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, 2021

Date of Reporting Period: September 30, 2020

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Mercer Funds^TM

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.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary, such as a broker-dealer or bank if you hold your shares through such an institution. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund or your financial intermediary electronically by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper copies free of charge. You can inform

the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your election to receive reports in paper copies will apply to all Funds held with the Mercer Funds or through your financial intermediary, as applicable.

September 30, 2020

MERCER FUNDS

TABLE OF CONTENTS

	Page
Schedules of Investments	1
Statements of Assets and Liabilities	178
Statements of Operations	182
Statements of Changes in Net Assets	184
Financial Highlights	188
Notes to the Financial Statements	195
Understanding Your Fund’s Expenses	248
Trustees and Officers	251

Mercer US Large Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 97.2%
		Basic Materials — 3.0%
	67,800	Alcoa Corp.*		788,514
	68,486	Celanese Corp. Class A		7,358,821
	58,310	CF Industries Holdings, Inc.		1,790,700
	18,494	DOW, Inc.		870,143
	210,423	DuPont de Nemours, Inc.		11,674,268
	28,700	Eastman Chemical Co.		2,242,044
	125,600	Freeport-McMoRan, Inc.		1,964,384
	112,700	Huntsman Corp.		2,503,067
	19,700	International Paper Co.		798,638
	39,948	LyondellBasell Industries NV Class A		2,815,934
	76,700	Newmont Corp.		4,866,615
				37,673,128
		Communications — 18.5%
	14,583	Alibaba Group Holding, Ltd., ADR*		4,287,110
	8,768	Alphabet, Inc. Class A*		12,850,381
	17,315	Alphabet, Inc. Class C*		25,446,124
	41,891	Altice USA, Inc. Class A*		1,089,166
	7,913	Amazon.com, Inc.*		24,915,901
	20,000	Arista Networks, Inc.*		4,138,600
	490,136	AT&T, Inc.		13,973,777
	499	Booking Holdings, Inc.*		853,629
	208,722	CenturyLink, Inc.		2,106,005
	403	Charter Communications, Inc. Class A*		251,609
	229,766	Cisco Systems, Inc.		9,050,483
	192,994	Comcast Corp. Class A		8,927,902
	95,486	eBay, Inc.		4,974,821
	154,577	Facebook, Inc. Class A*		40,483,716
	137,556	Liberty Global Plc Class C*		2,824,712
	53,492	Match Group, Inc.*		5,918,890
	41,754	Motorola Solutions, Inc.		6,547,445
	25,671	Netflix, Inc.*		12,836,270
	50,600	Omnicom Group, Inc.		2,504,700
	8,816	Shopify, Inc. Class A*		9,018,504
	15,784	Spotify Technology SA*		3,828,725
	54,406	Tencent Holdings, Ltd., ADR(a)		3,680,566
	5,977	Trade Desk, Inc. (The) Class A*		3,100,748
	163,334	Uber Technologies, Inc.* (a)		5,958,424
	213,230	Verizon Communications, Inc.		12,685,053
	65,541	Walt Disney Co. (The)		8,132,327
				230,385,588
		Consumer, Cyclical — 10.2%
	2,937	Chipotle Mexican Grill, Inc. Class A*		3,652,776
	11,899	Costco Wholesale Corp.		4,224,145
	19,743	Cummins, Inc.		4,168,932
	16,400	Darden Restaurants, Inc.		1,652,136

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	35,564	Delta Air Lines, Inc.		1,087,547
	46,270	Dollar General Corp.		9,699,117
	89,800	Dollar Tree, Inc.*		8,202,332
	17,800	DR Horton, Inc.		1,346,214
	178,003	General Motors Co.		5,267,109
	17,798	Home Depot, Inc. (The)		4,942,683
	69,595	Kering SA, ADR		4,630,851
	51,800	Lowe’s Cos., Inc.		8,591,548
	20,009	Lululemon Athletica, Inc.*		6,590,364
	28,405	LVMH Moet Hennessy Louis Vuitton SE, ADR		2,676,603
	20,130	Magna International, Inc.		920,948
	98,025	NIKE, Inc. Class B		12,306,058
	19,509	Peloton Interactive, Inc. Class A*		1,936,073
	72,200	PulteGroup, Inc.		3,342,138
	164,353	Starbucks Corp.		14,121,210
	53,820	Tesla, Inc.*		23,089,318
	10,660	Ulta Beauty, Inc.*		2,387,627
	76,455	Walgreens Boots Alliance, Inc.		2,746,264
				127,581,993
		Consumer, Non-cyclical — 22.1%
	163,759	Abbott Laboratories		17,821,892
	16,500	AbbVie, Inc.		1,445,235
	194,913	Adyen NV, ADR* (a)		7,221,527
	19,200	Alexion Pharmaceuticals, Inc.*		2,197,056
	18,644	Align Technology, Inc.*		6,103,300
	92,316	Altria Group, Inc.		3,567,090
	14,990	Amgen, Inc.		3,809,858
	193,200	Archer-Daniels-Midland Co.		8,981,868
	103,144	AstraZeneca Plc, ADR		5,652,291
	16,422	Biogen, Inc.*		4,658,593
	61,063	Boston Scientific Corp.*		2,333,217
	41,100	Bristol-Myers Squibb Co.		2,477,919
	176,300	Cardinal Health, Inc.		8,277,285
	48,800	Cigna Corp.		8,267,208
	231,764	Conagra Brands, Inc.		8,276,293
	102,273	CORTEVA, Inc.		2,946,485
	206,600	CVS Health Corp.		12,065,440
	22,448	DaVita, Inc.*		1,922,671
	7,912	DexCom, Inc.*		3,261,564
	50,471	Eli Lilly & Co.		7,470,717
	19,358	Estee Lauder Cos., Inc. (The) Class A		4,224,884
	49,190	Gartner, Inc.*		6,146,291
	11,474	Guardant Health, Inc.*		1,282,564
	13,800	HCA Healthcare, Inc.		1,720,584
	8,708	Humana, Inc.		3,604,154
	616	Illumina, Inc.*		190,393
	43,100	Ingredion, Inc.		3,261,808
	11,515	Intuitive Surgical, Inc.*		8,170,353

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	18,600	Jazz Pharmaceuticals Plc*		2,652,174
	84,400	Johnson & Johnson		12,565,472
	115,400	Kroger Co. (The)		3,913,214
	38,915	McKesson Corp.		5,795,611
	14,500	Medtronic Plc		1,506,840
	101,400	Merck & Co., Inc.		8,411,130
	63,800	Molson Coors Beverage Co. Class B		2,141,128
	148,000	Mondelez International, Inc. Class A		8,502,600
	96,080	Mylan NV*		1,424,866
	94,415	PayPal Holdings, Inc.*		18,602,588
	389,370	Pfizer, Inc.		14,289,879
	15,930	Regeneron Pharmaceuticals, Inc.*		8,917,295
	8,768	S&P Global, Inc.		3,161,741
	16,584	Teladoc Health, Inc.* (a)		3,635,876
	43,000	TreeHouse Foods, Inc.*		1,742,790
	63,220	Tyson Foods, Inc. Class A		3,760,326
	27,706	UnitedHealth Group, Inc.		8,637,900
	9,786	Vertex Pharmaceuticals, Inc.*		2,662,966
	12,800	Zimmer Biomet Holdings, Inc.		1,742,592
	87,917	Zoetis, Inc.		14,538,834
				275,964,362
		Energy — 1.2%
	113,428	BP Plc, ADR		1,980,453
	118,100	Canadian Natural Resources, Ltd.		1,890,781
	25,700	Chevron Corp.		1,850,400
	267,517	ConocoPhillips		8,785,258
				14,506,892
		Financial — 15.3%
	93,000	Allstate Corp. (The)		8,755,020
	71,443	Ally Financial, Inc.		1,791,076
	296,800	American International Group, Inc.		8,170,904
	7,341	American Tower Corp. REIT		1,774,540
	49,331	Ameriprise Financial, Inc.		7,602,400
	688,865	Annaly Capital Management, Inc. REIT		4,904,719
	654,900	Banco Santander SA, ADR(a)		1,211,565
	328,398	Bank of America Corp.		7,911,108
	244,972	Bank of New York Mellon Corp. (The)		8,412,338
	17,200	Berkshire Hathaway, Inc. Class B*		3,662,568
	2,300	BlackRock, Inc.		1,296,165
	36,622	Boston Properties, Inc. REIT		2,940,747
	23,500	Charles Schwab Corp. (The)		851,405
	292,960	Citigroup, Inc.		12,629,506
	97,500	Citizens Financial Group, Inc.		2,464,800
	56,600	Comerica, Inc.		2,164,950
	108,841	Equitable Holdings, Inc.		1,985,260
	153,200	Equity Residential REIT		7,863,756
	42,530	Essent Group, Ltd.		1,574,035

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	1,875	Essex Property Trust, Inc. REIT		376,481
	70,280	Fifth Third Bancorp		1,498,370
	254,824	Host Hotels & Resorts, Inc. REIT		2,749,551
	58,402	JPMorgan Chase & Co.		5,622,361
	38,060	KKR & Co., Inc.		1,306,980
	4,031	M&T Bank Corp.		371,215
	74,673	Mastercard, Inc. Class A		25,252,168
	153,262	MetLife, Inc.		5,696,749
	64,667	Morgan Stanley		3,126,649
	8,020	PNC Financial Services Group, Inc. (The)		881,478
	23,400	Popular, Inc.		848,718
	16,717	Prudential Financial, Inc.		1,061,864
	26,591	Regency Centers Corp. REIT		1,010,990
	171,747	Regions Financial Corp.		1,980,243
	186,130	SLM Corp.		1,505,792
	39,721	State Street Corp.		2,356,647
	190,018	Synchrony Financial		4,972,771
	222,800	Truist Financial Corp.		8,477,540
	410,170	Two Harbors Investment Corp. REIT		2,087,765
	108,483	Visa, Inc. Class A		21,693,345
	70,684	Vornado Realty Trust REIT		2,382,758
	106,400	Wells Fargo & Co.		2,501,464
	271,673	Western Union Co. (The)		5,821,952
				191,550,713
		Industrial — 4.9%
	46,694	Amcor Plc		515,969
	86,598	Caterpillar, Inc.		12,916,092
	29,700	Chart Industries, Inc.*		2,087,019
	37,700	Crown Holdings, Inc.*		2,897,622
	38,588	CSX Corp.		2,997,130
	9,239	Eaton Corp. Plc		942,655
	3,800	FedEx Corp.		955,776
	201,657	Howmet Aerospace, Inc.		3,371,705
	133,209	Johnson Controls International Plc		5,441,588
	36,160	Masco Corp.		1,993,501
	25,200	Northrop Grumman Corp.		7,950,348
	141,789	Raytheon Technologies Corp.		8,158,539
	42,900	Textron, Inc.		1,548,261
	15,212	Union Pacific Corp.		2,994,786
	33,393	Waters Corp.*		6,534,342
				61,305,333
		Technology — 20.7%
	56,470	Accenture Plc Class A		12,761,655
	65,776	Adobe, Inc.*		32,258,524
	200,255	Apple, Inc.		23,191,532
	21,263	Atlassian Corp. Plc Class A*		3,865,401
	48,909	Autodesk, Inc.*		11,298,468

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Technology — continued
	23,600	Broadcom, Inc.		8,597,952
	149,855	Cognizant Technology Solutions Corp. Class A		10,402,934
	11,297	Coupa Software, Inc.*		3,098,089
	24,177	Crowdstrike Holdings, Inc. Class A*		3,319,986
	169,700	Intel Corp.		8,787,066
	7,500	IPG Photonics Corp.*		1,274,775
	3,178	Lam Research Corp.		1,054,302
	52,400	Marvell Technology Group, Ltd.		2,080,280
	64,100	Micron Technology, Inc.*		3,010,136
	179,191	Microsoft Corp.		37,689,243
	14,558	MSCI, Inc. Class A		5,194,003
	35,888	NetApp, Inc.		1,573,330
	22,724	NVIDIA Corp.		12,298,683
	202,193	Oracle Corp.		12,070,922
	54,222	QUALCOMM, Inc.		6,380,845
	14,935	RingCentral, Inc. Class A*		4,101,300
	91,177	salesforce.com, Inc.*		22,914,604
	93,699	Seagate Technology Plc		4,616,550
	32,433	ServiceNow, Inc.*		15,730,005
	22,042	Splunk, Inc.*		4,146,761
	26,126	Teradyne, Inc.		2,075,972
	21,472	Twilio, Inc. Class A* (a)		5,305,516
				259,098,834
		Utilities — 1.3%
	164,800	Edison International		8,378,432
	88,900	FirstEnergy Corp.		2,552,319
	73,800	NiSource, Inc.		1,623,600
	92,500	PPL Corp.		2,516,925
	36,900	UGI Corp.		1,216,962
				16,288,238
		TOTAL COMMON STOCKS (COST $1,085,785,664)		1,214,355,081
Par Value ($)		Description	Value ($)
		SHORT-TERM INVESTMENT — 0.1%
		Mutual Fund - Securities Lending Collateral — 0.1%
	1,007,698	State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c)		1,007,698
		TOTAL SHORT-TERM INVESTMENT (COST $1,007,698)		1,007,698
		TOTAL INVESTMENTS — 97.3% (Cost $1,086,793,362)		1,215,362,779
		Other Assets and Liabilities (net) — 2.7%		33,639,874
		NET ASSETS — 100.0%	$1,249,002,653

See accompanying Notes to the Financial Statements.

5

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Notes to Schedule of Investments:
*	Non-income producing security.
(a)	All or a portion of this security is out on loan.
(b)	The rate disclosed is the 7-day net yield as of September 30, 2020.
(c)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Financial Statements.

6

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	159	S&P 500 E-mini Index		Dec 2020	$	26,648,400	$	144,287
	9	S&P Mid 400 E-mini Index		Dec 2020		1,670,310		6,167
							$	150,454

Other Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

7

Mercer US Large Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.2
Futures Contracts		0.0	*
Short-Term Investment		0.1
Other Assets and Liabilities (net)		2.7
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

8

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 94.2%
		Basic Materials — 2.4%
	9,125	Arconic Corp.*		173,831
	82,041	Axalta Coating Systems, Ltd.*		1,818,849
	41,000	Cabot Corp.		1,477,230
	25,900	Celanese Corp. Class A		2,782,955
	70,200	Chemours Co. (The)		1,467,882
	33,100	Eastman Chemical Co.		2,585,772
	41,792	FMC Corp.		4,426,191
	131,900	Huntsman Corp.		2,929,499
	56,300	Koppers Holdings, Inc.*		1,177,233
	33,575	Quaker Chemical Corp.(a)		6,033,763
	17,400	Reliance Steel & Aluminum Co.		1,775,496
	104,046	RPM International, Inc.		8,619,171
	35,900	Schweitzer-Mauduit International, Inc.		1,091,001
	70,300	Steel Dynamics, Inc.		2,012,689
				38,371,562
		Communications — 4.8%
	65,100	AMC Networks, Inc. Class A*		1,608,621
	80,820	Anaplan, Inc.*		5,057,716
	80,500	Cars.com, Inc.*		650,440
	91,873	Ciena Corp.*		3,646,439
	226,122	Discovery, Inc. Class C*		4,431,991
	214,200	Entercom Communications Corp. Class A(a)		344,862
	31,469	ePlus, Inc.*		2,303,531
	60,080	Etsy, Inc.*		7,307,530
	30,670	F5 Networks, Inc.*		3,765,356
	130,398	GCI Liberty, Inc. Class A*		10,687,420
	54,600	Juniper Networks, Inc.		1,173,900
	39,125	Liberty Broadband Corp. Class C*		5,589,789
	157,000	Liberty Latin America, Ltd. Class A*		1,295,250
	274,526	Liberty Latin America, Ltd. Class C*		2,234,642
	29,973	Nexstar Media Group, Inc. Class A		2,695,472
	14,770	Nice, Ltd., ADR* (a)		3,353,233
	138,000	Open Lending Corp. Class A* (a)		3,519,000
	9,700	Preformed Line Products Co.		472,584
	44,089	Q2 Holdings, Inc.* (a)		4,023,562
	94,800	TEGNA, Inc.		1,113,900
	96,300	ViacomCBS, Inc. Class B(a)		2,697,363
	212,839	Viavi Solutions, Inc.*		2,496,602
	295,414	Vonage Holdings Corp.*		3,022,085
	108,570	Yelp, Inc. Class A*		2,181,171
				75,672,459
		Consumer, Cyclical — 15.4%
	28,847	Advance Auto Parts, Inc.		4,428,015
	22,100	Alaska Air Group, Inc.		809,523
	62,800	Allison Transmission Holdings, Inc.		2,206,792

See accompanying Notes to the Financial Statements.

9

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	83,200	American Axle & Manufacturing Holdings, Inc.*		480,064
	332,431	BJ’s Wholesale Club Holdings, Inc.*		13,812,508
	42,700	BorgWarner, Inc.		1,654,198
	19,400	Brinker International, Inc.		828,768
	74,715	BRP, Inc.		3,946,446
	79,549	Brunswick Corp.		4,686,232
	41,200	Buckle, Inc. (The)(a)		840,068
	49,743	Burlington Stores, Inc.*		10,251,535
	237,765	Cannae Holdings, Inc.*		8,859,124
	22,200	Capri Holdings, Ltd.*		399,600
	39,905	Carter’s, Inc.		3,454,975
	18,108	Casey’s General Stores, Inc.		3,216,886
	23,130	Cavco Industries, Inc.*		4,170,570
	64,897	Cinemark Holdings, Inc.(a)		648,970
	29,471	Columbia Sportswear Co.		2,563,388
	21,725	Core-Mark Holding Co., Inc.		628,504
	60,260	Darden Restaurants, Inc.		6,070,592
	58,000	Dick’s Sporting Goods, Inc.		3,357,040
	19,000	Dillard’s, Inc. Class A(a)		693,880
	58,983	Dorman Products, Inc.*		5,330,884
	41,100	Ethan Allen Interiors, Inc.		556,494
	720,930	Extended Stay America, Inc.		8,615,114
	83,526	Five Below, Inc.*		10,607,802
	46,757	Floor & Decor Holdings, Inc. Class A*		3,497,424
	39,400	Foot Locker, Inc.		1,301,382
	21,158	Fox Factory Holding Corp.*		1,572,674
	54,739	Freshpet, Inc.*		6,111,609
	31,200	Genesco, Inc.*		672,048
	64,900	GMS, Inc.*		1,564,090
	61,600	Goodyear Tire & Rubber Co. (The)		472,472
	20,300	Group 1 Automotive, Inc.		1,794,317
	45,000	Harley-Davidson, Inc.		1,104,300
	41,200	Haverty Furniture Cos., Inc.		862,728
	59,200	Hawaiian Holdings, Inc.		763,088
	49,850	HD Supply Holdings, Inc.*		2,055,814
	47,600	Herman Miller, Inc.		1,435,616
	56,600	Hibbett Sports, Inc.*		2,219,852
	143,500	JetBlue Airways Corp.*		1,625,855
	16,828	Johnson Outdoors, Inc. Class A		1,378,045
	93,900	KB Home		3,604,821
	64,400	Knoll, Inc.		776,664
	28,200	Kohl’s Corp.		522,546
	81,600	La-Z-Boy, Inc.		2,581,008
	24,461	LCI Industries		2,599,960
	10,200	Lear Corp.		1,112,310
	31,011	Lithia Motors, Inc. Class A		7,068,647
	238,300	LKQ Corp.*		6,608,059
	33,300	MDC Holdings, Inc.		1,568,430
	213,370	Meritor, Inc.*		4,467,968

See accompanying Notes to the Financial Statements.

10

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Cyclical — continued
	42,600	Methode Electronics, Inc.		1,214,100
	53,100	Miller Industries, Inc.		1,623,267
	28,436	MSC Industrial Direct Co., Inc. Class A		1,799,430
	27,500	Navistar International Corp.*		1,197,350
	21,000	Nu Skin Enterprises, Inc. Class A		1,051,890
	49,220	ODP Corp. (The)		957,329
	47,553	Polaris, Inc.		4,486,150
	29,485	Pool Corp.		9,863,912
	43,500	PulteGroup, Inc.		2,013,615
	25,200	PVH Corp.		1,502,928
	84,700	Sally Beauty Holdings, Inc.* (a)		736,043
	25,400	ScanSource, Inc.*		503,682
	49,800	Signet Jewelers, Ltd.(a)		931,260
	44,313	SiteOne Landscape Supply, Inc.* (a)		5,403,970
	61,658	Skechers U.S.A., Inc. Class A*		1,863,305
	32,100	SkyWest, Inc.		958,506
	41,300	Sonic Automotive, Inc. Class A(a)		1,658,608
	127,961	Texas Roadhouse, Inc. Class A		7,778,749
	47,400	Toll Brothers, Inc.		2,306,484
	78,015	Toro Co. (The)		6,549,359
	105,600	TRI Pointe Group, Inc.*		1,915,584
	53,100	Triton International, Ltd.		2,159,577
	36,286	UniFirst Corp.		6,871,480
	12,827	Vail Resorts, Inc.		2,744,593
	148,966	Wendy’s Co. (The)		3,321,197
	19,900	Whirlpool Corp.		3,659,411
	11,700	Williams-Sonoma, Inc.		1,058,148
	147,954	World Fuel Services Corp.		3,135,145
	41,200	Wyndham Destinations, Inc.		1,267,312
				242,992,083
		Consumer, Non-cyclical — 24.4%
	94,737	Acadia Healthcare Co., Inc.*		2,792,847
	53,360	Acceleron Pharma, Inc.*		6,004,601
	144,100	ACCO Brands Corp.		835,780
	33,388	Adtalem Global Education, Inc.*		819,342
	141,912	Amicus Therapeutics, Inc.*		2,003,797
	11,599	Argenx SE, ADR*		3,044,970
	44,995	Ascendis Pharma AS, ADR*		6,943,628
	51,259	Avalara, Inc.*		6,527,321
	27,914	Bio-Rad Laboratories, Inc. Class A*		14,388,551
	11,487	Bio-Techne Corp.		2,845,675
	17,372	BioSpecifics Technologies Corp.*		917,763
	59,148	Blueprint Medicines Corp.*		5,483,020
	149,587	Booz Allen Hamilton Holding Corp. Class A		12,412,729
	27,108	Bright Horizons Family Solutions, Inc.*		4,121,500
	203,038	Catalent, Inc.*		17,392,235
	157,400	Catalyst Pharmaceuticals, Inc.*		467,478
	77,600	Central Garden & Pet Co. Class A*		2,804,464

See accompanying Notes to the Financial Statements.

11

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	46,314	Charles River Laboratories International, Inc.*		10,487,805
	71,097	Chegg, Inc.* (a)		5,079,170
	15,786	Chemed Corp.		7,582,805
	26,708	CRA International, Inc.		1,000,749
	29,400	DaVita, Inc.*		2,518,110
	51,700	Deluxe Corp.		1,330,241
	33,058	Emergent BioSolutions, Inc.*		3,415,883
	26,560	Encompass Health Corp.		1,725,869
	16,161	FTI Consulting, Inc.*		1,712,581
	29,834	Gartner, Inc.*		3,727,758
	126,768	Globus Medical, Inc. Class A*		6,277,551
	31,864	Grand Canyon Education, Inc.*		2,547,208
	16,329	Helen of Troy, Ltd.*		3,159,988
	52,652	Horizon Therapeutics Plc*		4,090,007
	579,000	Hostess Brands, Inc. Class A*		7,139,070
	40,102	ICON Plc, ADR*		7,663,091
	45,979	Immunomedics, Inc.*		3,909,594
	82,745	Ingles Markets, Inc. Class A		3,147,620
	34,900	Ingredion, Inc.		2,641,232
	132,416	Innoviva, Inc.*		1,383,747
	73,812	Insperity, Inc.		4,833,948
	77,981	Insulet Corp.*		18,449,525
	45,812	Integer Holdings Corp.*		2,703,366
	207,980	Ironwood Pharmaceuticals, Inc. Class A*		1,870,780
	75,647	Jazz Pharmaceuticals Plc*		10,786,506
	17,200	JM Smucker Co. (The)		1,986,944
	30,456	Lancaster Colony Corp.		5,445,533
	50,275	Lannett Co., Inc.* (a)		307,180
	63,100	Lantheus Holdings, Inc.*		799,477
	20,963	LHC Group, Inc.*		4,455,895
	33,100	ManpowerGroup, Inc.		2,427,223
	18,182	MarketAxess Holdings, Inc.		8,756,269
	45,600	MEDNAX, Inc.*		742,368
	36,795	Molina Healthcare, Inc.*		6,734,957
	59,800	Molson Coors Beverage Co. Class B		2,006,888
	18,487	Morningstar, Inc.		2,969,197
	135,507	Neurocrine Biosciences, Inc.*		13,030,353
	216,948	Nielsen Holdings Plc		3,076,323
	134,716	Nomad Foods, Ltd.*		3,432,564
	53,800	Owens & Minor, Inc.		1,350,918
	25,305	Paylocity Holding Corp.*		4,084,733
	13,398	Penumbra, Inc.* (a)		2,604,303
	67,600	Perdoceo Education Corp.*		827,424
	66,430	Performance Food Group Co.*		2,299,807
	126,330	Pilgrim’s Pride Corp.*		1,890,529
	28,311	PRA Health Sciences, Inc.*		2,871,868
	240,930	Premier, Inc. Class A		7,909,732
	53,600	Prestige Consumer Healthcare, Inc.*		1,952,112
	33,633	PTC Therapeutics, Inc.*		1,572,343

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Consumer, Non-cyclical — continued
	58,780	Quest Diagnostics, Inc.		6,729,722
	24,527	Quidel Corp.*		5,380,733
	63,160	Rent-A-Center, Inc.		1,887,852
	174,733	Ritchie Bros Auctioneers, Inc.		10,352,930
	97,804	Rocket Pharmaceuticals, Inc.* (a)		2,235,799
	154,930	Sabre Corp.(a)		1,008,594
	67,830	Sage Therapeutics, Inc.*		4,145,770
	41,275	Sarepta Therapeutics, Inc.*		5,796,248
	68,200	Select Medical Holdings Corp.*		1,419,924
	87,324	Simply Good Foods Co. (The)*		1,925,494
	62,500	SpartanNash Co.		1,021,875
	74,000	Sprouts Farmers Market, Inc.*		1,548,820
	68,583	STERIS Plc		12,083,639
	111,989	Syneos Health, Inc.*		5,953,335
	86,237	TransUnion		7,255,119
	18,216	TriNet Group, Inc.*		1,080,573
	13,900	United Rentals, Inc.*		2,425,550
	22,700	United Therapeutics Corp.*		2,292,700
	27,300	Universal Corp.		1,143,324
	16,000	Universal Health Services, Inc. Class B		1,712,320
	117,233	Viad Corp.		2,441,963
	24,600	Weis Markets, Inc.		1,180,800
	24,284	West Pharmaceutical Services, Inc.		6,675,672
	28,370	WEX, Inc.*		3,942,579
				384,166,180
		Energy — 0.9%
	11,007	Callon Petroleum Co.* (a)		53,054
	70,400	Delek US Holdings, Inc.		783,552
	39,935	Dril-Quip, Inc.*		988,790
	201,070	HollyFrontier Corp.		3,963,090
	1,865	Laredo Petroleum, Inc.* (a)		18,277
	12,947	Murphy USA, Inc.*		1,660,711
	296,947	Parsley Energy, Inc. Class A		2,779,424
	108,268	PBF Energy, Inc. Class A		616,045
	190,000	Southwestern Energy Co.*		446,500
	97,656	TPI Composites, Inc.*		2,828,118
				14,137,561
		Financial — 15.3%
	95,000	Ally Financial, Inc.		2,381,650
	93,958	American Campus Communities, Inc. REIT		3,281,013
	30,360	American Financial Group, Inc.		2,033,513
	253,200	Annaly Capital Management, Inc. REIT		1,802,784
	109,100	Ares Capital Corp.(a)		1,521,945
	109,174	Ares Management Corp. Class A		4,412,813
	46,095	Arthur J. Gallagher & Co.		4,866,710
	53,686	Artisan Partners Asset Management, Inc. Class A		2,093,217
	155,400	Associated Banc-Corp.		1,961,148

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	38,840	Assurant, Inc.		4,711,680
	65,500	Assured Guaranty, Ltd.		1,406,940
	92,988	Atlantic Union Bankshares Corp.		1,987,154
	137,660	Axis Capital Holdings, Ltd.		6,062,546
	38,600	Bank of NT Butterfield & Son, Ltd. (The)		860,008
	69,900	BankUnited, Inc.		1,531,509
	33,800	Berkshire Hills Bancorp, Inc.		341,718
	261,989	BlackRock Capital Investment Corp.(a)		639,253
	129,000	Braemar Hotels & Resorts, Inc. REIT		322,500
	226,600	Brandywine Realty Trust REIT		2,343,044
	80,900	Brixmor Property Group, Inc. REIT		945,721
	6,897	C&F Financial Corp.		204,841
	140,800	Cadence BanCorp Class A		1,209,472
	445,600	Cedar Realty Trust, Inc. REIT		360,936
	99,300	Chimera Investment Corp. REIT		814,260
	53,000	CIT Group, Inc.		938,630
	94,500	Citizens Financial Group, Inc.		2,388,960
	170,300	City Office, Inc. REIT		1,280,656
	197,900	CNO Financial Group, Inc.		3,174,316
	29,100	Comerica, Inc.		1,113,075
	65,496	CoreCivic, Inc. REIT		523,968
	32,033	CoreSite Realty Corp. REIT		3,808,083
	118,900	DiamondRock Hospitality Co. REIT		602,823
	139,600	Diversified Healthcare Trust REIT		491,392
	218,216	Easterly Government Properties, Inc. REIT		4,890,221
	47,950	Equity LifeStyle Properties, Inc. REIT		2,939,335
	41,800	Essent Group, Ltd.		1,547,018
	290,887	Essential Properties Realty Trust, Inc. REIT		5,329,050
	12,100	Everest Re Group, Ltd.		2,390,234
	21,700	Federal Agricultural Mortgage Corp. Class C		1,381,422
	191,560	Fidelity National Financial, Inc.		5,997,744
	130,800	Fifth Third Bancorp		2,788,656
	35,500	Financial Institutions, Inc.		546,700
	77,700	First Busey Corp.		1,234,653
	184,900	First Horizon National Corp.		1,743,607
	30,450	First Republic Bank		3,320,877
	46,200	Flagstar Bancorp, Inc.		1,368,906
	238,900	FNB Corp.		1,619,742
	150,671	Franklin Street Properties Corp. REIT		551,456
	52,474	Gaming and Leisure Properties, Inc. REIT		1,937,865
	86,200	GEO Group, Inc. (The) REIT		977,508
	78,595	Glacier Bancorp, Inc.		2,518,970
	57,400	Global Net Lease, Inc. REIT		912,660
	38,600	Great Western Bancorp, Inc.		480,570
	27,576	Hamilton Lane, Inc. Class A		1,781,134
	47,200	Hancock Whitney Corp.		887,832
	48,700	Hanmi Financial Corp.		399,827
	32,800	Heritage Insurance Holdings, Inc.		331,936
	138,200	Hope Bancorp, Inc.		1,048,247

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	86,500	Horizon Bancorp, Inc.		872,785
	94,945	Hudson Pacific Properties, Inc. REIT		2,082,144
	69,000	Independent Bank Corp.		867,330
	59,200	Industrial Logistics Properties Trust REIT		1,294,704
	50,600	International Bancshares Corp.		1,318,636
	77,500	Iron Mountain, Inc. REIT(a)		2,076,225
	36,420	Jones Lang LaSalle, Inc.		3,483,937
	91,285	Kemper Corp.		6,100,577
	57,721	Kinsale Capital Group, Inc.		10,977,380
	66,750	Lamar Advertising Co. REIT Class A		4,416,847
	71,000	Lexington Realty Trust REIT Class B		741,950
	63,300	Lincoln National Corp.		1,983,189
	47,270	LPL Financial Holdings, Inc.		3,624,191
	262,500	MFA Financial, Inc. REIT		703,500
	141,500	MGIC Investment Corp.		1,253,690
	36,000	National Health Investors, Inc. REIT		2,169,720
	139,500	Navient Corp.		1,178,775
	139,400	New Mountain Finance Corp.(a)		1,332,664
	155,407	Newmark Group, Inc. Class A		671,358
	863,168	Oaktree Specialty Lending Corp.		4,177,733
	55,083	Office Properties Income Trust REIT		1,141,320
	46,100	Omega Healthcare Investors, Inc. REIT		1,380,234
	76,700	Outfront Media, Inc. REIT		1,115,985
	80,000	PennyMac Mortgage Investment Trust REIT		1,285,600
	209,061	Physicians Realty Trust REIT		3,744,282
	97,400	Piedmont Office Realty Trust, Inc. REIT Class A		1,321,718
	98,289	Pinnacle Financial Partners, Inc.		3,498,105
	37,705	Piper Sandler Cos.		2,752,465
	25,500	Popular, Inc.		924,885
	75,567	Preferred Apartment Communities, Inc. REIT Class A		408,062
	18,000	Preferred Bank		578,160
	255,300	Prospect Capital Corp.(a)		1,284,159
	242,900	Radian Group, Inc.		3,548,769
	154,500	Regions Financial Corp.		1,781,385
	17,800	Reinsurance Group of America, Inc. Class A		1,694,382
	83,500	Retail Properties of America, Inc. REIT Class A		485,135
	6,493	Retail Value, Inc. REIT		81,617
	17,540	RLI Corp.		1,468,624
	115,600	Sabra Health Care REIT, Inc.		1,593,546
	51,600	Sandy Spring Bancorp, Inc.		1,190,928
	59,600	Service Properties Trust REIT		473,820
	45,638	Signature Bank		3,787,498
	81,300	SITE Centers Corp. REIT		585,360
	490,428	Summit Hotel Properties, Inc. REIT		2,540,417
	39,863	Sun Communities, Inc. REIT		5,605,136
	66,700	Tanger Factory Outlet Centers REIT(a)		402,201
	175,619	TCF Financial Corp.		4,102,460
	72,400	Universal Insurance Holdings, Inc.		1,002,016
	110,400	Unum Group		1,858,032

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Financial — continued
	314,000	VEREIT, Inc. REIT		2,041,000
	150,610	Voya Financial, Inc.		7,218,737
	24,800	Walker & Dunlop, Inc.		1,314,400
	124,524	Western Alliance Bancorp		3,937,449
	73,600	Western Union Co. (The)		1,577,248
	9,465	White Mountains Insurance Group, Ltd.		7,373,235
	39,600	Xenia Hotels & Resorts, Inc. REIT		347,688
	75,000	Zions Bancorp NA		2,191,500
				240,309,341
		Government — 0.0%
	33,800	Banco Latinoamericano de Comercio Exterior SA		410,670
		Industrial — 16.0%
	145,219	Advanced Drainage Systems, Inc.		9,067,474
	47,083	Advanced Energy Industries, Inc.*		2,963,404
	34,537	Aerojet Rocketdyne Holdings, Inc.*		1,377,681
	36,600	AGCO Corp.		2,718,282
	390,412	Air Transport Services Group, Inc.*		9,783,725
	42,100	Apogee Enterprises, Inc.		899,677
	33,503	AptarGroup, Inc.		3,792,540
	123,460	Argan, Inc.		5,174,209
	63,628	Armstrong World Industries, Inc.		4,378,243
	20,000	Arrow Electronics, Inc.*		1,573,200
	139,611	Atkore International Group, Inc.*		3,173,358
	34,700	Atlas Air Worldwide Holdings, Inc.*		2,113,230
	41,047	Axon Enterprise, Inc.*		3,722,963
	81,060	AZEK Co., Inc. (The) Class A*		2,821,699
	45,300	Benchmark Electronics, Inc.		912,795
	32,230	Berry Global Group, Inc.*		1,557,354
	76,700	Builders FirstSource, Inc.*		2,501,954
	74,827	Cognex Corp.		4,871,238
	55,293	Colfax Corp.*		1,733,988
	89,678	Comfort Systems USA, Inc.		4,619,314
	18,600	Crane Co.		932,418
	50,717	Eagle Materials, Inc.		4,377,891
	32,785	ESCO Technologies, Inc.		2,641,160
	98,550	Exponent, Inc.		7,098,556
	114,407	Federal Signal Corp.		3,346,405
	52,345	FLIR Systems, Inc.		1,876,568
	13,327	Forward Air Corp.		764,703
	22,464	Generac Holdings, Inc.*		4,349,929
	116,600	Gibraltar Industries, Inc.*		7,595,324
	76,353	Graco, Inc.		4,684,257
	564,975	GrafTech International, Ltd.		3,864,429
	58,200	Greif, Inc. Class A		2,107,422
	207,453	Harsco Corp.*		2,885,671
	28,192	HEICO Corp.		2,950,575
	37,980	HEICO Corp. Class A		3,367,307

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Industrial — continued
	88,153	Hexcel Corp.		2,957,533
	31,574	Huntington Ingalls Industries, Inc.		4,444,040
	20,870	IDEX Corp.		3,806,897
	275,315	Ingersoll Rand, Inc.*		9,801,214
	82,100	Jabil, Inc.		2,812,746
	18,525	JB Hunt Transport Services, Inc.		2,341,189
	26,630	Kaman Corp.		1,037,771
	82,992	KBR, Inc.		1,855,701
	43,150	Lincoln Electric Holdings, Inc.		3,971,526
	14,644	Masonite International Corp.*		1,440,970
	26,600	MasTec, Inc.*		1,122,520
	33,000	Matthews International Corp. Class A		737,880
	66,400	MDU Resources Group, Inc.		1,494,000
	3,414	Mettler-Toledo International, Inc.*		3,297,070
	35,400	Moog, Inc. Class A		2,248,962
	35,274	Nordson Corp.		6,766,259
	89,079	nVent Electric Plc		1,575,807
	104,000	O-I Glass, Inc.		1,101,360
	24,185	Old Dominion Freight Line, Inc.		4,375,550
	37,400	Oshkosh Corp.		2,748,900
	26,500	Owens Corning		1,823,465
	71,100	Primoris Services Corp.		1,282,644
	40,846	RBC Bearings, Inc.*		4,950,944
	24,900	Regal Beloit Corp.		2,337,363
	43,100	Sanmina Corp.*		1,165,855
	130,470	Schneider National, Inc. Class B		3,226,523
	125,410	Sensata Technologies Holding Plc*		5,410,187
	48,600	Silgan Holdings, Inc.		1,787,022
	41,500	SMART Global Holdings, Inc.*		1,134,610
	8,000	Snap-on, Inc.		1,177,040
	13,206	SYNNEX Corp.		1,849,632
	14,865	Teledyne Technologies, Inc.*		4,611,272
	23,330	Tetra Tech, Inc.		2,228,015
	57,100	Textron, Inc.		2,060,739
	37,300	Timken Co. (The)		2,022,406
	45,300	TopBuild Corp.*		7,732,257
	113,620	Trex Co., Inc.*		8,135,192
	51,175	TriMas Corp.*		1,166,790
	73,524	Trimble, Inc.*		3,580,619
	56,000	Trinity Industries, Inc.(a)		1,092,000
	35,000	Trinseo SA		897,400
	107,400	TTM Technologies, Inc.*		1,225,434
	94,000	Universal Logistics Holdings, Inc.		1,960,840
	62,529	US Ecology, Inc.		2,042,822
	82,300	Vishay Intertechnology, Inc.		1,281,411
	65,900	Westrock Co.		2,289,366
				251,008,686

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Technology — 13.8%
	153,055	ACI Worldwide, Inc.*		3,999,327
	38,730	Alteryx, Inc. Class A* (a)		4,397,791
	30,600	Amdocs, Ltd.		1,756,746
	177,100	Amkor Technology, Inc.*		1,983,520
	394,100	Avaya Holdings Corp.*		5,990,320
	134,391	Black Knight, Inc.*		11,698,737
	35,589	Blackline, Inc.*		3,189,842
	25,967	Broadridge Financial Solutions, Inc.		3,427,644
	104,520	CDK Global, Inc.		4,556,027
	94,246	Cerence, Inc.* (a)		4,605,802
	45,670	Ceridian HCM Holding, Inc.*		3,774,625
	43,800	CSG Systems International, Inc.		1,793,610
	107,163	Cubic Corp.		6,233,672
	70,450	Diodes, Inc.*		3,976,902
	103,815	DXC Technology Co.		1,853,098
	67,300	Ebix, Inc.(a)		1,386,380
	78,520	Entegris, Inc.		5,837,177
	44,613	Envestnet, Inc.*		3,442,339
	36,530	EPAM Systems, Inc.*		11,809,418
	12,375	Fair Isaac Corp.*		5,264,077
	30,276	Five9, Inc.*		3,926,192
	51,330	Fortinet, Inc.*		6,047,187
	36,501	Guidewire Software, Inc.*		3,805,959
	53,058	HubSpot, Inc.*		15,505,139
	18,100	Insight Enterprises, Inc.*		1,024,098
	26,500	j2 Global, Inc.*		1,834,330
	56,130	Lumentum Holdings, Inc.*		4,217,047
	85,117	MaxLinear, Inc.*		1,978,119
	63,025	MKS Instruments, Inc.		6,884,221
	15,498	Monolithic Power Systems, Inc.		4,333,396
	51,100	MTS Systems Corp.		976,521
	270,011	NCR Corp.* (a)		5,978,044
	26,397	Nova Measuring Instruments, Ltd.* (a)		1,376,340
	117,300	ON Semiconductor Corp.*		2,544,237
	28,431	Pegasystems, Inc.		3,441,288
	55,604	Perspecta, Inc.		1,081,498
	127,400	Pitney Bowes, Inc.		676,494
	47,979	Power Integrations, Inc.		2,658,037
	86,759	Rapid7, Inc.*		5,313,121
	84,390	RealPage, Inc.*		4,864,240
	55,030	Science Applications International Corp.		4,315,453
	47,300	Seagate Technology Plc		2,330,471
	52,430	Semtech Corp.*		2,776,693
	67,249	Silicon Laboratories, Inc.*		6,580,315
	117,376	Smartsheet, Inc. Class A*		5,800,722
	115,339	SVMK, Inc.*		2,550,145
	16,000	Synaptics, Inc.*		1,286,720
	86,202	Tenable Holdings, Inc.*		3,254,125
	14,500	Teradyne, Inc.		1,152,170

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, 2020 (Unaudited)

Shares			Description	Value ($)
			Technology — continued
	16,283		Tyler Technologies, Inc.*		5,675,602
	45,300		Ultra Clean Holdings, Inc.*		972,138
	55,500		Xerox Holdings Corp.		1,041,735
	27,276		Zebra Technologies Corp. Class A*		6,886,099
	382,160		Zynga, Inc. Class A*		3,485,299
					217,550,249
			Utilities — 1.2%
	37,100		AES Corp.		671,881
	8,600		Arch Resources, Inc.		365,328
	39,582		IDACORP, Inc.		3,162,602
	48,700		National Fuel Gas Co.		1,976,733
	104,500		NRG Energy, Inc.		3,212,330
	56,121		OGE Energy Corp.		1,683,069
	94,516		Portland General Electric Co.		3,355,318
	200,600		Vistra Corp.		3,783,316
					18,210,577
			TOTAL COMMON STOCKS (COST $1,398,995,728)		1,482,829,368
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.6%
			Mutual Fund - Securities Lending Collateral — 0.6%
	10,003,434		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c)		10,003,434
			TOTAL SHORT-TERM INVESTMENT (COST $10,003,434)		10,003,434
			TOTAL INVESTMENTS — 94.8% (Cost $1,408,999,162)		1,492,832,802
			Other Assets and Liabilities (net) — 5.2%		81,480,330
			NET ASSETS — 100.0%	$1,574,313,132
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	All or a portion of this security is out on loan.
		(b)	The rate disclosed is the 7-day net yield as of September 30, 2020.
		(c)	Represents an investment of securities lending cash collateral.

See accompanying Notes to the Financial Statements.

19

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	188	Russell 2000 E-mini Index		Dec 2020	$	14,141,360	$	141,438
	88	S&P Mid 400 E-mini Index		Dec 2020		16,331,920		60,300
							$	201,738

Other Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

20

Mercer US Small/Mid Cap Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		94.2
Futures Contracts		0.0	*
Short-Term Investment		0.6
Other Assets and Liabilities (net)		5.2
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

21

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 90.7%
		Australia — 3.6%
	224,400	AGL Energy, Ltd.		2,190,622
	96,789	Altium, Ltd.		2,491,896
	1,842,197	Alumina, Ltd.		1,815,542
	264,185	APA Group		1,956,032
	95,205	Aristocrat Leisure, Ltd.		2,045,098
	208,100	Australia & New Zealand Banking Group, Ltd.		2,568,460
	2,050,951	Beach Energy, Ltd.		1,940,425
	294,129	BGP Holdings Plc* (a)		—
	254,404	BHP Group, Ltd.		6,491,447
	126,447	BHP Group, Ltd., ADR		6,538,574
	352,276	Bingo Industries, Ltd.(b)		611,035
	574,991	BlueScope Steel, Ltd.		5,233,983
	134,757	Brambles, Ltd.		1,013,198
	228,386	Codan, Ltd.		1,807,200
	240,808	Collins Foods, Ltd.		1,772,593
	116,188	Computershare, Ltd.		1,017,654
	32,732	Credit Corp. Group, Ltd.		397,423
	69,368	CSL, Ltd.		14,269,497
	1,005,844	CSR, Ltd.		3,078,407
	545,857	FlexiGroup, Ltd.(b)		416,674
	821,379	Fortescue Metals Group, Ltd.		9,596,189
	1,233,793	Genworth Mortgage Insurance Australia, Ltd.		1,383,962
	940,793	Gold Road Resources, Ltd.*		981,126
	872,100	Harvey Norman Holdings, Ltd.(b)		2,831,601
	701,222	IGO, Ltd.		2,090,819
	313,533	Iluka Resources, Ltd.		2,027,017
	1,053,631	Incitec Pivot, Ltd.		1,533,035
	731,800	Inghams Group, Ltd.(b)		1,563,062
	118,064	Integrated Research, Ltd.(b)		299,563
	254,400	Lendlease Group		2,011,223
	948,800	Link Administration Holdings, Ltd.		2,536,595
	447,216	Lynas Corp., Ltd.* (b)		743,657
	720,307	Mayne Pharma Group, Ltd.*		201,349
	42,269	McMillan Shakespeare, Ltd.		248,733
	1,224,800	Metcash, Ltd.(b)		2,422,935
	1,454,500	Mirvac Group REIT		2,272,677
	213,698	NEXTDC, Ltd.*		1,880,903
	1,553,351	Orora, Ltd.		2,672,074
	216,087	Pendal Group, Ltd.		845,647
	810,700	Perenti Global, Ltd.		665,324
	2,032,455	Perseus Mining, Ltd.*		1,988,480
	898,400	Qantas Airways, Ltd.*		2,607,908
	811,515	Regis Resources, Ltd.		2,914,083
	908,174	Reliance Worldwide Corp., Ltd.		2,486,566
	121,608	Rio Tinto, Ltd.		8,221,168
	334,627	Saracen Mineral Holdings, Ltd.*		1,239,993
	306,769	Scentre Group REIT		483,729
	1,193,013	Silver Lake Resources, Ltd.*		1,975,262

See accompanying Notes to the Financial Statements.

22

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Australia — continued
	235,665	South32, Ltd.		344,582
	1,041,700	Stockland REIT		2,822,293
	345,218	Super Retail Group, Ltd.		2,603,015
	81,856	Technology One, Ltd.		465,842
	1,123,023	Whitehaven Coal, Ltd.(b)		841,148
		Total Australia		125,457,320
		Austria — 0.2%
	64,200	OMV AG*		1,761,649
	35,791	voestalpine AG(b)		944,333
	112,743	Wienerberger AG*		2,979,971
		Total Austria		5,685,953
		Belgium — 0.2%
	66,193	Ageas SA		2,705,877
	69,704	bpost SA*		614,264
	24,636	Kinepolis Group NV*		875,350
	34,100	UCB SA		3,878,776
		Total Belgium		8,074,267
		Bermuda — 0.2%
	141,653	Golden Ocean Group, Ltd.		532,906
	257,198	Hiscox, Ltd.*		2,970,604
	1,544,000	Man Wah Holdings, Ltd.		2,044,057
	314,000	Shangri-La Asia, Ltd.*		256,872
	1,289,000	Shenzhen International Holdings, Ltd.		2,042,441
		Total Bermuda		7,846,880
		Brazil — 0.8%
	330,216	Banco Bradesco SA, ADR		1,132,641
	146,900	Cia de Locacao das Americas*		618,984
	49,700	Cosan SA		602,507
	699,500	Duratex SA*		2,225,166
	124,700	Grupo SBF SA*		561,725
	541,000	JBS SA		1,983,956
	691,523	Magazine Luiza SA		10,943,742
	61,700	Marisa Lojas SA*		76,079
	173,400	Movida Participacoes SA*		500,223
	274,200	Petro Rio SA*		1,697,316
	255,040	Petroleo Brasileiro SA, ADR		1,815,885
	219,579	Petroleo Brasileiro SA, Preferred ADR		1,545,836
	63,700	SIMPAR SA*		287,170
	114,700	Tupy SA*		353,474
	11,400	Vivara Participacoes SA*		47,934
	135,800	WEG SA		1,582,922
		Total Brazil		25,975,560

See accompanying Notes to the Financial Statements.

23

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Canada — 1.8%
	80,372	Absolute Software Corp.		972,948
	64,634	Agnico Eagle Mines, Ltd.		5,133,461
	226,463	B2Gold Corp.		1,469,911
	13,600	Canadian Pacific Railway, Ltd.(b)		4,124,035
	31,900	Canadian Tire Corp., Ltd. Class A(b)		3,203,016
	73,855	Cascades, Inc.		931,101
	36,900	CGI, Inc.*		2,496,741
	240,100	Cineplex, Inc.(b)		1,295,992
	1,000	Constellation Software, Inc.(b)		1,107,715
	44,441	Descartes Systems Group, Inc. (The)*		2,523,563
	35,700	Dorel Industries, Inc. Class B*		317,244
	142,046	ECN Capital Corp.		538,089
	72,720	Eldorado Gold Corp.*		764,901
	117,900	Enerplus Corp.(b)		215,367
	25,900	Exco Technologies, Ltd.		127,585
	125,788	First Quantum Minerals, Ltd.		1,117,802
	86,140	Franco-Nevada Corp.		11,999,304
	63,980	Gildan Activewear, Inc.		1,258,487
	83,800	Gildan Activewear, Inc. (Toronto Exchange)		1,646,200
	31,018	goeasy, Ltd.		1,518,913
	179,004	Gran Colombia Gold Corp.		840,243
	169,679	Hudbay Minerals, Inc.		717,742
	224,577	Kinross Gold Corp.*		1,980,769
	58,800	Loblaw Cos., Ltd.		3,069,529
	17,200	Magna International, Inc.		784,575
	101,700	Medical Facilities Corp.(b)		332,719
	46,900	Methanex Corp.		1,144,360
	176,191	Nutrien, Ltd.		6,911,973
	113,041	Pan American Silver Corp.		3,622,897
	168,200	Seven Generations Energy, Ltd. Class A*		452,059
	267,100	ShawCor, Ltd.(b)		417,922
	1	SSR Mining, Inc.*		11
		Total Canada		63,037,174
		Cayman Islands — 2.0%
	45,890	Alibaba Group Holding, Ltd., ADR*		13,490,742
	1,410,000	C-Mer Eye Care Holdings, Ltd.		1,029,755
	1,777,000	China Medical System Holdings, Ltd.		1,955,847
	3,542,000	China Resources Cement Holdings, Ltd.		4,835,401
	479,500	CK Hutchison Holdings, Ltd.		2,883,187
	1,590,000	Comba Telecom Systems Holdings, Ltd.		562,142
	115,310	GDS Holdings, Ltd., ADR*		9,435,817
	3,565,000	IGG, Inc.		4,061,800
	3,714,000	Jiangnan Group, Ltd.		182,106
	3,247,000	Lee & Man Paper Manufacturing, Ltd.		2,346,219
	63,300	Melco Resorts & Entertainment, Ltd., ADR		1,053,945
	104,000	Minth Group, Ltd.		451,561
	59,017	Sapiens International Corp. NV		1,804,740
	205,950	Tencent Holdings, Ltd.		13,592,700

See accompanying Notes to the Financial Statements.

24

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	9,510,000	Tongda Group Holdings, Ltd.		509,245
	1,834,000	United Laboratories International Holdings, Ltd. (The)		1,888,429
	4,699,500	WH Group, Ltd.		3,808,111
	3,048,000	Xinyi Glass Holdings, Ltd.		6,127,463
		Total Cayman Islands		70,019,210
		China — 0.2%
	2,710,500	China Railway Construction Corp., Ltd. Class H		1,864,125
	8,346,000	China Telecom Corp., Ltd. Class H		2,498,415
	628,600	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		1,051,181
		Total China		5,413,721
		Denmark — 1.6%
	156,100	Danske Bank AS*		2,117,319
	63,400	DFDS AS*		2,127,399
	94,320	DSV PANALPINA AS		15,416,014
	54,453	ISS AS*		719,721
	43,209	Jyske Bank AS*		1,218,449
	260,404	Novo Nordisk AS Class B		18,023,473
	180,559	Novozymes AS Class B		11,374,982
	58,974	Pandora AS		4,252,278
	57,294	Sydbank AS*		898,977
		Total Denmark		56,148,612
		Finland — 0.9%
	114,831	Caverion OYJ*		818,712
	60,282	Kone OYJ Class B		5,305,970
	268,318	Neste OYJ		14,149,506
	722,139	Nokia OYJ*		2,836,836
	305,100	Nordea Bank Abp*		2,328,646
	128,529	TietoEVRY OYJ(b)		3,556,983
	32,167	Valmet OYJ		797,037
	131,564	Wartsila OYJ Abp(b)		1,036,444
		Total Finland		30,830,134
		France — 10.3%
	78,650	Air Liquide SA		12,497,024
	125,250	Arkema SA		13,309,765
	146,709	AXA SA		2,714,078
	119,700	BNP Paribas SA*		4,347,845
	78,800	Bouygues SA		2,737,032
	135,070	Capgemini SE		17,383,292
	295,800	Carrefour SA		4,739,979
	33,000	Casino Guichard Perrachon SA* (b)		802,972
	1,450,000	CGG SA*		975,657
	246,322	Cie de Saint-Gobain*		10,401,475
	47,007	Cie Generale des Etablissements Michelin SCA		5,055,862
	262,645	CNP Assurances*		3,289,342

See accompanying Notes to the Financial Statements.

25

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		France — continued
	82,642	Coface SA*		578,554
	361,100	Credit Agricole SA*		3,163,974
	176,674	Danone SA		11,440,306
	105,317	Dassault Systemes SE		19,729,130
	192,900	Edenred		8,686,244
	104,850	Electricite de France SA		1,109,768
	179,930	Elior Group SA(b) 144A		835,540
	606,730	Engie SA*		8,125,127
	34,959	EssilorLuxottica SA*		4,761,533
	419,041	Eutelsat Communications SA		4,088,354
	42,863	IPSOS		1,073,122
	47,646	Klepierre SA REIT(b)		669,627
	62,726	L’Oreal SA		20,419,056
	200,120	Legrand SA		15,999,856
	34,968	LVMH Moet Hennessy Louis Vuitton SE		16,377,494
	125,400	Metropole Television SA*		1,499,914
	926,476	Natixis SA*		2,088,667
	77,474	Nexans SA*		4,498,888
	36,500	Nexity SA		1,111,989
	469,543	Orange SA		4,891,618
	121,115	Pernod Ricard SA		19,336,781
	146,686	Peugeot SA*		2,666,177
	62,549	Publicis Groupe SA		2,022,941
	35,500	Quadient		481,232
	251,009	Rexel SA*		3,161,274
	222,737	Sanofi		22,287,569
	378,435	Schneider Electric SE		47,062,020
	51,200	Societe BIC SA		2,687,377
	159,400	Societe Generale SA*		2,115,566
	22,350	Sopra Steria Group*		3,553,905
	51,453	Teleperformance		15,904,672
	219,200	Television Francaise 1* (b)		1,345,631
	218,500	TOTAL SA(b)		7,481,745
	458,320	Valeo SA		14,108,041
	174,011	Veolia Environnement SA		3,758,676
		Total France		357,376,691
		Germany — 6.2%
	41,400	Allianz SE		7,943,380
	15,486	AURELIUS Equity Opportunities SE & Co. KGaA*		251,693
	47,200	Aurubis AG		3,217,997
	107,100	Bayer AG		6,695,249
	78,800	BMW AG		5,728,177
	285,440	CECONOMY AG*		1,409,177
	56,345	Continental AG		6,110,430
	83,700	Covestro AG 144A		4,156,688
	68,596	Daimler AG		3,703,016
	11,687	Delivery Hero SE* 144A		1,344,712
	530,649	Deutsche Lufthansa AG* (b)		4,579,876

See accompanying Notes to the Financial Statements.

26

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	233,239	Deutsche Pfandbriefbank AG*		1,546,687
	218,000	Deutsche Post AG		9,944,311
	250,889	Deutsche Wohnen SE		12,559,616
	86,787	Deutz AG*		505,394
	27,997	Duerr AG		862,134
	188,992	Evonik Industries AG		4,897,837
	172,414	GEA Group AG		6,067,463
	45,155	HelloFresh SE*		2,519,410
	88,000	HUGO BOSS AG		2,206,272
	643,615	Infineon Technologies AG		18,200,445
	147,159	Knorr-Bremse AG		17,367,050
	29,802	Koenig & Bauer AG*		670,989
	21,374	Krones AG		1,327,151
	29,044	LEG Immobilien AG		4,148,321
	154,000	METRO AG		1,538,611
	46,600	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		11,836,218
	157,885	Puma SE*		14,230,162
	44,482	Rheinmetall AG		4,003,943
	100,197	SAP SE		15,598,777
	82,436	Siemens Healthineers AG 144A		3,702,408
	27,377	Siltronic AG		2,459,782
	47,568	SMA Solar Technology AG*		2,129,705
	84,817	Symrise AG Class A		11,736,362
	147,794	TAG Immobilien AG*		4,461,018
	42,000	Talanx AG*		1,355,396
	93,600	United Internet AG		3,585,862
	10,197	Volkswagen AG*		1,784,062
	122,697	Vonovia SE		8,428,531
		Total Germany		214,814,312
		Hong Kong — 0.9%
	1,176,000	AIA Group, Ltd.		11,517,213
	1,448,500	Techtronic Industries Co., Ltd.		18,989,368
		Total Hong Kong		30,506,581
		Hungary — 0.1%
	229,600	MOL Hungarian Oil & Gas Plc*		1,253,626
	155,400	Richter Gedeon Nyrt		3,286,584
		Total Hungary		4,540,210
		India — 0.3%
	722,350	HDFC Bank, Ltd.*		10,554,260
		Indonesia — 0.0%
	3,540,700	Bank Negara Indonesia Persero Tbk PT		1,056,499
		Ireland — 0.5%
	225,100	C&C Group Plc		570,378
	168,584	James Hardie Industries Plc, CDI		4,004,391

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Ireland — continued
	54,288	Kerry Group Plc Class A		6,970,863
	68,143	Ryanair Holdings Plc, ADR*		5,571,372
		Total Ireland		17,117,004
		Israel — 0.5%
	13,017	Check Point Software Technologies, Ltd.*		1,566,466
	7,912	Fattal Holdings 1998, Ltd.*		447,382
	4,870	Fiverr International, Ltd.*		676,833
	27,594	Hilan, Ltd.		1,207,737
	51,813	Maytronics, Ltd.		798,638
	16,258	Nova Measuring Instruments, Ltd.*		857,511
	12,302	Radware, Ltd.*		298,200
	78,600	Stratasys, Ltd.*		980,142
	210,300	Teva Pharmaceutical Industries, Ltd.*		1,906,061
	57,523	Teva Pharmaceutical Industries, Ltd., ADR*		518,282
	37,544	Tower Semiconductor, Ltd.*		699,772
	23,770	Wix.com, Ltd.*		6,057,784
		Total Israel		16,014,808
		Italy — 1.6%
	1,909,500	A2A SpA		2,776,578
	524,667	Banca Popolare di Sondrio SCPA*		1,100,684
	184,469	BPER Banca* (b)		430,040
	82,458	Buzzi Unicem SpA		1,922,768
	55,054	Datalogic SpA		770,836
	2,520,988	Enel SpA		21,929,372
	831,977	Eni SpA		6,524,935
	111,114	Esprinet SpA*		983,749
	354,775	Eurotech SpA* (b)		1,606,697
	170,128	Falck Renewables SpA		1,074,311
	675,959	Leonardo SpA(b)		3,963,318
	291,800	Mediobanca Banca di Credito Finanziario SpA		2,291,918
	884,783	OVS SpA* (b) 144A		1,025,091
	523,706	Reno de Medici SpA		552,712
	278,436	Rizzoli Corriere Della Sera Mediagroup SpA*		165,213
	641,104	Saipem SpA(b)		1,103,253
	1,319,375	Saras SpA* (b)		689,726
	174,600	Societa Cattolica di Assicurazioni SC* (b)		931,589
	596,700	Unipol Gruppo SpA*		2,609,958
	1,078,000	UnipolSai Assicurazioni SpA		2,813,925
		Total Italy		55,266,673
		Japan — 22.9%
	2,200	AEON REIT Investment Corp. REIT		2,524,590
	234,000	AGC, Inc.		6,807,353
	2,000	AI inside, Inc.*		834,834
	162,400	Alpen Co., Ltd.		3,051,637
	145,300	Alps Alpine Co., Ltd.		1,938,618

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	33,200	Altech Corp.		643,991
	42,400	Amada Co., Ltd.		394,549
	423,300	Astellas Pharma, Inc.		6,285,522
	62,300	Avex, Inc.		579,137
	90,400	Bridgestone Corp.		2,841,437
	32,200	Brother Industries, Ltd.		508,341
	75,100	Can Do Co., Ltd.		1,545,695
	339,500	Canon, Inc.(b)		5,618,656
	65,609	Canon, Inc., ADR		1,088,453
	39,700	Capcom Co., Ltd.		2,204,511
	45,400	Central Glass Co., Ltd.(b)		939,147
	346,994	Chiba Bank, Ltd. (The)(b)		1,903,814
	214,300	Chubu Electric Power Co., Inc.		2,601,329
	72,000	Chugai Pharmaceutical Co., Ltd.		3,216,905
	15,200	CMIC Holdings Co., Ltd.		194,447
	11,800	Coca-Cola Bottlers Japan Holdings, Inc.		196,685
	55,000	Computer Engineering & Consulting, Ltd.		845,873
	4,400	Cosmos Pharmaceutical Corp.		765,091
	213,900	Credit Saison Co., Ltd.		2,253,926
	28,900	Cybozu, Inc.		906,463
	374,300	Dai-ichi Life Holdings, Inc.		5,238,710
	443,600	Daicel Corp.(b)		3,182,083
	141,900	Daiichi Sanyko Co., Ltd.		4,341,847
	37,600	Daiichikosho Co., Ltd.		1,202,502
	18,900	Daikin Industries, Ltd.		3,456,553
	111,200	Daiwa House Industry Co., Ltd.		2,842,433
	660,600	Daiwa Securities Group, Inc.		2,758,708
	265,000	DeNA Co., Ltd.(b)		4,851,511
	104,500	Dexerials Corp.(b)		1,093,225
	85,100	DIC Corp.		2,111,170
	52,800	Dip Corp.		1,077,714
	10,600	Disco Corp.		2,552,317
	41,800	Dowa Holdings Co., Ltd.		1,219,975
	52,800	Eagle Industry Co., Ltd.(b)		395,762
	38,900	East Japan Railway Co.		2,388,629
	275,800	EDION Corp.(b)		2,874,822
	86,600	Eiken Chemical Co., Ltd.(b)		1,736,431
	12,300	Eisai Co., Ltd.		1,117,059
	180,700	ENEOS Holdings, Inc.		642,116
	16,200	Enplas Corp.		343,864
	196,800	EPS Holdings, Inc.		1,939,467
	101,100	Ezaki Glico Co., Ltd.		4,517,071
	159,900	Fuji Corp.		3,147,089
	62,500	FUJIFILM Holdings Corp.		3,070,809
	120,900	Fukuoka Financial Group, Inc.		2,020,919
	87,100	Furukawa Co., Ltd.		936,781
	124,400	Futaba Industrial Co., Ltd.		628,307
	100	Genki Sushi Co., Ltd.* (b)		2,255
	68,000	Glory, Ltd.		1,512,973

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	38,500	GMO internet, Inc.		999,986
	37,800	Godo Steel, Ltd.(b)		721,040
	193,200	Gumi, Inc.		1,772,175
	77,000	GungHo Online Entertainment, Inc.		1,646,821
	340,394	Hachijuni Bank, Ltd. (The)		1,332,159
	163,000	Haseko Corp.		2,131,527
	326,100	Hazama Ando Corp.		2,243,425
	87,700	Hirose Electric Co., Ltd.		11,244,016
	92,500	Hitachi Capital Corp.(b)		2,158,888
	309,100	Hitachi Zosen Corp.		1,300,487
	256,900	Hitachi, Ltd.		8,625,004
	39,100	Hogy Medical Co., Ltd.		1,335,691
	221,100	Hokkaido Electric Power Co., Inc.		942,812
	339,900	Honda Motor Co., Ltd.		7,966,859
	89,500	Honda Motor Co., Ltd., ADR		2,121,150
	6,300	Hosokawa Micron Corp.		325,955
	107,400	Hoya Corp.		12,070,160
	18,900	Ichibanya Co., Ltd.		1,006,519
	69,900	Ichinen Holdings Co., Ltd.(b)		833,925
	48,700	Ines Corp.		752,213
	477,000	Inpex Corp.		2,547,044
	386,300	Isuzu Motors, Ltd.		3,358,207
	219,500	Ito En, Ltd.(b)		15,620,629
	317,400	ITOCHU Corp.(b)		8,075,609
	77,400	Jaccs Co., Ltd.(b)		1,246,849
	10,800	Jafco Co., Ltd.		451,834
	105,600	Japan Airlines Co., Ltd.*		1,967,304
	153,300	Japan Aviation Electronics Industry, Ltd.		2,094,747
	108,700	Japan Petroleum Exploration Co., Ltd.(b)		1,679,993
	43,200	Japan Post Insurance Co., Ltd.		675,857
	30,300	JFE Holdings, Inc.*		210,173
	29,300	JMDC, Inc.*		1,285,502
	59,000	Juki Corp.		253,824
	14,400	Kaga Electronics Co., Ltd.		304,838
	12,500	Kaken Pharmaceutical Co., Ltd.		570,928
	278,400	Kandenko Co., Ltd.		2,268,777
	37,800	Kaneka Corp.(b)		1,054,875
	282,500	Kanematsu Corp.		3,439,899
	373,100	Kansai Electric Power Co., Inc. (The)		3,606,197
	163,100	Kansai Paint Co., Ltd.(b)		4,030,748
	288,008	Kao Corp.		21,524,866
	146,500	Kappa Create Co., Ltd.* (b)		2,176,746
	41,600	Kato Sangyo Co., Ltd.		1,486,137
	52,200	Kawasaki Heavy Industries, Ltd.* (b)		700,913
	754,900	KDDI Corp.		18,999,473
	39,100	Keyence Corp.		18,147,617
	24,100	Kintetsu World Express, Inc.		508,811
	128,500	Kirin Holdings Co., Ltd.		2,403,058
	99,400	Kisoji Co., Ltd.(b)		2,392,457

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	81,500	Kissei Pharmaceutical Co., Ltd.		1,831,105
	37,400	Kito Corp.(b)		436,268
	151,800	Kobayashi Pharmaceutical Co., Ltd.		14,629,072
	5,700	Konami Holdings Corp.		245,219
	12,086	Kose Corp.		1,471,668
	12,000	Kurimoto, Ltd.		216,393
	57,400	Life Corp.		2,635,298
	64,200	M3, Inc.		3,954,326
	1,051,900	Marubeni Corp.(b)		5,925,846
	57,900	Marvelous, Inc.		438,927
	64,800	Matsumotokiyoshi Holdings Co., Ltd.		2,357,927
	32,300	Matsuyafoods Holdings Co., Ltd.(b)		1,117,170
	63,400	Maxell Holdings, Ltd.*		651,843
	573,200	Mebuki Financial Group, Inc.		1,292,728
	25,400	Media Do Co., Ltd.		1,831,650
	44,900	Medipal Holdings Corp.		895,617
	23,000	Milbon Co., Ltd.		1,216,147
	936,500	Mitsubishi Chemical Holdings Corp.		5,375,136
	210,200	Mitsubishi Gas Chemical Co., Inc.		3,876,141
	118,400	Mitsubishi Heavy Industries, Ltd.		2,614,718
	69,900	Mitsubishi Materials Corp.		1,371,108
	33,200	Mitsubishi Shokuhin Co., Ltd.		871,763
	2,031,000	Mitsubishi UFJ Financial Group, Inc.		8,008,141
	67,400	Mitsui Chemicals, Inc.		1,619,695
	61,900	Mixi, Inc.(b)		1,659,973
	300,350	Mizuho Financial Group, Inc.(b)		3,729,827
	91,200	Mizuho Leasing Co., Ltd.		2,335,093
	276,100	MonotaRO Co., Ltd.(b)		13,657,178
	128,700	MS&AD Insurance Group Holdings, Inc.		3,444,033
	249,400	Murata Manufacturing Co., Ltd.		16,006,692
	67,900	NEC Corp.		3,950,592
	146,600	Nihon House Holdings Co., Ltd.(b)		390,359
	241,200	Nihon Kohden Corp.(b)		7,908,197
	34,800	Nikkon Holdings Co., Ltd.(b)		751,532
	49,100	Nintendo Co., Ltd., ADR		3,481,190
	13,400	Nippon Chemi-Con Corp.*		178,785
	111,600	Nippon Kayaku Co., Ltd.(b)		981,378
	46,600	Nippon Paper Industries Co., Ltd.(b)		575,380
	119,100	Nippon Soda Co., Ltd.		3,397,053
	49,100	Nippon Steel Corp.*		460,385
	565,900	Nippon Telegraph & Telephone Corp.		11,529,281
	52,000	Nippon Yusen KK		895,328
	13,400	Nishio Rent All Co., Ltd.		283,542
	996,900	Nissan Motor Co., Ltd.*		3,512,247
	49,200	Nisshin Oillio Group, Ltd. (The)		1,480,243
	34,100	Nissin Foods Holdings Co., Ltd.(b)		3,198,996
	44,900	Nitto Denko Corp.		2,910,225
	29,900	Nojima Corp.		801,829
	1,092,000	Nomura Holdings, Inc.		4,952,442

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	387,700	Nomura Research Institute, Ltd.		11,370,525
	510,141	North Pacific Bank, Ltd.		1,107,006
	297,900	NTT DOCOMO, Inc.		10,966,943
	22,200	Obara Group, Inc.		743,646
	389,700	Obayashi Corp.		3,526,613
	24,500	OBIC Business Consultants Co., Ltd.(b)		1,416,185
	52,500	Obic Co., Ltd.		9,173,695
	77,700	Oisix ra daichi, Inc.*		2,499,683
	56,800	Okamura Corp.(b)		398,833
	104,300	Oki Electric Industry Co., Ltd.		1,116,829
	129,700	Okuwa Co., Ltd.		1,846,010
	940,200	Olympus Corp.		19,440,125
	150,200	Omron Corp.		11,642,528
	322,500	ORIX Corp.		3,988,084
	40,100	Otsuka Holdings Co., Ltd.		1,690,181
	418,600	Pan Pacific International Holdings Corp.		9,718,279
	346,000	Panasonic Corp.		2,914,098
	54,500	Paramount Bed Holdings Co., Ltd.		2,241,353
	33,100	Pilot Corp.		969,194
	59,900	Plenus Co., Ltd.		1,031,917
	201,500	Prestige International, Inc.		1,817,758
	29,600	Prima Meat Packers, Ltd.		907,382
	30,300	Punch Industry Co., Ltd.(b)		119,443
	306,000	Rakuten, Inc.		3,282,403
	481,700	Recruit Holdings Co., Ltd.		18,988,648
	77,500	Relia, Inc.		971,596
	47,300	Renesas Electronics Corp.*		342,884
	164,900	Rengo Co., Ltd.		1,240,696
	714,000	Resona Holdings, Inc.		2,419,467
	30,400	Ricoh Co., Ltd.(b)		203,377
	257,400	Rohto Pharmaceutical Co., Ltd.		8,427,149
	66,900	Sangetsu Corp.		1,023,818
	194,400	Sanki Engineering Co., Ltd.(b)		2,122,134
	53,700	Sankyu, Inc.		2,104,136
	108,100	Sanoh Industrial Co., Ltd.(b)		582,857
	595,600	Santen Pharmaceutical Co., Ltd.		12,128,725
	32,200	Sanyo Trading Co., Ltd.		303,296
	40,100	Sawai Pharmaceutical Co., Ltd.		2,017,730
	51,700	SBS Holdings, Inc.		1,072,409
	137,400	Secom Co., Ltd.		12,507,007
	87,300	Seibu Holdings, Inc.		934,796
	165,600	Seiko Epson Corp.(b)		1,890,913
	35,400	Seria Co., Ltd.		1,501,137
	17,400	Shimachu Co., Ltd.(b)		586,156
	248,100	Shimadzu Corp.		7,499,659
	43,600	Shin-Etsu Chemical Co., Ltd.		5,653,994
	35,500	Shindengen Electric Manufacturing Co., Ltd.		673,804
	190,400	Shinmaywa Industries, Ltd.		1,632,825
	178,400	Shinsei Bank, Ltd.(b)		2,187,526

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	65,000	Shionogi & Co., Ltd.		3,467,118
	200,500	SKY Perfect JSAT Holdings, Inc.		872,070
	21,600	SMC Corp.		11,965,659
	74,100	Sohgo Security Services Co., Ltd.		3,510,850
	133,900	Soiken Holdings, Inc.		1,135,606
	1,695,400	Sojitz Corp.(b)		3,823,607
	91,700	Sompo Holdings, Inc.		3,153,409
	19,300	ST Corp.		414,055
	108,800	Subaru Corp.		2,094,964
	19,600	Sumitomo Bakelite Co., Ltd.		535,272
	142,200	Sumitomo Chemical Co., Ltd.		467,577
	189,500	Sumitomo Corp.(b)		2,259,886
	196,600	Sumitomo Electric Industries, Ltd.		2,196,450
	243,300	Sumitomo Forestry Co., Ltd.(b)		3,850,194
	128,500	Sumitomo Heavy Industries, Ltd.		2,973,534
	25,400	Sumitomo Metal Mining Co., Ltd.		781,039
	414,700	Sumitomo Mitsui Construction Co., Ltd.		1,677,977
	182,300	Sumitomo Mitsui Financial Group, Inc.		5,039,896
	99,300	Sumitomo Mitsui Financial Group, Inc., ADR		555,087
	99,200	Sumitomo Mitsui Trust Holdings, Inc.		2,624,998
	239,000	Sumitomo Rubber Industries, Ltd.		2,203,610
	11,700	Sumitomo Seika Chemicals Co., Ltd.		376,954
	9,900	Suzuken Co., Ltd.		375,718
	129,900	T&D Holdings, Inc.		1,270,319
	67,700	Taiheiyo Cement Corp.		1,715,434
	68,100	Taiyo Nippon Sanso Corp.(b)		1,042,182
	42,800	Takara Holdings, Inc.		472,897
	44,543	Takeda Pharmaceutical Co., Ltd., ADR		794,647
	26,500	TDK Corp.		2,865,204
	232,300	Teijin, Ltd.		3,585,868
	211,900	Terumo Corp.		8,393,272
	10,000	Toei Animation Co., Ltd.(b)		649,105
	119,200	Tokio Marine Holdings, Inc.		5,195,868
	106,100	Tokuyama Corp.		2,537,633
	88,500	Tokyo Electric Power Co. Holdings, Inc.*		242,362
	10,000	Tokyo Electron, Ltd.		2,589,785
	13,300	Tokyo Electron, Ltd., ADR		863,968
	67,000	Tokyo Seimitsu Co., Ltd.		2,114,186
	53,900	Tokyotokeiba Co., Ltd.		2,722,325
	138,500	Tomy Co., Ltd.		1,187,743
	23,500	Tosho Co., Ltd.		288,378
	111,400	Towa Corp.		1,218,190
	54,000	Towa Pharmaceutical Co., Ltd.(b)		1,079,181
	54,200	Toyo Ink SC Holdings Co., Ltd.		1,032,332
	234,700	Toyo Suisan Kaisha, Ltd.(b)		12,365,507
	14,200	Toyo Tanso Co., Ltd.		237,900
	65,800	Toyota Motor Corp.		4,322,236
	80,200	Toyota Tsusho Corp.		2,235,842
	22,700	Transcosmos, Inc.		614,339

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	85,600	TS Tech Co., Ltd.		2,403,419
	16,600	Tsubakimoto Chain Co.		388,377
	62,100	UACJ Corp.		1,016,856
	130,200	Ube Industries, Ltd.		2,185,011
	62,400	Ulvac, Inc.		2,249,901
	50,100	Unicharm Corp.		2,237,006
	38,500	United Super Markets Holdings, Inc.(b)		462,598
	28,500	UUUM, Co., Ltd.* (b)		608,187
	121,900	Valor Holdings Co., Ltd.		3,356,784
	191,000	Yamaha Motor Co., Ltd.		2,754,686
	201,000	Yokogawa Electric Corp.		3,171,278
	129,200	Yokohama Rubber Co., Ltd. (The)		1,825,426
	28,100	Yuasa Trading Co., Ltd.		870,719
		Total Japan		790,332,449
		Luxembourg — 0.2%
	453,289	ArcelorMittal SA*		6,051,161
	53,689	eDreams ODIGEO SA* (b)		145,119
	24,947	Stabilus SA		1,467,094
	43,005	Tenaris SA, ADR		423,599
		Total Luxembourg		8,086,973
		Malta — 0.1%
	56,483	Kambi Group Plc*		1,849,108
	200,008	Kindred Group Plc, SDR		1,455,701
		Total Malta		3,304,809
		Marshall Islands — 0.0%
	145,597	DHT Holdings, Inc.		751,280
		Mauritius — 0.0%
	7,888,300	Golden Agri-Resources, Ltd.		820,554
		Netherlands — 4.0%
	11,889	Adyen NV*		21,923,232
	1,962,004	Aegon NV		5,107,654
	44,177	ASML Holding NV		16,302,776
	9,725	ASML Holding NV ADR NYRS		3,591,151
	32,201	ASR Nederland NV		1,083,727
	60,792	CNH Industrial NV*		473,921
	12,071	Corbion NV		555,586
	49,429	Core Laboratories NV		754,287
	42,475	Euronext NV		5,324,511
	34,062	EXOR NV		1,856,542
	74,266	Fiat Chrysler Automobiles NV*		911,638
	242,913	Fugro NV CVA, GDR* (b)		955,394
	116,769	Heineken NV		10,390,190
	237,300	ING Groep NV*		1,685,481

