,560,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		568,202
	46,330,000	HUF	Hungary Government Bond, 7.00%, due 06/24/22		195,777
	1,880,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42‡‡‡		1,921,866
	12,510,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		731,426
	18,009,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		1,120,917
	30,765,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		1,915,909
	40,578,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		2,454,858
	30,178,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		1,989,638
	26,927,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		1,766,794
	22,105,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		1,497,500
	3,841,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		253,998
	39,111,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		2,703,374
	8,369,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		590,477
	7,000,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		505,331
	2,504,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		195,189
	24,500,000	ILS	Israel Government Bond — Fixed, 1.25%, due 11/30/22		6,765,198
	4,740,000	ILS	Israel Government Bond — Fixed, 5.50%, due 01/31/42		1,853,138
	1,770,000	EUR	Italy Buoni Poliennali Del Tesoro, Reg S, 3.45%, due 03/01/48‡‡‡		1,972,724
	270,000		Jamaica Government International Bond, 6.75%, due 04/28/28		293,962
	500,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25‡‡‡		539,153
	430,000		Kuwait International Government Bond, 3.50%, due 03/20/27 144A		422,217
	320,000		Lebanon Government International Bond, (MTN), Reg S, 8.25%, due 04/12/21‡‡‡		301,318
	3,409,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		814,230
	1,545,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		367,865
	31,272,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		7,559,429
	2,912,000	MYR	Malaysia Government Bond, 3.66%, due 10/15/20		706,988
	14,230,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		3,436,766
	4,513,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		1,007,064
	24,000,000	MYR	Malaysia Government Bond, 3.88%, due 03/10/22		5,847,759
	3,566,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		857,367
	391,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		92,604
	9,193,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		2,215,521
	782,000	MYR	Malaysia Government Bond, 4.16%, due 07/15/21		191,743
	4,114,000	MYR	Malaysia Government Bond, 4.38%, due 11/29/19		1,004,985
	10,000,000	MYR	Malaysia Government Bond, 4.92%, due 07/06/48		2,416,535
	40,041,500	MXN	Mexican Bonos, 5.00%, due 12/11/19		2,072,584
	66,423,100	MXN	Mexican Bonos, 5.75%, due 03/05/26		3,136,575
	91,916,200	MXN	Mexican Bonos, 6.50%, due 06/10/21		4,770,396
	36,950,000	MXN	Mexican Bonos, 6.50%, due 06/09/22		1,898,298
	76,632,000	MXN	Mexican Bonos, 7.50%, due 06/03/27		3,990,884
	16,149,500	MXN	Mexican Bonos, 7.75%, due 05/29/31		845,896
	32,978,800	MXN	Mexican Bonos, 7.75%, due 11/13/42		1,699,076
	38,787,900	MXN	Mexican Bonos, 8.00%, due 06/11/20		2,083,160

See accompanying Notes to the Financial Statements.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	17,338,800	MXN	Mexican Bonos, 8.00%, due 12/07/23		937,010
	7,985,300	MXN	Mexican Bonos, 8.50%, due 05/31/29		443,476
	38,371,700	MXN	Mexican Bonos, 10.00%, due 12/05/24		2,276,374
	63,224,300	MXN	Mexican Bonos, 10.00%, due 11/20/36		4,000,433
	16,136,004	MXN	Mexican Udibonos, 4.50%, due 11/22/35		944,011
	1,500,000		Mexico Government International Bond, 3.60%, due 01/30/25		1,459,500
	800,000		Mexico Government International Bond (MTN), 4.75%, due 03/08/44		766,400
	885,000		Oman Government International Bond, 5.63%, due 01/17/28 144A		871,806
	1,493,000	PEN	Peruvian Government International Bond, Reg S, 5.70%, due 08/12/24‡‡‡		472,658
	3,516,000	PEN	Peruvian Government International Bond, Reg S, 6.35%, due 08/12/28‡‡‡		1,123,270
	4,788,000	PEN	Peruvian Government International Bond, Reg S, 6.95%, due 08/12/31‡‡‡		1,587,890
	2,953,000	PEN	Peruvian Government International Bond, Reg S, 8.20%, due 08/12/26‡‡‡		1,058,826
	30,000,000	PHP	Philippine Government International Bond, 3.90%, due 11/26/22		525,382
	4,281,000	PLN	Poland Government Bond, 1.50%, due 04/25/20		1,163,527
	10,227,000	PLN	Poland Government Bond, 2.50%, due 01/25/23		2,785,575
	7,455,000	PLN	Poland Government Bond, 2.50%, due 07/25/26		1,939,036
	3,081,000	PLN	Poland Government Bond, 2.50%, due 07/25/27		792,003
	6,565,000	PLN	Poland Government Bond, 3.25%, due 07/25/19		1,810,758
	3,985,000	PLN	Poland Government Bond, 3.25%, due 07/25/25		1,102,007
	16,589,000	PLN	Poland Government Bond, 4.00%, due 10/25/23		4,809,824
	12,542,000	PLN	Poland Government Bond, 5.50%, due 10/25/19		3,554,945
	1,030,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		905,123
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		125,476
	390,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		406,419
	3,182,000	PLN	Republic of Poland Government Bond, 2.25%, due 04/25/22		866,869
	4,730,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,233,860
	6,067,997	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		382,426
	4,275,000	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		327,500
	1,655,000	RON	Romania Government Bond, 3.25%, due 04/29/24		388,894
	2,015,000	RON	Romania Government Bond, 3.40%, due 03/08/22		488,918
	13,000,000	RON	Romania Government Bond, 4.25%, due 06/28/23		3,227,953
	1,860,000	RON	Romania Government Bond, 5.00%, due 02/12/29		465,468
	1,350,000	RON	Romania Government Bond, 5.80%, due 07/26/27		361,105
	90,374,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		1,325,578
	256,827,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		3,593,293
	272,003,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		3,947,269
	110,781,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,660,572
	242,480,000	RUB	Russian Federal Bond — OFZ, 7.50%, due 08/18/21		3,672,850
	48,856,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		700,450
	183,718,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		2,715,305
	87,913,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		1,325,848
	41,565,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		636,564
	880,000		Senegal Government International Bond, 6.25%, due 05/23/33 144A		823,747
	36,341,000	ZAR	South Africa Government Bond, 6.25%, due 03/31/36		1,833,636
	8,620,240	ZAR	South Africa Government Bond, 7.00%, due 02/28/31		500,508
	8,641,635	ZAR	South Africa Government Bond, 7.25%, due 01/15/20		608,647
	19,976,406	ZAR	South Africa Government Bond, 7.75%, due 02/28/23		1,379,732
	5,626,913	ZAR	South Africa Government Bond, 8.00%, due 01/31/30		359,494
	14,291,364	ZAR	South Africa Government Bond, 8.25%, due 03/31/32		910,201

See accompanying Notes to the Financial Statements.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value**			Description	Value ($)
			Sovereign Debt Obligations — continued
	23,193,904	ZAR	South Africa Government Bond, 8.75%, due 02/28/48		1,457,399
	23,777,142	ZAR	South Africa Government Bond, 9.00%, due 01/31/40		1,549,012
	180,650,545	ZAR	South Africa Government Bond, 10.50%, due 12/21/26		13,839,290
	120,181,000	THB	Thailand Government Bond, 2.13%, due 12/17/26		3,576,013
	9,625,000	THB	Thailand Government Bond, 3.60%, due 06/17/67		281,262
	37,505,000	THB	Thailand Government Bond, 3.65%, due 06/20/31		1,234,409
	31,590,000	THB	Thailand Government Bond, 4.00%, due 06/17/66		1,028,542
	30,400,000	THB	Thailand Government Bond, 4.88%, due 06/22/29		1,105,001
	72,751,700	THB	Thailand Government Bond, Reg S, 1.25%, due 03/12/28‡‡‡		2,114,474
	6,353,215	TRY	Turkey Government Bond, 4.00%, due 04/01/20		1,066,043
	11,759,789	TRY	Turkey Government Bond, 9.00%, due 07/24/24		1,426,491
	835,080	TRY	Turkey Government Bond, 10.50%, due 01/15/20		119,063
	776,200	TRY	Turkey Government Bond, 10.60%, due 02/11/26		88,638
	14,064,653	TRY	Turkey Government Bond, 10.70%, due 08/17/22		1,672,830
	16,245,043	TRY	Turkey Government Bond, 11.00%, due 03/02/22		2,003,825
	8,806,000	TRY	Turkey Government Bond, 11.00%, due 02/24/27		1,026,118
	3,799,000	TRY	Turkey Government Bond, 12.20%, due 01/18/23		470,820
	663,000		Turkey Government International Bond, 4.88%, due 04/16/43		485,097
	695,000		Turkey Government International Bond, 5.75%, due 05/11/47		543,907
	1,265,000		Turkey Government International Bond, 6.25%, due 09/26/22		1,241,571
	769,000		Turkey Government International Bond, 6.63%, due 02/17/45		670,491
	21,388,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28‡‡‡		564,038
					278,164,422
			U.S. Government and Agency Obligations — 7.2%
	1,100,000		U.S. Treasury Bond, 3.13%, due 05/15/48		1,085,605
	14,077,185		U.S. Treasury Inflation Indexed Bond, 0.13%, due 04/15/22		13,680,164
	2,289,123		U.S. Treasury Inflation Indexed Bond, 1.00%, due 02/15/48		2,264,295
	1,575,900		U.S. Treasury Note, 1.00%, due 10/15/19(a)		1,549,153
	2,783,000		U.S. Treasury Note, 1.25%, due 12/15/18(b)		2,777,674
	6,500,000		U.S. Treasury Note, 1.38%, due 06/30/23		6,051,475
	1,670,000		U.S. Treasury Note, 2.25%, due 12/31/24		1,599,579
	17,000,000		U.S. Treasury Note, 2.50%, due 05/31/20		16,920,313
	1,130,000		U.S. Treasury Note, 2.88%, due 05/15/28		1,113,138
					47,041,396
			TOTAL DEBT OBLIGATIONS (COST $616,895,939)		604,299,544
Shares			Description	Value ($)
			COMMON STOCKS — 0.2%
			Biotechnology — 0.0%
	8,631		Concordia International Corp.*		173,803
			Diversified Financial Services — 0.0%
	7,396,155		Edcon Holdings, Ltd. 1* **** ^		—
	736,020		Edcon Holdings, Ltd. 2* **** ^		—
					—

See accompanying Notes to the Financial Statements.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Oil & Gas — 0.2%
	8,511	Birch Permian Holdings, Inc.* ****		97,877
	66,347	Birch Permian Holdings, Inc.* ****		762,990
	14,783	Nine Point Energy, LLC**** ^		202,248
				1,063,115
		TOTAL COMMON STOCKS (COST $3,593,776)		1,236,918
		CONVERTIBLE PREFERRED STOCK — 0.1%
		Oil & Gas — 0.1%
	322	Nine Point Energy Holdings, Inc., 0.00%* **** ^		372,400
		TOTAL CONVERTIBLE PREFERRED STOCK (COST $300,884)		372,400
		INVESTMENT COMPANY — 0.2%
	65,875	Invesco Senior Loan ETF		1,526,324
		PREFERRED STOCK — 0.0%
		Investment Company — 0.0%
	2,450	B. Riley Financial, Inc., 6.88%*		61,372
		TOTAL PREFERRED STOCK (COST $61,250)		61,372

Number of Contracts		Notional Value ($)	Description	Value ($)
			OPTIONS PURCHASED — 0.1%
			Call Options — 0.0%
	47	5,582,719	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $120.00, Expires 11/23/18		9,547
			TOTAL CALL OPTIONS PURCHASED (COST $17,710)		9,547
			Put Options — 0.1%
	10	2,913,980	S&P 500 Index Option with Deutsche Bank Securities Inc., Strike Price $2,930.00, Expires 10/19/18		29,200
	10	2,913,980	S&P 500 Index Option with Deutsche Bank Securities Inc., Strike Price $2,875.00, Expires 11/16/18		29,650
	59	17,192,482	S&P 500 Index Option with Deutsche Bank Securities Inc., Strike Price $2,700.00, Expires 10/19/18		15,930
	53	7,735,350	S&P E-mini Futures Option with JPMorgan Securities LLC, Strike Price $2,700.00, Expires 11/16/18		25,175
	43	6,275,850	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,650.00, Expires 11/16/18		16,125
	63	9,194,850	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,600.00, Expires 11/16/18		18,900
	37	5,400,150	S&P E-mini Futures Option with UBS Securities LLC, Strike Price $2,600.00, Expires 10/19/18		3,515
	1,900	1,900,000	USD/EUR Option with HSBC Bank USA, N.A., Strike Price $1.19, Expires 12/13/18		16,815
	1,900	1,900,000	USD/EUR Option with Morgan Stanley & Co., Strike Price $1.19, Expires 04/01/19		14,377

See accompanying Notes to the Financial Statements.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Number of Contracts		Notional Value ($)	Description	Value ($)
			Put Options — continued
	3,780	3,780,000	USD/EUR Option with HSBC Bank USA, Strike Price $1.17, Expires 10/08/18		4,347
	3,780	3,780,000	USD/EUR Option with HSBC Bank USA, Strike Price $1.19, Expires 12/13/18		25,753
	5,100	5,100,000	USD/JPY Option with Morgan Stanley & Co., Strike Price $107.50, Expires 03/22/19		41,601
	162	19,242,563	U.S. Treasury Note 10-Year Futures Option with JPMorgan Securities LLC, Strike Price $117.50, Expires 11/23/18		30,375
	81	236,032,380	U.S. Treasury Note 10-Year Futures Option with JPMorgan Securities LLC, Strike Price $117.50, Expires 10/26/18		5,063
	161	19,123,781	U.S. Treasury Note 10-Year Futures Option with JPMorgan Securities LLC, Strike Price $118.00, Expires 10/26/18		22,641
	19	2,256,844	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $119.00, Expires 11/23/18		13,656
	38	4,513,688	U.S. Treasury Note 10-Year Futures Option with UBS Securities LLC, Strike Price $118.00, Expires 11/23/18		11,875
	162	19,242,563	U.S. Treasury Note 10-Year Futures Option with JPMorgan Securities LLC, Strike Price $118.50, Expires 10/26/18		45,562
			TOTAL PUT OPTIONS PURCHASED (COST $496,561)		370,560
			TOTAL OPTIONS PURCHASED (COST $514,271)		380,107

Par Value**			Description	Value ($)
			SHORT-TERM INVESTMENTS — 2.7%
			Investment Company — 0.0%
	2,000		T. Rowe Price Government Reserve Fund		2,000
			Sovereign Debt Obligations — 0.9%
	46,000,000	EGP	Egypt Treasury Bills, 16.77%, due 03/19/19‡‡		2,351,365
	71,350,000	EGP	Egypt Treasury Bills, 18.80%, due 12/25/18‡‡		3,833,780
			TOTAL SOVEREIGN DEBT OBLIGATIONS		6,185,145
			U.S. Government and Agency Obligations — 1.8%
	12,080,000		U.S. Treasury Note, 1.25%, due 03/31/19		12,009,927
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $12,015,679)		12,009,927
			TOTAL SHORT-TERM INVESTMENTS (COST $18,190,929)		18,197,072
			TOTAL INVESTMENTS — 95.8% (COST $641,075,138)		626,073,737
			Other Assets and Liabilities (net) — 4.2%		27,544,126
			NET ASSETS — 100.0%	$	653,617,863
			Notes to Schedule of Investments:
			CLO — Collateralized Loan Obligation
			FNMA — Federal National Mortgage Association
			GNMA — Government National Mortgage Association

See accompanying Notes to the Financial Statements.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

	MTN — Medium Term Note
	PIK — Payment In Kind
	REIT — Real Estate Investment Trust
	TBA — To Be Announced
#	Year of maturity is greater than 2100.
*	Non-income producing security
**	Unless otherwise indicated, all par values are denominated in United States dollars ($).
****	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 $1,435,515 which represents 0.2% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $1,911,239.
^	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
◆	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.
†	Variable or floating rate note. Rate shown is as of September 30, 2018.
††	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.
‡‡	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.
(a)	All or a portion of this security is pledged for open forward foreign currency contracts collateral.
(b)	All or a portion of this security is pledged for open futures and centrally cleared swaps collateral.
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 $97,413,836 which represents 14.9% of net assets.

See accompanying Notes to the Financial Statements.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
ARS	1,501,280	USD	48,428		10/25/18	Citibank N.A.	$	(12,777	)
ARS	102,781,240	USD	3,219,028		10/25/18	HSBC Bank Plc		(778,278	)
ARS	42,898,000	USD	1,091,752		10/17/18	JPMorgan Chase Bank N.A. London		(61,689	)
ARS	1,572,160	USD	51,852		10/25/18	Morgan Stanley & Co.		(14,518	)
AUD	730,000	USD	538,278		10/18/18	Citibank N.A.		(10,040	)
AUD	5,298,000	USD	3,798,237		01/25/19	HSBC Bank Plc		39,144
AUD	2,650,000	USD	1,907,013		01/25/19	Morgan Stanley & Co.		12,401
BRL	1,709,810	USD	422,864		10/25/18	Citibank N.A.		4,581
BRL	2,184,941	USD	542,102		01/03/19	Deutsche Bank AG		1,017
BRL	21,753,000	USD	5,361,365		10/02/18	HSBC Bank Plc		85,668
BRL	11,926,259	USD	2,921,957		10/02/18	JPMorgan Chase Bank N.A. London		64,423
BRL	3,154,000	USD	769,510		10/17/18	JPMorgan Chase Bank N.A. London		19,382
BRL	61,729,259	USD	15,286,915		10/02/18	Morgan Stanley & Co.		170,325
CLP	343,707,410	USD	500,084		10/25/18	HSBC Bank Plc		21,323
CLP	2,479,849,000	USD	3,625,535		10/17/18	JPMorgan Chase Bank N.A. London		135,595
CLP	125,662,960	USD	189,967		10/25/18	Natwest Markets Plc		665
CNY	6,204,770	USD	902,643		10/25/18	HSBC Bank Plc		(920	)
COP	1,083,468,870	USD	360,601		11/28/18	Citibank N.A.		4,015
COP	450,967,640	USD	156,201		10/25/18	HSBC Bank Plc		(4,309	)
COP	7,288,400,840	USD	2,414,097		11/28/18	HSBC Bank Plc		38,643
COP	2,918,679,000	USD	957,599		10/17/18	JPMorgan Chase Bank N.A. London		25,403
COP	1,062,865,000	USD	366,885		10/25/18	JPMorgan Chase Bank N.A. London		(8,899	)
COP	2,162,568,680	USD	747,865		10/25/18	Morgan Stanley & Co.		(19,485	)
COP	4,314,279,000	USD	1,430,496		11/02/18	Morgan Stanley & Co.		22,673
COP	1,774,724,030	USD	584,422		11/28/18	Morgan Stanley & Co.		12,819
CZK	98,563,880	USD	4,517,030		10/25/18	Citibank N.A.		(73,021	)
CZK	2,193,460	USD	100,903		10/25/18	HSBC Bank Plc		(2,006	)
EUR	607,249	USD	718,459		01/31/19	HSBC Bank Plc		(5,685	)
EUR	8,396,000	USD	9,810,080		11/16/18	JPMorgan Chase Bank N.A. London		(23,782	)
EUR	6,880,317	USD	8,128,599		01/31/19	JPMorgan Chase Bank N.A. London		(52,654	)
GBP	721,000	USD	943,919		11/23/18	JPMorgan Chase Bank N.A. London		(1,547	)
HUF	208,050,460	USD	756,814		10/25/18	Citibank N.A.		(8,421	)
HUF	722,759,000	USD	2,633,610		11/05/18	JPMorgan Chase Bank N.A. London		(31,618	)
HUF	297,357,208	USD	1,068,663		10/25/18	Toronto-Dominion Bank		980
IDR	28,754,310,000	USD	1,948,124		10/18/18	Citibank N.A.		(22,069	)
IDR	42,936,629,000	USD	2,790,448		11/28/18	Deutsche Bank AG		71,187
IDR	17,555,817,740	USD	1,154,391		11/28/18	HSBC Bank Plc		15,668
IDR	10,283,431,000	USD	686,296		10/17/18	JPMorgan Chase Bank N.A. London		2,603
IDR	12,990,329,402	USD	857,221		11/28/18	Morgan Stanley & Co.		8,557
JPY	21,662,000	USD	193,276		10/19/18	HSBC Bank Plc		(2,329	)
JPY	142,800,000	USD	1,266,530		10/18/18	JPMorgan Chase Bank N.A. London		(7,857	)
JPY	1,045,386,000	USD	9,422,408		10/19/18	JPMorgan Chase Bank N.A. London		(207,469	)
JPY	226,077,800	USD	2,025,807		10/25/18	Natwest Markets Plc		(32,107	)
JPY	6,452,410	USD	57,274		10/25/18	Toronto-Dominion Bank		(373	)
KRW	1,927,991,110	USD	1,720,692		10/25/18	HSBC Bank Plc		18,248
KRW	973,045,000	USD	871,709		12/07/18	HSBC Bank Plc		6,810
KRW	508,420,000	USD	453,238		10/25/18	Morgan Stanley & Co.		5,328
KZT	43,171,980	USD	121,440		11/05/18	HSBC Bank Plc		(3,366	)

See accompanying Notes to the Financial Statements.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
KZT	50,437,790	USD	141,282		12/04/18	HSBC Bank Plc	$	(4,079	)
KZT	156,622,600	USD	428,096		10/30/18	JPMorgan Chase Bank N.A. London		758
KZT	114,828,270	USD	320,749		01/31/19	Morgan Stanley & Co.		(11,656	)
KZT	36,979,810	USD	100,653		02/08/19	Morgan Stanley & Co.		(1,252	)
MXN	1,960,120	USD	102,608		10/25/18	Citibank N.A.		1,840
MXN	50,762,190	USD	2,672,088		10/25/18	HSBC Bank Plc		32,861
MXN	17,728,000	USD	931,512		11/16/18	HSBC Bank Plc		9,913
MXN	23,910,000	USD	1,251,951		10/18/18	JPMorgan Chase Bank N.A. London		23,530
MXN	67,806,000	USD	3,546,669		11/05/18	JPMorgan Chase Bank N.A. London		60,283
MXN	18,300,000	USD	951,821		11/16/18	JPMorgan Chase Bank N.A. London		19,979
MYR	19,506,240	USD	4,814,507		10/25/18	Morgan Stanley & Co.		(103,537	)
MYR	4,076,820	USD	989,184		11/28/18	Morgan Stanley & Co.		(5,241	)
NOK	5,070,000	USD	624,588		10/26/18	Morgan Stanley & Co.		(1,386	)
PEN	3,874,000	USD	1,164,789		10/17/18	JPMorgan Chase Bank N.A. London		8,955
PHP	941,360	USD	17,523		11/28/18	Deutsche Bank AG		(172	)
PHP	73,120,000	USD	1,348,829		10/05/18	JPMorgan Chase Bank N.A. London		4,177
PHP	184,000,000	USD	3,417,056		10/17/18	JPMorgan Chase Bank N.A. London		(15,402	)
PHP	73,120,000	USD	1,338,336		01/11/19	JPMorgan Chase Bank N.A. London		5,954
PHP	71,852,840	USD	1,315,378		11/28/18	Morgan Stanley & Co.		9,011
PLN	879,350	USD	241,227		10/25/18	Citibank N.A.		(2,556	)
PLN	26,540,000	USD	7,248,754		11/05/18	JPMorgan Chase Bank N.A. London		(43,701	)
PLN	1,717,950	USD	466,018		10/25/18	Toronto-Dominion Bank		263
RON	6,243,750	USD	1,577,013		10/25/18	HSBC Bank Plc		(20,720	)
RON	15,039,000	USD	3,772,233		10/12/18	JPMorgan Chase Bank N.A. London		(22,495	)
RON	21,158,000	USD	5,326,695		11/05/18	JPMorgan Chase Bank N.A. London		(54,340	)
RON	9,163,180	USD	2,297,709		10/25/18	Natwest Markets Plc		(13,730	)
RUB	394,633,000	USD	5,682,261		10/12/18	JPMorgan Chase Bank N.A. London		336,662
RUB	135,545,000	USD	2,056,730		10/17/18	JPMorgan Chase Bank N.A. London		9,575
RUB	123,049,380	USD	1,864,950		10/25/18	JPMorgan Chase Bank N.A. London		9,384
SEK	722,000	USD	82,200		01/18/19	HSBC Bank Plc		(218	)
THB	49,384,970	USD	1,528,119		01/16/19	HSBC Bank Plc		4,312
THB	9,906,280	USD	304,387		11/28/18	Morgan Stanley & Co.		2,462
THB	101,143,152	USD	3,113,726		01/16/19	Morgan Stanley & Co.		24,778
THB	22,476,256	USD	691,018		10/25/18	Natwest Markets Plc		4,468
THB	101,143,152	USD	3,104,007		11/28/18	Natwest Markets Plc		28,919
TRY	5,011,086	USD	777,641		10/25/18	JPMorgan Chase Bank N.A. London		43,726
TRY	15,187,000	USD	2,766,327		11/05/18	JPMorgan Chase Bank N.A. London		(294,578	)
TRY	5,374,661	USD	844,059		10/25/18	Morgan Stanley & Co.		36,902
TRY	1,774,129	USD	290,713		10/25/18	Natwest Markets Plc		85
ZAR	1,719,200	USD	115,058		10/25/18	Citibank N.A.		6,059
ZAR	14,572,960	USD	967,609		10/25/18	HSBC Bank Plc		59,053
ZAR	17,068,000	USD	1,141,779		11/05/18	JPMorgan Chase Bank N.A. London		58,926
USD	289,689	ARS	11,912,000		11/15/18	Citibank N.A.		14,241
USD	876,400	ARS	26,343,940		10/25/18	HSBC Bank Plc		250,809
USD	23,926	ARS	908,000		10/17/18	JPMorgan Chase Bank N.A. London		2,123
USD	48,774	AUD	67,000		01/25/19	Morgan Stanley & Co.		245
USD	1,238,177	BRL	5,110,080		10/25/18	Citibank N.A.		(39,321	)
USD	5,342,333	BRL	21,753,000		10/02/18	HSBC Bank Plc		(104,701	)
USD	1,350,510	BRL	5,625,780		10/25/18	HSBC Bank Plc		(55,911	)

See accompanying Notes to the Financial Statements.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	3,359,839	BRL	13,889,000		01/03/19	HSBC Bank Plc	$	(92,601	)
USD	2,978,661	BRL	11,926,259		10/02/18	JPMorgan Chase Bank N.A. London		(7,720	)
USD	10,464,768	BRL	43,532,400		10/17/18	JPMorgan Chase Bank N.A. London		(423,751	)
USD	162,797	BRL	662,370		10/25/18	JPMorgan Chase Bank N.A. London		(2,793	)
USD	2,898,311	BRL	11,926,259		01/03/19	JPMorgan Chase Bank N.A. London		(66,243	)
USD	15,123,336	BRL	61,729,259		10/02/18	Morgan Stanley & Co.		(333,904	)
USD	6,113,206	BRL	25,235,000		01/03/19	Morgan Stanley & Co.		(159,551	)
USD	826,511	CAD	1,075,000		10/17/18	HSBC Bank Plc		(5,444	)
USD	5,699,538	CAD	7,407,000		10/19/18	JPMorgan Chase Bank N.A. London		(33,071	)
USD	4,533,626	CLP	3,058,973,623		01/11/19	Deutsche Bank AG		(108,018	)
USD	4,552,814	CLP	3,019,881,426		01/11/19	HSBC Bank Plc		(29,513	)
USD	80,552	CLP	53,748,000		10/17/18	JPMorgan Chase Bank N.A. London		(967	)
USD	901,699	CNY	6,204,770		10/25/18	HSBC Bank Plc		(24	)
USD	1,541,295	CNY	10,614,900		10/25/18	Morgan Stanley & Co.		(1,341	)
USD	80,185	COP	237,586,940		10/25/18	Citibank N.A.		162
USD	429,071	COP	1,278,549,800		11/28/18	Citibank N.A.		(1,195	)
USD	117,207	COP	345,761,800		11/28/18	HSBC Bank Plc		849
USD	5,794,548	COP	17,796,070,000		10/17/18	JPMorgan Chase Bank N.A. London		(199,114	)
USD	35,444	COP	103,036,040		10/25/18	Morgan Stanley & Co.		740
USD	203,287	COP	607,422,280		11/28/18	Morgan Stanley & Co.		(1,126	)
USD	228,698	COP	682,664,200		10/25/18	Natwest Markets Plc		(1,232	)
USD	834,861	COP	2,558,849,740		11/28/18	Natwest Markets Plc		(26,260	)
USD	630,457	EUR	535,000		10/24/18	Barclays Bank Plc		7,987
USD	270,873	EUR	232,001		10/18/18	Citibank N.A.		1,067
USD	13,390,255	EUR	11,324,353		01/31/19	Deutsche Bank AG		98,011
USD	128,613	EUR	110,000		10/22/18	HSBC Bank Plc		648
USD	9,799,475	EUR	8,396,000		11/16/18	HSBC Bank Plc		13,178
USD	2,079,404	EUR	1,766,942		01/31/19	HSBC Bank Plc		5,412
USD	110,559	EUR	94,001		10/18/18	JPMorgan Chase Bank N.A. London		1,240
USD	712,099	EUR	598,573		01/31/19	JPMorgan Chase Bank N.A. London		9,509
USD	1,455,792	GBP	1,107,642		11/23/18	HSBC Bank Plc		8,065
USD	948,533	GBP	716,000		11/23/18	JPMorgan Chase Bank N.A. London		12,696
USD	102,568	HUF	28,380,000		10/25/18	JPMorgan Chase Bank N.A. London		481
USD	57,269	HUF	15,700,000		11/05/18	JPMorgan Chase Bank N.A. London		748
USD	167,862	HUF	46,080,000		10/25/18	Toronto-Dominion Bank		2,105
USD	2,853,967	IDR	43,143,422,712		10/18/18	Citibank N.A.		(35,916	)
USD	1,491,159	IDR	22,632,911,660		11/28/18	HSBC Bank Plc		(17,277	)
USD	2,385,050	IDR	36,123,240,000		10/17/18	JPMorgan Chase Bank N.A. London		(34,889	)
USD	402,479	IDR	6,189,326,170		11/28/18	Morgan Stanley & Co.		(10,026	)
USD	1,927,598	ILS	6,853,092		01/17/19	Deutsche Bank AG		27,458
USD	6,999,111	ILS	24,786,650		01/17/19	HSBC Bank Plc		126,579
USD	786,826	INR	57,458,000		11/02/18	JPMorgan Chase Bank N.A. London		(2,834	)
USD	1,897,188	JPY	211,747,000		10/19/18	JPMorgan Chase Bank N.A. London		30,666
USD	432,941	KRW	488,444,080		10/25/18	Deutsche Bank AG		(7,608	)
USD	6,590,343	KRW	7,387,116,000		12/07/18	JPMorgan Chase Bank N.A. London		(79,157	)
USD	2,305,112	MXN	43,653,810		10/25/18	Citibank N.A.		(21,055	)
USD	1,890,632	MXN	35,936,710		11/16/18	HSBC Bank Plc		(17,745	)
USD	5,630,710	MXN	107,432,000		11/05/18	JPMorgan Chase Bank N.A. London		(84,153	)
USD	8,290,291	MYR	34,331,753		11/09/18	HSBC Bank Plc		1,230

See accompanying Notes to the Financial Statements.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	4,051,684	MYR	16,479,530		10/25/18	Morgan Stanley & Co.	$	71,698
USD	741,970	MYR	3,079,700		11/28/18	Morgan Stanley & Co.		(1,318	)
USD	1,247,101	PEN	4,140,000		10/25/18	HSBC Bank Plc		(6,837	)
USD	1,247,114	PEN	4,137,300		10/25/18	Morgan Stanley & Co.		(6,006	)
USD	1,044,131	PHP	56,544,030		11/28/18	HSBC Bank Plc		1,912
USD	1,350,199	PHP	73,120,000		10/05/18	JPMorgan Chase Bank N.A. London		(2,807	)
USD	73,063	PHP	3,979,000		10/17/18	JPMorgan Chase Bank N.A. London		(498	)
USD	39,839	PHP	2,174,800		11/28/18	Morgan Stanley & Co.		(247	)
USD	68,434	PLN	249,060		10/25/18	Citibank N.A.		835
USD	669,615	PLN	2,456,770		10/25/18	HSBC Bank Plc		2,806
USD	1,499,471	PLN	5,507,000		11/05/18	JPMorgan Chase Bank N.A. London		4,437
USD	205,148	PLN	750,000		10/25/18	Toronto-Dominion Bank		1,585
USD	88,217	RON	350,961		10/12/18	JPMorgan Chase Bank N.A. London		710
USD	115,801	RON	458,000		11/05/18	JPMorgan Chase Bank N.A. London		1,672
USD	3,274,535	RON	13,072,004		01/18/19	JPMorgan Chase Bank N.A. London		20,324
USD	305,832	RON	1,219,167		10/12/18	Morgan Stanley & Co.		1,852
USD	1,392,609	RUB	91,870,000		10/18/18	Citibank N.A.		(7,756	)
USD	404,669	RUB	26,686,280		10/25/18	Deutsche Bank AG		(1,827	)
USD	232,616	RUB	15,756,310		10/25/18	HSBC Bank Plc		(7,390	)
USD	115,436	RUB	7,725,000		10/12/18	JPMorgan Chase Bank N.A. London		(2,385	)
USD	6,492,979	RUB	445,534,000		10/17/18	JPMorgan Chase Bank N.A. London		(298,925	)
USD	2,420,457	RUB	165,636,680		10/25/18	JPMorgan Chase Bank N.A. London		(102,583	)
USD	6,698,953	SEK	59,516,474		01/18/19	HSBC Bank Plc		(59,033	)
USD	921,430	SGD	1,265,400		10/25/18	Toronto-Dominion Bank		(5,175	)
USD	1,790,108	THB	57,593,685		02/08/19	HSBC Bank Plc		1,504
USD	654,312	THB	21,420,000		10/17/18	JPMorgan Chase Bank N.A. London		(8,329	)
USD	3,024,743	THB	97,945,645		02/08/19	JPMorgan Chase Bank N.A. London		(17,013	)
USD	394,616	TRY	2,473,360		10/25/18	JPMorgan Chase Bank N.A. London		(10,792	)
USD	598,767	TRY	3,846,000		11/05/18	JPMorgan Chase Bank N.A. London		(27,186	)
USD	1,032,565	TWD	31,695,440		10/25/18	HSBC Bank Plc		(7,040	)
USD	6,579,081	TWD	201,912,000		11/09/18	Morgan Stanley & Co.		(50,211	)
USD	6,949,717	ZAR	103,723,484		11/09/18	HSBC Bank Plc		(343,206	)
USD	1,295,405	ZAR	18,926,000		11/05/18	JPMorgan Chase Bank N.A. London		(36,005	)
USD	87,837	ZAR	1,256,000		11/09/18	Morgan Stanley & Co.		(474	)
							$	(2,671,909	)

Cash in the amount of $702,000 received at the custodian bank as collateral for forward foreign currency contracts.