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Netherlands — continued
	61,757	Intertrust NV 144A		1,052,978
	344,100	Koninklijke Ahold Delhaize NV		10,188,603
	1,250,969	Koninklijke BAM Groep NV* (b)		1,584,305
	79,246	Koninklijke DSM NV		13,065,657
	37,780	Koninklijke Philips NV*		1,780,970
	334,382	NN Group NV		12,567,229
	223,856	Signify NV* 144A		8,289,903
	149,449	STMicroelectronics NV		4,600,350
	22,417	STMicroelectronics NV (Euronext Exchange)		690,305
	66,812	TomTom NV*		502,597
	114,866	Unilever NV ADR NYRS		6,937,906
	62,317	Wolters Kluwer NV		5,322,860
		Total Netherlands		137,499,753
		New Zealand — 0.2%
	425,885	Fletcher Building, Ltd.* (b)		1,083,814
	245,947	Pushpay Holdings, Ltd.*		1,438,753
	256,400	SKY Network Television, Ltd.*		24,066
	394,109	SKYCITY Entertainment Group, Ltd.		776,308
	32,132	Xero, Ltd.*		2,320,334
		Total New Zealand		5,643,275
		Norway — 0.5%
	53,831	Aker BP ASA		839,401
	100,400	Austevoll Seafood ASA		833,752
	237,976	DNB ASA*		3,288,619
	161,649	Elkem ASA 144A		344,493
	121,804	Equinor ASA		1,728,787
	369,893	Leroy Seafood Group ASA		2,118,960
	113,647	Nordic Semiconductor ASA*		1,166,034
	139,160	Storebrand ASA*		727,881
	67,055	TGS NOPEC Geophysical Co. ASA		809,826
	25,322	TOMRA Systems ASA		1,088,213
	81,764	Yara International ASA		3,141,543
		Total Norway		16,087,509
		Philippines — 0.0%
	6,261,800	Vista Land & Lifescapes, Inc.		440,444
		Portugal — 0.0%
	782,528	Banco Espirito Santo SA* (a) (c)		—
	336,389	Navigator Co. SA (The)*		837,847
		Total Portugal		837,847
		Russia — 0.7%
	120,640,000	Federal Grid Co. Unified Energy System PJSC		309,213
	1,034,110	Gazprom PJSC		2,282,068
	426,500	Gazprom PJSC, ADR		1,856,981

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Russia — continued
	67,700	LUKOIL PJSC, ADR		3,886,657
	23,645	Magnit PJSC		1,514,352
	19,975	MMC Norilsk Nickel PJSC		4,840,771
	84,300	MMC Norilsk Nickel PJSC, ADR		2,035,845
	29,417	PhosAgro PJSC		1,087,577
	8,465	Polyus PJSC		1,779,967
	205,880	Rosneft Oil Co. PJSC		1,019,832
	45,975,000	ROSSETI PJSC		876,829
	74,268,000	RusHydro PJSC*		731,758
	44,800	Tatneft PJSC, ADR		1,602,944
		Total Russia		23,824,794
		Singapore — 0.3%
	1,627,200	NetLink NBN Trust		1,162,201
	280,200	SATS, Ltd.		580,885
	259,300	United Overseas Bank, Ltd.		3,614,738
	255,500	Venture Corp., Ltd.		3,601,069
	3,718,700	Yangzijiang Shipbuilding Holdings, Ltd.		2,696,882
		Total Singapore		11,655,775
		South Africa — 0.2%
	80,549	African Rainbow Minerals, Ltd.(b)		934,426
	27,420	Anglo American Platinum, Ltd.		1,911,920
	272,600	Aspen Pharmacare Holdings, Ltd.*		1,949,384
	178,728	AVI, Ltd.		796,240
	1,003,000	Old Mutual, Ltd.(b)		615,404
	57,279	Sibanye Stillwater, Ltd., ADR		638,088
		Total South Africa		6,845,462
		South Korea — 1.2%
	8,438	Dong-A ST Co., Ltd.		668,835
	31,343	Han Kuk Carbon Co., Ltd.		255,675
	7,997	Hyundai Mobis Co., Ltd.		1,572,732
	93,000	Kia Motors Corp.		3,729,543
	12,961	Kolmar BNH Co., Ltd.		676,033
	16,943	S&T Motiv Co., Ltd.		735,959
	595,879	Samsung Electronics Co., Ltd.		29,653,833
	14,100	SK Telecom Co., Ltd.		2,869,432
	68,214	Top Engineering Co., Ltd.		559,944
		Total South Korea		40,721,986
		Spain — 2.3%
	228,772	Acerinox SA*		1,878,960
	248,201	Amadeus IT Group SA		13,851,214
	533,117	Banco Bilbao Vizcaya Argentaria SA		1,482,879
	801,200	Banco Santander SA		1,502,868
	324,300	Banco Santander SA, ADR		599,955
	363,200	Cellnex Telecom SA		22,147,147

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Spain — continued
	161,200	Enagas SA		3,722,971
	173,182	Ercros SA		381,794
	1,827,523	Iberdrola SA		22,523,411
	190,741	Indra Sistemas SA* (b)		1,358,811
	20,191	Let’s GOWEX SA* (a) (b) (c)		—
	1,116,500	Mapfre SA		1,750,486
	481,400	Mediaset Espana Comunicacion SA* (b)		1,789,509
	402,108	Repsol SA		2,698,107
	1,126,045	Telefonica SA		3,878,183
		Total Spain		79,566,295
		Sweden — 2.3%
	99,593	Bilia AB Class A*		1,258,544
	48,926	BillerudKorsnas AB*		821,902
	159,400	Boliden AB		4,749,942
	121,631	Bonava AB Class B		1,012,459
	81,940	Bravida Holding AB* 144A		999,760
	322,095	Byggmax Group AB*		1,900,181
	304,620	Electrolux Professional AB Class B*		1,225,287
	223,311	Epiroc AB Class A		3,247,366
	39,354	Evolution Gaming Group AB 144A		2,615,392
	50,015	Haldex AB*		233,590
	205,942	Hexagon AB Class B*		15,596,367
	170,496	Hexpol AB*		1,528,749
	70,468	Inwido AB*		718,852
	8,549	JM AB		266,308
	122,591	Lindab International AB		2,142,261
	56,623	Nobia AB*		380,228
	32,506	Pandox AB Class B*		375,544
	32,693	PowerCell Sweden AB*		854,767
	292,173	Sandvik AB*		5,742,260
	645,800	SAS AB* (b)		275,782
	237,400	SKF AB Class B		4,925,718
	264,277	Svenska Handelsbanken AB Class A*		2,224,061
	1,604,857	Telefonaktiebolaget LM Ericsson Class B		17,622,944
	35,564	Tobii AB*		210,404
	432,600	Volvo AB Class B*		8,364,406
		Total Sweden		79,293,074
		Switzerland — 8.1%
	301,620	ABB, Ltd.		7,698,491
	59,200	Adecco Group AG		3,136,714
	71,576	Alcon, Inc.*		4,074,476
	76,589	Arbonia AG*		990,343
	3,205	Bachem Holding AG		1,365,722
	175	Belimo Holding AG		1,325,714
	104	Chocoladefabriken Lindt & Spruengli AG		880,109
	71,938	Cie Financiere Richemont SA		4,831,102
	45,583	Clariant AG		900,993

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Switzerland — continued
	8,278	Comet Holding AG		1,274,024
	499,600	Credit Suisse Group AG		5,026,724
	7,854	dormakaba Holding AG*		4,274,286
	39,900	Dufry AG* (b)		1,237,714
	86,342	EFG International AG*		482,105
	20,200	Flughafen Zurich AG*		2,783,477
	8,873	Geberit AG		5,271,166
	7,592	Givaudan SA		32,805,703
	21,740	Huber & Suhner AG		1,637,451
	52,075	Idorsia, Ltd.*		1,402,270
	49,783	Julius Baer Group, Ltd.		2,127,868
	45,100	Landis & Gyr Group AG*		2,476,512
	31,855	Lonza Group AG		19,714,561
	405,523	Nestle SA		48,261,099
	219,371	Novartis AG		19,080,203
	15,847	Partners Group Holding AG		14,619,774
	106,289	Roche Holding AG		36,459,296
	19,129	Schindler Holding AG		5,236,401
	4,975	SGS SA		13,369,551
	26,344	Sika AG		6,488,868
	10,395	Sonova Holding AG*		2,643,017
	12,800	Swiss Life Holding AG*		4,855,292
	2,686	Swiss Re AG		199,659
	6,388	Tecan Group AG		3,191,393
	973,045	UBS Group AG		10,908,695
	7,221	Valora Holding AG*		1,348,706
	18,700	Zurich Insurance Group AG		6,527,445
		Total Switzerland		278,906,924
		Taiwan — 1.6%
	1,288,000	Chipbond Technology Corp.		2,819,529
	759,000	ChipMOS Technologies, Inc.		748,203
	1,961,000	Compeq Manufacturing Co., Ltd.		2,759,159
	1,854,000	Fubon Financial Holding Co., Ltd.		2,682,225
	1,052,000	Hon Hai Precision Industry Co., Ltd.		2,811,436
	970,000	Taiwan Semiconductor Manufacturing Co., Ltd.		14,502,106
	359,276	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		29,126,505
		Total Taiwan		55,449,163
		Thailand — 0.1%
	16,831,100	Quality Houses PCL Class F		1,168,550
	16,156,000	Sansiri PCL Class F		305,912
	775,900	United Paper PCL Class F		352,598
		Total Thailand		1,827,060
		Turkey — 0.1%
	71,713	BIM Birlesik Magazalar AS		647,862
	98,041	Ford Otomotiv Sanayi AS		1,113,502

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, 2020 (Unaudited)

Shares		Description	Value ($)
		Turkey — continued
	144,288	Sok Marketler Ticaret AS*		225,305
	1,118,001	Torunlar Gayrimenkul Yatirim Ortakligi AS REIT*		532,579
	160,518	Ulker Biskuvi Sanayi AS*		476,294
		Total Turkey		2,995,542
		United Kingdom — 11.7%
	484,537	3i Group Plc		6,242,795
	98,576	Aggreko Plc		471,270
	283,185	Anglo American Plc		6,867,332
	27,629	Anglo American Plc, ADR		334,035
	159,401	Ashtead Group Plc		5,770,060
	218,890	ASOS Plc*		14,573,518
	44,067	Associated British Foods Plc		1,063,911
	147,146	AstraZeneca Plc		16,087,778
	211,334	AstraZeneca Plc, ADR		11,581,103
	26,715	Atlassian Corp. Plc Class A*		4,856,520
	319,109	Avast Plc 144A		2,174,107
	23,751	AVEVA Group Plc		1,469,555
	1,072,500	Babcock International Group Plc		3,471,865
	974,600	BAE Systems Plc		6,073,020
	45,361	Bank of Georgia Group Plc*		523,679
	1,759,000	Barclays Plc*		2,219,685
	280,200	Barratt Developments Plc		1,723,550
	54,979	Bellway Plc		1,671,016
	44,100	Berkeley Group Holdings Plc		2,410,487
	115,148	BHP Group Plc		2,461,901
	201,050	BHP Group Plc, ADR		8,576,793
	93,857	Bodycote Plc		706,796
	675,052	boohoo Group Plc*		3,277,015
	1,923,578	BP Plc		5,600,276
	217,879	BP Plc, ADR		3,804,167
	255,700	British American Tobacco Plc		9,181,551
	1,821,700	BT Group Plc		2,316,941
	68,535	Carnival Plc		885,134
	24,844	Carnival Plc, ADR		320,984
	1,634,400	Centrica Plc		847,082
	164,112	Chemring Group Plc		512,376
	336,107	Compass Group Plc		5,079,528
	171,681	ConvaTec Group Plc 144A		396,845
	208,800	Crest Nicholson Holdings Plc*		533,125
	39,067	Croda International Plc		3,156,613
	459,029	Diageo Plc		15,725,963
	70,900	Dialog Semiconductor Plc*		3,092,842
	1,270,746	Dixons Carphone Plc		1,532,751
	44,534	EMIS Group Plc		598,765
	1,308,680	EnQuest Plc* (b)		176,969
	212,761	Evraz Plc		947,848
	285,313	Experian Plc		10,770,495
	701,600	Firstgroup Plc*		345,396

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, 2020 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	22,177	Games Workshop Group Plc		2,921,516
	838,781	GlaxoSmithKline Plc		15,745,138
	247,870	GlaxoSmithKline Plc, ADR		9,329,827
	1,456,340	Glencore Plc*		3,030,484
	52,816	Greggs Plc*		802,296
	275,171	Halma Plc		8,342,126
	622,255	Hays Plc		909,030
	558,327	IMI Plc		7,578,953
	229,500	Imperial Brands Plc		4,057,339
	183,000	Inchcape Plc*		1,042,382
	30,282	InterContinental Hotels Group Plc*		1,602,742
	87,043	Intermediate Capital Group Plc		1,342,473
	508,601	International Game Technology Plc		5,660,729
	122,911	Intertek Group Plc		10,064,682
	1,699,153	J Sainsbury Plc		4,194,531
	98,807	Johnson Matthey Plc		3,010,777
	172,095	Jupiter Fund Management Plc		498,365
	2,280,937	Kingfisher Plc		8,749,074
	5,315,800	Lloyds Banking Group Plc*		1,811,185
	161,605	London Stock Exchange Group Plc		18,543,997
	690,031	M&G Plc		1,422,855
	1,263,445	Man Group Plc		1,878,389
	676,700	Marks & Spencer Group Plc		853,142
	379,651	Marston’s Plc		215,958
	232,017	Meggitt Plc		772,375
	603,396	Melrose Industries Plc*		900,981
	121,665	Micro Focus International Plc*		387,087
	484,800	Mitchells & Butlers Plc*		848,619
	519,456	Mitie Group Plc		220,269
	360,069	Paragon Banking Group Plc		1,550,105
	723,954	Pets at Home Group Plc		3,957,102
	54,540	Polymetal International Plc		1,191,216
	1,132,996	QinetiQ Group Plc		4,069,039
	210,057	Reckitt Benckiser Group Plc		20,530,060
	480,958	Redrow Plc*		2,510,757
	192,666	RELX Plc		4,299,096
	226,599	Restaurant Group Plc (The)* (b)		145,009
	79,327	Rio Tinto Plc		4,774,398
	103,514	Rio Tinto Plc, ADR		6,251,210
	109,432	Rolls-Royce Holdings Plc*		183,916
	266,653	Rotork Plc		972,825
	280,222	Royal Dutch Shell Plc Class A		3,491,930
	22,108	Royal Dutch Shell Plc Class A (Amsterdam Exchange)		279,419
	280,600	Royal Dutch Shell Plc Class B		3,410,666
	115,920	Royal Dutch Shell Plc Class B, ADR		2,807,582
	278,692	Royal Mail Plc		861,100
	556,464	Saga Plc(b)		89,925
	324,347	Sage Group Plc (The)		3,022,428
	376,251	Senior Plc		216,456

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, 2020 (Unaudited)

Shares			Description	Value ($)
			United Kingdom — continued
	156,297		Smith & Nephew Plc		3,064,251
	161,143		Spectris Plc		5,076,896
	93,660		Spirax-Sarco Engineering Plc		13,397,903
	968,534		Stagecoach Group Plc		485,072
	145,983		SThree Plc		452,944
	650,460		Tate & Lyle Plc		5,593,763
	1,435,900		Taylor Wimpey Plc		2,013,191
	2,138,361		Tesco Plc		5,874,504
	46,786		Unilever Plc		2,888,760
	99,743		Vistry Group Plc*		733,068
	290,180		Vodafone Group Plc, ADR		3,894,216
	287,710		Whitbread Plc*		7,903,968
	147,160		WPP Plc		1,156,710
	18,800		WPP Plc, ADR		737,712
			Total United Kingdom		405,057,960
			United States — 2.3%
	3,113		Alphabet, Inc. Class A*		4,562,413
	86,424		Analog Devices, Inc.		10,089,138
	45,943		ANSYS, Inc.*		15,033,928
	256,571		Cadence Design Systems, Inc.*		27,358,166
	152,318		Colgate-Palmolive Co.		11,751,333
	0	(d)	International Flavors & Fragrances, Inc.		54
	29,772		Nordson Corp.		5,710,865
	30,561		Texas Instruments, Inc.		4,363,805
			Total United States		78,869,702
			TOTAL COMMON STOCKS (COST $2,863,497,787)		3,134,554,499
			INVESTMENT COMPANY — 0.8%
			United States — 0.8%
	445,800		iShares MSCI EAFE ETF		28,375,170
			TOTAL INVESTMENT COMPANY (COST $27,486,773)		28,375,170
			PREFERRED STOCKS — 1.3%
			Brazil — 0.1%
	69,600		Alpargatas SA, 0.14%		471,701
	94,600		Bradespar SA, 1.74%		753,416
	202,500		Gerdau SA, 0.32%		747,279
	684,200		Metalurgica Gerdau SA, 0.41%		1,141,052
			Total Brazil		3,113,448
			Germany — 1.2%
	24,811		BMW AG, 5.10%		1,358,719
	205,723		Henkel AG & Co. KGaA, 1.99%		21,547,662
	29,593		Porsche Automobil Holding SE, 4.45%		1,766,344
	257,100		Schaeffler AG, 7.77%		1,588,844

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, 2020 (Unaudited)

Shares			Description	Value ($)
			Germany — continued
	86,598		Volkswagen AG, 3.53%		13,952,859
			Total Germany		40,214,428
			TOTAL PREFERRED STOCKS (COST $45,853,920)		43,327,876
			RIGHTS — 0.0%
			Sweden — 0.0%
	5,812,200		SAS AB* (a)		1,728,724
			TOTAL RIGHTS (COST $1,048,011)		1,728,724
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 1.2%
			Mutual Fund - Securities Lending Collateral — 1.2%
	41,437,921		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(e) (f)		41,437,921
			TOTAL SHORT-TERM INVESTMENT (COST $41,437,921)		41,437,921
			TOTAL INVESTMENTS — 94.0% (Cost $2,979,324,412)		3,249,424,190
			Other Assets and Liabilities (net) — 6.0%		208,266,166
			NET ASSETS — 100.0%	$3,457,690,356
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	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 $1,728,724 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2020 was $2,505,983.
		(b)	All or a portion of this security is out on loan.
		(c)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
		(d)	Fractional Shares, amount rounds to zero.
		(e)	The rate disclosed is the 7-day net yield as of September 30, 2020.
		(f)	Represents an investment of securities lending cash 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 $26,937,917 which represents 0.8% of net assets.

See accompanying Notes to the Financial Statements.

42

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	28,521,756	JPY	3,009,376,000		02/19/21	HSBC Bank USA, N.A.	$	(54,109	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	1,013	MSCI EAFE Index		Dec 2020	$	93,864,580	$	(2,243,172	)

Currency Abbreviations

JPY — Japanese Yen

USD — U.S. Dollar

Other Abbreviations

ADR — American Depository Receipt

CDI — CREST Depository Interest

CVA — Certificaten Van Aandelen

GDR — Global Depository Receipt

NYRS — New York Registry Shares

REIT — Real Estate Investment Trust

SDR — Swedish Depository Receipt

See accompanying Notes to the Financial Statements.

43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical		24.3
Industrial		15.8
Consumer, Cyclical		11.0
Technology		10.7
Financial		9.9
Basic Materials		9.3
Communications		6.0
Energy		2.7
Utilities		2.2
Unaffiliated Fund		0.8
Diversified		0.1
Short-Term Investment		1.2
Other Assets and Liabilities (net)		6.0
		100.0	%

See accompanying Notes to the Financial Statements.

44

Mercer Core Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 101.2%
		Asset Backed Securities — 11.0%
	400,000	AmeriCredit Automobile Receivables Trust, Series 2018-1, Class C, 3.50%, due 01/18/24		416,320
	100,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class B, 3.13%, due 02/18/25		103,860
	200,000	AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25		211,235
	400,000	AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25		417,658
	600,000	AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25		619,557
	500,000	AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, due 01/21/25		508,956
	100,000	AmeriCredit Automobile Receivables Trust, Series 2020-2, Class C, 1.48%, due 02/18/26		101,455
	1,507,000	AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A		1,512,671
	500,000	Anchorage Capital CLO 11, Ltd., Series 2019-11A, Class A, 1.65% (3 mo. USD LIBOR + 1.39%), due 07/22/32(b) 144A		500,281
	3,500,000	Anchorage Capital CLO 7, Ltd., Series 2015-7A, Class AR2, 1.34% (3 mo. USD LIBOR + 1.09%), due 01/28/31(b) 144A		3,458,945
	366,000	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		341,158
	432,000	Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A		447,329
	1,550,000	ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A		1,583,553
	27,533	Asset-Backed Pass-Through Certificates, Series 2004-R2, Class A1A, 0.84% (1 mo. USD LIBOR + 0.69%), due 04/25/34(b)		27,478
	989,077	Atlas Senior Loan Fund CLO V, Ltd., Series 2014-1A, Class AR2, 1.53% (3 mo. USD LIBOR + 1.26%), due 07/16/29(b) 144A		979,196
	297,000	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due 03/20/26 144A		304,147
	207,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due 08/20/26 144A		213,828
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class A1, 1.53% (3 mo. USD LIBOR + 1.25%), due 10/15/30(b) 144A		247,280
	490,537	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		492,861
	185,000	Bojangles Issuer LLC, Series 2020-1A, Class A2, 3.83%, due 10/20/50(c) 144A		185,000
	104,893	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due 09/26/33 144A		107,784
	207,000	Capital Automotive REIT, LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A		213,418
	1,713,000	Capital One Prime Auto Receivables Trust, Series 2019-1, Class A3, 2.51%, due 11/15/23		1,754,042
	497,130	Carlyle U.S. CLO, Ltd., Series 2017-1A, Class A1B, 1.50% (3 mo. USD LIBOR + 1.23%), due 04/20/31(b) 144A		491,583
	1,169,000	CF Hippolyta LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A		1,185,535
	850,000	CIFC Funding CLO, Ltd., Series 2014-2RA, Class A1, 1.31% (3 mo. USD LIBOR + 1.05%), due 04/24/30(b) 144A		840,225
	1,200,000	Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30		1,454,490
	353,000	CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A		353,131

See accompanying Notes to the Financial Statements.

45

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	344,717	Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 144A		354,937
	295,638	Credit Suisse Mortgage Trust, Series 2018-RPL8, Class A1, 4.13%, due 07/25/58(d) 144A		296,952
	909,675	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, due 11/20/47 144A		937,948
	146,250	DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A		155,145
	743,490	DB Master Finance LLC, Series 2019-1A, Class A2I, 3.79%, due 05/20/49 144A		770,803
	486,250	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 144A		526,365
	842,185	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 1.49% (3 mo. USD LIBOR + 1.25%), due 07/25/47(b) 144A		846,495
	300,000	Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65%, due 02/15/24		305,471
	200,000	Drive Auto Receivables Trust, Series 2020-2, Class B, 1.42%, due 03/17/25		202,448
	328,613	Driven Brands Funding LLC, Series 2015-1A, Class A2, 5.22%, due 07/20/45 144A		342,895
	1,287,000	FirstKey Homes Trust, Series 2020-SFR1, Class A, 1.34%, due 09/17/25 144A		1,295,660
	220,335	Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A		222,382
	125,775	FOCUS Brands Funding LLC, Series 2017-1A, Class A2I, 3.86%, due 04/30/47 144A		116,722
	511,000	Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04%, due 08/15/31 144A		536,283
	1,900,000	Ford Credit Floorplan Master Owner Trust, Series 2018-2, Class A, 3.17%, due 03/15/25		2,020,348
	2,564,000	Ford Credit Floorplan Master Owner Trust, Series 2018-3, Class A1, 3.52%, due 10/15/23		2,647,942
	573,000	Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26		621,595
	378,000	Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, due 09/15/27		379,957
	100,000	GM Financial Consumer Automobile Receivables Trust, Series 2018-4, Class C, 3.62%, due 06/17/24		105,810
	1,079,463	GM Financial Consumer Automobile Receivables Trust, Series 2019-1, Class A3, 2.97%, due 11/16/23		1,100,906
	495,000	GMF Floorplan Owner Revolving Trust, Series 2019-2, Class A, 2.90%, due 04/15/26 144A		532,438
	224,000	GMF Floorplan Owner Revolving Trust, Series 2020-1, Class A, 0.68%, due 08/15/25 144A		224,839
	451,000	Golden Credit Card Trust, Series 2018-4A, Class A, 3.44%, due 08/15/25 144A		489,026
	158,221	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A		161,712
	71,617	Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A		75,145
	148,404	Home Equity Asset Trust, Series 2003-8, Class M1, 1.23% (1 mo. USD LIBOR + 1.08%), due 04/25/34(b)		147,656
	1,750,000	HPS Loan Management CLO, Ltd., Series 10A-2016, Class A1R, 1.41% (3 mo. USD LIBOR + 1.14%), due 01/20/28(b) 144A		1,741,301
	750,000	HPS Loan Management CLO, Ltd., Series 15A-2019, Class A1, 1.58% (3 mo. USD LIBOR + 1.32%), due 07/22/32(b) 144A		744,197
	199,000	Hyundai Auto Receivables Trust, Series 2020-B, Class A3, 0.48%, due 12/16/24		199,341
	169,000	Hyundai Auto Receivables Trust, Series 2020-B, Class A4, 0.62%, due 12/15/25		170,136
	500,000	ICG US CLO, Ltd., Series 2017-2A, Class A1, 1.54% (3 mo. USD LIBOR + 1.28%), due 10/23/29(b) 144A		499,688
	516,302	Invitation Homes Trust, Series 2018-SFR1, Class A, 0.85% (1 mo. USD LIBOR + 0.70%), due 03/17/37(b) 144A		512,234

See accompanying Notes to the Financial Statements.

46

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	153,838	Jack In The Box Funding LLC, Series 2019-1A, Class A21, 3.98%, due 08/25/49 144A		158,530
	153,838	Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A		163,492
	251,143	Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 144A		257,785
	260,448	Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.44%, due 05/25/59(e) 144A		263,614
	211,530	Limerock CLO III LLC, Series 2014-3A, Class A1R, 1.47% (3 mo. USD LIBOR + 1.20%), due 10/20/26(b) 144A		211,078
	121,316	MelTel Land Funding LLC, Series 2019-1A, Class A, 3.77%, due 04/15/49 144A		124,614
	746,312	MidOcean Credit CLO III, Series 2014-3A, Class A1R, 1.39% (3 mo. USD LIBOR + 1.12%), due 04/21/31(b) 144A		733,905
	125,013	Mill City Mortgage Loan Trust, Series 2018-3, Class A1, 3.50%, due 08/25/58(d) 144A		133,419
	104,339	Morgan Stanley ABS Capital I, Inc., Series 2003-NC10, Class M1, 1.17% (1 mo. USD LIBOR + 1.02%), due 10/25/33(b)		103,929
	53,878	Morgan Stanley ABS Capital I, Inc., Series 2003-NC7, Class M1, 1.20% (1 mo. USD LIBOR + 1.05%), due 06/25/33(b)		53,875
	146,236	MVW Owner Trust, Series 2018-1A, Class A, 3.45%, due 01/21/36 144A		151,775
	93,069	Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 144A		97,344
	442,000	Navient Private Education Refi Student Loan Trust, Series 2019-FA, Class A2, 2.60%, due 08/15/68 144A		457,842
	207,495	New Century Home Equity Loan Trust, Series 2003-A, Class A, 0.87% (1 mo. USD LIBOR + 0.72%), due 10/25/33(b) 144A		201,787
	103,815	New Residential Mortgage LLC, Series 2018-FNT2, Class A, 3.79%, due 07/25/54 144A		101,999
	1,815,000	NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 3.69%, due 10/15/23 144A		1,874,819
	4,051,000	NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A2, 1.55%, due 02/15/25 144A		4,064,524
	600,000	North Carolina State Education Assistance Authority, Series 2011-2, Class A3, 1.04% (3 mo. USD LIBOR + 0.80%), due 07/25/36(b)		590,862
	166,724	NRZ Excess Spread-Collateralized Notes, Series 2018-FNT1, Class A, 3.61%, due 05/25/23 144A		167,022
	59,326	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS1, Class A, 3.19%, due 01/25/23 144A		59,545
	158,240	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2, Class A, 3.27%, due 02/25/23 144A		159,684
	250,000	OCP CLO, Ltd., Series 2017-13A, Class A1A, 1.54% (3 mo. USD LIBOR + 1.26%), due 07/15/30(b) 144A		249,203
	220,923	OneMain Financial Issuance Trust, Series 2017-1A, Class A2, 0.95% (1 mo. USD LIBOR + 0.80%), due 09/14/32(b) 144A		221,148
	170,000	OneMain Financial Issuance Trust, Series 2018-1A, Class A, 3.30%, due 03/14/29 144A		174,644
	108,000	Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A		111,802
	2,354,453	OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 1.51% (3 mo. USD LIBOR + 1.25%), due 10/22/30(b) 144A		2,339,737
	741,917	OZLM IX CLO, Ltd., Series 2014-9A, Class A1AR, 1.55% (3 mo. USD LIBOR + 1.28%), due 10/20/31(b) 144A		733,890
	247,297	OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 1.52% (3 mo. USD LIBOR + 1.25%), due 10/30/30(b) 144A		245,383

See accompanying Notes to the Financial Statements.

47

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	OZLM XXIV CLO, Ltd., Series 2019-24A, Class A1A, 1.66% (3 mo. USD LIBOR + 1.39%), due 07/20/32(b) 144A		496,428
	1,000,000	Palmer Square CLO, Ltd., Series 2015-1A, Class A1R2, 1.47% (3 mo. USD LIBOR + 1.22%), due 05/21/29(b) 144A		997,900
	750,000	Palmer Square CLO, Ltd., Series 2018-2A, Class A1A, 1.37% (3 mo. USD LIBOR + 1.10%), due 07/16/31(b) 144A	��	743,044
	277,000	PFS Financing Corp., Series 2020-E, Class A, 1.00%, due 10/15/25 144A		278,573
	1,250,000	Pikes Peak CLO 4, Series 2019-4A, Class A, 1.65% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		1,240,472
	649,359	Progress Residential Trust, Series 2019-SFR1, Class A, 3.42%, due 08/17/35 144A		673,338
	1,329,000	Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A		1,371,016
	1,313,000	Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A		1,331,287
	7,075	Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35(e)		7,346
	250,000	Romark CLO II, Ltd., Series 2018-2A, Class A1, 1.42% (3 mo. USD LIBOR + 1.18%), due 07/25/31(b) 144A		244,935
	739,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, due 04/20/45 144A		768,255
	900,000	Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28%, due 09/15/23		911,232
	400,000	Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, due 10/15/25		408,728
	200,000	Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, due 09/15/25		202,616
	600,000	Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, due 01/15/26		601,190
	353,000	Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, due 01/26/32 144A		374,494
	117,047	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.84% (1 mo. USD LIBOR + 0.69%), due 05/25/35(b)		117,037
	375,210	Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A		401,094
	72,544	Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due 01/20/36 144A		75,179
	500,000	Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 1.51% (3 mo. USD LIBOR + 1.24%), due 07/20/30 144A(b)		498,347
	2,339,977	Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33		2,521,160
	1,554,497	Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33		1,692,295
	2,205,546	Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34		2,375,471
	907,812	Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34		975,627
	713,655	Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34		762,208
	2,587,835	Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44		2,806,924
	1,000,000	Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45		1,033,463
	70,211	SMB Private Education Loan Trust, Series 2015-C, Class A2A, 2.75%, due 07/15/27 144A		71,270
	387,000	SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 144A		408,357
	210,000	SMB Private Education Loan Trust, Series 2020-PTA, Class A2A, 1.60%, due 09/15/54 144A		211,710
	302,227	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A		321,330
	1,750,000	Sound Point CLO VII-R, Ltd., Series 2014-3RA, Class A1, 1.51% (3 mo. USD LIBOR + 1.25%), due 10/23/31(b) 144A		1,724,889
	2,750,000	Sound Point CLO XIV, Ltd., Series 2016-3A, Class AR, 1.41% (3 mo. USD LIBOR + 1.15%), due 01/23/29(b) 144A		2,726,547

See accompanying Notes to the Financial Statements.

48

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Sound Point CLO XVI, Ltd., Series 2017-2A, Class A, 1.52% (3 mo. USD LIBOR + 1.28%), due 07/25/30(b) 144A		496,958
	547,000	Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A		561,604
	3,210,625	STORE Master Funding I LLC, Series 2015-1A, Class A1, 3.75%, due 04/20/45 144A		3,266,269
	652,657	STORE Master Funding LLC, Series 2014-1A, Class A2, 5.00%, due 04/20/44 144A		688,544
	245,197	Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A		215,453
	345,840	Taco Bell Funding LLC, Series 2018-1A, Class A2I, 4.32%, due 11/25/48 144A		354,916
	337,358	Telos CLO, Series 2013-3A, Class AR, 1.57% (3 mo. USD LIBOR + 1.30%), due 07/17/26(b) 144A		337,183
	1,378,000	Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 144A		1,472,356
	487,000	Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, due 05/25/33 144A		500,676
	223,000	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, due 10/15/24		223,604
	168,000	Toyota Auto Receivables Owner Trust, Series 2020-C, Class A4, 0.57%, due 10/15/25		168,463
	1,537,000	Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A		1,623,160
	682,000	Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A		687,491
	823,171	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, due 02/16/43 144A		853,553
	2,132,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45(c) 144A		2,135,180
	249,000	Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45(c) 144A		249,403
	500,000	Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 1.54% (3 mo. USD LIBOR + 1.26%), due 01/15/32(b) 144A		490,813
	3,462,000	Verizon Owner Trust, Series 2019-B, Class A1A, 2.33%, due 12/20/23		3,546,604
	597,000	Verizon Owner Trust, Series 2020-B, Class A, 0.47%, due 02/20/25		598,214
	126,439	VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A		128,562
	500,000	Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 1.52% (3 mo. USD LIBOR + 1.25%), due 01/20/32(b) 144A		494,583
	750,000	Wellfleet CLO, Ltd., Series 2019-1A, Class A1, 1.61% (3 mo. USD LIBOR + 1.34%), due 07/20/32(b) 144A		742,764
	565,973	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A		603,269
	73,446	Westgate Resorts LLC, Series 2017-1A, Class A, 3.05%, due 12/20/30 144A		73,739
	153,000	Westlake Automobile Receivables Trust, Series 2019-1A, Class C, 3.45%, due 03/15/24 144A		156,313
	133,880	Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A		115,252
	1,442,000	World Omni Auto Receivables Trust, Series 2019-B, Class A3, 2.59%, due 07/15/24		1,476,955
	1,100,000	World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, due 12/15/25		1,132,151
	200,000	World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25		206,544
	3,500,000	York CLO-4, Ltd., Series 2016-2A, Class A1R, 1.36% (3 mo. USD LIBOR + 1.09%), due 04/20/32(b) 144A		3,454,038
	750,000	York CLO-6, Ltd., Series 2019-1A, Class A1, 1.61% (3 mo. USD LIBOR + 1.35%), due 07/22/32(b) 144A		743,472
	245,481	Zais CLO 6, Ltd., Series 2017-1A, Class A1, 1.65% (3 mo. USD LIBOR + 1.37%), due 07/15/29(b) 144A		244,618
				109,981,470
		Corporate Debt — 42.1%
	454,000	1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30(c) 144A		458,635

See accompanying Notes to the Financial Statements.

49

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	731,000	AbbVie, Inc., 3.20%, due 11/21/29 144A		808,499
	300,000	AbbVie, Inc., 3.60%, due 05/14/25		332,858
	619,000	AbbVie, Inc., 4.25%, due 11/21/49 144A		738,748
	1,400,000	AbbVie, Inc., 4.50%, due 05/14/35		1,707,659
	640,000	AbbVie, Inc., 4.55%, due 03/15/35 144A		788,953
	170,000	AbbVie, Inc., 4.70%, due 05/14/45		209,968
	290,000	AbbVie, Inc., 4.75%, due 03/15/45 144A		351,797
	131,598	ABY Transmision Sur SA, 6.88%, due 04/30/43 144A		173,545
	145,000	Activision Blizzard, Inc., 3.40%, due 09/15/26		165,461
	1,340,000	Advocate Health & Hospitals Corp., 2.21%, due 06/15/30		1,397,874
	620,000	AECOM, 5.13%, due 03/15/27		671,882
	400,000	AEP Texas, Inc., 3.80%, due 10/01/47		460,556
	260,000	AEP Transmission Co. LLC, 3.80%, due 06/15/49		308,160
	432,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, due 08/14/24		416,528
	1,600,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26		1,595,033
	252,000	AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		258,930
	370,000	Aetna, Inc., 4.75%, due 03/15/44		458,285
	233,000	Ahern Rentals, Inc., 7.38%, due 05/15/23 144A		124,364
	712,773	Air Canada Pass Through Trust, 3.60%, due 09/15/28 144A		676,263
	164,868	Air Canada Pass Through Trust, 3.70%, due 07/15/27 144A		136,145
	122,128	Air Canada Pass Through Trust, 4.13%, due 11/15/26 144A		110,027
	169,000	Air Lease Corp., 3.63%, due 12/01/27		167,656
	199,000	Aircastle, Ltd., 5.50%, due 02/15/22		203,560
	231,000	Aker BP ASA, 2.88%, due 01/15/26 144A		229,047
	170,000	Aker BP ASA, 3.00%, due 01/15/25 144A		170,860
	427,000	Aker BP ASA, 4.00%, due 01/15/31 144A		420,820
	118,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.25%, due 03/15/26 144A		117,389
	296,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.50%, due 03/15/29 144A		287,860
	92,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 4.88%, due 02/15/30 144A		96,002
	200,000	Alimentation Couche-Tard, Inc., 2.70%, due 07/26/22 144A		206,414
	173,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A		184,461
	572,000	Ally Financial, Inc., 5.13%, due 09/30/24		638,072
	279,000	Ally Financial, Inc., 5.80%, due 05/01/25		322,240
	210,000	Altria Group, Inc., 3.40%, due 05/06/30		229,733
	663,000	Amazon.com, Inc., 3.15%, due 08/22/27		756,879
	284,000	Amazon.com, Inc., 4.05%, due 08/22/47		370,273
	217,177	American Airlines Pass Through Trust, 3.15%, due 08/15/33		205,882
	284,399	American Airlines Pass Through Trust, 3.38%, due 11/01/28		235,058
	144,785	American Airlines Pass Through Trust, 3.50%, due 08/15/33		120,416
	133,763	American Airlines Pass Through Trust, 3.60%, due 04/15/31		109,663
	208,845	American Airlines Pass Through Trust, 3.65%, due 02/15/29		201,793
	105,696	American Airlines Pass Through Trust, 3.70%, due 11/01/24		73,601
	114,368	American Airlines Pass Through Trust, 4.00%, due 08/15/30		98,322
	283,277	American Airlines Pass Through Trust, 4.10%, due 07/15/29		222,889
	1,354,021	American Airlines Pass Through Trust, 4.95%, due 07/15/24		1,163,976

See accompanying Notes to the Financial Statements.

50

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	23,913	American Airlines Pass Through Trust, 6.98%, due 11/23/22		22,553
	700,000	American Express Co., 3.40%, due 02/27/23		746,174
	982,000	American Express Co., 3.70%, due 08/03/23		1,066,871
	287,000	American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28		325,725
	1,780,000	American Honda Finance Corp. (MTN), 0.88%, due 07/07/23		1,795,379
	1,400,000	American International Group, Inc., 4.88%, due 06/01/22		1,501,330
	485,000	American Tower Corp. REIT, 2.40%, due 03/15/25		513,307
	230,000	American Tower Corp. REIT, 2.95%, due 01/15/25		248,611
	618,000	American Tower Corp. REIT, 3.55%, due 07/15/27		692,796
	239,000	American Tower Corp. REIT, 3.80%, due 08/15/29		274,315
	575,000	American Water Capital Corp., 2.80%, due 05/01/30		631,646
	190,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25		204,614
	250,000	AmeriGas Partners, LP/AmeriGas Finance Corp., 5.88%, due 08/20/26		275,386
	386,000	AmerisourceBergen Corp., 2.80%, due 05/15/30		413,206
	665,000	Amgen, Inc., 2.20%, due 02/21/27		706,092
	158,000	ANGI Group LLC, 3.88%, due 08/15/28 144A		156,716
	150,000	Anglo American Capital Plc, 4.75%, due 04/10/27 144A		172,593
	2,014,000	Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46		2,490,998
	367,000	Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48		439,070
	350,000	Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		472,046
	361,000	Antero Resources Corp., 5.00%, due 03/01/25(f)		226,302
	150,000	Antero Resources Corp., 5.38%, due 11/01/21		142,875
	146,000	Anthem, Inc., 2.25%, due 05/15/30		150,663
	5,000	Anthem, Inc., 5.10%, due 01/15/44		6,629
	835,000	Apple, Inc., 2.65%, due 05/11/50		880,371
	250,000	Applied Materials, Inc., 2.75%, due 06/01/50		264,337
	230,000	APX Group, Inc., 7.63%, due 09/01/23(f)		232,731
	225,000	Aquarion Co., 4.00%, due 08/15/24 144A		246,367
	97,000	Arconic Corp., 6.00%, due 05/15/25 144A		103,771
	34,000	Arconic Corp., 6.13%, due 02/15/28 144A		34,999
	234,000	Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.00%, due 02/15/25 144A		243,196
	332,000	Ares Capital Corp., 3.88%, due 01/15/26		338,677
	314,000	Ares Capital Corp., 4.20%, due 06/10/24		327,257
	146,000	Asbury Automotive Group, Inc., 4.75%, due 03/01/30 144A		147,369
	710,000	Ascension Health, 2.53%, due 11/15/29		770,500
	150,000	Ascension Health, 3.11%, due 11/15/39		161,587
	140,000	Ashtead Capital, Inc., 4.38%, due 08/15/27 144A		145,950
	2,000,000	AT&T, Inc., 0.62%, due 11/27/22(g) 144A		1,973,751
	700,000	AT&T, Inc., 1.43% (3 mo. USD LIBOR + 1.18%), due 06/12/24(b)		712,946
	274,000	AT&T, Inc., 2.30%, due 06/01/27		287,565
	150,000	AT&T, Inc., 2.63%, due 12/01/22		156,337
	438,000	AT&T, Inc., 3.10%, due 02/01/43		429,591
	814,000	AT&T, Inc., 3.50%, due 06/01/41		858,979
	1,535,000	AT&T, Inc., 3.50%, due 09/15/53 144A		1,491,228
	122,000	AT&T, Inc., 3.65%, due 06/01/51		123,732
	535,000	AT&T, Inc., 3.65%, due 09/15/59 144A		528,265
	461,000	AT&T, Inc., 3.80%, due 02/15/27		520,835
	1,600,000	AT&T, Inc., 4.13%, due 02/17/26		1,835,907

See accompanying Notes to the Financial Statements.

51

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	25,000	AT&T, Inc., 4.30%, due 02/15/30		29,679
	172,000	AT&T, Inc., 4.50%, due 03/09/48		198,037
	130,000	Australia & New Zealand Banking Group, Ltd., 6.75% (5 yr. USD ICE swap + 5.17%)(b) (h) 144A		148,834
	128,000	Autodesk, Inc., 2.85%, due 01/15/30		140,337
	209,000	AutoNation, Inc., 4.75%, due 06/01/30		246,629
	192,000	Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		191,799
	139,000	AXA SA, 8.60%, due 12/15/30		212,835
	942,000	BAE Systems Finance, Inc., 7.50%, due 07/01/27 144A		1,247,190
	696,000	BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A		786,722
	440,000	BAE Systems Plc, 1.90%, due 02/15/31 144A		439,011
	1,000,000	BAE Systems Plc, 3.40%, due 04/15/30 144A		1,120,311
	200,000	Banco Santander SA, 3.85%, due 04/12/23		213,678
	100,000	Banco Santander SA, 4.38%, due 04/12/28(f)		113,558
	511,000	Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31(b)		545,052
	877,000	Bank of America Corp., 4.24% (3 mo. USD LIBOR + 1.81%), due 04/24/38(b)		1,070,047
	160,000	Bank of America Corp., 5.13% (3 mo. USD LIBOR + 3.29%)(b) (h)		164,792
	621,000	Bank of America Corp., 6.30% (3 mo. USD LIBOR + 4.55%)(b) (h)		702,132
	610,000	Bank of America Corp., (MTN), 2.50% (3 mo. USD LIBOR + 0.99%), due 02/13/31(b)		642,669
	160,000	Bank of America Corp., (MTN), 2.88% (3 mo. USD LIBOR + 1.19%), due 10/22/30(b)		173,092
	1,270,000	Bank of America Corp., (MTN), 3.50%, due 04/19/26		1,424,777
	755,000	Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR + 1.37%), due 07/21/28(b)		848,426
	493,000	Bank of America Corp., (MTN), 3.95%, due 04/21/25		548,218
	500,000	Bank of America Corp., (MTN), 4.13%, due 01/22/24		554,229
	165,000	Bank of America Corp., (MTN), 4.20%, due 08/26/24		183,917
	210,000	Bank of America Corp., (MTN), 4.27% (3 mo. USD LIBOR + 1.31%), due 07/23/29(b)		246,676
	213,000	Bank of America Corp., (MTN), 4.33% (3 mo. USD LIBOR + 1.52%), due 03/15/50(b)		271,764
	1,376,000	Bank of America Corp., (MTN), 4.45%, due 03/03/26		1,588,164
	1,238,000	Bank of Nova Scotia (The), 1.63%, due 05/01/23		1,271,099
	1,053,000	Barclays Bank Plc, 1.70%, due 05/12/22		1,071,579
	575,000	Barclays Plc, 3.68%, due 01/10/23		593,029
	264,000	Barclays Plc, 4.38%, due 01/12/26		296,116
	400,000	Barclays Plc, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29(b)		468,369
	770,000	BAT Capital Corp., 3.22%, due 08/15/24		824,558
	157,000	Bausch Health Cos., Inc., 5.25%, due 01/30/30 144A		154,821
	359,000	Bausch Health Cos., Inc., 6.13%, due 04/15/25 144A		367,885
	329,000	Bausch Health Cos., Inc., 6.25%, due 02/15/29 144A		338,870
	605,000	Berkshire Hathaway Energy Co., 3.70%, due 07/15/30 144A		713,788
	85,000	Berkshire Hathaway Energy Co., 5.95%, due 05/15/37		121,061
	1,312,000	Berkshire Hathaway Energy Co., 6.13%, due 04/01/36		1,875,030
	105,000	BHP Billiton Finance USA, Ltd., 6.25% (5 yr. USD swap + 4.97%), due 10/19/75(b) 144A		105,035
	1,015,000	Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A		1,002,903
	542,000	Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A		606,559
	110,000	BMW US Capital LLC, 0.68% (3 mo. USD LIBOR + 0.41%), due 04/12/21(b) 144A		110,159
	310,000	BNP Paribas SA, 3.38%, due 01/09/25 144A		336,652
	200,000	BNP Paribas SA, 4.38%, due 09/28/25 144A		223,258
	631,000	Boeing Co. (The), 3.20%, due 03/01/29		622,345
	185,000	Boeing Co. (The), 3.75%, due 02/01/50		169,886

See accompanying Notes to the Financial Statements.

52

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	295,000	Boeing Co. (The), 3.95%, due 08/01/59		267,556
	450,000	Boeing Co. (The), 5.04%, due 05/01/27		496,367
	271,000	Boeing Co. (The), 5.81%, due 05/01/50		329,110
	44,000	Boise Cascade Co., 4.88%, due 07/01/30 144A		47,410
	605,000	BP Capital Markets America, Inc., 2.94%, due 04/06/23		640,225
	338,000	BPCE SA, 4.50%, due 03/15/25 144A		374,324
	360,000	BPCE SA, 5.70%, due 10/22/23 144A		404,024
	310,000	Braskem Netherlands Finance BV, 8.50% (5 yr. CMT + 8.22%), due 01/23/81(b) 144A		313,374
	619,000	Brighthouse Financial, Inc., 3.70%, due 06/22/27		643,050
	715,000	Bristol-Myers Squibb Co., 2.25%, due 08/15/21		727,823
	55,000	Bristol-Myers Squibb Co., 4.13%, due 06/15/39		69,809
	230,000	Bristol-Myers Squibb Co., 4.25%, due 10/26/49(f)		303,696
	135,000	Bristol-Myers Squibb Co., 5.00%, due 08/15/45		190,447
	88,782	British Airways Pass Through Trust, 4.13%, due 03/20/33 144A		73,056
	257,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.13%, due 01/15/25		274,036
	1,075,000	Broadcom Corp./Broadcom Cayman Finance, Ltd., 3.88%, due 01/15/27		1,192,614
	1,070,000	Broadcom, Inc., 3.15%, due 11/15/25		1,160,304
	1,046,000	Broadcom, Inc., 4.11%, due 09/15/28		1,181,596
	460,000	Broadcom, Inc., 4.70%, due 04/15/25		523,235
	469,000	Broadcom, Inc., 4.75%, due 04/15/29		546,792
	1,139,000	Broadcom, Inc., 5.00%, due 04/15/30		1,346,628
	32,000	Builders FirstSource, Inc., 5.00%, due 03/01/30 144A		33,180
	63,000	Builders FirstSource, Inc., 6.75%, due 06/01/27 144A		67,568
	140,000	C&W Senior Financing DAC, 6.88%, due 09/15/27 144A		145,786
	100,000	Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, due 07/01/25 144A		103,250
	509,000	Canadian Pacific Railway Co., 6.13%, due 09/15/15(i)		776,742
	451,000	Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A		493,370
	218,000	Capital One Financial Corp., 2.60%, due 05/11/23		228,134
	1,595,000	Capital One Financial Corp., 3.30%, due 10/30/24		1,730,399
	252,000	Capital One Financial Corp., 3.90%, due 01/29/24		274,550
	180,000	Cargill, Inc., 2.13%, due 04/23/30 144A		188,790
	1,000,000	Carlyle Holdings Finance LLC, 3.88%, due 02/01/23(f) 144A		1,072,798
	406,000	Carrier Global Corp., 2.24%, due 02/15/25 144A		423,961
	188,000	Carrier Global Corp., 2.49%, due 02/15/27 144A		196,974
	55,000	Catalent Pharma Solutions, Inc., 5.00%, due 07/15/27 144A		57,293
	245,000	Caterpillar, Inc., 2.60%, due 04/09/30		269,566
	196,000	CCM Merger, Inc., 6.00%, due 03/15/22 144A		193,825
	210,000	CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A		227,827
	124,000	CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29		123,768
	279,000	Cemex SAB de CV, 5.20%, due 09/17/30 144A		280,716
	130,000	Cemex SAB de CV, 6.13%, due 05/05/25 144A		134,388
	210,000	Cemex SAB de CV, 7.38%, due 06/05/27 144A		227,198
	240,000	Cenovus Energy, Inc., 5.40%, due 06/15/47		203,026
	328,000	Centene Corp., 3.00%, due 10/15/30(c)		335,036
	143,000	Centene Corp., 3.38%, due 02/15/30		148,586
	103,000	Centene Corp., 4.25%, due 12/15/27		108,021
	115,000	Centene Corp., 4.63%, due 12/15/29		124,195
	284,000	Centene Corp., 5.38%, due 06/01/26 144A		299,620
	335,000	CenterPoint Energy, Inc., 3.70%, due 09/01/49		377,403

See accompanying Notes to the Financial Statements.

53

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	354,000	CenturyLink, Inc., 4.00%, due 02/15/27 144A		360,117
	50,000	Charles River Laboratories International, Inc., 4.25%, due 05/01/28 144A		52,559
	880,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, due 04/01/31		918,070
	577,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		655,674
	5,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, due 07/23/22		5,296
	904,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, due 03/01/50		1,033,050
	270,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 05/01/47		321,068
	682,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, due 04/01/48		852,779
	1,964,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35		2,698,986
	883,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45		1,186,803
	336,000	Cheniere Energy Partners, LP, 4.50%, due 10/01/29		345,159
	643,000	Chevron Corp., 2.00%, due 05/11/27		681,146
	102,000	Choice Hotels International, Inc., 3.70%, due 01/15/31		107,531
	1,790,000	Cigna Corp., 3.40%, due 03/01/27		2,011,198
	660,000	Cigna Corp., 4.38%, due 10/15/28		786,166
	295,000	Cigna Corp., 4.80%, due 07/15/46		370,532
	245,000	Cigna Corp., 4.90%, due 12/15/48		319,078
	185,000	Cimarex Energy Co., 4.38%, due 06/01/24		198,786
	330,000	Cimpress Plc, 7.00%, due 06/15/26 144A		314,675
	317,000	Cincinnati Bell, Inc., 7.00%, due 07/15/24 144A		327,304
	555,000	Citigroup, Inc., 3.20%, due 10/21/26		613,037
	2,487,000	Citigroup, Inc., 3.40%, due 05/01/26		2,766,475
	625,000	Citigroup, Inc., 3.52% (3 mo. USD LIBOR + 1.15%), due 10/27/28(b)		697,428
	310,000	Citigroup, Inc., 3.67% (3 mo. USD LIBOR + 1.39%), due 07/24/28(b)		348,899
	1,585,000	Citigroup, Inc., 3.89% (3 mo. USD LIBOR + 1.56%), due 01/10/28(b)		1,796,071
	1,400,000	Citigroup, Inc., 4.08% (3 mo. USD LIBOR + 1.19%), due 04/23/29(b)		1,621,412
	550,000	Citigroup, Inc., 4.38% (3 mo. USD LIBOR + 4.10%)(b) (h)		538,194
	180,000	Citigroup, Inc., 4.40%, due 06/10/25		203,313
	440,000	Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31(b)		528,488
	660,000	Citigroup, Inc., 4.60%, due 03/09/26		757,142
	488,000	Citigroup, Inc., 4.70% (SOFR + 3.23%)(b) (h) (f)		472,445
	150,000	Citigroup, Inc., 5.50%, due 09/13/25		177,999
	130,000	Citigroup, Inc., 5.90% (3 mo. USD LIBOR + 4.23%)(b) (h)		133,179
	230,000	Citigroup, Inc., 5.95% (3 mo. USD LIBOR + 4.07%)(b) (h)		236,914
	294,000	Citigroup, Inc., 6.13% (3 mo. USD LIBOR + 4.48%)(b) (h)		291,867
	426,000	Citigroup, Inc., 6.25% (3 mo. USD LIBOR + 4.52%)(b) (h)		473,514
	111,000	Citizens Bank NA, 2.25%, due 04/28/25		118,244
	509,000	Citizens Financial Group, Inc., 3.25%, due 04/30/30		563,227
	39,000	Clark Equipment Co., 5.88%, due 06/01/25 144A		40,560
	45,000	Clean Harbors, Inc., 4.88%, due 07/15/27 144A		46,764
	524,000	Cleveland Clinic Foundation (The), 4.86%, due 01/01/14(i)		750,078

See accompanying Notes to the Financial Statements.

54

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	169,000	CNA Financial Corp., 2.05%, due 08/15/30		169,226
	245,000	CNAC HK Finbridge Co., Ltd., Reg S, 3.50%, due 07/19/22(j) 144A		251,424
	122,000	CNO Financial Group, Inc., 5.25%, due 05/30/25		140,209
	428,000	CNO Financial Group, Inc., 5.25%, due 05/30/29		495,903
	335,000	CNOOC Finance 2013, Ltd., 2.88%, due 09/30/29		358,391
	575,000	Colonial Enterprises, Inc., 3.25%, due 05/15/30 144A		644,023
	153,000	Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, due 08/15/26 144A		172,588
	429,000	Comcast Corp., 3.30%, due 04/01/27		485,652
	1,007,000	Comcast Corp., 3.40%, due 04/01/30		1,164,750
	475,000	Comcast Corp., 3.45%, due 02/01/50		538,621
	2,400,000	Comcast Corp., 3.95%, due 10/15/25		2,757,798
	5,000	Comcast Corp., 3.97%, due 11/01/47		5,998
	86,000	Comcast Corp., 4.00%, due 11/01/49		104,733
	446,000	Comcast Corp., 4.05%, due 11/01/52		550,376
	1,246,000	Comcast Corp., 4.15%, due 10/15/28		1,503,497
	20,000	Comcast Corp., 6.50%, due 11/15/35		30,369
	54,000	Commercial Metals Co., 5.38%, due 07/15/27		57,146
	1,419,000	CommonSpirit Health, 2.76%, due 10/01/24		1,484,315
	357,000	CommonSpirit Health, 4.19%, due 10/01/49		381,446
	350,000	Commonwealth Edison Co., 4.00%, due 03/01/48		431,349
	130,000	Comunicaciones Celulares SA Via Comcel Trust, 6.88%, due 02/06/24(f) 144A		133,266
	940,000	Concho Resources, Inc., 3.75%, due 10/01/27		1,015,982
	45,000	Concho Resources, Inc., 4.88%, due 10/01/47		49,874
	326,000	Connect Finco SARL/Connect US Finco LLC, 6.75%, due 10/01/26 144A		327,532
	65,000	Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56		81,840
	350,000	Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45		440,408
	137,000	Constellation Brands, Inc., 2.88%, due 05/01/30		148,349
	934,994	Continental Airlines Pass Through Trust, 5.98%, due 10/19/23		917,905
	700,000	Continental Resources, Inc., 4.50%, due 04/15/23(f)		668,381
	1,185,000	Cooperatieve Rabobank UA, 3.88%, due 09/26/23 144A		1,296,099
	451,000	CoStar Group, Inc., 2.80%, due 07/15/30 144A		468,100
	212,000	Cox Communications, Inc., 1.80%, due 10/01/30 144A		209,801
	292,000	Cox Communications, Inc., 2.95%, due 10/01/50 144A		281,540
	1,876,000	Cox Communications, Inc., 3.35%, due 09/15/26 144A		2,089,238
	1,750,000	Cox Communications, Inc., 3.50%, due 08/15/27 144A		1,962,922
	536,000	Credit Agricole SA, 3.25%, due 01/14/30 144A		576,409
	250,000	Credit Agricole SA, 3.75%, due 04/24/23(f) 144A		268,106
	225,000	Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (h) 144A		249,329
	235,000	Credit Suisse Group AG, 5.25% (5 yr. CMT + 4.89%)(b) (h) 144A		236,057
	275,000	Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (h) 144A		290,898
	500,000	Credit Suisse Group Funding Guernsey, Ltd., 3.45%, due 04/16/21		508,429
	125,000	Credito Real SAB de CV SOFOM ER, 9.13% (5 yr. CMT + 7.03%)(b) (h) 144A		95,314
	541,000	Crown Castle International Corp. REIT, 2.25%, due 01/15/31		548,281
	510,000	Crown Castle International Corp. REIT, 3.30%, due 07/01/30		558,638
	492,000	Crown Castle International Corp. REIT, 3.65%, due 09/01/27		551,358
	85,000	Crown Castle International Corp. REIT, 4.15%, due 07/01/50		97,502
	270,000	CSC Holdings LLC, 3.38%, due 02/15/31 144A		261,765
	338,000	CSC Holdings LLC, 5.75%, due 01/15/30 144A		359,549

See accompanying Notes to the Financial Statements.

55

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	130,000		CSC Holdings LLC, 5.88%, due 09/15/22		137,719
	125,000		CSC Holdings LLC, 7.50%, due 04/01/28 144A		138,117
	247,000		CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		218,105
	224,000		CSI Compressco, LP/CSI Compressco Finance, Inc., 10.00% (10.00% Cash or 7.25% plus 3.50% PIK), due 04/01/26 144A		171,360
	72,000		CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A		63,577
	280,000		CSN Islands XI Corp., 6.75%, due 01/28/28 144A		271,726
	254,000		CVS Health Corp., 2.70%, due 08/21/40		243,187
	73,000		CVS Health Corp., 3.00%, due 08/15/26		80,029
	304,000		CVS Health Corp., 3.70%, due 03/09/23		325,874
	318,000		CVS Health Corp., 3.75%, due 04/01/30		363,744
	110,000		CVS Health Corp., 4.10%, due 03/25/25		124,384
	413,000		CVS Health Corp., 4.30%, due 03/25/28		484,016
	50,000		CVS Health Corp., 4.78%, due 03/25/38		61,068
	424,000		CVS Health Corp., 5.05%, due 03/25/48		542,949
	130,000		CVS Health Corp., 5.13%, due 07/20/45		164,750
	682,760		CVS Pass-Through Trust, 6.94%, due 01/10/30		814,810
	1,804,085		CVS Pass-Through Trust, 7.51%, due 01/10/32 144A		2,254,000
	220,000		Cydsa SAB de CV, 6.25%, due 10/04/27 144A		222,807
	161,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 2.15%, due 11/01/30		157,716
	328,000		CyrusOne, LP/CyrusOne Finance Corp. REIT, 3.45%, due 11/15/29		355,964
	1,135,000		Daimler Finance North America LLC, 2.55%, due 08/15/22 144A		1,171,054
	180,000		Daimler Finance North America LLC, 2.70%, due 06/14/24 144A		190,567
	155,000		Daimler Finance North America LLC, 3.50%, due 08/03/25 144A		170,932
	187,000		Danske Bank AS, 5.00%, due 01/12/22 144A		196,526
	311,000		DaVita, Inc., 3.75%, due 02/15/31 144A		300,442
	312,000		DaVita, Inc., 4.63%, due 06/01/30 144A		319,777
	226,000		DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR + 3.85%), due 05/21/43(b) 144A		165,951
	77,000		Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A		78,733
	536,000		Dell International LLC/EMC Corp., 4.90%, due 10/01/26 144A		606,684
	524,000		Dell International LLC/EMC Corp., 5.30%, due 10/01/29 144A		601,832
	162,000		Dell International LLC/EMC Corp., 5.85%, due 07/15/25 144A		189,077
	368,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		487,398
	1,448,000		Delta Air Lines Pass Through Trust, 2.00%, due 12/10/29		1,405,443
	696,380		Delta Air Lines Pass Through Trust, 6.82%, due 02/10/24		697,570
	570,000		Delta Air Lines, Inc., 2.90%, due 10/28/24		508,963
	268,000		Delta Air Lines, Inc., 3.80%, due 04/19/23		259,708
	315,000		Delta Air Lines, Inc., 4.38%, due 04/19/28		281,788
	86,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, due 10/20/25 144A		88,384
	300,000		Deutsche Bank AG, 5.00%, due 02/14/22		313,957
	375,000		Deutsche Bank AG, (MTN), 3.38%, due 05/12/21		379,396
	305,000	EUR	DH Europe Finance II SARL, 1.35%, due 09/18/39		354,703
	560,000		Diageo Capital Plc, 2.13%, due 04/29/32		585,740
	865,000		Diamondback Energy, Inc., 3.25%, due 12/01/26		869,024
	1,494,000		Digital Realty Trust, LP REIT, 3.70%, due 08/15/27		1,680,109
	395,000		Discover Bank, 2.45%, due 09/12/24		416,964
	517,000		Discover Financial Services, 3.95%, due 11/06/24(f)		569,521
	103,000		Discover Financial Services, 4.10%, due 02/09/27		114,317

See accompanying Notes to the Financial Statements.

56

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	268,000	Dollar General Corp., 3.50%, due 04/03/30		305,760
	749,000	Dollar Tree, Inc., 4.20%, due 05/15/28		881,987
	854,000	Dominion Energy, Inc., 2.72%, due 08/15/21(e)		870,014
	115,000	Dominion Energy, Inc., 2.85%, due 08/15/26		126,241
	271,000	Dominion Energy, Inc., 3.38%, due 04/01/30		306,298
	186,000	DPL, Inc., 4.13%, due 07/01/25 144A		194,872
	850,000	DTE Electric Co., 2.25%, due 03/01/30(f)		906,467
	411,000	Duke Energy Carolinas LLC, 3.95%, due 03/15/48		510,473
	1,839,000	Duke Energy Corp., 3.55%, due 09/15/21		1,879,867
	420,000	Duke Energy Florida LLC, 3.40%, due 10/01/46		473,418
	195,000	Duke Energy Progress LLC, 3.70%, due 10/15/46		230,449
	490,000	Duke University, 2.83%, due 10/01/55		520,573
	471,000	eBay, Inc., 2.70%, due 03/11/30		500,750
	138,000	Edgewell Personal Care Co., 5.50%, due 06/01/28 144A		145,399
	39,000	EI du Pont de Nemours and Co., 1.70%, due 07/15/25		40,527
	144,000	EI du Pont de Nemours and Co., 2.30%, due 07/15/30		153,103
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		261,891
	42,000	Embraer Netherlands Finance BV, 5.05%, due 06/15/25		40,383
	250,000	Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A		253,750
	416,000	Emera US Finance, LP, 3.55%, due 06/15/26		464,874
	338,000	Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77(b) (f)		321,534
	385,000	Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80(b)		399,795
	332,000	Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78(b)		337,559
	148,000	Encompass Health Corp., 4.50%, due 02/01/28		148,990
	126,000	Encompass Health Corp., 4.63%, due 04/01/31(c)		126,000
	450,000	Enel Finance International NV, 4.63%, due 09/14/25 144A		520,496
	70,000	Energy Transfer Operating, LP, 4.20%, due 04/15/27		72,565
	358,000	Energy Transfer Operating, LP, 4.25%, due 03/15/23		372,697
	360,000	Energy Transfer Operating, LP, 5.15%, due 03/15/45		327,458
	900,000	Energy Transfer Operating, LP, 5.50%, due 06/01/27		992,326
	244,000	Energy Transfer Operating, LP, 5.88%, due 01/15/24		268,829
	340,000	Energy Transfer Operating, LP, 6.25%, due 04/15/49		352,339
	420,000	ENN Energy Holdings, Ltd., 2.63%, due 09/17/30(f) 144A		420,403
	227,000	Enova International, Inc., 8.50%, due 09/15/25 144A		215,082
	639,000	Enterprise Products Operating LLC, 5.25% (3 mo. USD LIBOR + 3.03%), due 08/16/77(b)		609,603
	373,000	Equinix, Inc. REIT, 1.55%, due 03/15/28(c)		374,266
	135,000	Equinix, Inc. REIT, 1.80%, due 07/15/27		136,473
	499,000	Equinix, Inc. REIT, 3.20%, due 11/18/29		551,011
	214,000	Equinix, Inc. REIT, 5.38%, due 05/15/27		233,272
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49* (k) (l) 144A		—
	460,000	Essential Utilities, Inc., 2.70%, due 04/15/30		493,212
	1,320,000	Eversource Energy, 2.90%, due 10/01/24		1,430,251
	285,000	Exelon Corp., 4.70%, due 04/15/50		364,362
	1,128,000	Exelon Corp., 5.10%, due 06/15/45		1,467,705
	389,000	Expedia Group, Inc., 3.25%, due 02/15/30		375,704
	628,000	Expedia Group, Inc., 3.80%, due 02/15/28		634,967
	565,000	Expedia Group, Inc., 5.00%, due 02/15/26		603,256
	1,033,000	Exxon Mobil Corp., 2.99%, due 03/19/25		1,133,660

See accompanying Notes to the Financial Statements.

57

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	995,000	FedEx Corp., 4.05%, due 02/15/48		1,151,282
	715,000	Ferguson Finance Plc, 4.50%, due 10/24/28(f) 144A		830,357
	219,000	Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR + 3.03%)(b) (h)		203,475
	135,000	First Quantum Minerals, Ltd., 6.88%, due 03/01/26 144A		130,359
	200,000	First Quantum Minerals, Ltd., 7.50%, due 04/01/25 144A		198,072
	194,000	FirstEnergy Corp., 2.65%, due 03/01/30		197,285
	245,000	FirstEnergy Corp., 7.38%, due 11/15/31		343,930
	1,260,000	Fiserv, Inc., 3.50%, due 07/01/29		1,440,040
	200,000	Flowserve Corp., 3.50%, due 10/01/30		198,290
	915,000	Ford Motor Credit Co. LLC, 3.35%, due 11/01/22		902,519
	356,000	Ford Motor Credit Co. LLC, 4.13%, due 08/17/27		346,877
	1,049,000	Ford Motor Credit Co. LLC, 4.13%, due 08/04/25		1,040,912
	565,000	Ford Motor Credit Co. LLC, 5.11%, due 05/03/29		579,831
	525,000	Ford Motor Credit Co. LLC, 5.88%, due 08/02/21		535,828
	202,000	Freedom Mortgage Corp., 8.13%, due 11/15/24 144A		202,231
	72,000	Freedom Mortgage Corp., 8.25%, due 04/15/25 144A		73,642
	534,000	Fresenius Medical Care US Finance III, Inc., 2.38%, due 02/16/31 144A		528,695
	61,000	Gartner, Inc., 3.75%, due 10/01/30 144A		61,819
	71,000	Gartner, Inc., 4.50%, due 07/01/28 144A		74,728
	137,000	GCI LLC, 4.75%, due 10/15/28(c) 144A		139,056
	113,000	GCI LLC, 6.63%, due 06/15/24 144A		121,486
	146,000	GCI LLC, 6.88%, due 04/15/25		150,876
	1,162,000	GE Capital International Funding Co. Unlimited Co., 4.42%, due 11/15/35		1,229,284
	820,000	General Dynamics Corp., 4.25%, due 04/01/50		1,077,841
	432,000	General Electric Co., 4.25%, due 05/01/40		439,721
	563,000	General Electric Co., (MTN), 5.55%, due 01/05/26		658,030
	175,000	General Motors Co., 5.40%, due 04/01/48		193,952
	160,000	General Motors Financial Co., Inc., 1.12% (3 mo. USD LIBOR + 0.85%), due 04/09/21(b)		159,933
	605,000	General Motors Financial Co., Inc., 2.90%, due 02/26/25		624,126
	120,000	General Motors Financial Co., Inc., 3.55%, due 04/09/21		121,602
	245,000	General Motors Financial Co., Inc., 3.60%, due 06/21/30(f)		254,334
	583,000	General Motors Financial Co., Inc., 4.00%, due 01/15/25		623,512
	1,199,000	General Motors Financial Co., Inc., 4.15%, due 06/19/23		1,273,240
	304,000	General Motors Financial Co., Inc., 4.30%, due 07/13/25		330,924
	535,000	General Motors Financial Co., Inc., 5.10%, due 01/17/24		584,570
	313,000	General Motors Financial Co., Inc., 5.20%, due 03/20/23		339,833
	28,000	GEO Group, Inc. (The) REIT, 6.00%, due 04/15/26		20,108
	921,000	Georgia-Pacific LLC, 2.30%, due 04/30/30 144A		979,316
	402,000	Gilead Sciences, Inc., 2.80%, due 10/01/50		398,476
	325,000	Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30(f) 144A		320,044
	515,000	GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26		571,740
	161,000	Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, due 05/01/24 144A		172,411
	1,200,000	Goldman Sachs Group, Inc. (The), 3.27% (3 mo. USD LIBOR + 1.20%), due 09/29/25(b)		1,300,088
	140,000	Goldman Sachs Group, Inc. (The), 3.50%, due 01/23/25		153,843
	560,000	Goldman Sachs Group, Inc. (The), 3.69% (3 mo. USD LIBOR + 1.51%), due 06/05/28(b)		628,470
	85,000	Goldman Sachs Group, Inc. (The), 3.75%, due 02/25/26		95,782

See accompanying Notes to the Financial Statements.

58

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	1,131,000	Goldman Sachs Group, Inc. (The), 3.80%, due 03/15/30		1,314,002
	320,000	Goldman Sachs Group, Inc. (The), 3.81% (3 mo. USD LIBOR + 1.16%), due 04/23/29(b)		364,682
	1,180,000	Goldman Sachs Group, Inc. (The), 3.85%, due 01/26/27		1,330,069
	465,000	Goldman Sachs Group, Inc. (The), 4.17% (3 mo. USD LIBOR + 3.92%)(b) (h)		457,583
	125,000	Goldman Sachs Group, Inc. (The), 5.30% (3 mo. USD LIBOR + 3.83%)(b) (h)		132,715
	1,850,000	Goldman Sachs Group, Inc. (The), 5.75%, due 01/24/22		1,977,007
	20,000	Graham Packaging Co., Inc., 7.13%, due 08/15/28 144A		20,863
	220,000	Graphic Packaging International LLC, 3.50%, due 03/01/29 144A		221,787
	175,000	Greenko Dutch BV, 4.88%, due 07/24/22 144A		175,656
	14,000	Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A		13,781
	84,000	H&E Equipment Services, Inc., 5.63%, due 09/01/25(f)		87,675
	104,000	Hanesbrands, Inc., 5.38%, due 05/15/25 144A		109,850
	73,000	Harsco Corp., 5.75%, due 07/31/27 144A		74,049
	209,000	HCA, Inc., 4.13%, due 06/15/29		236,646
	333,000	HCA, Inc., 5.25%, due 04/15/25		384,735
	227,000	HCA, Inc., 5.25%, due 06/15/26		265,268
	50,000	HCA, Inc., 5.38%, due 02/01/25		54,824
	150,000	HCA, Inc., 5.88%, due 02/01/29		175,006
	925,000	Healthpeak Properties, Inc. REIT, 3.25%, due 07/15/26		1,033,977
	620,000	Healthpeak Properties, Inc. REIT, 4.25%, due 11/15/23		677,516
	84,000	Hillenbrand, Inc., 5.75%, due 06/15/25		89,723
	127,000	Hilton Domestic Operating Co., Inc., 4.88%, due 01/15/30		131,087
	77,000	Hilton Domestic Operating Co., Inc., 5.75%, due 05/01/28 144A		81,283
	777,000	Home Depot, Inc. (The), 3.30%, due 04/15/40		886,522
	185,000	Host Hotels & Resorts, LP REIT, 3.50%, due 09/15/30		177,598
	319,000	Howmet Aerospace, Inc., 5.13%, due 10/01/24		338,539
	607,000	HSBC Holdings Plc, 3.95% (3 mo. USD LIBOR + 0.99%), due 05/18/24(b)		649,548
	260,000	HSBC Holdings Plc, 6.88% (5 yr. USD ICE swap + 5.51%)(b) (h)		265,234
	85,000	Huntington Ingalls Industries, Inc., 3.84%, due 05/01/25 144A		93,495
	383,000	Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30 144A		440,814
	297,000	Huntington Ingalls Industries, Inc., 5.00%, due 11/15/25 144A		305,289
	224,000	Husky Energy, Inc., 3.95%, due 04/15/22		231,579
	170,000	Hyundai Capital America, 1.80%, due 10/15/25 144A		169,304
	170,000	Hyundai Capital America, 2.38%, due 10/15/27 144A		170,276
	1,668,000	Hyundai Capital America, 5.75%, due 04/06/23 144A		1,851,268
	298,000	IHS Markit, Ltd., 4.00%, due 03/01/26 144A		332,960
	125,000	IHS Markit, Ltd., 4.75%, due 02/15/25 144A		141,933
	202,000	IHS Markit, Ltd., 4.75%, due 08/01/28		240,676
	126,000	Infor, Inc., 1.75%, due 07/15/25 144A		129,773
	480,000	Infraestructura Energetica Nova SAB de CV, 4.75%, due 01/15/51(f) 144A		450,600
	331,000	ING Groep NV, 3.55%, due 04/09/24		360,658
	200,000	Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A		160,000
	170,000	International Game Technology Plc, 6.50%, due 02/15/25 144A		181,263
	80,000	IPALCO Enterprises, Inc., 4.25%, due 05/01/30 144A		90,870
	200,000	Israel Electric Corp., Ltd., 6.88%, due 06/21/23 144A		229,505
	204,000	Jacobs Entertainment, Inc., 7.88%, due 02/01/24 144A		199,813
	64,000	JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A		68,092
	385,000	JBS Investments II GmbH, 5.75%, due 01/15/28 144A		401,844

See accompanying Notes to the Financial Statements.

59

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	242,000	Jefferies Financial Group, Inc., 5.50%, due 10/18/23		266,489
	500,000	Jefferies Group LLC, 5.13%, due 01/20/23		545,370
	300,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, due 01/23/30		338,763
	446,000	Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, due 01/15/27		504,409
	305,232	JetBlue Pass Through Trust, 2.75%, due 11/15/33		300,373
	900,000	Johnson & Johnson, 2.10%, due 09/01/40		900,743
	243,000	Johnson Controls International Plc/Tyco Fire & Security Finance SCA, 1.75%, due 09/15/30(f)		244,863
	532,000	JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31(b)		567,535
	624,000	JPMorgan Chase & Co., 2.95%, due 10/01/26		687,241
	505,000	JPMorgan Chase & Co., 2.96% (SOFR + 2.52%), due 05/13/31(b)		543,184
	3,605,000	JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR + 1.34%), due 02/01/28(b)		4,082,037
	475,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.25%), due 01/29/27(b)		541,630
	625,000	JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.38%), due 11/15/48(b)		762,177
	585,000	JPMorgan Chase & Co., 4.00% (SOFR + 2.75%)(b) (h)		553,191
	340,000	JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 1.12%), due 04/23/29(b)		394,856
	555,000	JPMorgan Chase & Co., 4.05% (3 mo. USD LIBOR + 3.80%)(b) (h)		547,488
	2,450,000	JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR + 1.26%), due 07/23/29(b)		2,904,782
	1,207,000	JPMorgan Chase & Co., 4.49% (SOFR + 3.79%), due 03/24/31(b)		1,476,463
	314,000	JPMorgan Chase & Co., 4.60% (SOFR + 3.13%)(b) (h)		308,112
	180,000	JPMorgan Chase & Co., 5.00% (SOFR + 3.38%)(b) (h)		179,845
	538,000	JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR + 3.78%)(b) (h)		583,551
	57,000	JW Aluminum Continuous Cast Co., 10.25%, due 06/01/26 144A		60,338
	200,000	KazMunayGas National Co. JSC, 4.75%, due 04/24/25 144A		220,329
	140,000	Ken Garff Automotive LLC, 4.88%, due 09/15/28 144A		138,075
	133,000	Keurig Dr Pepper, Inc., 3.20%, due 05/01/30		149,583
	160,000	Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32(f)		217,957
	1,240,000	KKR Group Finance Co. II LLC, 5.50%, due 02/01/43 144A		1,581,310
	540,000	KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A		563,337
	226,000	KLA Corp., 4.10%, due 03/15/29		271,423
	360,000	Kraft Heinz Foods Co., 3.00%, due 06/01/26		370,369
	27,000	Kraft Heinz Foods Co., 3.88%, due 05/15/27 144A		28,655
	120,000	Kraft Heinz Foods Co., 4.88%, due 10/01/49 144A		127,036
	115,000	Kraft Heinz Foods Co., 5.20%, due 07/15/45		126,080
	189,000	Kraft Heinz Foods Co., 5.50%, due 06/01/50 144A		217,442
	129,000	Kratos Defense & Security Solutions, Inc., 6.50%, due 11/30/25 144A		135,141
	225,000	Kroger Co. (The), 2.20%, due 05/01/30		236,869
	150,000	L Brands, Inc., 5.63%, due 10/15/23		157,031
	510,000	Laboratory Corp. of America Holdings, 2.95%, due 12/01/29		561,686
	47,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.25%, due 03/15/22 144A		46,192
	397,000	Lam Research Corp., 2.88%, due 06/15/50		412,458
	323,000	Lam Research Corp., 3.75%, due 03/15/26		370,826
	281,000	Lam Research Corp., 4.88%, due 03/15/49		399,129
	19,000	Lamb Weston Holdings, Inc., 4.88%, due 05/15/28 144A		20,556
	110,000	Laureate Education, Inc., 8.25%, due 05/01/25 144A		116,943
	201,000	Lazard Group LLC, 4.38%, due 03/11/29		230,890
	470,000	Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%(h) (k) (m)		165
	890,000	Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17(k) (m)		312

See accompanying Notes to the Financial Statements.

60

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	270,000	Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17(k) (m)		95
	279,000	Level 3 Financing, Inc., 3.40%, due 03/01/27 144A		301,067
	475,000	Level 3 Financing, Inc., 5.38%, due 01/15/24		479,227
	189,000	Levi Strauss & Co., 5.00%, due 05/01/25		193,725
	354,000	Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(j) 144A		368,160
	69,000	Leviathan Bond, Ltd., Reg S, 6.75%, due 06/30/30(j) 144A		71,588
	554,000	Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A		621,826
	254,000	Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A		278,660
	2,679,000	Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A		3,236,637
	903,000	Lincoln National Corp., 3.40%, due 01/15/31(f)		1,003,557
	242,000	Lions Gate Capital Holdings LLC, 5.88%, due 11/01/24 144A		238,647
	16,000	Lions Gate Capital Holdings LLC, 6.38%, due 02/01/24 144A		15,890
	145,000	Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22 144A		147,343
	1,150,000	Lloyds Banking Group Plc, 2.44% (1 yr. CMT + 1.00%), due 02/05/26(b)		1,192,448
	824,000	Lloyds Banking Group Plc, 4.45%, due 05/08/25		932,101
	321,000	Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)(b) (h)		337,361
	712,000	Lockheed Martin Corp., 2.80%, due 06/15/50		752,124
	713,000	Lockheed Martin Corp., 4.70%, due 05/15/46		973,973
	160,000	Logan Merger Sub, Inc., 5.50%, due 09/01/27 144A		162,148
	212,000	Lowe’s Cos., Inc., 5.00%, due 04/15/40		278,999
	304,000	Lowe’s Cos., Inc., 5.13%, due 04/15/50		421,725
	284,000	LSC Communications, Inc., 8.75%, due 10/15/23(m) (n)		44,730
	380,000	LYB International Finance III LLC, 4.20%, due 05/01/50		425,872
	185,000	M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)(b) (h)		191,629
	280,000	Macquarie Bank, Ltd., 3.62%, due 06/03/30 144A		298,290
	270,000	Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A		304,600
	1,484,000	Macquarie Group, Ltd., 4.15% (3 mo. USD LIBOR + 1.33%), due 03/27/24(b) 144A		1,592,202
	106,000	Macy’s, Inc., 8.38%, due 06/15/25 144A		109,749
	325,000	Magellan Midstream Partners, LP, 3.25%, due 06/01/30(f)		349,360
	55,000	Magellan Midstream Partners, LP, 4.25%, due 09/15/46		57,778
	200,000	Magellan Midstream Partners, LP, 5.15%, due 10/15/43(f)		233,169
	127,000	Magna International, Inc., 2.45%, due 06/15/30		133,946
	115,000	Markel Corp., 4.15%, due 09/17/50		139,118
	335,000	Marriott International, Inc., 3.50%, due 10/15/32		333,579
	400,000	Martin Marietta Materials, Inc., 2.50%, due 03/15/30		417,543
	230,000	Martin Marietta Materials, Inc., 4.25%, due 07/02/24		254,775
	445,000	Marvell Technology Group, Ltd., 4.88%, due 06/22/28		537,719
	460,000	Massachusetts Institute of Technology, 4.68%, due 07/01/14(i)		667,692
	605,000	Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A		619,378
	164,000	MasTec, Inc., 4.50%, due 08/15/28 144A		165,845
	480,000	Mastercard, Inc., 3.35%, due 03/26/30		564,194
	258,000	Mastercard, Inc., 3.85%, due 03/26/50		331,265
	162,000	Match Group Holdings II LLC, 4.13%, due 08/01/30 144A		164,151
	46,000	Mauser Packaging Solutions Holding Co., 8.50%, due 04/15/24 144A		47,840
	801,000	McDonald’s Corp., (MTN), 3.50%, due 07/01/27		914,020
	418,000	MDC Partners, Inc., 6.50%, due 05/01/24 144A		382,056
	415,000	MEDNAX, Inc., 5.25%, due 12/01/23 144A		420,966
	206,000	MEDNAX, Inc., 6.25%, due 01/15/27 144A		213,978
	395,000	Meredith Corp., 6.88%, due 02/01/26		330,566

See accompanying Notes to the Financial Statements.

61

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	198,000	Methanex Corp., 4.25%, due 12/01/24		199,237
	342,000	Methanex Corp., 5.25%, due 12/15/29		338,794
	355,000	MetLife, Inc., 6.40%, due 12/15/66		442,591
	200,000	Mexico City Airport Trust, 5.50%, due 07/31/47 144A		163,804
	49,000	Michaels Stores, Inc., 4.75%, due 10/01/27(c) 144A		48,663
	95,000	Microchip Technology, Inc., 4.25%, due 09/01/25 144A		98,692
	864,000	Microchip Technology, Inc., 4.33%, due 06/01/23		930,532
	496,000	Micron Technology, Inc., 2.50%, due 04/24/23		515,507
	838,000	Micron Technology, Inc., 4.19%, due 02/15/27		953,354
	155,000	Micron Technology, Inc., 4.98%, due 02/06/26		179,850
	775,000	Micron Technology, Inc., 5.33%, due 02/06/29		933,289
	288,000	Microsoft Corp., 2.53%, due 06/01/50		303,081
	295,000	Microsoft Corp., 2.67%, due 06/01/60		313,498
	174,000	Midwest Connector Capital Co. LLC, 3.63%, due 04/01/22(f) 144A		175,369
	398,000	Midwest Connector Capital Co. LLC, 3.90%, due 04/01/24 144A		401,970
	950,000	Moody’s Corp., 3.25%, due 05/20/50		1,021,970
	895,000	Morgan Stanley, 2.19% (SOFR + 1.99%), due 04/28/26(b)		938,750
	945,000	Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28(b)		1,064,779
	921,000	Morgan Stanley, 3.88%, due 04/29/24		1,017,216
	325,000	Morgan Stanley, 3.89% (3 mo. USD LIBOR + 3.61%)(b) (h)		306,727
	785,000	Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31(b)		837,905
	1,301,000	Morgan Stanley, (MTN), 3.13%, due 07/27/26		1,442,218
	1,311,000	Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31(b)		1,510,003
	620,000	Morgan Stanley, (MTN), 3.77% (3 mo. USD LIBOR + 1.14%), due 01/24/29(b)		708,591
	230,000	Morgan Stanley, (MTN), 3.88%, due 01/27/26		262,467
	1,000,000	Morgan Stanley, (MTN), 4.35%, due 09/08/26		1,158,423
	411,000	Motorola Solutions, Inc., 2.30%, due 11/15/30		408,924
	595,000	Motorola Solutions, Inc., 4.60%, due 02/23/28		695,137
	109,000	Motorola Solutions, Inc., 4.60%, due 05/23/29		128,909
	263,000	MPLX, LP, 4.00%, due 03/15/28(f)		286,581
	87,000	MPLX, LP, 4.13%, due 03/01/27		95,765
	86,000	MPLX, LP, 4.25%, due 12/01/27		96,534
	250,000	MPLX, LP, 4.50%, due 04/15/38		256,546
	25,000	MPLX, LP, 5.20%, due 03/01/47		27,379
	160,000	MPLX, LP, 5.25%, due 01/15/25		165,496
	813,000	MPLX, LP, 6.88% (3 mo. USD LIBOR + 4.65%)(b) (f) (h)		670,682
	145,000	MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A		148,901
	154,000	Murphy Oil Corp., 5.75%, due 08/15/25		134,747
	435,000	Mylan, Inc., 5.20%, due 04/15/48		540,418
	450,000	Mylan, Inc., 5.40%, due 11/29/43		567,049
	110,000	National CineMedia LLC, 5.88%, due 04/15/28 144A		92,125
	158,000	Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		158,099
	62,000	Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A		63,307
	83,000	Nationstar Mortgage Holdings, Inc., 9.13%, due 07/15/26 144A		89,147
	220,000	Nationwide Building Society, 3.62% (3 mo. USD LIBOR + 1.18%), due 04/26/23(b) 144A		228,688
	323,000	Natura Cosmeticos SA, 5.38%, due 02/01/23 144A		331,882
	926,000	Natwest Group PLC, 3.88%, due 09/12/23		993,691
	210,000	Natwest Group PLC, 4.45% (3 mo. USD LIBOR + 1.87%), due 05/08/30(b)		243,196

See accompanying Notes to the Financial Statements.

62

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	430,000	Natwest Group PLC, 6.00% (5 yr. CMT + 5.63%)(b) (f) (h)		438,600
	643,000	Natwest Group PLC, 8.63% (5 yr. USD swap + 7.60%)(b) (h)		660,502
	200,000	NBM US Holdings, Inc., 6.63%, due 08/06/29(f) 144A		214,521
	630,000	Netflix, Inc., 4.88%, due 04/15/28		705,052
	229,000	Netflix, Inc., 4.88%, due 06/15/30 144A		261,489
	59,000	Netflix, Inc., 5.38%, due 11/15/29 144A		69,614
	425,000	Netflix, Inc., 5.88%, due 11/15/28		507,871
	445,000	New England Power Co., 3.80%, due 12/05/47 144A		522,222
	226,000	New York Life Insurance Co., 3.75%, due 05/15/50 144A		255,972
	100,000	Newfield Exploration Co., 5.38%, due 01/01/26		94,018
	435,000	Newmont Corp., 2.25%, due 10/01/30		450,110
	150,000	Newmont Corp., 2.80%, due 10/01/29		161,985
	265,000	Newmont Corp., 3.63%, due 06/09/21		269,302
	905,000	NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30		939,540
	638,000	NextEra Energy Capital Holdings, Inc., 3.55%, due 05/01/27		722,547
	207,000	NextEra Energy Operating Partners, LP, 3.88%, due 10/15/26 144A		214,116
	75,000	NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27(f) 144A		80,250
	718,000	NIKE, Inc., 2.75%, due 03/27/27		799,735
	574,000	NIKE, Inc., 3.25%, due 03/27/40		659,107
	220,000	Nippon Life Insurance Co., 5.10% (5 yr. USD ICE swap + 3.65%), due 10/16/44(b) 144A		244,875
	670,000	NiSource, Inc., 3.49%, due 05/15/27		747,811
	173,000	NiSource, Inc., 3.60%, due 05/01/30		197,604
	195,000	Nissan Motor Acceptance Corp., 3.45%, due 03/15/23 144A		200,185
	115,000	Norbord, Inc., 6.25%, due 04/15/23 144A		123,469
	43,000	Nordstrom, Inc., 8.75%, due 05/15/25 144A		47,140
	970,000	Norfolk Southern Corp., 4.84%, due 10/01/41		1,277,533
	195,000	Northern States Power Co., 3.60%, due 09/15/47		232,323
	880,000	Northern Trust Corp., 1.95%, due 05/01/30		918,448
	392,000	Northrop Grumman Corp., 5.25%, due 05/01/50		565,245
	300,000	NOVA Chemicals Corp., 4.88%, due 06/01/24 144A		298,599
	160,000	NRG Energy, Inc., 3.75%, due 06/15/24 144A		171,092
	1,067,000	Nutrien, Ltd., 1.90%, due 05/13/23		1,102,147
	315,000	Nutrien, Ltd., 4.90%, due 06/01/43		390,910
	129,000	Nutrition & Biosciences, Inc., 1.83%, due 10/15/27 144A		129,710
	258,000	Nutrition & Biosciences, Inc., 2.30%, due 11/01/30 144A		260,514
	334,000	NVIDIA Corp., 2.85%, due 04/01/30		376,176
	1,385,000	NXP BV/NXP Funding LLC, 4.63%, due 06/01/23 144A		1,515,820
	224,000	NXP BV/NXP Funding LLC, 4.88%, due 03/01/24 144A		252,010
	921,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 144A		976,917
	130,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, due 05/01/30 144A		142,714
	222,000	NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 144A		249,082
	4,349,000	Occidental Petroleum Corp., 7.54%, due 10/10/36(g)		1,929,869
	510,000	ONE Gas, Inc., 2.00%, due 05/15/30		529,380
	107,000	ONEOK Partners, LP, 4.90%, due 03/15/25		117,321
	655,000	ONEOK, Inc., 3.10%, due 03/15/30(f)		631,611
	390,000	ONEOK, Inc., 4.45%, due 09/01/49		347,641
	200,000	ONEOK, Inc., 4.95%, due 07/13/47		187,877
	200,000	Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, due 02/11/25 144A		184,375
	1,542,000	Oracle Corp., 2.50%, due 04/01/25		1,654,837

See accompanying Notes to the Financial Statements.

63

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	754,000	Oracle Corp., 2.95%, due 04/01/30		845,086
	352,000	Otis Worldwide Corp., 2.06%, due 04/05/25		370,938
	265,000	Ovintiv, Inc., 6.50%, due 08/15/34		246,991
	321,000	Owens Corning, 3.95%, due 08/15/29		364,029
	350,000	Owens Corning, 4.30%, due 07/15/47		385,978
	146,000	Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27 144A		158,410
	211,000	Oztel Holdings SPC, Ltd., 6.63%, due 04/24/28 144A		209,932
	265,000	PacifiCorp, 2.70%, due 09/15/30		291,696
	110,000	PacifiCorp, 3.30%, due 03/15/51		123,354
	582,000	PayPal Holdings, Inc., 2.85%, due 10/01/29		641,818
	205,000	PECO Energy Co., 3.70%, due 09/15/47		247,971
	580,000	Pennsylvania Electric Co., 3.60%, due 06/01/29 144A		654,534
	2,450,000	Penske Truck Leasing Co., LP/PTL Finance Corp., 3.90%, due 02/01/24 144A		2,670,377
	525,000	PepsiCo, Inc., 3.63%, due 03/19/50		639,480
	975,000	Petrobras Global Finance BV, 5.09%, due 01/15/30		1,025,797
	185,000	Petrobras Global Finance BV, 5.75%, due 02/01/29		204,379
	408,000	Petrobras Global Finance BV, 6.90%, due 03/19/49		456,552
	25,000	Petroleos Mexicanos, 5.50%, due 01/21/21(f)		25,281
	76,000	Petroleos Mexicanos, 6.35%, due 02/12/48		57,285
	270,000	Petroleos Mexicanos, 6.50%, due 03/13/27		253,395
	255,000	Petroleos Mexicanos, 6.50%, due 06/02/41		197,087
	520,000	Petroleos Mexicanos, 6.75%, due 09/21/47		404,459
	380,000	Petroleos Mexicanos, 6.88%, due 08/04/26		366,223
	115,000	Petroleos Mexicanos, 7.69%, due 01/23/50(f) 144A		96,414
	1,067,000	Pfizer, Inc., 2.55%, due 05/28/40		1,113,462
	106,000	Phillips 66, 3.70%, due 04/06/23		113,565
	1,006,000	Phillips 66 Partners, LP, 3.61%, due 02/15/25		1,069,677
	774,000	Phillips 66 Partners, LP, 3.75%, due 03/01/28		808,498
	31,000	Picasso Finance Sub, Inc., 6.13%, due 06/15/25 144A		33,436
	145,000	Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29		165,294
	855,000	Plains All American Pipeline, LP/PAA Finance Corp., 3.55%, due 12/15/29		828,583
	65,000	Plains All American Pipeline, LP/PAA Finance Corp., 4.70%, due 06/15/44		57,828
	50,000	Plains All American Pipeline, LP/PAA Finance Corp., 5.15%, due 06/01/42		47,341
	63,000	PNC Financial Services Group, Inc. (The), 3.15%, due 05/19/27		70,202
	215,000	PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR + 3.04%)(b) (h)		217,456
	479,000	PNC Financial Services Group, Inc. (The), 6.75% (3 mo. USD LIBOR + 3.68%)(b) (h)		491,178
	166,000	Post Holdings, Inc., 5.50%, due 12/15/29 144A		177,832
	540,000	PPL Capital Funding, Inc., 5.00%, due 03/15/44		675,219
	51,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A		49,017
	136,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		137,892
	612,000	Procter & Gamble Co. (The), 3.55%, due 03/25/40		746,943
	265,000	Prosus NV, 5.50%, due 07/21/25 144A		304,776
	90,000	Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26		99,006
	726,000	Prudential Financial, Inc., 5.88% (3 mo. USD LIBOR + 4.18%), due 09/15/42(b)		765,864
	48,000	PTC, Inc., 4.00%, due 02/15/28 144A		49,426
	195,000	Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50		204,239
	445,000	Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27		493,781
	315,000	Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29		360,279
	1,700,000	Public Service Enterprise Group, Inc., 2.88%, due 06/15/24		1,821,120

See accompanying Notes to the Financial Statements.

64

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	161,000	Qorvo, Inc., 3.38%, due 04/01/31 144A		163,918
	114,000	Qorvo, Inc., 5.50%, due 07/15/26		121,100
	205,000	Quicken Loans LLC, 5.75%, due 05/01/25 144A		211,150
	350,000	QVC, Inc., 4.38%, due 03/15/23		364,000
	130,000	QVC, Inc., 5.45%, due 08/15/34		128,700
	130,000	Radian Group, Inc., 4.50%, due 10/01/24		129,376
	191,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 09/15/28 144A		196,327
	128,000	Raymond James Financial, Inc., 4.65%, due 04/01/30		155,957
	330,000	Realty Income Corp. REIT, 3.25%, due 01/15/31		365,825
	201,000	Rede D’or Finance SARL, 4.50%, due 01/22/30 144A		192,056
	38,000	Refinitiv US Holdings, Inc., 6.25%, due 05/15/26 144A		40,731
	62,000	Refinitiv US Holdings, Inc., 8.25%, due 11/15/26 144A		67,968
	905,000	Regions Financial Corp., 2.25%, due 05/18/25(f)		957,280
	200,000	Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29 144A		188,904
	299,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 4.00%, due 10/15/27(c) 144A		301,616
	405,000	Roper Technologies, Inc., 1.40%, due 09/15/27		409,524
	170,000	Royalty Pharma Plc, 1.75%, due 09/02/27 144A		170,714
	1,200,000	Ryder System, Inc., (MTN), 3.75%, due 06/09/23		1,290,697
	189,000	Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28		205,485
	219,000	Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27		247,211
	518,000	Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26		613,237
	110,000	Sabra Health Care, LP REIT, 4.80%, due 06/01/24		115,698
	70,000	Sabre GLBL, Inc., 7.38%, due 09/01/25 144A		70,805
	320,000	Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25		324,846
	290,000	San Diego Gas & Electric Co., 4.15%, due 05/15/48		352,549
	717,000	Santander Holdings USA, Inc., 3.24%, due 10/05/26		768,271
	217,000	Santander Holdings USA, Inc., 3.40%, due 01/18/23		227,263
	651,000	Santander Holdings USA, Inc., 3.45%, due 06/02/25		696,921
	677,000	Santander Holdings USA, Inc., 3.50%, due 06/07/24		726,528
	128,000	Santander Holdings USA, Inc., 4.40%, due 07/13/27		141,068
	227,000	Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		248,562
	200,000	SASOL Financing USA LLC, 5.88%, due 03/27/24		193,500
	200,000	SASOL Financing USA LLC, 6.50%, due 09/27/28		189,960
	347,000	SBA Communications Corp. REIT, 3.88%, due 02/15/27 144A		352,639
	322,000	SBA Tower Trust REIT, 2.84%, due 01/15/25 144A		345,453
	385,000	SBA Tower Trust REIT, 3.72%, due 04/09/48 144A		399,029
	408,000	Seagate HDD Cayman, 4.09%, due 06/01/29 144A		444,921
	405,000	Seagate HDD Cayman, 4.13%, due 01/15/31 144A		437,796
	193,000	Select Medical Corp., 6.25%, due 08/15/26 144A		201,017
	115,000	Sensata Technologies, Inc., 3.75%, due 02/15/31 144A		114,569
	122,000	Service Corp. International, 3.38%, due 08/15/30		122,381
	415,000	ServiceNow, Inc., 1.40%, due 09/01/30		406,524
	962,000	Shell International Finance BV, 2.38%, due 04/06/25		1,027,031
	995,000	Shire Acquisitions Investments Ireland DAC, 3.20%, due 09/23/26		1,107,823
	145,000	Simmons Foods, Inc., 5.75%, due 11/01/24 144A		145,529
	850,000	Simon Property Group, LP REIT, 6.75%, due 02/01/40		1,194,523
	270,000	Sinopec Group Overseas Development 2018, Ltd., 3.68%, due 08/08/49 144A		313,948
	386,000	Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A		402,970

See accompanying Notes to the Financial Statements.

65

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	280,000	Societe Generale SA, 7.38% (5 yr. USD swap + 6.24%)(b) (h) 144A		287,622
	204,000	SoftBank Group Corp., Reg S, 6.88% (5 yr. USD ICE swap + 4.85%)(b) (h) (j)		191,760
	200,000	Sotheby’s, 7.38%, due 10/15/27(f) 144A		200,338
	335,000	Southern California Edison Co., 4.00%, due 04/01/47		360,054
	1,318,000	Southern Co. (The), 3.25%, due 07/01/26		1,472,573
	1,260,000	Southern Co. Gas Capital Corp., 2.45%, due 10/01/23		1,325,887
	755,000	Southwest Airlines Co., 2.63%, due 02/10/30		719,305
	23,000	Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, due 09/30/26 144A		23,446
	62,000	Springleaf Finance Corp., 6.88%, due 03/15/25		68,916
	120,000	Springleaf Finance Corp., 8.88%, due 06/01/25		133,122
	225,000	Sprint Corp., 7.88%, due 09/15/23		258,891
	118,750	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, due 03/20/23 144A		120,266
	118,000	Standard Industries, Inc., 3.38%, due 01/15/31 144A		116,687
	375,000	Standard Industries, Inc., 4.38%, due 07/15/30 144A		385,050
	25,000	Standard Industries, Inc., 4.75%, due 01/15/28 144A		26,000
	62,000	Standard Industries, Inc., 5.00%, due 02/15/27 144A		64,660
	438,000	Starbucks Corp., 2.25%, due 03/12/30		456,206
	330,000	State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31(b) 144A		377,860
	18,000	Stearns Holdings LLC/Escrow, 9.38%, due 08/15/20(k) (l) (m)		—
	62,000	Steel Dynamics, Inc., 3.25%, due 01/15/31		66,541
	186,000	Stifel Financial Corp., 4.25%, due 07/18/24		208,838
	922,000	Sunoco Logistics Partners Operations, LP, 3.45%, due 01/15/23		940,473
	399,000	Sunoco Logistics Partners Operations, LP, 3.90%, due 07/15/26		410,017
	150,000	Sunoco Logistics Partners Operations, LP, 5.30%, due 04/01/44		140,025
	431,000	Sunoco Logistics Partners Operations, LP, 5.40%, due 10/01/47		408,057
	68,000	Switch, Ltd., 3.75%, due 09/15/28 144A		68,850
	418,000	Syngenta Finance NV, 4.44%, due 04/24/23 144A		441,779
	113,000	Sysco Corp., 5.95%, due 04/01/30		143,591
	560,000	T-Mobile USA, Inc., 2.05%, due 02/15/28 144A		574,039
	179,000	T-Mobile USA, Inc., 2.55%, due 02/15/31 144A		185,419
	489,000	T-Mobile USA, Inc., 3.50%, due 04/15/25 144A		537,069
	246,000	T-Mobile USA, Inc., 3.75%, due 04/15/27 144A		276,292
	579,000	T-Mobile USA, Inc., 3.88%, due 04/15/30 144A		657,669
	1,325,000	T-Mobile USA, Inc., 4.50%, due 04/15/50 144A		1,592,054
	466,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.88%, due 04/15/26		479,316
	238,000	Target Corp., 2.65%, due 09/15/30		266,431
	110,000	Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A		121,251
	150,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due 03/01/24 144A		160,297
	672,000	Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A		790,707
	34,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		50,848
	40,000	Team Health Holdings, Inc., 6.38%, due 02/01/25 144A(f)		27,600
	224,000	Teekay Offshore Partners, LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23 144A		192,104
	88,000	Telecom Argentina SA, 6.50%, due 06/15/21 144A		82,941
	158,000	Telecom Argentina SA, 8.00%, due 07/18/26 144A		131,456

See accompanying Notes to the Financial Statements.

66

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	325,000	Telecom Italia Capital SA, 7.20%, due 07/18/36		410,914
	205,000	Telecom Italia SpA, 5.30%, due 05/30/24 144A		222,225
	891,000	Telefonaktiebolaget LM Ericsson, 4.13%, due 05/15/22		931,505
	200,000	Telefonica Celular del Paraguay SA, 5.88%, due 04/15/27 144A		209,348
	90,000	Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, due 06/01/25 144A		92,024
	169,000	Tervita Corp., 7.63%, due 12/01/21 144A		154,688
	612,000	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due 10/01/26		541,060
	1,354,000	Textron, Inc., 3.00%, due 06/01/30		1,429,038
	70,000	Time Warner Cable LLC, 4.13%, due 02/15/21		70,274
	347,000	TJX Cos., Inc. (The), 3.50%, due 04/15/25		386,882
	463,000	TJX Cos., Inc. (The), 3.88%, due 04/15/30		550,044
	2,018,000	Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25		2,209,320
	171,000	TransCanada PipeLines, Ltd., 4.25%, due 05/15/28		197,812
	140,000	Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 144A		147,861
	500,000	Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48		573,576
	603,000	TransDigm, Inc., 5.50%, due 11/15/27		580,659
	55,000	Trident TPI Holdings, Inc., 6.63%, due 11/01/25 144A		54,375
	1,040,000	Truist Bank, 2.25%, due 03/11/30		1,075,146
	225,000	Twin River Worldwide Holdings, Inc., 6.75%, due 06/01/27(f) 144A		224,550
	61,000	Twitter, Inc., 3.88%, due 12/15/27 144A		62,792
	430,000	Tyson Foods, Inc., 5.10%, due 09/28/48		596,302
	259,000	Uber Technologies, Inc., 7.50%, due 05/15/25 144A		276,322
	451,000	Uber Technologies, Inc., 7.50%, due 09/15/27 144A		483,134
	1,897,000	UBS Group AG, 4.13%, due 04/15/26 144A		2,193,464
	200,000	UBS Group AG, Reg S, 6.88% (5 yr. USD swap + 5.50%)(b) (h) (j)		203,153
	185,000	UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (h) 144A		197,616
	220,527	United Airlines Pass Through Trust, 3.45%, due 01/07/30		184,380
	174,465	United Airlines Pass Through Trust, 3.65%, due 07/07/27		133,515
	293,703	United Airlines Pass Through Trust, 3.75%, due 03/03/28		278,692
	2,570,175	United Airlines Pass Through Trust, 4.00%, due 10/11/27		2,529,532
	199,270	United Airlines Pass Through Trust, 4.55%, due 08/25/31		168,940
	84,818	United Airlines Pass Through Trust, 4.60%, due 09/01/27		66,102
	98,494	United Airlines Pass Through Trust, 4.63%, due 03/03/24		91,868
	296,000	United Parcel Service, Inc., 3.90%, due 04/01/25		337,587
	268,000	United Parcel Service, Inc., 5.30%, due 04/01/50		399,806
	211,000	United Rentals North America, Inc., 3.88%, due 11/15/27		217,594
	137,000	United Rentals North America, Inc., 3.88%, due 02/15/31(f)		139,312
	616,000	United Rentals North America, Inc., 4.88%, due 01/15/28		647,570
	35,000	United Rentals North America, Inc., 5.25%, due 01/15/30		38,259
	225,000	United Rentals North America, Inc., 5.50%, due 05/15/27		239,203
	5,000	United Rentals North America, Inc., 5.88%, due 09/15/26		5,274
	218,000	Universal Health Services, Inc., 2.65%, due 10/15/30 144A		217,512
	436,000	Universal Health Services, Inc., 5.00%, due 06/01/26 144A		452,812
	120,000	University of Chicago (The), 2.76%, due 04/01/45		123,181
	179,000	Upjohn, Inc., 1.65%, due 06/22/25 144A		183,518
	179,000	Upjohn, Inc., 2.30%, due 06/22/27 144A		185,757
	179,000	Upjohn, Inc., 2.70%, due 06/22/30 144A		185,639
	325,000	Upjohn, Inc., 3.85%, due 06/22/40 144A		352,481
	1,100,711	US Airways Pass Through Trust, 4.63%, due 12/03/26		916,298

See accompanying Notes to the Financial Statements.

67

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	93,726	US Airways Pass Through Trust, 5.90%, due 04/01/26		92,087
	78,766	US Airways Pass Through Trust, 6.25%, due 10/22/24		71,934
	108,000	US Concrete, Inc., 5.13%, due 03/01/29 144A		108,608
	490,000	Valero Energy Corp., 3.40%, due 09/15/26		527,234
	125,000	Valvoline, Inc., 4.25%, due 02/15/30 144A		127,688
	116,000	Varex Imaging Corp., 7.88%, due 10/15/27 144A		120,350
	275,000	Vector Group, Ltd., 6.13%, due 02/01/25 144A		274,972
	216,000	Ventas Realty, LP REIT, 3.50%, due 02/01/25		233,625
	140,000	VeriSign, Inc., 4.75%, due 07/15/27		148,663
	162,000	VeriSign, Inc., 5.25%, due 04/01/25		179,432
	878,000	Verisk Analytics, Inc., 3.63%, due 05/15/50		998,679
	85,000	Verizon Communications, Inc., 3.00%, due 03/22/27		94,772
	375,000	Verizon Communications, Inc., 4.33%, due 09/21/28		455,315
	235,000	Verizon Communications, Inc., 4.40%, due 11/01/34		293,592
	1,527,000	Verizon Communications, Inc., 4.86%, due 08/21/46(f)		2,091,971
	1,000,000	ViacomCBS, Inc., 3.70%, due 08/15/24		1,095,496
	500,000	ViacomCBS, Inc., 4.38%, due 03/15/43(f)		533,055
	179,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A		176,315
	220,000	VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29(f) 144A		224,222
	1,400,000	Virginia Electric & Power Co., 3.15%, due 01/15/26		1,557,379
	173,000	VISA, Inc., 2.70%, due 04/15/40(f)		187,977
	460,000	Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A		490,336
	336,000	Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A		353,542
	340,000	Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A		371,422
	135,000	Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A		141,615
	361,000	VMware, Inc., 4.50%, due 05/15/25		409,256
	546,000	Vodafone Group Plc, 7.00% (5 yr. USD swap + 4.87%), due 04/04/79(b)		648,751
	475,000	Volkswagen Group of America Finance LLC, 2.90%, due 05/13/22 144A		491,316
	933,000	Volkswagen Group of America Finance LLC, 4.63%, due 11/13/25 144A		1,086,192
	1,178,000	Voya Financial, Inc., 3.13%, due 07/15/24		1,270,647
	514,000	Voya Financial, Inc., 5.65% (3 mo. USD LIBOR + 3.58%), due 05/15/53(b) (f)		529,032
	275,000	Vulcan Materials Co., 3.50%, due 06/01/30		308,603
	598,000	Walt Disney Co. (The), 4.70%, due 03/23/50		794,345
	878,000	Wells Fargo & Co., 2.19% (SOFR + 2.00%), due 04/30/26(b)		917,179
	410,000	Wells Fargo & Co., 3.07% (SOFR + 2.53%), due 04/30/41(b)		430,808
	962,000	Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)(b) (h)		1,036,128
	584,000	Wells Fargo & Co., (MTN), 2.39% (SOFR + 2.10%), due 06/02/28(b)		610,215
	765,000	Wells Fargo & Co., (MTN), 2.57% (3 mo. USD LIBOR + 1.00%), due 02/11/31(b)		804,779
	277,000	Western Digital Corp., 4.75%, due 02/15/26(f)		300,373
	288,000	Williams Cos., Inc. (The), 3.75%, due 06/15/27		316,220
	756,000	Williams Cos., Inc. (The), 4.55%, due 06/24/24		838,192
	95,000	Williams Cos., Inc. (The), 5.75%, due 06/24/44		112,364
	60,000	Williams Scotsman International, Inc., 4.63%, due 08/15/28 144A		60,355
	117,000	WMG Acquisition Corp., 5.50%, due 04/15/26 144A		121,804
	185,000	WR Berkley Corp., 4.00%, due 05/12/50		219,824
	124,000	WR Grace & Co., 4.88%, due 06/15/27 144A		128,287
	135,000	Wyndham Destinations, Inc., 4.63%, due 03/01/30 144A		130,507
	67,000	Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A		65,116
	34,000	XPO Logistics, Inc., 6.25%, due 05/01/25 144A		36,397

See accompanying Notes to the Financial Statements.

68

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Corporate Debt — continued
	610,000	Yale University, 2.40%, due 04/15/50		625,891
	199,000	Yum! Brands, Inc., 3.63%, due 03/15/31		199,373
	153,000	Yum! Brands, Inc., 4.75%, due 01/15/30 144A		165,527
				420,344,578
		Mortgage Backed Securities - Private Issuers — 10.6%
	1,800,000	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due 05/15/53 144A		1,933,640
	395,571	Arroyo Mortgage Trust CMO, Series 2018-1, Class A1, 3.76%, due 04/25/48(d) 144A		404,789
	253,434	Arroyo Mortgage Trust CMO, Series 2019-2, Class A1, 3.35%, due 04/25/49(d) 144A		261,794
	165,596	Arroyo Mortgage Trust CMO, Series 2019-3, Class A1, 2.96%, due 10/25/48(d) 144A		170,677
	147,000	BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.84%, due 11/05/32(d) 144A		106,870
	1,200,000	BANK, Series 2019-BNK20, Class A2, 2.76%, due 09/15/62		1,326,651
	850,000	BANK, Series 2019-BNK23, Class A2, 2.67%, due 12/15/52		935,527
	1,806,000	BANK, Series 2020-BNK26, Class A2, 2.04%, due 03/15/63		1,872,223
	1,800,000	BANK, Series 2020-BNK26, Class A3, 2.16%, due 03/15/63		1,894,504
	200,000	BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 5.12%, due 08/10/35(d) 144A		219,316
	3,000,000	BBCMS Mortgage Trust, Series 2018-TALL, Class A, 0.87% (1 mo. USD LIBOR + 0.72%), due 03/15/37(b) 144A		2,890,194
	193,000	BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52		206,111
	130,000	BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53		137,341
	109,396	Bellemeade Re, Ltd. CMO, Series 2018-1A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), due 04/25/28(b) 144A		108,381
	67,286	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29(b) (n)		67,160
	150,000	Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1B, 1.75% (1 mo. USD LIBOR + 1.60%), due 07/25/29(b) 144A		147,429
	220,000	Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1A, 2.80% (1 mo. USD LIBOR + 2.65%), due 06/25/30(b) 144A		220,599
	150,000	Bellemeade Re, Ltd. CMO, Series 2020-1A, Class M1B, 3.55% (1 mo. USD LIBOR + 3.40%), due 06/25/30(b) 144A		152,314
	320,000	Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52		341,342
	270,000	Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57		286,735
	324,000	Benchmark Mortgage Trust, Series 2019-B14, Class A2, 2.91%, due 12/15/62		345,850
	1,350,000	Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72		1,484,440
	657,000	Benchmark Mortgage Trust, Series 2019-B15, Class A5, 2.93%, due 12/15/72		736,185
	600,000	Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53		628,940
	1,800,000	Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A		1,906,051
	118,540	BRAVO Residential Funding Trust CMO, Series 2019-NQM1, Class A1, 2.67%, due 07/25/59(d) 144A		121,380
	215,000	BX Commercial Mortgage Trust, Series 2018-BIOA, Class D, 1.47% (1 mo. USD LIBOR + 1.32%), due 03/15/37(b) 144A		212,802
	1,610,958	BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1.07% (1 mo. USD LIBOR + 0.92%), due 10/15/36(b) 144A		1,614,333
	375,000	BX Commercial Mortgage Trust, Series 2020-VKNG, Class A, 1.13% (1 mo. USD LIBOR + 0.93%), due 10/15/37(b) 144A		376,253
	108,000	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class F, 2.70% (1 mo. USD LIBOR + 2.55%), due 12/15/37(b) 144A		103,478

See accompanying Notes to the Financial Statements.

69

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,200,000	CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57		1,312,995
	997,501	CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25(d) 144A		1,024,767
	700,000	CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58		750,810
	2,500,000	CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49		2,651,943
	219,250	CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class E, 2.30% (1 mo. USD LIBOR + 2.15%), due 07/15/32(b) 144A		217,473
	498,845	CIM Trust CMO, Series 2017-3, Class A1, 2.16% (1 mo. USD LIBOR + 2.00%), due 01/25/57(b) 144A		502,495
	500,000	CIM Trust CMO, Series 2017-5, Class A3, 4.00%, due 05/25/57(d) 144A		504,623
	492,797	CIM Trust CMO, Series 2017-6, Class A1, 3.02%, due 06/25/57(d) 144A		502,541
	1,438,000	CIM Trust CMO, Series 2020-INV1, Class A2, 2.50%, due 04/25/50(d) 144A		1,485,119
	1,772,000	Citigroup Commercial Mortgage Trust, Series 2016-P5, Class A2, 2.40%, due 10/10/49		1,791,955
	1,300,000	Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72		1,451,352
	171,000	Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class A, 3.34%, due 05/10/36 144A		182,366
	110,000	Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due 01/10/36 144A		119,086
	27,500,000	Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.60%, due 05/10/47(d) 144A		428,722
	64,478	COLT Mortgage Loan Trust CMO, Series 2019-2, Class A1, 3.34%, due 05/25/49(d) 144A		65,149
	114,106	COLT Mortgage Loan Trust CMO, Series 2020-1, Class A1, 2.49%, due 02/25/50(d) 144A		115,622
	235,000	Commercial Mortgage Trust, Series 2013-300P, Class D, 4.54%, due 08/10/30(d) 144A		239,959
	714,112	Commercial Mortgage Trust, Series 2013-LC6, Class A4, 2.94%, due 01/10/46		742,422
	715,000	Commercial Mortgage Trust, Series 2014-CR20, Class A3, 3.33%, due 11/10/47		765,404
	4,166	Commercial Mortgage Trust, Series 2014-UBS2, Class A2, 2.82%, due 03/10/47		4,164
	971,437	Commercial Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48		1,055,339
	223,000	Commercial Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A		224,334
	355,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 1.75% (1 mo. USD LIBOR + 1.60%), due 05/15/36(b) 144A		352,400
	257,944	Credit Suisse Mortgage Trust CMO, Series 2017-HL1, Class A3, 3.50%, due 06/25/47(d) 144A		259,984
	420,951	Credit Suisse Mortgage Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57(d) 144A		462,561
	288,350	Credit Suisse Mortgage Trust CMO, Series 2019-AFC1, Class A1, 2.57%, due 07/25/49(e) 144A		294,793
	185,150	Credit Suisse Mortgage Trust CMO, Series 2020-AFC1, Class A1, 2.24%, due 02/25/50(d) 144A		188,123
	777,490	Credit Suisse Mortgage Trust CMO, Reg S, Series 2020-WL1, Class A, 2.35%, due 12/26/59(j) 144A		777,490
	1,100,000	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50		1,212,333
	775,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50		864,917
	1,050,000	CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52		1,144,546
	800,988	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, due 08/25/57		862,789
	1,875,395	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, due 03/25/58		2,024,040

See accompanying Notes to the Financial Statements.

70

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,500,254	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, due 08/25/58		1,634,154
	1,578,218	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, due 08/25/59		1,651,050
	248,823	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class MA, 2.00%, due 11/25/59		256,884
	178,086	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 03/25/30(b)		177,999
	685	FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2018-DNA3, Class M1, 0.90% (1 mo. USD LIBOR + 0.75%), due 09/25/48(b) 144A		684
	380,000	FHLMC Structured Agency Credit Risk Debt Notes REMIC CMO, Series 2020-HQA3, Class M2, 3.75% (1 mo. USD LIBOR + 3.60%), due 07/25/50(b) 144A		383,803
	1,003,751	Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/01/50(d) 144A		1,031,994
	778,421	GCAT LLC CMO, Series 2019-4, Class A1, 3.23%, due 11/26/49(e) 144A		821,376
	280,483	GCAT LLC CMO, Series 2019-NQM1, Class A1, 2.99%, due 02/25/59(e) 144A		285,720
	376,463	GCAT LLC CMO, Series 2020-NQM1, Class A1, 2.25%, due 01/25/60(e) 144A		385,093
	932,826	GS Mortgage Securities Trust, Series 2012-GCJ7, Class A4, 3.38%, due 05/10/45		948,323
	900,000	GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48		975,840
	256,470	GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.12%, due 05/10/50		273,800
	285,000	GS Mortgage Securities Trust, Series 2019-GC39, Class A2, 3.46%, due 05/10/52		305,914
	300,000	GS Mortgage Securities Trust, Series 2019-GC40, Class A2, 2.97%, due 07/10/52		320,019
	1,600,000	GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53		1,689,510
	196,000	GS Mortgage Securities Trust, Series 2020-UPTN, Class A, 2.75%, due 02/10/37 144A		197,486
	205,150	GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due 09/27/60(d) 144A		206,143
	170,000	IMT Trust, Series 2017-APTS, Class CFX, 3.61%, due 06/15/34(d) 144A		169,347
	215,000	Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.28%, due 05/15/48(d) 144A		224,863
	1,725,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due 04/15/47		1,745,447
	487,872	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due 11/15/48		487,676
	95,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A4, 3.31%, due 03/15/49		105,317
	700,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49		760,799
	1,300,000	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50		1,440,477
	642,313	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2011-C3, Class A4, 4.72%, due 02/15/46 144A		644,838
	1,449,919	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class A4, 2.69%, due 04/15/46		1,505,752
	760,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49		812,084
	1,600,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50		1,694,518
	938,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52		997,243
	216,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, due 01/16/37 144A		225,086

See accompanying Notes to the Financial Statements.

71

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	236,266	JPMorgan Mortgage Trust CMO, Series 2016-1, Class A5, 3.50%, due 05/25/46(d) 144A		238,193
	266,363	JPMorgan Mortgage Trust CMO, Series 2016-4, Class A5, 3.50%, due 10/25/46(d) 144A		269,117
	577,906	JPMorgan Mortgage Trust CMO, Series 2017-2, Class A5, 3.50%, due 05/25/47(d) 144A		587,035
	218,573	JPMorgan Mortgage Trust CMO, Series 2018-4, Class A15, 3.50%, due 10/25/48(d) 144A		219,622
	130,000	KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 1.50% (1 mo. USD LIBOR + 1.35%), due 05/15/36(b) 144A		129,763
	457,582	Legacy Mortgage Asset Trust CMO, Series 2019-PRI, Class A1, 3.86%, due 09/25/59(e) 144A		481,702
	287,055	Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 2.88%, due 10/25/59(e) 144A		288,285
	148,215	MFA Trust CMO, Series 2020-NQM1, Class A1, 1.48%, due 08/25/49(d) 144A		149,364
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, due 02/15/46		103,934
	800,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.73%, due 05/15/48		895,153
	1,600,000	Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49		1,702,871
	212,000	Morgan Stanley Capital I Trust, Series 2017-CLS, Class D, 1.55% (1 mo. USD LIBOR + 1.40%), due 11/15/34(b) 144A		211,028
	2,600,000	Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52		2,922,143
	980,000	Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53		1,024,201
	200,000	Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1B, 1.60% (1 mo. USD LIBOR + 1.45%), due 02/25/30(b) 144A		194,003
	95,000	Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.92%, due 11/15/32(d) 144A		95,296
	165,000	Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.46%, due 01/15/43(d) 144A		174,854
	298,791	New Residential Mortgage Loan Trust CMO, Series 2018-1A, Class A1A, 4.00%, due 12/25/57(d) 144A		324,616
	153,551	New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 0.90% (1 mo. USD LIBOR + 0.75%), due 01/25/48(b) 144A		153,593
	9,074	Oaktown Re III, Ltd. CMO, Series 2019-1A, Class M1A, 1.55% (1 mo. USD LIBOR + 1.40%), due 07/25/29(b) 144A		9,081
	200,000	Oaktown Re IV, Ltd. CMO, Series 2020-1A, Class M1B, 4.90% (1 mo. USD LIBOR + 4.75%), due 07/25/30(b) 144A		200,538
	327,775	OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60(d) 144A		334,608
	79,978	PSMC Trust CMO, Series 2019-1, Class A3, 4.00%, due 07/25/49(d) 144A		80,110
	12,953	Radnor RE, Ltd. CMO, Series 2018-1, Class M1, 1.55% (1 mo. USD LIBOR + 1.40%), due 03/25/28(b) 144A		12,946
	1,951,652	Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50(d) 144A		2,022,034
	60,657	Starwood Mortgage Residential Trust CMO, Series 2018-IMC1, Class A1, 3.79%, due 03/25/48(d) 144A		61,175
	149,699	Starwood Mortgage Residential Trust CMO, Series 2020-1, Class A1, 2.28%, due 02/25/50(d) 144A		152,626
	147,518	Starwood Mortgage Residential Trust CMO, Series 2020-3, Class A1, 1.49%, due 04/25/65(d) 144A		148,293
	930,000	Station Place Securitization Trust CMO, Series 2020-10, Class A, 1.65% (1 mo. USD LIBOR + 1.50%), due 05/20/21(b) 144A		930,000
	115,000	Towd Point Mortgage Trust, Series 2015-1, Class A5, 3.66%, due 10/25/53(d) 144A		121,668

See accompanying Notes to the Financial Statements.

72

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	265,000	Towd Point Mortgage Trust, Series 2015-2, Class 1M2, 3.63%, due 11/25/60(d) 144A		281,744
	52,276	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, due 10/25/56(d) 144A		53,645
	518,579	Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, due 06/25/57(d) 144A		538,417
	595,636	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, due 10/25/57(d) 144A		619,800
	572,489	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, due 01/25/58(d) 144A		597,908
	199,196	Towd Point Mortgage Trust, Series 2018-3, Class A1, 3.75%, due 05/25/58(d) 144A		215,799
	383,177	Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58(d) 144A		410,438
	80,171	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25%, due 07/25/58(d) 144A		84,663
	310,146	Towd Point Mortgage Trust, Series 2018-6, Class A1A, 3.75%, due 03/25/58(d) 144A		328,764
	156,845	Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58(d) 144A		170,138
	307,519	Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59(d) 144A		326,251
	77,345	Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1.15% (1 mo. USD LIBOR + 1.00%), due 10/25/59(b) 144A		77,442
	675,000	UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50		740,394
	2,624,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, due 05/10/63		2,707,244
	2,216,071	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, due 08/10/49		2,297,227
	525,722	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A3, 2.92%, due 03/10/46		538,833
	1,523,797	UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, due 01/10/45		1,548,063
	13,036	WaMu Mortgage Pass Through Certificates CMO, Series 2003-AR9, Class 1A7, 2.79%, due 09/25/33(d)		12,839
	1,500,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49		1,571,227
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49		3,205,238
	950,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50		1,061,691
	1,400,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50		1,579,035
	110,000	Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class D, 1.80% (1 mo. USD LIBOR + 1.65%), due 12/15/34(b) 144A		91,392
	1,605,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due 06/15/53		1,657,073
	1,044,469	WFRBS Commercial Mortgage Trust, Series 2011-C2, Class A4, 4.87%, due 02/15/44(d) 144A		1,050,770
	1,360,000	WFRBS Commercial Mortgage Trust, Series 2011-C4, Class A4, 4.90%, due 06/15/44(d) 144A		1,378,464
				105,537,515
		Mortgage Backed Securities - U.S. Government Agency Obligations — 23.0%
	415,470	FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39		466,225
	315,216	FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41		345,925
	567,215	FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37		597,430
	446,080	FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40		491,594
	227,103	FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39		268,166
	111,347	FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38		130,890

See accompanying Notes to the Financial Statements.

73

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	420,899	FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39		484,439
	480,228	FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45		520,832
	696,780	FHLMC Gold, Pool # G08726, 3.00%, due 10/01/46		733,158
	120,062	FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46		131,877
	62,510	FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47		66,393
	945,106	FHLMC Gold, Pool # G08749, 4.00%, due 02/01/47		1,017,499
	560,605	FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47		601,318
	497,197	FHLMC Gold, Pool # G08786, 4.50%, due 10/01/47		541,829
	194,669	FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32		203,504
	1,259,188	FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31		1,360,812
	1,238,637	FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46		1,329,109
	564,894	FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46		619,389
	283,606	FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46		309,862
	1,157,482	FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42		1,274,816
	1,490,598	FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45		1,644,121
	1,681,876	FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47		1,815,979
	1,088,410	FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48		1,200,320
	555,767	FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44		613,785
	114,674	FHLMC Gold, Pool # J16432, 3.50%, due 08/01/26		121,578
	129,978	FHLMC Gold, Pool # J17763, 3.50%, due 01/01/27		137,837
	378,296	FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28		401,505
	445,825	FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31		476,144
	839,632	FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42		950,717
	174,899	FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42		189,269
	362,879	FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42		393,874
	789,267	FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42		871,310
	355,168	FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43		392,094
	1,079,497	FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45		1,177,834
	1,178,744	FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46		1,268,066
	975,092	FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46		1,026,912
	1,108,574	FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46		1,211,213
	415,025	FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46		449,889
	1,123,074	FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47		1,238,820
	133,949	FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47		145,875
	435,532	FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47		466,474
	512,998	FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48		552,601
	294,193	FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29		315,012
	738,564	FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29		789,938
	997,623	FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46		1,090,036
	1,196,885	FHLMC Gold, Pool # V82515, 3.50%, due 06/01/46		1,293,589
	319,948	FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46		347,420
	1,100,000	FHLMC Multifamily Structured Pass Through Certificates, Series KC07, Class ASB, 2.18%, due 08/25/29		1,162,542
	490,000	FHLMC Multifamily Structured Pass Through Certificates, Series KIR3, Class A1, 3.04%, due 08/25/27		538,613
	550,000	FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class AM, 3.17%, due 09/25/26(d)		620,502
	320,000	FHLMC Multifamily Structured Pass Through Certificates, Series K040, Class A2, 3.24%, due 09/25/24		351,554

See accompanying Notes to the Financial Statements.

74

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,800,000	FHLMC Multifamily Structured Pass Through Certificates, Series K069, Class AM, 3.25%, due 09/25/27(d)		2,065,377
	725,000	FHLMC Multifamily Structured Pass Through Certificates, Series K077, Class AM, 3.85%, due 05/25/28(d)		868,038
	913,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class A2, 3.86%, due 11/25/28(d)		1,104,991
	1,840,000	FHLMC Multifamily Structured Pass Through Certificates, Series K076, Class AM, 3.90%, due 04/25/28		2,213,434
	1,211,000	FHLMC Multifamily Structured Pass Through Certificates, Series K081, Class A2, 3.90%, due 08/25/28(d)		1,466,785
	200,000	FHLMC Multifamily Structured Pass Through Certificates, Series K086, Class AM, 3.92%, due 12/25/28(d)		242,212
	900,000	FHLMC Multifamily Structured Pass Through Certificates, Series K157, Class A2, 3.99%, due 05/25/33(d)		1,125,727
	325,000	FHLMC Multifamily Structured Pass Through Certificates, Series K083, Class AM, 4.03%, due 10/25/28(d)		397,628
	870,000	FHLMC Multifamily Structured Pass Through Certificates, Series K085, Class A2, 4.06%, due 10/25/28(d)		1,055,438
	24,893,388	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K025, Class X1, 0.93%, due 10/25/22(d) 144A		335,533
	72,569	FHLMC Reference REMIC CMO, Series R007, Class ZA, 6.00%, due 05/15/36		86,763
	872,578	FNMA REMIC CMO, Series 2011-59, Class NZ, 5.50%, due 07/25/41		986,867
	15,429	FNMA REMIC CMO, Series 2012-28, Class B, 6.50%, due 06/25/39		16,936
	626,787	FNMA-ACES, Series 2019-M25, Class AV1, 2.05%, due 12/25/26		642,213
	1,143,517	FNMA-ACES, Series 2019-M22, Class A1, 2.10%, due 08/25/29		1,217,076
	500,000	FNMA-ACES, Series 2017-M1, Class A2, 2.50%, due 10/25/26(d)		545,583
	218,039	FNMA-ACES, Series 2015-M8, Class AB2, 2.83%, due 01/25/25(d)		233,883
	1,700,000	FNMA-ACES, Series 2015-M10, Class A2, 3.09%, due 04/25/27(d)		1,908,397
	270,766	FNMA-ACES, Series 2018-M10, Class A1, 3.48%, due 07/25/28(d)		298,946
	505,328	GNMA I, Pool # 734152, 4.00%, due 01/15/41		550,929
	2,858,658	GNMA I, Pool # 784369, 4.00%, due 08/15/45		3,207,976
	361,578	GNMA I, Pool # 784605, 4.50%, due 01/15/42		402,022
	269,956	GNMA I, Pool # AL8626, 3.00%, due 08/15/45		281,376
	252,858	GNMA II, Pool # 004636, 4.50%, due 02/20/40		280,767
	45,414	GNMA II, Pool # 004678, 4.50%, due 04/20/40		50,423
	297,915	GNMA II, Pool # 004833, 4.00%, due 10/20/40		325,279
	266,847	GNMA II, Pool # 004977, 4.00%, due 03/20/41		293,436
	664,825	GNMA II, Pool # 004978, 4.50%, due 03/20/41		738,067
	1,040,398	GNMA II, Pool # 005055, 4.50%, due 05/20/41		1,155,361
	37,983	GNMA II, Pool # 783637, 3.00%, due 06/20/42		40,099
	1,090,214	GNMA II, Pool # 796468, 4.00%, due 09/20/42		1,180,576
	1,119,758	GNMA II, Pool # AV9421, 3.50%, due 11/20/46		1,243,720
	814,728	GNMA II, Pool # AY7555, 3.50%, due 04/20/47		905,271
	393,457	GNMA II, Pool # MA0462, 3.50%, due 10/20/42		427,021
	56,791	GNMA II, Pool # MA0624, 3.00%, due 12/20/42		60,096
	253,975	GNMA II, Pool # MA0625, 3.50%, due 12/20/42		275,642
	146,078	GNMA II, Pool # MA0698, 3.00%, due 01/20/43		154,110
	500,500	GNMA II, Pool # MA0851, 3.00%, due 03/20/43		528,029
	393,949	GNMA II, Pool # MA0852, 3.50%, due 03/20/43		427,558

See accompanying Notes to the Financial Statements.

75

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	85,222	GNMA II, Pool # MA1156, 3.00%, due 07/20/43		89,914
	306,486	GNMA II, Pool # MA1376, 4.00%, due 10/20/43		333,364
	112,260	GNMA II, Pool # MA1599, 3.00%, due 01/20/44		118,213
	308,896	GNMA II, Pool # MA2371, 3.50%, due 11/20/44		331,489
	227,739	GNMA II, Pool # MA2372, 4.00%, due 11/20/44		247,826
	240,690	GNMA II, Pool # MA2825, 3.00%, due 05/20/45		255,598
	542,021	GNMA II, Pool # MA3310, 3.50%, due 12/20/45		578,865
	216,066	GNMA II, Pool # MA3377, 4.00%, due 01/20/46		233,578
	312,277	GNMA II, Pool # MA3455, 4.00%, due 02/20/46		336,432
	560,073	GNMA II, Pool # MA3456, 4.50%, due 02/20/46		622,078
	593,527	GNMA II, Pool # MA3596, 3.00%, due 04/20/46		628,507
	1,113,592	GNMA II, Pool # MA3803, 3.50%, due 07/20/46		1,189,107
	818,556	GNMA II, Pool # MA3873, 3.00%, due 08/20/46		866,559
	1,330,469	GNMA II, Pool # MA3936, 3.00%, due 09/20/46		1,408,017
	366,771	GNMA II, Pool # MA4004, 3.50%, due 10/20/46		392,275
	198,634	GNMA II, Pool # MA4071, 4.50%, due 11/20/46		220,516
	171,576	GNMA II, Pool # MA4125, 2.50%, due 12/20/46		180,828
	341,436	GNMA II, Pool # MA4263, 4.00%, due 02/20/47		366,482
	448,304	GNMA II, Pool # MA4510, 3.50%, due 06/20/47		474,842
	512,536	GNMA II, Pool # MA4585, 3.00%, due 07/20/47		539,930
	517,255	GNMA II, Pool # MA4586, 3.50%, due 07/20/47		549,382
	1,367,249	GNMA II, Pool # MA4720, 4.00%, due 09/20/47		1,467,661
	396,158	GNMA II, Pool # MA4838, 4.00%, due 11/20/47		424,274
	1,564,499	GNMA II, Pool # MA5019, 3.50%, due 02/20/48		1,666,263
	208,588	GNMA II, Pool # MA5021, 4.50%, due 02/20/48		225,946
	70,127	GNMA II, Pool # MA5079, 4.50%, due 03/20/48		75,624
	445,391	GNMA II, Pool # MA5397, 3.50%, due 08/20/48		470,409
	493,918	GNMA II, Pool # MA5466, 4.00%, due 09/20/48		528,584
	440,405	GNMA II, Pool # MA5467, 4.50%, due 09/20/48		476,304
	208,103	GNMA II, Pool # MA5530, 5.00%, due 10/20/48		227,848
	277,921	GNMA II, Pool # MA5762, 3.50%, due 02/20/49		294,822
	307,525	GNMA II, Pool # MA5817, 4.00%, due 03/20/49		326,941
	806,046	GNMA II, Pool # MA5874, 3.00%, due 04/20/49		845,058
	1,500,000	GNMA TBA, 2.50%, due 11/19/50		1,572,656
	380,830	UMBS, Pool # 745148, 5.00%, due 01/01/36		438,424
	376,999	UMBS, Pool # 932807, 4.00%, due 09/01/40		413,916
	368,203	UMBS, Pool # 983471, 5.50%, due 05/01/38		424,438
	452,722	UMBS, Pool # 985184, 5.50%, due 08/01/38		522,418
	296,665	UMBS, Pool # 995245, 5.00%, due 01/01/39		340,247
	685,911	UMBS, Pool # AB6212, 3.00%, due 09/01/42		730,503
	871,378	UMBS, Pool # AB6802, 3.50%, due 11/01/42		952,112
	228,117	UMBS, Pool # AB7059, 2.50%, due 11/01/42		243,149
	559,755	UMBS, Pool # AB8703, 3.00%, due 03/01/38		591,954
	202,033	UMBS, Pool # AB9383, 4.00%, due 05/01/43		225,156
	1,341,050	UMBS, Pool # AB9659, 3.00%, due 06/01/43		1,461,224
	3,422,655	UMBS, Pool # AC3668, 4.50%, due 10/01/39		3,847,735
	387,589	UMBS, Pool # AD9153, 4.50%, due 08/01/40		435,640
	240,542	UMBS, Pool # AE0469, 6.00%, due 12/01/39		283,317
	975,297	UMBS, Pool # AH4404, 4.00%, due 01/01/41		1,076,810

See accompanying Notes to the Financial Statements.

76

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	154,121	UMBS, Pool # AI1892, 5.00%, due 05/01/41		177,596
	820,828	UMBS, Pool # AI4815, 4.50%, due 06/01/41		920,964
	682,135	UMBS, Pool # AJ9278, 3.50%, due 12/01/41		737,741
	324,202	UMBS, Pool # AJ9317, 4.00%, due 01/01/42		357,435
	689,270	UMBS, Pool # AL0215, 4.50%, due 04/01/41(o)		775,899
	1,167,212	UMBS, Pool # AL1895, 3.50%, due 06/01/42		1,287,449
	626,303	UMBS, Pool # AL2466, 4.00%, due 09/01/42		715,322
	699,632	UMBS, Pool # AL3000, 3.50%, due 12/01/42		759,331
	868,615	UMBS, Pool # AL3316, 3.50%, due 03/01/43		948,602
	1,048,947	UMBS, Pool # AL6663, 4.00%, due 03/01/39		1,161,823
	1,116,514	UMBS, Pool # AL7594, 3.50%, due 08/01/45		1,223,448
	913,617	UMBS, Pool # AL8191, 4.00%, due 12/01/45		1,010,951
	148,650	UMBS, Pool # AO4109, 4.00%, due 06/01/42		164,148
	379,398	UMBS, Pool # AQ7923, 3.00%, due 12/01/42		404,453
	784,710	UMBS, Pool # AS5133, 3.50%, due 06/01/45		837,515
	215,955	UMBS, Pool # AS6286, 4.00%, due 12/01/45		234,573
	343,231	UMBS, Pool # AS6304, 4.00%, due 12/01/45		373,126
	464,705	UMBS, Pool # AS6452, 3.50%, due 01/01/46		495,379
	226,781	UMBS, Pool # AS7693, 2.00%, due 08/01/31		237,030
	342,950	UMBS, Pool # AS8073, 2.50%, due 10/01/46		365,361
	266,151	UMBS, Pool # AX3719, 3.50%, due 07/01/27		282,007
	263,930	UMBS, Pool # AZ3743, 3.50%, due 11/01/45		282,816
	402,872	UMBS, Pool # BC9468, 3.00%, due 06/01/46		424,478
	1,161,781	UMBS, Pool # BD7043, 4.00%, due 03/01/47		1,264,569
	664,716	UMBS, Pool # BE7192, 4.00%, due 03/01/47		724,243
	908,038	UMBS, Pool # BK1023, 4.50%, due 02/01/48		992,611
	758,254	UMBS, Pool # BK7611, 4.50%, due 09/01/48		820,945
	1,178,754	UMBS, Pool # BM1573, 3.50%, due 07/01/47		1,299,851
	509,270	UMBS, Pool # BM1914, 2.50%, due 08/01/31		533,106
	1,356,753	UMBS, Pool # BM1972, 3.50%, due 10/01/37		1,502,457
	766,021	UMBS, Pool # BM3033, 3.00%, due 10/01/47		821,662
	241,025	UMBS, Pool # BM3258, 3.00%, due 02/01/47		261,653
	465,273	UMBS, Pool # BM3286, 4.50%, due 11/01/47		505,839
	810,382	UMBS, Pool # BM3332, 3.50%, due 01/01/48		873,770
	636,921	UMBS, Pool # BM3491, 4.50%, due 01/01/38		697,405
	1,290,696	UMBS, Pool # BM3641, 4.00%, due 04/01/48		1,413,411
	1,035,516	UMBS, Pool # BM4896, 3.00%, due 02/01/47		1,103,061
	1,122,359	UMBS, Pool # BM5213, 3.00%, due 07/01/45		1,188,598
	514,722	UMBS, Pool # BM5293, 3.50%, due 02/01/49		544,025
	947,195	UMBS, Pool # BM5694, 4.00%, due 06/01/48		1,014,897
	283,082	UMBS, Pool # BM5874, 4.00%, due 01/01/48		306,099
	381,440	UMBS, Pool # BM5950, 3.00%, due 11/01/48		401,541
	2,166,578	UMBS, Pool # BN6216, 4.50%, due 03/01/49		2,405,671
	917,896	UMBS, Pool # BO0988, 3.50%, due 07/01/49		967,851
	709,013	UMBS, Pool # BO1420, 3.50%, due 09/01/49		747,395
	438,783	UMBS, Pool # BO1439, 3.00%, due 10/01/49		460,027
	1,240,069	UMBS, Pool # BO5387, 3.50%, due 12/01/49		1,333,051
	974,594	UMBS, Pool # BP2898, 4.00%, due 03/01/50		1,061,376
	706,016	UMBS, Pool # BP5462, 2.50%, due 06/01/50		746,308

See accompanying Notes to the Financial Statements.

77

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	572,241	UMBS, Pool # BP5568, 3.00%, due 06/01/50		599,715
	1,110,721	UMBS, Pool # CA0655, 3.50%, due 11/01/47		1,210,325
	2,001,013	UMBS, Pool # CA3986, 5.00%, due 08/01/49		2,218,439
	451,209	UMBS, Pool # CA4149, 3.00%, due 09/01/49		485,675
	929,205	UMBS, Pool # CA4546, 3.00%, due 11/01/49		979,707
	1,501,897	UMBS, Pool # CA4831, 4.50%, due 12/01/49		1,649,195
	1,099,266	UMBS, Pool # CA5571, 4.00%, due 04/01/50		1,192,577
	994,320	UMBS, Pool # CA6871, 2.50%, due 08/01/35		1,047,526
	2,341,799	UMBS, Pool # CA6872, 2.50%, due 08/01/35		2,448,237
	1,763,522	UMBS, Pool # CA7030, 2.50%, due 09/01/50		1,880,482
	1,660,721	UMBS, Pool # FM0030, 3.00%, due 02/01/49		1,739,450
	616,277	UMBS, Pool # FM1001, 3.50%, due 11/01/48		652,511
	575,712	UMBS, Pool # FM1266, 5.00%, due 07/01/49		635,382
	240,622	UMBS, Pool # FM1347, 3.00%, due 12/01/48		252,758
	1,364,371	UMBS, Pool # FM1467, 3.00%, due 12/01/47		1,444,657
	745,263	UMBS, Pool # FM1588, 3.00%, due 10/01/49		799,199
	513,465	UMBS, Pool # FM1715, 3.00%, due 12/01/45		540,839
	428,793	UMBS, Pool # FM1790, 3.00%, due 11/01/49		461,660
	424,975	UMBS, Pool # FM1864, 3.00%, due 11/01/49		450,604
	2,600,789	UMBS, Pool # FM2109, 3.50%, due 12/01/49		2,741,066
	4,713,781	UMBS, Pool # FM2217, 3.00%, due 03/01/47		5,135,886
	3,174,647	UMBS, Pool # FM2226, 3.00%, due 09/01/46		3,458,950
	1,076,909	UMBS, Pool # FM2336, 4.00%, due 01/01/50		1,164,277
	4,679,660	UMBS, Pool # FM2385, 3.00%, due 09/01/48		4,901,508
	1,498,495	UMBS, Pool # FM2461, 3.50%, due 03/01/50		1,578,876
	1,227,322	UMBS, Pool # FM2570, 4.50%, due 04/01/48		1,378,299
	1,117,206	UMBS, Pool # FM2674, 4.00%, due 03/01/50		1,208,633
	138,172	UMBS, Pool # FM3828, 4.00%, due 07/01/49		150,122
	840,881	UMBS, Pool # FM4154, 2.00%, due 09/01/50		875,913
	990,000	UMBS, Pool # FM4350, 2.00%, due 09/01/50		1,034,507
	255,417	UMBS, Pool # MA2781, 2.50%, due 10/01/46		271,662
	304,072	UMBS, Pool # MA3087, 3.50%, due 08/01/47		321,793
	239,083	UMBS, Pool # MA3155, 3.00%, due 10/01/32		250,922
	974,830	UMBS, Pool # MA3182, 3.50%, due 11/01/47		1,031,022
	460,356	UMBS, Pool # MA3211, 4.00%, due 12/01/47		493,446
	316,814	UMBS, Pool # MA3238, 3.50%, due 01/01/48		335,062
	855,637	UMBS, Pool # MA3332, 3.50%, due 04/01/48		904,868
	285,172	UMBS, Pool # MA3364, 3.50%, due 05/01/33		302,965
	210,137	UMBS, Pool # MA3385, 4.50%, due 06/01/48		228,018
	838,812	UMBS, Pool # MA3414, 3.50%, due 07/01/48		883,957
	285,443	UMBS, Pool # MA3442, 3.50%, due 08/01/48		301,028
	249,190	UMBS, Pool # MA3521, 4.00%, due 11/01/48		265,610
	3,751,477	UMBS, Pool # QA6328, 3.00%, due 01/01/50		3,979,326
	2,081,084	UMBS, Pool # QA6367, 3.00%, due 01/01/50		2,214,264
	388,484	UMBS, Pool # QB0220, 3.00%, due 06/01/50		407,136
	2,222,100	UMBS, Pool # RA1741, 3.50%, due 11/01/49		2,357,667
	2,966,154	UMBS, Pool # RA1776, 3.00%, due 12/01/49		3,163,954
	2,963,768	UMBS, Pool # RA1860, 3.00%, due 12/01/49		3,104,701
	2,904,789	UMBS, Pool # RA1878, 3.50%, due 12/01/49		3,079,949

See accompanying Notes to the Financial Statements.

78

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - U.S. Government Agency Obligations — continued
	1,267,540	UMBS, Pool # RA2572, 3.50%, due 05/01/50		1,352,762
	3,282,003	UMBS, Pool # RA2790, 2.50%, due 06/01/50		3,446,394
	2,608,444	UMBS, Pool # RA2853, 2.50%, due 06/01/50		2,739,097
	893,001	UMBS, Pool # RA3206, 2.00%, due 08/01/50		932,417
	1,236,000	UMBS, Pool # RA3607, 3.00%, due 09/01/50		1,319,555
	1,553,705	UMBS, Pool # SD0100, 3.00%, due 10/01/49		1,652,681
	259,630	UMBS, Pool # SD7523, 2.50%, due 08/01/50		275,984
	10,216	UMBS, Pool # SD8025, 3.50%, due 11/01/49		10,767
	1,376,128	UMBS, Pool # ZA7040, 3.50%, due 06/01/49		1,465,110
	1,643,110	UMBS, Pool # ZM1609, 3.50%, due 09/01/46		1,783,701
	765,620	UMBS, Pool # ZS4727, 4.00%, due 07/01/47		821,059
	490,506	UMBS, Pool # ZS4760, 4.00%, due 03/01/48		526,138
	763,549	UMBS, Pool # ZT0657, 6.00%, due 07/01/40		920,787
	642,599	UMBS, Pool # ZT1748, 5.00%, due 01/01/49		713,312
	1,817,663	UMBS, Pool # ZT2100, 3.00%, due 04/01/47		1,912,840
	6,500,000	UMBS TBA, 2.00%, due 11/15/50		6,709,616
	500,000	UMBS TBA, 2.50%, due 10/19/35		522,148
	750,000	UMBS TBA, 2.50%, due 11/12/50		785,700
				228,916,572
		Municipal Obligations — 1.3%
	60,000	Alabama Economic Settlement Authority, 4.26%, due 09/15/32		71,650
	165,000	Bay Area Toll Authority, 2.57%, due 04/01/31		179,141
	300,000	Bay Area Toll Authority, 6.26%, due 04/01/49		511,923
	90,000	District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14(i)		135,118
	650,000	Health & Educational Facilities Authority of the State of Missouri, 3.23%, due 05/15/50		736,197
	715,000	Michigan Finance Authority, 2.37%, due 09/01/49		742,999
	359,000	Municipal Electric Authority of Georgia, 6.64%, due 04/01/57		535,334
	327,000	New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39		310,859
	25,000	New Jersey Transportation Trust Fund Authority, 4.13%, due 06/15/42		23,859
	1,350,000	New York State Urban Development Corp., 5.77%, due 03/15/39		1,711,813
	2,195,000	Port Authority of New York & New Jersey, 1.09%, due 07/01/23		2,227,069
	1,975,000	State Board of Administration Finance Corp., 1.26%, due 07/01/25		2,006,244
	489,000	State Board of Administration Finance Corp., 1.71%, due 07/01/27		496,462
	885,000	State of California, 7.50%, due 04/01/34		1,472,268
	555,000	State of California, General Obligation, 7.55%, due 04/01/39		972,221
	695,000	State of Illinois, General Obligation, 5.00%, due 11/01/22		723,815
	105,000	University of Virginia, 4.18%, due 09/01/17(i)		147,570
				13,004,542
		Sovereign Debt Obligations — 0.6%
	200,000	Bermuda Government International Bond, 2.38%, due 08/20/30 144A		202,750
	200,000	Colombia Government International Bond, 5.00%, due 06/15/45		233,750
	135,000	Colombia Government International Bond, 7.38%, due 09/18/37		190,688
	330,000	Corp. Andina de Fomento, 2.13%, due 09/27/21		335,174
	55,000	Corp. Andina de Fomento, 2.75%, due 01/06/23		57,308
	215,000	Export-Import Bank of India, 3.88%, due 02/01/28 144A		226,504
	200,000	Indonesia Government International Bond, 4.45%, due 02/11/24		221,932

See accompanying Notes to the Financial Statements.

79

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Sovereign Debt Obligations — continued
	220,000	Indonesia Government International Bond, 5.88%, due 01/15/24 144A		253,745
	200,000	Japan Bank for International Cooperation, 3.38%, due 10/31/23		217,976
	200,000	Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A		208,801
	200,000	Panama Government International Bond, 4.00%, due 09/22/24		219,202
	250,000	Province of Alberta Canada, 3.30%, due 03/15/28		292,009
	100,000	Province of Manitoba Canada, 2.13%, due 06/22/26		108,014
	70,000	Province of Ontario Canada, 3.40%, due 10/17/23		76,360
	220,000	Province of Quebec Canada, 2.75%, due 04/12/27		246,831
	301,000	Qatar Government International Bond, 3.38%, due 03/14/24 144A		324,753
	568,000	Qatar Government International Bond, 5.10%, due 04/23/48 144A		791,062
	235,000	Saudi Government International Bond, 4.00%, due 04/17/25 144A		261,555
	594,000	Saudi Government International Bond, 4.38%, due 04/16/29 144A		696,590
	400,000	Tokyo Metropolitan Government, 2.50%, due 06/08/22 144A		413,215
	185,000	Uruguay Government International Bond, 4.98%, due 04/20/55		246,744
	65,000	Uruguay Government International Bond, 5.10%, due 06/18/50		87,704
				5,912,667
		U.S. Government and Agency Obligations — 12.6%
	495,000	FNMA, 0.88%, due 08/05/30		489,679
	270,000	FNMA, 2.38%, due 01/19/23		283,308
	315,000	FNMA, 2.50%, due 02/05/24		338,857
	310,000	FNMA, 6.63%, due 11/15/30(o) (p)		476,686
	25,000	Tennessee Valley Authority, 7.13%, due 05/01/30		38,888
	6,543,000	U.S. Treasury Bond, 1.13%, due 05/15/40		6,454,056
	7,844,000	U.S. Treasury Bond, 1.25%, due 05/15/50		7,459,154
	2,523,000	U.S. Treasury Bond, 1.38%, due 08/15/50		2,476,679
	4,839,000	U.S. Treasury Bond, 2.25%, due 08/15/49		5,772,965
	2,430,000	U.S. Treasury Bond, 2.50%, due 02/15/45		2,998,013
	6,440,000	U.S. Treasury Bond, 2.75%, due 11/15/42		8,264,080
	335,000	U.S. Treasury Bond, 3.00%, due 11/15/44		448,625
	1,441,000	U.S. Treasury Bond, 3.00%, due 02/15/47		1,954,187
	4,940,000	U.S. Treasury Bond, 3.00%, due 08/15/48		6,750,240
	4,307,000	U.S. Treasury Bond, 3.13%, due 11/15/41		5,831,442
	7,690,000	U.S. Treasury Bond, 3.13%, due 02/15/43		10,441,278
	3,045,000	U.S. Treasury Bond, 3.38%, due 05/15/44		4,306,415
	2,976,000	U.S. Treasury Bond, 3.50%, due 02/15/39		4,183,954
	8,015,900	U.S. Treasury Bond, 3.63%, due 08/15/43		11,710,416
	305,000	U.S. Treasury Bond, 3.75%, due 11/15/43		453,997
	6,572,202	U.S. Treasury Inflation Indexed Bonds, 0.13%, due 10/15/24		6,979,250
	1,616,058	U.S. Treasury Inflation Indexed Bonds, 0.13%, due 01/15/30		1,788,163
	429,000	U.S. Treasury Note, 0.13%, due 07/31/22		429,017
	925,000	U.S. Treasury Note, 0.13%, due 08/31/22		925,036
	11,038,000	U.S. Treasury Note, 0.25%, due 09/30/25		11,026,358
	2,757,000	U.S. Treasury Note, 0.63%, due 08/15/30		2,743,430
	485,000	U.S. Treasury Note, 1.13%, due 02/28/21		487,066
	480,000	U.S. Treasury Note, 2.88%, due 05/15/28(o)		565,069
	1,040,000	U.S. Treasury Note, 3.13%, due 11/15/28		1,253,566
	530,000	U.S. Treasury STRIPS, 1.27%, due 02/15/36(g)		442,873
	505,000	U.S. Treasury STRIPS, 1.29%, due 05/15/36(g)		419,844

See accompanying Notes to the Financial Statements.