See accompanying Notes to the Financial Statements.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	5	Euro-BTP		Dec 2018	$	719,200	$	284
	130	U.S. Long Bond		Dec 2018		3,934,000		(333,685	)
	264	U.S. Treasury Note 10-Year		Dec 2018		31,358,250		(335,755	)
	5	U.S. Treasury Note 2-Year		Dec 2018		1,053,672		(1,806	)
	99	U.S. Treasury Note 5-Year		Dec 2018		11,135,180		(67,444	)
							$	(738,406	)
	Sales
	96	Euro-Bund		Dec 2018	$	17,705,714	$	136,029
	35	Euro-Buxl		Dec 2018		7,086,541		8,930
	91	U.S. Ultra 10-Year		Dec 2018		11,466,000		76,840
	29	U.S. Ultra 10-Year		Dec 2018		3,654,000		(1,721	)
	128	U.S. Ultra Bond		Dec 2018		19,748,000		301,800
	12	U.S. Ultra Bond		Dec 2018		1,851,375		(2,013	)
							$	519,865

Written Options

Type of Contract	Counterparty		Number of Contracts		Notional Value			Premiums Paid			Value at September 30, 2018
CALL — U.S. Treasury Note 10-Year Futures Option Strike @ $ 122.00 Expires 11/23/2018		UBS Securities LLC		15		$	1,781,719		$	4,661		$	(703	)
CALL — U.S. Treasury Note 10-Year Futures Option Strike @ $ 122.50 Expires 11/23/2018		UBS Securities LLC		15			1,781,719			4,895			(469	)
PUT — S&P E-mini Futures Option Strike @ $ 2,400.00 Expires 11/16/2018		UBS Securities LLC		106			15,470,700			29,059			(15,105	)
PUT — S&P E-mini Futures Option Strike @ $ 2,550.00 Expires 11/16/2018		JPMorgan Securities LLC		53			7,735,350			13,097			(12,852	)
PUT — U.S. Treasury Note 10-Year Futures Option Strike @ $ 116.50 Expires 11/23/2018		UBS Securities LLC		38			4,513,688			6,166			(2,969	)
									$	57,878		$	(32,098	)

See accompanying Notes to the Financial Statements.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

OTC Interest Rate Swaps

Payments Received by Fund	Payments Made by Fund	Maturity Date	Counterparty	Upfront Premiums Paid (Received)	Notional Value	Market Value			Unrealized Appreciation (Depreciation)
12-Month US CPI	2.32%	09/14/23	HSBC Sec. New York	$—	USD 11,300,000	$	(2,166	)	$	(2,166	)

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)
3-Month USD CDOR	2.94%	09/25/48		$—	CAD	40,000	$	(384	)	$	(384	)
3-Month USD CDOR	2.81%	09/12/48		—	CAD	1,860,000		23,108			23,108
3-Month USD HIBOR	2.95%	09/27/23		—	HKD	3,400,000		—			—
3-Month USD HIBOR	2.86%	09/14/23		—	HKD	100,600,000		19,837			19,837
6-Month USD EURIBOR	0.93%	09/14/28		—	EUR	4,600,000		28,637			28,637
6-Month USD EURIBOR	0.31%	09/14/23		—	EUR	7,250,000		29,220			29,220
6-Month USD WIBOR	2.98%	09/17/28		—	PLN	34,190,000		8,965			8,965
										$	109,383

OTC Credit Default Swaps

Buy Protection

Notional Amount*	Currency	Expiration Date	Counterparty	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
634,000	USD	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Weyerhaeuser Co., 7.13%, 07/15/23	$	(274	)	$	(15,796	)	$	(16,070	)
1,620,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Bayerische Motoren Werke Aktiengesellschaft, 0.13%, 01/12/21		9,772			(39,342	)		(29,570	)
710,526	EUR	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Daimler AG, 0.63%, 03/05/20		(206	)		(2,508	)		(2,714	)
1,620,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Volkswagen Aktiengesellschaft, 0.50%, 03/30/21		5,696			(964	)		4,732
4,060,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		(5.00	%)	Glencore International AG, 6.50%, 02/27/19		(65,711	)		(704,056	)		(769,767	)
3,760,000	USD	12/20/23	JPMorgan Chase Bank N.A.		(5.00	%)	Ford Motor Co., 4.35%, 12/08/26		(20,080	)		(555,791	)		(575,871	)
5,640,000	USD	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Bank of China Ltd., 3.13%, 01/23/19		(20,989	)		(56,486	)		(77,475	)
909,474	EUR	12/20/23	JPMorgan Chase Bank N.A.		(1.00	%)	Daimler AG, 0.63%, 03/05/20		3,918			(8,163	)		(4,245	)
204,213	EUR	12/20/23	JPMorgan Chase Bank N.A.		(5.00	%)	Jaguar Land Rover Automotive Plc, 5.00%, 02/15/22		3,872			(13,548	)		(9,676	)
								$	(84,002	)	$	(1,396,654	)	$	(1,480,656	)

See accompanying Notes to the Financial Statements.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Sell Protection

Notional Amount*	Currency	Expiration Date	Counterparty	Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfronts Premiums Paid/ (Received)			Value
810,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		1.00	%	Intesa Sanpaolo SpA, 2.00%, 06/18/21 (Moody’s rating: Baa1; S&P rating: BBB)	$	(3,951	)	$	(25,331	)	$	(29,282	)
810,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		1.00	%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)		2,803			(23,955	)		(21,152	)
810,000	EUR	12/20/23	JPMorgan Chase Bank N.A.		5.00	%	ArcelorMittal SA, 2.88%, 07/06/20 (Moody’s rating: Baa3; S&P rating: BBB-)		7,299			163,925			171,224
810,000	EUR	12/20/23	Morgan Stanley & Co.		1.00	%	UniCredit SpA, 2.13%, 10/24/26 (Moody’s rating: Baa1; S&P rating: BBB)		(4,737	)		(21,191	)		(25,928	)
								$	1,414		$	93,448		$	94,862

The following is a summary of open centrally cleared credit default swap positions:

Centrally Cleared Credit Default Swaps

Buy Protection

Notional Amount*	Currency	Expiration Date	Receive (Pay) Fixed Rate	Deliverable on Default		Unrealized Appreciation (Depreciation)			Upfront Premiums Paid (Received)			Value
18,300,000	USD	12/20/23	(5.00%)		CDX.NA.HY.31	$	—		$	(1,307,535	)	$	(1,307,535	)
7,670,000	USD	12/20/23	(1.00%)		CDX.NA.IG.31		(10,944	)		(136,269	)		(147,213	)
4,050,000	EUR	12/20/23	(5.00%)		iTraxx Europe Crossover S30 Index		12,929			(513,269	)		(500,340	)
9,800,000	EUR	12/20/23	(1.00%)		iTraxx Europe S30 Index		(5,662	)		(179,145	)		(184,807	)
4,900,000	EUR	12/20/23	(1.00%)		iTraxx Europe Senior Financials S30 Index		8,771			(56,580	)		(47,809	)
						$	5,094		$	(2,192,798	)	$	(2,187,704	)

Sell Protection

Notional Amount*	Currency	Expiration Date	Receive (Pay) Fixed Rate	Deliverable on Default	Unrealized Appreciation (Depreciation)		Upfront Premiums Paid (Received)		Value
4,100,000	USD	06/20/23	5.00%	CDX.NA.HY.30**	$	27,026	$	291,608	$	318,634

See accompanying Notes to the Financial Statements.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

* The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.

** Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B.

Currency Abbreviations

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krona

PEN — Peruvian Nouveau Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See accompanying Notes to the Financial Statements.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Sovereign Debt Obligations		42.6
Corporate Debt		21.8
Bank Loans		8.5
U.S. Government and Agency Obligations		7.2
Mortgage Backed Securities — U.S. Government Agency Obligations		6.8
Asset Backed Securities		3.3
Mortgage Backed Securities — Private Issuers		2.2
Investment Company		0.2
Common Stocks		0.2
Convertible Debt		0.1
Convertible Preferred Stock		0.1
Put Options		0.1
Centrally Cleared Interest Rate Swaps		0.0
Preferred Stock		0.0
Call Options		0.0
OTC Interest Rate Swaps		0.0
Written Options		0.0
Futures Contracts		0.0
OTC Credit Default Swaps		(0.2	)
Centrally Cleared Credit Default Swaps		(0.3	)
Forward Foreign Currency Contracts		(5.8	)
Short-Term Investments		2.7
Other Assets and Liabilities (net)		10.5
		100.0	%

See accompanying Notes to the Financial Statements.

108

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 89.2%
		Argentina — 0.1%
	95,427	YPF SA, ADR*		1,474,347
		Australia — 0.4%
	267,989	Newcrest Mining, Ltd.		3,763,667
		Bermuda — 1.7%
	336,000	Beijing Enterprises Water Group, Ltd.*		179,059
	118,000	China Oriental Group Co., Ltd.		95,306
	222,000	China Resources Gas Group, Ltd.		903,615
	552,000	COSCO SHIPPING Ports, Ltd.		607,384
	748,000	CP Pokphand Co., Ltd.‡		66,915
	26,497	Credicorp, Ltd.		5,910,951
	460,000	Gemdale Properties & Investment Corp., Ltd.		41,739
	1,989,000	Haier Electronics Group Co., Ltd.*		5,401,507
	224,000	Hopson Development Holdings, Ltd.		190,653
	15,400	Jardine Matheson Holdings, Ltd.		966,350
	1,264,000	Joy City Property, Ltd.		153,459
	408,000	K Wah International Holdings, Ltd.		193,444
	322,000	Kunlun Energy Co., Ltd.		374,883
	132,500	Luye Pharma Group, Ltd.‡ 144A		118,870
	1,500,000	Nan Hai Corp., Ltd.‡		35,847
	105,000	Nine Dragons Paper Holdings, Ltd.		113,522
	95,500	Shenzhen International Holdings, Ltd.		197,227
	501,000	Sihuan Pharmaceutical Holdings Group, Ltd.		102,442
	702,000	United Energy Group, Ltd.		144,439
	617,000	Yue Yuen Industrial Holdings, Ltd.		1,715,006
		Total Bermuda		17,512,618
		Brazil — 4.6%
	566,004	AMBEV SA, ADR		2,586,638
	414,500	B3 SA — Brasil Bolsa Balcao		2,428,741
	360,495	Banco Bradesco SA		2,324,435
	4,232	Banco BTG Pactual SA		22,572
	197,600	Banco do Brasil SA		1,457,180
	42,200	Banco Santander Brasil SA		377,349
	27,000	BRF SA*		148,537
	675,714	CCR SA		1,431,443
	79,700	Cia Siderurgica Nacional SA*		186,400
	23,694	Cosan SA		192,291
	84,000	Duratex SA		189,936
	38,200	EDP - Energias do Brasil SA		122,342
	121,698	Embraer SA, ADR		2,384,064
	181,700	Embraer SA		902,233
	294,517	Engie Brasil Energia SA		2,616,585
	111,600	Fleury SA		595,230
	800	Guararapes Confeccoes SA		20,834
	167,000	Hypera SA		1,192,633
	123,500	Iochpe Maxion SA		590,665

See accompanying Notes to the Financial Statements.

109

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	99,700	IRB Brasil Resseguros SA		1,658,941
	203,198	Itau Unibanco Holding SA, ADR		2,231,114
	106,700	JBS SA		250,616
	637,100	Kroton Educacional SA		1,818,668
	14,500	Magazine Luiza SA		444,743
	342,800	MRV Engenharia e Participacoes SA		1,054,954
	51,200	Petrobras Distribuidora SA		250,003
	326,700	Petroleo Brasileiro SA		1,982,181
	44,500	Porto Seguro SA		660,667
	157,100	Raia Drogasil SA		2,849,283
	22,300	Sao Martinho SA		102,299
	218,944	Sul America SA		1,425,434
	306,164	Suzano Papel e Celulose SA		3,686,035
	22,827	Tim Participacoes SA, ADR		330,763
	8,072	Usinas Siderurgicas de Minas Gerais SA		22,982
	504,811	Vale SA Class B, ADR‡		7,491,395
	163,002	Vale SA		2,441,632
		Total Brazil		48,471,818
		British Virgin Islands — 0.1%
	52,181	Hollysys Automation Technologies, Ltd.		1,115,108
		Cayman Islands — 10.3%
	9,061	58.com, Inc., ADR*		666,890
	22,500	AAC Technologies Holdings, Inc.		233,773
	368,000	Agile Group Holdings, Ltd.		520,145
	137,282	Alibaba Group Holding, Ltd., ADR*		22,618,582
	1,061,000	ANTA Sports Products, Ltd.		5,091,509
	4,854,000	Anton Oilfield Services Group/Hong Kong*		806,426
	14,313	Baidu, Inc., ADR*		3,273,097
	14,457	Baozun, Inc., ADR*		702,321
	2,340,000	Beijing Enterprises Clean Energy Group, Ltd.* ‡		42,165
	84,000	CAR, Inc.* ‡		66,449
	42,000	Casetek Holdings, Ltd.		71,392
	474,880	Chailease Holding Co., Ltd.		1,664,172
	123,000	China Aoyuan Property Group, Ltd.		83,311
	619,000	China Evergrande Group		1,736,386
	35,000	China High Speed Transmission Equipment Group Co., Ltd.‡		40,256
	360,000	China Lesso Group Holdings, Ltd.		204,271
	1,005,000	China Medical System Holdings, Ltd.		1,397,385
	556,000	China Mengniu Dairy Co., Ltd.*		1,850,989
	2,454,000	China Resources Cement Holdings, Ltd.		2,857,026
	396,000	China Resources Land, Ltd.		1,386,650
	200,000	China SCE Group Holdings Ltd.		77,189
	116,000	China State Construction International Holdings, Ltd.		122,598
	96,000	China Tianrui Group Cement Co., Ltd.*		82,199
	128,500	China ZhengTong Auto Services Holdings, Ltd.‡		84,409
	550,400	China Zhongwang Holdings, Ltd.‡		269,401
	1,276,000	Chinasoft International, Ltd.*		851,221

See accompanying Notes to the Financial Statements.

110

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	206,000	CIFI Holdings Group Co., Ltd.		94,774
	64,000	CIMC Enric Holdings, Ltd.		66,741
	452,000	Country Garden Holdings Co., Ltd.		570,134
	18,160	Country Garden Services Holdings Co., Ltd.*		30,867
	70,769	Ctrip.com International, Ltd., ADR*		2,630,484
	79,000	Dongyue Group, Ltd.		54,518
	385,700	ENN Energy Holdings, Ltd.		3,351,813
	696,000	Fu Shou Yuan International Group, Ltd.		543,465
	172,000	Fufeng Group, Ltd.* ‡		83,748
	640,000	Fullshare Holdings, Ltd.* ‡		307,531
	212,000	Future Land Development Holdings, Ltd.		137,362
	4,630,000	GCL-Poly Energy Holdings, Ltd.* ‡		325,435
	5,000	Ginko International Co., Ltd.		32,833
	39,000	Golden Eagle Retail Group, Ltd.		42,564
	49,000	Greentown China Holdings, Ltd.		45,776
	218,000	Haitian International Holdings, Ltd.		485,317
	98,273	Huazhu Group, Ltd., ADR		3,174,218
	32,541	JD.com, Inc., ADR*		848,995
	105,398	Jiayuan International Group, Ltd.‡		180,492
	271,000	Kaisa Group Holdings, Ltd.*		86,929
	165,000	Kingboard Holdings, Ltd.		538,761
	770,000	Kingboard Laminates Holdings, Ltd.		682,922
	231,000	Kingsoft Corp., Ltd.		440,455
	156,500	KWG Group Holdings Ltd.*		143,202
	164,000	Lee & Man Paper Manufacturing, Ltd.		152,160
	148,500	Li Ning Co., Ltd.*		140,436
	88,000	Logan Property Holdings Co., Ltd.		99,416
	44,500	Longfor Group Holdings Ltd.		114,877
	46,000	Minth Group, Ltd.		189,881
	6,310	Momo, Inc., ADR*		276,378
	3,559	NetEase, Inc., ADR		812,342
	5,970	New Oriental Education & Technology Group, Inc., ADR*		441,840
	31,000	Nexteer Automotive Group, Ltd.		49,125
	415,000	Powerlong Real Estate Holdings, Ltd.		176,079
	65,000	Ronshine China Holdings, Ltd.* ‡		76,090
	461,600	Sands China, Ltd.		2,091,237
	423,500	Semiconductor Manufacturing International Corp.* ‡		456,791
	330,000	Shenzhou International Group Holdings, Ltd.		4,234,176
	296,000	Shimao Property Holdings, Ltd.		738,402
	4,434,000	Sino Biopharmaceutical, Ltd.		4,136,564
	694,000	SOHO China, Ltd.		269,621
	1,184,000	SSY Group, Ltd.		1,143,918
	98,000	Sunac China Holdings, Ltd.‡		301,831
	80,000	Sunny Optical Technology Group Co., Ltd.		923,207
	57,233	TAL Education Group, ADR*		1,471,460
	475,900	Tencent Holdings, Ltd.		19,656,594
	726,000	Tianneng Power International, Ltd.		641,115
	1,460,000	Tingyi Cayman Islands Holding Corp.		2,683,076
	5,680,000	Tongda Group Holdings, Ltd.‡		834,771

See accompanying Notes to the Financial Statements.

111

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	101,000	TPK Holding Co., Ltd.		173,334
	959,000	Uni-President China Holdings, Ltd.		1,023,355
	27,000	Vinda International Holdings, Ltd.		46,582
	21,368	Vipshop Holdings, Ltd., ADR*		133,336
	2,039	Weibo Corp., ADR* ‡		149,112
	99,000	Wisdom Marine Lines Co., Ltd.*		96,948
	24,000	Wuxi Biologics Cayman, Inc.* 144A		242,763
	352,500	Xiabuxiabu Catering Management China Holdings Co., Ltd.		527,067
	347,097	Xinyi Solar Holdings, Ltd.‡		106,903
	1,924,000	Yuzhou Properties Co., Ltd.		781,904
	3,179	YY, Inc., ADR*		238,171
	62,000	Zhen Ding Technology Holding, Ltd.		138,486
	24,500	Zhongsheng Group Holdings, Ltd.		59,677
	18,500	ZTO Express Cayman, Inc., ADR		306,545
		Total Cayman Islands		107,835,118
		Chile — 1.6%
	6,050,450	Aguas Andinas SA		3,343,525
	9,220,863	Banco de Chile		1,407,733
	9,238	Banco de Credito e Inversiones SA		613,467
	50,217	Banco Santander Chile, ADR		1,605,940
	25,885	CAP SA		259,796
	157,579	Cencosud SA		373,904
	147,316	Cia Cervecerias Unidas SA, ADR		4,110,116
	37,312	Empresa Nacional de Telecomunicaciones SA		315,659
	206,086	Empresas CMPC SA		827,968
	91,587	Empresas COPEC SA		1,409,351
	10,089	Enel Americas SA, ADR		77,988
	1,149,773	Enel Americas SA		176,405
	42,201	Enel Chile SA, ADR		211,427
	47,330	Grupo Security SA		21,957
	6,701	Inversiones Aguas Metropolitanas SA		10,006
	21,876,395	Itau CorpBanca		224,104
	3,100	Latam Airlines Group SA, ADR‡		29,140
	47,022	Ripley Corp. SA		43,843
	105,226	Sigdo Koppers SA		175,483
	73,289	SMU SA*		22,111
	41,093	Sociedad Quimica y Minera de Chile SA, ADR		1,878,772
	10,007	Vina Concha y Toro SA		20,026
		Total Chile		17,158,721
		China — 8.8%
	2,468,000	Agricultural Bank of China, Ltd. Class H		1,211,149
	52,000	Air China, Ltd. Class H		50,240
	410,000	Aluminum Corp. of China, Ltd.*		182,341
	260,000	Angang Steel Co., Ltd.		232,591
	106,500	Anhui Conch Cement Co., Ltd. Class H		643,091
	34,625	Autohome, Inc. Class H, ADR‡		2,680,321
	223,000	AviChina Industry & Technology Co., Ltd. Class H		147,054

See accompanying Notes to the Financial Statements.

112

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	164,500	BAIC Motor Corp., Ltd. 144A		131,812
	8,499,000	Bank of China, Ltd. Class H		3,779,795
	144,500	Bank of Chongqing Co., Ltd.		86,793
	767,000	Bank of Communications Co., Ltd. Class H		575,380
	159,000	Bank of Zhengzhou Co., Ltd.* 144A		81,279
	283,000	BBMG Corp.‡		96,926
	272,000	Beijing Capital International Airport Co., Ltd. Class H		330,575
	342,000	Beijing Capital Land, Ltd.		125,438
	234,000	Beijing North Star Co., Ltd.		69,977
	18,500	BYD Co., Ltd.‡		132,871
	28,000	Central China Securities Co., Ltd.		7,049
	1,214,000	China Cinda Asset Management Co., Ltd. Class H		307,189
	924,000	China CITIC Bank Corp., Ltd. Class H		591,604
	475,000	China Coal Energy Co., Ltd. Class H		200,322
	447,000	China Communications Construction Co., Ltd. Class H		457,003
	1,242,000	China Communications Services Corp., Ltd. Class H		1,144,401
	17,170,000	China Construction Bank Corp. Class H		15,008,856
	48,000	China Eastern Airlines Corp., Ltd.‡		30,794
	1,640,000	China Energy Engineering Corp., Ltd.‡		194,916
	244,000	China Everbright Bank Co., Ltd. Class H		108,203
	373,000	China Galaxy Securities Co., Ltd. Class H		173,989
	1,574,000	China Huarong Asset Management Co., Ltd. 144A		289,660
	45,200	China International Capital Corp., Ltd. Class H‡ 144A		83,527
	50,100	China International Marine Containers Group Co., Ltd. Class H		53,142
	326,600	China International Travel Service Corp., Ltd.		3,228,691
	224,000	China Life Insurance Co., Ltd. Class H		508,980
	305,000	China Longyuan Power Group Corp., Ltd. Class H		256,476
	289,000	China Machinery Engineering Corp.		141,455
	106,000	China Merchants Bank Co., Ltd. Class H		430,779
	14,800	China Merchants Securities Co., Ltd. 144A		17,855
	582,000	China Minsheng Banking Corp., Ltd. Class H		432,136
	4,018,000	China National Building Material Co., Ltd.		3,568,748
	154,000	China Oilfield Services, Ltd. Class H		167,090
	77,800	China Pacific Insurance Group Co., Ltd.		300,267
	5,866,000	China Petroleum & Chemical Corp. Class H		5,877,320
	203,500	China Railway Construction Corp., Ltd. Class H		274,631
	827,000	China Railway Group, Ltd. Class H		820,141
	84,000	China Railway Signal & Communication Corp., Ltd. 144A		59,472
	1,314,000	China Reinsurance Group Corp.		260,284
	536,000	China Shenhua Energy Co., Ltd. Class H		1,224,767
	104,000	China Southern Airlines Co., Ltd. Class H		66,587
	1,816,000	China Tower Corp., Ltd.* 144A		266,892
	124,500	China Vanke Co., Ltd. Class H		412,088
	533,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		291,536
	66,000	CITIC Securities Co., Ltd.		117,410
	416,000	COSCO SHIPPING Development Co., Ltd.*		56,353
	436,000	COSCO SHIPPING Energy Transportation Co., Ltd. Class H		216,749
	151,000	COSCO SHIPPING Holdings Co., Ltd.* ‡		62,716
	334,000	CRRC Corp., Ltd. Class H		305,192

See accompanying Notes to the Financial Statements.

113

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Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	30,000	CSSC Offshore and Marine Engineering Group Co., Ltd.* ‡		24,920
	202,000	Dalian Port PDA Co., Ltd.‡		25,299
	1,838,000	Dongfeng Motor Group Co., Ltd. Class H		1,893,223
	22,600	Dongjiang Environmental Co., Ltd.‡		26,456
	74,000	Everbright Securities Co., Ltd. 144A		65,726
	29,600	Fuyao Glass Industry Group Co., Ltd. 144A		107,621
	39,200	GF Securities Co., Ltd.		50,297
	340,000	Great Wall Motor Co., Ltd. Class H‡		216,821
	450,000	Guangshen Railway Co., Ltd.		201,281
	86,800	Guangzhou Automobile Group Co., Ltd. Class H		96,175
	12,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd.		42,786
	732,800	Guangzhou R&F Properties Co., Ltd. Class H		1,346,684
	17,400	Guotai Junan Securities Co., Ltd.‡ 144A		35,801
	333,600	Haitong Securities Co., Ltd. Class H		303,548
	305,000	Harbin Bank Co., Ltd. 144A		72,499
	43,000	Hisense Kelon Electrical Holdings Co., Ltd.‡		38,962
	2,080,000	Huaneng Renewables Corp., Ltd.		619,356
	47,200	Huatai Securities Co., Ltd.* 144A		67,679
	67,100	Huishang Bank Corp., Ltd.		29,156
	8,424,000	Industrial & Commercial Bank of China, Ltd. Class H		6,157,942
	38,100	Inner Mongolia Yitai Coal Co., Ltd.		33,207
	269,190	Jiangsu Hengrui Medicine Co., Ltd.		2,484,313
	288,000	Jiangxi Copper Co., Ltd. Class H		336,035
	1,266,000	Kingdee International Software Group Co., Ltd.‡		1,378,461
	35,413	Kweichow Moutai Co., Ltd.		3,757,156
	82,100	Legend Holdings Corp. 144A		251,812
	7,410	Livzon Pharmaceutical Group, Inc.		25,474
	2,837,000	Lonking Holdings, Ltd. Class H		917,278
	2,572,000	Maanshan Iron & Steel Co., Ltd.		1,380,516
	162,000	Metallurgical Corp. of China, Ltd.		45,547
	22,300	New China Life Insurance Co., Ltd. Class H		107,013
	979,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		440,399
	2,784,000	PetroChina Co., Ltd. Class H		2,255,691
	955,000	PICC Property & Casualty Co., Ltd. Class H		1,127,708
	1,090,500	Ping An Insurance Group Co., of China Ltd. Class H		11,079,343
	584,000	Postal Savings Bank of China Co., Ltd. 144A		367,943
	354,000	Qingdao Port International Co., Ltd.* 144A		251,535
	82,500	Qinhuangdao Port Co., Ltd.		18,662
	16,297	Red Star Macalline Group Corp., Ltd.‡ 144A		15,641
	40,500	Shandong Chenming Paper Holdings, Ltd.		24,637
	208,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		205,477
	162,000	Shanghai Electric Group Co., Ltd. Class H‡		57,762
	9,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.		35,483
	144,000	Shanghai Jin Jiang International Hotels Group Co., Ltd.		40,486
	49,400	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		123,486
	58,500	Shengjing Bank Co., Ltd. 144A		27,961
	5,967	SINA Corp. Class H*		414,587
	780,500	Sinopec Engineering Group Co., Ltd. Class H		891,726
	1,336,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		816,123

See accompanying Notes to the Financial Statements.

114

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		China — continued
	65,200	Sinopharm Group Co., Ltd. Class H		319,130
	74,000	Sinotrans, Ltd. Class H		30,168
	63,000	Tong Ren Tang Technologies Co., Ltd.		92,267
	20,000	Tsingtao Brewery Co., Ltd. Class H		94,059
	112,000	Weichai Power Co., Ltd. Class H		138,839
	50,000	Xinhua Winshare Publishing and Media Co., Ltd.		33,994
	35,000	Xinjiang Goldwind Science & Technology Co., Ltd.		37,617
	16,500	Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co.* 144A		51,346
	486,000	Yanzhou Coal Mining Co., Ltd. Class H		563,332
	150,600	YiChang HEC ChangJiang Pharmaceutical Co., Ltd.		626,466
	118,000	Zhaojin Mining Industry Co., Ltd. Class H‡		91,385
	30,300	Zhuzhou CRRC Times Electric Co., Ltd. Class H		173,090
	936,000	Zijin Mining Group Co., Ltd. Class H		360,051
	20,000	ZTE Corp.* ‡		36,652
		Total China		91,554,993
		Colombia — 0.1%
	61,705	Almacenes Exito SA		302,978
	1,263	Banco de Bogota SA		28,293
	1,200	Bancolombia SA, ADR		50,064
	2,350	Bancolombia SA		25,246
	28,101	Grupo Argos SA		154,256
	19,770	Grupo de Inversiones Suramericana SA		231,430
	2,902	Grupo Nutresa SA		23,651
		Total Colombia		815,918
		Cyprus — 0.1%
	34,114	TCS Group Holding Plc, Reg S, GDR‡‡‡		631,109
		Czech Republic — 0.1%
	15,627	CEZ AS		399,532
	26,492	Komercni Banka AS		1,087,286
		Total Czech Republic		1,486,818
		Egypt — 0.3%
	621,477	Commercial International Bank Egypt SAE, GDR		2,833,935
		France — 0.2%
	29,097	Sanofi		2,587,433
		Greece — 0.1%
	55,640	JUMBO SA		827,211
		Hong Kong — 4.5%
	116,000	Beijing Enterprises Holdings, Ltd.		650,794
	70,500	BYD Electronic International Co., Ltd.‡		103,792
	237,000	China Agri-Industries Holdings, Ltd.		91,470
	316,000	China Everbright, Ltd.		566,182

See accompanying Notes to the Financial Statements.

115

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	306,000	China Merchants Port Holdings Co., Ltd.		585,807
	1,051,980	China Mobile, Ltd.		10,372,050
	457,000	China Overseas Grand Oceans Group, Ltd.‡		147,176
	840,000	China Overseas Land & Investment, Ltd.		2,630,066
	570,000	China Resources Beer Holdings Co., Ltd.		2,290,956
	110,500	China Resources Pharmaceutical Group, Ltd. 144A		175,390
	968,000	China South City Holdings, Ltd.		158,346
	91,000	China Taiping Insurance Holdings Co., Ltd.		319,231
	474,000	China Traditional Chinese Medicine Holdings Co., Ltd.		322,264
	720,000	China Travel International Investment Hong Kong, Ltd.		231,875
	646,000	China Unicom Hong Kong, Ltd.		761,175
	557,000	CITIC, Ltd.		829,994
	6,245,000	CNOOC, Ltd.		12,370,446
	3,316,000	CSPC Pharmaceutical Group, Ltd.		7,043,147
	651,000	Far East Horizon, Ltd.		619,810
	314,500	Fosun International, Ltd.		554,652
	104,000	Hua Hong Semiconductor, Ltd. 144A		224,085
	402,000	Lenovo Group, Ltd.		293,862
	496,000	Minmetals Resources, Ltd.*		256,719
	704,000	Poly Property Group Co., Ltd.		248,315
	165,000	Shanghai Industrial Holdings, Ltd.		365,640
	1,072,000	Shenzhen Investment, Ltd.		342,496
	1,010,000	Sino-Ocean Group Holding, Ltd.		445,309
	762,000	Sinotruk Hong Kong, Ltd.‡		1,659,380
	135,500	Sun Art Retail Group, Ltd.		176,282
	3,254,000	WH Group, Ltd.		2,291,344
	2,296,000	Yuexiu Property Co., Ltd.		410,791
		Total Hong Kong		47,538,846
		Hungary — 0.5%
	42,349	MOL Hungarian Oil & Gas Plc		456,229
	96,918	OTP Bank Nyrt		3,591,723
	46,201	Richter Gedeon Nyrt		864,386
		Total Hungary		4,912,338
		India — 10.6%
	2,729	ACC, Ltd.		59,386
	62,785	Adani Enterprises, Ltd.		112,726
	62,785	Adani Gas, Ltd.* **** ¤		51,881
	47,779	Adani Green Energy, Ltd.*		26,925
	15,817	Adani Ports & Special Economic Zone, Ltd.		71,776
	104,805	Adani Power, Ltd.*		34,048
	1,163,736	Aditya Birla Capital, Ltd.*		1,846,181
	93,028	Ambuja Cements, Ltd.		287,592
	89,636	Apollo Tyres, Ltd.		261,155
	17,768	Arvind, Ltd.		77,259
	13,321	Ashok Leyland, Ltd.		21,877
	104,631	Asian Paints, Ltd.		1,859,080
	366	Atul, Ltd.		16,227

See accompanying Notes to the Financial Statements.