80

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			U.S. Government and Agency Obligations — continued
	3,730,000		U.S. Treasury STRIPS, 1.35%, due 05/15/37(g) (p)		3,043,457
	360,000		U.S. Treasury STRIPS, 1.44%, due 11/15/38(g)		284,889
	370,000		U.S. Treasury STRIPS, 1.45%, due 02/15/39(g)		291,545
	155,000		U.S. Treasury STRIPS, 1.46%, due 05/15/39(g)		121,624
	255,000		U.S. Treasury STRIPS, 1.47%, due 08/15/39(g)		199,281
	2,145,000		U.S. Treasury STRIPS, 1.56%, due 11/15/40(g)		1,630,103
	2,430,000		U.S. Treasury STRIPS, 1.57%, due 02/15/41(g)		1,836,750
	1,590,000		U.S. Treasury STRIPS, 1.59%, due 05/15/41(g)		1,194,644
	1,750,000		U.S. Treasury STRIPS, 1.60%, due 11/15/42(g)		1,288,868
	3,180,000		U.S. Treasury STRIPS, 1.62%, due 11/15/41(g)		2,364,641
	85,000		U.S. Treasury STRIPS, 1.63%, due 08/15/42(g)		62,549
	4,620,000		U.S. Treasury STRIPS, 1.63%, due 02/15/43(g)		3,377,971
	985,000		U.S. Treasury STRIPS, 1.65%, due 05/15/42(g)		724,620
	646,000		U.S. Treasury STRIPS, 1.76%, due 11/15/43(g)		458,245
	430,000		U.S. Treasury STRIPS, 1.85%, due 11/15/45(g)		292,746
	310,000		U.S. Treasury STRIPS, 1.86%, due 02/15/46(g)		210,033
					125,574,557
			TOTAL DEBT OBLIGATIONS (COST $962,970,707)		1,009,271,901
Shares			Description	Value ($)
			WARRANT — 0.0%
			Financial — 0.0%
	1,324		Stearns Holdings LLC, Expires 11/05/39* (k)		1,615
			TOTAL WARRANT (COST $—)		1,615
Par Value(a)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.5%
			Mutual Fund - Securities Lending Collateral — 0.5%
	4,565,035		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(q) (r)		4,565,035
			TOTAL SHORT-TERM INVESTMENT (COST $4,565,035)		4,565,035
			TOTAL INVESTMENTS — 101.7% (Cost $967,535,742)		1,013,838,551
			Other Assets and Liabilities (net) — (1.7)%		(16,510,241	)
			NET ASSETS — 100.0%	$997,328,310
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
		(b)	Variable or floating rate note. Rate shown is as of September 30, 2020.

See accompanying Notes to the Financial Statements.

81

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

��	(c)	When-issued security.
	(d)	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.
	(e)	Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate.
	(f)	All or a portion of this security is out on loan.
	(g)	Interest rate presented is yield to maturity.
	(h)	Security is perpetual and has no stated maturity date.
	(i)	Year of maturity is greater than 2100.
	(j)	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.
	(k)	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 $2,187 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2020 was $1,565,555.
	(l)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
	(m)	Security is currently in default.
	(n)	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 $111,890, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.
	(o)	All or a portion of this security is pledged for open futures collateral.
	(p)	All or a portion of this security is pledged for open centrally cleared swaps collateral.
	(q)	The rate disclosed is the 7-day net yield as of September 30, 2020.
	(r)	Represents an investment of securities lending cash 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 $219,261,919 which represents 22.0% of net assets.

See accompanying Notes to the Financial Statements.

82

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

At September 30, 2020, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1A, 1.25% (1 mo. USD LIBOR + 1.10%), due 07/25/29		07/17/19		USD	67,286		$	67,286		$	67,160
LSC Communications, Inc., 8.75%, due 10/15/23		09/23/16		USD	284,000			255,819			44,730
										$	111,890

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
EUR	303,357	USD	353,029		10/02/20	Barclays Bank Plc	$	2,703
USD	353,264	EUR	303,357		11/03/20	Barclays Bank Plc		(2,702	)
USD	358,514	EUR	303,357		10/02/20	JPMorgan Chase Bank N.A.		2,782
							$	2,783

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	54	U.S. Treasury Note 10-Year		Dec 2020	$	7,534,688	$	15,668
	158	U.S. Treasury Note 2-Year		Dec 2020		34,911,828		12,494
	261	U.S. Treasury Note 5-Year		Dec 2020		32,894,156		27,237
	6	U.S. Ultra Bond		Dec 2020		1,330,875		4,106
							$	59,505
	Sales
	1	Euro-Bund		Dec 2020	$	204,651	$	(1,267	)
	172	U.S. Long Bond		Dec 2020		30,320,375		205,673
	36	U.S. Treasury Note 10-Year		Dec 2020		5,023,125		176
	43	U.S. Ultra 10-Year		Dec 2020		6,876,641		9,013
							$	213,595

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
Overnight Federal Funds Effective Rate (12M)	Annual	1.51%	Annual	08/09/49	$	110		USD	580,000	$	(87,646	)	$	(87,756	)

See accompanying Notes to the Financial Statements.

83

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Currency Abbreviations

EUR — Euro

USD — U.S. Dollar

Other Abbreviations

ACES — Alternative Credit Enhancement Securities

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CMT — Constant Maturity Treasury Index

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

IO — Interest Only

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PIK — Payment In Kind

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

STRIPS — Separate Trading of Registered Interest and Principal of Securities

TBA — To Be Announced

UMBS — Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage loans purchased by either FHLMC or FNMA

See accompanying Notes to the Financial Statements.

84

Mercer Core Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		101.2
Futures Contracts		0.0	*
Forward Foreign Currency Contracts		0.0	*
Warrant		0.0	*
Swaps		(0.0	)*
Short-Term Investment		0.4
Other Assets and Liabilities (net)		(1.6	)
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

85

Mercer Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		DEBT OBLIGATIONS — 90.9%
		Asset Backed Securities — 3.5%
	250,000	522 Funding CLO I, Ltd., Series 2019-5A, Class E, 7.62% (3 mo. USD LIBOR + 7.34%), due 01/15/33(b) 144A		245,510
	1,090,000	Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 0.58% (1 mo. USD LIBOR + 0.43%), due 12/25/35(b)		1,033,157
	500,000	Allegro CLO XI, Ltd., Series 2019-2A, Class A1A, 1.66% (3 mo. USD LIBOR + 1.39%), due 01/19/33(b) 144A		497,388
	250,000	AMMC CLO, Ltd., Series 2017-20A, Class D, 3.67% (3 mo. USD LIBOR + 3.40%), due 04/17/29(b) 144A		238,413
	300,000	Anchorage Capital CLO, Ltd., Series 2014-3RA, Class E, 5.75% (3 mo. USD LIBOR + 5.50%), due 01/28/31(b) 144A		266,755
	394,415	Apex Credit CLO, Ltd., Series 2017-1A, Class A1, 1.73% (3 mo. USD LIBOR + 1.47%), due 04/24/29(b) 144A		391,574
	420,000	Apidos CLO XXII, Series 2015-22A, Class DR, 7.02% (3 mo. USD LIBOR + 6.75%), due 04/20/31(b) 144A		398,803
	965,000	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due 06/07/49 144A		899,502
	400,000	Ares LII CLO, Ltd., Series 2019-52A, Class D, 4.21% (3 mo. USD LIBOR + 3.95%), due 04/22/31(b) 144A		400,497
	300,000	Ares XLI CLO, Ltd., Series 2016-41A, Class D, 4.48% (3 mo. USD LIBOR + 4.20%), due 01/15/29(b) 144A		294,500
	500,000	Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 3.18% (3 mo. USD LIBOR + 2.90%), due 05/15/30(b) 144A		467,147
	1,290,000	Asset Backed Securities Corp. Home Equity Loan Trust Series OOMC, Series 2006-HE5, Class M1, 0.43% (1 mo. USD LIBOR + 0.28%), due 07/25/36(b)		1,058,009
	668,943	Asset Backed Securities Corp. Home Equity Loan Trust Series RFC, Series 2007-HE1, Class A4, 0.29% (1 mo. USD LIBOR + 0.14%), due 12/25/36(b)		642,819
	410,000	Avery Point VI CLO, Ltd., Series 2015-6A, Class DR, 3.20% (3 mo. USD LIBOR + 2.95%), due 08/05/27(b) 144A		394,373
	545,000	Avis Budget Rental Car Funding AESOP LLC, Series 2017-1A, Class A, 3.07%, due 09/20/23 144A		558,543
	1,130,000	Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due 02/20/27 144A		1,162,761
	250,000	Ballyrock CLO, Ltd., Series 2016-1A, Class ER, 7.23% (3 mo. USD LIBOR + 6.95%), due 10/15/28(b) 144A		230,333
	500,000	Barings CLO, Ltd., Series 2013-IA, Class CR, 1.77% (3 mo. USD LIBOR + 1.50%), due 01/20/28(b) 144A		492,710
	250,000	Benefit Street Partners CLO IV, Ltd., Series 2014-IVA, Class CRR, 4.07% (3 mo. USD LIBOR + 3.80%), due 01/20/29(b) 144A		239,668
	250,000	Benefit Street Partners CLO XII, Ltd., Series 2017-12A, Class C, 3.33% (3 mo. USD LIBOR + 3.05%), due 10/15/30(b) 144A		229,053
	700,000	BlueMountain CLO XXII, Ltd., Series 2018-22A, Class A1, 1.36% (3 mo. USD LIBOR + 1.08%), due 07/15/31(b) 144A		688,018
	650,000	BlueMountain CLO, Ltd., Series 2012-2A, Class AR2, 1.30% (3 mo. USD LIBOR + 1.05%), due 11/20/28(b) 144A		645,751
	297,061	BlueMountain CLO, Ltd., Series 2015-1A, Class A1R, 1.60% (3 mo. USD LIBOR + 1.33%), due 04/13/27(b) 144A		297,079
	387,524	BMW Vehicle Lease Trust, Series 2018-1, Class A3, 3.26%, due 07/20/21		389,360

See accompanying Notes to the Financial Statements.

86

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	500,000	Bristol Park CLO, Ltd., Series 2016-1A, Class ER, 7.28% (3 mo. USD LIBOR + 7.00%), due 04/15/29(b) 144A		462,321
	385,000	California Republic Auto Receivables Trust, Series 2018-1, Class C, 3.87%, due 10/16/23		397,758
	600,000	Canyon CLO, Ltd., Series 2020-1A, Class B, 3.15% (3 mo. USD LIBOR + 2.75%), due 07/15/28(b) 144A		602,345
	650,519	Carlyle Global Market Strategies CLO, Ltd., Series 2014-2RA, Class A1, 1.33% (3 mo. USD LIBOR + 1.05%), due 05/15/31(b) 144A		639,262
	600,000	Catskill Park CLO, Ltd., Series 2017-1A, Class D, 6.27% (3 mo. USD LIBOR + 6.00%), due 04/20/29(b) 144A		542,887
	200,000	CCG Receivables Trust, Series 2018-1, Class C, 3.42%, due 06/16/25 144A		203,047
	330,000	Cent CLO 24, Ltd., Series 2015-24A, Class CR, 3.43% (3 mo. USD LIBOR + 3.15%), due 10/15/26(b) 144A		315,773
	250,000	CIFC Funding CLO, Ltd., Series 2017-1A, Class D, 3.77% (3 mo. USD LIBOR + 3.50%), due 04/23/29(b) 144A		243,033
	599,850	Coinstar Funding LLC, Series 2017-1A, Class A2, 5.22%, due 04/25/47 144A		570,652
	250,000	Cumberland Park CLO, Ltd., Series 2015-2A, Class ER, 5.92% (3 mo. USD LIBOR + 5.65%), due 07/20/28(b) 144A		227,161
	190,664	Diamond Resorts Owner Trust, Series 2018-1, Class C, 4.53%, due 01/21/31 144A		192,989
	400,000	Dryden 72 CLO, Ltd., Series 2019-72A, Class D, 3.98% (3 mo. USD LIBOR + 3.70%), due 05/15/32(b) 144A		397,364
	449,251	Dryden CLO XXV Senior Loan Fund, Series 2012-25A, Class ARR, 1.18% (3 mo. USD LIBOR + 0.90%), due 10/15/27(b) 144A		446,798
	650,000	DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, due 03/15/24 144A		671,094
	564,198	Falcon Aerospace, Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42 144A		544,094
	600,000	FBR Securitization Trust, Series 2005-2, Class M4, 1.08% (1 mo. USD LIBOR + 0.93%), due 09/25/35(b)		469,895
	1,215,024	First Franklin Mortgage Loan Trust, Series 2005-FF12, Class M1, 0.60% (1 mo. USD LIBOR + 0.45%), due 11/25/36(b)		1,210,562
	225,000	First Investors Auto Owner Trust, Series 2016-2A, Class D, 3.35%, due 11/15/22 144A		227,806
	260,000	Flatiron CLO, Ltd., Series 2017-1A, Class A, 1.53% (3 mo. USD LIBOR + 1.25%), due 05/15/30(b) 144A		258,242
	250,000	Golub Capital Partners CLO, Ltd., Series 2020-49A, Class A1, 2.78% (3 mo. USD LIBOR + 2.50%), due 07/20/32(b) 144A		250,548
	400,000	Golub Capital Partners CLO, Ltd., Series 2020-49A, Class B, 3.48% (3 mo. USD LIBOR + 3.20%), due 07/20/32(b) 144A		401,241
	250,000	Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 5.23% (3 mo. USD LIBOR + 4.95%), due 04/15/31(b) 144A		215,585
	250,000	Greywolf CLO IV, Ltd., Series 2019-1A, Class C, 4.22% (3 mo. USD LIBOR + 3.95%), due 04/17/30(b) 144A		243,784
	700,000	Greywolf CLO V, Ltd., Series 2015-1A, Class A1R, 1.40% (3 mo. USD LIBOR + 1.16%), due 01/27/31(b) 144A		692,102
	321,995	GSAA Home Equity Trust, Series 2007-7, Class A4, 0.69% (1 mo. USD LIBOR + 0.54%), due 07/25/37(b)		310,641
	290,000	Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 8.47% (3 mo. USD LIBOR + 8.20%), due 01/20/33(b) 144A		231,074
	499,932	Invitation Homes Trust, Series 2018-SFR1, Class E, 2.15% (1 mo. USD LIBOR + 2.00%), due 03/17/37(b) 144A		502,192

See accompanying Notes to the Financial Statements.

87

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	383,046	KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 1.53% (3 mo. USD LIBOR + 1.30%), due 12/27/38(b)		355,546
	400,000	KKR CLO 14, Ltd., Series 14, Class BR, 2.08% (3 mo. USD LIBOR + 1.80%), due 07/15/31(b) 144A		394,669
	950,000	LCM CLO XVIII, LP, Series 19A, Class AR, 1.52% (3 mo. USD LIBOR + 1.24%), due 07/15/27(b) 144A		947,972
	250,000	LCM CLO XXII, Ltd., Series 22A, Class DR, 5.77% (3 mo. USD LIBOR + 5.50%), due 10/20/28(b) 144A		208,254
	270,589	Legacy Mortgage Asset Trust, Series 2019-GS1, Class A1, 4.00%, due 01/25/59(c) 144A		277,987
	650,000	Magnetite CLO XII, Ltd., Series 2015-12A, Class ER, 5.96% (3 mo. USD LIBOR + 5.68%), due 10/15/31(b) 144A		588,314
	989,950	Magnolia Financial X DAC, Series 2020-1, 0.80%, due 08/13/24(d) (e)		960,265
	207,016	MAPS, Ltd., Series 2018-1A, Class A, 4.21%, due 05/15/43 144A		192,566
	211,550	MAPS, Ltd., Series 2018-1A, Class B, 5.19%, due 05/15/43 144A		136,889
	250,000	Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 3.57% (3 mo. USD LIBOR + 3.30%), due 01/20/33(b) 144A		246,490
	1,102,940	Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A		1,165,266
	290,000	Nassau CLO, Ltd., Series 2020-1A, Class D, 5.00% (3 mo. USD LIBOR + 4.77%), due 07/20/29(b) 144A		288,010
	575,000	Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A		597,681
	200,000	Navient Private Education Refi Student Loan Trust, Series 2020-A, Class B, 3.16%, due 11/15/68 144A		207,210
	1,150,000	Navient Private Education Refi Student Loan Trust, Series 2020-GA, Class B, 2.50%, due 09/16/69 144A		1,156,920
	250,000	Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 6.19% (3 mo. USD LIBOR + 5.92%), due 10/21/30(b) 144A		226,845
	250,000	Oaktree CLO, Ltd., Series 2015-1A, Class DR, 5.47% (3 mo. USD LIBOR + 5.20%), due 10/20/27(b) 144A		200,831
	250,000	Oaktree CLO, Ltd., Series 2019-1A, Class D, 4.06% (3 mo. USD LIBOR + 3.80%), due 04/22/30(b) 144A		217,306
	355,000	Ocean Trails CLO IX, Series 2020-9A, Class A1, 2.15% (3 mo. USD LIBOR + 1.87%), due 10/15/29(b) 144A		354,607
	405,000	Ocean Trails CLO IX, Series 2020-9A, Class A2, 2.55% (3 mo. USD LIBOR + 2.27%), due 10/15/29(b) 144A		406,650
	500,000	Ocean Trails CLO X, Series 2020-10A, Class D, 1.00% (3 mo. USD LIBOR + 4.70%), due 10/15/31(b) (f) 144A		503,119
	575,000	Octagon Investment Partners 35 CLO, Ltd., Series 2018-1A, Class C, 2.87% (3 mo. USD LIBOR + 2.60%), due 01/20/31(b) 144A		513,944
	250,000	OHA Loan Funding CLO, Ltd., Series 2015-1A, Class DR2, 4.28% (3 mo. USD LIBOR + 4.00%), due 11/15/32(b) 144A		249,389
	280,000	OneMain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, due 03/14/29 144A		286,607
	250,000	Owl Rock CLO, Ltd., Series 2020-3A, Class A1L, 2.07% (3 mo. USD LIBOR + 1.80%), due 04/20/32(b) 144A		245,080
	376,000	OZLM CLO XXII, Ltd., Series 2018-22A, Class C, 2.92% (3 mo. USD LIBOR + 2.65%), due 01/17/31(b) 144A		335,079

See accompanying Notes to the Financial Statements.

88

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	250,000	Parallel CLO, Ltd., Series 2017-1A, Class CR, 2.27% (3 mo. USD LIBOR + 2.00%), due 07/20/29(b) 144A		235,954
	510,000	Parallel CLO, Ltd., Series 2020-1A, Class A1, 1.98% (3 mo. USD LIBOR + 1.83%), due 07/20/31(b) 144A		510,263
	700,700	Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 144A		704,059
	264,480	PRPM LLC, Series 2019-4A, Class A1, 3.35%, due 11/25/24(c) 144A		265,603
	159,381	Recette CLO, Ltd., Series 2015-1A, Class AR, 1.19% (3 mo. USD LIBOR + 0.92%), due 10/20/27(b) 144A		158,728
	1,840,000	Residential Asset Securities Trust, Series 2006-KS2, Class M3, 0.56% (1 mo. USD LIBOR + 0.41%), due 03/25/36(b)		1,712,407
	500,000	Romark CLO III, Ltd., Series 2019-3A, Class A1, 1.65% (3 mo. USD LIBOR + 1.37%), due 07/15/32(b) 144A		492,109
	182,023	Saranac CLO III, Ltd., Series 2014-3A, Class DR, 3.56% (3 mo. USD LIBOR + 3.25%), due 06/22/30(b) 144A		152,119
	209,000	SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 4.28% (28 day ARS), due 06/15/32(b)		207,663
	91,000	SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 4.30% (28 day ARS), due 03/15/33(b)		90,470
	360,000	Sound Point CLO XXIII, Series 2019-2A, Class A1, 1.68% (3 mo. USD LIBOR + 1.40%), due 04/15/32(b) 144A		358,602
	250,000	Symphony CLO XIX, Ltd., Series 2018-19A, Class A, 1.23% (3 mo. USD LIBOR + 0.96%), due 04/16/31(b) 144A		246,716
	250,000	Symphony CLO XIX, Ltd., Series 2018-19A, Class E, 5.47% (3 mo. USD LIBOR + 5.20%), due 04/16/31(b) 144A		217,464
	500,000	TCI-Symphony CLO, Ltd., Series 2016-1A, Class DR, 3.27% (3 mo. USD LIBOR + 3.00%), due 10/13/29(b) 144A		467,185
	318,876	Tralee CLO III, Ltd., Series 2014-3A, Class AR, 1.30% (3 mo. USD LIBOR + 1.03%), due 10/20/27(b) 144A		317,414
	340,000	Venture CLO 31, Ltd., Series 2018-31A, Class A1, 1.30% (3 mo. USD LIBOR + 1.03%), due 04/20/31(b) 144A		331,383
	159,729	VOLT LXXXIII LLC, Series 2019-NPL9, Class A1A, 3.33%, due 11/26/49(c) 144A		160,407
	292,217	VOLT LXXXV LLC, Series 2020-NPL1, Class A1A, 3.23%, due 01/25/50(c) 144A		293,285
	500,000	Voya CLO, Ltd., Series 2015-2A, Class ER, 5.66% (3 mo. USD LIBOR + 5.40%), due 07/23/27(b) 144A		411,906
	250,000	Voya CLO, Ltd., Series 2016-3A, Class A1R, 1.46% (3 mo. USD LIBOR + 1.19%), due 10/18/31(b) 144A		247,372
	525,000	Webster Park CLO, Ltd., Series 2015-1A, Class CR, 3.17% (3 mo. USD LIBOR + 2.90%), due 07/20/30(b) 144A		496,943
	600,000	Wellfleet CLO, Ltd., Series 2017-2A, Class C, 3.67% (3 mo. USD LIBOR + 3.40%), due 10/20/29(b) 144A		558,464
	260,000	Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, due 10/16/23 144A		268,416
	250,000	Whitebox CLO II, Ltd., Series 2020-2A, Class A1, 1.99% (3 mo. USD LIBOR + 1.75%), due 10/24/31(b) 144A		250,270
	410,000	Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 3.93% (3 mo. USD LIBOR + 3.65%), due 10/15/31(b) 144A		366,102

See accompanying Notes to the Financial Statements.

89

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Asset Backed Securities — continued
	490,000	Zais CLO 16, Ltd., Series 2020-16A, Class D1, 5.77% (3 mo. USD LIBOR + 5.48%), due 10/20/31(b) 144A		462,755
				44,879,528
		Bank Loans — 11.9%
	992,424	8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 3.65% (1 mo. USD LIBOR + 3.50%), due 10/01/25(b)		987,462
	2,173,074	Academy, Ltd., 2015 Term Loan B, 5.00% (1 mo. USD LIBOR + 4.00%), due 07/01/22(b)		2,130,699
	533,250	ACProducts, Inc., 2020 Term Loan B, 7.50% (3 mo. USD LIBOR + 6.50%), due 08/18/25(b)		536,250
	199,000	Acrisure, LLC, 2020 Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 02/15/27(b)		192,746
	117,453	Advanced Drainage Systems, Inc., Term Loan B, 2.44% (1 mo. USD LIBOR + 2.25%), due 07/31/26(b)		117,648
	935,026	Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 4.25% (1 mo. USD LIBOR + 3.25%), due 07/23/21(b)		920,855
	1,494,881	Air Canada, 2019 Term Loan, 1.91% (1 mo. USD LIBOR + 1.75%), due 10/06/23(b)		1,431,971
	995,000	Aldevron, LLC, 2019 Term Loan B, 5.25% (1 mo. USD LIBOR + 4.25%), due 10/12/26(b)		997,073
	1,264,696	Allen Media, LLC, 2020 Term Loan B, 5.72% (3 mo. USD LIBOR + 5.50%), due 02/10/27(b)		1,233,078
	1,661,559	Allied Universal Holdco LLC, 2019 Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 07/10/26(b)		1,646,632
	392,929	Alterra Mountain Co., Term Loan B1, 2.90% (1 mo. USD LIBOR + 2.75%), due 07/31/24(b)		381,141
	626,850	Alterra Mountain Co., 2020 Term Loan B, 5.50% (1 mo. USD LIBOR + 4.50%), due 08/01/26(b)		622,149
	798,000	Amentum Government Services Holdings LLC, Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 02/01/27(b)		791,017
	194,750	American Axle & Manufacturing, Inc., Term Loan B, 3.00% (1 mo. USD LIBOR + 2.25%), due 04/06/24(b)		187,516
	5,441	Amerilife Holdings, LLC, 2020 Delayed Draw Term Loan, 4.16% (1 mo. USD LIBOR + 4.00%), due 03/18/27(b)		5,386
	79,573	Amerilife Holdings, LLC, 2020 Term Loan, 4.16% (1 mo. USD LIBOR + 4.00%), due 03/18/27(b)		78,778
	1,682,288	APi Group DE, Inc., Term Loan B, 2.65% (1 mo. USD LIBOR + 2.50%), due 10/01/26(b)		1,650,745
	504,824	AppLovin Corp., 2018 Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 08/15/25(b)		498,988
	348,250	AppLovin Corp., 2020 Incremental Term Loan B, 4.15% (1 mo. USD LIBOR + 4.00%), due 08/15/25(b)		344,332
	558,600	Aristocrat Leisure, Ltd., 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 3.75%), due 10/19/24(b)		558,862
	1,530,000	Asplundh Tree Expert, LLC, Term Loan B, 2.65% (3 mo. USD LIBOR + 2.50%), due 09/07/27(b)		1,530,318
	370,000	Asplundh Tree Expert, LLC, Term Loan B, TBD, due 09/07/27(g)		370,077
	1,390,303	Asurion LLC, 2017 2nd Lien Term Loan, 6.65% (1 mo. USD LIBOR + 6.50%), due 08/04/25(b)		1,396,386

See accompanying Notes to the Financial Statements.

90

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	504,178		Asurion LLC, 2017 Term Loan B4, 3.15% (1 mo. USD LIBOR + 3.00%), due 08/04/22(b)		498,759
	1,865,182		Asurion LLC, 2018 Term Loan B6, 3.15% (1 mo. USD LIBOR + 3.00%), due 11/03/23(b)		1,840,036
	472,055		Asurion LLC, 2018 Term Loan B7, 3.15% (1 mo. USD LIBOR + 3.00%), due 11/03/24(b)		464,890
	681,435		Athenahealth, Inc., 2019 Term Loan B, 4.75% (3 mo. USD LIBOR + 4.50%), due 02/11/26(b)		673,769
	293,928		Bass Pro Group, LLC, Term Loan B, 5.75% (3 mo. USD LIBOR + 5.00%), due 09/25/24(b)		292,219
	1,510,772		Bausch Health Companies, Inc., 2018 Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 06/02/25(b)		1,483,704
	310,000		Berry Global, Inc., Term Loan W, 2.16% (1 mo. USD LIBOR + 2.00%), due 10/01/22(b)		308,127
	883,444		BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, 2.15% (1 mo. USD LIBOR + 2.00%), due 02/03/24(b)		869,640
	512,405		Boeing Co. (The), Term Loan, 1.50% (3 mo. USD LIBOR + 1.25%), due 02/07/22(b)		500,235
	607,595		Boeing Co. (The), Term Loan, 1.50% (2 mo. USD LIBOR + 1.25%), due 02/07/22(b)		593,165
	1,630,000		Boeing Co. (The), Term Loan, TBD, due 02/07/22(g)		1,591,288
	537,822		Boyd Gaming Corp., Term Loan B3, 2.36% (1 Week USD LIBOR + 2.25%), due 09/15/23(b)		524,377
	388,396		Boyd Gaming Corp., Term Loan B3, TBD, due 09/15/23(g)		378,686
	205,275		BrightView Landscapes, LLC, 2018 1st Lien Term Loan B, 2.69% (1 mo. USD LIBOR + 2.50%), due 08/15/25(b)		203,992
	752,543		Brookfield WEC Holdings, Inc., 2020 Term Loan, 3.75% (1 mo. USD LIBOR + 3.00%), due 08/01/25(b)		735,342
	1,252,699		Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), due 12/23/24(b)		1,177,363
	620,000		Caesars Resort Collection, LLC, 2020 Term Loan B1, 4.65% (1 mo. USD LIBOR + 4.50%), due 07/21/25(b)		601,843
	310,000		Caesars Resort Collection, LLC, 2020 Term Loan B1, 4.77% (3 mo. USD LIBOR + 4.50%), due 07/21/25(b)		300,921
	693,000		Camelot U.S. Acquisition 1 Co., 2020 Incremental Term, TBD, due 10/30/26(g)		691,412
	1,106,185		Camelot U.S. Acquisition 1 Co., Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 10/30/26(b)		1,091,436
	2,992,500	EUR	Carnival Corp., EUR Term Loan B, 7.50% (1 mo. EURIBOR + 7.50%), due 06/30/25(b)		3,481,961
	199,167		Castle US Holding Corp., USD Term Loan B, 3.97% (3 mo. USD LIBOR + 3.75%), due 01/29/27(b)		192,279
	1,262		CEC Entertainment, Inc., 2019 Term Loan B, 9.50% (3 mo. USD LIBOR + 8.50%), due 08/30/26(b)		766
	1,039,999		Change Healthcare Holdings LLC, 2017 Term Loan B, 3.50% (3 mo. USD LIBOR + 2.50%), due 03/01/24(b)		1,021,068
	28,429		Change Healthcare Holdings LLC, 2017 Term Loan B, 3.50% (1 mo. USD LIBOR + 2.50%), due 03/01/24(b)		27,911
	825,441		Charter Communications Operating, LLC, 2019 Term Loan B2, 1.90% (1 mo. USD LIBOR + 1.75%), due 02/01/27(b)		809,103
	700,000		Chesapeake Energy Corp., 2019 Last Out Term Loan, 9.00% (1 mo. USD LIBOR + 8.00%), due 06/24/24(b)		500,500

See accompanying Notes to the Financial Statements.

91

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	229,410		Cinemark USA, Inc., 2018 Term Loan B, TBD, due 03/31/25(g)		204,892
	1,406,461		Citadel Securities, LP, 2020 1st Lien Term Loan B, TBD, due 02/27/26(g)		1,403,831
	445,500		Clarios Global, LP, USD Term Loan B, 3.65% (1 mo. USD LIBOR + 3.50%), due 04/30/26(b)		434,919
	1,508,977		Clear Channel Outdoor Holdings, Inc., Term Loan B, 3.76% (3 mo. USD LIBOR + 3.50%), due 08/21/26(b)		1,380,714
	1,749,198		CommScope, Inc., 2019 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 04/06/26(b)		1,708,747
	202,125		CoreCivic, Inc., 2019 Term Loan, 5.50% (1 mo. USD LIBOR + 4.50%), due 12/18/24(b)		199,346
	847,383		Crown Finance US, Inc., 2018 USD Term Loan, 2.52% (6 mo. USD LIBOR + 2.25%), due 02/28/25(b)		577,432
	1,738,919		CWGS Group, LLC, 2016 Term Loan, 3.50% (1 mo. USD LIBOR + 2.75%), due 11/08/23(b)		1,697,620
	2,179,050		DCert Buyer, Inc., 2019 Term Loan B, 4.15% (1 mo. USD LIBOR + 4.00%), due 10/16/26(b)		2,155,625
	520,000		Deerfield Dakota Holding, LLC, 2020 2nd Lien Term Loan, 9.00% (1 mo. USD LIBOR + 8.00%), due 04/07/28(b)		530,400
	159,600		Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 04/09/27(b)		159,018
	975,835		Dell International LLC, 2019 Term Loan B, 2.75% (1 mo. USD LIBOR + 2.00%), due 09/19/25(b)		972,880
	3,200,000		Delta Air Lines, Inc., 2020 1st Lien Term, TBD, due 09/16/27(g)		3,231,501
	788,025		Delta Air Lines, Inc., 2020 Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 04/29/23(b)		787,935
	9,975		Delta Air Lines, Inc., 2020 Term Loan B, TBD, due 04/29/23(g)		9,974
	474,708		Diamond Sports Group, LLC, Term Loan, 3.40% (1 mo. USD LIBOR + 3.25%), due 08/24/26(b)		370,272
	1,037,400		Douglas Dynamics Holdings, Inc., 2020 Additional Term Loan B, 4.75% (1 mo. USD LIBOR + 3.75%), due 06/08/26(b)		1,032,213
	103,480		Dun & Bradstreet Corp. (The), Term Loan, 3.89% (1 mo. USD LIBOR + 3.75%), due 02/06/26(b)		102,652
	820,351		Elanco Animal Health, Inc., Term Loan B, 1.91% (1 mo. USD LIBOR + 1.75%), due 08/01/27(b)		799,037
	635,077		Endo Luxembourg Finance Co. I SARL, 2017 Term Loan B, 5.00% (3 mo. USD LIBOR + 4.25%), due 04/29/24(b)		608,653
	713,409		Equinox Holdings, Inc., 2017 1st Lien Term Loan, 4.00% (3 mo. USD LIBOR + 3.00%), due 03/08/24(b)		554,675
	289,275		Equinox Holdings, Inc., 2020 Term Loan B2, 9.22% (3 mo. USD LIBOR + 9.00%), due 03/08/24(b)		287,829
	340,000		EyeCare Partners, LLC, 2020 2nd Lien Term Loan, 8.40% (1 mo. USD LIBOR + 8.25%), due 02/18/28(b)		303,450
	354,973		EyeCare Partners, LLC, 2020 Term Loan, 3.90% (1 mo. USD LIBOR + 3.75%), due 02/18/27(b)		335,804
	1,350,536		Focus Financial Partners, LLC, 2020 Term Loan, 2.15% (1 mo. USD LIBOR + 2.00%), due 07/03/24(b)		1,318,040
	180,000	EUR	Froneri International, Ltd., 2020 EUR Term Loan, 2.63% (1 mo. EURIBOR + 2.63%), due 01/31/27(b)		205,668

See accompanying Notes to the Financial Statements.

92

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	1,300,740	Froneri International, Ltd., 2020 USD Term Loan, 2.40% (1 mo. USD LIBOR + 2.25%), due 01/31/27(b)		1,255,824
	434,061	Gannett Holdings LLC, Fixed Term Loan, 11.50%, due 11/19/24		418,869
	1,131,488	Garda World Security Corp., 2019 1st Lien Term Loan B, 4.90% (1 mo. USD LIBOR + 4.75%), due 10/30/26(b)		1,126,538
	1,263,650	Genesee & Wyoming, Inc., Term Loan, 2.22% (3 mo. USD LIBOR + 2.00%), due 12/30/26(b)		1,245,563
	131,347	GFL Environmental, Inc., 2018 USD Term Loan B, 4.00% (3 mo. USD LIBOR + 3.00%), due 05/30/25(b)		130,959
	734,043	GFL Environmental, Inc., 2018 USD Term Loan B, 4.00% (1 mo. USD LIBOR + 3.00%), due 05/30/25(b)		731,874
	690,000	Global Medical Response, Inc., 2020 Term Loan B, TBD, due 09/24/25(g)		675,912
	276,086	Global Tel*Link Corp., 2018 1st Lien Term Loan, 4.40% (1 mo. USD LIBOR + 4.25%), due 11/29/25(b)		241,369
	490,000	Global Tel*Link Corp., 2018 2nd Lien Term Loan, 8.40% (1 mo. USD LIBOR + 8.25%), due 11/29/26(b)		343,612
	243,330	GlobalTranz Enterprises, Inc., 2019 Term Loan, 5.16% (1 mo. USD LIBOR + 5.00%), due 05/15/26(b)		208,047
	1,930,000	Graham Packaging Co. Inc., Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), due 08/04/27(b)		1,923,214
	1,092,596	Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 2.10% (1 Week USD LIBOR + 2.00%), due 11/15/27(b)		1,072,450
	516,100	HC Group Holdings II, Inc., Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 08/06/26(b)		512,659
	390,000	Hilton Worldwide Finance, LLC, 2019 Term Loan B2, 1.90% (1 mo. USD LIBOR + 1.75%), due 06/22/26(b)		377,921
	618,442	Hudson River Trading LLC, 2020 Term Loan B, 3.14% (1 mo. USD LIBOR + 3.00%), due 02/18/27(b)		606,073
	213,499	IAA, Inc., Term Loan B, 2.44% (1 mo. USD LIBOR + 2.25%), due 06/28/26(b)		211,097
	658,350	iHeartCommunications, Inc., 2020 Incremental Term Loan, TBD, due 05/01/26(g)		636,954
	418,950	iHeartCommunications, Inc., 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 4.00%), due 05/01/26(b)		405,334
	727,125	iHeartCommunications, Inc., 2020 Term Loan, 3.15% (1 mo. USD LIBOR + 3.00%), due 05/01/26(b)		691,495
	745,000	Illuminate Buyer, LLC, Term Loan, 4.15% (1 Week USD LIBOR + 4.00%), due 06/16/27(b)		740,654
	2,094,107	IRB Holding Corp., 2020 Term Loan B, 3.75% (6 mo. USD LIBOR + 2.75%), due 02/05/25(b)		2,004,890
	5,383	IRB Holding Corp., 2020 Term Loan B, 3.75% (3 mo. USD LIBOR + 2.75%), due 02/05/25(b)		5,154
	1,193,454	Jaguar Holding Co. II, 2018 Term Loan, 3.50% (1 mo. USD LIBOR + 2.50%), due 08/18/22(b)		1,190,877
	1,128,532	Jane Street Group, LLC, 2020 Term Loan, 3.15% (1 mo. USD LIBOR + 3.00%), due 01/31/25(b)		1,122,538
	1,937,890	JetBlue Airways Corp., Term Loan, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/17/24(b)		1,926,747
	178,200	KAR Auction Services, Inc., 2019 Term Loan B6, 2.44% (1 mo. USD LIBOR + 2.25%), due 09/19/26(b)		172,631
	648,333	Leslie’s Poolmart, Inc., 2016 Term Loan, TBD, due 08/16/23(g)		638,087

See accompanying Notes to the Financial Statements.

93

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	344,074		Level 3 Financing, Inc., 2019 Term Loan B, 1.90% (1 mo. USD LIBOR + 1.75%), due 03/01/27(b)		333,691
	2,440,000		LogMeIn, Inc., Term Loan B, 4.91% (3 mo. USD LIBOR + 4.75%), due 08/31/27(b)		2,362,733
	2,178,000	EUR	MA FinanceCo., LLC, 2020 EUR Term Loan B, 4.50% (3 mo. EURIBOR + 4.50%), due 06/05/25(b)		2,544,455
	961,008		McAfee, LLC, 2018 USD Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 09/30/24(b)		955,152
	1,445,378		MH Sub I, LLC, 2020 Incremental Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 09/13/24(b)		1,434,537
	1,403,425		Michaels Stores, Inc., 2018 Term Loan B, 3.50% (1 mo. USD LIBOR + 2.50%), due 01/30/23(b)		1,456,474
	661,795		Michaels Stores, Inc., 2018 Term Loan B, TBD, due 01/30/23(g)		607,197
	3,074,771		Michaels Stores, Inc., 2020 Term Loan B, TBD, due 09/17/27(g)		3,005,589
	3,165,000		Milano Acquisition Corp., Term Loan, TBD, due 08/13/27(g)		3,139,284
	950,000		Mileage Plus Holdings LLC, 2020 Term Loan B, 6.25% (3 mo. USD LIBOR + 5.25%), due 06/25/27(b)		967,293
	653,949		Mohegan Tribal Gaming Authority, 2016 Term Loan B, 7.38% (3 mo. USD LIBOR + 6.38%), due 10/13/23(b)		594,499
	1,833,322		MPH Acquisition Holdings LLC, 2016 Term Loan B, 3.75% (3 mo. USD LIBOR + 2.75%), due 06/07/23(b)		1,806,313
	411,262		NASCAR Holdings, Inc., Term Loan B, 2.89% (1 mo. USD LIBOR + 2.75%), due 10/19/26(b)		403,654
	1,220,706		Nexstar Broadcasting, Inc., 2019 Term Loan B4, 2.91% (1 mo. USD LIBOR + 2.75%), due 09/18/26(b)		1,197,818
	1,443,436	EUR	Nielsen Finance LLC, 2020 EUR Term Loan B3, 3.75% (1 mo. EURIBOR + 3.75%), due 06/04/25(b)		1,691,235
	109,725		Nielsen Finance LLC, 2020 USD Term Loan B5, 4.75% (1 mo. USD LIBOR + 3.75%), due 06/04/25(b)		109,725
	967,575		Pacific Gas & Electric Co., 2020 Exit Term Loan B, 5.50% (3 mo. USD LIBOR + 4.50%), due 06/23/25(b)		952,255
	660,000		Parexel International Corp., Term Loan B, 2.90% (1 mo. USD LIBOR + 2.75%), due 09/27/24(b)		634,260
	224,424		Particle Investments SARL, Term Loan, 5.75% (1 Week USD LIBOR + 5.25%), due 05/14/27(b)		223,302
	234,426		Particle Investments SARL, Term Loan, 5.75% (3 mo. USD LIBOR + 5.25%), due 05/14/27(b)		233,254
	728,094		Petco Animal Supplies, Inc., 2017 Term Loan B, 4.25% (3 mo. USD LIBOR + 3.25%), due 01/26/23(b)		674,296
	371,246		Phoenix Guarantor, Inc., 2020 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 03/05/26(b)		363,202
	793,970		Pluto Acquisition I, Inc., Term Loan B, 5.15% (1 mo. USD LIBOR + 5.00%), due 06/22/26(b)		791,985
	483,788		Presidio, Inc., 2020 Term Loan B, 3.77% (3 mo. USD LIBOR + 3.50%), due 01/22/27(b)		479,403
	846,208		Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.25% (12 mo. USD LIBOR + 3.25%), due 09/23/26(b)		839,635
	846,208		Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.25% (3 mo. USD LIBOR + 3.25%), due 09/23/26(b)		839,635

See accompanying Notes to the Financial Statements.

94

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	912,974	Prime Security Services Borrower, LLC, 2019 Term Loan B1, 4.25% (1 mo. USD LIBOR + 3.25%), due 09/23/26(b)		905,882
	118,797	Project Alpha Intermediate Holding, Inc., 2019 Incremental Term Loan B, 4.52% (3 mo. USD LIBOR + 4.25%), due 04/26/24(b)		117,906
	461,613	Radiology Partners, Inc., 2018 1st Lien Term Loan B, 5.29% (12 mo. USD LIBOR + 4.25%), due 07/09/25(b)		444,418
	538,387	Radiology Partners, Inc., 2018 1st Lien Term Loan B, 5.99% (3 mo. USD LIBOR + 4.25%), due 07/09/25(b)		518,332
	951,158	RadNet, Inc., Reprice Term Loan, 4.75% (6 mo. USD LIBOR + 3.75%), due 06/30/23(b)		940,458
	398,974	Realogy Group LLC, 2018 Term Loan B, TBD, due 02/08/25(g)		383,639
	1,260,000	Redstone Buyer LLC, Term Loan, 6.00% (3 mo. USD LIBOR + 5.00%), due 09/01/27(b)		1,256,062
	1,556,907	RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 11/17/25(b)		1,515,714
	1,219,138	Reynolds Consumer Products LLC, Term Loan, 1.90% (1 mo. USD LIBOR + 1.75%), due 02/04/27(b)		1,204,946
	42,707	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), due 02/05/23(b)		42,360
	51,239	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 2.90% (3 mo. USD LIBOR + 2.75%), due 02/05/23(b)		50,823
	74,422	Reynolds Group Holdings, Inc., USD 2017 Term Loan, 5.00% (PRIME + 1.75%), due 02/05/23(b)		73,817
	700,000	Ryan Specialty Group, LLC, Term Loan, 4.00% (1 mo. USD LIBOR + 3.25%), due 09/01/27(b)		696,500
	118,617	Science Applications International Corp., 2020 Incremental Term Loan B, 2.40% (1 mo. USD LIBOR + 2.25%), due 03/12/27(b)		117,307
	80,376	Scientific Games International, Inc., 2018 Term Loan B5, 2.90% (1 mo. USD LIBOR + 2.75%), due 08/14/24(b)		76,026
	328,555	Scientific Games International, Inc., 2018 Term Loan B5, 3.61% (6 mo. USD LIBOR + 2.75%), due 08/14/24(b)		310,772
	445,466	Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 12/31/25(b)		430,909
	1,057,350	Sedgwick Claims Management Services, Inc., 2020 Term Loan B3, 5.25% (1 mo. USD LIBOR + 4.25%), due 09/03/26(b)		1,051,402
	349,553	Sophia, LP, 2017 Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), due 09/30/22(b)		348,825
	477,600	Sotera Health Holdings, LLC, 2019 Term Loan, 5.50% (3 mo. USD LIBOR + 4.50%), due 12/11/26(b)		476,406
	189,716	Stars Group Holdings BV (The), 2018 USD Incremental Term Loan, 3.72% (3 mo. USD LIBOR + 3.50%), due 07/10/25(b)		189,992
	794,782	Station Casinos LLC, 2020 Term Loan B, 2.40% (1 mo. USD LIBOR + 2.25%), due 02/08/27(b)		761,501
	249,375	Surf Holdings, LLC, USD Term Loan, 3.75% (3 mo. USD LIBOR + 3.50%), due 03/05/27(b)		244,298
	658,303	Surgery Center Holdings, Inc., 2017 Term Loan B, 4.25% (1 mo. USD LIBOR + 3.25%), due 09/03/24(b)		624,447
	2,463,825	T-Mobile USA, Inc., 2020 Term Loan, 3.15% (1 mo. USD LIBOR + 3.00%), due 04/01/27(b)		2,464,924

See accompanying Notes to the Financial Statements.

95

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Bank Loans — continued
	980,000		Tech Data Corp., ABL FILO Term Loan, 5.64% (1 mo. USD LIBOR + 5.50%), due 06/30/25(b)		960,400
	1,490,000		Tech Data Corp., ABL Term Loan, 3.64% (1 mo. USD LIBOR + 3.50%), due 06/30/25(b)		1,494,966
	648,800		Telenet Financing USD LLC, 2020 USD Term Loan AR, 2.15% (1 mo. USD LIBOR + 2.00%), due 04/30/28(b)		627,443
	506,125		Terrier Media Buyer, Inc., Term Loan B, 4.40% (1 mo. USD LIBOR + 4.25%), due 12/17/26(b)		494,864
	418,420		TKC Holdings, Inc., 2017 1st Lien Term Loan, 4.75% (6 mo. USD LIBOR + 3.75%), due 02/01/23(b)		394,465
	404,256		Trans Union, LLC, 2019 Term Loan B5, 1.90% (1 mo. USD LIBOR + 1.75%), due 11/16/26(b)		395,448
	626,831		TransDigm, Inc., 2020 Term Loan E, 2.40% (1 mo. USD LIBOR + 2.25%), due 05/30/25(b)		594,097
	636,195		TransDigm, Inc., 2020 Term Loan F, 2.40% (1 mo. USD LIBOR + 2.25%), due 12/09/25(b)		603,590
	710,000		Tutor Perini Corp., Term Loan B, 5.75% (3 mo. USD LIBOR + 4.75%), due 08/13/27(b)		702,900
	454,153		U.S. Renal Care, Inc., 2019 Term Loan B, 5.15% (1 mo. USD LIBOR + 5.00%), due 06/26/26(b)		443,367
	1,784,079		Uber Technologies, 2018 Term Loan, TBD, due 04/04/25(g)		1,774,787
	167,943		UFC Holdings, LLC, 2019 Term Loan, 4.25% (6 mo. USD LIBOR + 3.25%), due 04/29/26(b)		165,949
	333,469		Ultimate Software Group, Inc. (The), 2020 Incremental Term Loan B, 4.75% (3 mo. USD LIBOR + 4.00%), due 05/04/26(b)		332,974
	415,800		Ultimate Software Group, Inc. (The), Term Loan B, 3.90% (1 mo. USD LIBOR + 3.75%), due 05/04/26(b)		413,104
	523,715		Univision Communications Inc., 2020 Replacement Term Loan, 4.75% (1 mo. USD LIBOR + 3.75%), due 03/13/26(b)		510,753
	980,000	EUR	UPC Broadband Holding B.V., 2020 EUR Term Loan, TBD, due 01/31/29(g)		1,137,226
	992,228		US Foods, Inc., 2016 Term Loan B, 1.90% (1 mo. USD LIBOR + 1.75%), due 06/27/23(b)		957,935
	1,496,222		US Foods, Inc., 2019 Term Loan B, 2.75% (1 mo. USD LIBOR + 2.00%), due 09/13/26(b)		1,437,541
	873,792		Verscend Holding Corp., 2018 Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 08/27/25(b)		869,059
	992,386		Vertex Aerospace Services Corp., Term Loan B, 4.65% (1 mo. USD LIBOR + 4.50%), due 06/29/25(b)		979,981
	1,680,000		Vertical US Newco, Inc., USD Term Loan B, TBD, due 07/30/27(g)		1,669,650
	734,346		VFH Parent LLC, 2019 Term Loan B, 3.15% (1 mo. USD LIBOR + 3.00%), due 03/01/26(b)		730,216
	1,350,000		VICI Properties 1 LLC, Replacement Term Loan B, 1.91% (1 mo. USD LIBOR + 1.75%), due 12/20/24(b)		1,308,150
	840,000		Virgin Media Bristol LLC, 2020 USD Term Loan B, TBD, due 01/31/29(g)		827,700
	1,140,000		Virgin Media Bristol LLC, USD Term Loan N, 2.65% (1 mo. USD LIBOR + 2.50%), due 01/31/28(b)		1,110,075
	388,050		VS Buyer, LLC, Term Loan B, 3.40% (1 mo. USD LIBOR + 3.25%), due 02/28/27(b)		382,714
	179,549		Whatabrands LLC, 2020 Term Loan B, 2.91% (1 mo. USD LIBOR + 2.75%), due 07/31/26(b)		175,883

See accompanying Notes to the Financial Statements.

96

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Bank Loans — continued
	793,648	William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, 2.90% (1 mo. USD LIBOR + 2.75%), due 05/18/25(b)		687,829
	2,573,550	Windstream Services, LLC, 2020 Exit Term Loan B, 7.25% (1 mo. USD LIBOR + 6.25%), due 09/21/27(b)		2,497,952
	476,400	WP CityMD Bidco LLC, 2019 Term Loan B, 5.50% (6 mo. USD LIBOR + 4.50%), due 08/13/26(b)		474,784
	476,400	WP CityMD Bidco LLC, 2019 Term Loan B, 5.50% (3 mo. USD LIBOR + 4.50%), due 08/13/26(b)		474,784
	1,127,251	WP CPP Holdings, LLC, 2018 Term Loan, TBD, due 04/30/25(g)		994,799
				151,969,297
		Convertible Debt — 1.0%
	230,000	Alteryx, Inc., 1.00%, due 08/01/26		230,655
	1,360,000	Apollo Commercial Real Estate Finance, Inc. REIT, 4.75%, due 08/23/22		1,289,023
	2,227,000	Blackstone Mortgage Trust, Inc. REIT, 4.38%, due 05/05/22		2,151,950
	230,000	Blackstone Mortgage Trust, Inc. REIT, 4.75%, due 03/15/23		218,992
	255,000	Chegg, Inc., 0.00%, due 09/01/26 144A		255,382
	1,010,000	Cheniere Energy, Inc., 4.25%, due 03/15/45		732,516
	2,500,000	DISH Network Corp., 3.38%, due 08/15/26		2,301,241
	300,000	Etsy, Inc., 0.13%, due 09/01/27 144A		306,546
	240,000	Euronet Worldwide, Inc., 0.75%, due 03/15/49		230,850
	180,000	Live Nation Entertainment, Inc., 2.00%, due 02/15/25 144A		164,369
	1,570,000	PDC Energy, Inc., 1.13%, due 09/15/21		1,504,604
	565,000	Shopify, Inc., 0.13%, due 11/01/25		633,401
	950,000	Teladoc Health, Inc., 1.25%, due 06/01/27 144A		1,192,772
	1,630,000	Teva Pharmaceutical Finance Co. LLC, 0.25%, due 02/01/26		1,598,181
	290,000	Vishay Intertechnology, Inc., 2.25%, due 06/15/25		281,354
				13,091,836
		Corporate Debt — 37.9%
	975,000	1011778 BC ULC/New Red Finance, Inc., 5.75%, due 04/15/25 144A		1,042,343
	730,000	AbbVie, Inc., 4.05%, due 11/21/39 144A		841,735
	490,000	ABN AMRO Bank NV, 4.75%, due 07/28/25 144A		553,271
	2,675,000	Acwa Power Management And Investments One, Ltd., 5.95%, due 12/15/39 144A		3,053,159
	770,000	Adani Green Energy UP, Ltd./Prayatna Developers Pvt., Ltd./Parampujya Solar Energy, 6.25%, due 12/10/24 144A		827,885
	430,000	AdaptHealth LLC, 6.13%, due 08/01/28 144A		446,211
	1,005,000	Adient US LLC, 9.00%, due 04/15/25 144A		1,109,897
	240,000	Advanced Micro Devices, Inc., 7.50%, due 08/15/22		267,300
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/23/23		150,585
	1,680,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, due 05/26/22		1,697,134
	150,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.95%, due 02/01/22		151,937
	2,395,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, due 09/15/23		2,470,486
	1,115,000	AES Corp.(The), 5.50%, due 04/15/25		1,151,734
	1,565,000	AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A		1,608,037
	250,000	Air Canada, 7.75%, due 04/15/21 144A		251,094
	1,525,000	Air Canada Pass Through Trust, 5.25%, due 10/01/30 144A		1,564,719
	200,000	Air Methods Corp., 8.00%, due 05/15/25 144A		157,729
	3,420,000	Akbank TAS, 6.80%, due 02/06/26 144A		3,321,381

See accompanying Notes to the Financial Statements.

97

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	3,415,000		Alaska Airlines Pass Through Trust, 8.00%, due 02/15/27 144A		3,556,640
	150,000		Alcoa Nederland Holding BV, 6.13%, due 05/15/28 144A		158,344
	200,000		Alcoa Nederland Holding BV, 6.75%, due 09/30/24 144A		206,625
	250,000		Alcoa Nederland Holding BV, 7.00%, due 09/30/26 144A		262,344
	450,000		Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A		435,305
	350,000		Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 144A		373,188
	2,800,000		Altice France Holding SA, 7.38%, due 05/01/26 144A		2,937,060
	300,000		Altice France Holding SA, 10.50%, due 05/15/27 144A		333,938
	50,000		Altria Group, Inc., 4.40%, due 02/14/26		57,826
	280,000		Altria Group, Inc., 4.80%, due 02/14/29		332,703
	750,000		Altria Group, Inc., 5.95%, due 02/14/49		1,007,770
	10,540,000	MXN	America Movil SAB de CV, 7.13%, due 12/09/24		500,555
	2,325,000		American Airlines, Inc., 11.75%, due 07/15/25 144A		2,247,682
	325,000		American Express Co., 4.05%, due 12/03/42		410,281
	1,094,697		American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A		1,204,676
	495,000		Anglo American Capital Plc, 3.95%, due 09/10/50(h) 144A		508,068
	200,000		Anglo American Capital Plc, 4.00%, due 09/11/27 144A		220,937
	1,065,000		AngloGold Ashanti Holdings Plc, 3.75%, due 10/01/30(f)		1,094,726
	440,000		Anheuser-Busch InBev Worldwide, Inc., 5.55%, due 01/23/49		593,429
	50,000		Anheuser-Busch InBev Worldwide, Inc., 5.80%, due 01/23/59		71,671
	360,000		Apple, Inc., 1.65%, due 05/11/30		373,882
	10,000		ArcelorMittal SA, 3.60%, due 07/16/24		10,485
	150,000		ArcelorMittal SA, 6.13%, due 06/01/25		172,997
	350,000		ArcelorMittal SA, 7.25%, due 10/15/39		442,750
	1,700,000	EUR	ARD Finance SA, Reg S, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27(i)		1,952,042
	425,000	EUR	ARD Finance SA, 5.00% (5.00% Cash or 5.75% PIK), due 06/30/27 144A		488,010
	200,000		ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A		199,210
	200,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 4.13%, due 08/15/26 144A		203,000
	1,010,000		Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A		1,056,808
	980,000		Ardonagh Midco 2 Plc, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A		994,700
	200,000		Ashtead Capital, Inc., 4.25%, due 11/01/29 144A		211,079
	867,000		AT&T, Inc., 3.50%, due 09/15/53 144A		842,277
	605,000		Australia & New Zealand Banking Group, Ltd., 2.95% (5 yr. CMT + 1.29%), due 07/22/30(b) 144A		627,473
	85,000		AutoNation, Inc., 4.75%, due 06/01/30		100,304
	1,635,000	EUR	Avantor Funding, Inc., 3.88%, due 07/15/28 144A		1,969,194
	410,000		Aviation Capital Group LLC, 2.88%, due 01/20/22 144A		406,971
	500,000		Aviation Capital Group LLC, 5.50%, due 12/15/24 144A		516,341
	260,000		Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A		259,728
	200,000		Baidu, Inc., 3.43%, due 04/07/30(h)		220,802
	850,000		Ball Corp., 2.88%, due 08/15/30		841,500
	400,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Reg S, 5.88% (5 yr. EUR swap annual + 5.66%)(b) (i) (j)		463,207
	400,000		Banco Bilbao Vizcaya Argentaria SA, 6.50% (5 yr. CMT + 5.19%)(b) (h) (j)		400,060
	305,000		Banco Mercantil del Norte SA, 6.88% (5 yr. CMT + 5.04%)(b) (j) 144A		302,141
	200,000		Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)(b) (j) 144A		197,328

See accompanying Notes to the Financial Statements.

98

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	970,000		Banco Mercantil del Norte SA, 7.63% (10 yr. CMT + 5.35%)(b) (j) 144A		969,418
	600,000		Banco Santander SA, 3.49%, due 05/28/30		655,861
	200,000		Banco Santander SA, 4.38%, due 04/12/28		227,117
	200,000		Banco Santander SA, Reg S, 7.50% (5 yr. USD ICE swap + 4.99%)(b) (i) (j)		211,830
	700,000		Barclays Bank Plc, 7.63%, due 11/21/22		770,279
	420,000		Barclays Plc, 3.56% (5 yr. CMT + 2.90%), due 09/23/35(b)		415,586
	200,000		Barclays Plc, 5.09% (3 mo. USD LIBOR + 3.05%), due 06/20/30(b)		224,192
	830,000	GBP	Barclays Plc, Reg S, 6.38% (5 yr. UK Government Bond + 6.02%)(b) (i) (j)		1,065,725
	210,000	GBP	Barclays Plc, 7.13% (5 yr. UK Government Bond + 6.58%)(b) (j)		283,773
	1,370,000		Barclays Plc, 8.00% (5 yr. CMT + 5.67%)(b) (j)		1,459,753
	380,000	EUR	Barclays Plc, (MTN), Reg S, 2.00% (5 yr. EUR swap annual + 1.90%), due 02/07/28(b) (i)		442,916
	660,000		Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A		726,109
	140,000		Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A		154,182
	50,000		Bausch Health Cos., Inc., 9.00%, due 12/15/25 144A		54,515
	1,510,000		Belrose Funding Trust, 2.33%, due 08/15/30 144A		1,495,542
	1,662,000		Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A		1,298,122
	755,000		BGC Partners, Inc., 4.38%, due 12/15/25 144A		771,455
	620,000		Black Knight InfoServ LLC, 3.63%, due 09/01/28 144A		627,750
	2,025,000		BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)(b) (j) 144A		1,942,734
	760,000		BNP Paribas SA, 6.75% (5 yr. USD swap + 4.92%)(b) (j) 144A		783,986
	80,000		Boeing Co. (The), 2.70%, due 02/01/27		78,135
	190,000		Boeing Co. (The), 3.25%, due 02/01/35		178,795
	800,000		Boeing Co. (The), 5.15%, due 05/01/30		901,575
	1,120,000		Boeing Co. (The), 5.93%, due 05/01/60		1,393,359
	665,000		Boxer Parent Co., Inc., 7.13%, due 10/02/25 144A		711,217
	210,000		Boyd Gaming Corp., 8.63%, due 06/01/25 144A		230,481
	450,000		Boyne USA, Inc., 7.25%, due 05/01/25 144A		474,140
	690,000		Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A		665,850
	345,000		BRF SA, 4.88%, due 01/24/30(h) 144A		354,484
	1,150,000		BRF SA, 5.75%, due 09/21/50 144A		1,147,297
	2,730,000		Brighthouse Financial, Inc., 4.70%, due 06/22/47		2,633,223
	510,000		Broadcom, Inc., 4.15%, due 11/15/30		574,081
	2,265,000		Brookfield Finance, Inc., 3.50%, due 03/30/51(h)		2,248,420
	310,000		Brown University, 2.92%, due 09/01/50		338,757
	140,000		Builders FirstSource, Inc., 6.75%, due 06/01/27 144A		150,150
	590,000		Caesars Entertainment, Inc., 6.25%, due 07/01/25 144A		617,435
	2,200,000	EUR	CaixaBank SA, Reg S, 5.25% (5 yr. EUR swap annual + 4.50%)(b) (i) (j)		2,402,499
	1,110,000		Canadian Natural Resources, Ltd., 2.95%, due 07/15/30		1,120,081
	130,000		Carriage Services, Inc., 6.63%, due 06/01/26 144A		136,313
	200,000		Cascades Inc/Cascades USA, Inc., 5.38%, due 01/15/28 144A		210,625
	1,190,000	EUR	Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28 144A		1,345,741
	545,000		Caterpillar, Inc., 3.25%, due 04/09/50		620,614
	1,215,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30 144A		1,277,329
	3,460,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 144A		3,615,700
	375,000		CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A		397,500
	220,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A		231,220
	1,550,000		CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, due 05/01/26 144A		1,612,240
	170,000		CD&R Smokey Buyer, Inc., 6.75%, due 07/15/25 144A		179,563

See accompanying Notes to the Financial Statements.

99

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	230,000		CDK Global, Inc., 5.25%, due 05/15/29 144A		245,166
	570,000		CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29		568,931
	560,000		CDW LLC/CDW Finance Corp., 4.13%, due 05/01/25		579,250
	900,000		Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50 144A		954,504
	1,970,000		Cemex SAB de CV, 5.20%, due 09/17/30 144A		1,982,115
	3,080,000		Cemex SAB de CV, 7.38%, due 06/05/27 144A		3,332,237
	570,000		Cenovus Energy, Inc., 5.38%, due 07/15/25		549,385
	80,000		Centene Corp., 3.38%, due 02/15/30		83,125
	80,000		Centene Corp., 4.25%, due 12/15/27		83,900
	1,000,000		Centene Corp., 4.75%, due 05/15/22		1,013,000
	230,000		Centene Corp., 5.38%, due 06/01/26 144A		242,650
	190,000		Centene Corp., 5.38%, due 08/15/26 144A		201,837
	180,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 4.20%, due 03/15/28		204,543
	550,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, due 07/01/49		639,723
	450,000		Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38		551,454
	570,000		Cheniere Energy Partners, LP, 4.50%, due 10/01/29		585,538
	280,000		Chevron Corp., 3.08%, due 05/11/50		300,791
	890,000		China Evergrande Group, Reg S, 8.75%, due 06/28/25(i)		696,391
	1,000,000		Cigna Corp., 0.90% (3 mo. USD LIBOR + 0.65%), due 09/17/21(b)		1,000,204
	450,000		Cigna Corp., 4.80%, due 08/15/38		560,352
	170,000		Citigroup, Inc., 4.65%, due 07/30/45		222,977
	39,000		Citigroup, Inc., 4.75%, due 05/18/46		49,023
	137,000		Citigroup, Inc., 5.30%, due 05/06/44		182,957
	400,000		Citigroup, Inc., 6.30% (3 mo. USD LIBOR + 3.42%)(b) (j)		419,278
	1,000,000		Clarios Global, LP/Clarios US Finance Co., 6.25%, due 05/15/26 144A		1,050,425
	2,115,000		Clear Channel Worldwide Holdings, Inc., 5.13%, due 08/15/27 144A		2,033,572
	640,000		Clearway Energy Operating LLC, 4.75%, due 03/15/28 144A		661,402
	510,000		CNX Midstream Partners, LP/CNX Midstream Finance Corp., 6.50%, due 03/15/26 144A		518,191
	1,170,000		Cogent Communications Group, Inc., 5.38%, due 03/01/22 144A		1,197,513
	985,000		Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30(h) 144A		1,025,631
	580,000		Comcast Corp., 4.25%, due 10/15/30		712,849
	240,000		Comcast Corp., 4.70%, due 10/15/48		321,162
	1,000,000	EUR	Commerzbank AG, Reg S, 6.13% (5 yr. EUR swap annual + 6.36%)(b) (i) (j)		1,147,614
	80,000		CommScope Technologies LLC, 5.00%, due 03/15/27 144A		76,950
	373,000		CommScope Technologies LLC, 6.00%, due 06/15/25 144A		378,558
	1,220,000		CommScope, Inc., 8.25%, due 03/01/27(h) 144A		1,270,331
	1,650,000		Comstock Resources, Inc., 9.75%, due 08/15/26		1,695,334
	600,000	EUR	Cooperatieve Rabobank UA, Reg S, 4.63% (5 yr. EUR swap annual + 4.10%)(b) (i) (j)		725,141
	440,000		CoreCivic, Inc. REIT, 4.63%, due 05/01/23(h)		419,375
	350,000		Cornerstone Building Brands, Inc., 6.13%, due 01/15/29 144A		355,605
	80,000		Costco Wholesale Corp., 1.75%, due 04/20/32		82,330
	1,000,000		Cott Holdings, Inc., 5.50%, due 04/01/25 144A		1,026,250
	705,000		Credit Agricole SA, 3.25%, due 01/14/30 144A		758,149
	300,000	EUR	Credit Agricole SA, Reg S, 6.50% (5 yr. EUR swap annual + 5.12%)(b) (i) (j)		360,545
	575,000		Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)(b) (j) 144A		637,174

See accompanying Notes to the Financial Statements.

100

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	600,000		Credit Agricole SA, 8.13% (5 yr. USD swap + 6.19%)(b) (j) 144A		707,275
	650,000		Credit Suisse Group AG, 2.59% (SOFR + 1.56%), due 09/11/25(b) 144A		679,142
	630,000		Credit Suisse Group AG, 5.10% (5 yr. CMT + 3.29%)(b) (j) 144A		608,738
	3,215,000		Credit Suisse Group AG, 5.25% (5 yr. CMT + 4.89%)(b) (j) 144A		3,229,467
	465,000		Credit Suisse Group AG, 7.25% (5 yr. CMT + 4.33%)(b) (j) 144A		504,267
	1,915,000		Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)(b) (j) 144A		2,025,706
	365,000		Crown Castle International Corp. REIT, 3.30%, due 07/01/30		399,810
	1,760,000		CSC Holdings LLC, 6.50%, due 02/01/29 144A		1,954,700
	270,000		CVS Health Corp., 4.78%, due 03/25/38		329,767
	150,000		CVS Health Corp., 5.05%, due 03/25/48		192,081
	200,000	EUR	CyrusOne, LP/CyrusOne Finance Corp. REIT, 1.45%, due 01/22/27		233,298
	1,150,000		DAE Funding LLC, 5.75%, due 11/15/23 144A		1,162,937
	200,000		Danske Bank AS, 5.00%, due 01/12/22 144A		210,188
	265,000		Dar Al-Arkan Sukuk Co., Ltd., Reg S, 6.88%, due 03/21/23(i)		261,025
	50,000		DCP Midstream Operating, LP, 5.63%, due 07/15/27		51,200
	200,000		DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A		192,859
	675,000		Dell International LLC/EMC Corp., 6.20%, due 07/15/30 144A		809,888
	2,110,000		Dell International LLC/EMC Corp., 8.35%, due 07/15/46 144A		2,794,590
	1,748,000		Delta Air Lines, Inc., 2.60%, due 12/04/20		1,750,341
	70,000		Delta Air Lines, Inc., 2.90%, due 10/28/24		62,504
	510,000		Delta Air Lines, Inc., 7.00%, due 05/01/25 144A		560,765
	5,065,000		Delta Air Lines, Inc., 7.38%, due 01/15/26		5,317,867
	1,870,000		Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A		1,944,357
	980,000		Deutsche Bank AG, 3.55% (SOFR + 3.04%), due 09/18/31(b)		992,298
	400,000		Deutsche Bank AG, Reg S, 4.79% (5 yr. USD swap + 4.36%)(b) (i) (j)		326,500
	1,260,000		Deutsche Bank AG, 5.88% (SOFR + 5.44%), due 07/08/31(b)		1,302,314
	3,000,000		Deutsche Bank AG, 6.00% (5 yr. CMT + 4.52%)(b) (j)		2,595,000
	600,000		Deutsche Bank AG, 7.50% (5 yr. USD swap + 5.00%)(b) (h) (j)		566,583
	256,750,000	KZT	Development Bank of Kazakhstan JSC, Reg S, 9.50%, due 12/14/20(i)		597,361
	200,000		Diamondback Energy, Inc., 3.50%, due 12/01/29		194,411
	1,500,000		DISH DBS Corp., 5.88%, due 11/15/24		1,540,447
	980,000		DISH DBS Corp., 7.75%, due 07/01/26		1,078,612
	560,000		Diversified Healthcare Trust REIT, 9.75%, due 06/15/25		623,638
	850,000		DP World Plc, 5.63%, due 09/25/48 144A		973,250
	450,000		eBay, Inc., 4.00%, due 07/15/42		503,662
	755,000		Empower Finance 2020, LP, 3.08%, due 09/17/51 144A		786,358
	1,955,000		Empresas Publicas de Medellin ESP, 4.38%, due 02/15/31 144A		1,969,682
	1,290,000		Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A		1,298,869
	1,250,000		Endeavor Energy Resources, LP/EER Finance, Inc., 6.63%, due 07/15/25 144A		1,286,325
	685,000		Enel Finance International NV, 3.50%, due 04/06/28 144A		764,836
	80,000		Energy Transfer Operating, LP, 6.25%, due 04/15/49		82,903
	305,000		Enstar Group, Ltd., 4.95%, due 06/01/29		342,962
	520,000		Entegris, Inc., 4.38%, due 04/15/28 144A		535,925
	375,000		Enterprise Products Operating LLC, 3.20%, due 02/15/52		348,871
	700,000		Enterprise Products Operating LLC, 3.70%, due 01/31/51		694,038
	250,000		Enterprise Products Operating LLC, 3.95%, due 01/31/60		248,410
	225,000		EOG Resources, Inc., 4.38%, due 04/15/30		265,734
	35,000		EOG Resources, Inc., 4.95%, due 04/15/50		43,222
	815,000		EPR Properties REIT, 3.75%, due 08/15/29		711,158

See accompanying Notes to the Financial Statements.

101

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	240,000		EQM Midstream Partners, LP, 6.00%, due 07/01/25 144A		247,800
	220,000		EQM Midstream Partners, LP, 6.50%, due 07/01/27 144A		233,516
	380,000		EQT Corp., 7.88%, due 02/01/25(h)		421,741
	1,035,000		EQT Corp., 8.75%, due 02/01/30		1,222,594
	1,065,000		Expedia Group, Inc., 7.00%, due 05/01/25 144A		1,152,906
	240,000		Exxon Mobil Corp., 4.33%, due 03/19/50		302,038
	830,000		FedEx Corp., 4.05%, due 02/15/48		960,366
	780,000		FedEx Corp., 5.25%, due 05/15/50		1,059,186
	500,000	GBP	Fidelity National Information Services, Inc., 2.25%, due 12/03/29		685,566
	880,000		First Quantum Minerals, Ltd., 6.88%, due 10/15/27(f) 144A		849,200
	2,910,000		First Quantum Minerals, Ltd., 7.25%, due 04/01/23 144A		2,910,800
	200,000		FirstEnergy Corp., 7.38%, due 11/15/31		280,759
	1,710,000		Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A		1,713,420
	1,120,000		Fomento Economico Mexicano SAB de CV, 3.50%, due 01/16/50		1,193,089
	700,000		Ford Motor Co., 8.50%, due 04/21/23		764,116
	2,860,000		Ford Motor Co., 9.00%, due 04/22/25		3,282,694
	500,000		Ford Motor Credit Co. LLC, 3.09%, due 01/09/23		490,990
	470,000		Ford Motor Credit Co. LLC, 5.13%, due 06/16/25		485,275
	130,000		Fox Corp., 4.71%, due 01/25/29		156,098
	510,000		Fox Corp., 5.48%, due 01/25/39		683,895
	705,000		Freeport-McMoRan, Inc., 4.63%, due 08/01/30		742,524
	510,000		Freeport-McMoRan, Inc., 5.45%, due 03/15/43		566,426
	2,670,000		Fresnillo Plc, 4.25%, due 10/02/50(f) 144A		2,649,197
	910,000		Gartner, Inc., 3.75%, due 10/01/30 144A		922,217
	940,000		Gazprom PJSC Via Gaz Capital SA, 4.95%, due 03/23/27 144A		1,047,841
	1,880,000		GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 144A		1,865,900
	235,000		General Electric Co., 3.63%, due 05/01/30		244,043
	1,420,000		General Electric Co., (MTN), 6.88%, due 01/10/39		1,828,270
	225,000		General Motors Co., 5.20%, due 04/01/45		243,051
	430,000		General Motors Co., 6.13%, due 10/01/25		500,268
	665,000		General Motors Co., 6.80%, due 10/01/27		811,527
	210,000		GEO Group, Inc. (The) REIT, 5.88%, due 01/15/22		204,056
	320,000		GEO Group, Inc. (The) REIT, 6.00%, due 04/15/26		229,810
	1,110,000		GFL Environmental, Inc., 3.75%, due 08/01/25 144A		1,118,214
	560,000		GFL Environmental, Inc., 4.25%, due 06/01/25 144A		566,650
	320,000		GFL Environmental, Inc., 5.13%, due 12/15/26 144A		330,864
	294,000		GFL Environmental, Inc., 8.50%, due 05/01/27 144A		319,541
	2,275,000		Gilead Sciences, Inc., 2.80%, due 10/01/50		2,255,057
	1,140,000		Glencore Funding LLC, 2.50%, due 09/01/30 144A		1,111,286
	740,000		Glencore Funding LLC, 4.00%, due 03/27/27 144A		809,191
	410,000		Glencore Funding LLC, 4.88%, due 03/12/29 144A		480,244
	1,533,650		Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24 144A		860,761
	235,000		Global Atlantic Fin Co., 4.40%, due 10/15/29 144A		245,194
	1,010,000		Global Medical Response, Inc., 6.50%, due 10/01/25(f) 144A		1,003,788
	5,950,000		Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A		6,946,624
	610,000		Golden Nugget, Inc., 6.75%, due 10/15/24 144A		510,113
	300,000		Goldman Sachs Group, Inc. (The), 5.15%, due 05/22/45		397,207

See accompanying Notes to the Financial Statements.

102

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	600,000		GTP Acquisition Partners I LLC, 3.48%, due 06/15/50 144A		649,431
	410,000		Harley-Davidson Financial Services, Inc., 3.55%, due 05/21/21 144A		416,142
	1,230,000		HCA, Inc., 3.50%, due 09/01/30		1,255,727
	600,000		HCA, Inc., 5.50%, due 06/15/47		745,589
	760,000		HCA, Inc., 5.63%, due 09/01/28		870,751
	115,000		Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29		128,367
	190,000		Hess Midstream Operations, LP, 5.13%, due 06/15/28 144A		189,821
	2,100,000		Hess Midstream Operations, LP, 5.63%, due 02/15/26 144A		2,143,270
	65,000		Hill-Rom Holdings, Inc., 4.38%, due 09/15/27 144A		67,463
	1,490,000		Hilton Domestic Operating Co., Inc., 5.38%, due 05/01/25 144A		1,557,497
	250,000		Hilton Domestic Operating Co., Inc., 5.75%, due 05/01/28 144A		263,906
	480,000		HollyFrontier Corp., 4.50%, due 10/01/30		466,593
	900,000		Howard Hughes Corp. (The), 5.38%, due 08/01/28 144A		901,791
	200,000		HSBC Holdings Plc, 4.95%, due 03/31/30		241,417
	250,000	EUR	HSBC Holdings Plc, Reg S, 5.25% (5 yr. EUR swap annual + 4.38%)(b) (i) (j)		297,626
	400,000		HSBC Holdings Plc, 6.50% (5 yr. USD ICE swap + 3.61%)(b) (j)		425,074
	6,520,000		HTA Group, Ltd., 7.00%, due 12/18/25 144A		6,854,150
	500,000		Hudbay Minerals, Inc., 7.25%, due 01/15/23 144A		509,650
	50,000		Hudbay Minerals, Inc., 7.63%, due 01/15/25 144A		50,972
	960,000		ICICI Bank, Ltd., Reg S, 5.75%, due 11/16/20(i)		964,128
	440,000		iHeartCommunications, Inc., 4.75%, due 01/15/28 144A		415,421
	765,000		iHeartCommunications, Inc., 5.25%, due 08/15/27 144A		747,168
	215,000		iHeartCommunications, Inc., 6.38%, due 05/01/26		224,385
	915,000		iHeartCommunications, Inc., 8.38%, due 05/01/27		902,936
	980,000		IHS Netherlands Holdco BV, 7.13%, due 03/18/25 144A		1,004,500
	2,055,000		IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A		2,116,650
	630,000		Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A		678,037
	440,000		International Game Technology Plc, 5.25%, due 01/15/29 144A		445,656
	615,000		Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A		667,608
	900,000		Intesa Sanpaolo SpA, 5.02%, due 06/26/24 144A		946,644
	350,000		Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A		382,032
	915,000		Intesa Sanpaolo SpA, 7.70% (5 yr. USD swap + 5.46%)(b) (j) 144A		961,144
	640,000	EUR	IQVIA, Inc., Reg S, 2.25%, due 01/15/28(i)		736,256
	205,000		IQVIA, Inc., 5.00%, due 10/15/26 144A		214,609
	1,439,000		Itau Unibanco Holding SA/Cayman Island, 4.63% (5 yr. CMT + 3.22%)(b) (j) 144A		1,260,564
	260,000		j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, due 07/15/25 144A		270,738
	465,000		Jabil, Inc., 3.00%, due 01/15/31		475,980
	603,909		K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22(e)		6,039
	176,269		K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22(e)		6,610
	915,000		Kaisa Group Holdings, Ltd., Reg S, 9.38%, due 06/30/24(i)		864,675
	1,050,000		KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A		1,172,220
	940,000		KazTransGas JSC, 4.38%, due 09/26/27 144A		1,016,037
	340,000		Kimberly-Clark de Mexico SAB de CV, 2.43%, due 07/01/31 144A		346,679
	1,595,000		KKR Group Finance Co. VIII LLC, 3.50%, due 08/25/50 144A		1,632,859
	340,000		KOC Holding AS, 6.50%, due 03/11/25 144A		346,198
	855,000		Kohl’s Corp., 9.50%, due 05/15/25		1,012,345
	1,580,000		Kosmos Energy, Ltd., 7.13%, due 04/04/26(h) 144A		1,394,097
	1,305,000	EUR	Kraft Heinz Foods Co., Reg S, 2.25%, due 05/25/28(i)		1,557,568
	30,000		Kraft Heinz Foods Co., 3.88%, due 05/15/27 144A		31,839

See accompanying Notes to the Financial Statements.

103

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	314,000		Kraft Heinz Foods Co., 3.95%, due 07/15/25		341,061
	100,000		Kraft Heinz Foods Co., 4.25%, due 03/01/31 144A		109,990
	105,000		Kraft Heinz Foods Co., 4.38%, due 06/01/46		108,211
	520,000		Kraft Heinz Foods Co., 4.88%, due 10/01/49 144A		550,490
	660,000		Kraft Heinz Foods Co., 5.20%, due 07/15/45		723,587
	280,000		Kraft Heinz Foods Co., 5.50%, due 06/01/50 144A		322,136
	945,000		Kuwait Projects Co. SPC, Ltd. (MTN), Reg S, 4.50%, due 02/23/27(h) (i)		929,264
	950,000		L Brands, Inc., 5.25%, due 02/01/28		920,906
	820,000		L Brands, Inc., 6.63%, due 10/01/30 144A		836,400
	80,000		L Brands, Inc., 6.69%, due 01/15/27		80,285
	755,000		L Brands, Inc., 6.88%, due 07/01/25 144A		816,540
	1,080,000		Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT, 5.88%, due 08/01/21 144A		1,082,565
	455,000		Lamar Media Corp., 3.75%, due 02/15/28 144A		453,578
	170,000		Lamar Media Corp., 4.00%, due 02/15/30 144A		170,319
	985,000		Lamar Media Corp., 4.88%, due 01/15/29(h) 144A		1,026,862
	1,000,000		Lamb Weston Holdings, Inc., 4.63%, due 11/01/24 144A		1,045,000
	40,000		Las Vegas Sands Corp., 3.20%, due 08/08/24		40,470
	655,000		Lazard Group LLC, 4.38%, due 03/11/29		752,403
	45,000		Lennar Corp., 4.50%, due 04/30/24		48,234
	175,000		Lennar Corp., 4.75%, due 11/15/22		182,389
	870,000		Lennar Corp., 4.88%, due 12/15/23		937,969
	500,000		Levi Strauss & Co., 5.00%, due 05/01/25		512,500
	1,385,000		Leviathan Bond, Ltd., Reg S, 6.13%, due 06/30/25(i) 144A		1,433,475
	2,300,000		Leviathan Bond, Ltd., Reg S, 6.50%, due 06/30/27(i) 144A		2,392,000
	260,000		LifePoint Health, Inc., 4.38%, due 02/15/27 144A		260,975
	1,610,000		Liquid Telecommunications Financing Plc, 8.50%, due 07/13/22(i)		1,636,018
	500,000		Lloyds Banking Group Plc, 4.65%, due 03/24/26		557,108
	450,000	EUR	Lloyds Banking Group Plc, Reg S, 4.95% (5 yr. EURIBOR + 5.29%)(b) (i) (j)		523,603
	1,350,000		Logan Merger Sub, Inc., 5.50%, due 09/01/27 144A		1,368,124
	640,000		Lukoil International Finance BV, 4.75%, due 11/02/26 144A		713,428
	1,930,000		Lukoil Securities BV, 3.88%, due 05/06/30 144A		2,043,484
	1,095,000		Macy’s, Inc., 8.38%, due 06/15/25 144A		1,133,730
	800,000		MAF Global Securities, Ltd., Reg S, 5.50% (5 yr. USD swap + 3.48%)(b) (i) (j)		792,200
	935,000		MAF Sukuk, Ltd., Reg S, 4.64%, due 05/14/29(i)		1,018,407
	100,000		Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50 144A		102,377
	140,000		Mastercard, Inc., 3.85%, due 03/26/50		179,756
	480,000		Match Group Holdings II LLC, 4.63%, due 06/01/28 144A		495,300
	180,000		Match Group Holdings II LLC, 5.00%, due 12/15/27 144A		190,541
	550,000		MDC Holdings, Inc., 6.00%, due 01/15/43		666,531
	680,000		MEG Energy Corp., 6.50%, due 01/15/25 144A		667,556
	354,000		MEG Energy Corp., 7.00%, due 03/31/24 144A		330,105
	340,000		MEG Energy Corp., 7.13%, due 02/01/27 144A		305,772
	1,030,000		MEGlobal Canada ULC, 5.88%, due 05/18/30 144A		1,206,392
	520,000		Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A		518,172
	1,895,000		Meredith Corp., 6.88%, due 02/01/26(h)		1,585,878
	680,000		MGIC Investment Corp., 5.25%, due 08/15/28		702,644
	170,000		Michaels Stores, Inc., 4.75%, due 10/01/27(f) 144A		168,831
	360,000		Michaels Stores, Inc., 8.00%, due 07/15/27(h) 144A		376,808

See accompanying Notes to the Financial Statements.

104

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,400,000		Micron Technology, Inc., 2.50%, due 04/24/23		1,455,061
	455,000		Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, due 06/20/27 144A		474,906
	1,230,000		Millicom International Cellular SA, 6.00%, due 03/15/25 144A		1,266,771
	4,225,000		Millicom International Cellular SA, 6.25%, due 03/25/29 144A		4,519,968
	675,000		Millicom International Cellular SA, 6.63%, due 10/15/26 144A		725,514
	610,000		Mohegan Gaming & Entertainment, 7.88%, due 10/15/24 144A		569,206
	1,175,000		Mondelez International, 1.88%, due 10/15/32(f)		1,172,239
	840,000		Montage Resources Corp., 8.88%, due 07/15/23		855,750
	1,000,000		Morgan Stanley, (MTN), 2.50%, due 04/21/21		1,012,225
	218,000		MPH Acquisition Holdings LLC, 7.13%, due 06/01/24 144A		224,235
	260,000	GBP	MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.69%, due 06/05/28		339,498
	800,000		MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27		835,580
	175,000		MSCI, Inc., 4.00%, due 11/15/29 144A		184,046
	440,000		Mylan NV, 5.25%, due 06/15/46		546,913
	445,000		Mylan, Inc., 5.40%, due 11/29/43		560,748
	620,000		Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A		620,388
	2,280,000		Natwest Group Plc, 3.03% (5 yr. CMT + 2.35%), due 11/28/35(b)		2,192,972
	445,000		Natwest Group Plc, 4.27% (3 mo. USD LIBOR + 1.76%), due 03/22/25(b)		483,623
	300,000		Natwest Group Plc, 4.89% (3 mo. USD LIBOR + 1.75%), due 05/18/29(b)		349,401
	160,000		Navistar International Corp., 9.50%, due 05/01/25 144A		180,583
	435,000		NBM US Holdings, Inc., 7.00%, due 05/14/26(h) 144A		461,096
	350,000		NCL Corp., Ltd., 3.63%, due 12/15/24 144A		245,656
	750,000		NCL Corp., Ltd., 10.25%, due 02/01/26 144A		783,750
	640,000		NCL Corp., Ltd., 12.25%, due 05/15/24(h) 144A		717,600
	640,000		NCR Corp., 8.13%, due 04/15/25 144A		708,560
	1,035,000	EUR	Netflix, Inc., Reg S, 3.63%, due 06/15/30(i)		1,319,236
	485,000	EUR	Netflix, Inc., 3.88%, due 11/15/29(i)		629,163
	300,000		Netflix, Inc., 5.88%, due 11/15/28		358,497
	1,070,000		Netflix, Inc., 6.38%, due 05/15/29		1,317,437
	200,000		New York Life Insurance Co., 3.75%, due 05/15/50 144A		226,523
	1,594,000		Newell Brands, Inc., 4.70%, due 04/01/26		1,699,889
	340,000		Newell Brands, Inc., 4.88%, due 06/01/25		367,200
	2,570,000		Nexstar Broadcasting, Inc., 5.63%, due 07/15/27 144A		2,703,499
	620,000		NGPL PipeCo LLC, Senior Note, 7.77%, due 12/15/37 144A		792,070
	2,125,000		Nielsen Finance LLC/Nielsen Finance Co., 5.88%, due 10/01/30 144A		2,203,359
	660,000		NMI Holdings, Inc., 7.38%, due 06/01/25 144A		706,329
	640,000		Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22(e) (k)		11,040
	370,000		NVIDIA Corp., 3.50%, due 04/01/50		435,905
	610,000		Oasis Petroleum, Inc., 6.88%, due 03/15/22(k)		146,400
	780,000		Oasis Petroleum, Inc., 6.88%, due 01/15/23(k)		183,300
	20,000		Occidental Petroleum Corp., 2.70%, due 08/15/22		18,724
	300,000		Occidental Petroleum Corp., 4.20%, due 03/15/48		206,625
	1,240,000		Occidental Petroleum Corp., 7.15%, due 05/15/28		1,134,600
	1,980,000		Occidental Petroleum Corp., 7.54%, due 10/10/36(d)		878,625
	510,000		Occidental Petroleum Corp., 8.88%, due 07/15/30		526,256
	3,060,000		OCP SA, 6.88%, due 04/25/44 144A		3,893,027
	2,000,000		OI European Group BV, 4.00%, due 03/15/23 144A		2,037,290
	1,535,000		Oleoducto Central SA, 4.00%, due 07/14/27 144A		1,594,788

See accompanying Notes to the Financial Statements.

105

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	560,000		ON Semiconductor Corp., 3.88%, due 09/01/28 144A		568,932
	370,000		OneMain Finance Corp., 5.38%, due 11/15/29		385,725
	955,000		ONEOK, Inc., 4.50%, due 03/15/50		850,786
	615,000		ONEOK, Inc., 7.15%, due 01/15/51		732,771
	975,000		Open Text Corp., 3.88%, due 02/15/28 144A		987,948
	1,985,000		Open Text Holdings, Inc., 4.13%, due 02/15/30 144A		2,045,106
	1,025,000		Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A		985,281
	1,250,000		Oversea-Chinese Banking Corp., Ltd., (MTN), Reg S, 4.25%, due 06/19/24(i)		1,369,204
	430,000		Owl Rock Capital Corp., 4.00%, due 03/30/25		434,326
	2,270,000		Owl Rock Capital Corp., 4.25%, due 01/15/26		2,303,312
	2,205,000		Oztel Holdings SPC, Ltd., 5.63%, due 10/24/23 144A		2,212,817
	140,000		Park Aerospace Holdings, Ltd., 4.50%, due 03/15/23 144A		138,812
	470,000		Park-Ohio Industries, Inc., 6.63%, due 04/15/27		433,575
	295,000		Parsley Energy LLC/Parsley Finance Corp., 5.25%, due 08/15/25 144A		292,788
	860,000		Parsley Energy LLC/Parsley Finance Corp., 5.63%, due 10/15/27 144A		857,312
	400,000		Pattern Energy Operations, LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 144A		415,750
	2,400,000		Petrobras Global Finance BV, 5.30%, due 01/27/25		2,623,800
	720,000		Petrobras Global Finance BV, 6.85%, due 06/05/15(l)		767,743
	1,290,000		Petroleos Mexicanos, 6.84%, due 01/23/30 144A		1,152,937
	11,184,300	MXN	Petroleos Mexicanos, (GDN), Reg S, 7.19%, due 09/12/24(i)		440,249
	1,730,000		PetSmart, Inc., 7.13%, due 03/15/23 144A		1,747,300
	560,000		PetSmart, Inc., 8.88%, due 06/01/25 144A		581,672
	155,000		PG&E Corp., 5.25%, due 07/01/30		150,156
	200,000		Plains All American Pipeline, LP, 6.13% (3 mo. USD LIBOR + 4.11%)(b) (j)		127,130
	205,000	EUR	PLT VII Finance SARL, 4.63%, due 01/05/26 144A		245,127
	620,000		PM General Purchaser LLC, 9.50%, due 10/01/28(f) 144A		644,227
	1,380,000	EUR	PPF Telecom Group BV, (MTN), Reg S, 3.13%, due 03/27/26(i)		1,634,809
	1,000,000		Prestige Brands, Inc., 6.38%, due 03/01/24 144A		1,026,875
	910,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A		874,619
	160,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, due 04/15/26 144A		171,455
	180,000		Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A		182,504
	280,000		Prosperous Ray, Ltd., Reg S, 4.63%, due 11/12/23(i)		304,758
	1,230,000	EUR	Prosus NV, 1.54%, due 08/03/28 144A		1,453,791
	685,000	EUR	Prosus NV, 2.03%, due 08/03/32 144A		809,629
	1,590,000		Prosus NV, 4.03%, due 08/03/50 144A		1,630,565
	1,080,000		Prosus NV, 4.85%, due 07/06/27 144A		1,234,051
	225,000		PTC, Inc., 3.63%, due 02/15/25 144A		228,797
	260,000		PTC, Inc., 4.00%, due 02/15/28 144A		267,722
	895,000		Radian Group, Inc., 6.63%, due 03/15/25		945,903
	360,000		Radiology Partners, Inc., 9.25%, due 02/01/28(h) 144A		375,300
	995,000		Range Resources Corp., 4.88%, due 05/15/25		900,574
	550,000		Range Resources Corp., 5.00%, due 08/15/22(h)		532,304
	290,000		Range Resources Corp., 5.75%, due 06/01/21		286,701
	807,000		Range Resources Corp., 5.88%, due 07/01/22		785,627

See accompanying Notes to the Financial Statements.

106

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	1,520,000		Range Resources Corp., 9.25%, due 02/01/26 144A		1,564,414
	640,000		Raytheon Technologies Corp., 3.13%, due 07/01/50		686,611
	350,000		Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, due 06/15/25 144A		367,155
	1,135,000		Royal Caribbean Cruises, Ltd., 10.88%, due 06/01/23 144A		1,270,715
	326,000		RR Donnelley & Sons Co., 8.25%, due 07/01/27		330,075
	1,985,000		Rumo Luxembourg SARL, 5.25%, due 01/10/28 144A		2,067,784
	200,000		Sands China, Ltd., 3.80%, due 01/08/26 144A		209,798
	400,000		Sands China, Ltd., 5.13%, due 08/08/25		437,638
	590,000		Santander UK Group Holdings Plc, 4.75%, due 09/15/25 144A		646,043
	5,035,000		SASOL Financing USA LLC, 6.50%, due 09/27/28		4,782,243
	165,000		Science Applications International Corp., 4.88%, due 04/01/28 144A		167,807
	525,000		Seagate HDD Cayman, 4.09%, due 06/01/29 144A		572,509
	486,000		Seagate HDD Cayman, 4.88%, due 06/01/27		545,476
	110,000		Sensata Technologies, Inc., 4.38%, due 02/15/30 144A		115,778
	1,730,000		Service Corp. International, 3.38%, due 08/15/30		1,735,406
	835,000		Shelf Drilling Holdings, Ltd., 8.25%, due 02/15/25 144A		334,000
	870,000		Silversea Cruise Finance, Ltd., 7.25%, due 02/01/25 144A		883,050
	990,000		Societe Generale SA, 3.00%, due 01/22/30 144A		1,028,006
	765,000		Societe Generale SA, 4.75%, due 09/14/28 144A		894,661
	350,000		Societe Generale SA, 6.75% (5 yr. USD swap + 3.93%)(b) (j) 144A		366,473
	780,000		Societe Generale SA, 7.38% (5 yr. USD swap + 4.30%)(b) (j) 144A		802,967
	375,000		Southern Co. (The), 4.00% (5 yr. CMT + 3.73%), due 01/15/51(b)		376,683
	1,100,000		Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A		1,166,847
	1,005,000		Spirit Realty, LP REIT, 3.20%, due 02/15/31		982,477
	850,000		Sprint Capital Corp., 6.88%, due 11/15/28		1,064,094
	1,400,000		Sprint Capital Corp., 8.75%, due 03/15/32		2,050,734
	775,000		Standard Chartered Plc, 4.30%, due 02/19/27 144A		830,367
	725,000		Standard Chartered Plc, 6.00% (5 yr. CMT + 5.66%)(b) (h) (j) 144A		739,500
	585,000		Standard Chartered Plc, 7.75% (5 yr. USD swap + 5.72%)(b) (h) (j) 144A		622,580
	2,380,000	EUR	Summer BC Holdco B SARL, 5.75%, due 10/31/26 144A		2,752,377
	1,490,000		Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A		1,554,256
	1,150,000		SunOpta Foods, Inc., 9.50%, due 10/09/22 144A		1,175,875
	370,000		Suzano Austria GmbH, 3.75%, due 01/15/31		371,369
	260,000		Suzano Austria GmbH, Reg S, 5.75%, due 07/14/26(i)		298,025
	1,160,000		Suzano Austria GmbH, 6.00%, due 01/15/29		1,324,720
	570,000		Swire Pacific MTN Financing, Ltd., (MTN), Reg S, 4.50%, due 10/09/23(i)		622,241
	630,000		Switch, Ltd., 3.75%, due 09/15/28 144A		637,875
	800,000		Synchrony Financial, 4.50%, due 07/23/25		883,666
	1,640,000		T-Mobile USA, Inc., 3.30%, due 02/15/51(f) 144A		1,628,864
	635,000		T-Mobile USA, Inc., 4.38%, due 04/15/40 144A		744,963
	635,000		T-Mobile USA, Inc., 4.50%, due 04/15/50 144A		762,984
	280,000		Talen Energy Supply LLC, 10.50%, due 01/15/26 144A		213,613
	690,000		Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.88%, due 02/01/31 144A		669,507
	230,000		Teck Resources, Ltd., 5.40%, due 02/01/43		242,577
	90,000		Teck Resources, Ltd., 6.00%, due 08/15/40		102,218
	200,000		Telefonica Emisiones SA, 5.21%, due 03/08/47		238,381
	1,720,000		Tencent Holdings, Ltd., 3.24%, due 06/03/50 144A		1,750,262
	250,000		Tenet Healthcare Corp., 4.63%, due 06/15/28 144A		254,069

See accompanying Notes to the Financial Statements.

107

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	160,000		Tenet Healthcare Corp., 5.13%, due 11/01/27 144A		164,752
	1,460,000		Tenet Healthcare Corp., 7.50%, due 04/01/25 144A		1,571,566
	500,000		Tennessee Gas Pipeline Co. LLC, 2.90%, due 03/01/30 144A		519,451
	360,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, Reg S, 1.25%, due 03/31/23(i)		392,059
	425,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 3.25%, due 04/15/22		498,501
	235,000	EUR	Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25		283,303
	1,020,000		Teva Pharmaceutical Finance Netherlands III BV, 7.13%, due 01/31/25		1,073,020
	300,000		Time Warner Cable LLC, 6.75%, due 06/15/39		406,653
	910,000		TransAlta Corp., 6.50%, due 03/15/40		939,234
	500,000		Transcontinental Gas Pipe Line Co. LLC, 3.25%, due 05/15/30 144A		541,534
	1,170,000		TransDigm, Inc., 6.25%, due 03/15/26 144A		1,223,293
	1,420,000		TransDigm, Inc., 8.00%, due 12/15/25 144A		1,545,670
	2,880,000	ZAR	Transnet SOC, Ltd., (MTN), Reg S, 9.50%, due 05/13/21(i)		179,206
	540,000		Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A		436,901
	730,000		Twitter, Inc., 3.88%, due 12/15/27 144A		751,444
	340,000		UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)(b) (j) 144A		363,186
	2,160,000		UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35(b) 144A		2,206,259
	955,000		UniCredit SpA, 7.30% (5 yr. USD ICE swap + 4.91%), due 04/02/34(b) 144A		1,098,909
	640,000		UniCredit SpA, Reg S, 8.00% (5 yr. USD swap + 5.18%)(b) (i) (j)		683,360
	1,015,000		Unifin Financiera SAB de CV, Reg S, 7.00%, due 01/15/25(h) (i)		832,934
	1,200,000		Unifin Financiera SAB de CV, 8.38%, due 01/27/28 144A		977,880
	200,000		Union Pacific Corp., 3.84%, due 03/20/60		233,007
	60,000		United Airlines Holdings, Inc., 6.00%, due 12/01/20(h)		60,368
	280,000		United Airlines Pass Through Trust, 3.70%, due 06/01/24		262,718
	140,000		United Rentals North America, Inc., 3.88%, due 11/15/27		144,375
	3,080,000		United Rentals North America, Inc., 3.88%, due 02/15/31		3,131,975
	500,000		United Rentals North America, Inc., 4.88%, due 01/15/28		525,625
	1,580,000		United Rentals North America, Inc., 5.25%, due 01/15/30		1,727,137
	650,000		Univision Communications, Inc., 9.50%, due 05/01/25 144A		698,750
	500,000		US Renal Care, Inc., 10.63%, due 07/15/27 144A		531,468
	850,000		Vale Overseas, Ltd., 6.88%, due 11/10/39		1,120,257
	4,335,000		Vedanta Holdings Mauritius II, Ltd., 13.00%, due 08/21/23 144A		4,468,830
	3,390,000		VEON Holdings BV, 4.00%, due 04/09/25 144A		3,519,617
	100,000		Verizon Communications, Inc., 4.52%, due 09/15/48		131,470
	430,000	EUR	Vertical Holdco GmbH, 6.63%, due 07/15/28 144A		526,981
	405,000	EUR	Vertical Midco GmbH, 4.38%, due 07/15/27 144A		484,541
	465,000		VF Ukraine PAT via VFU Funding Plc, 6.20%, due 02/11/25 144A		466,163
	635,000		ViacomCBS, Inc., 4.95%, due 01/15/31		765,426
	670,000		ViacomCBS, Inc., 6.88%, due 04/30/36		923,868
	200,000		VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A		197,000
	950,000		Videotron, Ltd., 5.13%, due 04/15/27 144A		1,001,775
	100,000		Viper Energy Partners, LP, 5.38%, due 11/01/27 144A		98,669
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 08/15/26 144A		522,188
	500,000		Virgin Media Secured Finance Plc, 5.50%, due 05/15/29 144A		537,520
	220,000		VISA, Inc., 2.70%, due 04/15/40		239,046
	1,205,000		Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A		1,264,045
	1,560,000		VOC Escrow, Ltd., 5.00%, due 02/15/28 144A		1,384,789
	130,000		Vodafone Group Plc, 4.38%, due 05/30/28		154,085
	1,695,000		VTR Finance NV, 6.38%, due 07/15/28 144A		1,788,225

See accompanying Notes to the Financial Statements.

108

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Corporate Debt — continued
	350,000		WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 144A		354,670
	1,030,000		Weight Watchers International, Inc., 8.63%, due 12/01/25 144A		1,079,569
	480,000		Wells Fargo & Co., 2.50%, due 03/04/21		484,473
	140,000		Wells Fargo & Co., (MTN), 4.48% (3 mo. USD LIBOR + 3.77%), due 04/04/31(b)		170,318
	410,000		Wells Fargo & Co., (MTN), 5.01% (3 mo. USD LIBOR + 4.24%), due 04/04/51(b)		564,095
	727,000		Wendy’s International LLC, 7.00%, due 12/15/25		795,385
	995,000		Western Digital Corp., 4.75%, due 02/15/26		1,078,958
	730,000		Western Midstream Operating, LP, 4.00%, due 07/01/22		735,694
	750,000		Western Midstream Operating, LP, 5.30%, due 03/01/48		607,500
	160,000		Western Midstream Operating, LP, 5.38%, due 06/01/21		162,000
	932,000		Western Midstream Operating, LP, 5.45%, due 04/01/44		798,607
	120,000		Western Midstream Operating, LP, 6.25%, due 02/01/50		111,365
	490,000		Westlake Chemical Corp., 4.38%, due 11/15/47		525,288
	390,000		Westpac Banking Corp., 4.11% (5 yr. CMT + 2.00%), due 07/24/34(b)		440,705
	3,705,000		William Carter Co., (The), 5.63%, due 03/15/27 144A		3,876,356
	585,000		Williams Cos., Inc. (The), 4.85%, due 03/01/48		656,456
	650,000		Williams Cos., Inc. (The), 5.10%, due 09/15/45		732,127
	640,000		Williams Cos., Inc. (The), 5.40%, due 03/04/44		716,939
	100,000		Williams Cos., Inc. (The), 8.75%, due 03/15/32		142,711
	885,000		Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, due 08/15/28 144A		871,725
	640,000		WPX Energy, Inc., 4.50%, due 01/15/30		630,387
	400,000		WPX Energy, Inc., 5.25%, due 09/15/24		417,916
	390,000		WPX Energy, Inc., 5.25%, due 10/15/27		396,509
	370,000		Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A		359,594
	370,000		Wynn Macau, Ltd., 5.13%, due 12/15/29(h) 144A		355,663
	1,410,000		Wynn Macau, Ltd., 5.63%, due 08/26/28 144A		1,371,225
	1,220,000		Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, due 04/15/25 144A		1,293,566
	620,000		XPO CNW, Inc., 6.70%, due 05/01/34		663,171
	1,720,000		XPO Logistics, Inc., 6.25%, due 05/01/25 144A		1,841,243
	100,000		XPO Logistics, Inc., 6.75%, due 08/15/24 144A		106,108
	290,000		Yamana Gold, Inc., 4.63%, due 12/15/27		314,981
	950,000		YPF SA, 8.50%, due 03/23/21 144A		894,188
	125,000		Yum! Brands, Inc., 4.75%, due 01/15/30 144A		135,234
	1,135,000	EUR	Ziggo BV, Reg S, 2.88%, due 01/15/30(i)		1,302,675
	504,000	EUR	Ziggo BV, 4.25%, due 01/15/27 144A		616,164
					486,412,254
			Mortgage Backed Securities - Private Issuers — 4.5%
	650,000		BANK, Series 2018-BNK14, Class A4, 4.23%, due 09/15/60(m)		775,827
	565,000		BANK, Series 2020-BNK25, Class AS, 2.84%, due 01/15/63		614,472
	2,000,000		BBCCRE Trust, Series 2015-GTP, Class F, 4.71%, due 08/10/33(m) 144A		1,723,808
	620,000		BBCMS Mortgage Trust, Series 2018-CBM, Class D, 2.54% (1 mo. USD LIBOR + 2.39%), due 07/15/37(b) 144A		545,734
	450,000		BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52		509,007
	530,000		BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53		580,087
	380,000		Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53(m)		417,781

See accompanying Notes to the Financial Statements.

109

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,000,000	BHMS, Series 2018-MZB, Class MZB, 6.79% (1 mo. USD LIBOR + 6.64%), due 07/15/25(b) 144A		799,482
	930,000	BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 2.30% (1 mo. USD LIBOR + 2.15%), due 04/15/34(b) 144A		832,032
	1,500,000	BX Trust, Series 2018-BILT, Class B, 1.17% (1 mo. USD LIBOR + 1.02%), due 05/15/30(b) 144A		1,410,375
	640,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.93%, due 12/15/47(m) 144A		624,278
	675,000	CFK Trust, Series 2020-MF2, Class F, 3.57%, due 03/15/39(m) 144A		598,742
	480,000	CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 1.10% (1 mo. USD LIBOR + 0.95%), due 11/15/36(b) 144A		477,631
	307,353	Citigroup Mortgage Loan Trust CMO, Series 2018-A, Class A1, 4.00%, due 01/25/68(m) 144A		309,260
	1,172,500	Credit Suisse Mortgage Trust, Series 2019 RIO, 8.74%, due 12/15/22(e)		1,079,719
	480,000	Credit Suisse Mortgage Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A		472,012
	1,039,941	Credit Suisse Mortgage Trust CMO, Series 2020-4R, Class 1A1, 3.15% (1 mo. USD LIBOR + 3.00%), due 06/25/47(b) 144A		1,053,337
	720,000	Credit Suisse Mortgage Trust LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 144A		464,769
	460,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, due 01/25/56(m) 144A		462,642
	665,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due 08/25/57(m) 144A		627,815
	440,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due 07/25/58(m) 144A		433,485
	880,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due 02/25/59(m) 144A		867,783
	580,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due 08/25/59(m) 144A		563,992
	1,010,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due 11/25/59(m) 144A		992,761
	990,000	FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-DNA1, Class B1, 2.45% (1 mo. USD LIBOR + 2.30%), due 01/25/50(b) 144A		889,833
	2,270,000	FHLMC Structured Agency Credit Risk CMO, Series 2020-DNA3, Class B1, 5.25% (1 mo. USD LIBOR + 5.10%), due 06/25/50(b) 144A		2,336,047
	883,543	FHLMC Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class 2A2, 0.71% (1 mo. USD LIBOR + 0.56%), due 05/25/45(b)		663,014
	1,810,167	FNMA Connecticut Avenue Securities CMO, Series 2014-C04, Class 1M2, 5.05% (1 mo. USD LIBOR + 4.90%), due 11/25/24(b) 144A		1,884,732
	488,615	FNMA Connecticut Avenue Securities CMO, Series 2016-C06, Class 1M2, 4.40% (1 mo. USD LIBOR + 4.25%), due 04/25/29(b) 144A		501,684
	1,500,000	FNMA Connecticut Avenue Securities CMO, Series 2017-C03, Class 1B1, 5.00% (1 mo. USD LIBOR + 4.85%), due 10/25/29(b) 144A		1,507,740
	1,774,796	FNMA Connecticut Avenue Securities CMO, Series 2017-C05, Class 1M2, 2.35% (1 mo. USD LIBOR + 2.20%), due 01/25/30(b) 144A		1,757,489
	1,625,695	FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1M2, 2.55% (1 mo. USD LIBOR + 2.40%), due 05/25/30(b) 144A		1,601,646

See accompanying Notes to the Financial Statements.

110

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)		Description	Value ($)
		Mortgage Backed Securities - Private Issuers — continued
	1,152,774	FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1M2, 2.40% (1 mo. USD LIBOR + 2.25%), due 07/25/30(b) 144A		1,142,293
	753,125	FNMA Connecticut Avenue Securities CMO, Series 2018-C03, Class 1M2, 2.30% (1 mo. USD LIBOR + 2.15%), due 10/25/30(b) 144A		741,712
	1,920,000	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1B1, 4.40% (1 mo. USD LIBOR + 4.25%), due 01/25/31(b) 144A		1,806,614
	3,081,990	FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1M2, 2.50% (1 mo. USD LIBOR + 2.35%), due 01/25/31(b) 144A		3,036,285
	642,500	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1B1, 3.90% (1 mo. USD LIBOR + 3.75%), due 03/25/31(b) 144A		589,827
	833,320	FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1M2, 2.15% (1 mo. USD LIBOR + 2.00%), due 03/25/31(b) 144A		821,688
	596,537	FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R05, Class 1M2, 2.15% (1 mo. USD LIBOR + 2.00%), due 07/25/39(b) 144A		593,676
	860,000	FNMA Connecticut Avenue Securities Trust CMO, Series 2020-R01, Class 1M2, 2.20% (1 mo. USD LIBOR + 2.05%), due 01/25/40(b) 144A		847,532
	410,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.55%, due 08/10/44(e) (m)		327,664
	500,000	GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43%, due 08/10/50		567,781
	900,000	GS Mortgage Securities Trust, Series 2020-DUNE, Class A, 1.25% (1 mo. USD LIBOR + 1.10%), due 12/15/36(b) 144A		871,178
	1,390,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, 8.36% (1 mo. USD LIBOR + 8.21%), due 06/15/35(b) 144A		1,081,042
	1,910,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, 3.06% (1 mo. USD LIBOR + 2.90%), due 07/05/33(b) 144A		1,762,743
	840,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, 2.75% (1 mo. USD LIBOR + 2.60%), due 09/15/29(b) 144A		750,903
	1,270,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F, 3.55% (1 mo. USD LIBOR + 3.40%), due 09/15/29(b) 144A		1,098,812
	662,443	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BOLT, Class C, 3.95% (1 mo. USD LIBOR + 3.80%), due 07/15/34(b) 144A		594,240
	1,260,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F, 3.00% (1 mo. USD LIBOR + 2.85%), due 12/15/36(b) 144A		1,074,066
	740,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class G, 4.40% (1 mo. USD LIBOR + 4.25%), due 12/15/36(b) 144A		617,682
	1,210,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX, 4.69%, due 01/16/37(m) 144A		1,081,598
	500,000	Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.42%, due 07/11/40(m) 144A		542,429
	1,019,109	Motel 6 Trust, Series 2017-MTL6, Class E, 3.40% (1 mo. USD LIBOR + 3.25%), due 08/15/34(b) 144A		995,703
	500,000	Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 1.65% (1 mo. USD LIBOR + 1.50%), due 07/15/36(b) 144A		496,388
	1,230,000	Natixis Commercial Mortgage Securities Trust, Series 2019-TRUE, Class A, 3.51% (1 mo. USD LIBOR + 2.01%), due 04/18/24(b) 144A		1,155,027
	800,000	Radnor RE, Ltd. Mortgage Insurance-Linked Notes CMO, Series 2020-1, Class M1C, 1.90% (1 mo. USD LIBOR + 1.75%), due 02/25/30(b) 144A		749,640
	230,000	Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.90% (1 mo. USD LIBOR + 2.75%), due 11/15/27(b) (e) (n)		160,677

See accompanying Notes to the Financial Statements.

111

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Mortgage Backed Securities - Private Issuers — continued
	900,000		Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.65% (1 mo. USD LIBOR + 3.50%), due 11/15/27(b) (e) (n)		556,207
	1,211,880		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 3.34% (1 mo. USD LIBOR + 3.18%), due 11/11/34(b) 144A		1,023,387
	1,207,020		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 4.11% (1 mo. USD LIBOR + 3.95%), due 11/11/34(b) 144A		958,807
	685,678		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B, 0.93% (1 mo. USD LIBOR + 0.78%), due 01/25/45(b)		671,431
	1,525,421		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A, 0.61% (1 mo. USD LIBOR + 0.46%), due 04/25/45(b)		1,518,109
	921,362		WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2, 3.33%, due 12/25/36(m)		869,052
	785,266		Wells Fargo Mortgage Backed Securities Trust CMO, Series 2006-AR5, Class 2A1, 4.00%, due 04/25/36(m)		737,701
					58,220,910
			Mortgage Backed Securities - U.S. Government Agency Obligations — 0.1%
	100,000		FNMA, Pool # BL5547, 2.68%, due 01/01/35		112,402
	209,368		FNMA, Pool # BM6224, 2.79%, due 01/01/35(m)		237,872
	1,029,100		UMBS, Pool # BM5520, 3.50%, due 02/01/47		1,091,809
					1,442,083
			Sovereign Debt Obligations — 30.2%
	1,130,000		Abu Dhabi Government International Bond, 2.13%, due 09/30/24 144A		1,181,991
	2,870,000		Abu Dhabi Government International Bond, 4.13%, due 10/11/47 144A		3,621,954
	2,425,000		Angolan Government International Bond, Reg S, 8.25%, due 05/09/28(i)		1,941,516
	7,193,128	ARS	Argentina Treasury Bond, 1.00%, due 08/05/21		112,811
	518,950		Argentine Republic Government International Bond, 0.13%, due 07/09/46(c)		200,470
	8,725		Argentine Republic Government International Bond, 1.00%, due 07/09/29		4,000
	2,985,000		Bahrain Government International Bond, 5.45%, due 09/16/32 144A		2,849,925
	1,320,000		Bahrain Government International Bond, 7.38%, due 05/14/30 144A		1,451,158
	1,900,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26		2,767,880
	705,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35		1,072,228
	655,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43		1,141,058
	7,697,000	BRL	Brazil Letras do Tesouro Nacional, 3.01%, due 01/01/22(d)		1,315,399
	18,593,000	BRL	Brazil Letras do Tesouro Nacional, 3.85%, due 07/01/22(d)		3,087,520
	14,902,000	BRL	Brazil Letras do Tesouro Nacional, 5.38%, due 07/01/23(d)		2,296,305
	400,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/22		261,754
	1,779,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 05/15/45		1,313,924
	1,408,000	BRL	Brazil Notas do Tesouro Nacional Series B Notes, 6.00%, due 08/15/50		1,063,433
	28,104,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23		5,538,847
	24,491,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25		4,920,302
	40,523,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27		8,192,996
	33,487,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29		6,880,895
	3,660,000	BRL	Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31		754,323
	2,310,000		Brazilian Government International Bond, 4.75%, due 01/14/50		2,265,244
	362,600,000	COP	Colombian TES, 5.75%, due 11/03/27		98,531
	27,594,300,000	COP	Colombian TES, 6.00%, due 04/28/28		7,572,596
	3,581,800,000	COP	Colombian TES, 6.25%, due 11/26/25		1,018,939

See accompanying Notes to the Financial Statements.

112

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	27,684,200,000	COP	Colombian TES, 7.00%, due 05/04/22		7,685,525
	4,998,000,000	COP	Colombian TES, 7.00%, due 06/30/32		1,405,906
	3,397,600,000	COP	Colombian TES, 7.25%, due 10/18/34		965,523
	18,633,600,000	COP	Colombian TES, 7.50%, due 08/26/26		5,575,686
	8,559,500,000	COP	Colombian TES, 7.75%, due 09/18/30		2,567,927
	15,273,400,000	COP	Colombian TES, 10.00%, due 07/24/24		4,871,450
	15,410,000	CZK	Czech Republic Government Bond, 0.25%, due 02/10/27		652,302
	20,730,000	CZK	Czech Republic Government Bond, Reg S, 0.95%, due 05/15/30(i)		909,840
	13,880,000	CZK	Czech Republic Government Bond, Reg S, 1.00%, due 06/26/26(i)		616,459
	43,750,000	CZK	Czech Republic Government Bond, 2.00%, due 10/13/33		2,133,310
	6,760,000	CZK	Czech Republic Government Bond, Reg S, 2.40%, due 09/17/25(i)		320,570
	16,720,000	CZK	Czech Republic Government Bond, 2.75%, due 07/23/29		847,897
	2,245,000		Dominican Republic International Bond, 4.88%, due 09/23/32 144A		2,238,265
	1,430,000		Dominican Republic International Bond, 5.88%, due 01/30/60 144A		1,358,514
	23,250,000	DOP	Dominican Republic International Bond, Reg S, 9.75%, due 06/05/26(i)		407,196
	22,450,000	EGP	Egypt Government Bond, 14.61%, due 09/08/25		1,437,572
	7,648,000	EGP	Egypt Government Bond, 16.10%, due 05/07/29		528,081
	49,395,000	EGP	Egypt Government Bond, 16.50%, due 04/02/26		3,397,339
	1,950,000		Egypt Government International Bond, 5.25%, due 10/06/25(f) 144A		1,955,265
	525,000		Egypt Government International Bond, 5.75%, due 05/29/24 144A		538,071
	940,000		Egypt Government International Bond, 7.60%, due 03/01/29 144A		966,674
	221,000		Egypt Government International Bond, 7.63%, due 05/29/32 144A		216,678
	1,715,000		Egypt Government International Bond, 8.88%, due 05/29/50 144A		1,704,537
	43,370,000	BRL	European Investment Bank, (MTN), 2.38%, due 08/27/21(d)		7,531,127
	58,980,000	MXN	European Investment Bank, (MTN), Reg S, 4.75%, due 01/19/21(i)		2,674,168
	85,067,000	MXN	European Investment Bank, (MTN), 5.50%, due 01/23/23		3,943,584
	8,150,000	ZAR	European Investment Bank, (MTN), Reg S, 8.50%, due 09/17/24(i)		551,562
	1,010,000		Fiji Government International Bond, Reg S, 6.63%, due 10/02/20(i)		1,010,000
	1,000,000		Ghana Government International Bond, 7.63%, due 05/16/29 144A		908,375
	200,000		Ghana Government International Bond, 8.13%, due 03/26/32 144A		175,964
	847,710,000	HUF	Hungary Government Bond, 3.00%, due 08/21/30		2,934,656
	88,770,000	HUF	Hungary Government Bond, 2.75%, due 12/22/26		301,679
	189,800,000	HUF	Hungary Government Bond, 3.00%, due 10/27/27		657,426
	252,190,000	HUF	Hungary Government Bond, 3.25%, due 10/22/31		879,605
	259,530,000	HUF	Hungary Government Bond, 5.50%, due 06/24/25		992,329
	276,070,000	HUF	Hungary Government Bond, 6.75%, due 10/22/28		1,210,474
	430,000		Indonesia Government International Bond, 3.50%, due 01/11/28		471,122
	2,470,000		Indonesia Government International Bond, (MTN), Reg S, 5.25%, due 01/17/42(i)		3,136,889
	4,830,000,000	IDR	Indonesia Treasury Bond, 5.63%, due 05/15/23		330,407
	17,386,000,000	IDR	Indonesia Treasury Bond, 6.13%, due 05/15/28		1,127,520
	18,873,000,000	IDR	Indonesia Treasury Bond, 6.63%, due 05/15/33		1,212,159
	60,374,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 05/15/27		4,191,286
	24,460,000,000	IDR	Indonesia Treasury Bond, 7.00%, due 09/15/30		1,654,913
	48,277,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 08/15/32		3,304,119
	4,698,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 06/15/35		318,567
	85,807,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 05/15/38		5,746,416
	15,759,000,000	IDR	Indonesia Treasury Bond, 7.50%, due 04/15/40		1,069,663
	13,900,000,000	IDR	Indonesia Treasury Bond, 8.13%, due 05/15/24		1,011,206
	62,356,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/29		4,577,383

See accompanying Notes to the Financial Statements.

113

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	4,212,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 06/15/32		303,573
	22,978,000,000	IDR	Indonesia Treasury Bond, 8.25%, due 05/15/36		1,638,881
	4,252,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/24		311,413
	8,419,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 09/15/26		631,255
	87,389,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 03/15/34		6,324,544
	37,653,000,000	IDR	Indonesia Treasury Bond, 8.38%, due 04/15/39		2,705,550
	43,775,000,000	IDR	Indonesia Treasury Bond, 8.75%, due 05/15/31		3,296,363
	28,849,000,000	IDR	Indonesia Treasury Bond, 9.00%, due 03/15/29		2,189,461
	9,536,000,000	IDR	Indonesia Treasury Bond, 9.50%, due 07/15/31		751,985
	8,707,000,000	IDR	Indonesia Treasury Bond, 10.50%, due 08/15/30		728,975
	35,350,000,000	IDR	Inter-American Development Bank, (MTN), 7.88%, due 03/14/23		2,498,138
	282,200		Ivory Coast Government International Bond, Reg S, 5.75%, due 12/31/32(c) (i)		262,401
	860,000		Ivory Coast Government International Bond, Reg S, 6.13%, due 06/15/33(i)		807,918
	1,415,000		Ivory Coast Government International Bond, Reg S, 6.38%, due 03/03/28(i)		1,419,719
	1,760,000		Kazakhstan Government International Bond, (MTN), Reg S, 5.13%, due 07/21/25(i)		2,041,053
	1,880,000		Kenya Government International Bond, Reg S, 7.25%, due 02/28/28(i)		1,857,863
	2,265,000		Kenya Government International Bond, Reg S, 8.00%, due 05/22/32(i)		2,241,947
	1,180,000		Kuwait International Government Bond, 3.50%, due 03/20/27 144A		1,330,450
	2,189,000	MYR	Malaysia Government Bond, 3.42%, due 08/15/22		541,677
	5,385,000	MYR	Malaysia Government Bond, 3.48%, due 06/14/24		1,355,787
	1,672,000	MYR	Malaysia Government Bond, 3.48%, due 03/15/23		416,559
	2,535,000	MYR	Malaysia Government Bond, 3.50%, due 05/31/27		650,227
	22,243,000	MYR	Malaysia Government Bond, 3.62%, due 11/30/21		5,467,757
	5,119,000	MYR	Malaysia Government Bond, 3.73%, due 06/15/28		1,328,836
	1,620,000	MYR	Malaysia Government Bond, 3.76%, due 05/22/40		413,401
	15,977,000	MYR	Malaysia Government Bond, 3.80%, due 08/17/23		4,029,438
	1,079,000	MYR	Malaysia Government Bond, 3.83%, due 07/05/34		281,602
	3,528,000	MYR	Malaysia Government Bond, 3.84%, due 04/15/33		910,643
	6,242,000	MYR	Malaysia Government Bond, 3.88%, due 03/14/25		1,604,659
	12,809,000	MYR	Malaysia Government Bond, 3.89%, due 08/15/29		3,377,741
	1,047,000	MYR	Malaysia Government Bond, 3.89%, due 03/15/27		273,466
	6,189,000	MYR	Malaysia Government Bond, 3.90%, due 11/16/27		1,621,330
	2,259,000	MYR	Malaysia Government Bond, 3.91%, due 07/15/26		587,578
	12,995,000	MYR	Malaysia Government Bond, 3.96%, due 09/15/25		3,374,344
	2,020,000	MYR	Malaysia Government Bond, 4.06%, due 09/30/24		520,478
	989,000	MYR	Malaysia Government Bond, 4.13%, due 04/15/32		262,521
	1,511,000	MYR	Malaysia Government Bond, 4.18%, due 07/15/24		389,629
	1,910,000	MYR	Malaysia Government Bond, 4.23%, due 06/30/31		518,050
	1,289,000	MYR	Malaysia Government Bond, 4.39%, due 04/15/26		342,209
	6,404,000	MYR	Malaysia Government Bond, 4.50%, due 04/15/30		1,761,510
	807,000	MYR	Malaysia Government Bond, 4.74%, due 03/15/46		221,272
	2,849,000	MYR	Malaysia Government Bond, 4.76%, due 04/07/37		798,674
	1,860,000	MYR	Malaysia Government Bond, 4.89%, due 06/08/38		529,270
	44,232,000	MXN	Mexican Bonos, 5.75%, due 03/05/26		2,053,217
	47,923,300	MXN	Mexican Bonos, 6.50%, due 06/10/21		2,199,692
	19,839,700	MXN	Mexican Bonos, 6.50%, due 06/09/22		928,625
	135,549,000	MXN	Mexican Bonos, 7.50%, due 06/03/27		6,831,008
	19,392,700	MXN	Mexican Bonos, 7.75%, due 05/29/31		991,247
	41,225,700	MXN	Mexican Bonos, 7.75%, due 11/23/34		2,095,072

See accompanying Notes to the Financial Statements.

114

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	75,873,000	MXN	Mexican Bonos, 7.75%, due 11/13/42		3,724,507
	30,697,900	MXN	Mexican Bonos, 8.00%, due 12/07/23		1,526,791
	45,482,100	MXN	Mexican Bonos, 8.00%, due 11/07/47		2,278,705
	107,180,800	MXN	Mexican Bonos, 8.50%, due 05/31/29		5,745,521
	81,380,800	MXN	Mexican Bonos, 8.50%, due 11/18/38		4,324,409
	60,176,800	MXN	Mexican Bonos, 10.00%, due 12/05/24		3,242,295
	58,811,300	MXN	Mexican Bonos, 10.00%, due 11/20/36		3,554,054
	18,332,272	MXN	Mexican Udibonos, 4.50%, due 11/22/35		1,021,790
	2,030,000		Mexico Government International Bond, 3.60%, due 01/30/25		2,190,999
	1,130,000		Nigeria Government International Bond, Reg S, 7.14%, due 02/23/30(i)		1,076,585
	1,010,000		Nigeria Government International Bond, Reg S, 8.75%, due 01/21/31(i)		1,034,897
	200,000	EUR	North Macedonia Government International Bond, 3.68%, due 06/03/26 144A		251,967
	2,220,000		Panama Government International Bond, 2.25%, due 09/29/32		2,242,200
	1,000,000		Panama Government International Bond, 4.50%, due 04/01/56		1,257,500
	1,010,000		Peruvian Government International Bond, 2.78%, due 01/23/31		1,094,588
	6,518,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.35%, due 08/12/28(i)		2,189,827
	7,310,000	PEN	Peruvian Government International Bond (GDN), Reg S, 6.95%, due 08/12/31(i)		2,492,553
	6,699,000	PEN	Peruvian Government International Bond (GDN), Reg S, 8.20%, due 08/12/26(i)		2,475,441
	1,710,000		Provincia de Buenos Aires/Argentina, 6.50%, due 02/15/23 144A		679,725
	150,000		Provincia de Buenos Aires/Argentina, 7.88%, due 06/15/27 144A		59,250
	180,000		Provincia de Buenos Aires/Argentina, 9.13%, due 03/16/24 144A		72,900
	480,000		Provincia de Buenos Aires/Argentina, 9.95%, due 06/09/21 144A		193,200
	170,000		Provincia de Buenos Aires/Argentina, Reg S, 10.88%, due 01/26/21(i)		71,825
	650,000		Provincia de Cordoba, 7.13%, due 06/10/21 144A		403,000
	200,000		Qatar Government International Bond, 4.82%, due 03/14/49 144A		269,945
	1,780,000		Qatar Government International Bond, 5.10%, due 04/23/48 144A		2,479,033
	8,749,000	PLN	Republic of Poland Government Bond, 1.75%, due 07/25/21		2,296,031
	4,019,000	PLN	Republic of Poland Government Bond, 2.50%, due 07/25/26		1,140,521
	2,495,000	PLN	Republic of Poland Government Bond, 2.50%, due 07/25/27		710,259
	6,546,000	PLN	Republic of Poland Government Bond, 2.75%, due 04/25/28		1,895,561
	5,712,000	PLN	Republic of Poland Government Bond, 2.75%, due 10/25/29		1,667,425
	1,551,000	PLN	Republic of Poland Government Bond, 3.25%, due 07/25/25		451,953
	1,562,000	PLN	Republic of Poland Government Bond, 5.75%, due 09/23/22		449,364
	65,845,180	ZAR	Republic of South Africa Government Bond, 6.25%, due 03/31/36		2,573,721
	29,921,175	ZAR	Republic of South Africa Government Bond, 6.50%, due 02/28/41		1,119,304
	60,671,311	ZAR	Republic of South Africa Government Bond, 7.00%, due 02/28/31		2,959,833
	10,280,000	ZAR	Republic of South Africa Government Bond, 7.75%, due 02/28/23		660,804
	48,505,097	ZAR	Republic of South Africa Government Bond, 8.00%, due 01/31/30		2,657,415
	15,960,573	ZAR	Republic of South Africa Government Bond, 8.25%, due 03/31/32		821,699
	43,426,454	ZAR	Republic of South Africa Government Bond, 8.50%, due 01/31/37		2,044,862
	75,078,444	ZAR	Republic of South Africa Government Bond, 8.75%, due 01/31/44		3,478,883
	109,437,555	ZAR	Republic of South Africa Government Bond, 8.75%, due 02/28/48		5,051,973
	34,442,645	ZAR	Republic of South Africa Government Bond, 8.88%, due 02/28/35		1,729,799
	9,050,463	ZAR	Republic of South Africa Government Bond, 9.00%, due 01/31/40		435,140
	198,691,667	ZAR	Republic of South Africa Government Bond, 10.50%, due 12/21/26		13,796,805
	5,370,000	RON	Romania Government Bond, 3.25%, due 04/29/24		1,296,996
	1,460,000	RON	Romania Government Bond, 3.65%, due 07/28/25		358,249
	5,985,000	RON	Romania Government Bond, 3.65%, due 09/24/31		1,433,583
	1,365,000	RON	Romania Government Bond, 4.00%, due 10/25/23		337,139

See accompanying Notes to the Financial Statements.

115

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value(a)			Description	Value ($)
			Sovereign Debt Obligations — continued
	1,895,000	RON	Romania Government Bond, 4.25%, due 06/28/23		469,423
	6,185,000	RON	Romania Government Bond, 5.00%, due 02/12/29		1,657,490
	2,340,000	RON	Romania Government Bond, 5.80%, due 07/26/27		646,254
	495,000	EUR	Romanian Government International Bond, 2.75%, due 02/26/26 144A		624,245
	242,000		Romanian Government International Bond, 3.00%, due 02/14/31(h) 144A		248,958
	765,000	EUR	Romanian Government International Bond, 3.62%, due 05/26/30(h) 144A		1,016,681
	2,630,000		Romanian Government International Bond, 4.00%, due 02/14/51 144A		2,722,050
	427,159,000	RUB	Russian Federal Bond — OFZ, 6.90%, due 05/23/29		5,800,407
	78,879,000	RUB	Russian Federal Bond — OFZ, 7.00%, due 08/16/23		1,073,628
	750,796,000	RUB	Russian Federal Bond — OFZ, 7.05%, due 01/19/28		10,301,887
	346,266,000	RUB	Russian Federal Bond — OFZ, 7.10%, due 10/16/24		4,780,089
	258,413,000	RUB	Russian Federal Bond — OFZ, 7.25%, due 05/10/34		3,598,110
	90,051,000	RUB	Russian Federal Bond — OFZ, 7.40%, due 12/07/22		1,226,693
	40,988,000	RUB	Russian Federal Bond — OFZ, 7.65%, due 04/10/30		584,466
	161,332,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/23/33		2,324,121
	65,832,000	RUB	Russian Federal Bond — OFZ, 7.70%, due 03/16/39		966,680
	177,677,000	RUB	Russian Federal Bond — OFZ, 7.75%, due 09/16/26		2,532,314
	74,707,000	RUB	Russian Federal Bond — OFZ, 7.95%, due 10/07/26		1,076,697
	252,480,000	RUB	Russian Federal Bond — OFZ, 8.15%, due 02/03/27		3,673,586
	123,038,000	RUB	Russian Federal Bond — OFZ, 8.50%, due 09/17/31		1,868,863
	1,865,000		Saudi Government International Bond, 3.75%, due 01/21/55 144A		2,022,966
	490,000		State of Israel, 2.75%, due 07/03/30		543,190
	310,000		State of Israel, 3.88%, due 07/03/50		373,550
	2,890,000		Ukraine Government International Bond, Reg S, 0.48%, due 05/31/40(i) (m)		2,642,038
	1,525,000		Ukraine Government International Bond, 7.25%, due 03/15/33 144A		1,408,795
	64,829,000	UYU	Uruguay Government International Bond, Reg S, 8.50%, due 03/15/28(i)		1,588,173
					387,260,373
			U.S. Government and Agency Obligations — 1.8%
	410,000		U.S. Treasury Bond, 3.13%, due 05/15/48(o)		571,598
	1,572,900		U.S. Treasury Note, 1.38%, due 04/30/21(p)		1,584,604
	6,245,000		U.S. Treasury Note, 1.75%, due 07/15/22		6,426,983
	10,000		U.S. Treasury Note, 1.75%, due 11/15/29		11,017
	14,270,000		U.S. Treasury Note, 2.38%, due 03/15/21		14,417,817
					23,012,019
			TOTAL DEBT OBLIGATIONS (COST $1,160,448,824)		1,166,288,300
Shares			Description	Value ($)
			COMMON STOCKS — 0.0%
			Consumer, Cyclical — 0.0%
	7,396,155		Edcon Holdings, Ltd. 1* (n) (q)		—
	736,020		Edcon Holdings, Ltd. 2* (n) (q)		—
			TOTAL CONSUMER, CYCLICAL		—
			Energy — 0.0%
	10		Amplify Energy Corp.		9

See accompanying Notes to the Financial Statements.

116

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares			Description	Value ($)
			Energy — continued
	14,783		Nine Point Energy Holdings, LLC* (n)		—
			TOTAL ENERGY		9
			Utilities — 0.0%
	8,511		Birch Permian Holdings, Inc.* (n)		46,811
	66,347		Birch Permian Holdings, Inc.* (n)		364,908
			TOTAL UTILITIES		411,719
			TOTAL COMMON STOCKS (COST $1,610,355)		411,728
			CONVERTIBLE PREFERRED STOCK — 0.0%
			Energy — 0.0%
	322		Nine Point Energy Holdings, Inc., 0.00%* (n)		97,363
			TOTAL CONVERTIBLE PREFERRED STOCK (COST $300,884)		97,363
			PREFERRED STOCKS — 0.0%
			Financial — 0.0%
	2,000		B. Riley Financial, Inc., 6.50%		47,380
	1,575		B. Riley Financial, Inc., 6.88%(h)		39,076
			TOTAL FINANCIAL		86,456
			Utilities — 0.0%
	1,250		NextEra Energy, Inc., 6.22%*		59,687
			TOTAL PREFERRED STOCKS (COST $149,125)		146,143
Notional Value			Description	Value ($)
			OPTIONS PURCHASED — 0.1%
			PURCHASED CURRENCY OPTIONS — 0.0%
			Call Options — 0.0%
	18,300,000	EUR	EUR/USD Option with Morgan Stanley & Co. International Plc, Strike Price USD 1.18, Expires 10/02/20		25,966
	4,730,000	USD	USD/GBP Option with Citigroup Global Markets, Inc., Strike Price GBP 1.28, Expires 10/01/20		360
			Put Options — 0.0%
	15,200,000	AUD	AUD/USD Option with Bank of America, N.A., Strike Price USD 0.69, Expires 10/21/20		13,564
	3,250,000	USD	USD/MXN Option with BNP Paribas S.A., Strike Price MXN 21.75, Expires 12/23/20		75,790
	2,020,000		USD/RUB Option with Goldman Sachs & Co., Strike Price RUB 72.06, Expires 10/19/20		850
			TOTAL CURRENCY OPTIONS PURCHASED (PREMIUMS PAID $254,379)		116,530

See accompanying Notes to the Financial Statements.

117

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Number of Contracts		Notional Value ($)	Description	Value ($)
			PURCHASED FUTURES OPTIONS — 0.0%
			Put Options — 0.0%
	70	11,732,000	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,000.00, Expires 10/16/20		18,375
	66	11,061,600	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,000.00, Expires 11/20/20		135,300
	32	5,363,200	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,000.00, Expires 12/18/20		108,800
	20	3,352,000	S&P 500 E-mini Futures with JPMorgan Securities LLC, Strike Price $3,200.00, Expires 12/18/20		116,250
			TOTAL FUTURES OPTIONS PURCHASED (PREMIUMS PAID $680,170)		378,725

Notional Value ($)			Description	Value ($)
			PURCHASED SWAPTIONS — 0.1%
			Put Swaptions — 0.1%
	25,200,000	USD	10-Year Interest Rate Swaption with Deutsche Bank AG, Strike Price $0.75, Expires 07/07/21		589,866
	21,000,000	USD	10-Year Interest Rate Swaption with Morgan Stanley & Co., Strike Price $0.85, Expires 09/15/21		466,967
			TOTAL PURCHASED SWAPTION (PREMIUMS PAID $1,047,480)		1,056,833
			TOTAL OPTIONS PURCHASED (PREMIUMS PAID $1,982,029)		1,552,088
Par Value(a)			Description	Value ($)
			SHORT-TERM INVESTMENTS — 1.9%
			Mutual Fund - Securities Lending Collateral — 0.8%
	10,377,337		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(r) (s)		10,377,337
			Sovereign Debt Obligation — 1.1%
	217,950,000	EGP	Egypt Treasury Bills, 12.14%, due 01/12/21(d)		13,366,965
			TOTAL SOVEREIGN DEBT OBLIGATIONS		13,366,965
			TOTAL SHORT-TERM INVESTMENT (COST $23,547,115)		23,744,302
			TOTAL INVESTMENTS — 92.9% (Cost $1,188,038,332)		1,192,239,924
			Other Assets and Liabilities (net)(t) — 7.1%		91,783,502
			NET ASSETS — 100.0%	$1,284,023,426

See accompanying Notes to the Financial Statements.

118

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

	Notes to Schedule of Investments:
*	Non-income producing security.
(a)	Unless otherwise indicated, all par values are denominated in United States dollars ($).
(b)	Variable or floating rate note. Rate shown is as of September 30, 2020.
(c)	Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate.
(d)	Interest rate presented is yield to maturity.
(e)	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 $3,108,221, which is 0.2% of net assets. See details shown in the Restricted Securities table that follows.
(f)	When-issued security.
(g)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(h)	All or a portion of this security is out on loan.
(i)	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.
(j)	Security is perpetual and has no stated maturity date.
(k)	Security is currently in default.
(l)	Year of maturity is greater than 2100.
(m)	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.
(n)	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 $1,225,966 which represents 0.1% of net assets. The aggregate tax cost of these securities held at September 30, 2020 was $2,870,539.
(o)	All or a portion of this security is pledged for open futures collateral.
(p)	All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, and/or OTC options collateral.
(q)	Level 3 — significant unobservable inputs were used in determining the value of this portfolio security.
(r)	The rate disclosed is the 7-day net yield as of September 30, 2020.
(s)	Represents an investment of securities lending cash collateral.
(t)	As of September 30, 2020, the value of unfunded loan commitments was $83,473 for the Fund. See Notes to the Financial Statements.
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 $405,806,518 which represents 31.6% of net assets.

See accompanying Notes to the Financial Statements.

119

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

At September 30, 2020, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Credit Suisse Mortgage Trust, Series 2019 RIO, 8.74%, due 12/15/22		12/16/19		USD	1,172,500		$	1,172,500		$	1,079,719
GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.55%, due 08/10/44		08/09/18		USD	410,000			402,377			327,664
K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22		08/23/13		USD	603,909			784,614			6,039
K2016470260 South Africa, Ltd., 25.00% (25.00% Cash or PIK), due 12/31/22		01/30/16		USD	176,269			166,309			6,610
Magnolia Financial X DAC, Series 2020-1, 0.80%, due 08/13/24		03/02/20		USD	989,950			989,950			960,265
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22		11/02/17		USD	640,000			548,851			11,040
Starwood Retail Property Trust, Series 2014-STAR, Class C, 2.90% (1 mo. USD LIBOR + 2.75%), due 11/15/27		07/25/18		USD	230,000			226,550			160,677
Starwood Retail Property Trust, Series 2014-STAR, Class D, 3.65% (1 mo. USD LIBOR + 3.50%), due 11/15/27		12/21/18		USD	900,000			732,750			556,207
										$	3,108,221

See accompanying Notes to the Financial Statements.

120

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
AUD	1,506,060	USD	1,075,144		10/15/20	Bank of America, N.A.	$	4,355
AUD	2,250,000	USD	1,620,392		10/15/20	Citibank N.A.		(7,659	)
AUD	1,450,000	USD	1,022,369		10/15/20	Deutsche Bank AG		16,947
AUD	2,448,620	USD	1,748,768		10/15/20	Goldman Sachs International		6,328
AUD	2,250,970	USD	1,593,783		10/15/20	HSBC Bank Plc		19,645
AUD	2,260,000	USD	1,641,890		10/15/20	JPMorgan Chase Bank N.A.		(21,990	)
AUD	1,124,890	USD	806,924		10/15/20	The BNY Mellon		(637	)
BRL	10,978,880	USD	2,057,126		10/15/20	Citibank N.A.		(109,943	)
BRL	11,500,400	USD	2,054,815		10/15/20	Goldman Sachs International		(15,138	)
BRL	1,231,300	USD	231,373		10/21/20	JPMorgan Chase Bank N.A.		(13,013	)
BRL	25,028,000	USD	4,747,795		10/26/20	JPMorgan Chase Bank N.A.		(309,611	)
BRL	10,843,510	USD	2,056,731		10/15/20	Morgan Stanley & Co. International Plc		(133,557	)
CAD	5,390,000	USD	3,938,012		10/16/20	BNP Paribas S.A.		97,371
CAD	3,264,684	USD	2,405,783		10/16/20	JPMorgan Chase Bank N.A.		38,419
CLP	976,007,670	USD	1,255,651		10/15/20	Barclays Bank Plc		(16,607	)
CLP	324,908,730	USD	424,584		10/15/20	Deutsche Bank AG		(12,112	)
CLP	1,600,125,457	USD	2,043,764		10/15/20	Goldman Sachs International		(12,400	)
CLP	177,819,323	USD	229,968		10/15/20	HSBC Bank Plc		(4,226	)
CLP	776,465,200	USD	1,014,059		10/19/20	JPMorgan Chase Bank N.A.		(28,330	)
CLP	4,054,057,100	USD	5,329,377		10/26/20	JPMorgan Chase Bank N.A.		(182,681	)
CNH	34,847,230	USD	5,080,338		10/15/20	HSBC Bank Plc		53,844
CNH	5,709,410	USD	841,841		10/15/20	Morgan Stanley & Co. International Plc		(651	)
CNY	12,016,920	USD	1,763,190		10/15/20	State Street Bank London		986
COP	1,673,910,260	USD	443,098		10/15/20	Barclays Bank Plc		(9,116	)
COP	1,475,895,940	USD	396,980		10/15/20	Citibank N.A.		(14,336	)
COP	1,829,276,460	USD	472,132		10/15/20	Goldman Sachs International		2,130
CZK	127,985,250	USD	5,691,206		10/15/20	Goldman Sachs International		(150,500	)
CZK	1,872,700	USD	83,469		10/19/20	JPMorgan Chase Bank N.A.		(2,395	)
CZK	11,607,000	USD	502,077		10/15/20	Morgan Stanley & Co. International Plc		411
CZK	7,730,000	USD	333,517		10/15/20	UBS AG		1,128
EUR	1,025,000	USD	1,199,691		10/01/20	Bank of America, N.A.		2,276
EUR	4,059,240	USD	4,737,235		10/06/20	Bank of America, N.A.		23,230
EUR	364,440	USD	428,102		10/15/20	Bank of America, N.A.		(627	)
EUR	364,540	USD	426,410		10/06/20	Barclays Bank Plc		1,103
EUR	5,291,645	USD	6,156,955		10/16/20	BNP Paribas S.A.		50,090
EUR	1,600,000	USD	1,894,953		10/08/20	Citibank N.A.		(18,479	)
EUR	1,610,000	USD	1,907,193		10/16/20	Citibank N.A.		(18,680	)
EUR	1,866,632	USD	2,210,902		10/16/20	Goldman Sachs & Co.		(21,362	)
EUR	1,240,450	USD	1,450,402		10/15/20	Goldman Sachs International		4,603
EUR	4,854,240	USD	5,694,604		10/15/20	JPMorgan Chase Bank N.A.		(748	)
EUR	1,410,000	USD	1,656,026		10/15/20	Morgan Stanley & Co. International Plc		(2,145	)
EUR	1,426,000	USD	1,673,444		10/15/20	The BNY Mellon		(795	)
EUR	690,000	USD	804,151		10/06/20	UBS AG		5,045
GBP	386,330	USD	482,175		10/16/20	Citibank N.A.		17,307
HUF	123,110,000	USD	400,335		10/15/20	Deutsche Bank AG		(2,910	)
HUF	1,042,985,528	USD	3,407,781		10/15/20	Goldman Sachs International		(40,805	)
HUF	905,579,000	USD	2,994,204		10/19/20	JPMorgan Chase Bank N.A.		(70,985	)
HUF	120,840,000	USD	399,667		10/15/20	State Street Bank London		(9,570	)

See accompanying Notes to the Financial Statements.

121

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
IDR	5,235,230,593	USD	348,556		10/15/20	Bank of America, N.A.	$	2,859
IDR	2,840,520,407	USD	190,076		10/15/20	Goldman Sachs International		594
IDR	31,009,997,410	USD	2,077,662		10/15/20	HSBC Bank Plc		3,883
IDR	11,919,617,030	USD	797,566		10/15/20	UBS AG		2,538
INR	31,070,820	USD	422,537		10/15/20	Bank of America, N.A.		(1,809	)
INR	120,029,980	USD	1,618,877		10/15/20	Barclays Bank Plc		6,440
INR	89,652,400	USD	1,211,117		10/15/20	Citibank N.A.		2,859
INR	30,086,080	USD	407,886		10/15/20	Goldman Sachs International		(493	)
INR	29,117,315	USD	394,564		10/15/20	HSBC Bank Plc		(289	)
INR	30,356,575	USD	410,685		10/15/20	Morgan Stanley & Co. International Plc		371
JPY	280,178,535	USD	2,608,714		10/16/20	Goldman Sachs & Co.		46,652
JPY	280,178,535	USD	2,659,287		01/19/21	Goldman Sachs & Co.		97
KZT	419,300,000	USD	986,008		10/27/20	Goldman Sachs International		(23,646	)
KZT	184,150,110	USD	429,755		11/30/20	Goldman Sachs International		(10,766	)
KZT	185,333,490	USD	436,850		10/28/20	JPMorgan Chase Bank N.A.		(11,589	)
MXN	26,170,780	USD	1,201,459		10/15/20	Barclays Bank Plc		(17,741	)
MXN	34,282,878	USD	1,506,887		01/19/21	BNP Paribas S.A.		27,048
MXN	9,183,840	USD	434,019		10/15/20	Citibank N.A.		(18,629	)
MXN	90,630,000	USD	3,982,221		10/16/20	Citibank N.A.		116,545
MXN	37,598,550	USD	1,648,548		12/28/20	Citibank N.A.		37,974
MXN	8,712,878	USD	380,658		10/16/20	Goldman Sachs & Co.		13,385
MXN	19,135,350	USD	874,159		10/15/20	Goldman Sachs International		(8,657	)
MXN	42,405,900	USD	1,943,285		10/14/20	JPMorgan Chase Bank N.A.		(25,020	)
MXN	68,365,380	USD	3,170,573		10/15/20	UBS AG		(78,370	)
MYR	1,600,000	USD	383,188		10/15/20	Barclays Bank Plc		1,646
MYR	3,432,240	USD	825,020		10/15/20	Morgan Stanley & Co. International Plc		507
NOK	18,090,000	USD	1,999,670		10/16/20	Citibank N.A.		(66,255	)
NOK	8,880,000	USD	948,779		10/16/20	JPMorgan Chase Bank N.A.		294
NOK	21,640,000	USD	2,291,002		01/19/21	JPMorgan Chase Bank N.A.		22,620
PEN	1,640,000	USD	458,357		10/15/20	Citibank N.A.		(2,439	)
PEN	112,000	USD	31,769		10/19/20	JPMorgan Chase Bank N.A.		(633	)
PEN	512,000	USD	143,679		10/21/20	JPMorgan Chase Bank N.A.		(1,345	)
PHP	94,020,070	USD	1,929,507		10/15/20	Goldman Sachs International		9,307
PHP	18,780,000	USD	385,805		10/19/20	JPMorgan Chase Bank N.A.		1,412
PLN	1,584,850	USD	421,761		10/15/20	Bank of America, N.A.		(11,842	)
PLN	8,750,000	USD	2,302,784		10/15/20	JPMorgan Chase Bank N.A.		(39,611	)
PLN	20,315,700	USD	5,393,600		10/19/20	JPMorgan Chase Bank N.A.		(138,934	)
PLN	57,649,590	USD	15,271,839		10/15/20	Natwest Markets Plc		(360,865	)
RON	1,500,000	USD	365,865		10/15/20	Barclays Bank Plc		(5,313	)
RON	7,136,400	USD	1,740,355		10/21/20	JPMorgan Chase Bank N.A.		(25,742	)
RON	1,690,000	USD	410,902		10/15/20	Natwest Markets Plc		(4,680	)
RON	220,000	USD	52,461		10/15/20	UBS AG		420
RUB	50,217,870	USD	654,243		10/15/20	Barclays Bank Plc		(7,994	)
RUB	36,540,000	USD	491,767		10/16/20	Citibank N.A.		(21,587	)
RUB	180,267,000	USD	2,374,549		10/16/20	Goldman Sachs & Co.		(54,958	)
RUB	147,246,956	USD	1,855,429		01/19/21	Goldman Sachs & Co.		20,594
RUB	137,365,580	USD	1,791,721		10/15/20	Goldman Sachs International		(23,974	)
RUB	275,518,060	USD	3,593,386		10/15/20	HSBC Bank Plc		(47,767	)

See accompanying Notes to the Financial Statements.

122

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
THB	37,357,490	USD	1,184,799		10/15/20	Goldman Sachs International	$	(5,911	)
THB	346,514,790	USD	11,002,177		10/15/20	HSBC Bank Plc		(67,230	)
THB	51,403,800	USD	1,643,029		10/19/20	JPMorgan Chase Bank N.A.		(20,891	)
THB	55,243,380	USD	1,761,217		10/15/20	Morgan Stanley & Co. International Plc		(17,905	)
TRY	26,464,300	USD	3,488,801		10/21/20	JPMorgan Chase Bank N.A.		(69,186	)
TWD	53,628,590	USD	1,848,306		10/15/20	Bank of America, N.A.		3,394
TWD	11,504,120	USD	399,559		12/15/20	UBS AG		(2,273	)
UAH	5,400,000	USD	189,474		10/26/20	Barclays Bank Plc		285
UAH	29,200,000	USD	1,035,461		11/04/20	Goldman Sachs International		(11,716	)
UAH	11,600,000	USD	407,733		12/04/20	JPMorgan Chase Bank N.A.		(4,569	)
ZAR	27,873,490	USD	1,689,389		10/15/20	Bank of America, N.A.		(21,000	)
ZAR	20,741,720	USD	1,209,633		10/15/20	Barclays Bank Plc		31,879
ZAR	6,783,560	USD	409,863		10/15/20	Citibank N.A.		(3,828	)
ZAR	6,820,000	USD	412,080		10/15/20	Deutsche Bank AG		(3,863	)
ZAR	10,950,000	USD	643,445		10/15/20	HSBC Bank Plc		11,976
ZAR	13,300,530	USD	811,082		10/15/20	JPMorgan Chase Bank N.A.		(14,968	)
ZAR	6,621,000	USD	405,968		10/21/20	JPMorgan Chase Bank N.A.		(9,943	)
ZAR	38,170,000	USD	2,256,041		10/15/20	Morgan Stanley & Co. International Plc		28,653
ZAR	13,660,000	USD	799,582		10/15/20	Natwest Markets Plc		18,048
ZAR	6,980,000	USD	412,712		10/15/20	Toronto Dominion Bank		5,081
ZAR	20,525,810	USD	1,224,823		10/15/20	UBS AG		3,765
USD	3,466,648	AUD	4,804,680		10/15/20	Bank of America, N.A.		22,798
USD	290,694	AUD	400,630		10/15/20	Citibank N.A.		3,535
USD	3,214,954	AUD	4,401,410		10/15/20	Goldman Sachs International		60,156
USD	2,262,250	AUD	3,118,879		10/15/20	JPMorgan Chase Bank N.A.		26,732
USD	567,113	AUD	812,845		10/16/20	JPMorgan Chase Bank N.A.		(15,511	)
USD	220,743	AUD	309,400		10/15/20	Morgan Stanley & Co. International Plc		(1,025	)
USD	312,609	AUD	429,520		10/15/20	The BNY Mellon		4,742
USD	808,087	BRL	4,459,430		10/15/20	Citibank N.A.		17,176
USD	3,991,270	BRL	21,305,980		10/16/20	Goldman Sachs & Co.		212,559
USD	5,863,752	BRL	31,593,310		10/15/20	Goldman Sachs International		260,454
USD	823,138	BRL	4,406,440		10/15/20	JPMorgan Chase Bank N.A.		41,625
USD	1,025,531	BRL	5,442,700		10/19/20	JPMorgan Chase Bank N.A.		60,286
USD	334,446	BRL	1,763,000		10/21/20	JPMorgan Chase Bank N.A.		21,793
USD	3,023,979	BRL	16,637,050		10/15/20	Morgan Stanley & Co. International Plc		73,280
USD	1,026,929	BRL	5,810,000		10/15/20	UBS AG		(3,516	)
USD	516,566	CAD	690,000		10/16/20	BNP Paribas S.A.		(23	)
USD	6,077,586	CAD	8,040,000		10/16/20	JPMorgan Chase Bank N.A.		58,201
USD	2,967,714	CLP	2,296,377,270		10/15/20	Barclays Bank Plc		52,457
USD	777,896	CLP	600,341,320		10/15/20	Deutsche Bank AG		15,761
USD	1,662,193	CNH	11,251,580		10/15/20	Barclays Bank Plc		4,453
USD	852,655	CNH	5,782,960		10/15/20	Citibank N.A.		628
USD	316,687	CNY	2,150,000		10/15/20	State Street Bank London		1,050
USD	418,621	COP	1,615,457,590		10/15/20	Barclays Bank Plc		(207	)
USD	807,645	COP	3,058,266,680		10/15/20	HSBC Bank Plc		14,751
USD	5,943,597	COP	21,957,728,000		10/20/20	JPMorgan Chase Bank N.A.		252,145
USD	264,495	CZK	6,090,000		10/15/20	Deutsche Bank AG		848
USD	63,649	CZK	1,485,590		10/15/20	JPMorgan Chase Bank N.A.		(665	)

See accompanying Notes to the Financial Statements.

123

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,211,130	EUR	1,025,000		10/01/20	Bank of America, N.A.	$	9,163
USD	267,768	EUR	230,000		10/28/20	Bank of America, N.A.		(2,086	)
USD	2,230,978	EUR	1,911,000		10/30/20	Bank of America, N.A.		(11,252	)
USD	1,200,484	EUR	1,025,000		11/02/20	Bank of America, N.A.		(2,251	)
USD	3,516,335	EUR	2,941,000		10/05/20	Barclays Bank Plc		67,356
USD	1,371,226	EUR	1,168,000		10/26/20	Barclays Bank Plc		892
USD	1,350,894	EUR	1,145,000		10/13/20	BNP Paribas S.A.		7,904
USD	15,126,296	EUR	13,342,537		10/16/20	BNP Paribas S.A.		(524,360	)
USD	1,198,272	EUR	1,020,000		10/19/20	BNP Paribas S.A.		1,748
USD	1,896,120	EUR	1,600,000		10/08/20	Citibank N.A.		19,646
USD	1,674,380	EUR	1,417,000		10/21/20	Citibank N.A.		12,082
USD	1,866,395	EUR	1,575,000		10/08/20	Deutsche Bank AG		19,241
USD	8,463,470	EUR	7,165,540		10/15/20	Deutsche Bank AG		58,539
USD	2,357,047	EUR	2,010,000		10/26/20	Deutsche Bank AG		(1,148	)
USD	728,251	EUR	620,000		10/16/20	Goldman Sachs & Co.		998
USD	729,847	EUR	615,000		10/19/20	Goldman Sachs & Co.		8,414
USD	698,526	EUR	595,000		10/26/20	Goldman Sachs & Co.		453
USD	770,990	EUR	657,940		10/15/20	HSBC Bank Plc		(751	)
USD	2,799,569	EUR	2,397,000		10/30/20	HSBC Bank USA, N.A.		(12,898	)
USD	1,689,236	EUR	1,434,470		10/15/20	JPMorgan Chase Bank N.A.		6,652
USD	5,968,508	EUR	5,111,000		10/06/20	Morgan Stanley & Co. International Plc		(25,405	)
USD	46,606	EUR	40,000		10/15/20	Morgan Stanley & Co. International Plc		(312	)
USD	256,790	EUR	216,000		10/15/20	Morgan Stanley Capital Services, Inc.		3,430
USD	427,169	EUR	362,890		10/15/20	Natwest Markets Plc		1,512
USD	1,972,538	EUR	1,657,000		10/15/20	Standard Chartered Bank		28,934
USD	2,118,684	EUR	1,785,000		10/19/20	Standard Chartered Bank		24,768
USD	1,167,659	EUR	998,000		10/26/20	Standard Chartered Bank		(3,226	)
USD	3,393,304	EUR	2,905,000		10/30/20	Standard Chartered Bank		(15,213	)
USD	1,769,700	EUR	1,500,000		10/13/20	State Street Bank and Trust		10,324
USD	879,410	EUR	755,000		10/28/20	State Street Bank and Trust		(6,416	)
USD	2,193,758	EUR	1,872,780		10/15/20	UBS AG		(2,949	)
USD	1,174,306	EUR	1,000,000		10/30/20	UBS AG		978
USD	1,048,735	GBP	810,000		10/16/20	Citibank N.A.		1,495
USD	714,619	GBP	553,506		10/15/20	Deutsche Bank AG		(998	)
USD	3,186,600	GBP	2,500,000		10/15/20	HSBC Bank Plc		(45,606	)
USD	630,877	GBP	495,000		10/28/20	HSBC Bank USA, N.A.		(9,146	)
USD	60,026	GBP	46,494		10/15/20	JPMorgan Chase Bank N.A.		(86	)
USD	983,838	GBP	741,000		10/08/20	Standard Chartered Bank		25,848
USD	274,486	GBP	215,000		10/26/20	UBS AG		(3,500	)
USD	409,947	HUF	123,016,990		10/15/20	Bank of America, N.A.		12,823
USD	859,301	HUF	261,045,050		10/15/20	Barclays Bank Plc		16,593
USD	31,087	HUF	9,760,030		10/15/20	Morgan Stanley & Co. International Plc		(420	)
USD	768,892	IDR	11,378,483,424		10/15/20	Bank of America, N.A.		5,111
USD	45,466	IDR	676,152,016		10/15/20	Barclays Bank Plc		79
USD	410,175	IDR	6,071,609,607		10/15/20	Deutsche Bank AG		2,618
USD	4,544,264	IDR	67,294,438,880		10/15/20	HSBC Bank Plc		27,127
USD	7,033,321	IDR	104,254,912,712		10/16/20	JPMorgan Chase Bank N.A.		35,851
USD	909,841	IDR	13,644,119,081		10/20/20	JPMorgan Chase Bank N.A.		(5,604	)

See accompanying Notes to the Financial Statements.