116

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	15,273	Aurobindo Pharma, Ltd.		156,544
	134,128	Axis Bank, Ltd.*		1,140,523
	37,347	Bajaj Auto, Ltd.		1,385,894
	97,085	Bajaj Electricals, Ltd.		662,948
	91,722	Bajaj Finance, Ltd.		2,756,531
	1,132	Bajaj Finserv, Ltd.		94,133
	8,555	Bajaj Holdings & Investment, Ltd.		363,608
	101,945	Bank of Baroda*		139,789
	55,978	Bata India, Ltd.		752,912
	7,878	Bharat Electronics, Ltd.		8,727
	1,226,673	Bharat Heavy Electricals, Ltd.		1,160,001
	114,771	Bharat Petroleum Corp., Ltd.		593,646
	117,759	Bharti Airtel, Ltd.		552,325
	19,211	Bharti Infratel, Ltd.		69,487
	1,542	Birla Corp., Ltd.		13,442
	23,005	Britannia Industries, Ltd.		1,856,823
	27,266	Canara Bank*		82,806
	1,970	Ceat, Ltd.		30,845
	4,470	Chambal Fertilizers and Chemicals, Ltd.		9,558
	42,027	Cholamandalam Investment and Finance Co., Ltd.		678,322
	263,140	Cipla, Ltd.		2,359,512
	30,164	City Union Bank, Ltd.		72,903
	121,186	Coal India, Ltd.		446,528
	5,030	Container Corp. Of India, Ltd.		43,715
	1,181	Coromandel International, Ltd.		6,598
	275	Dalmia Bharat, Ltd.*		8,737
	2,717	DCM Shriram, Ltd.		16,454
	48,369	Dewan Housing Finance Corp., Ltd.		184,161
	102,560	DLF, Ltd.		228,634
	6,591	Dr. Reddy’s Laboratories, Ltd.		230,035
	555	eClerx Services, Ltd.		8,115
	16,647	EIH, Ltd.		33,988
	16,885	Engineers India, Ltd.		27,625
	23,567	Exide Industries, Ltd.		86,316
	297,098	Federal Bank, Ltd.		289,557
	1,156	Finolex Cables, Ltd.		8,452
	21,744	Firstsource Solutions, Ltd.		18,702
	617,371	GAIL India, Ltd.		3,236,322
	15,660	Glenmark Pharmaceuticals, Ltd.		136,099
	277,080	Grasim Industries, Ltd.		3,879,846
	8,935	Gujarat Fluorochemicals, Ltd.		98,853
	1,719	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		8,361
	11,886	Gujarat Pipavav Port, Ltd.		16,659
	36,962	Gujarat State Petronet, Ltd.		88,976
	71,348	HCL Technologies, Ltd. Class T		1,068,842
	25,224	HDFC Bank, Ltd., ADR		2,373,578
	38,020	HDFC Bank, Ltd.		1,053,430
	349,997	HDFC Standard Life Insurance Co., Ltd.		1,890,727
	19,622	HEG, Ltd.		907,338

See accompanying Notes to the Financial Statements.

117

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	22,885	Hero MotoCorp Ltd.		919,709
	220,913	Hindalco Industries, Ltd.		696,048
	33,143	Hindustan Petroleum Corp., Ltd.		114,942
	125,288	Hindustan Unilever, Ltd.		2,775,210
	315,086	Housing Development Finance Corp., Ltd.		7,606,573
	221,189	ICICI Bank, Ltd.		933,699
	422,223	IDFC Bank, Ltd.		211,141
	264,117	IDFC, Ltd.		144,282
	140,244	Indiabulls Housing Finance, Ltd., ADR		1,654,140
	58,726	Indiabulls Real Estate, Ltd.*		72,911
	138,835	Indian Oil Corp., Ltd.		294,945
	179,524	Indraprastha Gas, Ltd.		602,169
	99,882	IndusInd Bank, Ltd.		2,328,674
	529,025	Infosys, Ltd., ADR‡		5,380,184
	906,424	Infosys, Ltd.		9,149,268
	5,075	Ipca Laboratories, Ltd.		47,817
	73,641	Jindal Steel & Power, Ltd.*		198,909
	21,551	JM Financial, Ltd.		25,776
	134,159	JSW Energy, Ltd.*		113,172
	237,666	JSW Steel, Ltd.		1,245,870
	55,282	Jubilant Foodworks, Ltd.		947,016
	120,411	Jubilant Life Sciences, Ltd.		1,229,192
	1,991	Kalpataru Power Transmission, Ltd.		9,308
	100,410	Karur Vysya Bank, Ltd. (The)		107,350
	5,224	KPIT Technologies, Ltd.		15,328
	354,376	L&T Finance Holdings, Ltd.		633,565
	14,600	Larsen & Toubro, Ltd.		256,855
	71,752	LIC Housing Finance, Ltd.		412,408
	18,561	Lupin, Ltd.		231,340
	17,661	Mahindra & Mahindra Financial Services, Ltd.		97,770
	7,039	Mahindra & Mahindra, Ltd.		83,946
	12,324	Mahindra CIE Automotive, Ltd.*		45,206
	46,752	Manappuram Finance, Ltd.		46,501
	18,644	Maruti Suzuki India, Ltd.		1,882,789
	78,947	Mphasis, Ltd.		1,275,306
	2,126	MRF, Ltd.		1,868,205
	31,886	Muthoot Finance, Ltd.		174,847
	1,109,262	National Aluminium Co., Ltd.		933,439
	20,284	NCC Ltd./India		20,455
	54,018	NIIT Technologies, Ltd.		819,473
	10,817	Oberoi Realty, Ltd.		61,330
	74,026	Oil & Natural Gas Corp., Ltd.		182,435
	13,380	PC Jeweller, Ltd.		11,499
	859	Persistent Systems, Ltd.		9,300
	469,522	Petronet LNG, Ltd.		1,452,804
	1,284	Pfizer Ltd.		52,874
	132,533	Phillips Carbon Black, Ltd.		375,897
	3,534	Piramal Enterprises, Ltd.		112,080
	149,632	Power Finance Corp., Ltd.		157,393

See accompanying Notes to the Financial Statements.

118

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		India — continued
	20,022	Prestige Estates Projects, Ltd.		58,224
	154,827	Radico Khaitan, Ltd.		743,272
	8,780	Rain Industries, Ltd.		20,106
	4,496	Rajesh Exports, Ltd.		39,880
	1,045	Ramco Cements, Ltd. (The)		9,226
	105,863	RBL Bank, Ltd. 144A		749,175
	34,104	Reliance Capital, Ltd.		131,895
	250,138	Reliance Industries, Ltd.		4,328,329
	17,792	Reliance Industries, Ltd. (London Exchange), GDR 144A		611,155
	191,600	Reliance Power, Ltd.*		69,911
	157,497	Rural Electrification Corp., Ltd.		214,008
	2,509	Sadbhav Engineering, Ltd.		7,788
	2,507	Shriram City Union Finance, Ltd.		57,755
	8,607	Shriram Transport Finance Co., Ltd.		136,793
	1,607	SRF, Ltd.		37,876
	95,853	State Bank of India*		351,069
	2,196	State Bank of India, Ltd., Reg S, GDR* ‡‡‡		81,142
	30,315	Sun Pharmaceutical Industries, Ltd.		260,640
	1,498	Sundaram Finance, Ltd.		30,007
	321,665	Tata Consultancy Services, Ltd.		9,700,092
	99,158	Tata Global Beverages, Ltd.		319,401
	98,846	Tata Motors, Ltd.*		305,442
	97,109	Tata Steel, Ltd.		776,711
	234,865	Tech Mahindra, Ltd.		2,420,253
	9,840	Thomas Cook India, Ltd.		30,271
	48,175	TV18 Broadcast, Ltd.*		23,293
	777	UltraTech Cement, Ltd.		43,615
	56,007	Union Bank of India*		50,568
	227,078	UPL, Ltd.		2,082,044
	1,183	Vardhman Textiles, Ltd.		16,564
	583,087	Vedanta, Ltd.		1,868,951
	1,344,021	Vodafone Idea Ltd.*		720,309
	26,227	Welspun India, Ltd.		21,509
	75,399	Wipro, Ltd., ADR‡		392,829
	62,380	Wipro, Ltd.		277,866
	45,474	Yes Bank, Ltd.		115,489
		Total India		111,188,848
		Indonesia — 2.1%
	18,530,900	Adaro Energy Tbk PT		2,281,931
	70,800	AKR Corporindo Tbk PT		17,437
	128,100	Astra Agro Lestari Tbk PT		106,596
	478,600	Astra International Tbk PT		236,064
	464,500	Bank Central Asia Tbk PT		752,788
	39,500	Bank Danamon Indonesia Tbk PT		19,085
	3,043,500	Bank Mandiri Persero Tbk PT		1,373,522
	799,500	Bank Maybank Indonesia Tbk PT		11,267
	2,820,400	Bank Negara Indonesia Persero Tbk PT		1,400,595
	624,500	Bank Pan Indonesia Tbk PT*		41,070

See accompanying Notes to the Financial Statements.

119

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Indonesia — continued
	876,500	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		119,404
	956,700	Bank Pembangunan Daerah Jawa Timur Tbk PT		41,731
	28,102,500	Bank Rakyat Indonesia Persero Tbk PT		5,940,535
	717,600	Bank Tabungan Negara Persero Tbk PT		126,651
	244,100	Bank Tabungan Pensiunan Nasional Tbk PT		61,265
	413,900	Barito Pacific Tbk PT		51,107
	850,000	BFI Finance Indonesia Tbk PT		35,080
	1,400,700	Bumi Serpong Damai Tbk PT*		108,567
	3,729,200	Ciputra Development Tbk PT		218,975
	587,200	Indah Kiat Pulp & Paper Corp. Tbk PT		683,684
	15,600	Indo Tambangraya Megah Tbk PT		27,062
	22,000	Indocement Tunggal Prakarsa Tbk PT		27,313
	144,900	Indofood CBP Sukses Makmur Tbk PT		85,813
	405,100	Indofood Sukses Makmur Tbk PT		160,393
	1,191,600	Japfa Comfeed Indonesia Tbk PT		163,928
	1,055,000	Jaya Real Property Tbk PT		38,939
	2,110,500	Medco Energi Internasional Tbk PT*		141,630
	1,350,100	Media Nusantara Citra Tbk PT		72,934
	196,100	Pabrik Kertas Tjiwi Kimia Tbk PT		181,276
	1,405,000	Perusahaan Gas Negara Persero Tbk PT		212,143
	878,500	PP Persero Tbk PT		89,905
	1,935,500	PP Properti Tbk PT		14,417
	424,400	Semen Gresik Persero Tbk PT		282,668
	108,800	Siloam International Hospitals Tbk PT*		21,320
	892,500	Summarecon Agung Tbk PT		39,230
	13,007,900	Telekomunikasi Indonesia Persero Tbk PT		3,177,449
	668,800	Unilever Indonesia Tbk PT		2,110,547
	648,010	United Tractors Tbk PT		1,435,045
	2,870,800	Waskita Beton Precast Tbk PT		68,969
	314,700	Waskita Karya Persero Tbk PT		35,902
	875,100	Wijaya Karya Persero Tbk PT		80,160
	577,200	XL Axiata Tbk PT*		106,907
		Total Indonesia		22,201,304
		Isle of Man — 0.0%
	25,196	NEPI Rockcastle Plc		228,863
		Japan — 0.2%
	65,800	Honda Motor Co., Ltd.		1,992,219
		Luxembourg — 0.0%
	16,364	Kernel Holding SA		221,969
		Malaysia — 1.7%
	2,856,815	AirAsia Group Bhd		2,181,354
	358,000	Alliance Financial Group Bhd		361,590
	306,700	AMMB Holdings Bhd		306,070
	75,100	Axiata Group Bhd		82,749
	1,600	Batu Kawan Bhd		6,572

See accompanying Notes to the Financial Statements.

120

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Malaysia — continued
	14,900	BIMB Holdings Bhd		13,645
	81,500	Boustead Holdings Bhd		37,614
	71,300	Bumi Armada Bhd*		9,131
	47,500	Cahya Mata Sarawak Bhd		33,515
	284,333	CIMB Group Holdings Bhd		412,913
	1,000,500	Dialog Group Bhd		843,722
	199,100	DRB-Hicom Bhd		104,397
	312,500	Eco World Development Group Bhd*		90,613
	337,000	FGV Holdings Bhd		126,217
	88,500	Gamuda Bhd		71,852
	191,600	Genting Bhd		361,579
	1,480,300	Genting Malaysia Bhd		1,784,873
	12,100	Genting Plantations Bhd		27,747
	145,800	Hartalega Holdings Bhd		233,224
	7,800	Hengyuan Refining Co. Bhd		11,987
	180,200	Hong Leong Bank Bhd		896,101
	18,800	Hong Leong Financial Group Bhd		87,674
	50,000	IHH Healthcare Bhd		62,946
	590,100	IJM Corp. Bhd		256,658
	374,500	IOI Properties Group Bhd		151,121
	21,400	Magnum Bhd		9,928
	321,300	Mah Sing Group Bhd		79,190
	1,008,200	Malayan Banking Bhd		2,384,989
	798,400	Malaysia Airports Holdings Bhd		1,716,989
	316,174	Malaysia Building Society Bhd		77,162
	212,900	Malaysian Resources Corp. Bhd		37,040
	127,800	MISC Bhd		187,137
	123,600	MMC Corp. Bhd		40,916
	1,491,800	My EG Services Bhd		630,820
	60,300	Oriental Holdings Bhd		90,337
	143,300	Petronas Chemicals Group Bhd		324,100
	11,700	Pos Malaysia BHD		10,178
	289,300	Public Bank Bhd		1,747,614
	66,000	RHB Bank Bhd		86,118
	1,152,800	Sapura Energy Bhd*		114,208
	7,800	Scientex BHD		16,737
	308,400	Sime Darby Bhd		194,497
	298,900	Sunway Bhd		109,059
	181,500	Top Glove Corp. Bhd		467,510
	411,000	UEM Sunrise Bhd		82,428
	164,000	UOA Development Bhd		91,144
	52,500	VS Industry Bhd		21,946
	57,200	Yinson Holdings Bhd		63,579
	874,700	YTL Corp. Bhd		264,196
		Total Malaysia		17,403,686
		Mexico — 3.6%
	739,200	Alfa SAB de CV Class A		951,116
	680,400	Alsea SAB de CV		2,312,725

See accompanying Notes to the Financial Statements.

121

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	242,864	Banco del Bajio SA 144A		600,041
	10,037	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		77,887
	62,866	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		98,371
	8,331	Becle SAB de CV		13,459
	153,000	Cemex SAB de CV, ADR*		1,077,120
	15,200	Coca-Cola Femsa SAB de CV		93,016
	19,100	El Puerto de Liverpool SAB de CV		143,623
	95,500	Elementia SAB de CV* 144A		63,073
	1,962,259	Fibra Uno Administracion SA de CV REIT		2,597,212
	59,840	Fomento Economico Mexicano SAB de CV, ADR		5,922,365
	31,500	Fomento Economico Mexicano SAB de CV		311,879
	310,500	Gentera SAB de CV		314,332
	87,700	Grupo Aeromexico SAB de CV* ‡		119,220
	142,900	Grupo Aeroportuario del Centro Norte SAB de CV		1,022,120
	323,900	Grupo Aeroportuario del Pacifico SAB de CV Class B		3,546,414
	18,502	Grupo Bimbo SAB de CV Series A‡		39,400
	12,600	Grupo Carso SAB de CV Series A-1		41,979
	44,768	Grupo Cementos de Chihuahua SAB de CV		292,727
	107,100	Grupo Comercial Chedraui SA de CV		239,581
	12,520	Grupo Elektra SAB DE CV‡		569,127
	1,014,692	Grupo Financiero Banorte SAB de CV Series O		7,346,231
	213,400	Grupo Financiero Inbursa SAB de CV Series O		335,748
	34,200	Grupo Lala SAB de CV‡		39,140
	119,700	Grupo Mexico SAB de CV Series B		344,775
	76,700	Grupo Sanborns SAB de CV‡		78,754
	19,886	Grupo Televisa SAB, ADR		352,778
	57,100	Industrias Bachoco SAB de CV		257,266
	9,108	Industrias CH SAB de CV*		37,505
	7,956	Industrias Penoles SAB de CV		136,998
	592,279	Mexichem SAB de CV		2,029,350
	220,500	Minera Frisco SAB de CV* ‡		84,902
	247,700	Nemak SAB de CV 144A		186,776
	42,023	OHL Mexico SAB de CV‡		63,082
	6,195	Organizacion Soriana SAB de CV* ‡		10,747
	1,809	Promotora y Operadora de Infraestructura SAB de CV Series L		14,076
	7,797	Promotora y Operadora de Infraestructura SAB de CV		83,056
	22,100	Vitro SAB de CV Series A		64,943
	1,789,000	Wal-Mart de Mexico SAB de CV		5,431,316
		Total Mexico		37,344,230
		Netherlands — 0.7%
	48,468	Heineken Holding NV		4,391,054
	95,708	Yandex NV Class A*		3,147,836
		Total Netherlands		7,538,890
		Nigeria — 0.1%
	14,424,151	Guaranty Trust Bank Plc		1,445,877

See accompanying Notes to the Financial Statements.

122

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Philippines — 0.5%
	688,400	Alliance Global Group, Inc.*		159,009
	6,935	Ayala Corp.		119,113
	191,300	Ayala Land, Inc.		141,802
	10,959	Bank of the Philippine Islands		16,896
	176,100	BDO Unibank, Inc.		390,464
	135,700	China Banking Corp.		72,459
	156,900	DMCI Holdings, Inc.		33,047
	204,200	Emperador, Inc.		26,607
	457,000	Energy Development Corp.*		59,885
	6,070	GT Capital Holdings, Inc.		92,123
	20,340	International Container Terminal Services, Inc.		35,425
	240,310	JG Summit Holdings, Inc.		239,954
	22,520	Jollibee Foods Corp.		107,119
	1,801,000	Megaworld Corp.		146,667
	695,100	Metro Pacific Investments Corp.		61,109
	116,764	Metropolitan Bank & Trust Co.		144,793
	548,200	Petron Corp.		88,171
	46,140	Philippine National Bank*		36,721
	31,520	Pilipinas Shell Petroleum Corp.		30,773
	29,100	Rizal Commercial Banking Corp.		13,626
	246,500	Robinsons Land Corp.		92,614
	38,420	Robinsons Retail Holdings, Inc.		56,674
	30,470	San Miguel Corp.		95,589
	19,500	San Miguel Food and Beverage, Inc.		34,972
	33,510	Security Bank Corp.		95,512
	23,585	SM Investments Corp.		394,611
	159,300	SM Prime Holdings, Inc.		106,583
	4,270	Top Frontier Investment Holdings, Inc.*		22,128
	28,020	Union Bank of the Philippines		34,746
	857,900	Universal Robina Corp.		2,294,402
	912,600	Vista Land & Lifescapes, Inc.		102,864
		Total Philippines		5,346,458
		Poland — 0.6%
	24,462	Alior Bank SA*		418,086
	22,601	Asseco Poland SA		292,223
	29,838	Bank Millennium SA*		74,876
	2,112	Bank Polska Kasa Opieki SA		60,849
	37,364	Cyfrowy Polsat SA*		225,435
	25,000	Dino Polska SA*		675,511
	67,330	Enea SA*		146,127
	9,123	Grupa Azoty SA		78,209
	17,742	Grupa Lotos SA		361,376
	55,075	Jastrzebska Spolka Weglowa SA*		989,112
	13,561	KGHM Polska Miedz SA*		327,795
	216	LPP SA		505,412
	380	mBank SA		46,143
	157,642	PGE Polska Grupa Energetyczna SA*		407,138
	18,281	Polski Koncern Naftowy ORLEN SA		500,904

See accompanying Notes to the Financial Statements.

123

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Poland — continued
	57,843	Polskie Gornictwo Naftowe i Gazownictwo SA*		101,528
	49,141	Powszechna Kasa Oszczednosci Bank Polski SA		571,919
	231,480	Tauron Polska Energia SA*		111,153
		Total Poland		5,893,796
		Qatar — 0.1%
	2,160	Industries Qatar QSC		73,967
	20,302	Qatar National Bank QPSC		986,806
		Total Qatar		1,060,773
		Russia — 1.6%
	567,242	Gazprom PJSC, ADR		2,836,210
	354,611	Gazprom PJSC (OTC Exchange), ADR‡		1,762,417
	41,738	LUKOIL PJSC (Euroclear Shares), ADR		3,201,305
	6,698	Magnitogorsk Iron & Steel Works PJSC, GDR		69,257
	75,320	MMC Norilsk Nickel PJSC, ADR‡		1,294,751
	4,578	Novatek PJSC, Reg S, GDR‡‡‡		842,352
	36,191	Novolipetsk Steel PJSC, GDR		975,347
	83,399	Rosneft Oil Co. PJSC, Reg S, GDR‡‡‡		626,160
	23,672	Sberbank of Russia PJSC, ADR		300,161
	125,725	Severstal PJSC, Reg S, GDR‡‡‡		2,093,321
	88,066	Surgutneftegas PJSC, ADR		364,593
	19,489	Tatneft PJSC, ADR		1,490,909
	303,080	VTB Bank PJSC, Reg S, GDR‡‡‡		405,824
		Total Russia		16,262,607
		Singapore — 0.2%
	450,000	Singapore Telecommunications, Ltd.		1,067,076
	60,780	United Overseas Bank, Ltd.		1,204,613
		Total Singapore		2,271,689
		South Africa — 5.7%
	133,881	Absa Group, Ltd.		1,436,894
	38,082	AECI, Ltd.		281,836
	76,484	African Rainbow Minerals, Ltd.		694,997
	15,686	Anglo American Platinum, Ltd.		512,106
	92,622	AngloGold Ashanti, Ltd.		801,126
	10,624	Aspen Pharmacare Holdings, Ltd.		127,162
	189,989	AVI, Ltd.		1,427,007
	66,687	Barloworld, Ltd.		580,432
	111,495	Bid Corp., Ltd.‡		2,323,619
	172,637	Bidvest Group, Ltd. (The)‡		2,256,892
	48,084	Capitec Bank Holdings, Ltd.		3,480,227
	32,455	Coronation Fund Managers, Ltd.		123,593
	9,617	Discovery, Ltd.		115,530
	3,329	Distell Group Holdings, Ltd.		25,051
	311,532	Exxaro Resources, Ltd.‡		3,200,021
	731,475	FirstRand, Ltd.		3,508,185

See accompanying Notes to the Financial Statements.

124

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	12,026	Foschini Group, Ltd. (The)		147,333
	210,019	Gold Fields, Ltd., ADR		508,246
	43,509	Gold Fields, Ltd.		104,628
	250,718	Growthpoint Properties, Ltd. REIT		411,566
	33,088	Imperial Holdings, Ltd.		409,179
	27,464	Investec, Ltd.		193,163
	46,715	Italtile, Ltd.		46,579
	216,604	KAP Industrial Holdings, Ltd.		118,165
	1,689	Kumba Iron Ore, Ltd.‡		38,308
	38,874	Liberty Holdings, Ltd.		309,811
	72,170	Life Healthcare Group Holdings, Ltd.		125,254
	449,407	MMI Holdings, Ltd.*		551,309
	9,661	Mondi, Ltd.		265,227
	167,844	Mr Price Group, Ltd.		2,707,328
	65,904	MTN Group, Ltd.		407,870
	36,840	Naspers, Ltd. Class N		7,944,345
	19,631	Nedbank Group, Ltd.		367,102
	41,888	Netcare, Ltd.		71,662
	152,026	Pick n Pay Stores, Ltd.		738,899
	12,375	Pioneer Foods Group, Ltd.		80,452
	470,452	PPC, Ltd.*		214,427
	467,772	Redefine Properties, Ltd. REIT		331,213
	276,269	Remgro, Ltd.‡		3,850,830
	58,970	Reunert, Ltd.		316,701
	134,111	RMB Holdings, Ltd.		750,102
	54,554	Sanlam, Ltd.		304,974
	279,762	Sappi, Ltd.		1,754,536
	8,300	Sasol, Ltd., ADR‡		320,712
	40,499	Sasol, Ltd.		1,566,958
	125,115	Shoprite Holdings, Ltd.		1,694,429
	568,362	Sibanye Gold, Ltd.* ‡		344,200
	302,663	Standard Bank Group, Ltd.		3,742,851
	115,361	Super Group, Ltd.*		326,162
	81,164	Telkom SA SOC, Ltd.		296,294
	330,794	Tiger Brands, Ltd.		6,195,002
	34,879	Tongaat Hulett, Ltd.		182,390
	93,857	Truworths International, Ltd.		553,807
	41,502	Tsogo Sun Holdings, Ltd.		59,828
	52,776	Woolworths Holdings, Ltd.		184,979
		Total South Africa		59,431,499
		South Korea — 11.3%
	92	Asia Cement Co., Ltd.		11,943
	11,613	Asiana Airlines, Inc.*		45,698
	4,361	BGF Co., Ltd.		36,956
	592	Binggrae Co., Ltd.		40,241
	54,922	BNK Financial Group, Inc.		425,810
	434	CJ CheilJedang Corp.		130,484
	826	CJ Corp.		100,527

See accompanying Notes to the Financial Statements.

125

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	326	CJ ENM Co Ltd		72,885
	7,439	CJ Hello Co., Ltd.		68,405
	448	CJ Logistics Corp.*		63,812
	6,237	Com2uS Corp.		824,290
	2,932	Daekyo Co., Ltd.		19,243
	10,238	Daelim Industrial Co., Ltd.		762,370
	3,287	Daesang Corp.		77,786
	37,344	Daewoo Securities Co., Ltd.		285,151
	9,213	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		287,789
	3,137	Daou Technology, Inc.		63,348
	4,717	DB Insurance Co., Ltd.		309,576
	33,701	DGB Financial Group, Inc.		308,375
	18,298	Dongkuk Steel Mill Co., Ltd.		153,576
	50	Dongwon F&B Co., Ltd.		13,410
	148	Dongwon Industries Co., Ltd.		39,894
	3,027	Doosan Bobcat, Inc.		110,246
	1,190	Doosan Corp.		146,437
	12,049	Doosan Heavy Industries & Construction Co., Ltd.*		161,848
	26,090	Doosan Infracore Co., Ltd.*		230,500
	21,270	Douzone Bizon Co., Ltd.		1,171,600
	1,579	E-MART, Inc.		295,373
	3,563	Eugene Corp.		22,163
	7,863	F&F Co., Ltd.		597,567
	37,994	Fila Korea, Ltd.		1,537,914
	5,238	GS Engineering & Construction Corp.		246,966
	8,233	GS Holdings Corp.		408,959
	363	GS Home Shopping, Inc.		66,268
	1,535	GS Retail Co., Ltd.		53,277
	859	Halla Holdings Corp.		31,402
	78,796	Hana Financial Group, Inc.		3,164,626
	4,085	Handsome Co., Ltd.		137,916
	538	Hanil Cement Co., Ltd.*		72,024
	442	Hanil Holdings Co., Ltd.		28,889
	5,797	Hanjin Kal Corp.		117,586
	2,099	Hankook Tire Co., Ltd.		94,803
	11,891	Hanwha Aerospace Co., Ltd.*		272,284
	23,695	Hanwha Chemical Corp.		412,273
	9,719	Hanwha Corp.		287,386
	16,935	Hanwha General Insurance Co., Ltd.		107,175
	131,815	Hanwha Life Insurance Co., Ltd.		628,624
	1,388	HDC Holdings Co., Ltd.		28,655
	5,099	HDC Hyundai Development Co-Engineering & Construction*		233,977
	2,951	Hite Jinro Co., Ltd.		44,827
	9,068	Hotel Shilla Co., Ltd.		886,976
	156	Hyosung Advanced Materials Corp.*		19,900
	111	Hyosung Chemical Corp.*		15,310
	480	Hyosung Corp.		20,771
	324	Hyosung Heavy Industries Corp.*		17,350
	150	Hyosung TNC Co., Ltd.*		25,152

See accompanying Notes to the Financial Statements.

126

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	200	Hyundai Construction Equipment Co., Ltd.*		22,087
	3,212	Hyundai Department Store Co., Ltd.		287,828
	6,809	Hyundai Engineering & Construction Co., Ltd.		414,341
	1,000	Hyundai Glovis Co., Ltd.		117,196
	11,341	Hyundai Greenfood Co., Ltd.		143,648
	3,154	Hyundai Heavy Industries Co., Ltd.*		382,432
	955	Hyundai Heavy Industries Holdings Co., Ltd.*		348,682
	1,942	Hyundai Home Shopping Network Corp.		194,331
	537	Hyundai Livart Furniture Co., Ltd.		11,812
	23,744	Hyundai Marine & Fire Insurance Co., Ltd.		897,959
	2,598	Hyundai Mipo Dockyard Co., Ltd.*		242,410
	6,387	Hyundai Mobis Co., Ltd.		1,312,811
	14,471	Hyundai Motor Co.		1,689,425
	1,561	Hyundai Rotem Co., Ltd.* ‡		42,921
	8,145	Hyundai Steel Co.		414,868
	3,661	Hyundai Wia Corp.		139,773
	71,083	HyVision System, Inc.		986,863
	23,114	Industrial Bank of Korea		317,772
	2,322	IS Dongseo Co., Ltd.		80,697
	34,939	JB Financial Group Co., Ltd.		189,932
	35,071	KB Financial Group, Inc.		1,713,634
	1,323	KCC Corp.		404,325
	44,761	Kginicis Co., Ltd.		740,468
	26,900	Kia Motors Corp.		851,197
	2,041	KISWIRE, Ltd.		48,668
	13,766	KIWOOM Securities Co., Ltd.		1,209,993
	12,247	Koh Young Technology, Inc.		1,203,446
	889	Kolon Corp.		31,697
	3,072	Kolon Industries, Inc.		172,259
	5,105	Korea Asset In Trust Co., Ltd.		25,680
	787	Korea Electric Terminal Co., Ltd.		30,366
	21,518	Korea Investment Holdings Co., Ltd.		1,476,241
	1,259	Korea Line Corp.*		27,410
	5,114	Korea Petrochemical Ind Co., Ltd.		850,604
	5,083	Korea Zinc Co., Ltd.		1,997,916
	8,733	Korean Air Lines Co., Ltd.		221,228
	30,323	Korean Reinsurance Co.		285,666
	2,427	KT Skylife Co., Ltd.		30,632
	3,276	Kumho Petrochemical Co., Ltd.		290,905
	7,479	Kumho Tire Co., Inc.*		35,735
	6,868	Kwangju Bank Co., Ltd.		69,036
	6,138	LF Corp.		144,147
	16,564	LG Chem, Ltd.		5,457,870
	111,499	LG Corp.		7,297,568
	24,582	LG Display Co., Ltd.		423,274
	3,066	LG Electronics, Inc.		196,246
	2,064	LG Hausys, Ltd.		130,808
	3,439	LG Household & Health Care, Ltd.		3,955,974
	691	LG Innotek Co., Ltd.		81,294

See accompanying Notes to the Financial Statements.

127

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	8,961	LG International Corp.		178,937
	12,131	LG Uplus Corp.		200,133
	1,034	LIG Nex1 Co., Ltd.		32,299
	424	Lotte Chemical Corp.		106,263
	8	Lotte Chilsung Beverage Co., Ltd.		10,039
	607	Lotte Fine Chemical Co., Ltd.		28,401
	15	Lotte Food Co., Ltd.		11,224
	17,278	Lotte Himart Co., Ltd.		1,038,939
	8,097	Lotte Shopping Co., Ltd.		1,529,251
	1,011	LS Corp.		62,433
	595	Mando Corp.		18,506
	2,522	Medy-Tox, Inc.		1,407,364
	2,483	Meritz Financial Group, Inc.		28,093
	2,886	Meritz Fire & Marine Insurance Co., Ltd.		50,344
	63,681	Meritz Securities Co., Ltd.		238,535
	13,550	Mirae Asset Life Insurance Co., Ltd.		62,787
	42,013	Modetour Network, Inc.		952,560
	2,471	Namhae Chemical Corp.		30,630
	5,629	Nexen Tire Corp.		48,564
	29,139	NH Investment & Securities Co., Ltd.		375,648
	168	Nong Shim Co., Ltd.		36,879
	901	OCI Co., Ltd.		89,349
	7,543	Orion Corp. Republic of Korea		717,410
	2,563	Orion Corp. Republic of South Korea		43,554
	12,140	Pan Ocean Co., Ltd.*		57,348
	3,347	Poongsan Corp.		95,801
	10,514	POSCO		2,791,411
	11,084	Posco Daewoo Corp.		209,339
	1,326	S&T Motiv Co., Ltd.		36,041
	1,400	Samsung C&T Corp.		163,444
	6,619	Samsung Card Co., Ltd.		219,589
	8,294	Samsung Electro-Mechanics Co., Ltd.		1,039,320
	698,513	Samsung Electronics Co., Ltd.		29,250,330
	914	Samsung Fire & Marine Insurance Co., Ltd.		234,010
	91,490	Samsung Heavy Industries Co., Ltd.*		666,432
	6,736	Samsung Life Insurance Co., Ltd.		590,861
	173	Samsung SDI Co., Ltd.		40,316
	8,440	Samsung SDS Co., Ltd.		1,757,620
	13,625	Samsung Securities Co., Ltd.		401,042
	1,020	Samyang Corp.		67,034
	1,103	Samyang Holdings Corp.		100,928
	4,072	Seah Besteel Corp.		71,583
	1,847	SFA Engineering Corp.		60,942
	87,455	Shinhan Financial Group Co., Ltd.		3,547,870
	3,291	Shinsegae International, Inc.		676,446
	722	Shinsegae, Inc.		235,948
	22,326	Silicon Works Co., Ltd.		816,154
	1,679	Sindoh Co., Ltd.		75,152
	1,594	SK Discovery Co., Ltd.		48,212

See accompanying Notes to the Financial Statements.