124

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	1,756,717	IDR	25,918,596,760		10/27/20	JPMorgan Chase Bank N.A.	$	18,830
USD	5,496,482	IDR	81,600,767,500		11/02/20	JPMorgan Chase Bank N.A.		27,994
USD	834,708	IDR	12,362,370,233		10/15/20	Morgan Stanley & Co. International Plc		4,884
USD	405,662	INR	29,909,470		10/15/20	Citibank N.A.		660
USD	814,668	INR	60,063,860		10/15/20	Goldman Sachs International		1,348
USD	869,317	INR	63,967,750		10/15/20	JPMorgan Chase Bank N.A.		3,134
USD	2,655,003	JPY	280,178,535		10/16/20	Goldman Sachs & Co.		(363	)
USD	827,726	MXN	17,658,970		10/15/20	Bank of America, N.A.		29,002
USD	1,523,101	MXN	34,282,878		10/16/20	BNP Paribas S.A.		(27,352	)
USD	1,650,000	MXN	37,598,550		12/28/20	BNP Paribas S.A.		(36,521	)
USD	1,417,547	MXN	31,680,000		01/19/21	BNP Paribas S.A.		74
USD	1,230,488	MXN	26,943,510		10/15/20	Citibank N.A.		11,819
USD	541,416	MXN	12,240,000		10/16/20	Citibank N.A.		(12,141	)
USD	2,409,796	MXN	52,820,000		10/16/20	Goldman Sachs & Co.		20,997
USD	3,688,363	MXN	79,355,406		10/15/20	Goldman Sachs International		99,076
USD	3,921,275	MXN	83,514,900		10/21/20	JPMorgan Chase Bank N.A.		146,482
USD	862,929	MXN	19,138,904		10/15/20	Morgan Stanley & Co. International Plc		(2,735	)
USD	414,783	MXN	8,948,700		10/15/20	State Street Bank London		10,029
USD	1,750,645	MXN	37,946,887		10/15/20	UBS AG		34,286
USD	408,958	MYR	1,704,740		10/15/20	Barclays Bank Plc		(1,068	)
USD	1,177,175	MYR	4,911,610		10/15/20	Morgan Stanley & Co. International Plc		(4,171	)
USD	2,864,348	NOK	26,970,000		10/16/20	JPMorgan Chase Bank N.A.		(18,139	)
USD	6,944,437	PEN	24,669,580		10/15/20	Barclays Bank Plc		86,323
USD	808,610	PEN	2,870,000		10/15/20	Goldman Sachs International		10,754
USD	420,501	PHP	20,438,470		10/15/20	Barclays Bank Plc		(966	)
USD	401,244	PHP	19,458,750		10/15/20	Citibank N.A.		(20	)
USD	4,049,569	PLN	15,517,220		10/15/20	Bank of America, N.A.		36,065
USD	367,217	PLN	1,380,170		10/15/20	Deutsche Bank AG		10,238
USD	2,321,632	PLN	8,750,000		10/15/20	State Street Bank London		58,459
USD	93,276	PLN	360,000		10/15/20	UBS AG		162
USD	2,062,876	RON	8,469,320		10/15/20	Barclays Bank Plc		27,122
USD	5,080,615	RON	20,973,850		10/15/20	Goldman Sachs International		39,172
USD	2,900,072	RUB	216,807,000		10/16/20	Goldman Sachs & Co.		110,302
USD	139,527	RUB	10,563,580		10/15/20	Goldman Sachs International		3,585
USD	403,739	RUB	31,455,330		10/15/20	HSBC Bank Plc		(1,057	)
USD	1,241,385	RUB	94,594,800		10/19/20	JPMorgan Chase Bank N.A.		24,578
USD	3,375,982	RUB	255,086,400		10/21/20	JPMorgan Chase Bank N.A.		95,423
USD	2,421,075	SAR	9,080,000		10/15/20	Citibank N.A.		426
USD	1,167,960	SAR	4,380,000		10/15/20	JPMorgan Chase Bank N.A.		290
USD	814,443	THB	25,437,910		10/15/20	JPMorgan Chase Bank N.A.		11,700
USD	826,276	THB	25,734,370		10/15/20	Morgan Stanley & Co. International Plc		14,178
USD	769,797	THB	24,117,340		10/15/20	Natwest Markets Plc		8,727
USD	1,868,592	TWD	53,628,590		12/15/20	Bank of America, N.A.		16,569
USD	1,249,448	TWD	36,363,550		10/15/20	Morgan Stanley & Co. International Plc		(6,120	)
USD	591,711	TWD	17,265,040		10/15/20	UBS AG		(4,420	)
USD	415,221	ZAR	6,766,560		10/15/20	Bank of America, N.A.		10,203
USD	852,032	ZAR	14,162,640		10/15/20	Citibank N.A.		4,315
USD	447,354	ZAR	7,542,840		10/15/20	Deutsche Bank AG		(4,128	)

See accompanying Notes to the Financial Statements.

125

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Forward Foreign Currency Contracts — continued

Currency Purchased		Currency Sold		Settlement Date		Counterparty	Unrealized Appreciation (Depreciation)
USD	2,418,489	ZAR	40,544,740		10/15/20	Goldman Sachs International	$	(8,348	)
USD	7,929,806	ZAR	134,529,729		10/15/20	HSBC Bank Plc		(122,574	)
USD	459,538	ZAR	7,785,000		10/14/20	JPMorgan Chase Bank N.A.		(6,494	)
USD	1,177,834	ZAR	19,810,980		10/15/20	JPMorgan Chase Bank N.A.		(7,967	)
USD	3,193,689	ZAR	53,523,420		10/21/20	JPMorgan Chase Bank N.A.		(7,730	)
USD	413,001	ZAR	6,805,810		10/15/20	Morgan Stanley & Co. International Plc		5,634
USD	1,686,406	ZAR	28,456,480		10/15/20	Natwest Markets Plc		(16,878	)
							$	(114,812	)

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	10	10-Year Australian Bond Futures		Dec 2020	$	1,070,773	$	9,827
	67	U.S. Treasury Note 10-Year		Dec 2020		9,348,594		5,237
	287	U.S. Treasury Note 2-Year		Dec 2020		63,415,789		17,901
	181	U.S. Ultra 10-Year Note		Dec 2020		28,945,859		(17,302	)
	101	U.S. Ultra Bond		Dec 2020		22,403,063		(238,460	)
							$	(222,797	)
	Sales
	227	Euro 90-Day		Mar 2021	$	56,639,338	$	(77,652	)
	17	Euro-Bund		Dec 2020		3,479,066		(30,759	)
	3	Long Gilt		Dec 2020		527,889		680
	131	U.S. Long Bond		Dec 2020		23,092,844		175,543
	36	U.S. Treasury Note 5-Year		Dec 2020		4,537,125		(2,031	)
							$	65,781

Written Options

Written Currency Options

Type of Contract	Counterparty		Notional Value				Premiums Received				Value at September 30, 2020
CALL — USD/MXN Option
Strike @ MXN 24.42
Expires 12/23/2020		BNP Paribas S.A.		USD	(3,250,000	)		$	(50,375	)		$	(36,835	)
CALL — USD/RUB Option
Strike @ RUB 75.28
Expires 10/19/2020		Goldman Sachs & Co.		USD	(2,020,000	)			(28,644	)			(72,146	)
PUT — USD/MXN Option
Strike @ MXN 20.68
Expires 11/13/2020		BNP Paribas S.A.		USD	(2,120,000	)			(27,899	)			(8,147	)
Total Written Currency Options								$	(106,918	)		$	(117,128	)

See accompanying Notes to the Financial Statements.

126

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Written Futures Options

Type of Contract	Counterparty		Number of Contracts		Notional Value			Premiums Received			Value at September 30, 2020
PUT — S&P 500 E-mini Futures Option
Strike @ $2,800.00
Expires 10/16/2020		JPMorgan Securities LLC		24	$	(4,022,400	)	$	(66,012	)	$	(2,100	)
PUT — S&P 500 E-mini Futures Option
Strike @ $2,750.00
Expires 10/16/2020		JPMorgan Securities LLC		46		(7,709,600	)		(89,304	)		(3,220	)
PUT — S&P 500 E-mini Futures Option
Strike @ $2,900.00
Expires 12/18/2020		JPMorgan Securities LLC		20		(3,352,000	)		(55,458	)		(50,500	)
PUT — S&P 500 E-mini Futures Option
Strike @ $2,600.00
Expires 12/18/2020		JPMorgan Securities LLC		17		(2,849,200	)		(18,664	)		(16,788	)
Total Written Futures Options								$	(229,438	)	$	(72,608	)

Written Swaptions

Type of Contract	Counterparty		Notional Value		Premiums Received				Value at September 30, 2020
CALL — 10-Year Interest Rate Swaption
Strike @ $ 1.25
Expires 07/07/2021		Deutsche Bank AG		USD    (25,200,000)		$	(199,080	)		$	(88,436	)
Total Written Swaptions						$	(199,080	)		$	(88,436	)
Total Written Options						$	(535,436	)		$	(278,172	)

OTC — Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Counterparty	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
1.87%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc	$	—		CNY	4,283,004	$	(22,989	)	$	(22,989	)
1.90%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—			14,686,329		(75,822	)		(75,822	)
2.51%	Quarterly	7-Day CNRR	Quarterly	03/18/25	Citibank N.A.		—			10,306,000		(7,558	)		(7,558	)
2.51%	Quarterly	7-Day CNRR	Quarterly	09/16/25	HSBC Bank Plc		—			8,700,000		(8,253	)		(8,253	)
2.55%	Quarterly	7-Day CNRR	Quarterly	02/10/25	Bank of America, N.A.		—			4,620,000		(2,075	)		(2,075	)
2.56%	Quarterly	7-Day CNRR	Quarterly	03/18/25	Bank of America, N.A.		—			13,792,000		(5,868	)		(5,868	)
2.65%	Quarterly	7-Day CNRR	Quarterly	03/17/26	Barclays Bank Plc		—			16,681,172		(6,003	)		(6,003	)
2.69%	Quarterly	7-Day CNRR	Quarterly	12/16/25	HSBC Bank Plc		—			4,883,838		434			434
2.69%	Quarterly	7-Day CNRR	Quarterly	03/17/26	Barclays Bank Plc		—			8,794,886		(712	)		(712	)
2.74%	Quarterly	7-Day CNRR	Quarterly	03/17/26	HSBC Bank Plc		—			4,906,801		1,383			1,383
BRL-CDI	Annual	2.78%	Annual	01/03/22	HSBC Bank Plc		—		BRL	21,970,986		10,232			10,232
4.11%	Annual	BRL-CDI	Annual	01/02/23	HSBC Bank Plc		—			12,564,106		(14,866	)		(14,866	)

See accompanying Notes to the Financial Statements.

127

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

OTC — Interest Rate Swaps — continued

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Counterparty	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
4.22%	At Maturity	BRL-CDI	At Maturity	01/02/23	Bank of America, N.A.	$	—		BRL	6,899,100	$	1,423		$	1,423
4.53%	At Maturity	BRL-CDI	At Maturity	01/02/23	HSBC Bank Plc		—			8,226,185		2,318			2,318
6.87%	At Maturity	BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—			7,210,000		(28,795	)		(28,795	)
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		—			1,800,000		4,808			4,808
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		1,105			2,100,000		5,609			4,504
7.02%	At Maturity	BRL-CDI	At Maturity	01/04/27	Citigroup Global Markets, Inc.		1,320			2,156,000		5,759			4,439
7.04%	At Maturity	BRL-CDI	At Maturity	01/04/27	JPMorgan Chase Bank N.A.		—			1,400,000		3,968			3,968
						$	2,425				$	(137,007	)	$	(139,432	)

Centrally Cleared Interest Rate Swaps

Payments Received by Fund	Payment Frequency	Payments Made by Fund	Payment Frequency	Maturity Date	Upfront Premiums Paid (Received)		Notional Value			Market Value			Unrealized Appreciation (Depreciation)
5.12%	Monthly	1-Month TIIE	Monthly	06/13/25	$	17		MXN	24,751,113	$	4,790		$	4,773
6.42%	Monthly	1-Month TIIE	Monthly	08/31/40		6			6,833,478		(5,099	)		(5,105	)
7.20%	Monthly	1-Month TIIE	Monthly	07/17/24		—			182,404,200		688,814			688,814
12-Month USD LIBOR	Annual	0.56%	Annual	07/20/45		9,344		USD	3,210,000		198,328			188,984
3-Month USD LIBOR	Quarterly	1.00%	Semi-Annual	02/15/47		13,491			1,113,000		31,894			18,403
0.38%	Semi-Annual	3-Month USD LIBOR	Quarterly	08/31/24		12,810			20,858,000		76,517			63,707
SOFR	Annual	0.74%	Annual	08/19/45		—			490,000		10,234			10,234
													$	969,810

OTC — Credit Default Swaps

Buy Protection
Notional Amount*		Currency	Expiration Date	Counterparty	Receive (Pay) Fixed Rate			Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)			Value
	1,935,120	USD	06/20/25	JPMorgan Chase Bank N.A.		(1.00%	)	Quarterly	CDX.EM.33**	$	18,084		$	57,942		$	76,026
	14,600,000	USD	12/20/25	Morgan Stanley & Co.		(1.00%	)	Quarterly	CDX.EM.34**		(136,978	)		1,065,800			928,822
	730,000	EUR	12/20/24	Morgan Stanley & Co.		(1.00%	)	Quarterly	Daimler AG, 1.40%, 01/12/24		5,289			(19,195	)		(13,906	)
	Total Buy Protection									$	(113,605	)	$	1,104,547		$	990,942

See accompanying Notes to the Financial Statements.

128

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

OTC — Credit Default Swaps — continued

Sell Protection
Notional Amount*		Currency	Expiration Date	Counterparty	Receive (Pay) Fixed Rate		Payment Frequency	Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid/ (Received)		Value
	730,000	EUR	12/20/24	Morgan Stanley & Co.		1.00%	Quarterly	Volkswagen International Finance N.V., 0.50%, 03/30/21 (Moody’s rating: A3; S&P rating: BBB+)	$	(4,454	)	$	9,255	$	4,801
	Total OTC Credit Default Swaps								$	(118,059	)	$	1,113,802	$	995,743

Centrally Cleared Credit Default Swaps

Buy Protection
Notional Amount*		Currency	Expiration Date	Receive (Pay) Fixed Rate	Payment Frequency		Deliverable on Default	Unrealized Appreciation (Depreciation)			Upfront Premiums Paid (Received)			Value
	12,052,000	USD	06/20/25	(5.00%)		Quarterly	CDX.NA.HY.34***	$	48,316		$	(636,430	)	$	(588,114	)
	30,452,000	USD	06/20/25	(5.00%)		Quarterly	CDX.NA.HY.34***		226,835			(1,712,834	)		(1,485,999	)
	12,880,000	USD	06/20/25	(5.00%)		Quarterly	CDX.NA.HY.34***		(16,719	)		(611,800	)		(628,519	)
	1,079,000	USD	12/20/25	(5.00%)		Quarterly	CDX.NA.HY.34***		(80	)		(44,503	)		(44,583	)
								$	258,352		$	(3,005,567	)	$	(2,747,215	)

    * 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.

  ** CDX.EM — Markit CDX Emerging Markets Index. Represents an index composed of fifteen (15) sovereign reference entities that trade in the credit default swaps (CDS) market.

*** CDX.NA.HY — Markit North America High Yield CDS Index. 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.

U.S. Treasury securities in the amount of $258,478 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

Currency Abbreviations

ARS — Argentine Peso

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CLP — Chilean Peso

CNH — Chinese Yuan Renminbi

CNY — Chinese Yuan

COP — Colombian Peso

CZK — Czech Koruna

DOP — Dominican Pesos

EGP — Egyptian Pound

See accompanying Notes to the Financial Statements.

129

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Currency Abbreviations — continued

EUR — Euro Currency

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesian Rupiah

INR — Indian Rupee

JPY — Japanese Yen

KZT — Kazakhstani Tenge

MXN — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krona

PEN — Peruvian Nuevo Sol

PHP — Philippines Peso

PLN — Polish Zloty

RON — Romanian New Leu

RUB — Russian Ruble

SAR — Saudi Riyal

THB — Thai Baht

TRY — Turkish New Lira

TWD — Taiwan Dollar

UAH — Ukrainian Hryvnia

USD — U.S. Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

Other Abbreviations

ARS — Auction Rate Security

CDI — Brazil Interbank Deposit Rate

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CMT — Constant Maturity Treasury Index

CNRR — China Fixing Repo Rates

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GDN — Global Depository Note

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

OTC — Over-The-Counter

PIK — Payment In Kind

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

TBD — To Be Determined

TIIE — Mexican Interbank Equilibrium Interest Rate

UMBS — Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage loans

 purchased by either FHLMC or FNMA

See accompanying Notes to the Financial Statements.

130

Mercer Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Asset Class Summary (Unaudited)	% of Net Assets
Corporate Debt		37.9
Sovereign Debt Obligations		30.2
Bank Loans		11.9
Mortgage Backed Securities — Private Issuers		4.5
Asset Backed Securities		3.5
U.S. Government and Agency Obligations		1.8
Convertible Debt		1.0
Mortgage Backed Securities — U.S. Government Agency Obligations		0.1
Purchased Swaptions		0.1
Centrally Cleared Interest Rate Swaps		0.1
OTC Credit Default Swaps		0.1
Common Stocks		0.0	*
Purchased Futures Options		0.0	*
Preferred Stocks		0.0	*
Purchased Currency Options		0.0	*
Convertible Preferred Stock		0.0	*
Written Futures Options		0.0	*
Written Swaptions		0.0	*
Written Currency Options		0.0	*
OTC Interest Rate Swaps		0.0	*
Futures Contracts		0.0	*
Centrally Cleared Credit Default Swaps		(0.2	)
Forward Foreign Currency Contracts		(3.1	)
Short-Term Investments		1.9
Other Assets and Liabilities (net)		10.2
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

131

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 88.3%
		Belgium — 0.0%
	5,182	Titan Cement International SA*		67,208
		Bermuda — 1.0%
	1,878,000	Beijing Enterprises Water Group, Ltd.*		726,968
	242,135	China Gas Holdings, Ltd.		687,351
	132,000	China Grand Pharmaceutical and Healthcare Holdings, Ltd.		120,929
	124,000	China Oriental Group Co., Ltd.		27,680
	64,000	China Resources Gas Group, Ltd.		285,729
	374,103	COSCO SHIPPING Ports, Ltd.		213,359
	748,000	CP Pokphand Co., Ltd.		73,352
	60,608	Credicorp, Ltd.		7,514,786
	1,746,000	Gemdale Properties & Investment Corp., Ltd.		295,130
	115,000	GOME Retail Holdings, Ltd.* (a)		15,136
	95,000	Haier Electronics Group Co., Ltd.		343,226
	322,000	Hopson Development Holdings, Ltd.		759,505
	950,000	Joy City Property, Ltd.		57,613
	1,414,000	Kunlun Energy Co., Ltd.		926,854
	312,000	Luye Pharma Group, Ltd.(a) 144A		181,161
	764,000	Nine Dragons Paper Holdings, Ltd.		958,204
	198,000	Pou Sheng International Holdings, Ltd.*		50,075
	21,600	Shanghai Industrial Urban Development Group, Ltd.		2,062
	460,001	Shenzhen International Holdings, Ltd.		728,879
	284,000	United Energy Group, Ltd.(a)		40,310
		Total Bermuda		14,008,309
		Brazil — 3.4%
	948,100	B3 SA-Brasil Bolsa Balcao		9,253,161
	126,741	Banco Bradesco SA*		405,197
	14,344	Banco BTG Pactual SA*		185,393
	331,600	Banco do Brasil SA*		1,742,585
	43,682	Banco Santander Brasil SA		216,688
	281,900	BB Seguridade Participacoes SA		1,213,834
	13,100	BRF SA*		42,718
	12,000	Cia Brasileira de Distribuicao		148,477
	25,300	Cia de Locacao das Americas*		106,605
	30,348	Cia Siderurgica Nacional SA		88,840
	407,500	Cielo SA*		284,128
	492,002	Cogna Educacao		452,159
	11,994	Cosan SA		145,402
	29,100	Cyrela Brazil Realty SA Empreendimentos e Participacoes		119,984
	88,560	Duratex SA*		281,717
	40,880	Guararapes Confeccoes SA*		101,104
	739,065	Hypera SA*		3,910,071
	17,211	Itau Unibanco Holding SA		65,284
	467,686	Itau Unibanco Holding SA, ADR		1,861,390
	75,916	JBS SA		278,399
	1,612	LOG Commercial Properties e Participacoes SA		8,600
	4,700	M Dias Branco SA*		28,485

See accompanying Notes to the Financial Statements.

132

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Brazil — continued
	570,000	Marfrig Global Foods SA*		1,542,194
	104,900	MRV Engenharia e Participacoes SA		299,451
	12,400	Multiplan Empreendimentos Imobiliarios SA*		42,745
	927,500	Odontoprev SA		1,974,647
	630,374	Petroleo Brasileiro SA		2,211,054
	4,840	Porto Seguro SA		41,432
	614,000	Raia Drogasil SA		2,551,230
	1,371,700	Rumo SA*		4,638,487
	12,100	Sao Martinho SA		46,756
	20,548	Sul America SA		144,473
	861,100	TOTVS SA		4,140,161
	78,100	Ultrapar Participacoes SA		267,010
	28,272	Usinas Siderurgicas de Minas Gerais SA Usiminas		51,363
	275,711	Vale SA		2,891,408
	271,600	WEG SA		3,165,844
		Total Brazil		44,948,476
		Canada — 0.2%
	119,669	Barrick Gold Corp.		3,363,896
		Cayman Islands — 20.6%
	207,000	3SBio, Inc.* 144A		232,908
	2,912	51job, Inc., ADR*		227,107
	49,500	AAC Technologies Holdings, Inc.(a)		266,661
	520,000	Agile Group Holdings, Ltd.		679,019
	1,421,784	Alibaba Group Holding, Ltd.*		50,560,474
	92,324	Alibaba Group Holding, Ltd., ADR*		27,141,410
	364,400	ANTA Sports Products, Ltd.		3,766,250
	93,000	Asia Cement China Holdings Corp.		81,720
	10,279	Autohome, Inc., ADR		986,784
	74,650	Baidu, Inc., ADR*		9,449,944
	16,000	Bizlink Holding, Inc.		124,577
	526,000	Bosideng International Holdings, Ltd.		162,890
	84,000	CAR, Inc.* (a)		27,097
	74,000	Casetek Holdings, Ltd.		220,247
	73,000	Central China Real Estate, Ltd.		33,439
	403,741	Chailease Holding Co., Ltd.		1,826,189
	359,000	China Aoyuan Group, Ltd.		366,412
	508,900	China Conch Venture Holdings, Ltd.		2,357,356
	9,000	China Education Group Holdings, Ltd.		16,490
	186,000	China Evergrande Group(a)		472,800
	389,000	China Hongqiao Group, Ltd.		242,435
	273,000	China Lesso Group Holdings, Ltd.		490,343
	3,359,000	China Medical System Holdings, Ltd.		3,697,067
	97,000	China Mengniu Dairy Co., Ltd.*		454,336
	2,042,900	China Resources Cement Holdings, Ltd.		2,788,888
	402,000	China Resources Land, Ltd.		1,810,297
	983,000	China SCE Group Holdings, Ltd.		438,862
	110,000	China Shanshui Cement Group, Ltd.*		29,806

See accompanying Notes to the Financial Statements.

133

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	926,000	China State Construction International Holdings, Ltd.		603,394
	106,000	China Tianrui Group Cement Co., Ltd.* (a)		109,693
	78,500	China Yongda Automobiles Services Holdings, Ltd.		92,883
	2,154,086	China Yuhua Education Corp., Ltd.		1,840,006
	376,800	China Zhongwang Holdings, Ltd.(a)		63,691
	118,000	Chinasoft International, Ltd.* (a)		85,265
	779,584	CIFI Holdings Group Co., Ltd.		573,372
	1,017,909	Country Garden Holdings Co., Ltd.		1,245,133
	368,300	Country Garden Services Holdings Co., Ltd.		2,369,001
	103,500	Dali Foods Group Co., Ltd. 144A		63,168
	258,200	ENN Energy Holdings, Ltd.		2,811,881
	127,000	Fu Shou Yuan International Group, Ltd.		123,559
	17,729	Fulgent Sun International Holding Co., Ltd.		66,418
	445,000	Fullshare Holdings, Ltd.*		10,048
	559,000	GCL-Poly Energy Holdings, Ltd.* (a)		23,442
	196,000	Geely Automobile Holdings, Ltd.		389,471
	371,000	General Interface Solution Holding, Ltd.		1,594,831
	5,250	Ginko International Co., Ltd.		24,290
	39,000	Golden Eagle Retail Group, Ltd.		35,427
	13,000	Gourmet Master Co., Ltd.		45,784
	342,500	Greentown China Holdings, Ltd.		532,090
	134,000	Haitian International Holdings, Ltd.		311,226
	6,000	Health & Happiness H&H International Holdings, Ltd.		25,819
	492,500	Hengan International Group Co., Ltd.		3,574,597
	76,905	JD.com, Inc., ADR*		5,968,597
	82,202	Jiayuan International Group, Ltd.		34,260
	12,957	JOYY, Inc., ADR		1,045,241
	1,216,000	Kaisa Group Holdings, Ltd.*		619,768
	325,000	Kingboard Holdings, Ltd.		1,069,355
	375,000	Kingboard Laminates Holdings, Ltd.		512,903
	20,000	Kingdee International Software Group Co., Ltd.*		51,613
	596,000	KWG Group Holdings, Ltd.		1,016,661
	602,000	Lee & Man Paper Manufacturing, Ltd.		434,994
	246,000	Logan Group Co., Ltd.		387,886
	331,400	Longfor Group Holdings, Ltd. 144A		1,860,116
	133,000	Lonking Holdings, Ltd.		35,181
	121,800	Meituan Dianping Class B*		3,800,160
	258,000	Minth Group, Ltd.		1,120,219
	16,231	Momo, Inc., ADR		223,339
	5,000	NetDragon Websoft Holdings, Ltd.		10,839
	934,025	NetEase, Inc.		16,619,619
	12,945	NetEase, Inc., ADR		5,885,703
	10,700	New Oriental Education & Technology Group, Inc., ADR*		1,599,650
	128,000	Nexteer Automotive Group, Ltd.(a)		88,692
	51,000	Parade Technologies, Ltd.		1,848,975
	7,692	Pharmally International Holding Co., Ltd.(b)		15,032
	566,000	Powerlong Real Estate Holdings, Ltd.		424,317
	116,000	Redco Properties Group, Ltd.(a) 144A		49,094
	154,500	Ronshine China Holdings, Ltd.*		108,449

See accompanying Notes to the Financial Statements.

134

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Cayman Islands — continued
	514,000	Sands China, Ltd.		1,979,729
	127,000	Sany Heavy Equipment International Holdings Co., Ltd.		74,561
	32,134	Sea, Ltd., ADR*		4,949,921
	590,000	Seazen Group, Ltd.*		500,929
	292,000	Semiconductor Manufacturing International Corp.* (a)		682,715
	510,800	Shenzhou International Group Holdings, Ltd.		8,601,213
	304,500	Shimao Property Holdings, Ltd.		1,257,290
	466,500	Shui On Land, Ltd.		58,990
	32,845	SINA Corp.*		1,399,525
	2,461,400	Sino Biopharmaceutical, Ltd.		2,680,544
	946,000	SOHO China, Ltd.*		255,115
	66,000	SSY Group, Ltd.		37,471
	353,000	Sunac China Holdings, Ltd.		1,375,561
	75,739	TAL Education Group, ADR*		5,759,194
	765,000	Tencent Holdings, Ltd.		50,490,000
	516,133	Tencent Music Entertainment Group, ADR*		7,623,284
	2,144,000	Tingyi Cayman Islands Holding Corp.		3,778,973
	202,400	Tongcheng-Elong Holdings, Ltd.*		368,237
	148,000	TPK Holding Co., Ltd.*		250,908
	18,373	Trip.com Group, Ltd., ADR*		572,135
	220,000	Uni-President China Holdings, Ltd.		200,981
	277,708	Vinda International Holdings, Ltd.(a)		910,166
	46,161	Vipshop Holdings, Ltd., ADR*		721,958
	229,000	Want Want China Holdings, Ltd.		158,970
	4,773	Weibo Corp., ADR* (a)		173,880
	4,936,500	WH Group, Ltd.		4,000,157
	181,182	Wisdom Marine Lines Co., Ltd.*		136,378
	346,200	Xiaomi Corp. Class B* 144A		913,521
	227,556	Xinyi Solar Holdings, Ltd.(a)		360,566
	39,141	Xtep International Holdings, Ltd.		11,566
	32,000	Yadea Group Holdings, Ltd.* 144A		46,988
	1,032,485	Yuzhou Group Holdings Co., Ltd.		407,665
	451,400	Zhen Ding Technology Holding, Ltd.		1,963,829
	41,000	Zhenro Properties Group, Ltd.(a)		25,129
	386,500	Zhongsheng Group Holdings, Ltd.		2,411,261
	69,500	Zhou Hei Ya International Holdings Co., Ltd.* 144A		72,459
	12,140	ZTO Express Cayman, Inc., ADR		363,229
		Total Cayman Islands		275,971,958
		Chile — 0.1%
	1,646	Banco de Credito e Inversiones SA		51,815
	15,798	CAP SA*		132,649
	218,645	Cencosud SA		319,161
	49,989	Empresa Nacional de Telecomunicaciones SA		310,155
	150,283	Empresas CMPC SA		314,751
	41,062	Empresas COPEC SA		306,889
	1,234,654	Enel Americas SA		159,852
	25,280	Falabella SA		73,804
	25,985	Inversiones Aguas Metropolitanas SA		18,767

See accompanying Notes to the Financial Statements.

135

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Chile — continued
	41,323,860	Itau CorpBanca Chile SA		109,365
	87,183	Ripley Corp. SA		23,793
	105,226	Sigdo Koppers SA		108,723
	290,338	SMU SA		43,030
		Total Chile		1,972,754
		China — 12.6%
	4,620,000	Agricultural Bank of China, Ltd. Class H		1,442,632
	344,000	Air China, Ltd. Class H		225,043
	1,450,000	Aluminum Corp. of China, Ltd. Class H*		295,613
	747,999	Angang Steel Co., Ltd. Class H(a)		199,788
	589,600	Anhui Conch Cement Co., Ltd. Class H		4,054,926
	1,084,000	AviChina Industry & Technology Co., Ltd. Class H		616,831
	729,500	BAIC Motor Corp., Ltd. Class H 144A		296,506
	11,869,000	Bank of China, Ltd. Class H		3,675,561
	144,500	Bank of Chongqing Co., Ltd. Class H		74,767
	1,385,000	Bank of Communications Co., Ltd. Class H		664,800
	211,200	Bank of Zhengzhou Co., Ltd. Class H 144A		49,598
	998,000	BBMG Corp. Class H(a)		184,147
	764,000	Beijing Capital International Airport Co., Ltd. Class H		458,400
	284,000	Beijing North Star Co., Ltd. Class H		53,135
	28,500	BYD Co., Ltd. Class H(a)		446,439
	28,000	Central China Securities Co., Ltd. Class H		5,094
	27,294	Changchun High & New Technology Industry Group, Inc. Class A		1,481,361
	2,831,000	China Cinda Asset Management Co., Ltd. Class H		529,671
	1,518,000	China CITIC Bank Corp., Ltd. Class H		585,654
	678,000	China Coal Energy Co., Ltd. Class H		165,344
	990,000	China Communications Construction Co., Ltd. Class H		517,355
	1,040,000	China Communications Services Corp., Ltd. Class H		609,239
	13,760,000	China Construction Bank Corp. Class H		8,912,929
	518,000	China Eastern Airlines Corp., Ltd. Class H(a)		221,236
	1,760,000	China Energy Engineering Corp., Ltd. Class H		156,697
	535,000	China Everbright Bank Co., Ltd. Class H		168,439
	906,500	China Galaxy Securities Co., Ltd. Class H		508,810
	3,691,000	China Huarong Asset Management Co., Ltd. Class H 144A		390,532
	344,400	China International Capital Corp., Ltd. Class H* 144A		793,675
	228,780	China International Marine Containers Group Co., Ltd. Class H		247,082
	345,000	China Life Insurance Co., Ltd. Class H		771,910
	273,000	China Machinery Engineering Corp. Class H		56,009
	2,948,100	China Merchants Bank Co., Ltd. Class H		13,903,620
	19,240	China Merchants Securities Co., Ltd. Class H* 144A		22,840
	1,202,500	China Minsheng Banking Corp., Ltd. Class H		629,955
	306,000	China Molybdenum Co., Ltd. Class H		108,186
	2,396,400	China National Building Material Co., Ltd. Class H		3,024,102
	518,000	China Oilfield Services, Ltd. Class H		359,592
	330,400	China Pacific Insurance Group Co., Ltd. Class H		933,646
	4,036,000	China Petroleum & Chemical Corp. Class H		1,619,608
	356,500	China Railway Construction Corp., Ltd. Class H		245,180
	641,000	China Railway Group, Ltd. Class H		301,063

See accompanying Notes to the Financial Statements.

136

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		China — continued
	191,000	China Railway Signal & Communication Corp., Ltd. Class H 144A		62,599
	1,639,000	China Reinsurance Group Corp. Class H		150,154
	537,500	China Shenhua Energy Co., Ltd. Class H		964,032
	608,000	China Southern Airlines Co., Ltd. Class H* (a)		327,928
	329,741	China Tourism Group Duty Free Corp., Ltd. Class A		10,793,830
	1,876,000	China Tower Corp., Ltd. Class H 144A		324,366
	676,000	China Vanke Co., Ltd. Class H		2,062,890
	45,000	China Zheshang Bank Co., Ltd. Class H(a)		21,194
	892,000	Chongqing Rural Commercial Bank Co., Ltd. Class H		328,026
	75,000	CITIC Securities Co., Ltd. Class H		166,645
	666,000	COSCO SHIPPING Development Co., Ltd. Class H		67,030
	602,000	COSCO SHIPPING Energy Transportation Co., Ltd. Class H		248,568
	383,000	COSCO SHIPPING Holdings Co., Ltd. Class H*		187,299
	434,000	CRRC Corp., Ltd. Class H		172,480
	30,000	CSSC Offshore and Marine Engineering Group Co., Ltd. Class H*		31,935
	141,600	Dongfang Electric Corp., Ltd. Class H		105,241
	76,000	Everbright Securities Co., Ltd. Class H(a) 144A		73,156
	44,000	Fuyao Glass Industry Group Co., Ltd. Class H 144A		161,239
	20,395	G-bits Network Technology Xiamen Co., Ltd. Class A		1,865,334
	419,993	Gansu Qilianshan Cement Group Co., Ltd. Class A		934,880
	265,400	GF Securities Co., Ltd. Class H		334,575
	805,000	Great Wall Motor Co., Ltd. Class H(a)		1,021,052
	482,000	Guangshen Railway Co., Ltd. Class H		81,474
	86,800	Guangzhou Automobile Group Co., Ltd. Class H		72,240
	26,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H		64,883
	539,600	Guangzhou R&F Properties Co., Ltd. Class H		693,473
	43,800	Guotai Junan Securities Co., Ltd. Class H 144A		60,698
	298,800	Haitong Securities Co., Ltd. Class H*		252,920
	689,699	Hangzhou Hikvision Digital Technology Co., Ltd. Class A		3,859,341
	71,000	Harbin Bank Co., Ltd. Class H 144A		8,795
	63,000	Hisense Home Appliances Group Co., Ltd. Class H		77,632
	67,000	Huatai Securities Co., Ltd. Class H 144A		109,448
	67,100	Huishang Bank Corp., Ltd. Class H		22,078
	9,919,000	Industrial & Commercial Bank of China, Ltd. Class H		5,145,081
	38,100	Inner Mongolia Yitai Coal Co., Ltd. Class H		27,530
	334,038	Jiangsu Hengrui Medicine Co., Ltd. Class A		4,405,382
	232,824	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A		4,272,850
	410,000	Jiangxi Copper Co., Ltd. Class H		457,613
	459,993	Jiangxi Wannianqing Cement Co., Ltd. Class A		1,027,970
	32,304	Kweichow Moutai Co., Ltd. Class A		7,914,020
	194,500	Legend Holdings Corp. Class H(a) 144A		236,412
	15,233	Livzon Pharmaceutical Group, Inc. Class H		69,580
	238,788	Luxshare Precision Industry Co., Ltd. Class A		2,003,048
	1,001,000	Metallurgical Corp. of China, Ltd. Class H		160,160
	1,444,438	Midea Group Co., Ltd. Class A		15,397,498
	36,600	New China Life Insurance Co., Ltd. Class H		136,246
	17,200	Orient Securities Co., Ltd. Class H 144A		11,407
	958,000	People’s Insurance Co. Group of China, Ltd. (The) Class H		283,074
	3,068,000	PetroChina Co., Ltd. Class H		898,627

See accompanying Notes to the Financial Statements.

137

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		China — continued
	3,740,400	PICC Property & Casualty Co., Ltd. Class H		2,601,388
	2,680,400	Ping An Insurance Group Co. of China, Ltd. Class H		27,495,716
	1,257,000	Postal Savings Bank of China Co., Ltd. Class H 144A		527,129
	201,000	Qingdao Port International Co., Ltd. Class H 144A		116,710
	82,500	Qinhuangdao Port Co., Ltd. Class H		12,774
	170,606	Red Star Macalline Group Corp., Ltd. Class H 144A		101,483
	114,500	Shandong Chenming Paper Holdings, Ltd. Class H		50,528
	29,500	Shandong Gold Mining Co., Ltd. Class H(b) (c)		72,627
	236,000	Shandong Weigao Group Medical Polymer Co., Ltd. Class H		470,173
	702,000	Shanghai Electric Group Co., Ltd. Class H*		189,314
	36,000	Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H		149,342
	80,000	Shanghai Jin Jiang Capital Co., Ltd. Class H		12,490
	241,000	Shanghai Pharmaceuticals Holding Co., Ltd. Class H		403,014
	152,000	Shengjing Bank Co., Ltd. Class H* (a) 144A		136,310
	735,500	Sinopec Engineering Group Co., Ltd. Class H		271,423
	256,000	Sinopec Oilfield Service Corp. Class H*		16,186
	760,000	Sinopec Shanghai Petrochemical Co., Ltd. Class H		138,271
	489,600	Sinopharm Group Co., Ltd. Class H		1,027,212
	1,024,000	Sinotrans, Ltd. Class H		244,439
	23,000	Tong Ren Tang Technologies Co., Ltd. Class H		14,572
	2,139,000	TravelSky Technology, Ltd. Class H		4,565,040
	28,000	Tsingtao Brewery Co., Ltd. Class H		227,794
	933,100	Weichai Power Co., Ltd. Class H		1,868,608
	78,000	Xinhua Winshare Publishing and Media Co., Ltd. Class H		49,215
	97,049	Xinjiang Goldwind Science & Technology Co., Ltd. Class H		84,652
	650,000	Yanzhou Coal Mining Co., Ltd. Class H		483,097
	177,500	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A		6,341,482
	496,000	Zhaojin Mining Industry Co., Ltd. Class H		604,160
	204,800	Zhuzhou CRRC Times Electric Co., Ltd. Class H		684,428
	412,000	Zijin Mining Group Co., Ltd. Class H		260,490
	1,453,200	Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H		1,395,072
	23,200	ZTE Corp. Class H		55,201
		Total China		168,831,288
		Colombia — 0.1%
	2,096	Banco de Bogota SA		37,522
	3,647	Bancolombia SA		22,974
	3,719	Bancolombia SA, ADR(a)		95,020
	66,156	Cementos Argos SA		79,469
	13,229	Corp. Financiera Colombiana SA*		91,297
	62,535	Grupo Argos SA		188,205
	35,111	Grupo de Inversiones Suramericana SA		187,837
	2,664	Grupo Nutresa SA		15,662
		Total Colombia		717,986
		Cyprus — 0.0%
	14,252	Cairo Mezz Plc*		1,202

See accompanying Notes to the Financial Statements.

138

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Czech Republic — 0.0%
	24,764	CEZ AS		468,474
		France — 0.3%
	35,029	Sanofi		3,505,081
		Greece — 0.1%
	132,595	Alpha Bank AE*		80,543
	12,846	Ellaktor SA*		21,014
	171,019	Eurobank Ergasias Services and Holdings SA*		75,666
	8,853	GEK Terna Holding Real Estate Construction SA*		63,638
	5,559	Hellenic Petroleum SA		29,921
	1,509	JUMBO SA		26,543
	5,901	LAMDA Development SA*		38,267
	1,550	Motor Oil Hellas Corinth Refineries SA		18,267
	24,764	Mytilineos SA		266,147
	61,833	National Bank of Greece SA*		78,309
	106,195	Piraeus Bank SA*		132,624
		Total Greece		830,939
		Hong Kong — 2.6%
	266,000	Beijing Enterprises Holdings, Ltd.		798,000
	587,500	BYD Electronic International Co., Ltd.(a)		2,952,661
	368,000	China Everbright, Ltd.		490,983
	1,442,000	China Jinmao Holdings Group, Ltd.		794,495
	543,878	China Merchants Port Holdings Co., Ltd.(a)		553,001
	1,182,000	China Mobile, Ltd.		7,541,923
	55,482	China Mobile, Ltd., ADR		1,784,301
	772,000	China Overseas Grand Oceans Group, Ltd.		440,289
	652,000	China Overseas Land & Investment, Ltd.		1,632,103
	631,000	China Resources Pharmaceutical Group, Ltd. 144A		324,049
	596,000	China Taiping Insurance Holdings Co., Ltd.		905,920
	1,142,000	China Traditional Chinese Medicine Holdings Co., Ltd.		477,430
	1,130,000	China Unicom Hong Kong, Ltd.		736,323
	1,977	China Unicom Hong Kong, Ltd., ADR(a)		12,930
	867,000	CITIC, Ltd.		636,546
	2,375,000	CNOOC, Ltd.		2,283,065
	2,200	CNOOC, Ltd., ADR		211,310
	3,419,600	CSPC Pharmaceutical Group, Ltd.		6,618,581
	931,000	Far East Horizon, Ltd.		754,410
	785,000	Fosun International, Ltd.		911,613
	171,000	Hua Hong Semiconductor, Ltd.* (a) 144A		652,006
	740,000	Lenovo Group, Ltd.		487,923
	396,000	MMG, Ltd.* (a)		98,617
	273,000	Poly Property Group Co., Ltd.		75,735
	108,000	Shanghai Industrial Holdings, Ltd.		143,535
	1,501,936	Shenzhen Investment, Ltd.		437,984
	1,456,000	Sino-Ocean Group Holding, Ltd.		293,079
	166,500	Sinotruk Hong Kong, Ltd.		426,670
	147,000	Sun Art Retail Group, Ltd.		162,174

See accompanying Notes to the Financial Statements.

139

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Hong Kong — continued
	3,346,000	Yuexiu Property Co., Ltd.		651,930
		Total Hong Kong		34,289,586
		Hungary — 0.1%
	69,547	MOL Hungarian Oil & Gas Plc*		379,729
	10,443	OTP Bank Nyrt*		314,938
	58,095	Richter Gedeon Nyrt		1,228,662
		Total Hungary		1,923,329
		India — 10.6%
	6,171	ACC, Ltd.		116,971
	51,815	Adani Enterprises, Ltd.		207,667
	16,871	Adani Gas, Ltd.		43,298
	41,266	Adani Green Energy, Ltd.*		413,024
	30,247	Adani Ports & Special Economic Zone, Ltd.		141,191
	104,805	Adani Power, Ltd.*		52,488
	19,503	Adani Transmission, Ltd.*		63,706
	139,935	Aditya Birla Capital, Ltd.*		117,972
	700	Ajanta Pharma, Ltd.		15,180
	1,619	Alembic Pharmaceuticals, Ltd.		20,539
	23,416	Alkem Laboratories, Ltd.		878,735
	1,582	Amara Raja Batteries, Ltd.		16,382
	174,970	Ambuja Cements, Ltd.		514,025
	45,963	Apollo Tyres, Ltd.		81,610
	7,623	Arvind Fashions, Ltd.*		12,760
	22,672	Arvind, Ltd.*		10,371
	486,970	Ashok Leyland, Ltd.		490,732
	166,581	Asian Paints, Ltd.		4,474,070
	1,025	Atul, Ltd.		84,913
	153,894	Aurobindo Pharma, Ltd.		1,656,999
	255,808	Axis Bank, Ltd.*		1,469,561
	40,877	Bajaj Auto, Ltd.		1,594,524
	55,574	Bajaj Finance, Ltd.		2,459,327
	8,264	Bajaj Holdings & Investment, Ltd.		271,061
	6,802	Balkrishna Industries, Ltd.		136,616
	101,945	Bank of Baroda*		56,651
	98,240	Bharat Electronics, Ltd.		127,094
	19,571	Bharat Forge, Ltd.		118,373
	91,945	Bharti Airtel, Ltd.		522,970
	32,410	Bharti Infratel, Ltd.		76,544
	1,542	Birla Corp., Ltd.		13,900
	19,360	Birlasoft, Ltd.*		50,932
	55,865	Britannia Industries, Ltd.		2,873,890
	45,555	Cadila Healthcare, Ltd.		244,384
	27,266	Canara Bank*		32,780
	5,524	Ceat, Ltd.		74,272
	3,469	Century Textiles & Industries, Ltd.		15,610
	9,767	Chambal Fertilizers and Chemicals, Ltd.		20,850
	22,089	Cholamandalam Investment and Finance Co., Ltd.		74,189

See accompanying Notes to the Financial Statements.

140

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	70,107	Cipla, Ltd.		736,893
	36,248	City Union Bank, Ltd.		68,585
	5,698	Cochin Shipyard, Ltd. 144A		26,073
	20,876	Container Corp. Of India, Ltd.		103,206
	116,759	Coromandel International, Ltd.		1,215,382
	7,878	Cummins India, Ltd.		47,516
	8,817	Dalmia Bharat, Ltd.*		91,928
	25,348	DCB Bank, Ltd.*		26,867
	5,663	DCM Shriram, Ltd.		27,812
	4,025	Dilip Buildcon, Ltd. 144A		18,330
	102,560	DLF, Ltd.		211,292
	3,946	Dr. Reddy’s Laboratories, Ltd.		277,151
	1,155	eClerx Services, Ltd.		10,997
	114,738	Edelweiss Financial Services, Ltd.*		91,598
	16,647	EIH, Ltd.*		18,163
	1,345	Endurance Technologies, Ltd. 144A		21,056
	16,885	Engineers India, Ltd.		14,727
	8,422	Escorts, Ltd.		150,849
	79,688	Exide Industries, Ltd.		177,834
	542,651	Federal Bank, Ltd.*		357,085
	2,842	Finolex Cables, Ltd.		10,554
	4,764	Finolex Industries, Ltd.		32,466
	21,744	Firstsource Solutions, Ltd.		21,470
	266,518	GAIL India, Ltd.		311,564
	17,950	General Insurance Corp. of India* 144A		29,487
	38,255	Glenmark Pharmaceuticals, Ltd.		249,969
	4,323	Godrej Industries, Ltd.*		24,252
	61,691	Grasim Industries, Ltd.		621,258
	9,916	Great Eastern Shipping Co., Ltd. (The)		31,651
	9,733	Gujarat Fluorochemicals, Ltd.*		64,964
	6,590	Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		18,601
	35,445	Gujarat Pipavav Port, Ltd.		39,538
	29,302	Gujarat State Petronet, Ltd.		82,509
	664,359	HCL Technologies, Ltd.		7,293,722
	400,026	HDFC Bank, Ltd.*		5,844,782
	23,784	HDFC Bank, Ltd., ADR*		1,188,249
	6,326	Hero MotoCorp, Ltd.		269,777
	322,010	Hindalco Industries, Ltd.		761,380
	566,046	Housing Development Finance Corp., Ltd.		13,295,713
	186,138	ICICI Bank, Ltd.*		891,838
	168,274	ICICI Bank, Ltd., ADR*		1,654,133
	422,223	IDFC First Bank, Ltd.*		170,251
	168,339	IDFC, Ltd.		73,355
	838	IIFL Wealth Management, Ltd.		11,055
	35,342	Indiabulls Real Estate, Ltd.*		24,550
	15,841	Indiabulls Ventures, Ltd.		53,215
	27,565	Indian Hotels Co., Ltd. (The)		35,549
	543,683	Infosys, Ltd.		7,413,189
	340,102	Infosys, Ltd., ADR		4,696,809

See accompanying Notes to the Financial Statements.

141

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	5,075	Ipca Laboratories, Ltd.		149,540
	173,466	Jindal Steel & Power, Ltd.*		433,547
	1,744	JK Cement, Ltd.		35,835
	41,440	JM Financial, Ltd.		43,754
	117,065	JSW Energy, Ltd.		89,330
	126,913	JSW Steel, Ltd.		473,731
	14,600	Jubilant Life Sciences, Ltd.		144,259
	4,066	Kalpataru Power Transmission, Ltd.		13,502
	31,853	Karnataka Bank, Ltd. (The)*		17,485
	56,526	Karur Vysya Bank, Ltd. (The)*		24,938
	3,700	KEC International, Ltd.		17,304
	19,360	KPIT Technologies, Ltd.		31,856
	1,219	KPR Mill, Ltd.		10,758
	2,301	KRBL, Ltd.		9,016
	127,540	L&T Finance Holdings, Ltd.		107,004
	41,363	Larsen & Toubro, Ltd.		504,872
	9,480	Laurus Labs, Ltd. 144A		36,812
	98,662	LIC Housing Finance, Ltd.		367,341
	49,751	Lupin, Ltd.		678,463
	219,410	Mahindra & Mahindra Financial Services, Ltd.*		365,485
	90,471	Mahindra & Mahindra, Ltd.		743,890
	20,010	Mahindra CIE Automotive, Ltd.*		36,614
	678,138	Manappuram Finance, Ltd.		1,440,745
	34,482	Maruti Suzuki India, Ltd.		3,146,751
	8,863	Max Financial Services, Ltd.*		73,668
	1,238	Mindtree, Ltd.		22,461
	3,493,671	Motherson Sumi Systems, Ltd.		5,407,661
	3,874	Motilal Oswal Financial Services, Ltd.		34,232
	11,977	Mphasis, Ltd.		225,644
	233	MRF, Ltd.		187,812
	141,619	Muthoot Finance, Ltd.		2,167,089
	8,687	Natco Pharma, Ltd.		111,266
	101,050	National Aluminium Co., Ltd.		43,965
	96,063	NCC, Ltd.		46,157
	30,348	NMDC, Ltd.		33,770
	19,035	Oberoi Realty, Ltd.*		101,651
	54,159	PC Jeweller, Ltd.*		10,240
	8,118	Persistent Systems, Ltd.		147,187
	36,873	Petronet LNG, Ltd.		109,799
	6,186	Phoenix Mills, Ltd. (The)*		48,634
	26,959	Piramal Enterprises, Ltd.		456,235
	11,541	PNB Housing Finance, Ltd.* 144A		52,871
	174,603	Power Finance Corp., Ltd.		203,877
	18,475	Prestige Estates Projects, Ltd.		63,553
	6,287	Quess Corp., Ltd.* 144A		35,031
	8,780	Rain Industries, Ltd.		12,198
	22,196	Rajesh Exports, Ltd.		134,430
	4,988	Ramco Cements, Ltd. (The)		51,110
	4,818	Raymond, Ltd.*		18,938

See accompanying Notes to the Financial Statements.

142

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		India — continued
	93,936	RBL Bank, Ltd. 144A		215,042
	198,915	REC, Ltd.		266,505
	34,104	Reliance Capital, Ltd.*		3,652
	1,315,827	Reliance Industries, Ltd.		39,788,697
	29	Reliance Industries, Ltd., GDR 144A		1,763
	33,014	Reliance Industries, Ltd. (Partly Paid-up Shares)		600,029
	191,600	Reliance Power, Ltd.*		7,271
	2,509	Sadbhav Engineering, Ltd.*		1,644
	2,694	Shriram City Union Finance, Ltd.		34,688
	46,272	Shriram Transport Finance Co., Ltd.		387,837
	8,357	Sobha, Ltd.		25,168
	1,607	SRF, Ltd.		89,825
	255,206	State Bank of India*		640,609
	269,432	Steel Authority of India, Ltd.*		122,884
	7,488	Strides Pharma Science, Ltd.		73,073
	79,011	Sun Pharmaceutical Industries, Ltd.		536,093
	10,790	Sun TV Network, Ltd.		68,297
	3,547	Sundaram Finance, Ltd.		62,397
	8,857	Sunteck Realty, Ltd.		33,037
	19,260	Tata Chemicals, Ltd.		78,209
	88,623	Tata Consumer Products, Ltd.		599,388
	383,877	Tata Motors, Ltd.*		694,080
	114,010	Tata Steel, Ltd.		554,288
	18,822	Tech Mahindra, Ltd.		201,422
	1,123	Thermax, Ltd.		10,972
	22,198	Thomas Cook India, Ltd.*		8,454
	37,503	TV18 Broadcast, Ltd.*		14,614
	3,361	UltraTech Cement, Ltd.		183,593
	56,007	Union Bank of India*		18,522
	1,067,374	UPL, Ltd.		7,251,575
	1,848	Vardhman Textiles, Ltd.*		20,088
	345,735	Vedanta, Ltd.		644,329
	1,853,830	Vodafone Idea, Ltd.*		237,445
	39,909	Welspun India, Ltd.		36,242
	84,309	Wipro, Ltd.		357,953
	3,632	Wockhardt, Ltd.*		14,497
	324,058	Yes Bank, Ltd.*		57,977
	242,266	Zee Entertainment Enterprises, Ltd.		689,562
	2,971	Zensar Technologies, Ltd.		7,732
		Total India		141,917,119
		Indonesia — 1.4%
	4,188,200	Adaro Energy Tbk PT		319,463
	349,100	AKR Corporindo Tbk PT		59,826
	3,996,800	Aneka Tambang Tbk PT		189,365
	160,000	Astra Agro Lestari Tbk PT		109,409
	1,769,800	Astra International Tbk PT		530,464
	2,656,000	Bank Central Asia Tbk PT		4,837,204
	104,300	Bank Danamon Indonesia Tbk PT		15,210

See accompanying Notes to the Financial Statements.

143

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Indonesia — continued
	6,381,300	Bank Mandiri Persero Tbk PT		2,127,100
	541,200	Bank Maybank Indonesia Tbk PT		7,420
	1,157,800	Bank Negara Indonesia Persero Tbk PT		345,473
	928,000	Bank Pan Indonesia Tbk PT*		46,151
	1,131,300	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		66,145
	956,700	Bank Pembangunan Daerah Jawa Timur Tbk PT		32,790
	16,836,700	Bank Rakyat Indonesia Persero Tbk PT		3,439,756
	796,500	Bank Tabungan Negara Persero Tbk PT		64,234
	1,324,100	Barito Pacific Tbk PT*		70,298
	892,900	Bukit Asam Tbk PT		118,213
	1,040,000	Bumi Serpong Damai Tbk PT*		51,720
	3,683,600	Ciputra Development Tbk PT		159,672
	15,100	Gudang Garam Tbk PT*		40,642
	756,600	Indah Kiat Pulp & Paper Corp. Tbk PT		456,350
	135,500	Indo Tambangraya Megah Tbk PT		74,215
	3,700	Indocement Tunggal Prakarsa Tbk PT		2,586
	683,500	Indofood Sukses Makmur Tbk PT		328,429
	371,800	Japfa Comfeed Indonesia Tbk PT		27,610
	544,400	Jaya Real Property Tbk PT		15,073
	97,200	Link Net Tbk PT		11,529
	2,954,700	Medco Energi Internasional Tbk PT*		67,116
	682,000	Media Nusantara Citra Tbk PT*		33,000
	705,900	Mitra Adiperkasa Tbk PT*		27,041
	131,500	Pabrik Kertas Tjiwi Kimia Tbk PT		53,466
	1,351,600	Pakuwon Jati Tbk PT*		32,155
	228,200	PP Persero Tbk PT		12,652
	1,205,900	Puradelta Lestari Tbk PT		16,208
	257,300	Semen Indonesia Persero Tbk PT		158,651
	1,350,500	Summarecon Agung Tbk PT*		50,372
	26,182,100	Telekomunikasi Indonesia Persero Tbk PT		4,504,447
	219,300	United Tractors Tbk PT		336,024
	367,100	Vale Indonesia Tbk PT*		87,828
	1,419,900	Waskita Karya Persero Tbk PT		47,521
	872,100	Wijaya Karya Persero Tbk PT		64,177
	855,500	XL Axiata Tbk PT		116,711
		Total Indonesia		19,153,716
		Luxembourg — 0.4%
	28,085	Globant SA*		5,033,393
	21,502	Kernel Holding SA		222,453
		Total Luxembourg		5,255,846
		Malaysia — 0.5%
	285,400	AirAsia Group Bhd*		46,016
	370,400	Alliance Bank Malaysia Bhd		195,205
	439,400	AMMB Holdings Bhd		317,218
	62,100	Axiata Group Bhd		44,085
	1,600	Batu Kawan Bhd		5,799
	27,700	BIMB Holdings Bhd		23,331

See accompanying Notes to the Financial Statements.

144

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Malaysia — continued
	81,500	Boustead Holdings Bhd*		12,552
	71,300	Bumi Armada Bhd*		4,375
	28,500	Cahya Mata Sarawak Bhd		8,436
	599,588	CIMB Group Holdings Bhd		444,406
	339,700	DRB-Hicom Bhd		170,851
	4,900	Eco World Development Group Bhd*		472
	631,000	FGV Holdings Bhd		174,624
	406,163	Gamuda Bhd		341,116
	370,500	Genting Bhd		283,525
	827,300	Genting Malaysia Bhd		414,098
	12,100	Genting Plantations Bhd		28,827
	20,900	Hong Leong Bank Bhd		75,643
	44,800	Hong Leong Financial Group Bhd		153,951
	793,700	IJM Corp. Bhd		275,040
	328,300	IOI Properties Group Bhd		71,498
	84,000	KPJ Healthcare Bhd		17,182
	131,000	Lotte Chemical Titan Holding Bhd 144A		67,147
	72,720	Magnum Bhd		36,749
	144,940	Malayan Banking Bhd		251,827
	279,100	Malaysia Airports Holdings Bhd		318,357
	719,835	Malaysia Building Society Bhd		88,345
	158,000	MISC Bhd		285,164
	102,700	MMC Corp. Bhd		18,165
	89,300	Oriental Holdings Bhd		111,101
	69,600	Petronas Chemicals Group Bhd		93,961
	11,700	Pos Malaysia Bhd*		2,281
	5,100	PPB Group Bhd		23,319
	90,400	Public Bank Bhd		341,543
	293,600	RHB Bank Bhd		322,886
	1,152,800	Sapura Energy Bhd*		27,742
	7,800	Scientex Bhd		19,897
	705,200	Sime Darby Bhd		422,560
	1,138,700	Sime Darby Property Bhd		158,933
	588,853	SP Setia Bhd Group		109,112
	420,696	Sunway Bhd		138,697
	523,700	UEM Sunrise Bhd*		45,999
	264,100	UOA Development Bhd		101,687
	30,000	Yinson Holdings Bhd		40,428
	737,900	YTL Corp. Bhd		119,861
		Total Malaysia		6,254,011
		Marshall Islands — 0.0%
	10,988	Atlas Corp.(a)		98,233
		Mexico — 1.6%
	10,775	ALEATICA SAB de CV(a)		9,698
	775,577	Alfa SAB de CV Class A		481,316
	147,998	Alpek SAB de CV(a)		103,712
	49,168	Arca Continental SAB de CV		212,278

See accompanying Notes to the Financial Statements.

145

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Mexico — continued
	24,518	Banco del Bajio SA* (a) 144A		18,203
	1,601	Becle SAB de CV		3,261
	2,191,822	Cemex SAB de CV		833,013
	130,050	Cemex SAB de CV, ADR		494,190
	12,081	Coca-Cola Femsa SAB de CV		49,056
	560	Coca-Cola Femsa SAB de CV, ADR		22,803
	32,999	El Puerto de Liverpool SAB de CV(a)		93,276
	52,116	Fomento Economico Mexicano SAB de CV		293,209
	732	Fomento Economico Mexicano SAB de CV, ADR		41,131
	599,000	Grupo Aeroportuario del Pacifico SAB de CV Class B		4,813,544
	39,702	Grupo Bimbo SAB de CV Series A		73,988
	51,326	Grupo Carso SAB de CV Series A-1		104,741
	51,304	Grupo Cementos de Chihuahua SAB de CV		238,512
	25,451	Grupo Comercial Chedraui SA de CV		27,750
	5,136	Grupo Elektra SAB DE CV		279,417
	1,325,924	Grupo Financiero Banorte SAB de CV Series O*		4,588,172
	228,565	Grupo Financiero Inbursa SAB de CV Series O*		176,944
	34,200	Grupo Lala SAB de CV		21,209
	327,910	Grupo Mexico SAB de CV Series B		835,975
	76,700	Grupo Sanborns SAB de CV		62,539
	475,614	Grupo Televisa SAB*		588,815
	19,886	Grupo Televisa SAB, ADR*		122,895
	76,227	Industrias Bachoco SAB de CV Series B(a)		239,706
	14,508	Industrias CH SAB de CV Series B(a)		49,309
	32,724	Industrias Penoles SAB de CV		528,369
	51,353	Megacable Holdings SAB de CV		148,948
	231,985	Orbia Advance Corp. SAB de CV		405,421
	14,495	Organizacion Soriana SAB de CV Class B*		9,803
	30,476	Promotora y Operadora de Infraestructura SAB de CV*		214,685
	1,809	Promotora y Operadora de Infraestructura SAB de CV Series L*		9,464
	2,061,190	Wal-Mart de Mexico SAB de CV		4,940,152
		Total Mexico		21,135,504
		Netherlands — 1.3%
	125,001	Unilever NV		7,548,998
	29,421	X5 Retail Group NV, Reg S, GDR(d)		1,088,577
	3,300	X5 Retail Group NV, Reg S (London Exchange), GDR(d)		122,100
	136,443	Yandex NV Class A* (a)		8,902,906
		Total Netherlands		17,662,581
		Philippines — 0.2%
	90,400	8990 Holdings, Inc.*		12,531
	1,291,000	Alliance Global Group, Inc.*		186,407
	5,756	Altus Property Ventures, Inc.*		1,122
	19,680	Ayala Corp.		279,693
	123,100	Ayala Land, Inc.		75,414
	122,369	Bank of the Philippine Islands		161,543
	72,770	BDO Unibank, Inc.		129,464
	285,500	Bloomberry Resorts Corp.		43,049

See accompanying Notes to the Financial Statements.

146

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Philippines — continued
	6,590	Cebu Air, Inc.*		5,131
	156,200	China Banking Corp.		70,077
	217,800	Cosco Capital, Inc.		23,002
	1,203,900	DMCI Holdings, Inc.		99,332
	33,900	Eagle Cement Corp.*		9,999
	204,200	Emperador, Inc.		41,657
	160,300	Filinvest Development Corp.		28,436
	5,355	GT Capital Holdings, Inc.		42,681
	191,740	JG Summit Holdings, Inc.		238,093
	7,430	Jollibee Foods Corp.		22,223
	416,900	LT Group, Inc.		77,395
	2,448,300	Megaworld Corp.*		149,484
	221,746	Metropolitan Bank & Trust Co.		174,726
	693,000	Nickel Asia Corp.		42,455
	90,389	Philippine National Bank*		43,628
	1,055	PLDT, Inc.		29,139
	95,700	Puregold Price Club, Inc.		96,727
	558,300	Robinsons Land Corp.		163,529
	130,730	Robinsons Retail Holdings, Inc.		175,277
	55,020	San Miguel Corp.		112,242
	12,670	San Miguel Food and Beverage, Inc.		16,595
	80,330	Security Bank Corp.		152,690
	198,600	Semirara Mining & Power Corp. Class A		40,883
	4,270	Top Frontier Investment Holdings, Inc.*		10,569
	28,020	Union Bank of the Philippines		31,326
	1,272,500	Vista Land & Lifescapes, Inc.		89,505
		Total Philippines		2,876,024
		Poland — 0.4%
	5,865	Alior Bank SA*		20,357
	14,959	Asseco Poland SA		268,897
	2,685	Bank Handlowy w Warszawie SA*		25,452
	95,985	Bank Millennium SA*		68,618
	17,711	Bank Polska Kasa Opieki SA*		230,506
	7,436	Cyfrowy Polsat SA*		51,967
	42,721	Dino Polska SA*		2,517,062
	38,937	Enea SA*		57,403
	3,799	Grupa Azoty SA*		23,877
	6,244	Grupa Lotos SA		55,700
	824	ING Bank Slaski SA*		26,214
	14,592	KGHM Polska Miedz SA*		445,344
	2,816	mBank SA*		121,195
	149,045	PGE Polska Grupa Energetyczna SA*		247,486
	76,969	Polski Koncern Naftowy ORLEN SA		912,755
	63,627	Powszechna Kasa Oszczednosci Bank Polski SA*		349,045
	1,870	Santander Bank Polska SA*		68,970
	226,231	Tauron Polska Energia SA*		128,494
		Total Poland		5,619,342

See accompanying Notes to the Financial Statements.

147

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Russia — 0.8%
	782,684	Gazprom PJSC, ADR		3,407,806
	513,364	Gazprom PJSC (OTC Exchange), ADR(a)		2,238,267
	6,005	LSR Group PJSC, Reg S, GDR(d)		13,121
	22,102	LUKOIL PJSC, ADR		1,279,264
	8,200	MMC Norilsk Nickel PJSC, ADR(a)		198,030
	67,569	MMC Norilsk Nickel PJSC (London Exchange), ADR		1,631,791
	93,040	Rosneft Oil Co. PJSC, Reg S, GDR(d)		457,478
	12,222	Sberbank of Russia PJSC, ADR*		142,631
	101,438	Sberbank of Russia PJSC (London Exchange), ADR*		1,185,303
	303,080	VTB Bank PJSC, Reg S, GDR* (d)		252,465
	20,403	VTB Bank PJSC, Reg S (London Exchange), GDR* (d)		16,996
		Total Russia		10,823,152
		South Africa — 2.8%
	130,037	Absa Group, Ltd.		696,337
	12,194	AECI, Ltd.		56,116
	39,208	African Rainbow Minerals, Ltd.(a)		454,841
	869	Anglo American Platinum, Ltd.		60,593
	29,672	AngloGold Ashanti, Ltd.		770,440
	87,158	Aspen Pharmacare Holdings, Ltd.*		623,274
	29,247	Barloworld, Ltd.		107,765
	168,342	Bid Corp., Ltd.		2,606,576
	384,805	Bidvest Group, Ltd. (The)(a)		3,186,176
	64,400	Capitec Bank Holdings, Ltd.		4,005,232
	219,848	Clicks Group, Ltd.		2,930,384
	65,938	Discovery, Ltd.		505,683
	11,359	Distell Group Holdings, Ltd.		50,053
	68,610	Exxaro Resources, Ltd.(a)		512,025
	366,394	FirstRand, Ltd.		905,661
	74,446	Foschini Group, Ltd. (The)(a)		365,982
	2,415	Gold Fields, Ltd.		29,432
	84,720	Gold Fields, Ltd., ADR		1,041,209
	68,037	Harmony Gold Mining Co., Ltd., ADR* (a)		358,555
	55,422	Impala Platinum Holdings, Ltd.(a)		483,348
	16,608	Imperial Logistics, Ltd.		37,736
	38,754	Investec, Ltd.		73,303
	21,750	Italtile, Ltd.		16,391
	280,366	KAP Industrial Holdings, Ltd.*		41,181
	44,164	Kumba Iron Ore, Ltd.		1,312,317
	46,699	Liberty Holdings, Ltd.		158,967
	487,162	Life Healthcare Group Holdings, Ltd.		498,260
	341,743	Momentum Metropolitan Holdings		317,567
	12,457	Motus Holdings, Ltd.*		32,337
	3,875	Mr Price Group, Ltd.		30,668
	165,842	MTN Group, Ltd.(a)		558,176
	16,234	MultiChoice Group		94,280
	56,227	Naspers, Ltd. Class N		9,977,933
	75,818	Nedbank Group, Ltd.		458,044
	121,837	Netcare, Ltd.		94,373

See accompanying Notes to the Financial Statements.

148

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		South Africa — continued
	19,377	Ninety One, Ltd.*		51,114
	7,817	Northam Platinum, Ltd.*		79,782
	901,420	Old Mutual, Ltd.		559,875
	204,651	Pepkor Holdings, Ltd. 144A		136,679
	19,542	PSG Group, Ltd.		53,869
	42,112	Reunert, Ltd.		72,282
	69,664	Sanlam, Ltd.		217,136
	2,183	Santam, Ltd.		31,803
	45,730	Sappi, Ltd.*		72,762
	45,095	Sasol, Ltd.* (a)		350,297
	8,988	Sasol, Ltd., ADR* (a)		68,309
	18,432	Shoprite Holdings, Ltd.(a)		151,003
	193,403	Sibanye Stillwater, Ltd.(a)		537,076
	161,774	Standard Bank Group, Ltd.		1,047,845
	36,699	Telkom SA SOC, Ltd.		57,711
	16,826	Tiger Brands, Ltd.		192,440
	34,879	Tongaat Hulett, Ltd.*		12,651
	45,872	Transaction Capital, Ltd.		59,595
	21,813	Truworths International, Ltd.(a)		40,762
	29,281	Vodacom Group, Ltd.		216,395
		Total South Africa		37,460,601
		South Korea — 8.2%
	785	Binggrae Co., Ltd.		39,602
	99,703	BNK Financial Group, Inc.		431,379
	2,348	CJ CheilJedang Corp.		793,040
	5,394	CJ Corp.		374,513
	870	CJ ENM Co., Ltd.		105,858
	809	CJ Logistics Corp.*		122,785
	10,165	Daeduck Co., Ltd.		53,541
	5,542	Daeduck Electronics Co., Ltd.*		50,468
	2,932	Daekyo Co., Ltd.		9,778
	30,324	Daelim Industrial Co., Ltd.		2,006,907
	11,002	Daesang Corp.		244,593
	30,023	Daewoo Engineering & Construction Co., Ltd.*		71,496
	3,025	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		61,561
	4,258	Daishin Securities Co., Ltd.		43,873
	14,584	Daou Technology, Inc.		267,488
	17,794	DB Insurance Co., Ltd.		687,720
	86,845	DGB Financial Group, Inc.		407,678
	803	Dong-A ST Co., Ltd.		63,650
	6,721	Dongkuk Steel Mill Co., Ltd.*		36,435
	184	Dongwon F&B Co., Ltd.		26,904
	637	Dongwon Industries Co., Ltd.		113,838
	17,953	Doosan Bobcat, Inc.		412,942
	2,955	Doosan Co., Ltd.		118,377
	1,787	Doosan Fuel Cell Co., Ltd.*		65,857
	2,913	Doosan Heavy Industries & Construction Co., Ltd.*		33,128
	66,417	Doosan Infracore Co., Ltd.* (a)		498,057

See accompanying Notes to the Financial Statements.

149

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	985	Doosan Solus Co., Ltd.*		33,269
	51,897	Douzone Bizon Co., Ltd.		4,637,227
	7,498	E-MART, Inc.		907,197
	20,632	GS Engineering & Construction Corp.		426,048
	11,678	GS Holdings Corp.		309,549
	1,043	GS Home Shopping, Inc.		114,868
	4,503	GS Retail Co., Ltd.		128,987
	620	Halla Holdings Corp.		16,461
	49,984	Hana Financial Group, Inc.		1,200,984
	6,945	Handsome Co., Ltd.		179,638
	442	Hanil Holdings Co., Ltd.		16,686
	1,001	Hanjin Transportation Co., Ltd.		36,847
	26,719	Hankook Tire & Technology Co., Ltd.		719,665
	379	Hansae Co., Ltd.		5,833
	1,735	Hansol Chemical Co., Ltd.		221,789
	776	Hansol Paper Co., Ltd.		9,256
	11,140	Hanwha Aerospace Co., Ltd.*		241,946
	14,190	Hanwha Corp.		305,155
	106,293	Hanwha Life Insurance Co., Ltd.		138,604
	36,127	Hanwha Solutions Corp.		1,187,758
	19,079	Harim Holdings Co., Ltd.		106,855
	3,349	HDC Holdings Co., Ltd.		30,354
	8,362	HDC Hyundai Development Co-Engineering & Construction		151,939
	1,275	Huchems Fine Chemical Corp.		22,458
	111	Hyosung Chemical Corp.		11,769
	3,397	Hyosung Corp.		212,040
	413	Hyosung TNC Co., Ltd.		45,379
	1,793	Hyundai Construction Equipment Co., Ltd.*		40,628
	4,891	Hyundai Department Store Co., Ltd.		235,454
	16,209	Hyundai Engineering & Construction Co., Ltd.		422,030
	719	Hyundai Glovis Co., Ltd.		88,530
	22,628	Hyundai Greenfood Co., Ltd.		143,565
	1,587	Hyundai Heavy Industries Holdings Co., Ltd.		295,824
	2,815	Hyundai Home Shopping Network Corp.		171,620
	22,088	Hyundai Marine & Fire Insurance Co., Ltd.		422,118
	8,249	Hyundai Mipo Dockyard Co., Ltd.		209,487
	20,909	Hyundai Mobis Co., Ltd.		4,112,074
	19,477	Hyundai Motor Co.		2,972,761
	29,265	Hyundai Steel Co.		615,578
	8,365	Hyundai Wia Corp.		289,682
	49,493	Industrial Bank of Korea		338,982
	5,328	IS Dongseo Co., Ltd.		186,104
	63,062	JB Financial Group Co., Ltd.		243,728
	11,849	Kakao Corp.		3,692,997
	57,989	KB Financial Group, Inc.		1,861,896
	2,600	KB Financial Group, Inc., ADR(a)		83,512
	1,703	KCC Corp.		212,602
	1,587	KEPCO Plant Service & Engineering Co., Ltd.		36,707
	43,618	Kia Motors Corp.		1,749,196

See accompanying Notes to the Financial Statements.

150

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	2,141	KIWOOM Securities Co., Ltd.		182,154
	8,959	Kolon Industries, Inc.		289,185
	6,176	Korea Asset In Trust Co., Ltd.		19,275
	7,407	Korea Investment Holdings Co., Ltd.		459,177
	2,285	Korea Line Corp.*		33,020
	1,596	Korea Petrochemical Ind Co., Ltd.		227,220
	32,394	Korea Real Estate Investment & Trust Co., Ltd.		48,750
	4,254	Korea Shipbuilding & Offshore Engineering Co., Ltd.*		300,817
	364	Korea Zinc Co., Ltd.		117,183
	28,223	Korean Air Lines Co., Ltd.*		454,898
	47,417	Korean Reinsurance Co.		302,058
	4,315	KT Skylife Co., Ltd.		34,387
	1,911	Kumho Industrial Co., Ltd.		10,817
	2,601	Kumho Petrochemical Co., Ltd.		244,643
	33,269	Kumho Tire Co., Inc.*		104,543
	3,471	LF Corp.		39,770
	4,056	LG Chem, Ltd.		2,268,169
	2,708	LG Corp.		171,580
	39,598	LG Display Co., Ltd.*		519,734
	17,609	LG Electronics, Inc.		1,380,714
	813	LG Hausys, Ltd.		39,277
	6,543	LG Household & Health Care, Ltd.		8,101,124
	9,538	LG Innotek Co., Ltd.		1,264,121
	4,910	LG International Corp.		64,865
	35,705	LG Uplus Corp.		351,097
	1,034	LIG Nex1 Co., Ltd.		28,425
	2,136	Lock&Lock Co., Ltd.*		19,725
	2,783	Lotte Chemical Corp.		467,601
	1,830	Lotte Chilsung Beverage Co., Ltd.		140,829
	482	Lotte Confectionery Co., Ltd.		41,832
	5,740	Lotte Corp.		140,371
	7,115	Lotte Fine Chemical Co., Ltd.		302,061
	40	Lotte Food Co., Ltd.		10,244
	4,985	Lotte Himart Co., Ltd.		129,154
	3,942	Lotte Shopping Co., Ltd.		264,598
	6,096	LS Corp.		273,655
	1,230	LS Electric Co., Ltd.		59,423
	4,412	Mando Corp.		134,492
	14,919	Meritz Financial Group, Inc.		116,214
	7,767	Meritz Fire & Marine Insurance Co., Ltd.		85,341
	110,816	Meritz Securities Co., Ltd.		307,480
	32,691	Mirae Asset Daewoo Co., Ltd.		237,041
	27,209	Mirae Asset Life Insurance Co., Ltd.		89,223
	2,471	Namhae Chemical Corp.		17,326
	31,875	NAVER Corp.		8,081,178
	2,237	NCSoft Corp.		1,541,703
	8,234	Nexen Tire Corp.		37,667
	49,662	NH Investment & Securities Co., Ltd.		388,124
	1,141	NHN Corp.*		72,587

See accompanying Notes to the Financial Statements.

151

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		South Korea — continued
	2,544	NICE Holdings Co., Ltd.		39,590
	450	NongShim Co., Ltd.		120,821
	5,227	OCI Co., Ltd.*		254,758
	12,241	Orion Holdings Corp.		127,172
	53,377	Pan Ocean Co., Ltd.*		156,092
	2,500	Paradise Co., Ltd.		29,393
	9,343	Poongsan Corp.		190,135
	11,637	POSCO		1,950,280
	13,167	Posco International Corp.		150,866
	1,276	S&T Motiv Co., Ltd.		55,426
	3,569	Samsung C&T Corp.		320,432
	10,400	Samsung Card Co., Ltd.		250,774
	383,577	Samsung Electronics Co., Ltd.		19,088,654
	1,400	Samsung Electronics Co., Ltd., GDR(c)		1,773,800
	4,455	Samsung Electronics Co., Ltd., Reg S (London Exchange), GDR(d)		5,644,485
	4,055	Samsung Fire & Marine Insurance Co., Ltd.		631,047
	11,648	Samsung Heavy Industries Co., Ltd.*		53,086
	11,402	Samsung Life Insurance Co., Ltd.		594,717
	22,443	Samsung Securities Co., Ltd.		587,222
	1,020	Samyang Corp.		47,446
	1,183	Samyang Holdings Corp.		64,739
	2,096	Sebang Global Battery Co., Ltd.		49,465
	166,009	Shinhan Financial Group Co., Ltd.		3,917,784
	2,572	Shinsegae, Inc.		467,336
	1,161	Shinyoung Securities Co., Ltd.		46,460
	513	Sindoh Co., Ltd.		9,519
	121	SK Chemicals Co., Ltd.		30,677
	5,863	SK Discovery Co., Ltd.		320,347
	1,422	SK Gas, Ltd.		118,307
	1,354	SK Holdings Co., Ltd.		229,815
	11,034	SK Hynix, Inc.		792,523
	6,887	SK Innovation Co., Ltd.		818,549
	56,615	SK Networks Co., Ltd.		230,188
	580	SKC Co., Ltd.		41,163
	6,679	SL Corp.		80,810
	8,544	Soulbrain Co., Ltd.*		1,583,142
	188	Taekwang Industrial Co., Ltd.		104,811
	6,008	Taeyoung Engineering & Construction Co., Ltd.		50,807
	14,048	Tongyang Life Insurance Co., Ltd.		36,817
	5,793	TY Holdings Co., Ltd.*		121,111
	89,769	Woori Financial Group, Inc.		658,587
	154	Young Poong Corp.		61,758
	11,364	Youngone Corp.		269,160
	1,753	Youngone Holdings Co., Ltd.		55,386
	39,391	Yuanta Securities Korea Co., Ltd.*		92,962
		Total South Korea		109,318,395
		Spain — 0.0%
	16,331	CEMEX Latam Holdings SA*		11,885

See accompanying Notes to the Financial Statements.

152

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — 13.7%
	822,000	Acer, Inc.		703,874
	92,000	Aerospace Industrial Development Corp.		90,056
	16,991	Arcadyan Technology Corp.		49,925
	74,000	Ardentec Corp.		83,423
	278,000	ASE Technology Holding Co., Ltd.		568,248
	324,000	Asia Cement Corp.		464,264
	32,000	Asia Optical Co., Inc.		71,155
	34,000	Asia Vital Components Co., Ltd.		78,772
	404,000	Asustek Computer, Inc.		3,536,151
	2,760,000	AU Optronics Corp.*		1,067,330
	71,000	Brighton-Best International Taiwan, Inc.*		62,758
	537,140	Capital Securities Corp.		199,374
	201,960	Career Technology MFG. Co., Ltd.		188,278
	89,000	Catcher Technology Co., Ltd.		557,748
	2,095,058	Cathay Financial Holding Co., Ltd.		2,792,253
	260,000	Cathay Real Estate Development Co., Ltd.		174,159
	445,290	Chang Hwa Commercial Bank, Ltd.		266,756
	27,000	Charoen Pokphand Enterprise		61,902
	335,000	Cheng Loong Corp.		364,935
	69,000	Cheng Shin Rubber Industry Co., Ltd.		87,912
	163,000	Cheng Uei Precision Industry Co., Ltd.		230,188
	35,110	Chicony Electronics Co., Ltd.		101,953
	90,000	Chilisin Electronics Corp.		307,334
	48,000	Chin-Poon Industrial Co., Ltd.		48,146
	1,022,000	China Airlines, Ltd.*		292,181
	266,000	China Bills Finance Corp.		133,634
	2,400,000	China Development Financial Holding Corp.		705,200
	854,335	China Life Insurance Co., Ltd.		585,545
	332,260	China Man-Made Fiber Corp.*		86,845
	70,800	China Motor Corp.*		102,672
	460,950	China Petrochemical Development Corp.		133,214
	13,000	China Steel Chemical Corp.		40,936
	1,711,000	China Steel Corp.		1,208,133
	238,000	Chipbond Technology Corp.		521,000
	264,944	ChipMOS Technologies, Inc.		261,175
	26,000	Chong Hong Construction Co., Ltd.		71,818
	112,000	Chung Hung Steel Corp.*		36,080
	1,334,000	Compal Electronics, Inc.		877,450
	148,000	Compeq Manufacturing Co., Ltd.		208,238
	178,000	Coretronic Corp.		205,276
	2,539,000	CTBC Financial Holding Co., Ltd.		1,613,065
	80,000	CTCI Corp.		107,865
	531,000	Delta Electronics, Inc.		3,465,196
	1,128,000	E Ink Holdings, Inc.		1,483,903
	6,333,799	E.Sun Financial Holding Co., Ltd.		5,598,552
	322,100	Elite Material Co., Ltd.		1,623,735
	7,688	Ennoconn Corp.		61,187
	77,000	EnTie Commercial Bank Co., Ltd.		38,019
	115,000	Epistar Corp.*		140,365

See accompanying Notes to the Financial Statements.

153

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	128,740	Eternal Materials Co., Ltd.		145,578
	741,208	Eva Airways Corp.		272,559
	236,000	Evergreen International Storage & Transport Corp.		110,821
	750,060	Evergreen Marine Corp. Taiwan, Ltd.*		410,484
	180,000	Everlight Electronics Co., Ltd.		229,957
	435,000	Far Eastern Department Stores, Ltd.		366,480
	1,054,504	Far Eastern International Bank		373,202
	476,000	Far Eastern New Century Corp.		415,814
	11,000	Far EasTone Telecommunications Co., Ltd.		23,168
	135,000	Farglory Land Development Co., Ltd.		211,855
	55,000	Feng Hsin Steel Co., Ltd.		106,156
	286,082	First Financial Holding Co., Ltd.		202,990
	380,000	FLEXium Interconnect, Inc.		1,594,158
	33,000	Formosa Advanced Technologies Co., Ltd.		39,766
	264,000	Formosa Chemicals & Fibre Corp.		617,112
	50,000	Formosa Petrochemical Corp.		138,112
	182,000	Formosa Plastics Corp.		493,930
	7,000	Formosa Sumco Technology Corp.		25,378
	263,000	Formosa Taffeta Co., Ltd.		283,777
	293,000	Foxconn Technology Co., Ltd.		521,010
	923,000	Fubon Financial Holding Co., Ltd.		1,335,326
	7,000	Fusheng Precision Co., Ltd.		42,418
	48,000	Getac Technology Corp.		75,658
	23,000	Giant Manufacturing Co., Ltd.		216,404
	583,000	Gigabyte Technology Co., Ltd.		1,519,802
	2,000	Globalwafers Co., Ltd.		26,518
	51,000	Gold Circuit Electronics, Ltd.*		78,537
	131,000	Grand Pacific Petrochemical*		84,131
	5,000	Grape King Bio, Ltd.		29,176
	80,298	Great Wall Enterprise Co., Ltd.		117,139
	45,000	Greatek Electronics, Inc.		76,290
	137,274	Hannstar Board Corp.		185,800
	801,000	HannStar Display Corp.*		234,531
	63,800	Highwealth Construction Corp.		94,724
	16,000	Holy Stone Enterprise Co., Ltd.		55,797
	3,936,200	Hon Hai Precision Industry Co., Ltd.		10,519,366
	17,000	Hota Industrial Manufacturing Co., Ltd.		55,587
	470,060	Hua Nan Financial Holdings Co., Ltd.		286,464
	32,000	Huaku Development Co., Ltd.		95,242
	80,880	Hung Sheng Construction, Ltd.*		49,290
	892,740	IBF Financial Holdings Co., Ltd.		362,188
	2,696,000	Innolux Corp.*		872,230
	309,809	International CSRC Investment Holdings Co.		209,663
	164,000	Inventec Corp.		127,125
	424,614	Jih Sun Financial Holdings Co., Ltd.		161,272
	79,040	Kenda Rubber Industrial Co., Ltd.		80,645
	19,000	Kerry TJ Logistics Co., Ltd.		24,962
	80,000	Kindom Development Co., Ltd.		108,004
	4,000	King Slide Works Co., Ltd.		38,671

See accompanying Notes to the Financial Statements.

154

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	153,000	King Yuan Electronics Co., Ltd.		161,125
	370,000	King’s Town Bank Co., Ltd.		472,688
	493,000	Kinpo Electronics		178,734
	123,000	Kinsus Interconnect Technology Corp.		279,874
	3,000	Largan Precision Co., Ltd.		348,042
	178,000	Lite-On Technology Corp., ADR		283,330
	260,076	Longchen Paper & Packaging Co., Ltd.		150,413
	88,000	Lotes Co., Ltd.		1,400,732
	12,000	Lotus Pharmaceutical Co., Ltd.*		33,395
	26,000	Lung Yen Life Service Corp.		48,208
	119,000	Macronix International		131,277
	8,000	Marketech International Corp.		28,589
	530,000	MediaTek, Inc.		11,108,004
	744,000	Mega Financial Holding Co., Ltd.		714,150
	161,128	Mercuries & Associates Holding, Ltd.		119,892
	470,445	Mercuries Life Insurance Co., Ltd.*		146,841
	21,000	Merry Electronics Co., Ltd.		107,313
	929,200	Micro-Star International Co., Ltd.		4,267,095
	15,000	Namchow Holdings Co., Ltd.		21,804
	47,000	Nan Kang Rubber Tire Co., Ltd.		68,970
	211,000	Nan Ya Plastics Corp.		433,482
	69,000	Nan Ya Printed Circuit Board Corp.*		281,127
	44,000	Nantex Industry Co., Ltd.		75,810
	106,000	Nanya Technology Corp.		210,448
	421,000	Novatek Microelectronics Corp.		3,859,385
	473,000	O-Bank Co., Ltd.		109,749
	94,000	Oriental Union Chemical Corp.		52,417
	291,000	Pegatron Corp.		641,040
	140,000	Phison Electronics Corp.		1,278,572
	10,000	Pixart Imaging, Inc.		61,460
	705,000	Pou Chen Corp.		636,550
	47,000	Powertech Technology, Inc.		140,049
	121,380	President Securities Corp.		65,170
	58,000	Primax Electronics, Ltd.		85,612
	378,000	Prince Housing & Development Corp.		140,305
	626,000	Qisda Corp., ADR		399,869
	5,000	Quang Viet Enterprise Co., Ltd.		19,249
	107,000	Quanta Computer, Inc.		279,304
	445,200	Radiant Opto-Electronics Corp.		1,698,591
	79,560	Radium Life Tech Co., Ltd.		27,608
	245,000	Realtek Semiconductor Corp.		3,117,274
	25,000	Ruentex Industries, Ltd.		55,849
	136,000	Sanyang Motor Co., Ltd.		105,186
	31,000	Sercomm Corp.		77,495
	62,000	Shanghai Commercial & Savings Bank, Ltd. (The)		83,168
	95,000	Shihlin Electric & Engineering Corp.		155,808
	2,258,574	Shin Kong Financial Holding Co., Ltd.		626,992
	24,990	Shin Zu Shing Co., Ltd.		120,368
	508,000	Shinkong Synthetic Fibers Corp.		192,065

See accompanying Notes to the Financial Statements.

155

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	43,342	Sigurd Microelectronics Corp.		56,493
	135,000	Simplo Technology Co., Ltd.		1,396,053
	33,000	Sino-American Silicon Products, Inc.		110,296
	1,574,480	SinoPac Financial Holdings Co., Ltd.		589,846
	34,000	Sinyi Realty, Inc.		33,458
	18,000	Standard Foods Corp.		37,787
	187,000	Synnex Technology International Corp.		266,663
	5,000	Systex Corp.		14,208
	334,080	TA Chen Stainless Pipe		226,665
	1,201,366	Taichung Commercial Bank Co., Ltd.		443,844
	1,814,655	Taishin Financial Holding Co., Ltd.		802,002
	1,793,939	Taiwan Business Bank		590,918
	1,726,929	Taiwan Cement Corp.		2,468,575
	893,097	Taiwan Cooperative Financial Holding Co., Ltd.		601,319
	397,000	Taiwan Glass Industry Corp.*		166,548
	81,000	Taiwan Hon Chuan Enterprise Co., Ltd.		153,543
	33,000	Taiwan Paiho, Ltd.		77,025
	1,805,000	Taiwan Semiconductor Manufacturing Co., Ltd.		26,985,878
	498,000	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		40,372,860
	28,280	Taiwan Shin Kong Security Co., Ltd.		35,445
	26,000	Taiwan Surface Mounting Technology Corp.		93,364
	18,000	Taiwan Union Technology Corp.		69,608
	52,000	Tatung Co., Ltd.*		30,164
	595,000	Teco Electric and Machinery Co., Ltd.		613,243
	330,000	Ton Yi Industrial Corp.*		113,715
	15,000	Tong Hsing Electronic Industries, Ltd.		68,883
	100,000	Tong Yang Industry Co., Ltd.		123,610
	25,000	Topco Scientific Co., Ltd.		98,405
	20,000	Transcend Information, Inc.		43,367
	353,000	Tripod Technology Corp.		1,340,722
	170,000	TSRC Corp.		103,895
	17,000	TTY Biopharm Co., Ltd.		39,034
	339,000	Tung Ho Steel Enterprise Corp.		333,592
	49,000	TXC Corp.		122,153
	212,000	U-Ming Marine Transport Corp.		219,232
	3,079,000	Uni-President Enterprises Corp.		6,644,482
	80,000	Unimicron Technology Corp.		205,511
	652,247	Union Bank Of Taiwan		224,307
	83,700	Unitech Printed Circuit Board Corp.		61,123
	1,709,000	United Microelectronics Corp.		1,684,689
	149,887	UPC Technology Corp.		64,691
	420,780	USI Corp.		228,100
	61,000	Wafer Works Corp.		71,927
	34,000	Wah Lee Industrial Corp.		65,624
	1,163,000	Walsin Lihwa Corp.		644,505
	19,000	Walsin Technology Corp.		101,357
	252,000	Wan Hai Lines, Ltd.		184,897
	960,000	Winbond Electronics Corp.		462,399
	806,447	Wistron Corp.		829,781

See accompanying Notes to the Financial Statements.

156

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Taiwan — continued
	41,560	Wistron NeWeb Corp.		109,633
	390,720	WPG Holdings, Ltd.		524,791
	159,000	WT Microelectronics Co., Ltd.		206,697
	9,000	Yageo Corp.		109,229
	459,000	Yang Ming Marine Transport Corp.*		153,729
	527,000	YFY, Inc.		312,976
	318,331	Yieh Phui Enterprise Co., Ltd.*		107,825
	1,532,960	Yuanta Financial Holding Co., Ltd.		942,155
	16,610	Yulon Finance Corp.		56,778
	435,000	Yulon Motor Co., Ltd.*		344,702
		Total Taiwan		183,788,244
		Thailand — 0.9%
	2,495,700	Airports of Thailand PCL Class F		4,449,927
	606,100	AP Thailand PCL Class F		109,983
	427,600	Bangchak Corp. PCL Class F		202,414
	50,100	Bangkok Bank PCL, NVDR		151,782
	876,200	Bangkok Land PCL Class F		27,375
	251,700	Bangkok Life Assurance PCL, NVDR		139,800
	1,917,900	Banpu PCL Class F		351,048
	46,300	Berli Jucker PCL Class F		53,697
	69,300	CH Karnchang PCL Class F		37,179
	163,200	Charoen Pokphand Foods PCL Class F		144,208
	17,100	Delta Electronics Thailand PCL Class F		84,454
	128,800	Esso Thailand PCL Class F*		24,591
	21,100	GFPT PCL Class F		8,190
	216,000	Hana Microelectronics PCL Class F		296,521
	189,000	Indorama Ventures PCL Class F		125,851
	2,165,000	IRPC PCL Class F		131,181
	98,600	Kasikornbank PCL, NVDR		239,596
	147,700	Kasikornbank PCL Class F		357,743
	121,500	Kiatnakin Phatra Bank PCL Class F		142,828
	575,700	Krung Thai Bank PCL Class F		161,696
	139,600	MBK PCL Class F		53,307
	173,678	Minor International PCL Class F*		109,619
	251,100	Pruksa Holding PCL Class F		85,582
	188,200	PTT Exploration & Production PCL Class F		469,201
	324,800	PTT Global Chemical PCL Class F		402,316
	628,500	PTT PCL Class F		644,615
	2,281,600	Quality Houses PCL Class F		158,407
	30,500	Siam Cement PCL (The) Class F		309,933
	6,000	Siam City Cement PCL Class F		22,627
	140,300	Siam Commercial Bank PCL (The) Class F		287,795
	62,100	Sri Trang Agro-Industry PCL Class F*		51,934
	594,200	Star Petroleum Refining PCL Class F		104,073
	661,900	Supalai PCL Class F		323,770
	64,600	Thai Airways International PCL Class F*		6,605
	333,600	Thai Oil PCL Class F		336,890
	231,000	Thai Union Group PCL Class F		102,059

See accompanying Notes to the Financial Statements.

157

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Thailand — continued
	125,500	Thanachart Capital PCL Class F		114,856
	7,900	Tisco Financial Group PCL Class F		15,894
	5,275,336	TMB Bank PCL Class F		148,167
	1,080,600	TPI Polene PCL Class F		45,696
	598,500	TPI Polene Power PCL Class F		78,195
	3,034,100	True Corp. PCL Class F		296,827
	50,400	Vinythai PCL Class F		36,264
	572,900	WHA Corp. PCL Class F		50,985
		Total Thailand		11,495,681
		Turkey — 0.6%
	382,463	Akbank T.A.S.*		255,665
	9,640	Anadolu Efes Biracilik Ve Malt Sanayii AS		25,876
	7,339	Arcelik AS*		23,625
	2,040,492	Aselsan Elektronik Sanayi Ve Ticaret AS		5,117,022
	150,282	BIM Birlesik Magazalar AS		1,357,661
	377,430	Dogan Sirketler Grubu Holding AS		116,107
	89,241	Enka Insaat ve Sanayi AS		81,548
	67,443	Eregli Demir ve Celik Fabrikalari TAS		82,814
	23,713	KOC Holding AS		45,154
	863	Pegasus Hava Tasimaciligi AS*		5,175
	16,306	Selcuk Ecza Deposu Ticaret ve Sanayi AS		18,160
	30,173	Soda Sanayii AS		32,507
	9,675	TAV Havalimanlari Holding AS		19,352
	13,791	Tekfen Holding AS		26,529
	218,592	Trakya Cam Sanayii AS		135,908
	73,745	Turk Hava Yollari AO*		100,507
	96,072	Turkiye Garanti Bankasi AS*		88,538
	226,963	Turkiye Halk Bankasi AS*		151,129
	190,164	Turkiye Is Bankasi AS Class C*		132,056
	113,221	Turkiye Sise ve Cam Fabrikalari AS		107,576
	170,595	Turkiye Vakiflar Bankasi TAO Series D*		91,673
	9,434	Vestel Elektronik Sanayi ve Ticaret AS*		21,270
	421,480	Yapi ve Kredi Bankasi AS*		116,528
		Total Turkey		8,152,380
		United Kingdom — 1.1%
	206,744	GlaxoSmithKline Plc		3,880,885
	234,060	Mondi Plc		4,961,007
	474,702	Network International Holdings Plc*		1,676,614
	172,967	Polymetal International Plc		3,777,920
		Total United Kingdom		14,296,426
		United States — 2.7%
	68,458	Colgate-Palmolive Co.		5,281,535
	39,579	Johnson & Johnson		5,892,522
	6,577	MercadoLibre, Inc.*		7,119,471
	22,004	Microsoft Corp.		4,628,101

See accompanying Notes to the Financial Statements.

158

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	44,309	PepsiCo, Inc.		6,141,227
	24,624	Waters Corp.*		4,818,424
	43,967	Yum China Holdings, Inc.		2,328,053
		Total United States		36,209,333
		TOTAL COMMON STOCKS (COST $1,109,771,945)		1,182,428,959
		PREFERRED STOCKS — 1.6%
		Brazil — 0.8%
	1,461,269	Banco Bradesco SA, 8.33%		5,032,109
	501,044	Gerdau SA, 0.32%		1,848,986
	155,856	Itau Unibanco Holding SA, 5.32%		622,157
	822,102	Petroleo Brasileiro SA, 3.15%		2,860,208
	166,200	Usinas Siderurgicas de Minas Gerais SA, 0.43% Series A		295,751
		Total Brazil		10,659,211
		Colombia — 0.0%
	15,537	Grupo Argos SA, 3.88%		39,988
	15,334	Grupo de Inversiones Suramericana SA, 3.39%		73,600
		Total Colombia		113,588
		South Korea — 0.8%
	234,033	Samsung Electronics Co., Ltd., 2.06%		10,105,743
		TOTAL PREFERRED STOCKS (COST $24,754,075)		20,878,542
		RIGHTS — 0.0%
		Hong Kong — 0.0%
	6,315	Legend Holdings Corp., Class H* (b) (e)		—
		India — 0.0%
	1,566	EIH, Ltd. Expires 10/09/20*		311
		South Korea — 0.0%
	403	Hanjin Transportation Co., Ltd. Expires 10/20/20* (b)		2,274
		Thailand — 0.0%
	4,298	Siam Cement PCL (The)* (b) (e)		—
		TOTAL RIGHTS (COST $—)		2,585
		WARRANT — 0.0%
		Thailand — 0.0%
	7,894	Minor International PCL*		1,856
		TOTAL WARRANT (COST $—)		1,856

See accompanying Notes to the Financial Statements.

159

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.3%
			Mutual Fund - Securities Lending Collateral — 0.3%
	4,633,703		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(f) (g)		4,633,703
			TOTAL SHORT-TERM INVESTMENT (COST $4,633,703)		4,633,703
			TOTAL INVESTMENTS — 90.2% (Cost $1,139,159,723)		1,207,945,645
			Other Assets and Liabilities (net) — 9.8%		131,185,281
			NET ASSETS — 100.0%	$1,339,130,926
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	All or a portion of this security is out on loan.
		(b)	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 $89,933 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2020 was $124,259.
		(c)	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 $1,846,427, which is 0.1% of net assets. See details shown in the Restricted Securities table that follows.
		(d)	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.
		(e)	Level 3—significant unobservable inputs were used in determining the value of this portfolio security.
		(f)	The rate disclosed is the 7-day net yield as of September 30, 2020.
		(g)	Represents an investment of securities lending cash 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 $8,536,867 which represents 0.6% of net assets.

See accompanying Notes to the Financial Statements.

160

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

At September 30, 2020, the Fund held the following restricted securities:

Restricted Securities	Acquisition Date		Principal Amount			Cost			Value
Samsung Electronics Co., Ltd.		11/12/19		USD	1,400		$	1,551,524		$	1,773,800
Shandong Gold Mining Co., Ltd. Class H		09/02/20		HKD	29,500			83,279			72,627
										$	1,846,427

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	623	MSCI Emerging Markets E-mini Index		Dec 2020	$	33,906,775	$	(57,020	)

Currency Abbreviations

HKD — Hong Kong Dollar

USD — U.S. Dollar

Other Abbreviations

ADR — American Depository Receipt

GDR — Global Depository Receipt

NVDR — Non-Voting Depository Receipt

OTC — Over-The-Counter

See accompanying Notes to the Financial Statements.

161

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Financial		18.3
Communications		16.5
Technology		15.8
Consumer, Non-cyclical		10.9
Industrial		9.1
Consumer, Cyclical		8.4
Energy		5.2
Basic Materials		5.0
Utilities		0.6
Diversified		0.1
Short-Term Investment		0.3
Other Assets and Liabilities (net)		9.8
		100.0	%

See accompanying Notes to the Financial Statements.

162

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		COMMON STOCKS — 90.6%
		Australia — 1.7%
	17,915	Ansell, Ltd.		476,385
	42,400	Cochlear, Ltd.		6,017,258
	49,233	Coles Group, Ltd.		599,892
	376,866	Evolution Mining, Ltd.		1,553,182
	124,341	Newcrest Mining, Ltd.		2,784,152
	25,320	Northern Star Resources, Ltd.		247,540
	199,894	Ramelius Resources, Ltd.		296,577
	301,629	Regis Resources, Ltd.		1,083,125
	31,716	Saracen Mineral Holdings, Ltd.*		117,527
	329,851	Sonic Healthcare, Ltd.		7,839,708
	142,363	Westgold Resources, Ltd.*		240,811
	12,756	Woolworths Group, Ltd.		333,075
		Total Australia		21,589,232
		Austria — 0.2%
	24,241	EVN AG		405,926
	6,923	Flughafen Wien AG*		180,225
	15,021	Oesterreichische Post AG(a)		505,533
	34,645	Telekom Austria AG Class A		244,978
	41,396	UNIQA Insurance Group AG		249,997
	40,298	Vienna Insurance Group AG Wiener Versicherung Gruppe		896,909
		Total Austria		2,483,568
		Belgium — 0.2%
	28,446	Colruyt SA		1,846,656
		Bermuda — 1.2%
	141,500	CK Infrastructure Holdings, Ltd.		660,029
	129,500	Dairy Farm International Holdings, Ltd.		488,215
	342,000	Emperor International Holdings, Ltd.		51,190
	29,731	Enstar Group, Ltd.*		4,801,556
	8,414	Everest Re Group, Ltd.		1,662,102
	38,529	Genpact, Ltd.		1,500,704
	151,000	Kerry Logistics Network, Ltd.		271,995
	362,124	Pacific Century Premium Developments, Ltd.*		94,853
	300,000	Regal Hotels International Holdings, Ltd.		111,871
	15,373	RenaissanceRe Holdings, Ltd.		2,609,413
	120,500	SmarTone Telecommunications Holdings, Ltd.		63,904
	7,500	Soundwill Holdings, Ltd.		6,532
	58,000	Transport International Holdings, Ltd.		106,121
	149,400	VTech Holdings, Ltd.		929,172
	1,100	White Mountains Insurance Group, Ltd.		856,900
	3,000	Wing On Co. International, Ltd.		6,588
	32,000	Wing Tai Properties, Ltd.		15,443
		Total Bermuda		14,236,588

See accompanying Notes to the Financial Statements.

163

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Canada — 5.4%
	12,000	Alimentation Couche-Tard, Inc. Class B		416,575
	32,812	Atco, Ltd. Class I		945,487
	70,200	B2Gold Corp.		455,650
	26,000	Bank of Montreal		1,515,134
	32,400	Bank of Nova Scotia (The)		1,341,844
	48,301	BCE, Inc.		2,003,042
	5,689	Canadian Imperial Bank of Commerce		423,901
	75,161	Canadian National Railway Co.		7,979,473
	27,600	Canadian Pacific Railway, Ltd.		8,402,268
	2,719	Canadian Utilities, Ltd. Class A		64,649
	98,789	Centerra Gold, Inc.		1,145,605
	3,400	Cogeco Communications, Inc.		277,931
	6,400	Cogeco, Inc.		421,875
	3,102	Constellation Software, Inc.		3,436,131
	19,000	Dundee Precious Metals, Inc.		135,699
	77,300	Empire Co., Ltd. Class A		2,236,680
	29,600	George Weston, Ltd.		2,169,670
	128,484	Intact Financial Corp.		13,714,579
	42,100	Loblaw Cos., Ltd.		2,197,741
	3,600	Metro, Inc.		172,191
	47,200	National Bank of Canada		2,337,120
	39,300	North West Co., Inc. (The)(a)		1,070,949
	171,567	OceanaGold Corp.*		263,307
	18,400	Osisko Gold Royalties, Ltd.(a)		216,957
	20,900	Quebecor, Inc. Class B		521,190
	27,800	Rogers Communications, Inc. Class B		1,099,305
	29,800	Royal Bank of Canada		2,085,721
	90,900	Shaw Communications, Inc. Class B		1,653,655
	45,500	SSR Mining, Inc.* (a)		849,485
	7,331	Timbercreek Financial Corp.(a)		45,827
	34,600	Torex Gold Resources, Inc.*		487,754
	58,070	Waste Connections, Inc.		6,027,666
	114,600	Yamana Gold, Inc.		649,464
		Total Canada		66,764,525
		Cayman Islands — 0.8%
	33,200	Alibaba Group Holding, Ltd., ADR*		9,760,136
	249,000	Langham Hospitality Investments and Langham Hospitality Investments, Ltd.		30,523
		Total Cayman Islands		9,790,659
		Denmark — 0.4%
	3,247	Carlsberg AS Class B		437,861
	2,224	Coloplast AS Class B		351,586
	5,849	Genmab AS*		2,119,286
	33,118	Novo Nordisk AS Class B		2,292,213
	2,693	Schouw & Co. AS		261,335
	5,230	Spar Nord Bank AS*		39,095
		Total Denmark		5,501,376

See accompanying Notes to the Financial Statements.

164

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Finland — 0.4%
	29,823	Aktia Bank OYJ*		323,141
	13,028	Elisa OYJ		768,142
	129,444	Kesko OYJ Class B		3,339,437
	1,759	Lassila & Tikanoja OYJ		26,732
	18,684	Orion OYJ Class B		847,252
	50,685	Raisio OYJ Class V		182,765
		Total Finland		5,487,469
		France — 4.0%
	1,502	BioMerieux		235,665
	1,791	Boiron SA		85,794
	161,840	Bureau Veritas SA*		3,655,197
	1,047	Caisse Regionale de Credit Agricole Mutuel Brie Picardie*		23,939
	6,922	Caisse Regionale de Credit Agricole Mutuel Nord de France*		144,078
	139,060	Carrefour SA		2,228,335
	20,538	Casino Guichard Perrachon SA* (a)		499,741
	7,826	Danone SA		506,763
	130,091	Edenred		5,857,969
	5,600	IPSOS		140,202
	39,146	Lagardere SCA* (a)		969,505
	470	LNA Sante SA		26,152
	552	Manutan International		33,919
	36,602	Metropole Television SA*		437,798
	192,157	Orange SA		2,001,858
	137,391	Rubis SCA		5,516,462
	109,093	Safran SA*		10,802,237
	21,631	Sanofi		2,164,447
	1,283	Sartorius Stedim Biotech		443,229
	304	Savencia SA*		18,894
	2,079	Suez SA		38,531
	97,444	Veolia Environnement SA		2,104,812
	1,091	Vetoquinol SA		89,555
	10	Vilmorin & Cie SA		585
	114,259	Vinci SA		9,582,670
	478	Virbac SA*		110,760
	72,927	Vivendi SA		2,035,325
		Total France		49,754,422
		Germany — 1.4%
	9,941	Beiersdorf AG		1,130,760
	115,656	Brenntag AG		7,364,387
	158,790	Deutsche Telekom AG		2,660,872
	15,920	Freenet AG		322,407
	3,385	Hornbach Holding AG & Co. KGaA		395,354
	2,377	KWS Saat SE & Co. KGaA		200,692
	2,128	McKesson Europe AG*		65,130
	24,319	Merck KGaA		3,551,878
	16,091	Talanx AG*		519,278
	8,278	United Internet AG		317,134

See accompanying Notes to the Financial Statements.

165

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Germany — continued
	18,732	Wuestenrot & Wuerttembergische AG		313,676
		Total Germany		16,841,568
		Hong Kong — 1.6%
	853,627	AIA Group, Ltd.		8,360,037
	71,000	BOC Hong Kong Holdings, Ltd.		186,890
	819,000	CITIC Telecom International Holdings, Ltd.		261,023
	99,500	CLP Holdings, Ltd.		924,387
	104,000	Dah Sing Banking Group, Ltd.		90,044
	18,800	Dah Sing Financial Holdings, Ltd.		45,169
	2,059,119	Guangdong Investment, Ltd.		3,257,393
	239,000	HK Electric Investments & HK Electric Investments, Ltd.		246,710
	1,823,000	HKT Trust & HKT, Ltd.		2,413,417
	16,000	Hong Kong Ferry Holdings Co., Ltd.(a)		12,201
	49,000	Kowloon Development Co., Ltd.		59,812
	38,000	Liu Chong Hing Investment, Ltd.		30,841
	12,000	Miramar Hotel & Investment		20,098
	3,353,000	PCCW, Ltd.		1,998,821
	360,000	Power Assets Holdings, Ltd.		1,885,936
	361,000	Regal Real Estate Investment Trust REIT		53,102
	280,000	Sunlight Real Estate Investment Trust REIT		125,729
		Total Hong Kong		19,971,610
		Ireland — 1.8%
	23,437	Accenture Plc Class A		5,296,528
	14,403	Aon Plc Class A		2,971,339
	3,040	ICON Plc, ADR*		580,914
	17,300	Jazz Pharmaceuticals Plc*		2,466,807
	45,806	Medtronic Plc		4,760,159
	43,900	Perrigo Co. Plc		2,015,449
	5,300	STERIS Plc		933,807
	23,991	Total Produce Plc		32,015
	14,100	Willis Towers Watson Plc		2,944,362
		Total Ireland		22,001,380
		Israel — 0.5%
	25,476	Bank Leumi Le-Israel BM		112,323
	143,273	Bezeq Israeli Telecommunication Corp., Ltd.*		166,718
	14,732	Check Point Software Technologies, Ltd.*		1,772,849
	3,121	FIBI Holdings, Ltd.		71,248
	22,262	First International Bank Of Israel, Ltd.		462,645
	3	Isracard, Ltd.		7
	138,905	Israel Discount Bank, Ltd. Class A		375,254
	3,054	Mizrahi Tefahot Bank, Ltd.		54,235
	696	Nice, Ltd., ADR* (a)		158,013
	26,413	Radware, Ltd.*		640,251
	1,503	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.		103,663
	46,098	Shufersal, Ltd.		361,204

See accompanying Notes to the Financial Statements.

166

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Israel — continued
	56,884	Strauss Group, Ltd.		1,636,186
	1,613	Taro Pharmaceutical Industries, Ltd.*		88,473
		Total Israel		6,003,069
		Italy — 0.0%
	30,454	Ascopiave SpA		113,742
		Japan — 4.3%
	17,500	Aeon Co., Ltd.		468,634
	7,100	Aeon Hokkaido Corp.(a)		58,870
	2,100	Ain Holdings, Inc.		146,461
	3,200	Alpen Co., Ltd.		60,131
	16,800	Arcs Co., Ltd.		428,875
	46,500	Astellas Pharma, Inc.		690,472
	1,900	AT-Group Co., Ltd.		21,479
	1,200	Belc Co., Ltd.		88,354
	12,600	Cawachi, Ltd.		348,640
	17,800	Chugoku Electric Power Co., Inc. (The)(a)		222,479
	3,400	Cosmos Pharmaceutical Corp.(a)		591,206
	7,000	Create SD Holdings Co., Ltd.		244,433
	146,242	DCM Holdings Co., Ltd.(a)		2,006,618
	15,400	DyDo Group Holdings, Inc.		779,267
	9,089	Earth Corp.		674,376
	39,731	EDION Corp.(a)		414,139
	7,300	Fujitsu, Ltd.		991,964
	12,000	Heiwado Co., Ltd.		257,784
	3,400	Hokuto Corp.		72,266
	4,900	J-Oil Mills, Inc.		183,408
	89,400	Japan Post Bank Co., Ltd.		695,512
	37,500	Japan Post Holdings Co., Ltd.		254,359
	121,700	Japan Tobacco, Inc.		2,214,195
	11,400	Japan Wool Textile Co., Ltd. (The)		109,647
	25,255	Kaken Pharmaceutical Co., Ltd.		1,153,502
	900	Kameda Seika Co., Ltd.		46,053
	17,700	Kato Sangyo Co., Ltd.(a)		632,323
	80,900	KDDI Corp.		2,036,107
	18,287	Kohnan Shoji Co., Ltd.		708,745
	49,000	Komeri Co., Ltd.		1,539,231
	82,500	KYORIN Holdings, Inc.(a)		1,666,730
	17,600	Lawson, Inc.		837,222
	2,000	Life Corp.		91,822
	33,200	Lion Corp.(a)		680,485
	86,300	Marui Group Co., Ltd.(a)		1,644,549
	71,100	Medipal Holdings Corp.		1,418,227
	16,800	Mitsubishi Shokuhin Co., Ltd.		441,133
	92,770	Mizuho Financial Group, Inc.(a)		1,152,043
	7,400	Mizuno Corp.		132,952
	30,000	Mochida Pharmaceutical Co., Ltd.		1,181,181
	64,700	Nichi-iko Pharmaceutical Co., Ltd.(a)		732,649

See accompanying Notes to the Financial Statements.

167

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		Japan — continued
	2,700	Nintendo Co., Ltd.		1,526,410
	43,400	Nippon Flour Mills Co., Ltd.(a)		712,709
	9,701	Nippon Kanzai Co., Ltd.		183,118
	96,000	Nippon Telegraph & Telephone Corp.		1,955,842
	30,100	Nisshin Oillio Group, Ltd. (The)		905,596
	108,300	NTT DOCOMO, Inc.		3,986,975
	2,000	Ohsho Food Service Corp.		112,575
	10,500	Okinawa Cellular Telephone Co.		397,991
	21,472	Okinawa Electric Power Co., Inc. (The)		335,316
	9,700	Okuwa Co., Ltd.		138,059
	800	S&B Foods, Inc.		36,805
	2,800	San-A Co., Ltd.		122,979
	17,300	Sankyo Co., Ltd.		451,639
	7,700	Sawai Pharmaceutical Co., Ltd.		387,444
	62,400	Seven & i Holdings Co., Ltd.		1,921,728
	23,959	Showa Sangyo Co., Ltd.(a)		796,893
	9,800	SKY Perfect JSAT Holdings, Inc.(a)		42,625
	170,900	Softbank Corp.(a)		1,906,896
	23,800	Sugi Holdings Co., Ltd.		1,677,930
	15,900	Sundrug Co., Ltd.		597,399
	11,700	Suzuken Co., Ltd.		444,030
	69,600	Toho Holdings Co., Ltd.		1,491,853
	2,200	Toyo Suisan Kaisha, Ltd.		115,910
	11,200	Trend Micro, Inc.		680,299
	1,900	Tsuruha Holdings, Inc.		268,445
	24,200	Unicharm Corp.		1,080,550
	19,200	United Super Markets Holdings, Inc.		230,698
	14,000	Valor Holdings Co., Ltd.		385,521
	55,500	Vital KSK Holdings, Inc.(a)		572,723
	2,600	Wowow, Inc.		68,763
	7,800	Yaoko Co., Ltd.(a)		577,258
	18,800	ZERIA Pharmaceutical Co., Ltd.		358,078
		Total Japan		52,589,580
		Luxembourg — 0.2%
	277	Eurofins Scientific SE*		219,386
	12,900	Globant SA*		2,311,938
	600	Spotify Technology SA*		145,542
		Total Luxembourg		2,676,866
		Netherlands — 1.9%
	118,908	Airbus SE*		8,654,887
	1,216	Amsterdam Commodities NV		26,608
	77,720	Koninklijke Ahold Delhaize NV		2,301,245
	343,219	Koninklijke KPN NV		807,769
	39,508	QIAGEN NV*		2,064,688
	7,754	Sligro Food Group NV* (a)		138,755
	159,051	Unilever NV		9,605,329
		Total Netherlands		23,599,281

See accompanying Notes to the Financial Statements.

168

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		New Zealand — 0.3%
	181,117	Argosy Property, Ltd. REIT		162,817
	32,985	Arvida Group, Ltd.		36,847
	40,901	Chorus, Ltd.		232,181
	67,129	Contact Energy, Ltd.		295,076
	46,009	EBOS Group, Ltd.		743,268
	10,490	Fonterra Co-operative Group, Ltd.		27,736
	263,583	Infratil, Ltd.		869,400
	32,213	Mainfreight, Ltd.		979,894
	34,974	Mercury NZ, Ltd.		117,901
	157,944	Spark New Zealand, Ltd.		490,685
	6,801	Trustpower, Ltd.		32,142
	15,201	Vector, Ltd.		43,105
	3,702	Warehouse Group, Ltd. (The)		5,310
		Total New Zealand		4,036,362
		Norway — 0.3%
	441	Olav Thon Eiendomsselskap ASA*		6,551
	209,680	Orkla ASA		2,115,042
	61,697	Telenor ASA		1,031,624
		Total Norway		3,153,217
		Portugal — 0.2%
	72,611	Jeronimo Martins SGPS SA		1,166,944
	81,509	NOS SGPS SA		289,612
	99,893	REN-Redes Energeticas Nacionais SGPS SA		277,621
	276,933	Sonae SGPS SA		188,028
		Total Portugal		1,922,205
		Singapore — 0.4%
	24,921	Best World International, Ltd.(b)		24,828
	216,400	Frasers Hospitality Trust REIT		68,165
	8,000	Great Eastern Holdings, Ltd.		106,249
	2,000	Haw Par Corp., Ltd.		13,625
	57,384	Hong Leong Finance, Ltd.		95,843
	289,710	Keppel Infrastructure Trust		115,663
	3,404,049	NetLink NBN Trust		2,431,286
	302,000	Olam International, Ltd.		278,749
	181,200	OUE, Ltd.		156,630
	1,429,501	Sheng Siong Group, Ltd.		1,685,955
	257,500	Singapore Telecommunications, Ltd.		399,897
	12,200	Straits Trading Co., Ltd.		13,406
	33,000	United Industrial Corp., Ltd.		50,282
	29,200	Wing Tai Holdings, Ltd.		37,219
		Total Singapore		5,477,797
		Spain — 1.0%
	49,246	Aena SME SA* 144A		6,889,378
	1,020	Cia de Distribucion Integral Logista Holdings SA		17,463

See accompanying Notes to the Financial Statements.

169

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares			Description	Value ($)
			Spain — continued
	40,006		Endesa SA		1,071,025
	21,765		Faes Farma SA		87,798
	13,915		Grifols SA(a)		401,246
	59,050		Viscofan SA		3,940,041
			Total Spain		12,406,951
			Sweden — 1.2%
	71,433		Akelius Residential Property AB Class D(a)		136,874
	91,216		Axfood AB		2,093,382
	63,375		Essity AB Class B*		2,144,128
	63,665		ICA Gruppen AB(a)		3,238,735
	723,900		Svenska Handelsbanken AB Class A*		6,092,084
	10,264		Swedish Match AB		840,386
			Total Sweden		14,545,589
			Switzerland — 2.9%
	4,888		AEVIS VICTORIA SA*		67,301
	11,952		Allreal Holding AG		2,583,583
	1,348		Banque Cantonale de Geneve		253,827
	168		Basellandschaftliche Kantonalbank		166,766
	579		Basler Kantonalbank		38,190
	1,076		Berner Kantonalbank AG		269,951
	17,306		BKW AG		1,847,857
	478		Emmi AG		477,610
	9		Graubuendner Kantonalbank		15,233
	494		Intershop Holding AG		319,924
	180		Luzerner Kantonalbank AG*		76,408
	1,473		Mobimo Holding AG*		433,683
	59,800		Nestle SA		7,116,769
	158,614		Novartis AG		13,795,749
	3,664	��	Orior AG		293,519
	9,936		Roche Holding AG		3,408,251
	3,921		Sonova Holding AG*		996,948
	245		St. Galler Kantonalbank AG		105,467
	5,472		Swisscom AG		2,910,062
	603		Thurgauer Kantonalbank		69,571
	3,202		TX Group AG		231,764
	294		Vaudoise Assurances Holding SA		145,920
	13		Warteck Invest AG		32,403
			Total Switzerland		35,656,756
			United Kingdom — 3.3%
	873		4imprint Group Plc*		21,083
	11,062		Associated British Foods Plc		267,070
	6,811		AstraZeneca Plc		744,661
	23,089		AstraZeneca Plc, ADR		1,265,277
	31,079		Atlantica Sustainable Infrastructure Plc		889,170
	15,100		Atlassian Corp. Plc Class A*		2,745,029

See accompanying Notes to the Financial Statements.

170

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United Kingdom — continued
	1,568,500	BAE Systems Plc		9,773,786
	199,810	Britvic Plc		2,120,761
	113,340	BT Group Plc		144,152
	206,481	Central Asia Metals Plc		430,305
	10,157	Cranswick Plc		476,129
	14,659	Diageo Plc		502,206
	16,743	EMIS Group Plc		225,112
	27,998	Ferguson Plc		2,827,617
	250,154	GCP Student Living Plc REIT		399,074
	8,573	Genus Plc		427,145
	111,523	GlaxoSmithKline Plc		2,093,449
	8,173	Hikma Pharmaceuticals Plc		274,083
	676,864	J Sainsbury Plc		1,670,907
	37,383	National Express Group Plc*		73,846
	221,775	Nomad Foods, Ltd.*		5,650,827
	25,890	Secure Income REIT Plc REIT(a)		89,032
	40,076	Smith & Nephew Plc		785,702
	103,833	Spirent Communications Plc		383,913
	250,636	Tate & Lyle Plc		2,155,395
	85,538	Tesco Plc		234,990
	37,082	Unilever Plc		2,289,595
	48,764	Vectura Group Plc		64,933
	45,501	Vodafone Group Plc		60,400
	814,768	Wm Morrison Supermarkets Plc		1,792,244
	4,972	YouGov Plc		54,444
		Total United Kingdom		40,932,337
		United States — 55.0%
	116,400	Abbott Laboratories		12,667,812
	900	Acceleron Pharma, Inc.*		101,277
	41,600	Activision Blizzard, Inc.		3,367,520
	16,375	Adobe, Inc.*		8,030,791
	27,000	Akamai Technologies, Inc.*		2,984,580
	2,485	Alleghany Corp.		1,293,318
	16,144	Alphabet, Inc. Class A*		23,660,646
	71,800	Altria Group, Inc.		2,774,352
	2,500	Amazon.com, Inc.*		7,871,825
	51,271	Amdocs, Ltd.		2,943,468
	30,478	Ameren Corp.		2,410,200
	8,613	American Electric Power Co., Inc.		703,940
	28,474	American Tower Corp. REIT		6,883,020
	23,000	American Water Works Co., Inc.		3,332,240
	9,700	AmerisourceBergen Corp. Class A		940,124
	12,435	AMETEK, Inc.		1,236,039
	15,700	Amgen, Inc.		3,990,312
	10,246	ANSYS, Inc.*		3,352,799
	3,500	Anthem, Inc.		940,065
	48,100	Apple, Inc.		5,570,461
	65,736	Arthur J. Gallagher & Co.		6,940,407

See accompanying Notes to the Financial Statements.

171

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	182,188	AT&T, Inc.		5,194,180
	231	Atmos Energy Corp.		22,081
	22,700	Automatic Data Processing, Inc.		3,166,423
	400	AutoZone, Inc.*		471,056
	79,925	Avangrid, Inc.		4,033,015
	35,443	Ball Corp.		2,946,022
	117,399	Baxter International, Inc.		9,441,228
	43,300	Becton Dickinson and Co.		10,075,044
	2,772	Berkshire Hathaway, Inc. Class B*		590,270
	100	Bio-Techne Corp.		24,773
	7,500	Biogen, Inc.*		2,127,600
	1,825	Booking Holdings, Inc.*		3,121,991
	76,455	Bristol-Myers Squibb Co.		4,609,472
	14,900	Broadcom, Inc.		5,428,368
	128,709	BWX Technologies, Inc.		7,247,604
	1,600	Cable One, Inc.		3,016,688
	30,835	Cadence Design Systems, Inc.*		3,287,936
	15,000	Casey’s General Stores, Inc.		2,664,750
	55,500	Catalent, Inc.*		4,754,130
	7,800	Cboe Global Markets, Inc.		684,372
	39,700	Cerner Corp.		2,869,913
	34,600	CH Robinson Worldwide, Inc.(a)		3,535,774
	2,500	Charles River Laboratories International, Inc.*		566,125
	35,956	Charter Communications, Inc. Class A*		22,448,769
	5,400	Chemed Corp.		2,593,890
	26,500	Church & Dwight Co., Inc.		2,483,315
	21,200	Citrix Systems, Inc.		2,919,452
	29,915	Clean Harbors, Inc.*		1,676,137
	16,200	Clorox Co. (The)		3,404,754
	23,083	CMS Energy Corp.		1,417,527
	41,800	Coca-Cola Co. (The)		2,063,666
	42,800	Colgate-Palmolive Co.		3,302,020
	100,900	Comcast Corp. Class A		4,667,634
	22,949	Consolidated Edison, Inc.		1,785,432
	24,949	Cooper Cos., Inc. (The)		8,410,807
	58,970	Copart, Inc.*		6,201,285
	3,400	CoStar Group, Inc.*		2,884,934
	15,000	Costco Wholesale Corp.		5,325,000
	96,800	CVS Health Corp.		5,653,120
	35,233	Danaher Corp.		7,586,722
	3,600	Dollar General Corp.		754,632
	22,077	DTE Energy Co.		2,539,738
	800	Duke Energy Corp.		70,848
	19,800	eBay, Inc.		1,031,580
	9,400	Ecolab, Inc.		1,878,496
	24,200	Electronic Arts, Inc.*		3,155,922
	33,067	Eli Lilly & Co.		4,894,577
	200	Entergy Corp.		19,706
	7,100	EPAM Systems, Inc.*		2,295,288

See accompanying Notes to the Financial Statements.

172

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	4,200	Equinix, Inc. REIT		3,192,546
	31,600	Equity Commonwealth REIT		841,508
	11,432	Equity LifeStyle Properties, Inc. REIT		700,782
	1,400	Estee Lauder Cos., Inc. (The) Class A		305,550
	7,500	Evergy, Inc.		381,150
	36,200	Eversource Energy		3,024,510
	38,962	Exelon Corp.		1,393,281
	35,900	Expeditors International of Washington, Inc.		3,249,668
	18,000	F5 Networks, Inc.*		2,209,860
	59,062	Facebook, Inc. Class A*		15,468,338
	6,500	Fair Isaac Corp.*		2,764,970
	66,991	Fidelity National Information Services, Inc.		9,861,745
	69,900	Fiserv, Inc.*		7,203,195
	65,200	Flowers Foods, Inc.		1,586,316
	4,900	Fortinet, Inc.*		577,269
	101,239	Fortive Corp.		7,715,424
	7,100	General Mills, Inc.		437,928
	73,185	Globe Life, Inc.		5,847,481
	62,565	GoDaddy, Inc. Class A*		4,753,063
	33,600	Grocery Outlet Holding Corp.*		1,321,152
	9,946	Hanover Insurance Group, Inc. (The)		926,768
	33,800	Hawaiian Electric Industries, Inc.		1,123,512
	38,489	HCA Healthcare, Inc.		4,798,809
	22,026	Hershey Co. (The)		3,157,207
	6,286	Hill-Rom Holdings, Inc.		524,944
	99,787	Hologic, Inc.*		6,632,842
	18,564	Home Depot, Inc. (The)		5,155,408
	56,700	Hormel Foods Corp.		2,772,063
	18,115	Humana, Inc.		7,497,617
	15,900	IDACORP, Inc.		1,270,410
	15,000	Incyte Corp.*		1,346,100
	4,703	Ingredion, Inc.		355,923
	72,200	Intel Corp.		3,738,516
	118,200	Intercontinental Exchange, Inc.		11,825,910
	15,238	Intuit, Inc.		4,970,788
	3,400	Intuitive Surgical, Inc.*		2,412,436
	3,700	Jack Henry & Associates, Inc.		601,583
	23,900	JB Hunt Transport Services, Inc.		3,020,482
	20,479	JM Smucker Co. (The)		2,365,734
	44,690	Johnson & Johnson		6,653,447
	27,738	Kellogg Co.		1,791,597
	400	Kimberly-Clark Corp.		59,064
	4,200	KLA Corp.		813,708
	92,100	Kroger Co. (The)		3,123,111
	2,400	Laboratory Corp. of America Holdings*		451,848
	13,900	Landstar System, Inc.		1,744,311
	2,000	Markel Corp.*		1,947,400
	2,000	Masimo Corp.*		472,120
	37,359	Mastercard, Inc. Class A		12,633,693

See accompanying Notes to the Financial Statements.

173

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares		Description	Value ($)
		United States — continued
	4,659	McCormick & Co., Inc.		904,312
	12,200	McKesson Corp.		1,816,946
	469,017	Medical Properties Trust, Inc. REIT		8,268,770
	70,634	Merck & Co., Inc.		5,859,090
	15,540	Mercury General Corp.		642,890
	37,843	Microsoft Corp.		7,959,518
	3,025	Mid-America Apartment Communities, Inc. REIT		350,749
	41,700	Mondelez International, Inc. Class A		2,395,665
	9,700	Monolithic Power Systems, Inc.		2,712,217
	62,805	Motorola Solutions, Inc.		9,848,452
	3,000	Nasdaq, Inc.		368,130
	2,500	NewMarket Corp.		855,800
	67,651	Newmont Corp.		4,292,456
	16,070	NextEra Energy, Inc.		4,460,389
	6,500	NiSource, Inc.		143,000
	1,500	NVIDIA Corp.		811,830
	19,600	Old Dominion Freight Line, Inc.		3,546,032
	83,314	Oracle Corp.		4,973,846
	42,648	PepsiCo, Inc.		5,911,013
	107,013	Performance Food Group Co.*		3,704,790
	147,434	Pfizer, Inc.		5,410,828
	67,800	Philip Morris International, Inc.		5,084,322
	26,900	Pinnacle West Capital Corp.		2,005,395
	3,800	PRA Health Sciences, Inc.*		385,472
	52,380	Procter & Gamble Co. (The)		7,280,296
	38,283	Progressive Corp. (The)		3,624,252
	16,930	Prologis, Inc. REIT		1,703,497
	10,100	Public Service Enterprise Group, Inc.		554,591
	10,900	Public Storage REIT		2,427,648
	6,300	RealPage, Inc.*		363,132
	3,900	Regeneron Pharmaceuticals, Inc.*		2,183,142
	38,204	Republic Services, Inc. Class A		3,566,343
	4,000	ResMed, Inc.		685,720
	23,900	Royal Gold, Inc.		2,872,063
	1,200	S&P Global, Inc.		432,720
	3,200	salesforce.com, Inc.*		804,224
	28,900	Schneider National, Inc. Class B		714,697
	56,862	Science Applications International Corp.		4,459,118
	10,400	Seattle Genetics, Inc.*		2,035,176
	11,400	Silgan Holdings, Inc.		419,178
	8,000	Skyworks Solutions, Inc.		1,164,000
	49,500	Southern Co. (The)		2,683,890
	48,800	Sprouts Farmers Market, Inc.*		1,021,384
	16,853	Stryker Corp.		3,511,660
	16,496	Sun Communities, Inc. REIT		2,319,503
	21,872	Synopsys, Inc.*		4,680,171
	35,000	T-Mobile US, Inc.*		4,002,600
	19,400	Take-Two Interactive Software, Inc.*		3,205,268
	32,600	Target Corp.		5,131,892

See accompanying Notes to the Financial Statements.

174

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

September 30, 2020 (Unaudited)

Shares			Description	Value ($)
			United States — continued
	119,718		TD Ameritrade Holding Corp.		4,686,960
	41,000		Texas Instruments, Inc.		5,854,390
	27,000		TFS Financial Corp.		396,630
	25,600		Thermo Fisher Scientific, Inc.		11,302,912
	8,200		Tyler Technologies, Inc.*		2,858,192
	27,500		United Parcel Service, Inc. Class B		4,582,325
	11,400		United States Cellular Corp.*		336,642
	5,400		United Therapeutics Corp.*		545,400
	32,802		UnitedHealth Group, Inc.		10,226,680
	3,300		Veeva Systems, Inc. Class A*		927,927
	12,500		VeriSign, Inc.*		2,560,625
	112,812		Verizon Communications, Inc.		6,711,186
	9,500		Vertex Pharmaceuticals, Inc.*		2,585,140
	29,200		Visa, Inc. Class A		5,839,124
	43,036		Walmart, Inc.		6,021,167
	31,885		Waste Management, Inc.		3,608,425
	31,900		WEC Energy Group, Inc.		3,091,110
	3,000		West Pharmaceutical Services, Inc.		824,700
	39,159		Xcel Energy, Inc.		2,702,363
	84,346		Yum China Holdings, Inc.		4,466,121
	28,000		Zoetis, Inc.		4,630,360
	600		Zoom Video Communications, Inc. Class A*		282,066
			Total United States		679,960,871
			TOTAL COMMON STOCKS (COST $961,800,698)		1,119,343,676
			PREFERRED STOCK — 0.2%
			Germany — 0.2%
	22,459		Henkel AG & Co. KGaA, 1.99%		2,352,381
			TOTAL PREFERRED STOCK (COST $1,898,212)		2,352,381
Par Value ($)			Description	Value ($)
			SHORT-TERM INVESTMENT — 0.3%
			Mutual Fund - Securities Lending Collateral — 0.3%
	3,349,041		State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(c) (d)		3,349,041
			TOTAL SHORT-TERM INVESTMENT (COST $3,349,041)		3,349,041
			TOTAL INVESTMENTS — 91.1% (Cost $967,047,951)		1,125,045,098
			Other Assets and Liabilities (net) — 8.9%		110,580,015
			NET ASSETS — 100.0%	$1,235,625,113
			Notes to Schedule of Investments:
		*	Non-income producing security.
		(a)	All or a portion of this security is out on loan.

See accompanying Notes to the Financial Statements.

175

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

(b)	Security fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the security at period end is $24,828 which represents 0.0% of net assets. The aggregate tax cost of these securities held at September 30, 2020 was $35,225.
(c)	The rate disclosed is the 7-day net yield as of September 30, 2020.
(d)	Represents an investment of securities lending cash 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 $6,889,378 which represents 0.6% of net assets.

Futures Contracts

Number of Contracts		Description	Expiration Date		Notional Value		Market Value/ Unrealized Appreciation (Depreciation)
	Buys
	8	Canadian Dollar		Dec 2020	$	601,040	$	(6,889	)
	50	MSCI EAFE Index		Dec 2020		4,633,000		(117,313	)
	63	S&P 500 E-mini Index		Dec 2020		10,558,800		69,195
	4	S&P/TSX 60 Index		Dec 2020		575,856		(2,211	)
							$	(57,218	)

Other Abbreviations

ADR — American Depository Receipt

REIT — Real Estate Investment Trust

See accompanying Notes to the Financial Statements.

176

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

Industry Sector Summary (Unaudited)	% of Net Assets
Consumer, Non-cyclical		32.5
Communications		14.0
Financial		11.7
Technology		11.1
Industrial		9.7
Utilities		4.8
Consumer, Cyclical		4.6
Basic Materials		2.3
Energy		0.1
Diversified		0.0	*
Short-Term Investment		0.3
Other Assets and Liabilities (net)		8.9
		100.0	%

* Amount rounds to zero.

See accompanying Notes to the Financial Statements.

177

Mercer Funds

Statements of Assets and Liabilities

September 30, 2020 (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)		$	1,215,362,779		$	1,492,832,802		$	3,249,424,190		$	1,013,838,551
Foreign currency, at value(b)			—			—			10,576,565			4,830
Cash and cash equivalents			45,716,434			52,907,372			103,010,003			28,223,410
Receivable for Fund shares sold			—			50,100,000			119,000,000			—
Dividend and interest receivable			1,192,637			958,845			8,771,524			5,817,367
Receivable for investments sold			858,301			2,610,975			10,818,324			413,783
Receivable for TBA securities sold			—			—			—			13,345,672
Cash collateral held at broker on open futures contracts			2,349,000			2,421,000			8,095,000			—
Foreign tax reclaims receivable			112,538			—			6,046,044			—
Receivable for variation margin on open futures contracts			174,370			83,805			—			145,120
Prepaid expenses			17,973			22,422			48,804			15,779
Unrealized appreciation on open forward foreign currency contracts			—			—			—			5,485
Cash collateral held at broker on open centrally cleared swap contracts			—			—			—			2,039
Receivable for variation margin on open centrally cleared swap contracts			—			—			—			15,179
Securities lending income receivable			1,911			22,557			68,884			1,320
Receivable for advisory fee waived			795,532			1,780,183			3,061,954			651,714
Total assets			1,266,581,475			1,603,739,961			3,518,921,292			1,062,480,249
Liabilities
Payable for Fund shares repurchased			11,841,181			13,151,055			4,988,124			27,062,110
Obligation to return securities lending collateral			1,007,698			10,003,434			41,437,921			4,565,035
Payable for TBA and when-issued securities purchased			—			—			—			27,250,225
Payable for investments purchased			2,962,456			2,715,416			7,888,302			5,147,481
Payable for variation margin on open futures contracts			—			—			505,714			—
Unrealized depreciation on open forward foreign currency contracts			—			—			54,109			2,702
Payable for foreign capital gains tax			—			—			18,029			—
Payable to affiliate for:
Advisory fees			1,547,551			3,304,658			5,794,467			882,813
Trustees fees			18,152			18,027			45,292			19,997
Accrued expenses			201,784			234,239			498,978			221,576
Total liabilities			17,578,822			29,426,829			61,230,936			65,151,939
Net assets		$	1,249,002,653		$	1,574,313,132		$	3,457,690,356		$	997,328,310
Net assets consist of:
Paid-in capital			1,134,009,913			1,471,575,493			3,092,622,882			916,406,886
Distributable earnings			114,992,740			102,737,639			365,067,474			80,921,424
Net assets		$	1,249,002,653		$	1,574,313,132		$	3,457,690,356		$	997,328,310

See accompanying Notes to the Financial Statements.

178

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2020 (Unaudited)

	Mercer US Large Cap Equity Fund			Mercer US Small/Mid     Cap Equity Fund			Mercer Non-US Core Equity Fund			Mercer Core Fixed Income Fund
Net assets attributable to:
Class Y-3		$	1,249,002,653		$	1,574,313,132		$	3,457,690,356		$	997,328,310
Shares outstanding:
Class Y-3			126,689,444			151,893,160			323,195,307			89,750,631
Net asset value per unit:
Class Y-3		$	9.86		$	10.36		$	10.70		$	11.11
(a)   Investments, at cost		$	1,086,793,362		$	1,408,999,162		$	2,979,324,412		$	967,535,742
(b)   Foreign currency, at cost		$	—		$	—		$	10,649,309		$	4,863

See accompanying Notes to the Financial Statements.

179

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2020 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Assets
Investments, at value(a)		$	1,192,239,924		$	1,207,945,645		$	1,125,045,098
Foreign currency, at value(b)			5,943,954			3,560,812			668,103
Cash and cash equivalents			74,268,070			41,428,680			37,079,118
Receivable for Fund shares sold			41,600,000			80,455,053			76,800,000
Receivable for investments sold			6,900,599			14,687,716			2,462,328
Dividend and interest receivable			13,356,156			2,131,434			1,732,322
Cash collateral held at broker on open centrally cleared swap contracts			6,346,337			—			—
Cash collateral held at broker on open futures contracts			1,035,000			3,484,000			1,448,000
Unrealized appreciation on open forward foreign currency contracts			3,365,193			—			—
Foreign tax reclaims receivable			129,378			95,398			1,392,229
OTC - Swap contracts, at value (up-front net premiums received of $1,135,422, $-, and $-, respectively)			1,045,583			—			—
Receivable for variation margin on open futures contracts			45,522			542,015			37,249
Cash collateral held at broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts			110,000			—			—
Prepaid expenses			17,363			18,181			17,145
Due from broker for cash collateral on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts			10,000			—			—
Receivable for variation margin on open centrally cleared swap contracts			137,633			—			—
Securities lending income receivable			1,902			6,566			11,362
Receivable for advisory fee waived			1,399,146			1,184,308			1,488,059
Total assets			1,347,951,760			1,355,539,808			1,248,181,013
Liabilities
Payable for investments purchased			31,927,505			7,297,427			3,825,326
Obligation to return securities lending collateral			10,377,337			4,633,703			3,349,041
Payable for when-issued securities purchased			11,617,148			—			—
Payable for Fund shares repurchased			983,416			154,368			3,000,000
Unrealized depreciation on open forward foreign currency contracts			3,480,005			—			—
Cash collateral due to broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts			2,105,439			—			—
Payable for foreign capital gains tax			242,904			1,473,072			—
Written options, at value(c)			278,172			—			—
OTC - Swap contracts, at value (up-front net premiums paid of $19,195, $-, and $-, respectively)			186,847			—			—
Due to broker for closed foreign forward currency contracts			12,226			—			—
Unrealized loss on unfunded loan commitments			4,447			—			—
Payable to affiliate for:
Advisory fees			2,394,835			2,498,262			2,164,884
Trustees fees			21,421			19,039			15,999
Accrued expenses			296,632			333,011			200,650
Total liabilities			63,928,334			16,408,882			12,555,900
Net assets		$	1,284,023,426		$	1,339,130,926		$	1,235,625,113

See accompanying Notes to the Financial Statements.

180

Mercer Funds

Statements of Assets and Liabilities (Continued)

September 30, 2020 (Unaudited)

	Mercer Opportunistic Fixed Income Fund			Mercer Emerging Markets Equity Fund			Mercer Global Low Volatility Equity Fund
Net assets consist of:
Paid-in capital		$	1,281,259,505		$	1,297,824,068		$	1,015,868,673
Distributable earnings			2,763,921			41,306,858			219,756,440
Net assets		$	1,284,023,426		$	1,339,130,926		$	1,235,625,113
Net assets attributable to:
Class Y-3		$	1,284,023,426		$	1,339,130,926		$	1,235,625,113
Shares outstanding:
Class Y-3			134,877,672			141,877,559			90,925,048
Net asset value per unit:
Class Y-3		$	9.52		$	9.44		$	13.59
(a)   Investments, at cost		$	1,188,038,332		$	1,139,159,723		$	967,047,951
(b)   Foreign currency, at cost		$	6,043,102		$	3,571,900		$	669,249
(c)   Premiums on written options		$	535,436		$	—		$	—

See accompanying Notes to the Financial Statements.

181

Mercer Funds

Statements of Operations

For the Six Months Ended September 30, 2020 (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:
Dividends		$	9,063,398			$	8,813,105			$	44,116,557			$	—
Interest			1,222				2,205				6,722				13,264,499
Securities lending income			9,214				123,239				496,120				10,207
Withholding taxes			(11,400	)			(18,431	)			(4,220,879	)			(28	)
Other income			—				—				—				2,407
Total investment income			9,062,434				8,920,118				40,398,520				13,277,085
Expenses:
Advisory fees			2,879,159				6,181,113				11,030,605				1,745,979
Custodian and fund accounting fees			117,330				145,141				409,509				121,433
Audit fees			32,215				36,139				63,466				47,254
Transfer agent fees			11,811				12,129				12,278				12,356
Legal fees			98,366				119,189				281,393				102,108
Trustees fees			52,166				62,336				150,016				54,682
Registration fees			14,519				17,265				15,926				15,052
Miscellaneous			30,119				43,463				109,437				36,993
Total expenses			3,235,685				6,616,775				12,072,630				2,135,857
Advisory fee waiver			(1,485,011	)			(3,342,847	)			(5,785,006	)			(1,270,673	)
Net expenses			1,750,674				3,273,928				6,287,624				865,184
Net investment income			7,311,760				5,646,190				34,110,896				12,411,901
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			(14,636,448	)			27,916,210				106,372,394				10,093,951
Purchased option contracts			—				—				—				(111,759	)
Swap contracts			—				—				—				(853,847	)
Closed futures contracts			7,753,629				7,295,856				23,990,374				(692,733	)
Written option contracts			—				—				—				53,011
Forward foreign currency contracts			—				—				(1,035,042	)			(27,771	)
Foreign currency related transactions			1,158				—				(879,908	)			455
Net realized gain (loss)			(6,881,661	)			35,212,066				128,447,818				8,461,307
Change in net unrealized appreciation (depreciation) on:
Investments			302,320,904				349,161,648				568,574,915				36,223,840
Purchased option contracts			—				—				—				46,086
Swap contracts			—				—				—				982,437
Open futures contracts			(779,725	)			339,682				(11,726,737	)			922,813
Written option contracts			—				—				—				(9,897	)
Forward foreign currency contracts			—				—				570,408				6,438
Foreign currency related transactions			(1,586	)			—				541,190				148
Change in net unrealized appreciation (depreciation)			301,539,593				349,501,330				557,959,776				38,171,865
Net realized and unrealized gain (loss)			294,657,932				384,713,396				686,407,594				46,633,172
Net increase in net assets resulting from operations		$	301,969,692			$	390,359,586			$	720,518,490			$	59,045,073

See accompanying Notes to the Financial Statements.

182

Mercer Funds

Statements of Operations (Continued)

For the Six Months Ended September 30, 2020 (Unaudited)

	Mercer Opportunistic Fixed Income Fund				Mercer Emerging Markets Equity Fund				Mercer Global Low Volatility Equity Fund
Investment Income:
Dividends		$	20,230			$	21,564,922			$	11,907,830
Interest			30,236,724				2,103				1,013
Securities lending income			18,769				50,519				67,130
Withholding taxes			(380,073	)			(2,445,227	)			(637,847	)
Other income			77,293				—				—
Total investment income			29,972,943				19,172,317				11,338,126
Expenses:
Advisory fees			4,424,870				4,628,691				4,186,964
Custodian and fund accounting fees			286,202				292,420				139,737
Audit fees			49,127				77,912				43,082
Transfer agent fees			12,089				11,966				11,979
Legal fees			107,135				105,650				104,606
Trustees fees			57,115				57,133				55,907
Registration fees			16,292				16,988				14,319
Miscellaneous			46,788				47,113				45,974
Total expenses			4,999,618				5,237,873				4,602,568
Advisory fee waiver			(2,505,036	)			(2,180,189	)			(2,867,142	)
Net expenses			2,494,582				3,057,684				1,735,426
Net investment income			27,478,361				16,114,633				9,602,700
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			320,119				(12,048,688	)			(8,691,050	)
Purchased option contracts			(2,718,044	)			—				—
Swap contracts			(1,915,389	)			—				—
Closed futures contracts			1,617,717				14,258,361				11,498,940
Written option contracts			784,748				—				—
Forward foreign currency contracts			(2,979,010	)			130				—
Foreign currency related transactions			(408,448	)			(203,475	)			92,657
			(5,298,307	)			2,006,328				2,900,547
Change in net unrealized appreciation (depreciation) on:
Investments			101,170,623				286,450,696				207,898,824
Purchased option contracts			161,856				—				—
Unfunded loan commitments			4,344				—				—
Swap contracts			1,915,266				—				—
Open futures contracts			(1,693,063	)			(561,543	)			(5,056,406	)
Written option contracts			1,016,520				—				—
Forward foreign currency contracts			(958,474	)			—				—
Foreign currency related transactions			130,333				(1,367,152	)			97,548
Change in net unrealized appreciation (depreciation)			101,747,405				284,522,001				202,939,966
Net realized and unrealized gain (loss)			96,449,098				286,528,329				205,840,513
Net increase in net assets resulting from operations		$	123,927,459			$	302,642,962			$	215,443,213

See accompanying Notes to the Financial Statements.

183

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, 2020 (Unaudited)				Year Ended March 31, 2020				Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	7,311,760			$	9,768,227			$	5,646,190		$	9,173,094
Net realized gain (loss)			(6,881,661	)			11,837,049				35,212,066			11,834,025
Change in net unrealized appreciation (depreciation)			301,539,593				(206,122,711	)			349,501,330			(341,694,453	)
Net increase (decrease) in net assets resulting from operations			301,969,692				(184,517,435	)			390,359,586			(320,687,334	)
Distributions to shareholders (See Note 2):
Class Y-3			—				(43,395,087	)			—			(40,162,658	)
Total distributions			—				(43,395,087	)			—			(40,162,658	)
Net share transactions (See Note 7):
Class Y-3			64,817,787				720,712,798				135,408,782			614,991,514
Increase in net assets resulting from net shares transactions			64,817,787				720,712,798				135,408,782			614,991,514
Net increase in net assets			366,787,479				492,800,276				525,768,368			254,141,522
Net assets:
Beginning of period			882,215,174				389,414,898				1,048,544,764			794,403,242
End of period		$	1,249,002,653			$	882,215,174			$	1,574,313,132		$	1,048,544,764

See accompanying Notes to the Financial Statements.

184

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, 2020 (Unaudited)			Year Ended March 31, 2020				Six Months Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	34,110,896		$	63,076,686			$	12,411,901			$	20,428,279
Net realized gain			128,447,818			(52,513,867	)			8,461,307				22,894,347
Change in net unrealized appreciation (depreciation)			557,959,776			(416,857,389	)			38,171,865				11,413,678
Net increase (decrease) in net assets resulting from operations			720,518,490			(406,294,570	)			59,045,073				54,736,304
Distributions to shareholders (See Note 2):
Class Y-3			—			(60,608,354	)			—				(21,127,381	)
Total distributions			—			(60,608,354	)			—				(21,127,381	)
Net share transactions (See Note 7):
Class Y-3			63,334,269			985,155,675				(11,733,572	)			367,807,410
Increase (decrease) in net assets resulting from net shares transactions			63,334,269			985,155,675				(11,733,572	)			367,807,410
Net increase in net assets			783,852,759			518,252,751				47,311,501				401,416,333
Net assets:
Beginning of period			2,673,837,597			2,155,584,846				950,016,809				548,600,476
End of period		$	3,457,690,356		$	2,673,837,597			$	997,328,310			$	950,016,809

See accompanying Notes to the Financial Statements.

185

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Opportunistic Fixed Income Fund								Mercer Emerging Markets Equity Fund
	Six Months Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	27,478,361			$	42,385,034			$	16,114,633		$	21,683,624
Net realized gain (loss)			(5,298,307	)			(9,618,631	)			2,006,328			(28,797,584	)
Change in net unrealized appreciation (depreciation)			101,747,405				(91,511,019	)			284,522,001			(216,325,922	)
Net increase (decrease) in net assets resulting from operations			123,927,459				(58,744,616	)			302,642,962			(223,439,882	)
Distributions to shareholders (See Note 2):
Class Y-3			—				(22,762,588	)			—			(15,100,507	)
Total distributions			—				(22,762,588	)			—			(15,100,507	)
Net share transactions (See Note 7):
Class Y-3			193,797,946				235,224,761				93,463,840			162,917,342
Increase in net assets resulting from net shares transactions			193,797,946				235,224,761				93,463,840			162,917,342
Net increase (decrease) in net assets			317,725,405				153,717,557				396,106,802			(75,623,047	)
Net assets:
Beginning of period			966,298,021				812,580,464				943,024,124			1,018,647,171
End of period		$	1,284,023,426			$	966,298,021			$	1,339,130,926		$	943,024,124

See accompanying Notes to the Financial Statements.

186

Mercer Funds

Statements of Changes in Net Assets (Continued)

	Mercer Global Low Volatility Equity Fund
	Six Months Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
Increase (decrease) in Net Assets:
Operations:
Net investment income		$	9,602,700			$	19,150,064
Net realized gain			2,900,547				31,992,446
Change in net unrealized appreciation (depreciation)			202,939,966				(133,517,417	)
Net increase (decrease) in net assets resulting from operations			215,443,213				(82,374,907	)
Distributions to shareholders (See Note 2):
Class Y-3			—				(81,065,529	)
Total distributions			—				(81,065,529	)
Net share transactions (See Note 7):
Class Y-3			(18,537,884	)			246,282,465
Increase (decrease) in net assets resulting from net shares transactions			(18,537,884	)			246,282,465
Net increase in net assets			196,905,329				82,842,029
Net assets:
Beginning of period			1,038,719,784				955,877,755
End of period		$	1,235,625,113			$	1,038,719,784

See accompanying Notes to the Financial Statements.