128

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	1,174	SK Gas, Ltd.		89,115
	921	SK Holdings Co., Ltd.		238,293
	102,064	SK Hynix, Inc.		6,726,057
	7,534	SK Innovation Co., Ltd.		1,460,275
	45,410	SK Networks Co., Ltd.		225,157
	6,824	SK Telecom Co., Ltd.		1,734,837
	2,399	SKC Co., Ltd.		92,240
	3,982	SL Corp.		75,566
	10,112	Soulbrain Co., Ltd.		547,876
	8,130	Ssangyong Cement Industrial Co., Ltd.		47,274
	7,760	Ssangyong Motor Co.*		31,935
	127	Taekwang Industrial Co., Ltd.		190,858
	11,134	Taeyoung Engineering & Construction Co., Ltd.		127,475
	14,048	Tongyang Life Insurance Co., Ltd.		80,926
	32,721	Value Added Technology Co., Ltd.		932,147
	5,297	Wonik Holdings Co., Ltd.*		23,733
	56,061	Woori Bank		854,118
	86	Young Poong Corp.		59,931
	2,426	Youngone Corp.		86,389
	1,790	Youngone Holdings Co., Ltd.		104,568
	10,268	Yuanta Securities Korea Co., Ltd.*		35,129
		Total South Korea		117,795,882
		Spain — 0.0%
	16,331	CEMEX Latam Holdings SA*		29,699
		Switzerland — 0.3%
	47,715	Coca-Cola HBC AG*		1,625,880
	17,168	Nestle SA		1,438,048
		Total Switzerland		3,063,928
		Taiwan — 10.7%
	21,000	A-DATA Technology Co., Ltd.		33,770
	227,000	Acer, Inc.*		187,723
	39,000	Ardentec Corp.		46,622
	94,000	ASE Technology Holding Co., Ltd.*		229,358
	1,063,000	Asia Cement Corp.		1,444,814
	538,000	Asustek Computer, Inc.		4,651,754
	857,000	AU Optronics Corp.		362,077
	271,000	Bioteque Corp.		860,937
	537,140	Capital Securities Corp.		181,199
	278,000	Catcher Technology Co., Ltd.		3,059,247
	1,046,000	Cathay Financial Holding Co., Ltd.		1,798,546
	158,000	Cathay Real Estate Development Co., Ltd.		95,215
	23,062	Center Laboratories, Inc.*		54,383
	428,480	Chang Hwa Commercial Bank, Ltd.		265,230
	206,000	Cheng Loong Corp.		165,971
	53,000	Cheng Shin Rubber Industry Co., Ltd.		83,320
	118,000	Cheng Uei Precision Industry Co., Ltd.		100,095

See accompanying Notes to the Financial Statements.

129

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	22,110	Chicony Electronics Co., Ltd.		44,752
	103,000	Chin-Poon Industrial Co., Ltd.		127,008
	2,441,000	China Airlines, Ltd.		739,503
	3,033,000	China Development Financial Holding Corp.		1,132,421
	932,600	China General Plastics Corp.		778,872
	716,840	China Life Insurance Co., Ltd.		720,761
	439,000	China Petrochemical Development Corp.*		200,572
	1,140,000	China Steel Corp.		952,085
	52,800	China Synthetic Rubber Corp.¤		68,133
	31,000	Chipbond Technology Corp.		59,902
	67,000	ChipMOS Techinologies, Inc.*		51,896
	90,000	Chung Hung Steel Corp.*		42,593
	117,000	Chung Hwa Pulp Corp.		38,702
	886,000	Compal Electronics, Inc.		549,887
	53,000	Compeq Manufacturing Co., Ltd.		41,833
	120,000	Coretronic Corp.		211,443
	3,031,120	CTBC Financial Holding Co., Ltd.		2,283,292
	59,000	CTCI Corp.		94,878
	66,000	Darwin Precisions Corp.		46,690
	31,000	Depo Auto Parts Ind Co., Ltd.		75,030
	715,000	E Ink Holdings, Inc.		732,961
	406,878	E.Sun Financial Holding Co., Ltd.		300,498
	61,000	Eclat Textile Co., Ltd.		755,183
	77,000	EnTie Commercial Bank Co., Ltd.		38,206
	208,000	Epistar Corp.		236,387
	87,740	Eternal Materials Co., Ltd.		76,151
	850,500	Eva Airways Corp.		413,648
	147,000	Evergreen International Storage & Transport Corp.		64,995
	454,650	Evergreen Marine Corp. Taiwan, Ltd.		190,598
	116,000	Everlight Electronics Co., Ltd.		118,534
	304,000	Far Eastern Department Stores, Ltd.		170,255
	633,720	Far Eastern International Bank		224,157
	304,000	Far Eastern New Century Corp.		355,445
	47,000	Feng Hsin Iron & Steel Co.		93,283
	2,561,381	First Financial Holding Co., Ltd.		1,744,890
	31,000	FLEXium Interconnect, Inc.		87,925
	48,000	Formosa Advanced Technologies Co., Ltd.		52,822
	683,000	Formosa Chemicals & Fibre Corp.		2,863,263
	94,000	Formosa Petrochemical Corp.		455,638
	155,000	Formosa Plastics Corp.		593,948
	18,000	Foxconn Technology Co., Ltd.		43,920
	898,997	Fubon Financial Holding Co., Ltd.		1,525,171
	38,000	Getac Technology Corp.		49,720
	582,000	Giant Manufacturing Co., Ltd.		2,497,036
	28,000	Gigabyte Technology Co., Ltd.		44,201
	167,000	Globalwafers Co., Ltd.		1,840,484
	245,000	Grand Pacific Petrochemical		243,933
	124,000	Grape King Bio, Ltd.		871,123
	54,570	Great Wall Enterprise Co., Ltd.		67,469

See accompanying Notes to the Financial Statements.

130

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	28,000	Greatek Electronics, Inc.		46,219
	801,000	HannStar Display Corp.		197,541
	44,000	Highwealth Construction Corp.		69,747
	76,220	Hiwin Technologies Corp.		630,320
	782,000	Hon Hai Precision Industry Co., Ltd.		2,028,441
	676,115	Hua Nan Financial Holdings Co., Ltd.		409,659
	73,000	Huaku Development Co., Ltd.		160,187
	954,800	Hung Sheng Construction, Ltd.		947,514
	18,000	IEI Integration Corp.		22,520
	1,432,000	Innolux Corp.		497,141
	1,215,000	Inventec Corp.		1,090,328
	54,000	Kenda Rubber Industrial Co., Ltd.		53,942
	19,000	Kerry TJ Logistics Co., Ltd.		24,767
	85,000	King Yuan Electronics Co., Ltd.		56,791
	157,000	King’s Town Bank Co., Ltd.		157,859
	338,000	Kinpo Electronics		119,002
	81,000	Kinsus Interconnect Technology Corp.		137,949
	27,000	LCY Chemical Corp.		45,895
	423,000	Lite-On Technology Corp., ADR		531,988
	186,000	Long Chen Paper Co., Ltd.		128,841
	14,000	Lung Yen Life Service Corp.		29,758
	319,261	Macronix International		266,112
	26,000	MediaTek, Inc.		209,904
	976,000	Mega Financial Holding Co., Ltd.		879,049
	114,480	Mercuries & Associates Holding, Ltd.		89,423
	270,738	Mercuries Life Insurance Co., Ltd.*		140,543
	322,000	Micro-Star International Co., Ltd.		870,042
	47,000	Nan Kang Rubber Tire Co., Ltd.		39,714
	130,000	Nan Ya Plastics Corp.		361,052
	798,000	Nanya Technology Corp.		1,518,482
	12,000	Nien Made Enterprise Co., Ltd.		93,931
	129,000	Novatek Microelectronics Corp.		637,965
	317,000	O-Bank Co., Ltd.		85,861
	53,000	Oriental Union Chemical Corp.		59,105
	28,000	Pan Jit International, Inc.*		29,666
	188,000	Pegatron Corp.		376,209
	6,000	Phison Electronics Corp.		47,752
	477,000	Pou Chen Corp.		503,824
	522,000	Powertech Technology, Inc.		1,424,118
	42,000	President Chain Store Corp.		493,139
	12,000	Primax Electronics, Ltd.		19,199
	324,000	Prince Housing & Development Corp.		115,665
	159,000	Qisda Corp., ADR		103,889
	73,000	Quanta Computer, Inc.		127,194
	43,000	Radiant Opto-Electronics Corp.		97,174
	213,000	Realtek Semiconductor Corp.		948,744
	31,000	Rechi Precision Co., Ltd.		26,702
	30,000	Ruentex Industries, Ltd.		59,640
	20,000	San Fang Chemical Industry Co., Ltd.		17,751

See accompanying Notes to the Financial Statements.

131

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	117,000	Sanyang Motor Co., Ltd.		78,554
	45,000	Shihlin Electric & Engineering Corp.		67,943
	4,923,902	Shin Kong Financial Holding Co., Ltd.		1,927,116
	47,000	Shin Zu Shing Co., Ltd.		130,072
	340,000	Shinkong Synthetic Fibers Corp.		139,750
	33,000	Sigurd Microelectronics Corp.		36,531
	17,000	Simplo Technology Co., Ltd.		116,644
	29,000	Sino-American Silicon Products, Inc.*		74,464
	942,480	SinoPac Financial Holdings Co., Ltd.		344,174
	118,000	Sunny Friend Environmental Technology Co., Ltd.		861,822
	296,000	Sunonwealth Electric Machine Industry Co., Ltd.		423,162
	75,000	Synnex Technology International Corp.		95,675
	63,440	TA Chen Stainless Pipe¤		111,160
	607,825	Taichung Commercial Bank Co., Ltd.		214,002
	201,000	TaiDoc Technology Corp.		921,626
	901,263	Taishin Financial Holding Co., Ltd.		435,386
	745,680	Taiwan Business Bank		271,085
	43,000	Taiwan Cement Corp.		57,882
	1,884,900	Taiwan Cooperative Financial Holding Co., Ltd.		1,148,238
	241,000	Taiwan Glass Industry Corp.		128,263
	79,000	Taiwan Hon Chuan Enterprise Co., Ltd.		132,214
	570,198	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		25,179,944
	514,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,418,989
	28,000	Taiwan Shin Kong Security Co., Ltd.		33,013
	101,000	Tatung Co., Ltd.*		133,308
	44,616	TCI Co., Ltd.		717,468
	404,000	Teco Electric and Machinery Co., Ltd.		293,080
	225,000	Ton Yi Industrial Corp.		105,009
	15,000	Tong Hsing Electronic Industries, Ltd.		47,408
	51,000	Tong Yang Industry Co., Ltd.		70,488
	20,000	Transcend Information, Inc.		45,852
	23,000	Tripod Technology Corp.		62,749
	243,000	Tung Ho Steel Enterprise Corp.		188,619
	91,000	TXC Corp.		101,929
	44,000	U-Ming Marine Transport Corp.		50,581
	4,967,015	Uni-President Enterprises Corp.		12,965,352
	410,000	Unimicron Technology Corp.		269,233
	204,970	Union Bank Of Taiwan		69,480
	35,700	Unitech Printed Circuit Board Corp.		19,234
	1,153,000	United Microelectronics Corp.		609,863
	230,040	UPC Technology Corp.		115,272
	243,780	USI Corp.		111,778
	49,000	Wah Lee Industrial Corp.		87,142
	565,000	Walsin Lihwa Corp.		380,269
	118,000	Wan Hai Lines, Ltd.		64,540
	609,224	Waterland Financial Holdings Co., Ltd.		213,497
	553,000	Winbond Electronics Corp.		262,617
	576,447	Wistron Corp.		375,702
	28,560	Wistron NeWeb Corp.		69,312

See accompanying Notes to the Financial Statements.

132

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	166,000	WPG Holdings, Ltd.****		206,052
	3,566	Yageo Corp.		53,607
	166,000	Yang Ming Marine Transport Corp.*		47,463
	341,000	YFY, Inc.		139,045
	312,090	Yieh Phui Enterprise Co., Ltd.		107,325
	995,000	Yuanta Financial Holding Co., Ltd.		524,662
	258,000	Yulon Motor Co., Ltd.		183,362
	8,000	Yung Chi Paint & Varnish Manufacturing Co., Ltd.		20,830
	35,000	Yungtay Engineering Co., Ltd.		54,850
		Total Taiwan		111,775,303
		Thailand — 3.0%
	1,944,100	Airports of Thailand PCL		3,937,494
	379,100	AP Thailand PCL Class F		106,673
	92,100	Bangchak Corp. PCL Class F		100,387
	85,600	Bangkok Airways PCL		35,468
	12,600	Bangkok Bank PCL, NVDR		81,818
	3,000	Bangkok Bank PCL		20,223
	42,900	Bangkok Life Assurance PCL, NVDR		43,112
	543,100	Banpu PCL		320,755
	284,300	Charoen Pokphand Foods PCL		221,972
	1,705,400	CP All PCL Class F		3,638,609
	338,500	Golden Land Property Development PCL		109,903
	128,200	Hana Microelectronics PCL		156,583
	612,900	Home Product Center PCL Class N, NVDR		299,438
	349,200	IRPC PCL Class F		73,425
	349,900	Kasikornbank PCL, NVDR		2,336,994
	221,200	Kasikornbank PCL		1,491,082
	24,100	Kiatnakin Bank PCL Class F		56,077
	1,225,400	Krung Thai Bank PCL, NVDR		765,401
	369,600	Krung Thai Bank PCL		230,857
	1,167,900	Krungthai Card PCL Class F		1,300,074
	80,300	MBK PCL Class F		63,937
	849,000	Mega Lifesciences PCL Class F		977,899
	1,016,300	Muangthai Capital PCL Class F		1,516,279
	69,700	Precious Shipping PCL Class F*		29,311
	318,500	Pruksa Holding PCL Class F		208,788
	408,000	PTT Exploration & Production PCL Class N, NVDR		1,955,473
	102,100	PTT Exploration & Production PCL (Foreign Shares)		489,348
	403,100	PTT Global Chemical PCL, NVDR		1,012,736
	105,200	PTT Global Chemical PCL		264,301
	1,865,100	PTT PCL, NVDR		3,128,685
	387,000	PTT PCL		649,188
	9,402,200	Quality Houses PCL Class F		1,005,925
	2,363,200	Sansiri PCL		121,302
	194,300	Siam Commercial Bank PCL (The)		895,198
	2,325,900	Star Petroleum Refining PCL Class F		1,071,611
	113,200	Supalai PCL		85,058
	262,000	Thai Airways International PCL Class F*		122,331

See accompanying Notes to the Financial Statements.

133

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Thailand — continued
	666,000	Thai Oil PCL, NVDR		1,822,542
	43,900	Thai Oil PCL		120,135
	92,200	Thai Union Group PCL Class F		51,032
	146,200	Thanachart Capital PCL		242,989
	1,448,000	TMB Bank PCL		102,981
	346,800	True Corp. PCL Class F		64,878
		Total Thailand		31,328,272
		Turkey — 0.2%
	207,219	Akbank T.A.S.		238,702
	9,600	Anadolu Efes Biracilik Ve Malt Sanayii AS		33,687
	8,486	Aygaz AS		17,305
	87,117	Dogan Sirketler Grubu Holding AS*		15,662
	26,827	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class A*		12,951
	88,701	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D*		59,948
	23,713	KOC Holding AS		67,342
	4,098	Pegasus Hava Tasimaciligi AS*		18,473
	46,236	Soda Sanayii AS		53,338
	91,091	TAV Havalimanlari Holding AS		474,311
	49,611	Trakya Cam Sanayii AS		35,511
	242,681	Turk Hava Yollari AO*		771,192
	70,615	Turkiye Garanti Bankasi AS		90,630
	214,482	Turkiye Halk Bankasi AS		238,857
	152,678	Turkiye Is Bankasi		112,336
	386,900	Turkiye Sinai Kalkinma Bankasi AS		55,388
	188,498	Turkiye Sise ve Cam Fabrikalari AS		183,248
	72,860	Turkiye Vakiflar Bankasi TAO Series D		45,967
	99,335	Yapi ve Kredi Bankasi AS*		31,087
		Total Turkey		2,555,935
		United Arab Emirates — 0.1%
	2,179,417	Emaar Malls PJSC		1,085,837
	55,296	Emirates Telecommunications Group Co. PJSC		251,410
	7,735	First Abu Dhabi Bank PJSC		30,114
		Total United Arab Emirates		1,367,361
		United Kingdom — 1.0%
	374,539	Cairn Energy Plc*		1,136,059
	120,885	GlaxoSmithKline Plc		2,422,612
	92,860	Unilever Plc		5,105,325
	4,712,000	West China Cement, Ltd.		885,205
	95,534	WPP Plc		1,400,914
		Total United Kingdom		10,950,115
		United States — 1.4%
	26,168	Citigroup, Inc.		1,877,292
	32,687	Cognizant Technology Solutions Corp. Class A		2,521,802
	9,197	Johnson & Johnson		1,270,749

See accompanying Notes to the Financial Statements.

134

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	15,234	Microsoft Corp.		1,742,313
	39,635	Pfizer, Inc.		1,746,714
	15,527	PPG Industries, Inc.		1,694,462
	67,729	Southern Copper Corp.		2,921,829
	18,515	Yum China Holdings, Inc.		650,062
		Total United States		14,425,223
		TOTAL COMMON STOCKS (COST $954,680,725)		933,644,424
		PREFERRED STOCKS — 1.2%
		Brazil — 1.1%
	91,300	Banco Bradesco SA, 3.75%		655,449
	62,900	Banco do Estado do Rio Grande do Sul SA, 6.23%		235,941
	20,900	Braskem SA, 5.71%		305,842
	10,500	Cia Brasileira de Distribuicao, 1.68%		230,085
	65,000	Gerdau SA, 1.77%		279,789
	349,170	Itau Unibanco Holding SA, 6.99%		3,858,440
	218,162	Itausa — Investimentos Itau SA, 5.29%		551,749
	866,500	Petroleo Brasileiro SA, 0.42%		4,576,000
	115,200	Usinas Siderurgicas de Minas Gerais SA, 0.53% Series A		240,003
		Total Brazil		10,933,298
		Colombia — 0.0%
	5,238	Banco Davivienda SA, 2.35%		60,329
	15,537	Grupo Argos SA/Colombia, 2.33%		75,765
	8,638	Grupo de Inversiones Suramericana SA, 1.58%		98,906
		Total Colombia		235,000
		Germany — 0.1%
	14,041	Bayerische Motoren Werke AG, 5.96%		1,104,093
		TOTAL PREFERRED STOCKS (COST $13,228,157)		12,272,391
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENTS — 1.9%
		Investment Fund — 0.4%
	4,472,075	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 1.96%## *****		4,472,075
		Mutual Fund - Securities Lending Collateral — 1.2%
	12,308,643	State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## ***		12,308,643
		U.S. Government and Agency Obligations — 0.3%
	1,700,000	United States Treasury Bill, 2.08%, due 12/06/18** ‡‡		1,693,129

See accompanying Notes to the Financial Statements.

135

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Par Value ($)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	1,300,000		United States Treasury Bill, 2.34%, due 03/14/19** ‡‡		1,286,235
			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $2,979,938)		2,979,364
			TOTAL SHORT-TERM INVESTMENTS (COST $19,760,656)		19,760,082
			TOTAL INVESTMENTS — 92.3% (COST $987,669,538)		965,676,897
			Other Assets and Liabilities (net) — 7.7%		80,983,486
			NET ASSETS — 100.0%	$	1,046,660,383
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			GDR — Global Depository Receipt
			NVDR — Non-Voting Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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 $257,933 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $260,114.
		*****	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 $231,174 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $186,219.
		‡	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.
		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 $5,217,389 which represents 0.5% of net assets.

See accompanying Notes to the Financial Statements.

136

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
BRL	26,830,000	USD	6,518,412		12/19/18	Citibank N.A. London	$	159,387
CLP	277,688,000	USD	415,759		12/19/18	Citibank N.A. London		5,616
CNH	24,127,000	USD	3,507,334		12/19/18	Citibank N.A. London		(11,325	)
COP	20,800,000,000	USD	6,957,488		12/19/18	Citibank N.A. London		36,754
CZK	77,000,000	USD	3,544,349		12/19/18	Citibank N.A. London		(59,636	)
EUR	910,000	USD	1,066,397		12/19/18	Citibank N.A. London		(2,506	)
HKD	290,727,000	USD	37,123,813		12/19/18	Citibank N.A. London		71,280
HUF	744,650,000	USD	2,687,161		12/19/18	Citibank N.A. London		3,688
ILS	30,300,000	USD	8,478,891		12/19/18	Citibank N.A. London		(95,808	)
INR	1,085,373,000	USD	15,118,698		12/19/18	Citibank N.A. London		(288,027	)
KRW	9,599,545,000	USD	8,626,051		12/19/18	Citibank N.A. London		44,553
MXN	577,881,000	USD	29,859,975		12/19/18	Citibank N.A. London		672,121
PEN	400,000	USD	120,181		12/19/18	Citibank N.A. London		702
PHP	131,831,000	USD	2,413,130		12/19/18	Citibank N.A. London		13,841
PLN	45,536,000	USD	12,366,942		12/19/18	Citibank N.A. London		10,696
RUB	776,687,000	USD	11,439,091		12/19/18	Citibank N.A. London		327,421
SGD	21,854,000	USD	16,058,617		12/19/18	Citibank N.A. London		(36,967	)
THB	26,750,000	USD	821,692		12/19/18	Citibank N.A. London		7,520
TWD	143,469,000	USD	4,691,335		12/19/18	Citibank N.A. London		33,177
ZAR	35,981,000	USD	2,440,281		12/19/18	Citibank N.A. London		76,263
USD	18,351,916	BRL	76,452,000		12/19/18	Citibank N.A. London		(676,456	)
USD	10,284,274	CLP	6,861,629,000		12/19/18	Citibank N.A. London		(127,820	)
USD	23,022,575	CNH	158,513,000		12/19/18	Citibank N.A. London		53,998
USD	101,833	COP	300,000,000		12/19/18	Citibank N.A. London		954
USD	2,660,906	CZK	58,845,000		12/19/18	Citibank N.A. London		(2,184	)
USD	164,497	EUR	140,000		12/19/18	Citibank N.A. London		821
USD	10,126,565	HKD	79,255,000		12/19/18	Citibank N.A. London		(13,178	)
USD	325,259	HUF	90,000,000		12/19/18	Citibank N.A. London		37
USD	8,556,786	IDR	128,599,505,775		12/19/18	Citibank N.A. London		11,836
USD	5,802,604	ILS	20,880,000		12/19/18	Citibank N.A. London		25,748
USD	7,092,607	INR	518,356,000		12/19/18	Citibank N.A. London		9,727
USD	30,941,125	KRW	34,457,486,000		12/19/18	Citibank N.A. London		(181,940	)
USD	252,815	MXN	4,821,000		12/19/18	Citibank N.A. London		(1,900	)
USD	120,498	PEN	400,000		12/19/18	Citibank N.A. London		(385	)
USD	9,868,289	PHP	535,402,000		12/19/18	Citibank N.A. London		11,695
USD	1,688,646	PLN	6,223,000		12/19/18	Citibank N.A. London		(2,896	)
USD	4,136,464	RUB	284,025,000		12/19/18	Citibank N.A. London		(166,405	)
USD	197,404	SGD	270,000		12/19/18	Citibank N.A. London		(538	)
USD	2,503,635	THB	81,207,000		12/19/18	Citibank N.A. London		(13,669	)
USD	1,596,103	TWD	48,661,000		12/19/18	Citibank N.A. London		(6,330	)
USD	3,494,633	ZAR	50,727,000		12/19/18	Citibank N.A. London		(53,258	)
							$	(163,393	)

See accompanying Notes to the Financial Statements.

137

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Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Currency Abbreviations

BRL — Brazilian Real

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro Currency

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

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
	180	HSCEI Futures		Oct 2018	$	12,725,530	$	190,411
	991	MSCI Emerging Markets E-mini Index		Dec 2018		52,012,635		1,080,295
							$	1,270,706
	Sales
	126	FTSE Bursa Malaysia KLCI Index		Oct 2018	$	2,732,512	$	2,885
	296	FTSE/JSE Top 40 Index		Dec 2018		10,483,331		144,831
	20	Mexico Bolsa Index		Dec 2018		536,984		(2,529	)
	11	MSCI Singapore IX ETS		Oct 2018		298,075		(3,090	)
	553	SET50 Index		Dec 2018		3,965,390		(1,738	)
							$	140,359

See accompanying Notes to the Financial Statements.

138

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Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Synthetic Futures

Number of Contracts Long (Short)			Reference Entity	Expiration Date	Counterparty	Notional Value		Value
	10,200		Hang Seng China Enterprises Index	10/30/2018	Goldman Sachs International	$	14,299,360	$	148,835
	49,500,000		KOSPI 200 Index	12/13/2018	Goldman Sachs International		12,875,864		364,552
	997		MSCI Brazil Net Return BRL Index	12/19/2018	Goldman Sachs International		205,100		10,518
	9,921		MSCI China Net Return Index	12/19/2018	Goldman Sachs International		681,781		14,416
	(21,570	)	MSCI Mexico Net Index	12/19/2018	Goldman Sachs International		1,181,049		6,990
	(4,161	)	MSCI Poland Index	12/19/2018	Goldman Sachs International		223,666		(6,175	)
	(21,057	)	MSCI South Africa Net Return Index	12/19/2018	Goldman Sachs International		1,321,489		5,031
	(49,704	)	MSCI South Africa Net Return Index	12/19/2018	Goldman Sachs International		3,199,189		51,140
	9,900		MSCI Taiwan Stock Index	10/30/2018	Goldman Sachs International		4,061,310		3,630
	17,000		Taiwan Stock Index	10/17/2018	Goldman Sachs International		5,965,869		80,567
	100		Tel Aviv 35 Index	10/26/2018	Goldman Sachs International		46,759		(756	)
	(220	)	WIG20 Futures Index	12/21/2018	Goldman Sachs International		137,074		(968	)
								$	677,780

Cash in the amount of $450,000 has been received at the custodian bank as collateral for synthetic futures.

See accompanying Notes to the Financial Statements.

139

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Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Banks		11.7
Semiconductors		7.2
Internet		6.7
Oil & Gas		6.3
Diversified Financial Services		5.4
Food		4.1
Computers		3.9
Retail		3.6
Insurance		3.2
Chemicals		3.0
Pharmaceuticals		3.0
Beverages		2.7
Iron & Steel		2.0
Mining		2.0
Telecommunications		1.9
Engineering & Construction		1.7
Building Materials		1.6
Real Estate		1.4
Apparel		1.3
Auto Manufacturers		1.2
Holding Companies — Diversified		1.1
Software		1.0
Coal		0.9
Cosmetics & Personal Care		0.9
Electronics		0.9
Gas		0.9
Leisure Time		0.9
Forest Products & Paper		0.8
Home Furnishings		0.8
Lodging		0.8
Commercial Services		0.7
Distribution & Wholesale		0.7
Airlines		0.5
Household Products & Wares		0.5
Auto Parts & Equipment		0.4
Electric		0.4
Health Care — Products		0.4
REITS		0.4
Aerospace & Defense		0.3
Electrical Components & Equipment		0.3
Machinery — Construction & Mining		0.3
Metal Fabricate & Hardware		0.3
Miscellaneous — Manufacturing		0.3
Oil & Gas Services		0.3
Water		0.3
Food Service		0.2
Home Builders		0.2
Machinery — Diversified		0.2
Pipelines		0.2
Advertising		0.1
Biotechnology		0.1

See accompanying Notes to the Financial Statements.

140

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Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Environmental Control		0.1
Health Care — Services		0.1
Media		0.1
Shipbuilding		0.1
Agriculture		0.0
Energy — Alternate Sources		0.0
Entertainment		0.0
Housewares		0.0
Investment Companies		0.0
Office & Business Equipment		0.0
Packaging & Containers		0.0
Textiles		0.0
Transportation		0.0
Trucking & Leasing		0.0
Short-Term Investments and Other Assets and Liabilities (net)		9.6
		100.0	%

See accompanying Notes to the Financial Statements.

141

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 88.9%
		Australia — 1.2%
	24,659	Ansell, Ltd.		450,511
	86,088	BHP Billiton, Ltd.		2,157,068
	45,852	BlueScope Steel, Ltd.		563,332
	3,209	Cochlear, Ltd.		465,860
	41,979	Crown Resorts, Ltd.		415,819
	47,315	Rio Tinto, Ltd.		2,696,331
	37,509	Sonic Healthcare, Ltd.		676,049
	84,146	South32, Ltd.		238,665
	77,395	Wesfarmers, Ltd.		2,791,559
	54,766	Woolworths Group, Ltd.		1,112,697
		Total Australia		11,567,891
		Austria — 0.6%
	14,474	Erste Group Bank AG*		601,517
	26,711	EVN AG		523,699
	11,455	Flughafen Wien AG		467,005
	30,481	Raiffeisen Bank International AG		878,011
	55,377	Telekom Austria AG*		429,017
	13,457	Verbund AG		663,037
	9,425	Vienna Insurance Group AG		269,080
	58,329	Voestalpine AG		2,669,315
		Total Austria		6,500,681
		Belgium — 0.5%
	10,594	Colruyt SA‡		599,865
	1,786	D’ieteren SA		78,663
	18,498	Elia System Operator SA		1,192,441
	1,848	Financiere de Tubize SA		142,095
	789	KBC Ancora		40,121
	3,281	KBC Group NV		244,277
	29,790	UCB SA		2,678,123
		Total Belgium		4,975,585
		Bermuda — 1.0%
	22,120	Axis Capital Holdings, Ltd.		1,276,545
	6,346	Bunge, Ltd.		436,034
	149,500	CK Infrastructure Holdings, Ltd.		1,184,552
	21,000	Clear Media, Ltd.**** ¤		16,102
	6,814	Everest Re Group, Ltd.		1,556,794
	54,329	Genpact, Ltd.		1,663,011
	29,000	Guoco Group, Ltd.		481,795
	106,200	Hongkong Land Holdings, Ltd.		703,044
	59,294	Hudson, Ltd. Class A*		1,337,673
	300,000	Regal Hotels International Holdings, Ltd.		164,475
	11,273	RenaissanceRe Holdings, Ltd.		1,505,847
	7,500	Soundwill Holdings, Ltd.		10,773
	58,000	Transport International Holdings, Ltd.		151,951

See accompanying Notes to the Financial Statements.

142

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Bermuda — continued
	3,000	Wing On Co. International, Ltd.		10,582
	32,000	Wing Tai Properties, Ltd.		23,801
		Total Bermuda		10,522,979
		British Virgin Islands — 0.0%
	1,600	Michael Kors Holdings, Ltd.*		109,696
		Canada — 3.4%
	14,300	Artis Real Estate Investment Trust REIT		129,990
	25,412	Atco, Ltd. Class I		742,150
	35,800	Bank of Montreal		2,950,744
	16,000	Bank of Nova Scotia (The)‡		952,994
	42,779	BCE, Inc.		1,733,405
	31,989	Canadian Imperial Bank of Commerce‡		2,995,226
	1,619	Canadian Utilities, Ltd. Class A		39,780
	6,400	Cogeco, Inc.		288,461
	6,600	Cott Corp.		106,460
	36,988	George Weston, Ltd.		2,797,708
	31,800	Great-West Lifeco, Inc.		771,014
	3,800	Killam Apartment Real Estate Investment Trust REIT		47,419
	45,100	Loblaw Cos., Ltd.		2,315,361
	1,900	Lululemon Athletica, Inc.*		308,731
	48,900	Maple Leaf Foods, Inc.		1,175,022
	17,200	National Bank of Canada		858,403
	7,000	North West Co. (The), Inc.‡		152,282
	105,500	Power Corp. of Canada		2,290,214
	55,800	Power Financial Corp.		1,277,365
	66,500	Quebecor, Inc. Class B		1,332,469
	60,300	Rogers Communications, Inc. Class B		3,098,970
	37,200	Royal Bank of Canada		2,979,799
	74,792	Shaw Communications, Inc. Class B		1,456,378
	52,100	Toronto-Dominion Bank (The)		3,163,646
		Total Canada		33,963,991
		Denmark — 0.8%
	23,715	Carlsberg AS Class B		2,845,645
	6,746	Coloplast AS Class B		690,114
	16,758	GN Store Nord AS		816,712
	235	Jeudan AS		35,724
	1,102	Matas AS		10,779
	42,484	Novo Nordisk AS Class B		2,001,007
	10,765	Royal Unibrew AS		886,974
	601	Schouw & Co. AS		49,893
	8,665	William Demant Holding AS*		325,797
		Total Denmark		7,662,645
		Finland — 0.6%
	8,255	Aktia Bank OYJ		87,828
	29,687	Elisa OYJ		1,259,607

See accompanying Notes to the Financial Statements.

143

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Finland — continued
	58,106	Fortum OYJ		1,457,111
	46,202	Kesko OYJ Class B		2,510,920
	30,599	Orion OYJ Class B		1,159,338
		Total Finland		6,474,804
		France — 1.5%
	1,044	Caisse Regionale de Credit Agricole Mutuel Brie Picardie		28,745
	5,215	Caisse Regionale de Credit Agricole Mutuel Nord de France		127,202
	89,026	Credit Agricole SA		1,280,758
	1,458	Dassault Aviation SA		2,699,385
	9,249	Fnac Darty SA*		729,967
	383	Hermes International		253,834
	17,526	Lagardere SCA		539,649
	1,443	LVMH Moet Hennessy Louis Vuitton SE		510,523
	552	Manutan International		47,060
	22,631	Metropole Television SA		456,323
	65,076	Peugeot SA		1,755,857
	12,543	Renault SA		1,085,367
	1,709	Safran SA		239,590
	25,685	Sanofi		2,284,023
	304	Savencia SA		23,163
	74	Societe Fonciere Lyonnaise SA REIT		5,123
	2,934	Thales SA		416,949
	24,600	Total SA		1,595,510
	42,626	Veolia Environnement SA		851,078
	1,091	Vetoquinol SA		65,134
	3,493	Vilmorin & Cie SA		243,833
		Total France		15,239,073
		Germany — 2.6%
	41,168	Aareal Bank AG		1,722,354
	22,910	Aurubis AG		1,602,984
	2,879	CTS Eventim AG & Co. KGaA		129,144
	29,142	Deutsche Lufthansa AG		716,233
	10,630	Fielmann AG		640,178
	4,176	Hornbach Baumarkt AG		127,566
	3,385	Hornbach Holding AG & Co. KGaA		237,473
	143	KWS Saat SE		55,226
	42,913	Mckesson Europe AG		1,305,898
	28,642	Merck KGaA		2,960,823
	39,830	Rhoen-Klinikum AG		1,024,252
	58,470	Salzgitter AG		2,923,649
	102,156	SAP SE		12,577,340
	7,475	Wuestenrot & Wuerttembergische AG		170,519
		Total Germany		26,193,639
		Hong Kong — 1.2%
	178,000	Champion REIT		124,659
	279,500	CLP Holdings, Ltd.		3,273,675

See accompanying Notes to the Financial Statements.

144

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	1,892,000	HKT Trust & HKT, Ltd.		2,601,684
	698,469	Hong Kong & China Gas Co., Ltd.		1,387,137
	16,000	Hong Kong Ferry Holdings Co., Ltd.		17,687
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		91,964
	35,500	Link REIT		349,561
	38,000	Liu Chong Hing Investment, Ltd.		57,304
	219,000	PCCW, Ltd.		127,623
	263,500	Power Assets Holdings, Ltd.		1,835,263
	347,000	Regal Real Estate Investment Trust REIT		98,447
	545,000	Sunlight Real Estate Investment Trust REIT		366,356
	140,500	Swire Pacific, Ltd. Class A		1,539,684
	107,400	Swire Properties, Ltd.		406,959
		Total Hong Kong		12,278,003
		Ireland — 0.8%
	19,337	Accenture Plc Class A		3,291,158
	2,332	ICON Plc, ADR*		358,545
	83,701	Irish Residential Properties Plc REIT		143,689
	6,000	Jazz Pharmaceuticals Plc*		1,008,780
	2,045	Kerry Group Plc Class A		226,244
	31,806	Medtronic Plc		3,128,756
	48,092	Total Produce Plc		117,862
		Total Ireland		8,275,034
		Israel — 0.8%
	266,154	Bank Hapoalim BM		1,949,932
	31,897	Bank Leumi Le-Israel BM		210,442
	3,327	Check Point Software Technologies, Ltd.*		391,488
	477	Fattal Holdings 1998, Ltd.*		57,260
	3,121	FIBI Holdings, Ltd.		88,750
	14,841	First International Bank Of Israel, Ltd.		335,047
	784	Israel Corp., Ltd. (The)		252,048
	331,092	Israel Discount Bank, Ltd. Class A		1,104,490
	1,658,662	Isramco Negev 2, LP		193,865
	2,224	Nice, Ltd., ADR*		254,581
	2,972	Paz Oil Co., Ltd.		466,290
	7,577	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		357,783
	83,832	Shufersal, Ltd.		537,178
	54,670	Strauss Group, Ltd.		1,202,644
	2,004	Taro Pharmaceutical Industries, Ltd.*		196,993
		Total Israel		7,598,791
		Italy — 0.1%
	423,831	Parmalat SpA		1,398,074
		Japan — 4.9%
	95,000	Aeon Co., Ltd.‡		2,289,585
	7,100	Aeon Hokkaido Corp.		52,944
	44,900	Alfresa Holdings Corp.		1,201,708

See accompanying Notes to the Financial Statements.

145

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	33,400	Alpen Co., Ltd.‡		592,517
	212,800	Astellas Pharma, Inc.		3,713,251
	1,900	AT-Group Co., Ltd.		45,332
	13,900	Daiichi Sanyko Co., Ltd.		602,698
	14,200	DCM Holdings Co., Ltd.		129,142
	15,400	DyDo Group Holdings, Inc.		771,457
	57,900	EDION Corp.‡		647,893
	192,700	Japan Post Bank Co., Ltd.		2,278,436
	161,100	Japan Post Holdings Co., Ltd.		1,917,570
	26,100	Japan Tobacco, Inc.		681,539
	30,800	K’s Holdings Corp.		372,849
	1,200	Kadoya Sesame Mills, Inc.		66,135
	17,700	Kato Sangyo Co., Ltd.		596,831
	35,700	KDDI Corp.		986,594
	600	KFC Holdings Japan, Ltd.		10,501
	49,600	Komeri Co., Ltd.		1,159,378
	66,300	KYORIN Holdings, Inc.		1,369,369
	20,500	LIXIL VIVA Corp.		317,467
	6,200	McDonald’s Holdings Co., Japan Ltd.		272,377
	128,800	Medipal Holdings Corp.		2,688,601
	6,700	Mitsubishi Shokuhin Co., Ltd.		179,025
	130,900	Mitsubishi Tanabe Pharma Corp.		2,189,638
	11,200	Mitsui Sugar Co., Ltd.		321,451
	767,100	Mizuho Financial Group, Inc.		1,338,550
	15,000	Mochida Pharmaceutical Co., Ltd.		1,240,040
	14,700	Nippon Flour Mills Co., Ltd.‡		259,225
	124,100	Nippon Light Metal Holdings Co., Ltd.		277,514
	37,900	Nippon Telegraph & Telephone Corp.		1,712,399
	6,500	Nishi-Nippon Financial Holdings, Inc.		75,195
	30,100	Nisshin Oillio Group, Ltd. (The)		883,774
	115,800	NTT DoCoMo, Inc.		3,114,575
	14,600	Ohsho Food Service Corp.		1,019,307
	10,500	Okinawa Cellular Telephone Co.		379,936
	30,550	Okinawa Electric Power Co., Inc. (The)		644,163
	5,300	Otsuka Holdings Co., Ltd.		267,228
	99,300	Resona Holdings, Inc.		558,024
	64,900	Seven & i Holdings Co., Ltd.		2,891,174
	10,700	Shionogi & Co., Ltd.		699,360
	13,000	Showa Sangyo Co., Ltd.		335,229
	4,600	St. Marc Holdings Co., Ltd.		107,402
	5,200	Sumitomo Dainippon Pharma Co., Ltd.		119,442
	13,400	Suzuken Co., Ltd.		635,876
	6,500	Taisho Pharmaceutical Holdings Co., Ltd.		794,867
	23,200	Takeda Pharmaceutical Co., Ltd.‡		992,871
	61,600	Toho Holdings Co., Ltd.‡		1,635,110
	339,600	Tokyo Electric Power Co. Holdings, Inc.*		1,668,326
	48,800	Tsumura & Co.		1,684,166
	6,000	United Super Markets Holdings, Inc.		74,693
	43,000	Vital KSK Holdings, Inc.‡		484,950

See accompanying Notes to the Financial Statements.

146

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	11,400	Yodogawa Steel Works, Ltd.		282,027
	3,700	ZERIA Pharmaceutical Co., Ltd.		81,893
		Total Japan		49,711,604
		Liberia — 0.0%
	1,798	Royal Caribbean Cruises, Ltd.		233,632
		Luxembourg — 0.5%
	52,664	Aperam SA		2,415,572
	53,092	ArcelorMittal		1,652,658
	119,684	Atento SA‡		897,630
		Total Luxembourg		4,965,860
		Netherlands — 0.7%
	4,560	ABN AMRO Group NV, ADR‡		61,834
	107,859	Aegon NV		700,054
	33,857	ForFarmers NV		383,418
	11,880	Heineken Holding NV		1,076,292
	16,052	LyondellBasell Industries NV Class A		1,645,491
	73,571	QIAGEN NV*		2,786,869
		Total Netherlands		6,653,958
		New Zealand — 0.6%
	253,622	Argosy Property, Ltd.		184,953
	320,956	Contact Energy, Ltd.		1,240,495
	38,340	Ebos Group, Ltd.		570,877
	2,506	Fisher & Paykel Healthcare Corp., Ltd.		25,003
	63,681	Fonterra Co-operative Group, Ltd.‡		206,443
	23,487	Freightways, Ltd.		121,763
	115,729	Genesis Energy, Ltd.		198,328
	100,669	Goodman Property Trust REIT		103,111
	458,079	Infratil, Ltd.		1,082,632
	49,518	Kiwi Property Group, Ltd. REIT		45,631
	35,536	Mainfreight, Ltd.		711,705
	303,644	Mercury NZ, Ltd.		677,377
	56,455	Metlifecare, Ltd.		243,274
	23,860	Restaurant Brands New Zealand, Ltd.		123,697
	77,392	Summerset Group Holdings, Ltd.		400,708
	21,443	Trade Me Group, Ltd.		74,162
	6,801	Trustpower, Ltd.		28,089
	68,690	Vector, Ltd.		157,106
	3,702	Warehouse Group, Ltd. (The)		5,056
	63,531	Z Energy, Ltd.		301,143
		Total New Zealand		6,501,553
		Norway — 0.8%
	7,575	Austevoll Seafood ASA		104,370
	21,512	Equinor ASA		606,266

See accompanying Notes to the Financial Statements.

147

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Norway — continued
	29,003	Leroy Seafood Group ASA		236,560
	239,449	Norsk Hydro ASA		1,436,700
	4,194	Olav Thon Eiendomsselskap ASA		76,945
	347,148	Orkla ASA		2,931,231
	135,049	Telenor ASA		2,638,524
		Total Norway		8,030,596
		Panama — 0.2%
	28,209	Carnival Corp.		1,798,888
		Portugal — 0.1%
	151,473	REN — Redes Energeticas Nacionais SGPS SA		427,524
	1,763	Semapa-Sociedade de Investimento e Gestao		35,057
	155,555	Sonae SGPS SA		161,254
		Total Portugal		623,835
		Puerto Rico — 0.2%
	30,300	Popular, Inc.		1,552,875
		Singapore — 0.6%
	14,000	AIMS AMP Capital Industrial REIT		14,345
	27,600	Fraser and Neave, Ltd.		38,784
	48,500	Frasers Hospitality Trust REIT		24,847
	65,700	Hong Leong Finance, Ltd.		123,577
	366,200	Keppel Infrastructure Trust		132,666
	263,100	Olam International, Ltd.		390,890
	425,300	OUE, Ltd.‡		476,239
	1,826,000	Sheng Siong Group, Ltd.		1,496,776
	81,400	SIA Engineering Co., Ltd.		175,746
	160,100	Singapore Airlines, Ltd.		1,141,270
	109,400	Singapore Technologies Engineering, Ltd.		285,040
	487,100	Singapore Telecommunications, Ltd.		1,155,051
	594,900	SPH REIT		435,393
	33,000	United Industrial Corp., Ltd.		72,214
		Total Singapore		5,962,838
		Spain — 0.3%
	1,597	Cia de Distribucion Integral Logista Holdings SA		41,031
	25,510	Ebro Foods SA		557,337
	319,170	International Consolidated Airlines Group SA		2,747,842
		Total Spain		3,346,210
		Sweden — 1.3%
	110,916	Axfood AB		2,075,341
	35,288	Boliden AB		983,661
	51,696	Cloetta AB Class B		159,741
	38,010	Essity AB Class B		954,823
	37,115	Granges AB		442,382

See accompanying Notes to the Financial Statements.

148

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		Sweden — continued
	88,957	ICA Gruppen AB‡		2,820,793
	17,192	Kinnevik AB Class B		520,214
	9,435	Pandox AB		168,899
	65,399	Swedish Match AB		3,345,988
	62,873	Swedish Orphan Biovitrum AB*		1,838,144
		Total Sweden		13,309,986
		Switzerland — 4.4%
	6,940	Adecco Group AG		366,183
	9,262	Allreal Holding AG*		1,493,412
	449	Alpiq Holding AG*		36,313
	1,093	Banque Cantonale de Geneve		217,638
	608	Barry Callebaut AG		1,157,740
	74	Basellandschaftliche Kantonalbank		68,788
	579	Basler Kantonalbank		48,487
	448	Bell Food Group AG		143,096
	336	Berner Kantonalbank AG		75,160
	17,306	BKW AG		1,102,000
	686	Chubb, Ltd.		91,677
	13,692	Coca-Cola HBC AG*		466,552
	367	Conzzeta AG		401,265
	849	Flughafen Zurich AG		172,442
	1,409	Intershop Holding AG		712,578
	13,436	Julius Baer Group, Ltd.*		675,514
	180	Luzerner Kantonalbank AG		91,677
	142,573	Nestle SA		11,942,386
	175,746	Novartis AG		15,185,260
	13,487	Roche Holding AG		3,282,693
	1,386	Siegfried Holding AG*		647,737
	38	St. Galler Kantonalbank AG		19,315
	4,493	Swiss Life Holding AG*		1,711,093
	2,196	Swisscom AG		1,001,329
	1,597	Swissquote Group Holding SA		116,571
	3,202	Tamedia AG		391,727
	5,020	Valora Holding AG*		1,354,187
	7,470	Vifor Pharma AG		1,301,209
	2,089	Vontobel Holding AG		148,206
		Total Switzerland		44,422,235
		United Kingdom — 4.8%
	3,635	Abcam Plc		67,880
	19,514	AG Barr Plc		183,220
	4,103	Aon Plc		630,959
	32,899	Atlantica Yield plc		677,061
	132,896	Aviva Plc		848,318
	7,032	Berkeley Group Holdings Plc		337,367
	247,502	Britvic Plc		2,525,557
	28,025	Burberry Group Plc		736,402
	937	Carnival Plc		58,211

See accompanying Notes to the Financial Statements.

149

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	460,057	Central Asia Metals Plc		1,430,850
	230,345	Centrica Plc		465,291
	67,256	Coca-Cola European Partners Plc		3,058,130
	1,491	Craneware Plc		65,621
	13,182	Cranswick Plc		581,709
	80,201	Diageo Plc		2,843,696
	2,065	EMIS Group Plc		27,198
	44,550	Evraz Plc		329,169
	30,980	Ferrexpo Plc		80,880
	30,678	Ferroglobe Plc		250,639
	3,655	Genus Plc		113,915
	49,573	GlaxoSmithKline Plc		993,474
	11,731	Greggs Plc		161,392
	231,607	Halfords Group Plc		955,613
	343,941	Hansteen Holdings Plc REIT		435,061
	31,709	Imperial Brands Plc		1,104,461
	295,096	Inchcape Plc		2,574,445
	148,232	JD Sports Fashion Plc		887,449
	3,034	John Menzies Plc		21,681
	243,374	Kingfisher Plc		818,819
	395,462	Legal & General Group Plc		1,352,171
	946,951	Lloyds Banking Group Plc		731,908
	22,091	LondonMetric Property Plc REIT		51,220
	26,464	Meggitt Plc		195,467
	116,422	National Express Group Plc		593,313
	11,691	QinetiQ Group Plc		43,633
	122,036	Reckitt Benckiser Group Plc		11,165,332
	6,559	Royal Dutch Shell Plc Class B		229,997
	37,939	Segro Plc REIT		315,547
	30,322	Smith & Nephew Plc		553,382
	40,724	Softcat Plc		422,194
	63,749	Sports Direct International Plc*		283,646
	97,447	SSE Plc		1,456,288
	17,741	SSP Group Plc		167,660
	67,886	Tate & Lyle Plc		604,460
	593,804	Tritax Big Box Plc REIT		1,142,166
	712,941	Vodafone Group Plc		1,529,374
	97,771	WH Smith Plc		2,629,014
	343,512	WM Morrison Supermarkets Plc		1,162,000
		Total United Kingdom		47,893,240
		United States — 54.4%
	28,400	Abbott Laboratories		2,083,424
	400	ABIOMED, Inc.*		179,900
	9,775	Adobe Systems, Inc.*		2,638,761
	53,283	AGNC Investment Corp. REIT		992,662
	885	Alleghany Corp.		577,489
	21,605	Allstate Corp. (The)		2,132,413
	5,668	Alphabet, Inc. Class A*		6,841,729

See accompanying Notes to the Financial Statements.

150

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	19,463	Alphabet, Inc. Class C*		23,228,507
	45,587	Altria Group, Inc.		2,749,352
	500	Amazon.com, Inc.*		1,001,500
	28,171	Amdocs, Ltd.		1,858,723
	28,278	Ameren Corp.		1,787,735
	23,113	American Electric Power Co., Inc.		1,638,249
	23,557	American Express Co.		2,508,585
	14,702	American Financial Group, Inc.		1,631,481
	300	American Tower Corp. REIT		43,590
	36,144	Annaly Capital Management, Inc. REIT		369,753
	8,446	ANSYS, Inc.*		1,576,699
	7,113	Anthem, Inc.		1,949,318
	46,492	Apple Hospitality, Inc. REIT		813,145
	99,994	Apple, Inc.		22,572,646
	7,175	Archer-Daniels-Midland Co.		360,687
	23,084	Arthur J. Gallagher & Co.		1,718,373
	61,588	AT&T, Inc.		2,068,125
	8,131	Atmos Energy Corp.		763,582
	18,000	Automatic Data Processing, Inc.		2,711,880
	7,600	AvalonBay Communities, Inc. REIT		1,376,740
	28,339	Baxter International, Inc.		2,184,654
	2,080	Becton Dickinson and Co.		542,880
	51,214	Berkshire Hathaway, Inc. Class B*		10,965,430
	1,900	Black Knight, Inc.*		98,705
	8,780	Boeing Co. (The)		3,265,282
	625	Booking Holdings, Inc.*		1,240,000
	100	Boston Properties, Inc. REIT		12,309
	8,912	Bright Horizons Family Solutions, Inc.*		1,050,190
	32,655	Bristol-Myers Squibb Co.		2,027,222
	17,880	Broadridge Financial Solutions, Inc.		2,359,266
	11,848	Brown & Brown, Inc.		350,345
	10,660	Cabot Corp.		668,595
	25,735	Cadence Design Systems, Inc.*		1,166,310
	4,200	Camden Property Trust REIT		392,994
	8,600	Capital One Financial Corp.		816,398
	7,100	Carter’s, Inc.		700,060
	800	CBRE Group, Inc. Class A*		35,280
	10,863	CDK Global, Inc.		679,589
	60,998	CenterPoint Energy, Inc.		1,686,595
	7,700	Chevron Corp.		941,556
	12,394	Chimera Investment Corp. REIT		224,703
	10,370	Cigna Corp.		2,159,552
	13,700	Citrix Systems, Inc.*		1,522,892
	39,783	CMS Energy Corp.		1,949,367
	11,600	CNA Financial Corp.		529,540
	1,000	Coca-Cola Co. (The)		46,190
	30,192	Cognizant Technology Solutions Corp. Class A		2,329,313
	6,600	Colgate-Palmolive Co.		441,870
	2,600	Columbia Sportswear Co.		241,982

See accompanying Notes to the Financial Statements.

151

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	49,637	Conagra Brands, Inc.		1,686,169
	42,800	Conduent, Inc.*		963,856
	23,900	ConocoPhillips		1,849,860
	11,149	Consolidated Edison, Inc.		849,442
	9,256	Constellation Brands, Inc. Class A		1,995,779
	34,576	Copart, Inc.*		1,781,701
	10,045	CoreLogic, Inc.*		496,323
	700	Costco Wholesale Corp.		164,416
	100,824	Crown Castle International Corp. REIT		11,224,736
	24,122	Danaher Corp.		2,621,097
	19,715	Darden Restaurants, Inc.		2,192,111
	7,200	Delta Air Lines, Inc.		416,376
	437	Domino’s Pizza, Inc.		128,828
	15,977	DTE Energy Co.		1,743,570
	9,100	Dun & Bradstreet Corp. (The)		1,296,841
	7,113	DXC Technology Co.		665,208
	219,594	eBay, Inc.*		7,250,994
	15,268	Edison International		1,033,338
	3,500	Edwards Lifesciences Corp.*		609,350
	4,418	Electronic Arts, Inc.*		532,325
	31,867	Eli Lilly & Co.		3,419,648
	22,700	Encompass Health Corp.		1,769,465
	21,845	Entergy Corp.		1,772,285
	16,266	Equity LifeStyle Properties, Inc. REIT		1,568,856
	14,300	Equity Residential REIT		947,518
	2,458	Erie Indemnity Co. Class A		313,469
	4,867	Essex Property Trust, Inc. REIT		1,200,738
	5,400	Evercore Partners, Inc. Class A		542,970
	52,762	Exelon Corp.		2,303,589
	7,800	Express Scripts Holding Co.*		741,078
	35,500	Exxon Mobil Corp.		3,018,210
	155,735	Facebook, Inc. Class A*		25,612,178
	4,305	FedEx Corp.		1,036,601
	21,521	Fidelity National Information Services, Inc.		2,347,295
	28,883	First American Financial Corp.		1,490,074
	2,200	First Citizens BancShares, Inc. Class A		995,016
	53,218	FirstEnergy Corp.‡		1,978,113
	23,838	Fiserv, Inc.*		1,963,774
	37,600	Flowers Foods, Inc.		701,616
	15,600	Fortinet, Inc.*		1,439,412
	33,500	Gaming and Leisure Properties, Inc. REIT		1,180,875
	4,298	General Dynamics Corp.		879,887
	300	H&R Block, Inc.		7,725
	12,246	Hanover Insurance Group, Inc. (The)		1,510,789
	138,536	HCA Healthcare, Inc.		19,273,128
	18,626	Hershey Co. (The)		1,899,852
	21,216	Highwoods Properties, Inc. REIT		1,002,668
	16,886	Hill-Rom Holdings, Inc.		1,594,038
	6,364	Home Depot , Inc. (The)		1,318,303

See accompanying Notes to the Financial Statements.

152

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	19,343	Honeywell International, Inc.		3,218,675
	10,900	Hormel Foods Corp.‡		429,460
	31,163	Hospitality Properties Trust REIT		898,741
	15,700	Hudson Pacific Properties, Inc. REIT		513,704
	7,043	Humana, Inc.		2,384,196
	6,826	Huntington Ingalls Industries, Inc.		1,748,002
	4,200	ICU Medical, Inc.*		1,187,550
	13,503	Ingredion, Inc.		1,417,275
	13,620	Intel Corp.		644,090
	23,084	International Business Machines Corp.		3,490,532
	13,138	Intuit, Inc.		2,987,581
	1,600	Intuitive Surgical, Inc.*		918,400
	10,842	Jack Henry & Associates, Inc.		1,735,587
	5,179	JM Smucker Co. (The)		531,417
	31,490	Johnson & Johnson		4,350,973
	16,600	KAR Auction Services, Inc.		990,854
	14,038	Kellogg Co.		982,941
	312,652	Kraft Heinz Co. (The)		17,230,252
	2,800	L3 Technologies, Inc.		595,336
	10,708	Landstar System, Inc.		1,306,376
	19,628	Liberty Property Trust REIT		829,283
	7,575	Lockheed Martin Corp.		2,620,647
	154,124	Lowe’s Cos., Inc.		17,696,518
	10,532	M&T Bank Corp.		1,732,935
	85,432	Mastercard, Inc. Class A		19,018,018
	2,059	McCormick & Co., Inc.‡		271,273
	74,222	McDonald’s Corp.		12,416,598
	45,234	Merck & Co., Inc.		3,208,900
	5,740	Mercury General Corp.		287,918
	873	Mettler-Toledo International, Inc.*		531,640
	175,449	Microsoft Corp.		20,066,102
	1,225	Mid-America Apartment Communities, Inc. REIT		122,721
	5,992	Morningstar, Inc.		754,393
	19,131	Motorola Solutions, Inc.		2,489,708
	1,400	MSCI, Inc. Class A		248,374
	85	Nasdaq, Inc.		7,293
	47,151	Newmont Mining Corp.		1,423,960
	12,770	NextEra Energy, Inc.		2,140,252
	5,990	Northrop Grumman Corp.		1,901,046
	4,500	Nu Skin Enterprises, Inc. Class A		370,890
	14,800	Old Republic International Corp.		331,224
	17,907	Omnicom Group, Inc.		1,218,034
	351,880	Oracle Corp.		18,142,933
	35,500	Park Hotels & Resorts, Inc. REIT		1,165,110
	16,700	Paychex, Inc.		1,229,955
	31,248	PepsiCo, Inc.		3,493,526
	94,434	Pfizer, Inc.		4,161,706
	16,159	Philip Morris International, Inc.		1,317,605
	11,600	Pinnacle Foods, Inc.		751,796

See accompanying Notes to the Financial Statements.

153

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	2,737	PPG Industries, Inc.		298,689
	16,409	Premier, Inc. Class A*		751,204
	26,080	Procter & Gamble Co. (The)		2,170,638
	35,383	Progressive Corp. (The)		2,513,608
	32,330	Prologis, Inc. REIT		2,191,651
	1,628	Public Service Enterprise Group, Inc.		85,942
	800	Ralph Lauren Corp.		110,040
	11,181	Raytheon Co.		2,310,665
	6,820	Reinsurance Group of America, Inc.		985,899
	29,104	Republic Services, Inc.		2,114,697
	2,600	Robert Half International, Inc.		182,988
	3,900	Royal Gold, Inc.		300,534
	1,200	S&P Global, Inc.		234,468
	20,600	Sabre Corp.		537,248
	31	Seaboard Corp.		115,011
	12,400	Simon Property Group, Inc. REIT		2,191,700
	5,185	Spirit AeroSystems Holdings, Inc. Class A		475,309
	369,531	Starbucks Corp.		21,004,142
	18,700	STORE Capital Corp. REIT		519,673
	13,453	Stryker Corp.		2,390,329
	14,696	Sun Communities, Inc. REIT		1,492,232
	22,000	SunTrust Banks, Inc.		1,469,380
	22,672	Synopsys, Inc.*		2,235,686
	32,244	Synovus Financial Corp.		1,476,453
	32,647	Sysco Corp.		2,391,393
	5,600	Target Corp.		493,976
	21,233	Texas Instruments, Inc.		2,278,089
	447	Thermo Fisher Scientific, Inc.		109,104
	12,193	Total System Services, Inc.		1,203,937
	16,063	Travelers Cos., Inc. (The)		2,083,532
	27,579	Tyson Foods, Inc. Class A		1,641,778
	38,164	UDR, Inc. REIT		1,542,971
	34,087	UGI Corp.		1,891,147
	1,100	United Continental Holdings, Inc.*		97,966
	10,202	UnitedHealth Group, Inc.		2,714,140
	25,659	US Bancorp		1,355,052
	22,000	US Foods Holding Corp.*		678,040
	14,243	Varian Medical Systems, Inc.*		1,594,219
	3,000	VeriSign, Inc.*		480,360
	32,512	Verizon Communications, Inc.		1,735,816
	5,800	VF Corp.		542,010
	141,545	Visa, Inc. Class A‡		21,244,489
	6,800	Vistra Energy Corp.*		169,184
	33,736	Walmart, Inc.		3,168,148
	25,585	Waste Management, Inc.		2,311,861
	1,685	Waters Corp.*		328,036
	2,800	WEC Energy Group, Inc.		186,928
	229,994	Wells Fargo & Co.		12,088,485
	20,100	WP Carey, Inc. REIT		1,292,631

See accompanying Notes to the Financial Statements.

154

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2018 (Unaudited)

Shares			Description	Value ($)
			United States — continued
	16,259		Xcel Energy, Inc.		767,587
	27,065		Yum China Holdings, Inc.		950,252
	161,358		Yum! Brands, Inc.		14,669,056
	7,667		Zimmer Biomet Holdings, Inc.		1,007,980
			Total United States		548,824,260
			TOTAL COMMON STOCKS (COST $758,097,681)		896,592,456
			PREFERRED STOCKS — 0.1%
			Germany — 0.1%
	4,309		Henkel AG & Co. KGaA, 1.78%		505,745
			Japan — 0.0%
	72		Shinkin Central Bank, 2.72% Class A		151,689
			Sweden — 0.0%
	2,443		Akelius Residential Property AB, 5.88%		93,812
			TOTAL PREFERRED STOCKS (COST $739,958)		751,246
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 0.9%
			Mutual Fund - Securities Lending Collateral — 0.7%
	7,420,671		State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.97%## **		7,420,671
			U.S. Government and Agency Obligations — 0.2%
	2,000,000		United States Treasury Bill, 2.34%, due 03/14/19*** ‡‡		1,978,823
			TOTAL SHORT-TERM INVESTMENTS (COST $9,399,761)		9,399,494
			TOTAL INVESTMENTS — 89.9% (COST $768,237,400)		906,743,196
			Other Assets and Liabilities (net) — 10.1%		101,946,011
			NET ASSETS — 100.0%	$	1,008,689,207
			Notes to Schedule of Investments:
			ADR — American Depository Receipt
			REIT — Real Estate Investment Trust
		##	The rate disclosed is the 7 day net yield as of September 30, 2018.
		*	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.

See accompanying Notes to the Financial Statements.

155

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

****	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 $16,102 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $26,250.
¤	Illiquid security. The total market value of the securities at period end is $16,102 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2018 was $26,250.
‡	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.

156

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	17	Canadian Dollar		Dec 2018	$	1,317,585	$	7,097
	114	MSCI EAFE Index		Dec 2018		11,260,350		154,661
	140	S&P 500 E-mini Index		Dec 2018		20,433,000		59,831
	9	S&P/TSX 60 Index		Dec 2018		1,323,333		5,716
							$	227,305

See accompanying Notes to the Financial Statements.

157

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Retail		9.2
Food		8.1
Software		7.5
Pharmaceuticals		7.3
Internet		6.4
Diversified Financial Services		4.7
Banks		4.6
Insurance		4.5
Electric		4.1
Computers		3.8
REITS		3.5
Health Care — Services		3.4
Health Care — Products		2.9
Telecommunications		2.8
Beverages		2.1
Aerospace & Defense		1.5
Household Products & Wares		1.2
Iron & Steel		1.0
Oil & Gas		1.0
Agriculture		0.9
Commercial Services		0.9
Mining		0.9
Real Estate		0.6
Gas		0.5
Media		0.5
Airlines		0.4
Apparel		0.4
Distribution & Wholesale		0.4
Electronics		0.4
Environmental Control		0.4
Transportation		0.4
Auto Manufacturers		0.3
Chemicals		0.3
Cosmetics & Personal Care		0.3
Semiconductors		0.3
Biotechnology		0.2
Holding Companies — Diversified		0.2
Leisure Time		0.2
Metal Fabricate & Hardware		0.2
Shipbuilding		0.2
Advertising		0.1
Engineering & Construction		0.1
Investment Companies		0.1
Machinery — Diversified		0.1
Water		0.1
Energy — Alternate Sources		0.0
Forest Products & Paper		0.0
Home Builders		0.0
Lodging		0.0
Miscellaneous — Manufacturing		0.0

See accompanying Notes to the Financial Statements.

158

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Private Equity		0.0
Short-Term Investments and Other Assets and Liabilities (net)		11.0
		100.0	%

See accompanying Notes to the Financial Statements.

159

Mercer Funds

Statements of Assets and Liabilities

September 30, 2018 (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)		$	442,932,360		$	825,093,550		$	2,029,347,408		$	772,557,001
Foreign currency, at value(b)			—			—			2,788,923			—
Cash and cash equivalents			10,332,503			54,639,562			116,437,694			11,350,453
Receivable for investments sold			10,922,759			888,020			19,298,225			975,445
Receivable for TBA securities sold			—			—			—			2,509,699
Dividend and interest receivable			374,192			717,367			5,822,776			5,510,666
Cash collateral held at broker on open centrally cleared swap contracts			—			—			—			770,000
Unrealized appreciation on open forward foreign currency contracts			—			—			604,459			—
Receivable for variation margin on open futures contracts			4,244			105,781			—			—
Foreign tax reclaims receivable			194,911			50,344			3,686,969			1,576
Securities lending income receivable			5,943			10,837			15,814			4,710
Prepaid expenses			9,381			17,540			42,037			15,697
Total assets			464,776,293			881,523,001			2,178,044,305			793,695,247
Liabilities
Payable for investments purchased			8,653,170			1,944,826			15,079,106			4,009,456
Payable for TBA and when-issued securities purchased			—			—			—			8,516,554
Payable for variation margin on open futures contracts			—			—			894,354			8,449
Payable for Fund shares repurchased			955,180			100,000			575,315			—
Payable for variation margin on open centrally cleared swap contracts			—			—			—			20,364
Obligation to return securities lending collateral			7,743,812			6,716,944			21,145,393			8,431,740
Payable to affiliate for:
Advisory fees			198,506			644,397			1,227,333			220,746
Trustees fees			8,283			14,502			33,174			13,452
Payable for foreign capital gains tax			—			—			66,472			—
Accrued expenses			128,124			180,367			410,491			187,783
Total liabilities			17,687,075			9,601,036			39,431,638			21,408,544
Net assets		$	447,089,218		$	871,921,965		$	2,138,612,667		$	772,286,703
Net assets consist of:
Paid-in capital			291,865,711			600,276,618			1,717,238,735			786,981,359
Distributable earnings			155,223,507			271,645,347			421,373,932			(14,694,656	)
Net assets		$	447,089,218		$	871,921,965		$	2,138,612,667		$	772,286,703
Net assets attributable to:
Class Y-3 shares		$	447,089,218		$	871,921,965		$	2,138,612,667		$	772,286,703
Shares outstanding:
Class Y-3			37,926,651			65,712,454			184,811,477			77,996,577
Net asset value per share:
Class Y-3		$	11.79		$	13.27		$	11.57		$	9.90
(a)   Investments, at cost		$	378,590,645		$	685,655,153		$	1,824,906,812		$	795,473,121
(b)   Foreign currency, at cost		$	—		$	—		$	2,818,272		$	—

See accompanying Notes to the Financial Statements.

160

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2018 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a)		$	626,073,737			$	965,676,897		$	906,743,196
Foreign currency, at value(b)			482,643				3,598,881			769,681
Cash and cash equivalents			70,595,751				87,544,049			108,465,415
Receivable for investments sold			12,088,279				1,094,451			1,951,167
Receivable for TBA securities sold			13,626,408				—			—
Receivable for Fund shares sold			—				107,658			—
Dividend and interest receivable			6,961,820				2,095,512			1,419,619
Cash collateral held at broker on open OTC swap contracts and open forward foreign currency contracts			70,000				—			—
Cash collateral held at broker on open futures contracts			801,677				2,022,415			—
Cash collateral held at broker on open forward foreign currency contracts			1,207,000				—			—
Unrealized appreciation on open forward foreign currency contracts			2,315,877				1,577,835			—
Receivable for variation margin on open futures contracts			890,143				210,551			—
OTC - Swap contracts, at value (up-front net premiums paid of $162,961, $-, and $-, respectively)			175,956				—			—
Synthetic futures, at value			—				685,679			—
Receivable for variation margin on open centrally cleared swap contracts			58,349				—			—
Foreign tax reclaims receivable			43,004				70,120			1,047,051
Securities lending income receivable			—				21,254			8,819
Prepaid expenses			12,798				20,725			19,054
Total assets			735,403,442				1,064,726,027			1,020,424,002
Liabilities
Payable for investments purchased			23,958,312				1,293,371			2,072,320
Payable for TBA and when-issued securities purchased			47,334,925				—			—
Payable for variation margin on open futures contracts			537,834				338,837			111,024
Payable for Fund shares repurchased			—				412,713			1,301,788
Payable for closed swap contracts			2,570,244				—			—
Payable for closed synthetic futures contracts			—				6,651			—
OTC - Swap contracts, at value (up-front net premiums received of $1,466,167, $-, and $-, respectively)			1,563,916				—			—
Written options, at value			32,098				—			—
Synthetic futures, at value			—				7,899			—
Cash collateral on open forward foreign currency contracts due to broker			—				232,831			—
Unrealized depreciation on open forward foreign currency contracts			4,987,786				1,741,228			—
Obligation to return securities lending collateral			—				12,308,643			7,420,671
Payable to affiliate for:
Advisory fees			422,672				669,374			614,048
Trustees fees			10,035				16,502			15,168
Payable for foreign capital gains tax			124,251				598,696			—
Accrued expenses			243,506				438,899			199,776
Total liabilities			81,785,579				18,065,644			11,734,795
Net assets		$	653,617,863			$	1,046,660,383		$	1,008,689,207
Net assets consist of:
Paid-in capital			697,400,939				934,841,447			839,284,045
Distributable earnings			(43,783,076	)			111,818,936			169,405,162
Net assets		$	653,617,863			$	1,046,660,383		$	1,008,689,207

See accompanying Notes to the Financial Statements.

161

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2018 (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		$	653,617,863		$	1,046,660,383		$	1,008,689,207
Shares outstanding:
Class Y-3			72,273,002			99,709,632			76,774,532
Net asset value per share:
Class Y-3		$	9.04		$	10.50		$	13.14
(a)   Investments, at cost		$	641,075,138		$	987,669,538		$	768,237,400
(b)   Foreign currency, at cost		$	537,064		$	3,587,871		$	771,375
(c)   Premiums on written options		$	57,878		$	—		$	—

See accompanying Notes to the Financial Statements.

162

Mercer Funds

Statements of Operations

For the Six Months Ended September 30, 2018 (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		$	41,933			$	67,009			$	189,214			$	13,947,110
Dividends			4,243,740				8,844,533				38,860,295				—
Securities lending income			34,509				77,660				348,402				38,155
Withholding taxes			(66,100	)			(14,466	)			(3,641,478	)			(212	)
Other income			159				1,651				1,205				15,552
Total investment income			4,254,241				8,976,387				35,757,638				14,000,605
Expenses:
Advisory fees			1,233,790				3,991,823				7,541,506				1,382,030
Custodian and fund accounting fees			59,587				95,140				267,678				94,241
Audit fees			30,586				33,693				53,500				43,892
Transfer agent fees			11,699				11,930				12,189				11,938
Legal fees			32,352				58,231				140,699				52,462
Trustees fees			18,913				34,622				82,230				30,939
Registration fees			12,233				12,195				11,565				12,238
Miscellaneous			26,727				41,855				89,836				34,470
Total expenses			1,425,887				4,279,489				8,199,203				1,662,210
Net investment income			2,828,354				4,696,898				27,558,435				12,338,395
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			34,909,171				61,459,453				40,682,304				(4,020,396	)
Purchased option contracts			—				—				—				(22,337	)
Swap contracts			—				—				—				109,442
Closed futures contracts			931,755				1,747,017				(4,272,866	)			492,125
Written option contracts			—				—				—				6,467
Forward foreign currency contracts			—				—				1,012,176				—
Foreign currency related transactions			20,956				50,478				(1,001,584	)			14,140
Net realized gain (loss)			35,861,882				63,256,948				36,420,030				(3,420,559	)
Change in net unrealized appreciation (depreciation) on:
Investments			(510,941	)			164,032				(55,170,475	)			(8,328,276	)
Swap contracts			—				—				—				643,880
Open futures contracts			583,685				446,065				3,383,482				(1,484,425	)
Forward foreign currency contracts			—				—				709,279				—
Foreign currency related translations			(146	)			(954	)			(183,070	)			—
Change in net unrealized appreciation (depreciation)			72,598				609,143				(51,260,784	)			(9,168,821	)
Net realized and unrealized gain (loss)			35,934,480				63,866,091				(14,840,754	)			(12,589,380	)
Net increase (decrease) in net assets resulting from operations		$	38,762,834			$	68,562,989			$	12,717,681			$	(250,985	)

See accompanying Notes to the Financial Statements.

163

Mercer Funds

Statements of Operations (Continued)

For the Six Months Ended September 30, 2018 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Interest		$	18,095,475			$	164,245			$	148,406
Dividends			61,455				20,702,675				13,521,118
Securities lending income			31,125				111,359				90,797
Withholding taxes			(288,064	)			(2,384,979	)			(734,596	)
Other income			27,497				8,751				—
Total investment income			17,927,488				18,602,051				13,025,725
Expenses:
Advisory fees			2,533,323				4,280,806				3,696,374
Custodian and fund accounting fees			158,377				331,421				109,726
Audit fees			37,615				79,058				37,354
Transfer agent fees			12,055				12,369				11,866
Legal fees			40,967				71,098				62,805
Trustees fees			24,026				41,299				36,981
Registration fees			11,179				11,870				12,324
Interest expense			242				8,544				—
Miscellaneous			33,149				61,407				44,628
Total expenses			2,850,933				4,897,872				4,012,058
Net investment income			15,076,555				13,704,179				9,013,667
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(39,107,984	)			626,087				22,441,657
Purchased option contracts			36,391				—				—
Swap contracts			(180,568	)			—				—
Closed futures contracts			(1,156,639	)			(8,342,958	)			680,416
Written option contracts			11,814				—				—
Forward foreign currency contracts			(2,433,708	)			(3,479,262	)			—
Foreign currency related transactions			(2,393,310	)			(397,020	)			(25,421	)
Net realized gain (loss)			(45,224,004	)			(11,593,153	)			23,096,652
Change in net unrealized appreciation (depreciation) on:
Investments			(16,828,549	)			(126,185,596	)			33,334,405
Purchased option contracts			(134,164	)			—				—
Swap contracts			56,749				—				—
Open futures contracts			(217,350	)			1,347,712				1,347,706
Written option contracts			25,780				—				—
Forward foreign currency contracts			(2,463,363	)			(71,897	)			—
Foreign currency related translations			(70,138	)			(514,195	)			(21,072	)
Change in net unrealized appreciation (depreciation)			(19,631,035	)			(125,423,976	)			34,661,039
Net realized and unrealized gain (loss)			(64,855,039	)			(137,017,129	)			57,757,691
Net increase (decrease) in net assets resulting from operations		$	(49,778,484	)		$	(123,312,950	)		$	66,771,358

See accompanying Notes to the Financial Statements.

164

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, 2018 (Unaudited)				Year Ended March 31, 2018				Six Months Ended September 30, 2018 (Unaudited)				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	2,828,354			$	7,604,697			$	4,696,898			$	3,035,340
Net realized gain (loss)			35,861,882				104,190,636				63,256,948				117,950,083
Change in net unrealized appreciation (depreciation)			72,598				(12,497,608	)			609,143				(3,633,592	)
Net increase in net assets resulting from operations			38,762,834				99,297,725				68,562,989				117,351,831
Distributions to shareholders (See Note 2):
Class Y-3			—				(72,475,376	)			—				(94,877,327	)
Total distributions			—				(72,475,376	)(a)			—				(94,877,327	)(b)
Net share transactions (See Note 7):
Class Y-3			(104,231,236	)			(115,323,720	)			(104,585,075	)			(86,986,239	)
Decrease in net assets resulting from net shares transactions			(104,231,236	)			(115,323,720	)			(104,585,075	)			(86,986,239	)
Net decrease in net assets			(65,468,402	)			(88,501,371	)			(36,022,086	)			(64,511,735	)
Net assets:
Beginning of period			512,557,620				601,058,991				907,944,051				972,455,786
End of period		$	447,089,218			$	512,557,620			$	871,921,965			$	907,944,051

(a) Included in total distributions was $(7,533,062) of net investment income and $(64,942,314) of net realized gains as of year ended March 31, 2018. The undistributed net investment income was $1,244,427 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(4,249,847) of net investment income and $(90,627,480) of net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(623) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

165

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, 2018 (Unaudited)				Year Ended March 31, 2018				Six Months Ended September 30, 2018 (Unaudited)				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	27,558,435			$	38,658,876			$	12,338,395			$	22,379,987
Net realized gain (loss)			36,420,030				298,158,773				(3,420,559	)			(570,639	)
Change in net unrealized appreciation (depreciation)			(51,260,784	)			77,034,628				(9,168,821	)			(8,324,350	)
Net increase (decrease) in net assets resulting from operations			12,717,681				413,852,277				(250,985	)			13,484,998
Distributions to shareholders (See Note 2):
Class Y-3			—				(170,790,191	)			—				(19,914,504	)
Total distributions			—				(170,790,191	)(a)			—				(19,914,504	)(b)
Net share transactions (See Note 7):
Class Y-3			(33,403,800	)			(354,867,675	)			(85,409,013	)			98,773,232
Increase (decrease) in net assets resulting from net shares transactions			(33,403,800	)			(354,867,675	)			(85,409,013	)			98,773,232
Net increase (decrease) in net assets			(20,686,119	)			(111,805,589	)			(85,659,998	)			92,343,726
Net assets:
Beginning of period			2,159,298,786				2,271,104,375				857,946,701				765,602,975
End of period		$	2,138,612,667			$	2,159,298,786			$	772,286,703			$	857,946,701

(a) Included in total distributions was $(45,496,553) of net investment income and $(125,293,638) of net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(502,673) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(19,914,504) of net investment income and $— of net realized gains as of year ended March 31, 2018. The undistributed net investment income was $6,112,251 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

166

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Six Months Ended September 30, 2018 (Unaudited)				Year Ended March 31, 2018				Six Months Ended September 30, 2018 (Unaudited)				Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	15,076,555			$	33,165,244			$	13,704,179			$	23,614,533
Net realized gain (loss)			(45,224,004	)			7,176,468				(11,593,153	)			341,364,374
Change in net unrealized appreciation (depreciation)			(19,631,035	)			13,909,550				(125,423,976	)			(47,488,518	)
Net increase (decrease) in net assets resulting from operations			(49,778,484	)			54,251,262				(123,312,950	)			317,490,389
Distributions to shareholders (See Note 2):
Class Y-3			—				(23,966,710	)			—				(36,403,991	)
Total distributions			—				(23,966,710	)(a)			—				(36,403,991	)(b)
Net share transactions (See Note 7):
Class Y-3			56,173,923				58,079,251				53,846,043				(646,948,904	)
Increase (decrease) in net assets resulting from net shares transactions			56,173,923				58,079,251				53,846,043				(646,948,904	)
Net increase (decrease) in net assets			6,395,439				88,363,803				(69,466,907	)			(365,862,506	)
Net assets:
Beginning of period			647,222,424				558,858,621				1,116,127,290				1,481,989,796
End of period		$	653,617,863			$	647,222,424			$	1,046,660,383			$	1,116,127,290

(a) Included in total distributions was $(23,966,710) of net investment income and $— of net realized gains as of year ended March 31, 2018. The undistributed net investment income was $16,141,517 at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

(b) Included in total distributions was $(36,403,991) of net investment income and $— of net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(1,949,655) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

167

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Six Months Ended September 30, 2018 (Unaudited)			Year Ended March 31, 2018
Increase (decrease) in Net Assets:
Operations:
Net investment income (loss)		$	9,013,667		$	15,564,976
Net realized gain (loss)			23,096,652			151,397,171
Change in net unrealized appreciation (depreciation)			34,661,039			(17,711,022	)
Net increase in net assets resulting from operations			66,771,358			149,251,125
Distributions to shareholders (See Note 2):
Class Y-3			—			(146,523,040	)
Total distributions			—			(146,523,040	)(a)
Net share transactions (See Note 7):
Class Y-3			21,307,736			(331,977,749	)
Increase (decrease) in net assets resulting from net shares transactions			21,307,736			(331,977,749	)
Net increase (decrease) in net assets			88,079,094			(329,249,664	)
Net assets:
Beginning of period			920,610,113			1,249,859,777
End of period		$	1,008,689,207		$	920,610,113

(a) Included in total distributions was $(18,085,932) of net investment income and $(128,437,108) of net realized gains as of year ended March 31, 2018. The distributions in excess of net investment income was $(661,448) at year ended March 31, 2018. See Note 2 for more details on Disclosure Update and Simplification.

See accompanying Notes to the Financial Statements.

168

Mercer US Large Cap Equity Fund

Financial Highlights

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	10.85			$	10.61			$	9.34			$	11.11			$	13.16			$	13.56
Net investment income†			0.07				0.14				0.11	(a)			0.04				0.05				0.07
Net realized and unrealized gain (loss) on investments			0.87				1.68				1.54				(0.43	)			1.63				3.11
Total from investment operations			0.94				1.82				1.65				(0.39	)			1.68				3.18
Less dividends and distributions:
From net investment income			—				(0.16	)			(0.08	)			(0.05	)			(0.04	)			(0.09	)
From net realized gain on investments			—				(1.42	)			(0.30	)			(1.33	)			(3.69	)			(3.49	)
Total dividends and distributions			—				(1.58	)			(0.38	)			(1.38	)			(3.73	)			(3.58	)
Net asset value at end of period		$	11.79			$	10.85			$	10.61			$	9.34			$	11.11			$	13.16
Total investment return			8.66	%**			17.26	%			17.74	%			(4.09	)%			13.63	%(b)			23.99	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.22	%*			1.28	%			1.14	%(a)			0.33	%			0.37	%			0.48	%
Net expenses to average daily net assets			0.61	%*			0.60	%			0.61	%(d)			0.63	%(c)			0.60	%(c)			0.57	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.61	%*			0.60	%			0.61	%			0.63	%(c)			0.63	%(c)			0.63	%
Portfolio turnover rate			35	%**			64	%			84	%			66	%			118	%			50	%
Net assets at end of period (in 000’s)		$	447,089			$	512,558			$	601,059			$	301,260			$	362,698			$	358,862

(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.

169

Mercer US Small/Mid Cap Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	12.29			$	12.12			$	10.30			$	12.23			$	12.44			$	11.94
Net investment income (loss)†			0.07				0.04				0.04	(a)			(0.02	)			(0.03	)			(0.02	)
Net realized and unrealized gain (loss) on investments			0.91				1.46				2.13				(1.28	)			1.32				2.63
Total from investment operations			0.98				1.50				2.17				(1.30	)			1.29				2.61
Less dividends and distributions:
From net investment income			—				(0.06	)			(0.08	)			—				—				—
From net realized gain on investments			—				(1.27	)			(0.27	)			(0.63	)			(1.50	)			(2.11	)
Total dividends and distributions			—				(1.33	)			(0.35	)			(0.63	)			(1.50	)			(2.11	)
Net asset value at end of period		$	13.27			$	12.29			$	12.12			$	10.30			$	12.23			$	12.44
Total investment return			7.97	%**			12.64	%			21.24	%			(10.78	)%			11.11	%(b)			22.34	%(b)
Ratios/Supplemental Data:
Net investment income (loss) to average net assets			1.06	%*			0.31	%			0.40	%(a)			(0.18	)%			(0.25	)%			(0.17	)%
Net expenses to average daily net assets			0.96	%*			0.95	%			0.97	%(d)			0.98	%(c)			0.98	%(c)			0.97	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.96	%*			0.95	%			0.97	%			0.98	%(c)			0.99	%(c)			0.99	%
Portfolio turnover rate			22	%**			49	%			106	%			68	%			75	%			67	%
Net assets at end of period (in 000’s)		$	871,922			$	907,944			$	972,456			$	427,426			$	470,893			$	397,360

(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.

170

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	11.51			$	10.44			$	9.61			$	10.64			$	11.92			$	10.58
Net investment income†			0.15				0.19				0.18	(a)			0.16				0.19				0.29
Net realized and unrealized gain (loss) on investments			(0.09	)			1.75				0.83				(0.76	)			(0.22	)			1.94
Total from investment operations			0.06				1.94				1.01				(0.60	)			(0.03	)			2.23
Less dividends and distributions:
From net investment income			—				(0.23	)			(0.18	)			(0.17	)			(0.27	)			(0.33	)
From net realized gain on investments			—				(0.64	)			—				(0.26	)			(0.98	)			(0.56	)
Total dividends and distributions			—				(0.87	)			(0.18	)			(0.43	)			(1.25	)			(0.89	)
Net asset value at end of period		$	11.57			$	11.51			$	10.44			$	9.61			$	10.64			$	11.92
Total investment return			0.52	%**			18.80	%			10.62	%			(5.64	)%			0.19	%(b)			21.48	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.60	%*			1.64	%			1.81	%(a)			1.60	%			1.72	%			2.52	%
Net expenses to average daily net assets			0.77	%*			0.79	%(c)			0.82	%(c)(d)			0.83	%(c)			0.84	%(c)			0.85	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.77	%*			0.79	%(c)			0.81	%(c)			0.83	%(c)			0.84	%(c)			0.86	%
Portfolio turnover rate			43	%**			81	%			81	%			109	%			101	%			95	%(e)
Net assets at end of period (in 000’s)		$	2,138,613			$	2,159,299			$	2,271,104			$	1,941,634			$	2,072,981			$	1,881,476

(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.

171

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	9.90			$	9.96			$	10.15			$	10.43			$	10.42			$	10.68
Net investment income†			0.15				0.27				0.25	(a)			0.29				0.28				0.24
Net realized and unrealized gain (loss) on investments			(0.15	)			(0.09	)			(0.09	)			(0.17	)			0.28				(0.19	)
Total from investment operations			—				0.18				0.16				0.12				0.56				0.05
Less dividends and distributions:
From net investment income			—				(0.24	)			(0.25	)			(0.30	)			(0.33	)			(0.25	)
From net realized gain on investments			—				—				(0.10	)			(0.10	)			(0.22	)			(0.06	)
Total dividends and distributions			—				(0.24	)			(0.35	)			(0.40	)			(0.55	)			(0.31	)
Net asset value at end of period		$	9.90			$	9.90			$	9.96			$	10.15			$	10.43			$	10.42
Total investment return			0.00	%**			1.80	%			1.58	%			1.26	%			5.43	%(b)			0.44	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			3.12	%*			2.71	%			2.43	%(a)			2.80	%			2.66	%			2.32	%
Net expenses to average daily net assets			0.42	%*			0.43	%			0.43	%(c)(d)			0.42	%			0.40	%			0.37	%
Total expenses (before reductions and reimbursements) to average daily net assets			0.42	%*			0.43	%			0.43	%(c)			0.42	%			0.42	%			0.43	%
Portfolio turnover rate			40	%(f)**			113	%(f)			151	%			88	%			192	%			187	%(e)
Net assets at end of period (in 000’s)		$	772,287			$	857,947			$	765,603			$	783,875			$	892,649			$	1,076,439

(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.

(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 35% for the period ended September 30, 2018 and 81% for the year ended March 31, 2018, respectively.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements.

172

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				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		$	9.80			$	9.31			$	8.44			$	9.13			$	10.43			$	10.00
Net investment income†			0.22				0.53				0.51	(b)			0.54				0.56				0.34
Net realized and unrealized gain (loss) on investments			(0.98	)			0.33				0.36				(1.12	)			(1.32	)			0.35
Total from investment operations			(0.76	)			0.86				0.87				(0.58	)			(0.76	)			0.69
Less dividends and distributions:
From net investment income			—				(0.37	)			—				(0.07	)			(0.47	)			(0.22	)
From net realized gain on investments			—				—				—				(0.04	)			(0.07	)			(0.04	)
Total dividends and distributions			—				(0.37	)			—				(0.11	)			(0.54	)			(0.26	)
Net asset value at end of period		$	9.04			$	9.80			$	9.31			$	8.44			$	9.13			$	10.43
Total investment return			(7.76	)%**			9.42	%			10.31	%(c)			(6.25	)%(c)			(7.36	)%(c)			7.00	%(c)**
Ratios/Supplemental Data:
Net investment income to average net assets			4.76	%*			5.49	%			5.75	%(b)			6.28	%			5.55	%			5.52	%*
Net expenses to average daily net assets			0.90	%(d)*			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			0.90	%(d)*			0.92	%(d)			0.94	%(d)			0.95	%(d)			0.97	%(d)			1.17	%*
Portfolio turnover rate			136	%(f)**			72	%			55	%			53	%			58	%			28	%**
Net assets at end of period (in 000’s)		$	653,618			$	647,222			$	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.

(f) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have remained at 136% for the period ended September 30, 2018.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements.

173

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	11.75			$	9.77			$	8.59			$	9.88			$	9.99			$	10.49
Net investment income†			0.14				0.18				0.14	(a)			0.16				0.17				0.18
Net realized and unrealized gain (loss) on investments			(1.39	)			2.05				1.22				(1.36	)			(0.09	)			(0.46	)
Total from investment operations			(1.25	)			2.23				1.36				(1.20	)			0.08				(0.28	)
Less dividends and distributions:
From net investment income			—				(0.25	)			(0.18	)			(0.09	)			(0.19	)			(0.19	)
From net realized gain on investments			—				—				—				—				—				(0.03	)
Total dividends and distributions			—				(0.25	)			(0.18	)			(0.09	)			(0.19	)			(0.22	)
Net asset value at end of period		$	10.50			$	11.75			$	9.77			$	8.59			$	9.88			$	9.99
Total investment return			(10.64	)%**			22.92	%			16.14	%			(12.06	)%			0.81	%(b)			(2.61	)%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			2.53	%*			1.62	%			1.52	%(a)			1.79	%			1.66	%			1.77	%
Net expenses to average daily net assets			0.90	%(c)*			0.95	%(c)			1.00	%(c)(d)			1.00	%(c)			0.98	%(c)			0.95	%(c)
Total expenses (before reductions and reimbursements) to average daily net assets			0.90	%(c)*			0.95	%(c)			0.99	%(c)			1.00	%(c)			1.00	%(c)			1.04	%(c)
Portfolio turnover rate			28	%**			93	%			89	%			66	%			46	%			64	%
Net assets at end of period (in 000’s)		$	1,046,660			$	1,116,127			$	1,481,990			$	1,150,136			$	1,087,355			$	862,923

(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.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements.

174

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Period Ended 09/30/18 (Unaudited)				Year Ended 03/31/18				Year Ended 03/31/17				Year Ended 03/31/16				Year Ended 03/31/15				Year Ended 03/31/14
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value at beginning of period		$	12.28			$	12.62			$	11.81			$	12.11			$	12.27			$	11.19
Net investment income†			0.12				0.18				0.16	(a)			0.15				0.15				0.14
Net realized and unrealized gain on investments			0.74				1.39				1.11				0.33				0.54				1.45
Total from investment operations			0.86				1.57				1.27				0.48				0.69				1.59
Less dividends and distributions:
From net investment income			—				(0.18	)			(0.14	)			(0.14	)			(0.19	)			(0.16	)
From net realized gain on investments			—				(1.73	)			(0.32	)			(0.64	)			(0.66	)			(0.35	)
Total dividends and distributions			—				(1.91	)			(0.46	)			(0.78	)			(0.85	)			(0.51	)
Net asset value at end of period		$	13.14			$	12.28			$	12.62			$	11.81			$	12.11			$	12.27
Total investment return			7.00	%**			12.47	%			11.02	%			4.13	%			5.80	%(b)			14.40	%(b)
Ratios/Supplemental Data:
Net investment income to average net assets			1.82	%*			1.35	%			1.34	%(a)			1.23	%			1.25	%			1.20	%
Net expenses to average daily net assets			0.81	%*			0.80	%(c)			0.81	%(c)			0.82	%(c)			0.85	%(c)			0.85	%
Total expenses (before reductions and reimbursements/recapture) to average daily net assets			0.81	%*			0.80	%(c)			0.81	%(c)			0.82	%(c)			0.84	%(c)			0.84	%
Portfolio turnover rate			21	%**			36	%			55	%			31	%			84	%			46	%
Net assets at end of period (in 000’s)		$	1,008,689			$	920,610			$	1,249,860			$	952,386			$	819,052			$	742,641

(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%.

† Computed using average shares outstanding throughout the period.

* Annualized

** Not annualized

See accompanying Notes to the Financial Statements.

175

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Notes to the Financial Statements

September 30, 2018 (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 open-end investment companies and accordingly follow the open-end 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, 2018, only the Class Y-3 shares of each Fund had commenced operations.

2. Significant Accounting Policies

In August 2018, the Securities and Exchange Commission (“SEC”) adopted Disclosure Update and Simplification, which amends certain disclosure requirements effective for filings subsequent to November 5, 2018. As of September 30, 2018, Management has early adopted the amendments. The amendment requires presentation of the total, rather than the components, of distributable earnings on the Statements of Assets and Liabilities. The amendment requires presentation of the total distributions,

176

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September 30, 2018 (Unaudited)

rather than the components, on the Statements of Changes in Net Assets and to remove the requirement for disclosure of undistributed net investment income on a book basis. This amendment facilitates compliance of the disclosure of information without significantly altering the information provided to investors.

In August 2018, FASB issued Accounting Standards Update No. 2018-13 “Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”, which amends the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management is currently evaluating the potential impact of this new guidance to the Funds.

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization of Purchased Callable Debt Securities”, which amends the amortization period for certain purchased callable debt securities. Under the standards update, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this standard’s update to the Funds.

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.

(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

177

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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 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)

178

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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, 2018. 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, 2018.

At September 30, 2018, 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 United States Treasury Bill, as shown in the schedule of investments, whose value was determined using Level 2 inputs.

The following is a summary of the portfolio securities by level based on inputs used as of September 30, 2018 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	$	106,298,900	$	0	*	$	—	$	106,298,900
Austria		17,389,961		—			—		17,389,961
Belgium		27,864,131		—			—		27,864,131
Bermuda		4,754,436		—			—		4,754,436
Brazil		16,678,950		—			—		16,678,950
Canada		35,880,972		—			—		35,880,972
Cayman Islands		28,205,976		—			—		28,205,976
China		2,792,651		—			—		2,792,651
Denmark		19,859,041		—			—		19,859,041
Finland		22,987,792		—			—		22,987,792
France		182,718,950		—			—		182,718,950
Germany		161,898,402		—			—		161,898,402
Hong Kong		24,405,889		—			—		24,405,889
Hungary		2,473,500		—			—		2,473,500
India		4,636,535		—			—		4,636,535
Indonesia		1,758,291		—			—		1,758,291
Ireland		9,583,520		—			—		9,583,520
Israel		12,154,071		—			—		12,154,071
Italy		35,344,211		—			—		35,344,211
Japan		479,620,518		—			—		479,620,518
Luxembourg		15,891,076		—			—		15,891,076
Malaysia		2,796,883		—			—		2,796,883

179

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Mexico	$	6,749,724	$	—	$	—		$	6,749,724
Netherlands		67,467,951		—		—			67,467,951
New Zealand		1,672,871		—		—			1,672,871
Norway		17,037,391		—		—			17,037,391
Philippines		705,800		—		—			705,800
Poland		1,094,391		—		—			1,094,391
Portugal		2,519,246		—		0	**		2,519,246
Russia		6,563,174		—		—			6,563,174
Singapore		2,736,797		—		—			2,736,797
South Africa		2,121,252		—		—			2,121,252
South Korea		8,043,632		—		—			8,043,632
Spain		42,817,492		—		0	**		42,817,492
Sweden		43,868,822		—		—			43,868,822
Switzerland		152,118,568		—		—			152,118,568
Taiwan		16,838,782		—		—			16,838,782
Thailand		—		3,015,517		—			3,015,517
Turkey		1,417,866		—		—			1,417,866
United Kingdom		321,262,511		—		—			321,262,511
United States		48,357,213		—		—			48,357,213
Total Common Stocks		1,959,388,139		3,015,517		0			1,962,403,656
Investment Companies
United States		19,875,313		—		—			19,875,313
Total Investment Companies		19,875,313		—		—			19,875,313
Preferred Stocks
Brazil		1,309,203		—		—			1,309,203
Germany		18,518,829		—		—			18,518,829
Spain		155,249		—		—			155,249
Total Preferred Stocks		19,983,281		—		—			19,983,281
Rights
Australia		3,295		—		—			3,295
Total Rights		3,295		—		—			3,295
Short-Term Investments
Mutual Fund - Securities Lending Collateral		21,145,393		—		—			21,145,393
U.S. Government and Agency Obligations		—		5,936,470		—			5,936,470
Total Short-Term Investments		21,145,393		5,936,470		—			27,081,863
Futures Contracts†
Buys		1,355,978		—		—			1,355,978
Total Futures Contracts		1,355,978		—		—			1,355,978

180

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts†	$	—	$	604,459	$	—	$	604,459
Total Forward Foreign Currency Contracts		—		604,459		—		604,459
Total	$	2,021,751,399	$	9,556,446	$	0	$	2,031,307,845

* Represents one or more Level 2 securities at $0 value as of September 30, 2018.

** Represents one or more Level 3 securities at $0 value as of September 30, 2018.

† 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.

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	$	—	$	96,199,198	$	—		$	96,199,198
Corporate Debt		—		279,006,406		0	**		279,006,406
Mortgage Backed Securities - Private Issuers		—		74,677,260		—			74,677,260
Mortgage Backed Securities - U.S. Government Agency Obligations		—		201,078,745		—			201,078,745
Municipal Obligations		—		7,991,285		—			7,991,285
Sovereign Debt Obligations		—		9,708,913		—			9,708,913
U.S. Government and Agency Obligations		—		95,040,786		—			95,040,786
Total Debt Obligations		—		763,702,593		0			763,702,593
Short-Term Investments
Certificate of Deposit		—		422,668		—			422,668
Mutual Fund - Securities Lending Collateral		8,431,740		—		—			8,431,740
Total Short-Term Investments		8,431,740		422,668		—			8,854,408
Futures Contracts†
Sales		228,655		—		—			228,655
Total Futures Contracts		228,655		—		—			228,655

181

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Swaps
Centrally Cleared Interest Rate Swaps†	$	—	$	1,589,955	$	—	$	1,589,955
Total Swaps		—		1,589,955		—		1,589,955
Total	$	8,660,395	$	765,715,216	$	0	$	774,375,611

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	$	(908,973	)	$	—		$	—	$	(908,973	)
Total Futures Contracts		(908,973	)		—			—		(908,973	)
Swaps
Centrally Cleared Interest Rate Swaps†		—			(1,685	)		—		(1,685	)
Total Swaps		—			(1,685	)		—		(1,685	)
Total	$	(908,973	)	$	(1,685	)	$	—	$	(910,658	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2018.

† 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
Asset Backed Securities	$	—	$	21,364,081	$	—		$	21,364,081
Bank Loans		—		55,845,441		—			55,845,441
Convertible Debt		—		417,079		—			417,079
Corporate Debt		—		142,631,551		0	**		142,631,551
Mortgage Backed Securities - Private Issuers		—		14,702,083		—			14,702,083
Mortgage Backed Securities - U.S. Government Agency Obligations		—		44,133,491		—			44,133,491

182

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September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Sovereign Debt Obligations	$	—	$	278,164,422	$	—		$	278,164,422
U.S. Government and Agency Obligations		—		47,041,396		—			47,041,396
Total Debt Obligations		—		604,299,544		0			604,299,544
Common Stocks
Biotechnology		173,803		—		—			173,803
Diversified Financial Services		—		—		0	**		—
Oil & Gas		—		860,867		202,248			1,063,115
Total Common Stocks		173,803		860,867		202,248			1,236,918
Convertible Preferred Stock
Oil & Gas		—		—		372,400			372,400
Total Convertible Preferred Stock		—		—		372,400			372,400
Investment Companies
Investment Companies		1,526,324		—		—			1,526,324
Total Investment Companies		1,526,324		—		—			1,526,324
Preferred Stocks
Investment Companies		61,372		—		—			61,372
Total Preferred Stocks		61,372		—		—			61,372
Options Purchased
Call Options		9,547		—		—			9,547
Put Options		370,560		—		—			370,560
Total Options Purchased		380,107		—		—			380,107
Short-Term Investments
Investment Companies		—		2,000		—			2,000
Sovereign Debt Obligations		—		6,185,145		—			6,185,145
U.S. Government and Agency Obligations		—		12,009,927		—			12,009,927
Total Short-Term Investments		—		18,197,072		—			18,197,072
Futures Contracts†
Buys		284		—		—			284
Sales		523,599		—		—			523,599
Total Futures Contracts		523,883		—		—			523,883
Swaps
Centrally Cleared Interest Rate Swaps†		—		109,767		—			109,767
OTC Credit Default Swaps		—		175,956		—			175,956
Centrally Cleared Credit Default Swaps†		—		48,726		—			48,726
Total Swaps		—		334,449		—			334,449

183

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts†	$	—	$	2,315,877	$	—	$	2,315,877
Total Forward Foreign Currency Contracts		—		2,315,877		—		2,315,877
Total	$	2,665,489	$	626,007,809	$	574,648	$	629,247,946

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	$	(738,690	)	$	—		$	—	$	(738,690	)
Sales		(3,734	)		—			—		(3,734	)
Total Futures Contracts		(742,424	)		—			—		(742,424	)
Swaps
OTC Interest Rate Swaps		—			(2,166	)		—		(2,166	)
Centrally Cleared Interest Rate Swaps†		—			(384	)		—		(384	)
OTC Credit Default Swaps		—			(1,561,750	)		—		(1,561,750	)
Centrally Cleared Credit Default Swaps†		—			(16,606	)		—		(16,606	)
Total Swaps		—			(1,580,906	)		—		(1,580,906	)
Forward Foreign Currency Contracts†		—			(4,987,786	)		—		(4,987,786	)
Total Forward Foreign Currency Contracts		—			(4,987,786	)		—		(4,987,786	)
Written Options		(32,098	)		—			—		(32,098	)
Total	$	(774,522	)	$	(6,568,692	)	$	—	$	(7,343,214	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2018.

† Forward foreign currency contracts, 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.

184

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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
Argentina	$	1,474,347	$	—	$	—	$	1,474,347
Australia		3,763,667		—		—		3,763,667
Bermuda		17,512,618		—		—		17,512,618
Brazil		48,471,818		—		—		48,471,818
British Virgin Islands		1,115,108		—		—		1,115,108
Cayman Islands		107,835,118		—		—		107,835,118
Chile		17,158,721		—		—		17,158,721
China		91,521,786		33,207		—		91,554,993
Colombia		815,918		—		—		815,918
Cyprus		631,109		—		—		631,109
Czech Republic		1,486,818		—		—		1,486,818
Egypt		2,833,935		—		—		2,833,935
France		2,587,433		—		—		2,587,433
Greece		827,211		—		—		827,211
Hong Kong		47,538,846		—		—		47,538,846
Hungary		4,912,338		—		—		4,912,338
India		111,136,967		51,881		—		111,188,848
Indonesia		22,201,304		—		—		22,201,304
Isle of Man		228,863		—		—		228,863
Japan		1,992,219		—		—		1,992,219
Luxembourg		221,969		—		—		221,969
Malaysia		17,403,686		—		—		17,403,686
Mexico		37,265,476		78,754		—		37,344,230
Netherlands		7,538,890		—		—		7,538,890
Nigeria		1,445,877		—		—		1,445,877
Philippines		5,346,458		—		—		5,346,458
Poland		5,893,796		—		—		5,893,796
Qatar		1,060,773		—		—		1,060,773
Russia		16,262,607		—		—		16,262,607
Singapore		2,271,689		—		—		2,271,689
South Africa		59,431,499		—		—		59,431,499
South Korea		117,795,882		—		—		117,795,882
Spain		29,699		—		—		29,699
Switzerland		3,063,928		—		—		3,063,928
Taiwan		111,569,251		206,052		—		111,775,303
Thailand		12,957,504		18,370,768		—		31,328,272
Turkey		2,555,935		—		—		2,555,935
United Arab Emirates		1,367,361		—		—		1,367,361
United Kingdom		10,950,115		—		—		10,950,115
United States		14,425,223		—		—		14,425,223
Total Common Stocks		914,903,762		18,740,662		—		933,644,424

185

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Preferred Stocks
Brazil	$	10,933,298	$	—	$	—	$	10,933,298
Colombia		235,000		—		—		235,000
Germany		1,104,093		—		—		1,104,093
Total Preferred Stocks		12,272,391		—		—		12,272,391
Short-Term Investments
Investment Fund		4,472,075		—		—		4,472,075
Mutual Fund - Securities Lending Collateral		12,308,643		—		—		12,308,643
U.S. Government and Agency Obligations		—		2,979,364		—		2,979,364
Total Short-Term Investments		16,780,718		2,979,364		—		19,760,082
Futures Contracts†
Buys		1,270,706		—		—		1,270,706
Sales		147,716		—		—		147,716
Total Futures Contracts		1,418,422		—		—		1,418,422
Synthetic Futures
Long		—		685,679		—		685,679
Total Synthetic Futures		—		685,679		—		685,679
Forward Foreign Currency Contracts†		—		1,577,835		—		1,577,835
Total Forward Foreign Currency Contracts		—		1,577,835		—		1,577,835
Total	$	945,375,293	$	23,983,540	$	—	$	969,358,833

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†
Sales	$	(7,357	)	$	—		$	—	$	(7,357	)
Total Futures Contracts		(7,357	)		—			—		(7,357	)
Synthetic Futures
Long		—			(7,899	)		—		(7,899	)
Total Synthetic Futures		—			(7,899	)		—		(7,899	)
Forward Foreign Currency Contracts†		—			(1,741,228	)		—		(1,741,228	)
Total Forward Foreign Currency Contracts		—			(1,741,228	)		—		(1,741,228	)
Total	$	(7,357	)	$	(1,749,127	)	$	—	$	(1,756,484	)

† 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.

186

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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	$	11,567,891	$	—	$	—	$	11,567,891
Austria		6,500,681		—		—		6,500,681
Belgium		4,975,585		—		—		4,975,585
Bermuda		10,506,877		16,102		—		10,522,979
British Virgin Islands		109,696		—		—		109,696
Canada		33,963,991		—		—		33,963,991
Denmark		7,662,645		—		—		7,662,645
Finland		6,474,804		—		—		6,474,804
France		15,239,073		—		—		15,239,073
Germany		26,193,639		—		—		26,193,639
Hong Kong		12,278,003		—		—		12,278,003
Ireland		8,275,034		—		—		8,275,034
Israel		7,598,791		—		—		7,598,791
Italy		1,398,074		—		—		1,398,074
Japan		49,711,604		—		—		49,711,604
Liberia		233,632		—		—		233,632
Luxembourg		4,965,860		—		—		4,965,860
Netherlands		6,653,958		—		—		6,653,958
New Zealand		6,501,553		—		—		6,501,553
Norway		8,030,596		—		—		8,030,596
Panama		1,798,888		—		—		1,798,888
Portugal		623,835		—		—		623,835
Puerto Rico		1,552,875		—		—		1,552,875
Singapore		5,890,624		72,214		—		5,962,838
Spain		3,346,210		—		—		3,346,210
Sweden		13,309,986		—		—		13,309,986
Switzerland		44,422,235		—		—		44,422,235
United Kingdom		47,893,240		—		—		47,893,240
United States		548,824,260		—		—		548,824,260
Total Common Stocks		896,504,140		88,316		—		896,592,456
Preferred Stocks
Germany		505,745		—		—		505,745
Japan		151,689		—		—		151,689
Sweden		93,812		—		—		93,812
Total Preferred Stocks		751,246		—		—		751,246
Short-Term Investments
Mutual Fund - Securities Lending Collateral		7,420,671		—		—		7,420,671
U.S. Government and Agency Obligations		—		1,978,823		—		1,978,823
Total Short-Term Investments		7,420,671		1,978,823		—		9,399,494

187

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Notes to the Financial Statements (Continued)

September 30, 2018 (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	$	227,305	$	—	$	—	$	227,305
Total Futures Contracts		227,305		—		—		227,305
Total	$	904,903,362	$	2,067,139	$	—	$	906,970,501

† 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:

Non-US Core Equity

	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	$	1,114,425,909	**	$	—	$	—	$	1,114,425,909	**
Preferred Stocks		18,518,829	**		—		—		18,518,829	**

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	$	461,168,660	**	$	4,916,265	*	$	4,916,265	*	$	461,168,660	**
Preferred Stocks		1,339,093	**		—			—			1,339,093	**

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	$	220,089,310	**	$	—	$	—	$	220,089,310	**
Preferred Stocks		599,557	**		—		—		599,557	**

* 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.

188

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

The following tables include a rollforward of the amounts for the period ended September 30, 2018 for financial instruments classified as Level 3:

Opportunistic Fixed

Investments in Securities	Balance as of March 31, 2018				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Transfers In (Out) of Level 3			Purchases/ Sales			Balance as of September 30, 2018				Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2018
DEBT OBLIGATIONS
Corporate Debt		$	0	^		$	—		$	—		$	—		$	—		$	0	^^		$	—
COMMON STOCKS
Diversified Financial Services			0	^			—			—			—			—			0	^^			—
Oil & Gas			0	^			—			—			202,248			—			202,248				—
CONVERTIBLE PREFERRED STOCKS
Oil & Gas			—				—			—			372,400			—			372,400				—
Total		$	0	^		$	—		$	—		$	574,648		$	—		$	574,648			$	—

^ Represents one or more securities at $0 value as of March 31, 2018.

^^ Represents one or more securities at $0 value as of September 30, 2018.

Investments in Derivative Instruments

At September 30, 2018 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)	$	20,225		$	20,225
Total Value	$	20,225		$	20,225
LIABILITY DERIVATIVES
	Equity Risk			Total
Futures Contracts(3)	$	(11,429	)	$	(11,429	)
Total Value	$	(11,429	)	$	(11,429	)
NET REALIZED GAIN (LOSS)
	Equity Risk			Total
Futures Contracts(8)	$	931,755		$	931,755
Total Realized Gain (Loss)	$	931,755		$	931,755

189

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk		Total
Futures Contracts(14)	$	583,685	$	583,685
Total Change in Appreciation (Depreciation)	$	583,685	$	583,685
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Equity Risk		Total
Futures Contracts		92		92

Small/Mid Cap

LIABILITY DERIVATIVES

	Equity Risk			Total
Futures Contracts(3)	$	(536,613	)	$	(536,613	)
Total Value	$	(536,613	)	$	(536,613	)
NET REALIZED GAIN (LOSS)
	Equity Risk			Total
Futures Contracts(8)	$	1,747,017		$	1,747,017
Total Realized Gain (Loss)	$	1,747,017		$	1,747,017
CHANGE IN APPRECIATION (DEPRECIATION)
	Equity Risk			Total
Futures Contracts(14)	$	446,065		$	446,065
Total Change in Appreciation (Depreciation)	$	446,065		$	446,065
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Equity Risk			Total
Futures Contracts		264			264

Non-US Core Equity

ASSET DERIVATIVES

	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	—	$	1,355,978	$	1,355,978
Forward Foreign Currency Contracts(4)		604,459		—		604,459
Total Value	$	604,459	$	1,355,978	$	1,960,437

190

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(8)	$	—		$	(4,272,866	)	$	(4,272,866	)
Forward Foreign Currency Contracts(7)		1,012,176			—			1,012,176
Total Realized Gain (Loss)	$	1,012,176		$	(4,272,866	)	$	(3,260,690	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(14)	$	—		$	3,383,482		$	3,383,482
Forward Foreign Currency Contracts(13)		709,279			—			709,279
Total Change in Appreciation (Depreciation)	$	709,279		$	3,383,482		$	4,092,761
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		—			899			899
Forward Foreign Currency Contracts		(19,976,298	)		—			(19,976,298	)

Core Fixed

ASSET DERIVATIVES
	Interest Rate Risk			Total
Futures Contracts(3)	$	228,655		$	228,655
Centrally Cleared Swap Contracts**		1,589,955			1,589,955
Total Value	$	1,818,610		$	1,818,610
LIABILITY DERIVATIVES
	Interest Rate Risk			Total
Futures Contracts(3)	$	(908,973	)	$	(908,973	)
Centrally Cleared Swap Contracts**		(1,685	)		(1,685	)
Total Value	$	(910,658	)	$	(910,658	)
NET REALIZED GAIN (LOSS)
	Interest Rate Risk			Total
Options Purchased(9)	$	(22,337	)	$	(22,337	)
Options Written(10)		6,467		$	6,467
Swaps Contracts(11)		109,442		$	109,442
Futures Contracts(8)		492,125		$	492,125
Total Realized Gain (Loss)	$	585,697		$	585,697

191

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Interest Rate Risk			Total
Swaps Contracts(17)	$	643,880		$	643,880
Futures Contracts(14)		(1,484,425	)		(1,484,425	)
Total Change in Appreciation (Depreciation)	$	(840,545	)	$	(840,545	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Interest Rate Risk			Total
Options Purchased		106,000			106,000
Options Written		(106,000	)		(106,000	)
Swaps Contracts		510,909,500			510,909,500
Futures Contracts		819			819

Opportunistic Fixed

ASSET DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(1)	$	—		$	102,893		$	138,719		$	138,495		$	380,107
Futures Contracts(3)		—			—			523,883			—			523,883
Forward Foreign Currency Contracts(2)		—			2,315,877			—			—			2,315,877
OTC Swaps Contracts		175,956			—			—			—			175,956
Centrally Cleared Swap Contracts**		48,726			—			109,767			—			158,493
Total Value	$	224,682		$	2,418,770		$	772,369		$	138,495		$	3,554,316
LIABILITY DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Written(5)	$	—		$	—		$	(4,141	)	$	(27,957	)	$	(32,098	)
Forward Foreign Currency Contracts(4)		—			(4,987,786	)		—			—			(4,987,786	)
Futures Contracts(3)		—			—			(742,424	)		—			(742,424	)
OTC Swaps Contracts		(1,561,750	)		—			(2,166	)		—			(1,563,916	)
Centrally Cleared Swap Contracts**		(16,606	)		—			(384	)		—			(16,990	)
Total Value	$	(1,578,356	)	$	(4,987,786	)	$	(749,115	)	$	(27,957	)	$	(7,343,214	)

192

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

NET REALIZED GAIN (LOSS)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(9)	$	—		$	(343	)	$	36,734		$	—		$	36,391
Options Written(10)		—			—			11,776			38			11,814
Swaps Contracts(11)		(167,574	)		—			(12,994	)		—			(180,568	)
Futures Contracts(8)		—			—			(1,156,639	)		—			(1,156,639	)
Forward Foreign Currency Contracts(7)†		—		$	(2,433,708	)		—			—			(2,433,708	)
Total Realized Gain (Loss)	$	(167,574	)	$	(2,434,051	)	$	(1,121,123	)	$	38		$	(3,722,710	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(15)	$	—		$	(31,256	)	$	(46,191	)	$	(19,047	)	$	(134,164	)
Options Written(16)		—			—			11,581			—			25,780
Swaps Contracts(17)		(48,302	)		—			105,051			—			56,749
Futures Contracts(14)		—			—			(217,350	)		—			(217,350	)
Forward Foreign Currency Contracts(13)†		—			(2,463,363	)		—			—			(2,463,363	)
Total Change in Appreciation (Depreciation)	$	(48,302	)	$	(2,494,619	)	$	(146,909	)	$	(19,047	)	$	(2,732,348	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased		—			16,460,000			413,875			—			16,873,875
Options Written		—			—			(96,050	)		—			(96,050	)
Swaps Contracts		48,650,519			—			62,886,843			—			111,537,362
Futures Contracts		—			—			1,009			—			1,009
Forward Foreign Currency Contracts†		—			(2,510,483	)		—			—			(2,510,483	)

Emerging Markets

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)††	$	—	$	2,104,101	$	2,104,101
Forward Foreign Currency Contracts(2)		1,577,835		—		1,577,835
Total Value	$	1,577,835	$	2,104,101	$	3,681,936

193

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Forward Foreign Currency Contracts(4)	$	(1,741,228	)	$	—		$	(1,741,228	)
Futures Contracts(3)††		—			(15,256	)		(15,256	)
Total Value	$	(1,741,228	)	$	(15,256	)	$	(1,756,484	)
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(8)††	$	—		$	(8,342,958	)	$	(8,342,958	)
Forward Foreign Currency Contracts(7)		(3,479,262	)		—			(3,479,262	)
Total Realized Gain (Loss)	$	(3,479,262	)	$	(8,342,958	)	$	(11,822,220	)
CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(14)††	$	—		$	1,347,712		$	1,347,712
Forward Foreign Currency Contracts(13)		(71,897	)		—			(71,897	)
Total Change in Appreciation (Depreciation)	$	(71,897	)	$	1,347,712		$	1,275,815
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts		—			6,152,817			6,152,817
Forward Foreign Currency Contracts		29,591,209			—			29,591,209

Global Low Volatility

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(3)	$	7,097	$	220,208	$	227,305
Total Value	$	7,097	$	220,208	$	227,305
NET REALIZED GAIN (LOSS)
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(8)	$	10,898	$	669,518	$	680,416
Total Realized Gain (Loss)	$	10,898	$	669,518	$	680,416

194

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

CHANGE IN APPRECIATION (DEPRECIATION)
	Foreign Currency Risk			Equity Risk		Total
Futures Contracts(14)	$	(3,098	)	$	1,350,804	$	1,347,706
Total Change in Appreciation (Depreciation)	$	(3,098	)	$	1,350,804	$	1,347,706
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(18)
	Foreign Currency Risk			Equity Risk		Total
Futures Contracts		15			237		252

** 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.

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⁽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, 2018.

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.

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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 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, 2018.

Non-US Core Equity

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset		Cash Collateral Received*		Net Amount of Derivative Assets(a)
Citibank N.A.	$	20,226	$	—	$	—	$	20,226
State Street Bank and Trust		584,233		—		—		584,233
	$	604,459	$	—	$	—	$	604,459

^(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			Cash Collateral Received*			Net Amount of Derivative Assets(a)
Barclays Bank Plc	$	7,987	$	—		$	—		$	7,987
Citibank N.A.		32,800		(32,800	)		—			—
Deutsche Bank AG		197,673		(117,625	)		(80,048	)		—
Deutsche Bank Securities Inc.		74,780		—			—			74,780
HSBC Bank Plc		744,635		(744,635	)		—			—
HSBC Bank USA, N.A.		46,915		—			—			46,915
JPMorgan Chase Bank N.A.		175,956		(175,956	)		—			—
JPMorgan Chase Bank N.A. London		913,921		(913,921	)		—			—
Morgan Stanley & Co.		435,769		(435,769	)		—			—
Natwest Markets Plc		34,137		(34,137	)		—			—
Toronto-Dominion Bank		4,933		(4,933	)		—			—
	$	2,669,506	$	(2,459,776	)	$	(80,048	)	$	129,682

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Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Cash Collateral Pledged*		Net Amount of  Derivative Assets(b)
Citibank N.A.	$	(234,127	)	$	32,800	$	70,000	$	(131,327	)
Deutsche Bank AG		(117,625	)		117,625		—		—
HSBC Bank Plc		(1,568,632	)		744,635		—		(823,997	)
HSBC Sec. New York		(2,166	)		—		—		(2,166	)
JPMorgan Chase Bank N.A.		(1,535,822	)		175,956		—		(1,359,866	)
JPMorgan Chase Bank N.A. London		(2,267,246	)		913,921		1,120,000		(233,325	)
Morgan Stanley & Co.		(747,207	)		435,769		87,000		(224,438	)
Natwest Markets Plc		(73,329	)		34,137		—		(39,192	)
Toronto-Dominion Bank		(5,548	)		4,933		—		(615	)
	$	(6,551,702	)	$	2,459,776	$	1,277,000	$	(2,814,926	)

^(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.

Emerging Markets

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Cash Collateral Received*			Net Amount of  Derivative Assets(a)
Citibank N.A. London	$	1,577,835	$	(1,577,835	)	$	—		$	—
Goldman Sachs International		685,679		(7,899	)		(450,000	)		227,780
	$	2,263,514	$	(1,585,734	)	$	(450,000	)	$	227,780

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Cash Collateral Pledged*		Net Amount of  Derivative Assets(b)
Citibank N.A. London	$	(1,741,228	)	$	1,577,835	$	163,393	$	—
Goldman Sachs International		(7,899	)		7,899		—		—
	$	(1,749,127	)	$	1,585,734	$	163,393	$	—

^(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

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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 cash and cash equivalents. Cash and cash equivalents are defined as cash and bank balances as well as short-term investments with a maturity of less than three months from the acquisition date.

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 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, 2018. 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

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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, 2018 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	21,930,127	$	7,743,812	$	14,711,637
Small/Mid Cap		66,238,557		6,716,944		60,894,409
Non-US Core Equity		37,294,723		21,145,393		18,169,810
Core Fixed		24,005,728		8,431,740		16,072,570
Emerging Markets		26,373,942		12,308,643		15,905,385
Global Low Volatility		31,642,766		7,420,671		25,270,976

Opportunistic Fixed did not have any securities on loan at September 30, 2018.

For Large Cap, Small/Mid Cap, 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, 2018, with a contractual maturity of overnight and continuous.

For Non-US Core Equity and Core Fixed, the values of the security loan obligations are classified as follows at September 30, 2018:

Non-US Core Equity

	Remaining Contractual Maturity of the Agreements As of September 30, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	21,145,098	$	—	$	—	$	—	$	21,145,098
Rights		295		—		—		—		295
Total	$	21,145,393	$	—	$	—	$	—	$	21,145,393
Total Borrowings	$	21,145,393	$	—	$	—	$	—	$	21,145,393
Gross amount of recognized liabilities for securities lending transactions									$	21,145,393

Core Fixed

	Remaining Contractual Maturity of the Agreements As of September 30, 2018
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	8,192,626	$	—	$	—	$	—	$	8,192,626
Sovereign Debt Obligations		239,114		—		—		—		239,114
Total	$	8,431,740	$	—	$	—	$	—	$	8,431,740
Total Borrowings	$	8,431,740	$	—	$	—	$	—	$	8,431,740
Gross amount of recognized liabilities for securities lending transactions									$	8,431,740

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(e)  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. Up-front payments received or made are reflected as “up-front net premiums received” or “up-front net premiums paid”, respectively, on the Statement of Assets and Liabilities. 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.

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.

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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 the 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.

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.

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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.

During the period ended September 30, 2018, Core Fixed and Opportunistic Fixed used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. See the Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open swap agreements as of September 30, 2018.

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(f)  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 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 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 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.

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 total return swap transaction in which there’s a commitment to receive positive or negative returns in exchange for equity index futures. If the underlying asset declines in value over the term of the total return swap, the Fund may also be

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September 30, 2018 (Unaudited)

required to pay the dollar value of that decline to the counterparty. 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, 2018, 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 each Fund’s Schedule of Investments for a listing of open futures contracts as of September 30, 2018.

(g)  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 a 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.

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.

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During the period ended September 30, 2018, Core Fixed and Opportunistic Fixed used options to manage interest rate and volatility exposure.

(h)  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. The primary risks associated with forward foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably.

During the period ended September 30, 2018, 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, 2018.

(i)  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 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.

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September 30, 2018 (Unaudited)

(j)  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, 2018.

(k)  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, 2018.

(l)  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

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September 30, 2018 (Unaudited)

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 and Opportunistic Fixed as of September 30, 2018.

(m)  Bank loans

Core Fixed and Opportunistic 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, 2018, the Funds held no unfunded loan commitments.

(n)  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.

(o)  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.

208

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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.

(p)  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.

(q)  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 13, 2018. 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, 2018.

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.

209

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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 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.

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, 2018:

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

210

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Notes to the Financial Statements (Continued)

September 30, 2018 (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, 2018, were as follows:

	Long-Term U.S. Government Securities			Other Long-Term Securities
Purchases
Large Cap	$	—		$	155,450,150
Small/Mid Cap		—			185,314,849
Non-US Core Equity		—			879,203,434
Core Fixed		231,213,471	*		81,347,486
Opportunistic Fixed		185,875,267	**		649,367,539
Emerging Markets		—			316,760,503
Global Low Volatility		—			217,469,401
Sales
Large Cap		—			241,958,311
Small/Mid Cap		—			304,672,104
Non-US Core Equity		—			854,801,731
Core Fixed		261,667,983	*		123,618,105
Opportunistic Fixed		103,086,879	**		676,657,577
Emerging Markets		—			271,002,063
Global Low Volatility		—			185,868,316

* Includes purchases of $38,980,124 and sales of $37,557,260 for TBA securities.

** Includes purchases of $38,241,290 and sales of $5,120,209 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, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		69,678		$	790,505			943,101		$	10,994,675
Shares issued through acquisition (see Note 8)		—			—			—			—
Shares issued to shareholders in reinvestment of distributions		—			—			6,716,902			72,475,376
Shares repurchased		(9,380,861	)		(105,021,741	)		(17,080,246	)		(198,793,771	)
Net decrease		(9,311,183	)	$	(104,231,236	)		(9,420,243	)	$	(115,323,720	)

211

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Small/Mid Cap

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		3,559,003		$	46,198,997			3,618,044		$	45,259,896
Shares issued through acquisition (see Note 8)		—			—			—			—
Shares issued to shareholders in reinvestment of distributions		—			—			7,880,177			94,877,327
Shares repurchased		(11,736,559	)		(150,784,072	)		(17,836,232	)		(227,123,462	)
Net decrease		(8,177,556	)	$	(104,585,075	)		(6,338,011	)	$	(86,986,239	)

Non-US Core Equity

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		11,845,625		$	135,348,403			20,842,524		$	238,966,126
Shares issued to shareholders in reinvestment of distributions		—			—			15,114,176			170,790,191
Shares repurchased		(14,575,830	)		(168,752,203	)		(66,027,147	)		(764,623,992	)
Net decrease		(2,730,205	)	$	(33,403,800	)		(30,070,447	)	$	(354,867,675	)

Core Fixed

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		7,851,572		$	77,528,557			19,178,104		$	194,169,216
Shares issued to shareholders in reinvestment of distributions		—			—			1,981,543			19,914,504
Shares repurchased		(16,544,429	)		(162,937,570	)		(11,313,719	)		(115,310,488	)
Net increase (decrease)		(8,692,857	)	$	(85,409,013	)		9,845,928		$	98,773,232

Opportunistic Fixed

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		9,211,015		$	84,072,214			16,750,989		$	163,306,702
Shares issued to shareholders in reinvestment of distributions		—			—			2,533,479			23,966,710
Shares repurchased		(3,007,576	)		(27,898,291	)		(13,267,089	)		(129,194,161	)
Net increase		6,203,439		$	56,173,923			6,017,379		$	58,079,251

212

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

Emerging Markets

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		12,246,156		$	135,034,856			24,627,345		$	268,542,786
Shares issued to shareholders in reinvestment of distributions		—			—			3,267,863			36,403,991
Shares redeemed through in-kind redemption*		—			—			(53,685,733	)		(604,905,874	)
Shares repurchased		(7,538,417	)		(81,188,813	)		(30,832,913	)		(346,989,807	)
Net increase (decrease)		4,707,739		$	53,846,043			(56,623,438	)	$	(646,948,904	)

* The Fund had a redemption in-kind on November 17, 2017.

Global Low Volatility

	Six Months Ended September 30, 2018						Year Ended March 31, 2018
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		9,541,638		$	119,010,298			17,880,974		$	233,315,310
Shares issued to shareholders in reinvestment of distributions		—			—			11,581,479			146,523,040
Shares redeemed through in-kind redemption*		—			—			(39,626,273	)		(531,155,034	)
Shares repurchased		(7,729,083	)		(97,702,562	)		(13,917,801	)		(180,661,065	)
Net increase (decrease)		1,812,555		$	21,307,736			(24,081,621	)	$	(331,977,749	)

* The Fund had a redemption in-kind on October 13, 2017.

On November 17, 2017, Emerging Markets transferred securities in-kind valued at $325,402,466 and cash of $279,503,408 for a redemption. This resulted in 53,685,733 units redeemed which are shown in the Statements of Changes in Net Assets. This transfer also resulted in a realized gain of $75,577,986 which is shown on the Statements of Operations.

On October 13, 2017, Global Low Volatility transferred securities in-kind valued at $483,152,037 and cash of $48,002,998 for a redemption. This resulted in 39,626,273 units redeemed which are shown in the Statements of Changes in Net Assets. This transfer also resulted in a realized gain of $81,952,311 which is shown on the Statements of Operations.

213

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

8. Federal income taxes

As of September 30, 2018, 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	$	380,874,793	$	71,420,764	$	(9,363,197	)	$	62,057,567
Small/Mid Cap		687,961,936		169,775,800		(32,644,186	)		137,131,614
Non-US Core Equity		1,844,332,700		258,226,002		(73,211,294	)		185,014,708
Core Fixed		795,885,228		2,794,543		(26,122,770	)		(23,328,227	)
Opportunistic Fixed		643,384,854		6,181,960		(23,493,077	)		(17,311,117	)
Emerging Markets		996,429,661		68,689,044		(99,441,808	)		(30,752,764	)
Global Low Volatility		770,164,149		158,864,767		(22,285,720	)		136,579,047

9. Subsequent events

Management has evaluated the impact of subsequent events through November 28, 2018, the date the financial statements were available to be issued for possible adjustment to and/or disclosure in the Funds’ financial statements. Management has determined that there are no material events that would require adjustment and/or disclosure in the Funds’ financial statements through this date.

10. 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.

11. 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.

12. Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2018 through September 30, 2018

June 18-19, 2018 Board Meeting

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

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

214

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

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 June 18-19, 2018 (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”), 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 Independent Trustees reviewed the information and materials furnished by the Advisor 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; 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 Independent 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 at regularly scheduled and special Board meetings. The Independent 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 by their independent legal counsel for use in connection with the contract renewal process, as well as the Advisor’s responses at the Meeting to the follow-up items that had been requested on behalf of the Independent Trustees by their independent legal counsel.

During their review of this information, the Independent 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 Agreement for each Fund at certain asset levels, and the current profitability levels of the Funds; and any ancillary benefits to the Advisor and its affiliates of the Advisor’s relationship with the Funds. The Independent Trustees also considered the nature, extent, and quality of the non-advisory services that the Advisor and its affiliates provided to the Funds.

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Additionally, the Independent Trustees received assistance from, and met separately with, their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements.

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

(a)  The nature, extent, and quality of the services that were provided by the Advisor.  The Independent 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 Independent 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 Independent 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 Independent 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 Independent Trustees noted 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 Independent Trustees 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 Independent Trustees discussed the Trust’s multi-manager structure, and the services required by the Trust as a consequence of that structure, as compared to an investment company without multiple Subadvisors. The Independent 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 Independent Trustees considered the scope and substance of the Advisor’s regulatory and compliance policies, procedures, and systems. The Independent 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 Independent 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.

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Based on their consideration and review of the foregoing information, the Independent Trustees 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 Independent 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 Independent Trustees observed that the Advisor did not manage other comparable registered investment companies and, therefore, the Advisor could not provide information regarding the Advisor’s fees for such activities.

The Independent Trustees discussed the entrepreneurial risk undertaken by the Advisor in managing and operating the Trust and the Funds and they considered the Advisor’s commitment to the continued successful operation of the Funds. The Independent Trustees took notice of the level of profitability currently being realized by the Advisor in connection with its management of the Funds. The Independent 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 Independent 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 described in the materials on this subject that were provided to the Independent Trustees, as well as in the comments of the Advisor’s personnel at the Meeting. The Independent 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 Independent Trustees noted that the Advisor, as a policy, did not receive any services paid for by Fund soft dollar commissions. As such, the Independent Trustees 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 Independent Trustees took into consideration the Advisor’s discussion of the ancillary benefits that the firm (along with its affiliates) may realize by managing the Funds, 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, as well as the benefits to the Advisor stemming from its ability to negotiate global fee arrangements from time to time with certain of the Subadvisors. The Independent 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 Independent 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. As such, the Independent Trustees concluded that the benefits that accrued to the Advisor and its affiliates by virtue of their relationship to the Funds were reasonable and fair in comparison with the costs of providing the relevant services.

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(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 Independent Trustees took into consideration the fact that the advisory fee schedule for each Fund currently includes breakpoints at the 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 Independent 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 Independent 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 Independent 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 Independent Trustees considered the performance of each Fund, 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 second 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 performance for the ten-year measurement period or since inception for those Funds that did not have ten years of performance. The Independent Trustees also took into consideration 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 Independent Trustees took into consideration the following:

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

2.  Small/Mid Cap Fund.  In the case of the Small/Mid Cap Fund, the Independent Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the first, second, third, third, third and third quintiles, respectively, of its peer universe. The Independent 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 first, second, third, second, second and third quintiles, respectively, of its peer group.

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

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Independent 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 first, first, first, first, first and third quintiles, respectively, of its peer group.

4.  Emerging Markets Fund.  In case of the Emerging Markets Fund, which had commenced operations in May of 2012, the Independent Trustees noted that the Fund’s performance for the one-, two-, three-, four- and five-year and since inception measurement periods placed it in the third, third, fourth, third, fourth and third quintiles, respectively, of its peer universe. The Independent Trustees also considered that the Emerging Markets Fund’s performance for each of the six measurement periods placed the Fund’s performance in the fourth, fifth, fifth, fifth, fifth and fifth quintiles, respectively, of its peer group. With regard to the performance of the Emerging Markets Fund relative to its peer group, the Independent Trustees considered that, in order to improve the Fund’s performance, the Advisor had recommended, and the Board had approved, changes to the subadvisory structure of the Fund, which were implemented in March 2018.

5.  Global Low Volatility Fund.  In case of the Global Low Volatility Fund, which had commenced operations in November of 2012, the Independent Trustees noted that performance fell within the first quintile for each of the one-, two-, three-, four- and five-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 Independent Trustees noted that the Fund’s performance for the one-, two-, three-, four-, five- and ten-year measurement periods placed it in the first, second, first, first, second and second quintiles, respectively, of its peer universe. 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 second, third, third, third, third 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 Independent Trustees noted that performance for the one-, two-, three- and four-year and since inception measurement periods placed it in the first, first, first, fifth and fifth quintiles, respectively, of its peer universe. The Independent Trustees also considered that the Opportunistic Fixed Income Fund’s performance for each of the five measurement periods placed its performance in the first, first, first, 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 Independent 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. The Independent Trustees also considered that the Advisor had recommended, and the Board had approved, changes to the subadvisory structure of the Fund, which were implemented in June 2018.

On the basis of the foregoing, the Independent 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 Independent Trustees. Based on these factors, and such

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other matters as were deemed relevant, the Independent 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 Independent 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 Independent Trustees concluded that the approval of the Investment Management Agreement was in the best interests of the Funds and their shareholders, and the Board, including a majority of the Independent Trustees, approved the renewal of the Investment Management Agreement.

Mercer US Large Cap Equity Fund

Mercer US Small/Mid Cap Equity Fund

Mercer Non-US Core Equity Fund

Mercer Emerging Markets Equity Fund

Mercer Global Low Volatility Equity Fund

Mercer Core 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, 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, Mondrian Investment Partners Limited, 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); and Income Research & Management, Manulife Asset Management (US) LLC and PGIM, Inc. (in the case of the Core Fixed Income Fund) (each a “Subadvisor,” and together, the “Subadvisors”).

In considering the renewal of the Subadvisory Agreements, the Independent Trustees considered the information and materials furnished by the Advisor 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) information regarding 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 (as applicable), and a comparison of the performance

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returns of the allocated portion of the Fund managed by the Subadvisor to a relevant index; and (viii) the Advisor’s detailed monitoring and reporting of Subadvisor performance on qualitative and quantitative factors.

In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Advisor and representatives of the Subadvisors, both at the Meeting and throughout the course of the year at regularly scheduled and special Board meetings. During their review of this information, the Trustees also considered information provided by the Advisor regarding the Subadvisors’ answers and responses to applicable information requests contained in their 15(c) Questionnaire. The Independent Trustees considered and analyzed the factors that they 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 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 managing pooled investment products similar to the applicable Fund (as applicable); 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 Independent 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 from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

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

(a)  The nature, extent, and quality of the advisory services that were provided by the Subadvisors.  The Independent Trustees reviewed the nature, extent, and quality of the advisory services that each Subadvisor had provided to the applicable Fund. The Independent 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. The Independent 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 Independent Trustees considered each Subadvisor’s infrastructure and whether it continued to support the Subadvisor’s investment strategy adequately. The Independent 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 Independent 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 Independent 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

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experience, operations, and resources, were adequate and appropriate, and had benefited, and will continue to benefit, the applicable Fund and its shareholders. The Independent 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 Independent 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 Independent Trustees took account of the Advisor’s reasons for concluding that the compensation payable to each Subadvisor for its services to the Funds was reasonable in light of the nature and quality of the services furnished to the Fund, and 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.

The Independent 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 Investment 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 considered to have limited relevance to the Independent Trustees’ deliberations. The Independent 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 Independent 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 Independent Trustees also considered the information supplied by each Subadvisor that presented data regarding the fees charged to other comparable clients of the Subadvisor (as applicable). Based on their discussion, the Independent 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 Independent Trustees considered whether there were any ancillary benefits that may accrue to the Subadvisors as a result of their relationships with the Funds. The Independent Trustees concluded that certain Subadvisors may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Independent 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 Independent 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 Independent Trustees next discussed economies of scale. The Independent 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 allocated portion of the

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applicable Fund (and/or certain assets globally with respect to the Advisor and its affiliates) managed by the Subadvisor 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 Independent Trustees.

(e)  The investment performance of the Funds and the Subadvisors.  The Independent 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 Independent 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 Independent Trustees. Based on these factors, along with the determinations of the Advisor at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent 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 Independent Trustees concluded that the approval of the Subadvisory Agreements was in the best interests of the Funds and their shareholders and the Board, including a majority of the Independent Trustees, approved the renewal of each of the Subadvisory Agreements.

June 4, 2018 Special Meeting of the Board of Trustees

Mercer Opportunistic Fixed Income Fund

(the “Fund”)

Approval of New Subadvisory Agreements and Sub-Subadvisory Agreements for the Fund

At a special meeting of the Board of Trustees held on June 4, 2018 (the “Special Meeting”), the Advisor recommended, and the Board of Trustees, including the Independent Trustees, considered and approved, the appointment of five new Subadvisors for the Fund (the “New Subadvisors”), as well as two new Sub-Subadvisors (the “New Sub-Subadvisors”) to replace Franklin Advisers, Inc. and Investec Asset Management Limited, the subadvisors that previously managed the Fund’s portfolio. The changes to the subadvisory arrangements for the Fund may be collectively referred to as the “New Subadvisor Structure.”

In connection with the implementation of the New Subadvisor Structure, the Trustees, including the Independent Trustees, approved new Subadvisory Agreements between the Advisor and each of the following New Subadvisors: (1) BlackRock International Limited; (2) Colchester Global Investors Limited; (3) Loomis, Sayles & Company, L.P. (4) T. Rowe Price Associates, Inc. and (5) Western Asset Management Company, LLC. In addition, the Board also approved new Sub-Subadvisory Agreements with the following New Sub-Subadvisors: (1) T. Rowe Price International, Ltd. and (2) Western Asset Management Company Limited.

The Board was informed by the Advisor that the appointment of the New Subadvisors and the New Sub-Subadvisors was based upon the Advisor’s determination that each of these firms were qualified to serve as new Subadvisors, and Sub-Subadvisors, respectively, to the Fund, based upon the Advisor’s analysis of each of the firms.

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Approval of a New Subadvisory Agreement for the Fund with BlackRock International Limited

At the Special Meeting, the Trustees, including the Independent Trustees, first considered and approved a proposed new subadvisory agreement between the Advisor and BlackRock International Limited (“BlackRock International”) on behalf of the Fund (the “BlackRock International Subadvisory Agreement”). In considering the approval of the BlackRock International Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and BlackRock International that included, as to BlackRock International and the Fund: (i) the BlackRock International Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended BlackRock International for the Board’s approval, and the Advisor’s rationale for recommending that BlackRock International be appointed as a subadvisor to the Fund; (iii) the nature, extent, and quality of the services that BlackRock International proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of BlackRock International; (v) BlackRock International’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by BlackRock International for its services to the Fund and the fees charged to other accounts that BlackRock International manages; (vii) a summary of the compliance program applicable to BlackRock International; (viii) information regarding the historical performance returns of BlackRock International in managing the investment mandate it would employ for the Fund, as well as longer-term historical performance returns for investment mandates similar to the investment mandate it would employ for the Fund, and a comparison of such performance to a relevant index; and (ix) the financial condition of BlackRock International. In addition, the Independent Trustees considered presentations made by, and discussions at the Special Meeting held with, representatives of the Advisor, and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by BlackRock International.

During their review of this information, the Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to BlackRock International, including: the nature, extent, and quality of the services to be provided to the Fund by BlackRock International; BlackRock International’s management style and investment decision-making process; BlackRock International’s historical performance record in managing the investment mandate it would employ for the Fund, as well as longer-term historical performance returns for investment mandates similar to the investment mandate it would employ for the Fund; the qualifications and experience of the members of BlackRock International’s portfolio management team; and BlackRock International’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors to the Fund, 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 from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

In particular, and as to BlackRock International, the Independent Trustees considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by BlackRock International.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by BlackRock International to the Fund. The Independent Trustees discussed the specific investment management process that BlackRock International indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by

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BlackRock International), the qualifications of BlackRock International’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that BlackRock International would be managing, and the performance record of BlackRock International as compared to a relevant index. The Independent Trustees considered BlackRock International’s infrastructure and resources, and whether BlackRock International’s organization appeared to support BlackRock International’s strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to BlackRock International, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by BlackRock International. The Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of BlackRock International’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by BlackRock International, as well as BlackRock International’s ability to render such services based on BlackRock International’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that BlackRock International would manage.

(b)  Comparison of the services to be rendered and fees to be paid to BlackRock International under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by BlackRock International and evaluated the compensation to be paid to BlackRock International by the Advisor for those services. The Independent Trustees noted that the services that BlackRock International would furnish to the Fund appeared to be comparable to the services that BlackRock International currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered comparisons of the fees that will be paid to BlackRock International by the Advisor in light of the fees that were charged by BlackRock International to its other advisory clients, as disclosed in BlackRock International’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Independent Trustees also considered that the fees agreed to by BlackRock International were the result of an arm’s length bargain negotiated by unaffiliated parties and that the Advisor believes such fees are fair and reasonable. The Independent Trustees also noted that, while BlackRock International’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor, as discussed at the Special Meeting, in determining to recommend BlackRock International to serve as a subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to BlackRock International for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of BlackRock International would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to BlackRock International with respect to the assets of the Fund to be allocated to BlackRock International was supported by the services that were expected to be provided by BlackRock International to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to BlackRock International from its relationship with the Fund and concluded that they were reasonable.

The Independent Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the

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context of the Board’s consideration of the Investment Management Agreement with the Advisor. In addition, since the fees to be paid to BlackRock International were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of BlackRock International was considered to have limited relevance to the Independent Trustees’ deliberations. The Independent Trustees took note of the Advisor’s explanation that the recommended appointment of BlackRock International was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and considered that the Advisor had demonstrated that the appointment of BlackRock International may result in increased profitability for the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, taking into account the New Subadvisor Structure. On the basis of these considerations, the Independent Trustees concluded that, in light of the nature, extent and quality of the services expected to be provided by BlackRock International and the proposed fees to be paid to BlackRock International by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to BlackRock International as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by BlackRock International to the Fund.

(c)  Investment performance of the Fund and BlackRock International.  Because BlackRock International was a newly proposed Subadvisor to the Fund, the Independent Trustees could not consider BlackRock International’s investment performance in managing the Fund as a factor in evaluating the BlackRock International Subadvisory Agreement. However, the Independent Trustees reviewed BlackRock International’s historical performance record managing the investment mandate it would employ for the Fund, as well as longer-term historical performance returns for investment mandates similar to the investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of BlackRock International to a relevant index and concluded that BlackRock International’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the BlackRock International Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Independent Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend BlackRock International be appointed as a Subadvisor to the Fund, and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed fee rate for BlackRock International was supported by the services that were expected to be provided to the Fund and approval of the proposed BlackRock International Subadvisory Agreement was in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, determined to approve the BlackRock International Subadvisory Agreement.

Approval of a New Subadvisory Agreement for the Fund with Colchester Global Investors Limited

At the Special Meeting, the Trustees, including the Independent Trustees, also considered and approved a proposed new subadvisory agreement between the Advisor and Colchester Global Investors Limited (“Colchester”) on behalf of the Fund (the “Colchester Subadvisory Agreement”). In considering the approval of the Colchester Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and Colchester that included, as to Colchester and the Fund: (i) the Colchester Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Colchester for the Board’s approval, and the Advisor’s rationale for recommending that Colchester be appointed as a subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Colchester proposed to provide to the Fund; (iv) the investment

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management business, portfolio management personnel, operations, prior investment experience, and reputation of Colchester; (v) Colchester’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Colchester for its services to the Fund and the fees charged to other accounts that Colchester manages; (vii) a summary of Colchester’s compliance program; (viii) information regarding the historical performance returns of Colchester managing the investment mandate it would employ for the Fund and a comparison of such performance to a relevant index; and (ix) the financial condition of Colchester. The Independent Trustees also took into consideration Colchester’s proposed use of its affiliate CGIS, by means of a participating affiliate arrangement pursuant to which certain advisory personnel at CGIS would be providing investment advisory services to the Fund. In addition, the Independent Trustees considered presentations made by, and discussions at the Special Meeting held with, representatives of the Advisor, and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Colchester.

During their review of this information, the Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to Colchester, including: the nature, extent, and quality of the services to be provided to the Fund by Colchester and by CGIS, as a result of the use of the participating affiliate arrangement; Colchester’s management style and investment decision-making process; Colchester’s historical performance record in managing the investment mandate it would employ for the Fund; the qualifications and experience of the members of Colchester’s portfolio management team; and Colchester’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors to the Fund, 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 from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

In particular, and as to Colchester, the Independent Trustees considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Colchester.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by Colchester to the Fund. The Independent Trustees discussed the specific investment management process that Colchester indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Colchester), the qualifications of Colchester’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Colchester would be managing, and the performance record of Colchester as compared to a relevant index. The Independent Trustees considered Colchester’s infrastructure and resources, and whether Colchester’s organization appeared to support Colchester’s strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Colchester, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Colchester. The Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Colchester’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Colchester, as well as Colchester’s ability to render such services based on Colchester’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Colchester would manage.

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(b)  Comparison of the services to be rendered and fees to be paid to Colchester under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by Colchester and evaluated the compensation to be paid to Colchester by the Advisor for those services. The Independent Trustees noted that the services that Colchester would furnish to the Fund appeared to be comparable to the services that Colchester currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered comparisons of the fees that will be paid to Colchester by the Advisor in light of the fees that were charged by Colchester to its other advisory clients, as disclosed in Colchester’s Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Independent Trustees also considered that the fees agreed to by Colchester were the result of an arm’s length bargain negotiated by unaffiliated parties and that the Advisor believes such fees are fair and reasonable. The Independent Trustees also noted that, while Colchester’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor, as discussed at the Special Meeting, in determining to recommend Colchester to serve as a subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Colchester for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of Colchester would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Colchester with respect to the assets of the Fund to be allocated to Colchester was supported by the services that were expected to be provided by Colchester to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Colchester from its relationship with the Fund and concluded that they were reasonable.

The Independent Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Investment Management Agreement with the Advisor. In addition, since the fees to be paid to Colchester were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Colchester was considered to have limited relevance to the Independent Trustees’ deliberations. The Independent Trustees took note of the Advisor’s explanation that the recommended appointment of Colchester was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and considered that the Advisor had demonstrated that the appointment of Colchester may result in increased profitability for the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, taking into account the New Subadvisor Structure. On the basis of these considerations, the Independent Trustees concluded that, in light of the nature, extent and quality of the services expected to be provided by Colchester and the proposed fees to be paid to Colchester by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Colchester as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Colchester to the Fund.

(c)   Investment performance of the Fund and Colchester.  Because Colchester was a newly proposed Subadvisor to the Fund, the Independent Trustees could not consider Colchester’s investment performance in managing the Fund as a factor in evaluating the Colchester Subadvisory Agreement. However, the Independent Trustees reviewed Colchester’s historical performance record managing the

228

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investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of Colchester to a relevant index and concluded that Colchester’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the Colchester Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Independent Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Colchester be appointed as a Subadvisor to the Fund, and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed fee rate for Colchester was supported by the services that were expected to be provided to the Fund and approval of the proposed Colchester Subadvisory Agreement was in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, determined to approve the Colchester Subadvisory Agreement.

Approval of a New Subadvisory Agreement for the Fund with Loomis, Sayles & Company, L.P.

At the Special Meeting, the Trustees, including the Independent Trustees, next considered and approved a proposed new subadvisory agreement between the Advisor and Loomis, Sayles & Company, L.P. (“Loomis”) on behalf of the Fund (the “Loomis Subadvisory Agreement”). In considering the approval of the Loomis Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and Loomis that included, as to Loomis and the Fund: (i) the Loomis Subadvisory Agreement; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Loomis for the Board’s approval, and the Advisor’s rationale for recommending that Loomis be appointed as a subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Loomis proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Loomis; (v) Loomis’ brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Loomis for its services to the Fund and the fees charged to other accounts that Loomis manages; (vii) a summary of Loomis’ compliance program; (viii) information regarding the historical performance returns of Loomis managing the investment mandate it would employ for the Fund and a comparison of such performance to a relevant index; and (ix) the financial condition of Loomis. In addition, the Independent Trustees considered presentations made by, and discussions at the Special Meeting with, representatives of the Advisor, and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Loomis.

During their review of this information, the Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to Loomis, including: the nature, extent, and quality of the services to be provided to the Fund by Loomis; Loomis’ management style and investment decision-making process; Loomis’ historical performance record in managing the investment mandate it would employ for the Fund; the qualifications and experience of the members of Loomis’ portfolio management team; and Loomis’ staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors to the Fund, 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 from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

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September 30, 2018 (Unaudited)

In particular, and as to Loomis, the Independent Trustees considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Loomis.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by Loomis to the Fund. The Independent Trustees discussed the specific investment management process that Loomis indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Loomis), the qualifications of Loomis’ portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Loomis would be managing, and the performance record of Loomis as compared to a relevant index. The Independent Trustees considered Loomis’ infrastructure and resources, and whether Loomis’ organization appeared to support Loomis’ strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Loomis, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Loomis. The Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Loomis’ portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Loomis, as well as Loomis’ ability to render such services based on Loomis’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Loomis would manage.

(b)  Comparison of the services to be rendered and fees to be paid to Loomis under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by Loomis and evaluated the compensation to be paid to Loomis by the Advisor for those services. The Independent Trustees noted that the services that Loomis would furnish to the Fund appeared to be comparable to the services that Loomis currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered comparisons of the fees that will be paid to Loomis by the Advisor in light of the fees that were charged by Loomis to its other advisory clients, as disclosed in Loomis’ Form ADV, Part 2A (Firm Brochure) and in its 15(c) Questionnaire responses, including commingled and separate accounts. The Independent Trustees also considered that the fees agreed to by Loomis were the result of an arm’s length bargain negotiated by unaffiliated parties and that the Advisor believes such fees are fair and reasonable.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor, as discussed at the Special Meeting, in determining to recommend Loomis to serve as a Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Loomis for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of Loomis would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Loomis with respect to the assets of the Fund to be allocated to Loomis was supported by the services that were expected to be provided by Loomis to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Loomis from its relationship with the Fund and concluded that they were reasonable.

The Independent Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the

230

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

context of the Board’s consideration of the Investment Management Agreement with the Advisor. In addition, since the fees to be paid to Loomis were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Loomis was considered to have limited relevance to the Independent Trustees’ deliberations. The Independent Trustees took note of the Advisor’s explanation that the recommended appointment of Loomis was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and considered that the Advisor had demonstrated that the appointment of Loomis may result in increased profitability for the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, taking into account the New Subadvisor Structure. On the basis of these considerations, the Independent Trustees concluded that, in light of the nature, extent and quality of the services expected to be provided by Loomis and the proposed fees to be paid to Loomis by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Loomis as a result of serving as a Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Loomis to the Fund.

(c)  Investment performance of the Fund and Loomis.  Because Loomis was a newly proposed Subadvisor to the Fund, the Independent Trustees could not consider Loomis’ investment performance in managing the Fund as a factor in evaluating the Loomis Subadvisory Agreement. However, the Independent Trustees reviewed Loomis’ historical performance record managing the investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of Loomis to a relevant index and concluded that Loomis’ historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the Loomis Subadvisory Agreement.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Independent Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Loomis be appointed as a Subadvisor to the Fund, and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed fee rate for Loomis was supported by the services that were expected to be provided to the Fund and approval of the proposed Loomis Subadvisory Agreement was in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, determined to approve the Loomis Subadvisory Agreement.

Approval of a New Subadvisory Agreement for the Fund with T. Rowe Price Associates, Inc. and a New Sub-Subadvisory Agreement with T. Rowe Price International

At the Special Meeting, the Trustees, including the Independent Trustees, also considered and approved: (1) a proposed new subadvisory agreement between the Advisor and T. Rowe Price Associates, Inc. (“TRPA”) on behalf of the Fund and (2) a proposed new sub-subadvisory agreement between TRPA and T. Rowe Price International (“TRPIL”) (TRPA and TRPIL together “T. Rowe Price”) (and such agreements together, the “T. Rowe Price Agreements”). In considering the approval of the T. Rowe Price Agreements, the Independent Trustees considered the information and materials from the Advisor and T. Rowe Price that included, as to T. Rowe Price and the Fund: (i) the T. Rowe Price Agreements; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended T. Rowe Price for the Board’s approval, and the Advisor’s rationale for recommending that T. Rowe Price be appointed as a Subadvisor and Sub-Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that T. Rowe Price proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of T. Rowe Price; (v) T. Rowe Price’s brokerage and trading policies and practices; (vi) the level of

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Mercer Funds

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September 30, 2018 (Unaudited)

subadvisory fees to be charged by T. Rowe Price for its services to the Fund and the fees charged to other accounts that T. Rowe Price manages; (vii) a summary of the compliance program applicable to T. Rowe Price; (viii) information regarding T. Rowe Price’s historical performance returns managing the investment mandate it would employ for the Fund and a comparison of such performance to a relevant index; and (ix) the financial condition of T. Rowe Price. In addition, the Independent Trustees considered presentations made by, and discussions at the Special Meeting with, representatives of the Advisor, and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by T. Rowe Price.

During their review of this information, the Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to T. Rowe Price, including: the nature, extent, and quality of the services to be provided to the Fund by T. Rowe Price; T. Rowe Price’s management style and investment decision-making process; T. Rowe Price’s historical performance record in managing the investment mandate it would employ for the Fund; the qualifications and experience of the members of T. Rowe Price’s portfolio management team; and T. Rowe Price’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors to the Fund, 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 from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

In particular, and as to T. Rowe Price, the Independent Trustees considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by T. Rowe Price.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by T. Rowe Price to the Fund. The Independent Trustees discussed the specific investment management process that T. Rowe Price indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by T. Rowe Price), the qualifications of T. Rowe Price’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that T. Rowe Price would be managing, and the performance record of T. Rowe Price as compared to a relevant index. The Independent Trustees considered T. Rowe Price’s infrastructure and resources, and whether T. Rowe Price’s organization appeared to support T. Rowe Price’s strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to T. Rowe Price, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by T. Rowe Price. The Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of T. Rowe Price’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by T. Rowe Price, as well as T. Rowe Price’s ability to render such services based on T. Rowe Price’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that T. Rowe Price would manage.

(b)  Comparison of the services to be rendered and fees to be paid to T. Rowe Price under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by T. Rowe Price and evaluated the compensation to be

232

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

paid to T. Rowe Price by the Advisor for those services. The Independent Trustees noted that the services that T. Rowe Price would furnish to the Fund appeared to be comparable to the services that T. Rowe Price currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered comparisons of the fees that will be paid to T. Rowe Price by the Advisor in light of the fees that were charged by T. Rowe Price to its other advisory clients, as disclosed in each Form ADV, Part 2A (Firm Brochure) for T. Rowe Price provided in its 15(c) Questionnaire responses, including commingled and separate accounts. The Independent Trustees also considered that the fees agreed to by T. Rowe Price were the result of an arm’s length bargain negotiated by unaffiliated parties and that the Advisor believes such fees are fair and reasonable. The Independent Trustees also noted that, while T. Rowe Price’s fee schedule did include breakpoints, the benefit of the breakpoints would go to the Advisor, and not to the Fund, and would be reflected in the Advisor’s profitability.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor, as discussed at the Special Meeting, in determining to recommend T. Rowe Price to serve as a Subadvisor and Sub-Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to T. Rowe Price for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of T. Rowe Price would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to T. Rowe Price with respect to the assets of the Fund to be allocated to T. Rowe Price was supported by the services that were expected to be provided by T. Rowe Price to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to T. Rowe Price from its relationship with the Fund and concluded that they were reasonable.

The Independent Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Investment Management Agreement with the Advisor. In addition, since the fees to be paid to T. Rowe Price were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of T. Rowe Price was considered to have limited relevance to the Independent Trustees’ deliberations. The Independent Trustees took note of the Advisor’s explanation that the recommended appointment of T. Rowe Price was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and considered that the Advisor had demonstrated that the appointment of T. Rowe Price may result in increased profitability for the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, taking into account the New Subadvisor Structure. On the basis of these considerations, the Independent Trustees concluded that, in light of the nature, extent and quality of the services expected to be provided by T. Rowe Price and the proposed fees to be paid to T. Rowe Price by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to T. Rowe Price as a result of serving as a Subadvisor and Sub-Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by T. Rowe Price to the Fund.

(c)  Investment performance of the Fund and T. Rowe Price.  Because T. Rowe Price was a newly proposed Subadvisor and Sub-Subadvisor to the Fund, the Independent Trustees could not consider T. Rowe Price’s investment performance in managing the Fund as a factor in evaluating the T. Rowe Price Agreements. However, the Independent Trustees reviewed T. Rowe Price’s historical performance record in managing the investment mandate it would employ for the Fund. The Independent Trustees

233

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

also compared the historical investment performance of T. Rowe Price to a relevant index and concluded that T. Rowe Price’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the T. Rowe Price Agreements.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Independent Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend T. Rowe Price be appointed as a Subadvisor and Sub-Subadvisor to the Fund, and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed fee rate for T. Rowe Price was supported by the services that were expected to be provided to the Fund and approval of the proposed T. Rowe Price Agreements was in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, determined to approve the T. Rowe Price Agreements.

Approval of a New Subadvisory Agreement for the Fund with Western Asset Management Company, LLC and a New Sub-Subadvisory Agreement with Western Asset Management Company Limited

At the Special Meeting, the Trustees, including the Independent Trustees, also considered and approved: (1) a proposed new subadvisory agreement between the Advisor and Western Asset Management Company, LLC (“WAMCO”) on behalf of the Fund and (2) a proposed new sub-subadvisory agreement between WAMCO and Western Asset Management Company Limited (“WAMCL”) (WAMCO and WAMCL together “Western Asset”) (and such agreements together, the “Western Agreements”). In considering the approval of the Western Asset Agreements, the Independent Trustees considered the information and materials from the Advisor and Western Asset that included, as to Western Asset and the Fund: (i) the Western Asset Agreements; (ii) information regarding the process by which the Advisor had reviewed, selected, and recommended Western Asset for the Board’s approval, and the Advisor’s rationale for recommending that Western Asset be appointed as a Subadvisor and Sub-Subadvisor to the Fund; (iii) the nature, extent, and quality of the services that Western Asset proposed to provide to the Fund; (iv) the investment management business, portfolio management personnel, operations, prior investment experience, and reputation of Western Asset; (v) Western Asset’s brokerage and trading policies and practices; (vi) the level of subadvisory fees to be charged by Western Asset for its services to the Fund and the fees charged to other accounts that Western Asset manages; (vii) a summary of the compliance program applicable to Western Asset; (viii) information regarding Western Asset’s historical performance returns managing the investment mandate it would employ for the Fund and a comparison of such performance to a relevant index; and (ix) the financial condition of Western Asset. In addition, the Independent Trustees considered presentations made by, and discussions at the Special Meeting with, representatives of the Advisor, and the Advisor’s favorable assessment of the nature, extent and quality of the subadvisory services expected to be provided to the Fund by Western Asset.

During their review of this information, the Independent Trustees considered and analyzed factors that the Independent Trustees deemed relevant with respect to Western Asset, including: the nature, extent, and quality of the services to be provided to the Fund by Western Asset; Western Asset’s management style and investment decision-making process; Western Asset’s historical performance record in managing the investment mandate it would employ for the Fund; the qualifications and experience of the members of Western Asset’s portfolio management team; and Western Asset’s staffing levels and overall resources. The Independent Trustees also took into consideration the nature and extent of the oversight duties performed by the Advisor in connection with each of the Subadvisors to the Fund, 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

234

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Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

and advice from their independent legal counsel regarding legal and industry standards in connection with their duties and responsibilities when approving investment advisory agreements.

In particular, and as to Western Asset, the Independent Trustees considered the following factors:

(a)  The nature, extent, and quality of the services to be provided by Western Asset.  The Independent Trustees reviewed the nature, extent, and quality of the services to be provided by Western Asset to the Fund. The Independent Trustees discussed the specific investment management process that Western Asset indicated that it will employ to manage its allocated portion of the Fund’s investment portfolio (which was described in detail in the materials provided by Western Asset), the qualifications of Western Asset’s portfolio managers and investment management personnel with regard to implementing the investment mandate relating to the allocated portion of the Fund’s investment portfolio that Western Asset would be managing, and the performance record of Western Asset as compared to a relevant index. The Independent Trustees considered Western Asset’s infrastructure and resources, and whether Western Asset’s organization appeared to support Western Asset’s strategy adequately. The Independent Trustees also discussed the Advisor’s review, selection, and due diligence process with respect to Western Asset, and the Advisor’s favorable assessment as to the nature, extent, and quality of the subadvisory services expected to be provided to the Fund by Western Asset. The Independent Trustees determined that the Fund and its shareholders would benefit from the quality and experience of Western Asset’s portfolio managers and the qualifications of its investment professionals. Based on their consideration and review of the foregoing information, the Independent Trustees concluded that the nature, extent and quality of the subadvisory services anticipated to be provided by Western Asset, as well as Western Asset’s ability to render such services based on ’s experience, operations and resources, were appropriate for the Fund, in light of the Fund’s investment objective, and the mandate relating to the allocated portion of the Fund’s investment portfolio that Western Asset would manage.

(b)  Comparison of the services to be rendered and fees to be paid to Western Asset under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by Western Asset and evaluated the compensation to be paid to Western Asset by the Advisor for those services. The Independent Trustees noted that the services that Western Asset would furnish to the Fund appeared to be comparable to the services that Western Asset currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered comparisons of the fees that will be paid to Western Asset by the Advisor in light of the fees that were charged by Western Asset to its other advisory clients, as disclosed in Western Asset’s Form ADV, Part 2A (Firm Brochure) provided in its 15(c) Questionnaire responses, including commingled and separate accounts. The Independent Trustees also considered that the fees agreed to by Western Asset were the result of an arm’s length bargain negotiated by unaffiliated parties and that the Advisor believes such fees are fair and reasonable.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor, as discussed at the Special Meeting, in determining to recommend Western Asset to serve as a Subadvisor and Sub-Subadvisor to the Fund, and the Advisor’s reasons for concluding that the subadvisory fees to be paid by the Advisor to Western Asset for its services to the Fund were fair and reasonable. The Independent Trustees emphasized in their discussions that the subadvisory fees of Western Asset would be paid by the Advisor, and were not additional fees to be borne by the Fund or its shareholders. Based on their discussion, the Independent Trustees concluded that, in light of the nature, extent, and quality of the services to be provided, the proposed level of fees to be paid to Western Asset with respect to the assets of the Fund to be allocated to Western Asset was supported by the services that

235

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2018 (Unaudited)

were expected to be provided by Western Asset to the Fund. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Western Asset from its relationship with the Fund and concluded that they were reasonable.

The Independent Trustees recognized that, because the subadvisory fees would be paid by the Advisor, and not the Fund, an analysis of economies of scale and profitability was more appropriate in the context of the Board’s consideration of the Investment Management Agreement with the Advisor. In addition, since the fees to be paid to Western Asset were the result of arm’s-length bargaining between unaffiliated parties, and given the Advisor’s economic incentive to negotiate a reasonable fee, the potential profitability of Western Asset was considered to have limited relevance to the Independent Trustees’ deliberations. The Independent Trustees took note of the Advisor’s explanation that the recommended appointment of Western Asset was not affected by the impact that the appointment would have on the Advisor’s revenues and profitability, and considered that the Advisor had demonstrated that the appointment of Western Asset may result in increased profitability for the Advisor as a result of decreased subadvisory fees that will be paid out of the Advisor’s resources, taking into account the New Subadvisor Structure. On the basis of these considerations, the Independent Trustees concluded that, in light of the nature, extent and quality of the services expected to be provided by Western Asset and the proposed fees to be paid to Western Asset by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Western Asset as a result of serving as a Subadvisor and Sub-Subadvisor to the Fund were reasonable in relation to the services that were expected to be provided by Western Asset to the Fund.

(c)  Investment performance of the Fund and Western Asset.  Because Western Asset was a newly proposed Subadvisor and Sub-Subadvisor to the Fund, the Independent Trustees could not consider Western Asset’s investment performance in managing the Fund as a factor in evaluating the Western Asset Agreements. However, the Independent Trustees reviewed Western Asset’s historical performance record in managing the investment mandate it would employ for the Fund. The Independent Trustees also compared the historical investment performance of Western Asset to a relevant index and concluded that Western Asset’s historical performance record, viewed together with the other factors considered by the Independent Trustees, supported a decision to approve the Western Asset Agreements.

Conclusion.  Following consideration of the foregoing factors, it was reported that no single factor was determinative to the Independent Trustees’ decisions. Based on these factors, along with the determination of the Advisor at the conclusion of its review, selection, and due diligence process to recommend Western Asset be appointed as a Subadvisor and Sub-Subadvisor to the Fund, and such other matters as were deemed relevant, the Independent Trustees concluded that the proposed fee rate for Western Asset was supported by the services that were expected to be provided to the Fund and approval of the proposed Western Asset Agreements was in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, determined to approve the Western Asset Agreements.

236

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, 2018 through September 30, 2018. 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		0.61	%		1,000.00		1,086.60		1,043.30		3.19
Hypothetical		0.61	%		1,000.00		1,022.01		1,011.01		3.09

* Actual expenses are equal to the Class’ annualized expense ratio of 0.61%, 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		1,079.70		1,039.85		5.01
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

237

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		0.77	%		1,000.00		1,005.20		1,002.60		3.87
Hypothetical		0.77	%		1,000.00		1,021.21		1,010.61		3.90

* Actual expenses are equal to the Class’ annualized expense ratio of 0.77%, multiplied by the average account value over the period, multiplied by 183/365

Core Fixed — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.42	%		1,000.00		1,000.00		1,000.00		2.11
Hypothetical		0.42	%		1,000.00		1,022.96		1,011.48		2.13

* Actual expenses are equal to the Class’ annualized expense ratio of 0.42%, 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		0.90%**		1,000.00		922.40		961.20		4.34
Hypothetical		0.90%**		1,000.00		1,020.56		1,010.28		4.56

* Actual expenses are equal to the Class’ annualized expense ratio of 0.90%, 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		0.90%**		1,000.00		893.60		946.80		4.27
Hypothetical		0.90%**		1,000.00		1,020.56		1,010.28		4.56

* Actual expenses are equal to the Class’ annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 183/365

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

238

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		0.81	%		1,000.00		1,070.00		1,035.00		4.20
Hypothetical		0.81	%		1,000.00		1,021.01		1,010.51		4.10

* Actual expenses are equal to the Class’ annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 183/365

239

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 (75)	Trustee	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).
Adela M. Cepeda A.C. Advisory, Inc. 150 North Wacker Drive, Suite 2160 Chicago, IL 60606 (60)	Chairperson (Since 2018) 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).
Gail A. Schneider 99 High Street Boston, MA 02110 (70)	Trustee	Trustee Since 2009	Ms. Schneider is a self-employed consultant since 2007.		7	None

240

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** (53)	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.

241

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 (67)	Vice President Treasurer and Chief Financial Officer	Since 2015	Ms. Desmond is a Senior Manager, Investment Operations and is a CPA. She has served as Head of Fund Administration for Mercer Investment Management, Inc. since 2010.
Carol Ann McMahon (47)	Vice President and Assistant Treasurer	Since 2017	Ms. McMahon is a Partner and Global COO for Wealth, Global Business Solutions since 2016 and US COO in January 2017. Prior to 2016 Ms. McMahon held the position of European COO since 2006.
Stan Mavromates (57)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investment Management, Inc. since 2012.
Colin Dean (41)	Vice President, Chief Legal Officer, and Secretary	Since 2017	Mr. Dean is Global Chief Counsel, Investments since 2018. He has served as Senior Legal Counsel — Investments for Mercer Investment Management, Inc. and Mercer Investment Consulting LLC since 2010.
Caroline Hulme (33)	Vice President and Assistant Secretary	Since 2017	Ms. Hulme is Senior Legal Counsel, Investments since 2018. She 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 (51)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investment Management, Inc. since 2012.
Robert Phay (50)	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.

242

Shares of MGI Funds are distributed by MGI Funds Distributors, Inc.

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)	/S/ Richard Joseph
	Richard Joseph  President and Chief Executive Officer  (Principal Executive Officer)

Date   November 28, 2018                

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)	/S/ Richard Joseph
	Richard Joseph  President and Chief Executive Officer  (Principal Executive Officer)

Date   November 28, 2018                

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

Date   November 28, 2018