187

Mercer US Large Cap Equity Fund

Financial Highlights

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	7.35			$	8.58			$	10.85			$	10.61			$	9.34			$	11.11
Net investment income†			0.06				0.14				0.12				0.14				0.11	(a)			0.04
Net realized and unrealized gain (loss) on investments			2.45				(1.00	)			0.18				1.68				1.54				(0.43	)
Total from investment operations			2.51				(0.86	)			0.30				1.82				1.65				(0.39	)
Less dividends and distributions:
From net investment income			—				(0.05	)			(0.14	)			(0.16	)			(0.08	)			(0.05	)
From net realized capital gains on investments			—				(0.32	)			(2.43	)			(1.42	)			(0.30	)			(1.33	)
Total dividends and distributions			—				(0.37	)			(2.57	)			(1.58	)			(0.38	)			(1.38	)
Net asset value, end of period		$	9.86			$	7.35			$	8.58			$	10.85			$	10.61			$	9.34
Total investment return			34.15	%**(b)			(10.95	)%(b)			4.81	%			17.26	%			17.74	%			(4.09	)%
Ratios/Supplemental Data:
Net investment income to average net assets			1.32	%*			1.53	%			1.21	%			1.28	%			1.14	%(a)			0.33	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.58	%*			0.62	%			0.63	%			0.60	%			0.61	%			0.63	%(c)
Net expenses to average daily net assets			0.32	%*(d)			0.33	%(d)			0.63	%			0.60	%			0.61	%(e)			0.63	%(c)
Portfolio turnover rate			18	%**			76	%(f)			74	%			64	%			84	%			66	%
Net assets at end of period (in 000’s)		$	1,249,003			$	882,215			$	389,415			$	512,558			$	601,059			$	301,260

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(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) Portfolio turnover calculation does not include $769,614,365 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

188

Mercer US Small/Mid Cap Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	7.71			$	10.13			$	12.29			$	12.12			$	10.30			$	12.23
Net investment income (loss)†			0.04				0.10				0.05				0.04				0.04	(a)			(0.02	)
Net realized and unrealized gain (loss) on investments			2.61				(2.20	)			(0.23	)			1.46				2.13				(1.28	)
Total from investment operations			2.65				(2.10	)			(0.18	)			1.50				2.17				(1.30	)
Less dividends and distributions:
From net investment income			—				(0.06	)			(0.05	)			(0.06	)			(0.08	)			—
From net realized capital gains on investments			—				(0.26	)			(1.93	)			(1.27	)			(0.27	)			(0.63	)
Total dividends and distributions			—				(0.32	)			(1.98	)			(1.33	)			(0.35	)			(0.63	)
Net asset value, end of period		$	10.36			$	7.71			$	10.13			$	12.29			$	12.12			$	10.30
Total investment return			34.37	%**(b)			(21.65	)%(b)			0.19	%			12.64	%			21.24	%			(10.78	)%
Ratios/Supplemental Data:
Net investment income to average net assets			0.80	%*			0.95	%			0.47	%			0.31	%			0.40	%(a)			(0.18	)%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.94	%*			0.97	%			0.98	%			0.95	%			0.97	%			0.98	%(c)
Net expenses to average daily net assets			0.46	%*(d)			0.49	%(d)			0.98	%			0.95	%			0.97	%(e)			0.98	%(c)
Portfolio turnover rate			22	%**			73	%(f)			47	%			49	%			106	%			68	%
Net assets at end of period (in 000’s)		$	1,574,313			$	1,048,545			$	794,403			$	907,944			$	972,456			$	427,426

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(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) Portfolio turnover calculation does not include $550,516,305 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

189

Mercer Non-US Core Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	8.46			$	9.87			$	11.51			$	10.44			$	9.61			$	10.64
Net investment income†			0.11				0.25				0.22				0.19				0.18	(a)			0.16
Net realized and unrealized gain (loss) on investments			2.13				(1.44	)			(0.76	)			1.75				0.83				(0.76	)
Total from investment operations			2.24				(1.19	)			(0.54	)			1.94				1.01				(0.60	)
Less dividends and distributions:
From net investment income			—				(0.22	)			(0.20	)			(0.23	)			(0.18	)			(0.17	)
From net realized capital gains on investments			—				—				(0.90	)			(0.64	)			—				(0.26	)
Total dividends and distributions			—				(0.22	)			(1.10	)			(0.87	)			(0.18	)			(0.43	)
Net asset value, end of period		$	10.70			$	8.46			$	9.87			$	11.51			$	10.44			$	9.61
Total investment return			26.48	%**(b)			(12.55	)%(b)			(4.00	)%			18.80	%			10.62	%			(5.64	)%
Ratios/Supplemental Data:
Net investment income to average net assets			2.17	%*			2.45	%			2.03	%			1.64	%			1.81	%(a)			1.60	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.77	%*			0.79	%			0.79	%			0.79	%(c)			0.81	%(c)			0.83	%(c)
Net expenses to average daily net assets			0.40	%*(d)			0.42	%(d)			0.79	%			0.79	%(c)			0.82	%(c) (e)			0.83	%(c)
Portfolio turnover rate			45	%**			74	%(f)			81	%			81	%			81	%			109	%
Net assets at end of period (in 000’s)		$	3,457,690			$	2,673,838			$	2,155,585			$	2,159,299			$	2,271,104			$	1,941,634

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

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

(f) Portfolio turnover calculation does not include $395,102,338 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

190

Mercer Core Fixed Income Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	10.48			$	10.00			$	9.90			$	9.96			$	10.15			$	10.43
Net investment income†			0.13				0.27				0.31				0.27				0.25	(a)			0.29
Net realized and unrealized gain (loss) on investments			0.50				0.51				0.11				(0.09	)			(0.09	)			(0.17	)
Total from investment operations			0.63				0.78				0.42				0.18				0.16				0.12
Less dividends and distributions:
From net investment income			—				(0.30	)			(0.32	)			(0.24	)			(0.25	)			(0.30	)
From net realized capital gains on investments			—				—				—				—				(0.10	)			(0.10	)
Total dividends and distributions			—				(0.30	)			(0.32	)			(0.24	)			(0.35	)			(0.40	)
Net asset value, end of period		$	11.11			$	10.48			$	10.00			$	9.90			$	9.96			$	10.15
Total investment return			6.01	%**(b)			7.81	%(b)			4.37	%			1.80	%			1.58	%			1.26	%
Ratios/Supplemental Data:
Net investment income to average net assets			2.45	%*			2.64	%			3.17	%			2.71	%			2.43	%(a)			2.80	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.42	%*			0.45	%			0.43	%			0.43	%			0.43	%(c)			0.42	%
Net expenses to average daily net assets			0.17	%*(d)			0.19	%(d)			0.43	%			0.43	%			0.43	%(e)(c)			0.42	%
Portfolio turnover rate			51	%**(f)			158	%(f)			80	%(f)			113	%(f)			151	%			88	%
Net assets at end of period (in 000’s)		$	997,328			$	950,017			$	548,600			$	857,947			$	765,603			$	783,875

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(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 been 46%, 139%, 74% and 81% for the period ended September 30, 2020 and the years ended March 31, 2020, March 31, 2019 and March 31, 2018, respectively.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

191

Mercer Opportunistic Fixed Income Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	8.45			$	9.08			$	9.80			$	9.31			$	8.44			$	9.13
Net investment income†			0.23				0.44				0.43				0.53				0.51	(a)			0.54
Net realized and unrealized gain (loss) on investments			0.84				(0.85	)			(0.94	)			0.33				0.36				(1.12	)
Total from investment operations			1.07				(0.41	)			(0.51	)			0.86				0.87				(0.58	)
Less dividends and distributions:
From net investment income			—				(0.22	)			(0.21	)			(0.37	)			—				(0.07	)
From net realized capital gains on investments			—				—				—				—				—				(0.04	)
Total dividends and distributions			—				(0.22	)			(0.21	)			(0.37	)			—				(0.11	)
Net asset value, end of period		$	9.52			$	8.45			$	9.08			$	9.80			$	9.31			$	8.44
Total investment return			12.66	%**			(4.72	)%(b)			(5.15	)%			9.42	%			10.31	%(b)			(6.25	)%(b)
Ratios/Supplemental Data:
Ratios to average net assets:
Net investment income to average net assets			4.89	%*			4.74	%			4.74	%			5.49	%			5.75	%(a)			6.28	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.89	%*			0.92	%			0.92	%(c)			0.92	%(c)			0.94	%(c)			0.95	%(c)
Net expenses to average daily net assets			0.44	%*			0.43	%(d)			0.92	%(c)			0.92	%(c)			0.94	%(c)(e)			0.90	%(c)
Portfolio turnover rate			61	%**			148	%(f)			243	%(f)			72	%			55	%			53	%
Net assets at end of period (in 000’s)		$	1,284,023			$	966,298			$	812,580			$	647,222			$	558,859			$	414,262

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(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 the same for the year ended March 31, 2020 and 218% for the year ended March 31, 2019, respectively.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

192

Mercer Emerging Markets Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	7.19			$	9.05			$	11.75			$	9.77			$	8.59			$	9.88
Net investment income†			0.12				0.19				0.17				0.18				0.14	(a)			0.16
Net realized and unrealized gain (loss) on investments			2.13				(1.93	)			(1.48	)			2.05				1.22				(1.36	)
Total from investment operations			2.25				(1.74	)			(1.31	)			2.23				1.36				(1.20	)
Less dividends and distributions:
From net investment income			—				(0.12	)			(0.01	)			(0.25	)			(0.18	)			(0.09	)
From net realized capital gains on investments			—				—				(1.38	)			—				—				—
Total dividends and distributions			—				(0.12	)			(1.39	)			(0.25	)			(0.18	)			(0.09	)
Net asset value, end of period		$	9.44			$	7.19			$	9.05			$	11.75			$	9.77			$	8.59
Total investment return			31.29	%**(b)			(19.55	)%(b)			(10.20	)%			22.92	%			16.14	%			(12.06	)%
Ratios/Supplemental Data:
Net investment income to average net assets			2.73	%*			2.05	%			1.66	%			1.62	%			1.52	%(a)			1.79	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.89	%*			0.91	%			0.92	%(c)			0.95	%(c)			0.99	%(c)			1.00	%(c)
Net expenses to average daily net assets			0.52	%*(d)			0.53	%(d)			0.92	%(c)			0.95	%(c)			1.00	%(c) (e)			1.00	%(c)
Portfolio turnover rate			31	%**			81	%(f)			57	%			93	%			89	%			66	%
Net assets at end of period (in 000’s)		$	1,339,131			$	943,024			$	1,018,647			$	1,116,127			$	1,481,990			$	1,150,136

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

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

(f) Portfolio turnover calculation does not include $10,686,440 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

193

Mercer Global Low Volatility Equity Fund

Financial Highlights (Continued)

	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Year Ended March 31, 2019				Year Ended March 31, 2018				Year Ended March 31, 2017				Year Ended March 31, 2016
For a Class Y-3 Share Outstanding Throughout Each Period:
Net asset value, beginning of period		$	11.23			$	13.13			$	12.28			$	12.62			$	11.81			$	12.11
Net investment income†			0.11				0.24				0.18				0.18				0.16	(a)			0.15
Net realized and unrealized gain (loss) on investments			2.25				(1.14	)			0.67				1.39				1.11				0.33
Total from investment operations			2.36				(0.90	)			0.85				1.57				1.27				0.48
Less dividends and distributions:
From net investment income			—				(0.17	)			—				(0.18	)			(0.14	)			(0.14	)
From net realized capital gains on investments			—				(0.83	)			—				(1.73	)			(0.32	)			(0.64	)
Total dividends and distributions			—				(1.00	)			—				(1.91	)			(0.46	)			(0.78	)
Net asset value, end of period		$	13.59			$	11.23			$	13.13			$	12.28			$	12.62			$	11.81
Total investment return			21.02	%**(b)			(8.16	)%(b)			6.92	%			12.47	%			11.02	%			4.13	%
Ratios/Supplemental Data:
Net investment income to average net assets			1.69	%*			1.75	%			1.40	%			1.35	%			1.34	%(a)			1.23	%
Total expenses (before reductions and reimbursements/waivers) to average daily net assets			0.81	%*			0.82	%			0.83	%			0.80	%(c)			0.81	%(c)			0.82	%(c)
Net expenses to average daily net assets			0.31	%*(d)			0.31	%(d)			0.83	%			0.80	%(c)			0.81	%(c)			0.82	%(c)
Portfolio turnover rate			32	%**			38	%			80	%			36	%			55	%			31	%
Net assets at end of period (in 000’s)		$	1,235,625			$	1,038,720			$	955,878			$	920,610			$	1,249,860			$	952,386

(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/waived during the periods shown.

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

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the period.

* Annualized.

** Not annualized.

See accompanying Notes to the Financial Statements.

194

Mercer Funds

Notes to the Financial Statements

September 30, 2020 (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”). Mercer Investments LLC (the “Advisor”), a Delaware limited liability company, serves as the investment advisor to the Funds. 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: Adviser Class, Class I, 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, 2020, only Class Y-3 was active.

2. Significant Accounting Policies

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

195

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

(a)  Security Valuation

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

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

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

Bank loans 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.

196

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 the 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. The Fund’s value for a particular security may be different from the last quoted market price.

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

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

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

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

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

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for “to-be-announced” (“TBA”), TBA commitments or when-issued securities approximate fair value and are determined using Level 2 inputs, as of September 30, 2020. 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, 2020.

At September 30, 2020, 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, as well as the “Mutual Fund - Securities Lending Collateral” and the “Futures Contracts” sections whose values were determined using Level 1 inputs.

197

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

The following is a summary of the portfolio securities by level based on inputs used as of September 30, 2020 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	$	125,457,320	$	0	*	$	—		$	125,457,320
Austria		5,685,953		—			—			5,685,953
Belgium		8,074,267		—			—			8,074,267
Bermuda		7,846,880		—			—			7,846,880
Brazil		25,975,560		—			—			25,975,560
Canada		63,037,174		—			—			63,037,174
Cayman Islands		70,019,210		—			—			70,019,210
China		5,413,721		—			—			5,413,721
Denmark		56,148,612		—			—			56,148,612
Finland		30,830,134		—			—			30,830,134
France		357,376,691		—			—			357,376,691
Germany		214,814,312		—			—			214,814,312
Hong Kong		30,506,581		—			—			30,506,581
Hungary		4,540,210		—			—			4,540,210
India		10,554,260		—			—			10,554,260
Indonesia		1,056,499		—			—			1,056,499
Ireland		17,117,004		—			—			17,117,004
Israel		16,014,808		—			—			16,014,808
Italy		55,266,673		—			—			55,266,673
Japan		790,332,449		—			—			790,332,449
Luxembourg		8,086,973		—			—			8,086,973
Malta		3,304,809		—			—			3,304,809
Marshall Islands		751,280		—			—			751,280
Mauritius		820,554		—			—			820,554
Netherlands		137,499,753		—			—			137,499,753
New Zealand		5,643,275		—			—			5,643,275
Norway		16,087,509		—			—			16,087,509
Philippines		440,444		—			—			440,444
Portugal		837,847		—			0	**		837,847
Russia		23,824,794		—			—			23,824,794
Singapore		11,655,775		—			—			11,655,775
South Africa		6,845,462		—			—			6,845,462
South Korea		40,721,986		—			—			40,721,986
Spain		79,566,295		—			0	**		79,566,295
Sweden		79,293,074		—			—			79,293,074
Switzerland		278,906,924		—			—			278,906,924
Taiwan		55,449,163		—			—			55,449,163
Thailand		—		1,827,060			—			1,827,060
Turkey		2,995,542		—			—			2,995,542

198

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
United Kingdom	$	405,057,960	$	—	$	—	$	405,057,960
United States		78,869,702		—		—		78,869,702
Total Common Stocks		3,132,727,439		1,827,060		0		3,134,554,499
Investment Company		28,375,170		—		—		28,375,170
Preferred Stocks
Brazil		3,113,448		—		—		3,113,448
Germany		40,214,428		—		—		40,214,428
Total Preferred Stocks		43,327,876		—		—		43,327,876
Rights
Sweden		1,728,724		—		—		1,728,724
Short-Term Investment
Mutual Fund - Securities Lending Collateral		41,437,921		—		—		41,437,921
Total	$	3,247,597,130	$	1,827,060	$	0	$	3,249,424,190

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Buys	$	(2,243,172	)	$	—		$	—	$	(2,243,172	)
Total Futures Contracts		(2,243,172	)		—			—		(2,243,172	)
Forward Foreign Currency Contracts†		—			(54,109	)		—		(54,109	)
Total	$	(2,243,172	)	$	(54,109	)	$	—	$	(2,297,281	)

* Represents one or more Level 2 securities at $0 value as of September 30, 2020.

** Represents one or more Level 3 securities at $0 value as of September 30, 2020.

† 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.

199

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Core Fixed

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	109,981,470	$	—		$	109,981,470
Corporate Debt		—		420,344,578		0	**		420,344,578
Mortgage Backed Securities - Private Issuers		—		105,537,515		—			105,537,515
Mortgage Backed Securities - U.S. Government Agency Obligations		—		228,916,572		—			228,916,572
Municipal Obligations		—		13,004,542		—			13,004,542
Sovereign Debt Obligations		—		5,912,667		—			5,912,667
U.S. Government and Agency Obligations		—		125,574,557		—			125,574,557
Total Debt Obligations		—		1,009,271,901		0			1,009,271,901
Warrant
Financial		—		1,615		—			1,615
Short-Term Investment
Mutual Fund - Securities Lending Collateral		4,565,035		—		—			4,565,035
Futures Contracts†
Buys		59,505		—		—			59,505
Sales		214,862		—		—			214,862
Total Futures Contracts		274,367		—		—			274,367
Forward Foreign Currency Contracts†		—		5,485		—			5,485
Total	$	4,839,402	$	1,009,279,001	$	0		$	1,014,118,403

200

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

LIABILITIES VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Futures Contracts†
Sales	$	(1,267	)	$	—		$	—	$	(1,267	)
Total Futures Contracts		(1,267	)		—			—		(1,267	)
Swaps
Centrally Cleared Interest Rate Swap†		—			(87,756	)		—		(87,756	)
Total Swaps		—			(87,756	)		—		(87,756	)
Forward Foreign Currency Contracts†		—			(2,702	)		—		(2,702	)
Total	$	(1,267	)	$	(90,458	)	$	—	$	(91,725	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2020.

† 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.

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	$	—	$	1,166,288,300		$	—		$	1,166,288,300
Common Stocks
Consumer, Cyclical		—		—			0	**		0
Energy		9		0	*		—			9
Utilities		—		411,719			—			411,719
Total Common Stocks		9		411,719			0			411,728
Convertible Preferred Stock
Energy		—		97,363			—			97,363
Preferred Stocks
Financial		86,456		—			—			86,456
Utilities		59,687		—			—			59,687
Total Preferred Stocks		146,143		—			—			146,143
Short-Term Investments
Mutual Fund - Securities Lending Collateral		10,377,337		—			—			10,377,337
Sovereign Debt Obligation		—		13,366,965			—			13,366,965
Total Short-Term Investments		10,377,337		13,366,965			—			23,744,302
Options Purchased		378,725		1,173,363			—			1,552,088

201

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (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	$	32,965	$	—	$	—	$	32,965
Sales		176,223		—		—		176,223
Total Futures Contracts		209,188		—		—		209,188
Swaps
OTC Interest Rate Swaps		—		35,934		—		35,934
Centrally Cleared Interest Rate Swaps†		—		974,915		—		974,915
OTC Credit Default Swaps		—		1,009,649		—		1,009,649
Centrally Cleared Credit Default Swaps†		—		275,151		—		275,151
Total Swaps		—		2,295,649		—		2,295,649
Forward Foreign Currency Contracts†		—		3,365,193		—		3,365,193
Total	$	11,111,402	$	1,186,998,552	$	0	$	1,198,109,954

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	$	(255,762	)	$	—		$	—	$	(255,762	)
Sales		(110,442	)		—			—		(110,442	)
Total Futures Contracts		(366,204	)		—			—		(366,204	)
Swaps
OTC Interest Rate Swaps		—			(172,941	)		—		(172,941	)
Centrally Cleared Interest Rate Swap†		—			(5,105	)		—		(5,105	)
OTC Credit Default Swaps		—			(13,906	)		—		(13,906	)
Centrally Cleared Credit Default Swaps†		—			(16,799	)		—		(16,799	)
Total Swaps		—			(208,751	)		—		(208,751	)
Forward Foreign Currency Contracts†		—			(3,480,005	)		—		(3,480,005	)
Written Options		(72,608	)		(205,564	)		—		(278,172	)
Total	$	(438,812	)	$	(3,894,320	)	$	—	$	(4,333,132	)

* Represents one or more Level 2 securities at $0 value as of September 30, 2020.

** Represents one or more Level 3 securities at $0 value as of September 30, 2020.

† 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.

202

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (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
Belgium	$	67,208	$	—	$	—	$	67,208
Bermuda		14,008,309		—		—		14,008,309
Brazil		44,948,476		—		—		44,948,476
Canada		3,363,896		—		—		3,363,896
Cayman Islands		275,956,926		15,032		—		275,971,958
Chile		1,972,754		—		—		1,972,754
China		168,758,661		72,627		—		168,831,288
Colombia		717,986		—		—		717,986
Cyprus		1,202		—		—		1,202
Czech Republic		468,474		—		—		468,474
France		3,505,081		—		—		3,505,081
Greece		830,939		—		—		830,939
Hong Kong		34,289,586		—		—		34,289,586
Hungary		1,923,329		—		—		1,923,329
India		141,917,119		—		—		141,917,119
Indonesia		19,153,716		—		—		19,153,716
Luxembourg		5,255,846		—		—		5,255,846
Malaysia		6,254,011		—		—		6,254,011
Marshall Islands		98,233		—		—		98,233
Mexico		21,135,504		—		—		21,135,504
Netherlands		17,662,581		—		—		17,662,581
Philippines		2,876,024		—		—		2,876,024
Poland		5,619,342		—		—		5,619,342
Russia		10,823,152		—		—		10,823,152
South Africa		37,460,601		—		—		37,460,601
South Korea		109,318,395		—		—		109,318,395
Spain		11,885		—		—		11,885
Taiwan		183,788,244		—		—		183,788,244
Thailand		1,695,232		9,800,449		—		11,495,681
Turkey		8,152,380		—		—		8,152,380
United Kingdom		14,296,426		—		—		14,296,426
United States		36,209,333		—		—		36,209,333
Total Common Stocks		1,172,540,851		9,888,108		—		1,182,428,959
Preferred Stocks
Brazil		10,659,211		—		—		10,659,211
Colombia		113,588		—		—		113,588
South Korea		10,105,743		—		—		10,105,743
Total Preferred Stocks		20,878,542		—		—		20,878,542

203

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Rights
Hong Kong	$	—	$	—	$	0	**	$	0
India		311		—		—			311
South Korea		2,274		—		—			2,274
Thailand		—		—		0	**		0
Total Rights		2,585		—		0			2,585
Warrant
Thailand		1,856		—		—			1,856
Short-Term Investment
Mutual Fund - Securities Lending Collateral		4,633,703		—		—			4,633,703
Total	$	1,198,057,537	$	9,888,108	$	0		$	1,207,945,645

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	$	(57,020	)	$	—	$	—	$	(57,020	)
Total	$	(57,020	)	$	—	$	—	$	(57,020	)

** Represents one or more Level 3 securities at $0 value as of September 30, 2020.

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

Global Low Volatility

ASSETS VALUATION INPUT

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	21,589,232	$	—	$	—	$	21,589,232
Austria		2,483,568		—		—		2,483,568
Belgium		1,846,656		—		—		1,846,656
Bermuda		14,236,588		—		—		14,236,588
Canada		66,764,525		—		—		66,764,525
Cayman Islands		9,790,659		—		—		9,790,659
Denmark		5,501,376		—		—		5,501,376
Finland		5,487,469		—		—		5,487,469

204

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
France	$	49,754,422	$	—	$	—	$	49,754,422
Germany		16,841,568		—		—		16,841,568
Hong Kong		19,971,610		—		—		19,971,610
Ireland		22,001,380		—		—		22,001,380
Israel		6,003,069		—		—		6,003,069
Italy		113,742		—		—		113,742
Japan		52,589,580		—		—		52,589,580
Luxembourg		2,676,866		—		—		2,676,866
Netherlands		23,599,281		—		—		23,599,281
New Zealand		4,036,362		—		—		4,036,362
Norway		3,153,217		—		—		3,153,217
Portugal		1,922,205		—		—		1,922,205
Singapore		5,452,969		24,828		—		5,477,797
Spain		12,406,951		—		—		12,406,951
Sweden		14,545,589		—		—		14,545,589
Switzerland		35,656,756		—		—		35,656,756
United Kingdom		40,932,337		—		—		40,932,337
United States		679,960,871		—		—		679,960,871
Total Common Stocks		1,119,318,848		24,828		—		1,119,343,676
Preferred Stock
Germany		2,352,381		—		—		2,352,381
Short-Term Investment
Mutual Fund - Securities Lending Collateral		3,349,041		—		—		3,349,041
Futures Contracts†
Buys		69,195		—		—		69,195
Total	$	1,125,089,465	$	24,828	$	—	$	1,125,114,293

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	$	(126,413	)	$	—	$	—	$	(126,413	)
Total Futures Contracts		(126,413	)		—		—		(126,413	)
Total	$	(126,413	)	$	—	$	—	$	(126,413	)

† 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.

205

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Investments in Derivative Instruments

At September 30, 2020 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(2)	$	150,454		$	150,454
Total Value	$	150,454		$	150,454
NET REALIZED GAIN (LOSS)(6)
	Equity Risk			Total
Futures Contracts	$	7,753,629		$	7,753,629
Total Realized Gain (Loss)	$	7,753,629		$	7,753,629
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Equity Risk			Total
Futures Contracts	$	(779,725	)	$	(779,725	)
Total Change in Appreciation (Depreciation)	$	(779,725	)	$	(779,725	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Equity Risk			Total
Long Futures Contracts	$	29,699,201		$	29,699,201

Small/Mid Cap

ASSET DERIVATIVES
	Equity Risk		Total
Futures Contracts(2)	$	201,738	$	201,738
Total Value	$	201,738	$	201,738
NET REALIZED GAIN (LOSS)(6)
	Equity Risk		Total
Futures Contracts	$	7,295,856	$	7,295,856
Total Realized Gain (Loss)	$	7,295,856	$	7,295,856
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Equity Risk		Total
Futures Contracts	$	339,682	$	339,682
Total Change in Appreciation (Depreciation)	$	339,682	$	339,682

206

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Equity Risk		Total
Long Futures Contracts	$	35,491,657	$	35,491,657

Non-US Core Equity

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	—		$	(2,243,172	)	$	(2,243,172	)
Forward Foreign Currency Contracts(5)		(54,109	)		—			(54,109	)
Total Value	$	(54,109	)	$	(2,243,172	)	$	(2,297,281	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	23,990,374		$	23,990,374
Forward Foreign Currency Contracts		(1,035,042	)		—			(1,035,042	)
Total Realized Gain (Loss)	$	(1,035,042	)	$	23,990,374		$	22,955,332
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	—		$	(11,726,737	)	$	(11,726,737	)
Forward Foreign Currency Contracts		570,408			—			570,408
Total Change in Appreciation (Depreciation)	$	570,408		$	(11,726,737	)	$	(11,156,329	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk			Equity Risk			Total
Long Futures Contracts	$	—		$	74,716,018		$	74,716,018
Forward Foreign Currency Contracts		27,774,929			—			27,774,929

Core Fixed

ASSET DERIVATIVES
	Foreign Currency Risk		Interest Rate Risk		Total
Futures Contracts(2)	$	—	$	274,367	$	274,367
Forward Foreign Currency Contracts(3)		5,485		—		5,485
Total Value	$	5,485	$	274,367	$	279,852

207

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

LIABILITY DERIVATIVES
	Foreign Currency Risk			Interest Rate Risk			Total
Futures Contracts(2)	$	—		$	(1,267	)	$	(1,267	)
Forward Foreign Currency Contracts(5)		(2,702	)		—			(2,702	)
Centrally Cleared Swap Contracts**		—			(87,756	)		(87,756	)
Total Value	$	(2,702	)	$	(89,023	)	$	(91,725	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Interest Rate Risk			Total
Options Purchased	$	—		$	(111,759	)	$	(111,759	)
Options Written		—			53,011			53,011
Swaps Contracts		—			(853,847	)		(853,847	)
Futures Contracts		—			(692,733	)		(692,733	)
Forward Foreign Currency Contracts		(27,771	)		—			(27,771	)
Total Realized Gain (Loss)	$	(27,771	)	$	(1,605,328	)	$	(1,633,099	)
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Interest Rate Risk			Total
Options Purchased	$	—		$	46,086		$	46,086
Options Written		—			(9,897	)		(9,897	)
Swaps Contracts		—			982,437			982,437
Futures Contracts		—			922,813			922,813
Forward Foreign Currency Contracts		6,438			—			6,438
Total Change in Appreciation (Depreciation)	$	6,438		$	1,941,439		$	1,947,877
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk			Interest Rate Risk			Total
Options Purchased	$	—		$	224,500		$	224,500
Options Written		—			(225,000	)		(225,000	)
Swaps Contracts		—			33,265,000			33,265,000
Short Futures Contracts		—			(50,605,097	)		(50,605,097	)
Long Futures Contracts		—			58,208,843			58,208,843
Forward Foreign Currency Contracts		1,029,945			—			1,029,945

208

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Opportunistic Fixed

ASSET DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased(1)	$	—		$	116,530		$	1,056,833		$	378,725		$	1,552,088
Futures Contracts(2)		—			—			209,188			—			209,188
Forward Foreign Currency Contracts(3)		—			3,365,193			—			—			3,365,193
OTC Swaps Contracts		1,009,649			—			35,934			—			1,045,583
Centrally Cleared Swap Contracts**		275,151			—			974,915			—			1,250,066
Total Value	$	1,284,800		$	3,481,723		$	2,276,870		$	378,725		$	7,422,118
LIABILITY DERIVATIVES
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Written(4)	$	—		$	(117,128	)	$	(88,436	)	$	(72,608	)	$	(278,172	)
Futures Contracts(2)		—			—			(366,204	)		—			(366,204	)
Forward Foreign Currency Contracts(5)		—			(3,480,005	)		—			—			(3,480,005	)
OTC Swaps Contracts		(13,906	)		—			(172,941	)		—			(186,847	)
Centrally Cleared Swap Contracts**		(16,799	)		—			(5,105	)		(73,235	)		(95,139	)
Total Value	$	(30,705	)	$	(3,597,133	)	$	(632,686	)	$	(145,843	)	$	(4,406,367	)
NET REALIZED GAIN (LOSS)(6)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—		$	(698,871	)	$	(249,688	)	$	(1,769,485	)	$	(2,718,044	)
Options Written		—			332,217			84,564			367,967			784,748
Swaps Contracts		(763,242	)		—			(1,078,912	)		(73,235	)		(1,915,389	)
Futures Contracts		—			—			1,617,717			—			1,617,717
Forward Foreign Currency Contracts		—			(2,979,010	)		—			—			(2,979,010	)
Total Realized Gain (Loss)	$	(763,242	)	$	(3,345,664	)	$	373,681		$	(1,474,753	)	$	(5,209,978	)
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Credit Risk			Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—		$	(135,825	)	$	33,589		$	264,092		$	161,856
Options Written		—			770,404			110,644			135,472			1,016,520
Swaps Contracts		134,085			—			1,781,181			—			1,915,266
Futures Contracts		—			—			(1,693,063	)		—			(1,693,063	)
Forward Foreign Currency Contracts		—			(958,474	)		—			—			(958,474	)
Total Change in Appreciation (Depreciation)	$	134,085		$	(323,895	)	$	232,351		$	399,564		$	442,105

209

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Credit Risk		Foreign Currency Risk			Interest Rate Risk			Equity Risk			Total
Options Purchased	$	—	$	25,782,657		$	21,281,200		$	6,950		$	47,070,807
Options Written		—		(12,604,583	)		(17,082,800	)		(3,950	)		(29,691,333	)
Swaps Contracts		23,068,753		—			56,259,542			52,639			79,380,934
Short Futures Contracts		—		—			(106,732,839	)		—			(106,732,839	)
Long Futures Contracts		—		—			115,322,584			—			115,322,584
Forward Foreign Currency Contracts		—		452,518,533			—			—			452,518,533

Emerging Markets

LIABILITY DERIVATIVES
	Foreign Currency Risk		Equity Risk			Total
Futures Contracts(2)	$	—	$	(57,020	)	$	(57,020	)
Total Value	$	—	$	(57,020	)	$	(57,020	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk		Equity Risk			Total
Futures Contracts	$	—	$	14,258,361		$	14,258,361
Forward Foreign Currency Contracts		130		—			130
Total Realized Gain (Loss)	$	130	$	14,258,361		$	14,258,491
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk		Equity Risk			Total
Futures Contracts	$	—	$	(561,543	)	$	(561,543	)
Total Change in Appreciation (Depreciation)	$	—	$	(561,543	)	$	(561,543	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk		Equity Risk			Total
Long Futures Contracts	$	—	$	45,710,820		$	45,710,820
Forward Foreign Currency Contracts		1,003,518		—			1,003,518

Global Low Volatility

ASSET DERIVATIVES
	Foreign Currency Risk		Equity Risk		Total
Futures Contracts(2)	$	—	$	69,195	$	69,195
Total Value	$	—	$	69,195	$	69,195

210

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

LIABILITY DERIVATIVES
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts(2)	$	(6,889	)	$	(119,524	)	$	(126,413	)
Total Value	$	(6,889	)	$	(119,524	)	$	(126,413	)
NET REALIZED GAIN (LOSS)(6)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	91,608		$	11,407,332		$	11,498,940
Total Realized Gain (Loss)	$	91,608		$	11,407,332		$	11,498,940
CHANGE IN APPRECIATION (DEPRECIATION)(7)
	Foreign Currency Risk			Equity Risk			Total
Futures Contracts	$	(28,535	)	$	(5,027,871	)	$	(5,056,406	)
Total Change in Appreciation (Depreciation)	$	(28,535	)	$	(5,027,871	)	$	(5,056,406	)
NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS(8)
	Foreign Currency Risk			Equity Risk			Total
Long Futures Contracts	$	1,136,524		$	34,359,287		$	35,495,811

** 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 Statements of Assets and Liabilities.

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

⁽²⁾ 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.

⁽³⁾ Statements of Assets and Liabilities location: Unrealized appreciation on open forward foreign currency contracts.

⁽⁴⁾ Statements of Assets and Liabilities location: Written options, at value.

⁽⁵⁾ Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.

⁽⁶⁾ Statements of Operations location: Amounts are included in Net realized gain (loss) on Forward foreign currency contracts, Closed futures contracts, Purchased option contracts, Written option contracts and Swap contracts.

⁽⁷⁾ Statements of Operations location: Amounts are included in Change in net unrealized appreciation (depreciation) on Forward foreign currency contracts, Open futures contracts, Purchased option contracts, Written option contracts and Swap contracts.

⁽⁸⁾ Amounts disclosed represent average notional value for the months that the Fund held such derivatives during the period ended September 30, 2020.

211

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Netting Agreements and Collateral Requirements

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

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

212

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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, 2020.

Non-US Core Equity

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities(a)
HSBC Bank USA, N.A.	$	(54,109	)	$	—	$	—	$	(54,109	)

^(a)   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.

Core Fixed

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*		Net Amount of Derivative Assets(a)
Barclays Bank Plc	$	2,703	$	(2,702	)	$	—	$	1
JPMorgan Chase Bank N.A.		2,782		—			—		2,782
	$	5,485	$	(2,702	)	$	—	$	2,783

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities(b)
Barclays Bank Plc	$	(2,702	)	$	2,702	$	—	$	—

^(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.

Opportunistic Fixed

Offsetting of Financial Assets and Derivative Assets:

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*			Net Amount of Derivative Assets(a)
Bank of America, N.A.	$	192,835	$	(58,810	)	$	(30,170	)	$	103,855
Barclays Bank Plc		296,628		(65,727	)		(90,000	)		140,901
BNP Paribas S.A.		260,025		(260,025	)		—			—
Citibank N.A.		246,467		(246,467	)		—			—
Citigroup Global Markets, Inc.		16,536		—			—			16,536

213

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Counterparty	Derivative Assets Subject to MNA		Derivative Assets/(Liabilities) available for offset			Collateral Received*			Net Amount of Derivative Assets(a)
Deutsche Bank AG	$	714,058	$	(113,595	)	$	(309,051	)	$	291,412
Goldman Sachs & Co.		435,301		(148,829	)		(286,472	)		—
Goldman Sachs International		497,507		(312,354	)		—			185,153
HSBC Bank Plc		145,593		(145,593	)		—			—
JPMorgan Chase Bank N.A.		974,455		(974,455	)		—			—
Morgan Stanley & Co.		1,400,590		(13,906	)		(1,386,684	)		—
Morgan Stanley & Co. International Plc		153,884		(153,884	)		—			—
Morgan Stanley Capital Services, Inc.		3,430		—			(3,430	)		—
Natwest Markets Plc		28,287		(28,287	)		—			—
Standard Chartered Bank		79,550		(18,439	)		—			61,111
State Street Bank and Trust		10,324		(6,416	)		—			3,908
State Street Bank London		70,524		(9,570	)		—			60,954
The BNY Mellon		4,742		(1,432	)		—			3,310
Toronto Dominion Bank		5,081		—			—			5,081
UBS AG		48,322		(48,322	)		—			—
	$	5,584,139	$	(2,606,111	)	$	(2,105,807	)	$	872,221

Offsetting of Financial Liabilities and Derivative Liabilities:

Counterparty	Derivative Liabilities Subject to MNA			Derivative Assets/(Liabilities) available for offset		Collateral Pledged*		Net Amount of Derivative Liabilities(b)
Bank of America, N.A.	$	(58,810	)	$	58,810	$	—	$	—
Barclays Bank Plc		(65,727	)		65,727		—		—
BNP Paribas S.A.		(633,238	)		260,025		—		(373,213	)
Citibank N.A.		(301,554	)		246,467		55,087		—
Deutsche Bank AG		(113,595	)		113,595		—		—
Goldman Sachs & Co.		(148,829	)		148,829		—		—
Goldman Sachs International		(312,354	)		312,354		—		—
HSBC Bank Plc		(411,430	)		145,593		187,384		(78,453	)
HSBC Bank USA, N.A.		(22,044	)		—		—		(22,044	)
JPMorgan Chase Bank N.A.		(1,083,175	)		974,455		100,000		(8,720	)
Morgan Stanley & Co.		(13,906	)		13,906		—		—
Morgan Stanley & Co. International Plc		(194,446	)		153,884		31,156		(9,406	)
Natwest Markets Plc		(382,423	)		28,287		—		(354,136	)
Standard Chartered Bank		(18,439	)		18,439		—		—
State Street Bank and Trust		(6,416	)		6,416		—		—
State Street Bank London		(9,570	)		9,570		—		—
The BNY Mellon		(1,432	)		1,432		—		—
UBS AG		(95,028	)		48,322		—		(46,706	)
	$	(3,872,416	)	$	2,606,111	$	373,627	$	(892,678	)

^(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.

214

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

(b)  Security transactions and related investment income

Security transactions are accounted for on trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date or when the Fund is informed of the ex-dividend date, if later. Interest income is recorded on the accrual basis, and is adjusted for amortization of premium and discounts for debt securities. Income is not recognized, nor are premium and discount amortized, on securities for which collection is not expected. Withholding taxes on foreign dividends, 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, cash equivalents 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.

215

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at September 30, 2020. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. Cash collateral is invested in the State Street Institutional U.S. Government Money Market Fund, Premier Class. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at September 30, 2020 were as follows:

	Market Value of Loaned Securities		Value of Cash Collateral		Value of Non-Cash Collateral
Large Cap	$	17,433,185	$	1,007,698	$	16,659,975
Small/Mid Cap		49,554,638		10,003,434		40,917,851
Non-US Core Equity		133,376,403		41,437,921		100,568,263
Core Fixed		9,726,676		4,565,035		5,361,075
Opportunistic Fixed		14,750,855		10,377,337		4,518,298
Emerging Markets		25,225,830		4,633,703		21,158,675
Global Low Volatility		15,460,545		3,349,041		13,020,787

For Large Cap, Small/Mid Cap, Non-US Core Equity, Emerging Markets and Global Low Volatility, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund’s Schedule of Investments at September 30, 2020, with a contractual maturity of overnight and continuous. For Core Fixed, all of the securities on loan collateralized by cash are classified as Corporate Debt in the Fund’s Schedule of Investments at September 30, 2020, with a contractual maturity of overnight and continuous.

For Opportunistic Fixed, the values of the security loan obligations are classified as follows at September 30, 2020:

Opportunistic Fixed

	Remaining Contractual Maturity of the Agreements As of September 30, 2020
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Debt	$	9,474,571	$	—	$	—	$	—	$	9,474,571
Preferred Stocks		14,193		—		—		—		14,193
Sovereign Debt Obligations		888,573		—		—		—		888,573
Total	$	10,377,337	$	—	$	—	$	—	$	10,377,337
Total Borrowings	$	10,377,337	$	—	$	—	$	—	$	10,377,337
Gross amount of recognized liabilities for securities lending transactions									$	10,377,337

(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

216

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

may engage in swaps, including, but not limited to, interest rate, currency, credit default, index, and total return 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 Statements 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 swaps 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 soundness 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 swaps 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.

In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Fund is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

217

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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

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

Whether a Fund’s use of swaps 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 contract in the event of the default or bankruptcy of a swap 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 an uncleared swap, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap counterparty will be able to meet its obligations pursuant to a swap 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. However, the amount at risk is, subject to some exceptions, generally only the net unrealized gain, if any, on the swap not the entire notional amount. The Subadvisor that enters into the swap 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.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted in July 2010. Among other things, the Dodd-Frank Act sets forth a regulatory framework for certain OTC derivatives, such as swaps. 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 major swap participants, and are, or will be, subject to certain minimum capital and margin requirements and business conduct standards.

Certain standardized swaps, including certain U.S. dollar and non-U.S. dollar denominated interest rate and credit default index swaps, are subject to mandatory clearing, which interposes a central clearing house as the counterparty to each participant’s swap, and exchange-trading. Additional swap asset classes are expected to be subject to mandatory clearing and exchange-trading in the future. The

218

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

counterparty risk for cleared derivatives is generally considered to be lower than for uncleared derivatives, but cleared contracts are not risk-free. 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.

Central clearing and exchange trading is only required for trading certain instruments, although central clearing and exchange trading for additional instruments is expected to be implemented by the Commodity Futures Trading Commission (“CFTC”) until the majority of the swaps market is ultimately subject to both. In addition, uncleared swaps that are subject to regulatory collateral requirements could adversely affect a Fund’s ability to enter into swaps in the OTC market. The establishment of a centralized exchange or market for cleared swap transactions may not result in swaps being easier to value or trade. However, swap dealers, major swap participants, and swap counterparties may experience other new and/or additional regulations, requirements, compliance burdens, and associated costs. The legislation and rules promulgated may exert a negative effect on a Fund’s ability to meet its investment objective, either through limits or requirements imposed on the Fund or its counterparties. Specifically, position limits imposed on a Fund or its counterparties may affect that Fund’s ability to invest in futures, options, and swaps in a manner consistent with the Fund’s investment objective and strategies. The new requirements prescribed by the Dodd-Frank Act may increase the cost of a Fund’s investments and cost of doing business, which could adversely affect the ability of the Funds to buy or sell derivatives.

In a cleared swap transaction, 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 variation margin payable or receivable for the change in value as appropriate on the Statements of Assets and Liabilities. Only certain 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 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).

Swaps 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.

219

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Like most other investments, swaps 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, indices, 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. If the 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.

During the period ended September 30, 2020, Core Fixed and Opportunistic Fixed used swaps 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 swaps as of September 30, 2020.

(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 futures commission merchant. Thereafter, a “variation margin” may be paid by a Fund to or drawn by a Fund from such account in accordance with controls set for such accounts, depending upon changes in the price of the underlying securities, or currencies, subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable on the Statements of Assets and Liabilities. 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 CFTC for sale to customers in the United States, 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

220

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 certain 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 generally is an uncleared agreement resembling a total return swap transaction in which a Fund will commit to receive positive or negative returns on one or more specified equity index futures contracts in exchange for an agreed upon payment by the Fund to the counterparty. If the underlying asset declines in value over the term of the total return swap, the Fund may also be 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 Statements of Operations.

During the period ended September 30, 2020, 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, 2020.

(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

221

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 Statements 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.

During the period ended September 30, 2020, 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 non-cash settled forward contract to sell an amount of foreign currency, the Fund will maintain segregated assets in an amount equal to the contract’s full, notional value. When a Fund enters into a cash-settled forward contract to sell an amount of foreign currency, the

222

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Fund will maintain segregated assets in an amount equal to the net amount owed by the Fund. However, currency contracts with respect to identical currencies, with the same counterparty and same settlement date may be netted against each other and, in such cases, a Fund will maintain segregated assets in an amount equal to the net amount owed by the Fund, in accordance with the Trust’s Segregation and Offsetting Position Procedures. 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, 2020, Core Fixed and 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 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, Core Fixed, and Opportunistic Fixed Schedules of Investments for a listing of open forward foreign currency contracts as of September 30, 2020.

(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.

(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

223

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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, 2020.

(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, 2020.

(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 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

224

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

to the cost and par value of the securities. See the Schedules of Investments for mortgage-backed and asset-backed securities held by Core Fixed and Opportunistic Fixed as of September 30, 2020.

(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, 2020, Opportunistic Fixed had the following unfunded loan commitments:

Borrower	Par		Cost		Value		Unrealized Gain (Loss)
Amerilife Holdings, LLC	$	4,773	$	4,773	$	4,725	$	(48	)
EyeCare Partners, LLC		83,243		83,147		78,748		(4,399	)
	$	88,016	$	87,920	$	83,473	$	(4,447	)

(n)  LIBOR Transition

In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain a commonly used interest rate, the London Interbank Offered Rate (“LIBOR”). The terms of many investments, financings or other transactions to which a Fund may be a party have been historically tied to LIBOR, which may be a significant factor in determining the Fund’s payment obligations under a derivative investment, the cost of financing to the Fund or an investment’s value or return to the Fund. The announcement and more recent public statements suggest that after 2021, LIBOR may cease to be published or utilized. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced a replacement for LIBOR, the Secured Overnight Funding Rate (“SOFR”). The Federal Reserve Bank of New York began publishing the SOFR in April 2018, which is a broad measure of the cost of overnight borrowing of cash collateralized by Treasury securities. SOFR is intended to serve as a reference rate for U.S. dollar-based debt and derivatives and ultimately reduce the markets’ dependence on LIBOR. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate in the United Kingdom. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Accordingly, the potential effect of a transition away from LIBOR on a Fund or the debt securities or other instruments based on LIBOR in which a Fund invests cannot yet be determined. The process of transitioning to a new rate might lead to increased volatility and illiquidity in markets for instruments whose terms currently include reference to LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments.

225

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

(o)  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.

(p)  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.

As of September 30, 2020, 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	$	1,092,991,737	$	196,322,860	$	(73,951,818	)	$	122,371,042
Small/Mid Cap		1,419,276,144		228,313,208		(154,756,550	)		73,556,658
Non-US Core Equity		3,005,532,422		493,819,572		(249,927,804	)		243,891,768
Core Fixed		967,570,213		55,160,680		(8,892,342	)		46,268,338
Opportunistic Fixed		1,197,404,664		32,593,007		(37,757,747	)		(5,164,740	)
Emerging Markets		1,149,686,672		192,457,129		(134,198,156	)		58,258,973
Global Low Volatility		969,273,430		190,165,531		(34,393,863	)		155,771,668

The temporary differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies and other basis adjustments. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These differences primarily relate to swap income, gains and losses from passive foreign investment companies and other basis adjustments during the period ended September 30, 2020.

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.

(q)  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.

226

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

(r)  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 10, 2020. 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 1% plus the higher of (i) the Federal Funds Rate or (ii) the Federal Reserve Bank of New York Overnight Bank Funding Rate. The Funds did not borrow under the Agreement during the period ended September 30, 2020.

4. Indemnities

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

5. Fees and other transactions with affiliates

As of September 30, 2020, 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.

The Advisor has contractually agreed, until at least July 31, 2021, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to the Funds’ Subadvisors. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Funds’ Board of Trustees. The fees waived by the Advisor pursuant

227

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

to this agreement are not subject to reimbursement by the Funds to the Advisor. The fees waived are shown in the Advisory fee waiver line in the Statements of Operations.

The Advisor provides certain internal administrative services to the Adviser Class, Class I and Class Y-2 shares of the Funds, for which the Advisor receives a fee of 0.25%, 0.25% and 0.15% of the average daily net assets of the Adviser Class, Class I 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 Adviser Class, Class I and Class Y-2 shares, including the transfer agent. As these classes have not been funded, no fees were charged for the period ended September 30, 2020.

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 Adviser Class shares of the Funds. The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund’s Adviser Class shares. As this class has not been funded, no fees were charged for the period ended September 30, 2020.

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, 2020, were as follows:

	Long-Term U.S. Government Securities			Other Long-Term Securities
Purchases
Large Cap	$	—		$	269,903,220
Small/Mid Cap		—			427,726,420
Non-US Core Equity		—			1,345,716,517
Core Fixed		384,362,158	*		156,951,439
Opportunistic Fixed		47,242,468			819,873,940
Emerging Markets		—			381,277,448
Global Low Volatility		—			344,892,613
Sales
Large Cap		—			188,894,737
Small/Mid Cap		—			290,774,570
Non-US Core Equity		—			1,328,017,254
Core Fixed		450,353,483	*		62,436,400
Opportunistic Fixed		95,657,210			544,854,414
Emerging Markets		—			334,144,122
Global Low Volatility		—			341,786,933

* Includes purchases of $68,554,524 and sales of $58,981,279 for TBA securities.

228

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		24,355,887		$	211,994,217			10,138,802		$	90,778,255
Shares issued through in-kind contribution*		—			—			81,706,524			781,114,365
Shares issued to shareholders in reinvestment of distributions		—			—			4,676,195			43,395,087
Shares repurchased		(17,749,951	)		(147,176,430	)		(21,820,763	)		(194,574,909	)
Net increase		6,605,936		$	64,817,787			74,700,758		$	720,712,798

Small/Mid Cap

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		26,698,490		$	241,820,762			22,989,280		$	221,232,437
Shares issued through in-kind contribution**		—			—			51,416,668			567,640,018
Shares issued to shareholders in reinvestment of distributions		—			—			3,694,817			40,162,658
Shares repurchased		(10,790,540	)		(106,411,980	)		(20,554,836	)		(214,043,599	)
Net increase		15,907,950		$	135,408,782			57,545,929		$	614,991,514

Non-US Core Equity

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		46,581,992		$	454,672,568			80,075,822		$	790,637,683
Shares issued through in-kind contribution***		—			—			38,582,379			410,902,338
Shares issued to shareholders in reinvestment of distributions		—			—			5,696,274			60,608,354
Shares repurchased		(39,610,554	)		(391,338,299	)		(26,429,943	)		(276,992,700	)
Net increase		6,971,438		$	63,334,269			97,924,532		$	985,155,675

229

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Core Fixed

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		14,491,636		$	157,010,992			59,487,550		$	613,861,885
Shares issued to shareholders in reinvestment of distributions		—			—			2,057,194			21,127,381
Shares repurchased		(15,410,997	)		(168,744,564	)		(25,733,623	)		(267,181,856	)
Net increase (decrease)		(919,361	)	$	(11,733,572	)		35,811,121		$	367,807,410

Opportunistic Fixed

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		24,657,420		$	231,700,747			41,331,790		$	386,165,258
Shares issued to shareholders in reinvestment of distributions		—			—			2,450,225			22,762,588
Shares repurchased		(4,147,532	)		(37,902,801	)		(18,948,016	)		(173,703,085	)
Net increase		20,509,888		$	193,797,946			24,833,999		$	235,224,761

Emerging Markets

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		24,423,315		$	212,045,032			34,290,769		$	300,441,230
Shares issued through in-kind contribution****		—			—			14,375,147			133,545,116
Shares issued to shareholders in reinvestment of distributions		—			—			1,618,490			15,100,507
Shares repurchased		(13,696,502	)		(118,581,192	)		(31,714,029	)		(286,169,511	)
Net increase		10,726,813		$	93,463,840			18,570,377		$	162,917,342

230

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

Global Low Volatility

	Six Months Ended September 30, 2020						Year Ended March 31, 2020
	Shares			Amount			Shares			Amount
Class Y-3:
Shares sold		17,293,461		$	222,997,205			29,601,187		$	386,424,292
Shares issued to shareholders in reinvestment of distributions		—			—			6,000,409			81,065,529
Shares repurchased		(18,829,759	)		(241,535,089	)		(15,928,861	)		(221,207,356	)
Net increase (decrease)		(1,536,298	)	$	(18,537,884	)		19,672,735		$	246,282,465

* On November 26, 2019, Large Cap received securities in-kind valued at $769,614,365 and cash of $11,500,000 from Mercer Large Cap Stock Fund. This resulted in the issuance of 81,706,524 shares valued at $781,114,365.

** On December 2, 2019, Small/Mid Cap received securities in-kind valued at $550,516,305 and cash of $17,123,713 from Mercer Small/Mid Cap Stock Fund. This resulted in the issuance of 51,416,668 shares valued at $567,640,018.

*** On December 3, 2019, Non-US Core Equity received securities in-kind valued at $395,102,338 and cash of $15,800,000 from Mercer International Stock Fund. This resulted in the issuance of 38,582,379 shares valued at $410,902,338.

**** On November 26, 2019, Emerging Markets received securities in-kind valued at $10,686,440 and cash of $122,858,676 from Mercer International Stock Fund. This resulted in the issuance of 14,375,147 shares valued at $133,545,116.

8. Certain Risks

In the normal course of business, the Funds invest in securities or other instruments and may enter into transactions, and such activities subject each Fund to various risks, including fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations (credit risk). Investments in foreign securities involve certain risks, including foreign currency fluctuations and those related to political or economic instability.

Additional risks associated with certain of the Funds’ investments are described above within the respective security type notes. A more complete description of risks is included in the Funds’ prospectus and statement of additional information.

Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak that occurred may have a significant negative impact on the operations and profitability of the Funds’ investments. The extent of the impact to the financial performance of the Funds will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

LIBOR risk: Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the LIBOR. LIBOR is widely used in financial markets. In July 2017, the United Kingdom’s financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate

231

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect a Fund’s performance or NAV.

9. Recent Accounting Pronouncements

The Funds have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 “Premium Amortization of Callable Debt Securities” (“ASU 2017-08”), which amends the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with explicit non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal year ended March 31, 2020.

In March 2020, FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04 on the Funds’ financial statements.

In October 2020, FASB issued Accounting Standards Update No. 2020-08 (“ASU 2020-08”), “Receivables - Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

10. Subsequent events

Management has evaluated the impact of subsequent events through November 17, 2020, the date the financial statements were available to be issued for possible adjustment 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.

11. Proxy Voting

A description of the policies and procedures that the Advisor and each Fund’s Subadvisors use to determine how to vote proxies relating to the Fund’s portfolio securities is available, without charge,

232

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

upon request, by calling 1-866-658-9896, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information about Funds’ proxy voting decisions are available without charge, online on the Funds’ website at http://www.mercer.us/mutual-funds-on-offer.

12. Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT, which when filed, will be available on the SEC’s website at http://www.sec.gov.

13. Board Approval of the Investment Management Agreement for the Funds and Subadvisory Agreements for the Funds during the period April 1, 2020 through September 30, 2020

June 8-9, 2020 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

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 8-9, 2020 (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 Investments LLC, 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 collectively, the “Funds”), consisting of: Mercer US Large Cap Equity Fund (the “Large Cap Fund”), Mercer US Small/Mid Cap Equity Fund (the “Small/Mid Cap Fund”), Mercer Non-US Core Equity Fund (the “Non-US Core Fund”), Mercer Emerging Markets Equity Fund (the “Emerging Markets Fund”), Mercer Global Low Volatility Equity Fund (the “Global Low Volatility Fund”), Mercer Core Fixed Income Fund (the “Core Fixed Income Fund”), and Mercer Opportunistic Fixed Income Fund (the “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) the Funds’ management fee waiver agreement (the “Fee Waiver Agreement”) which requires the Advisor to waive any portion of the management fee it is entitled to under the Investment Management Agreement with respect to each Fund that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to a Fund’s Subadvisors for the management of their allocated portions of the subject Fund; (iv) information

233

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

regarding the Advisor’s business and operations; financial position; portfolio management team; and compliance program; (v) 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 Fund, and that were identified by Broadridge in the Broadridge Report; (vi) 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 (vii) 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 for use in connection with the contract renewal process, as well as certain follow-up responses that had been requested on behalf of the Independent Trustees by their independent legal counsel. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Advisor.

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, including the effect of the Fee Waiver Agreement on Fund expenses; the fact that the Advisor was not realizing a direct profit from the investment advisory services it provides to the Funds under the Investment Management Agreement as a result of the Fee Waiver Agreement; 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. 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.

234

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

The Independent Trustees considered 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 also noted the services provided by the Advisor in connection with the review, selection, evaluation and monitoring of Subadvisors for the Funds. 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.

Based on their consideration and review of the foregoing information, the Independent Trustees determined that the Funds benefited from the nature, extent, and 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 and actual 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 also considered the Fee Waiver Agreement and its effect on the Advisor’s actual management fee and the Funds’ expense ratios and further considered that the Advisor intended to renew the Fee Waiver Agreement for another year through July 31, 2021. The Independent Trustees noted the Advisor’s explanation that it did not manage other comparable funds, including comparable registered investment companies or other client accounts, and, therefore, the Advisor could not provide information regarding the Advisor’s fees for servicing such funds or accounts.

The Independent Trustees considered 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. Regarding the level of profitability being realized by the Advisor in connection with its management of the Funds, the Independent Trustees took note of the Advisor’s explanation that the Advisor was not realizing a direct profit from the investment advisory services it provides to the Funds as a result of the Fee Waiver Agreement. The Independent Trustees also discussed the Advisor’s ongoing costs in operating the Funds. The Independent Trustees considered the Advisor’s ongoing initiative to negotiate reduced fee schedules for certain of the Subadvisors, which results in a benefit to the Funds and their shareholders under the Fee Waiver Agreement to the extent that such subadvisory fees are reduced.

235

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 Advisor’s responses to the questions and information requests contained in the 15(c) Information Request Letter, 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 will provide or procure, as applicable, certain non-distribution related shareholder administrative services pursuant to the Shareholder Administrative Services Plan for the Adviser Class shares, Class I shares and Class Y-2 shares of the Funds (the “Shareholder Services Plan”) and the Second Amended and Restated Shareholder Administrative Services Agreement between the Advisor and the Funds (the “Administrative Services Agreement”), and that the Advisor would be entitled to receive compensation from the Adviser Class, Class I and Class Y-2 shares of the Funds for acting in that capacity. The Independent Trustees acknowledged that no compensation had been paid to date as there currently were no Adviser Class, Class I or Class Y-2 shares outstanding. The Independent Trustees considered that compensation to be paid to the Advisor under the Administrative Services Agreement would be accrued from the fees paid under the Shareholder Services Plan. The Independent Trustees also considered that, in return for this compensation, the Advisor would be responsible for, among other things, attending to shareholder correspondence, assisting with exchanges and the processing of purchases and redemptions of shares, maintaining account records, processing dividend payments and preparing and distributing documents for shareholder use. As such, the Independent Trustees concluded that these potential benefits that would accrue to the Advisor and its affiliates by virtue of their relationships to the Funds are reasonable and fair in comparison with the costs of providing the relevant services.

(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. The Independent Trustees noted that, as a result of the Fee Waiver Agreement, any decreases in the advisory fee for a particular Fund under the Investment Advisory Agreement resulting from the Fund passing certain asset level thresholds would not result in a decrease in the fee paid by that Fund under the current Fee Waiver Agreement, which requires that the Advisor waive any portion of its management fee that exceeds the aggregate fees paid to a Fund’s Subadvisors.

(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

236

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 third quintile, the performance of the Small/Mid Cap Fund fell within the second quintile, the performance of the Non-US Core Fund fell within the first quintile, the performance of the Emerging Markets Fund fell within the fourth quintile, the Global Low Volatility Fund’s performance fell within the first quintile, the Core Fixed Income Fund’s performance fell within the first 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 fourth, fifth, fourth, third, fourth and third 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 fifth, fifth, third, second, fourth and second quintiles, respectively, of its peer group. With regard to the performance of the Large Cap Fund relative to its peer group, the Independent Trustees noted that, in order to address the Large Cap Fund’s performance, the Advisor had recommended, and the Board approved, the appointment of Jennison Associates LLC, Polen Capital Management, L.L.C. and Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust, in 2019 to replace various Subadvisors.

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 second quintile, for each measurement, 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 second, second, second, first, second and first 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 second, second, first, first, first and first quintiles, respectively, of its peer universe. The 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 second, second, first, second, second and first 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, fourth,

237

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

fourth and fourth 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, third, third, fourth, fourth and fourth quintiles, respectively, of its peer group. With regard to the performance of the Emerging Markets Fund relative to its peer group, the Independent Trustees noted that, in order to address the Emerging Markets Fund’s performance, the Advisor had recommended, and the Board had approved the appointment of Origin Asset Management LLP in 2019.

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-, three-, four- and five-year periods was in the first quintile for each of the measurement periods for 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 second, first, first, first, first and first 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 first, first, first, first, second and first 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-, four- and five-year and since inception measurement periods placed it in the fourth, fifth, fourth, third, 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 six measurement periods placed its performance in the third, fifth, fourth, fourth, fifth and fifth quintiles, respectively, of its peer group. With regard to the performance of the Opportunistic Fixed Income Fund relative to its peer group, the Independent Trustees noted that, in order to address the Fund’s performance, the Advisor had terminated T. Rowe Price Associates, Inc. and T. Rowe Price International Limited in their roles as Subadvisor and Sub-Subadvisor, respectively, to the Fund in April 2020. In connection with their consideration of the performance results for the Opportunistic Fixed Income Fund, the Independent Trustees also considered the Advisor’s explanation that the Fund was designed by the Advisor to serve a specific purpose and investment need and that the Fund does not have a peer group or universe that is comparable. The Independent Trustees further took into consideration the Advisor’s explanation that the Opportunistic Fixed Income Fund’s performance was not likely to compare favorably with its selected benchmark index because the Fund had been established by the Advisor with a specific investment purpose that was not likely to be correlated to the investment performance of its benchmark index, and that the Fund had been successful in achieving its intended performance results consistent with the Advisor’s objective for the Fund.

On the basis of the foregoing, the 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 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

238

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 they 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

Mercer Opportunistic Fixed Income Fund

Renewal of the Subadvisory Agreements for the Funds

At the Meeting, the Board, including the Independent Trustees, also considered and approved the continuation of the subadvisory agreements (collectively, the “Subadvisory Agreements”) entered into by the Advisor and the following Subadvisors for the Funds: Brandywine Global Investment Management, LLC (“Brandywine”), Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust (“Macquarie”), Jennison Associates LLC, O’Shaughnessy Asset Management, LLC, Polen Capital Management, L.L.C. 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, River Road Asset Management, LLC, Westfield Capital Management Company, L.P. and Parametric Portfolio Associates LLC (in the case of the Small/Mid Cap Fund); American Century Investment Management, Inc., Arrowstreet Capital, Limited Partnership, LSV Asset Management, Massachusetts Financial Services Company and Parametric Portfolio Associates LLC (in the case of the Non-US Core Fund); Copper Rock Capital Partners LLC, Dimensional Fund Advisors LP, Mondrian Investment Partners Limited, Origin Asset Management LLP, 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., Veritas Asset Management LLP, Wellington Management Company LLP and Parametric Portfolio Associates LLC (in the case of the Global Low Volatility Fund); BlackRock International Limited, Colchester Global Investors Limited, Loomis, Sayles & Company, L.P., Western Asset Management Company, LLC (“WAMCO”) and Western Asset Management Company Limited (“WAMCL”) (sub-subadvisor) (in the case of the Opportunistic Fixed Income 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 from 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) the Fee Waiver Agreement, which requires the Advisor to waive any portion of the management fee it is entitled to under the Investment Management Agreement with respect to each Fund that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to a Fund’s Subadvisors for

239

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

the management of their allocated portions of the subject Fund; (v) information regarding the Subadvisor’s business and operations, financial condition, portfolio management team, and compliance program; (vi) information regarding the Subadvisor’s brokerage and trading policies and practices; (vii) the Subadvisor’s performance in managing its allocated portion of the Fund’s investment portfolio; (viii) the Subadvisor’s historical performance returns managing a similar investment mandate (as applicable), and a comparison of performance returns of the allocated portion of the Fund managed by the Subadvisor to a relevant index; and (ix) 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 Board meetings. During their review of this information, the Independent Trustees also considered information provided by the Advisor regarding the Subadvisors’ answers and responses to applicable information requests contained in the 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 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 considered 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.

240

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 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, including in light of the fact that the Subadvisors’ fees would indirectly be borne by the respective Funds and their shareholders as a result of the Fee Waiver Agreement.

The Independent Trustees considered the expected impact of the subadvisory fees on the Funds’ overall operating expenses, given the Fee Waiver Agreement. In addition, since the fees paid by the Advisor to each Subadvisor were the result of arm’s-length bargaining between unaffiliated parties, the relevance of each Subadvisor’s profitability was considered by the Independent Trustees in that context. 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 negotiate reduced subadvisory fee schedules with the Subadvisors, which benefits the Fund and their shareholders due to the Fee Waiver Agreement to the extent that such subadvisory fees are reduced. The Independent Trustees also took note of the Advisor’s explanation that the Advisor was not realizing a direct profit from the investment advisory services it provides to the Funds as a result of the subadvisory fee arrangements and the Fee Waiver Agreement. 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

241

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

included breakpoints that would reduce the Subadvisor’s fee as the allocated portion of the 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 indirectly go to the Funds and their shareholders, given the Fee Waiver Agreement.

(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 approved the renewal of each of the Subadvisory Agreements.

Mercer US Large Cap Equity Fund

Approval of a New Subadvisory Agreement for the Large Cap Fund with Brandywine Global Investment Management, LLC Effective Upon the Closing of the Transaction Involving the Acquisition of Legg Mason Inc. by Franklin Resources, Inc.

At the Meeting, the Advisor also recommended, and the Board of Trustees, including the Independent Trustees, considered and approved, with respect to the Large Cap Fund (the “Fund”), a proposed new subadvisory agreement (the “New Brandywine Subadvisory Agreement”) to be entered into by the Advisor and Brandywine Global Investment Management, LLC (“Brandywine”) to be effective upon the closing of the transaction involving the acquisition of Brandywine’s corporate parent Legg Mason, Inc. by Franklin Resources, Inc. (the “Franklin Transaction”). The Franklin Transaction was successfully completed and closed effective as of July 31, 2020, and as of that date Brandywine became a subsidiary of Franklin Resources.

In considering the approval of the New Brandywine Subadvisory Agreement, the Independent Trustees considered the information and materials from the Advisor and Brandywine that included, as to Brandywine and the Fund: (i) the New Brandywine Subadvisory Agreement; (ii) information regarding the review and due diligence process by which the Advisor selected, monitored, and evaluated Brandywine, and recommended Brandywine for Board approval, and the Advisor’s rationale for recommending the continued retention of Brandywine following the closing of the Franklin Transaction; (iii) information describing the nature, extent, and quality of the services that Brandywine provided to the Fund, and the fees that Brandywine charged for these services; (iv) the Advisor’s contractual agreement, which requires the Advisor to waive any portion of the management fee it is entitled to under the Management Agreement with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to Brandywine for the management of its allocated portion of the Fund (the “Fee Waiver Agreement”); (v) information regarding Brandywine’s business and operations, financial condition, portfolio management team, and compliance program, and the effect that the Franklin Transaction may have on Brandywine’s business and operations; (vi) information

242

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

regarding Brandywine’s brokerage and trading policies and practices; (vii) Brandywine’s performance in managing its allocated portion of the Fund’s investment portfolio; (viii) Brandywine’s historical performance returns managing a similar investment mandate, and a comparison of performance returns of the allocated portion of the Fund managed by Brandywine to a relevant index; and (ix) the Advisor’s detailed monitoring and reporting of Brandywine’s performance on qualitative and quantitative factors.

In addition, the Independent Trustees considered their discussions with representatives of the Advisor regarding Brandywine and the Franklin Transaction. The Independent Trustees considered and analyzed the factors that the Independent Trustees deemed relevant with respect to Brandywine, including: the nature, extent, and quality of the services to be provided to the Fund by Brandywine following the consummation of the Franklin Transaction; Brandywine’s investment management style and investment decision-making process; Brandywine’s historical performance record managing its allocated portion of the Fund’s portfolio, as well as managing pooled investment products similar to the Fund; the qualifications and experience of the employees at Brandywine who were responsible for the day-to-day management of the allocated portion of the Fund; and Brandywine’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 the Fund and to Brandywine, the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the advisory services to be provided by Brandywine.  The Independent Trustees reviewed the nature, extent, and quality of the advisory services that Brandywine had provided to the Fund under the Prior Brandywine Subadvisory Agreement and that are proposed to be provided by Brandywine under the New Brandywine Subadvisory Agreement. The Independent Trustees considered, as to Brandywine: (i) its organization, history, reputation, qualification and background, as well as the qualifications of its personnel; (ii) its expertise in providing portfolio management services to the Fund and other similar investment portfolios and the performance history of the Fund and those other portfolios; (iii) its investment strategy for the Fund; (iv) its performance relative to comparable mutual funds and unmanaged indices; and (v) its compliance program. The Independent Trustees also considered the review process undertaken by the Advisor and the Advisor’s favorable assessment of the nature and quality of the subadvisory services provided and expected to be provided by Brandywine to the Fund after consummation of the Franklin Transaction. The Independent Trustees also noted that the executive and portfolio management teams of Brandywine were expected to stay in place after consummation of the Franklin Transaction. The Independent Trustees concluded that the Fund and its shareholders would continue to benefit from the quality and experience of Brandywine’s 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 provided by Brandywine under the Prior Brandywine Subadvisory Agreement, as well as Brandywine’s ability to render such services based on its experience, operations and resources, were adequate and appropriate for the Fund in light of the Fund’s investment objective, and supported a decision to approve the New Brandywine Subadvisory Agreement.

243

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

(b)  Comparison of the services to be rendered and fees to be paid to Brandywine under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by Brandywine and evaluated the compensation to be paid to Brandywine by the Advisor for those services. The Independent Trustees considered the fees payable under the New Brandywine Subadvisory Agreement. The Independent Trustees took account of the Advisor’s reasons for concluding that the compensation payable to Brandywine for its proposed services to the Fund was reasonable in light of the nature and quality of the services furnished to the Fund, and the Advisor’s recommendation that Brandywine be continued following the Franklin Transaction, particularly in light of the fact that Brandywine’s fees would indirectly be borne by the Fund and its shareholders as a result of the Fee Waiver Agreement. The Independent Trustees considered the expected impact of the subadvisory fees on the Fund’s overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees also took note of the Advisor’s explanation that the Advisor was not realizing a direct profit from the investment advisory services it provides to the Fund as a result of the subadvisory fee arrangements and the Fee Waiver Agreement. The Independent Trustees concluded that the proposed level of fees to be paid to Brandywine by the Advisor with respect to the assets allocated to Brandywine was supported by the services that were expected to be provided by Brandywine. The Independent Trustees noted that the services that Brandywine would furnish to the Fund appeared to be comparable to the services that Brandywine currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered that the fees agreed to by Brandywine were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor in determining to recommend that Brandywine continue 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 Brandywine for its services to the Fund were reasonable.

The Independent Trustees concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed level of fees to be paid to Brandywine was supported by the services that were expected to be provided by Brandywine. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Brandywine from its relationship with the Fund and concluded that they were reasonable. Since the fees to be paid to Brandywine were the result of arm’s length bargaining between unaffiliated parties, the potential profitability of Brandywine was not considered relevant to the Independent Trustees’ deliberations. 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 Brandywine and the proposed fees to be paid to Brandywine by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Brandywine as a result of serving as a subadvisor were reasonable in relation to the services that were expected to be provided by Brandywine to the Fund.

(c)  Investment performance of the Fund and Brandywine.  The Independent Trustees considered whether Brandywine operated within the Fund’s investment objective and style, and considered Brandywine’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 Brandywine supported the approval of the New Brandywine 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

244

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

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 Brandywine continued to be supported by the services that are to be provided after the closing of the Franklin Transaction by Brandywine to the Fund. As a result, the Independent Trustees concluded that the approval of the New Brandywine Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, determined to approve the New Brandywine Subadvisory Agreement.

Mercer Opportunistic Fixed Income Fund

Approval of a New Subadvisory Agreement and Sub-Subadvisory Agreement for the Opportunistic Fixed Income Fund with each of Western Asset Management Company, LLC and Western Asset Management Company Limited, Effective Upon the Closing of the Transaction Involving the Acquisition of Legg Mason Inc. by Franklin Resources, Inc.

At the Meeting, the Advisor further recommended, and the Board of Trustees, including the Independent Trustees, considered and approved, with respect to the Opportunistic Fixed Income Fund (the “fund”), a proposed new subadvisory agreement between the Advisor and Western Asset Management Company, LLC (“WAMCO”) and a proposed new sub-subadvisory agreement between WAMCO and Western Asset Management Company Limited, an affiliate of WAMCO (“WAMCL” and together with WAMCO, “Western” and collectively, the “New Western Subadvisory Agreements”), to be effective upon the closing of the transaction involving the acquisition of Western’s corporate parent Legg Mason, Inc. by Franklin Resources, Inc. (the “Franklin Transaction”). The Franklin Transaction was successfully completed and closed effective as of July 31, 2020, and as of that date Western became a subsidiary of Franklin Resources.

In considering the approval of the New Western Subadvisory Agreements, the Independent Trustees considered the information and materials from the Advisor and Western that included, as to Western and the Fund: (i) the New Western Subadvisory Agreements; (ii) information regarding the review and due diligence process by which the Advisor selected, monitored, and evaluated Western, and recommended Western for Board approval, and the Advisor’s rationale for recommending the continued retention of Western following the closing of the Franklin Transaction; (iii) information describing the nature, extent, and quality of the services that Western provided to the Fund, and the fees that Western charged for these services; (iv) the Advisor’s contractual agreement, which requires the Advisor to waive any portion of the management fee it is entitled to under the Management Agreement with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Advisor is required to pay to Western for the management of its allocated portion of the Fund (the “Fee Waiver Agreement”); (v) information regarding Western’s business and operations, financial condition, portfolio management team, and compliance program, and the effect that the Franklin Transaction may have on Western’s business and operations; (vi) information regarding Western’s brokerage and trading policies and practices; (vii) Western’s performance in managing its allocated portion of the Fund’s investment portfolio; (viii) Western’s historical performance returns managing a similar investment mandate, and a comparison of performance returns of the allocated portion of the Fund managed by Western to a relevant index; and (ix) the Advisor’s detailed monitoring and reporting of Western’s performance on qualitative and quantitative factors.

In addition, the Independent Trustees considered their discussions with representatives of the Advisor regarding Western and the Franklin Transaction. The Independent Trustees considered and analyzed the factors that the Independent Trustees deemed relevant with respect to Western, including: the nature,

245

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

extent, and quality of the services to be provided to the Fund by Western following the consummation of the Franklin Transaction; Western’s investment management style and investment decision-making process; Western’s historical performance record managing its allocated portion of the Fund’s portfolio, as well as managing pooled investment products similar to the Fund; the qualifications and experience of the employees at Western who were responsible for the day-to-day management of the allocated portion of the Fund; and Western’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 the Fund and to Western, the Independent Trustees, considered the following factors:

(a)  The nature, extent, and quality of the advisory services to be provided by Western.  The Independent Trustees reviewed the nature, extent, and quality of the advisory services that Western had provided to the Fund under the Prior Western Subadvisory Agreements and that are proposed to be provided by Western under the New Western Subadvisory Agreements. The Independent Trustees considered, as to Western: (i) its organization, history, reputation, qualification and background, as well as the qualifications of its personnel; (ii) its expertise in providing portfolio management services to the Fund and other similar investment portfolios and the performance history of the Fund and those other portfolios; (iii) its investment strategy for the Fund; (iv) its performance relative to comparable mutual funds and unmanaged indices; and (v) its compliance program. The Independent Trustees also considered the review process undertaken by the Advisor and the Advisor’s favorable assessment of the nature and quality of the subadvisory services provided and expected to be provided by Western to the Fund after consummation of the Franklin Transaction. The Independent Trustees also noted that the executive and portfolio management teams of Western were expected to stay in place after consummation of the Franklin Transaction. The Independent Trustees concluded that the Fund and its shareholders would continue to benefit from the quality and experience of Western’s 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 provided by Western under the Prior Western Subadvisory Agreements, as well as Western’s ability to render such services based on its experience, operations and resources, were adequate and appropriate for the Fund in light of the Fund’s investment objective, and supported a decision to approve the New Western Subadvisory Agreements.

(b)  Comparison of the services to be rendered and fees to be paid to Western under other advisory and subadvisory contracts, such as those with other clients.  The Independent Trustees discussed the services that would be rendered by Western and evaluated the compensation to be paid to Western by the Advisor for those services. The Independent Trustees considered the fees payable under the New Western Subadvisory Agreements. The Independent Trustees took account of the Advisor’s reasons for concluding that the compensation payable to Western for its proposed services to the Fund was reasonable in light of the nature and quality of the services furnished to the Fund, and the Advisor’s recommendation that Western be continued following the Franklin Transaction, particularly in light of the fact that Western’s fees would indirectly be borne by the Fund and its shareholders as a result of the Fee Waiver Agreement. The Independent Trustees considered the expected impact of the subadvisory fees on the Fund’s overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees also took note of the Advisor’s explanation that the Advisor was not realizing a direct profit

246

Mercer Funds

Notes to the Financial Statements (Continued)

September 30, 2020 (Unaudited)

from the investment advisory services it provides to the Fund as a result of the subadvisory fee arrangements and the Fee Waiver Agreement. The Independent Trustees concluded that the proposed level of fees to be paid to Western by the Advisor with respect to the assets allocated to Western was supported by the services that were expected to be provided by Western. The Independent Trustees noted that the services that Western would furnish to the Fund appeared to be comparable to the services that Western currently provides to its other advisory and subadvisory clients having similar investment strategies. The Independent Trustees also considered that the fees agreed to by Western were the result of an arm’s length bargain negotiated by unaffiliated parties.

The Independent Trustees considered the review, selection, and due diligence process employed by the Advisor in determining to recommend that Western continue 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 Western for its services to the Fund were reasonable.

The Independent Trustees concluded that, in light of the nature, quality, and extent of the services to be provided, the proposed level of fees to be paid to Western was supported by the services that were expected to be provided by Western. The Independent Trustees also considered the potential “fallout” or ancillary benefits that may accrue to Western from its relationship with the Fund and concluded that they were reasonable. Since the fees to be paid to Western were the result of arm’s length bargaining between unaffiliated parties, the potential profitability of Western was not considered relevant to the Independent Trustees’ deliberations. 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 and the proposed fees to be paid to Western by the Advisor for managing its allocated portion of the Fund, the potential benefits accruing to Western as a result of serving as a subadvisor were reasonable in relation to the services that were expected to be provided by Western to the Fund.

(c)  Investment performance of the Fund and Western.  The Independent Trustees considered whether Western operated within the Fund’s investment objective and style, and considered Western’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 Western supported the approval of the New Western Subadvisory Agreements.

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 Western continued to be supported by the services that are to be provided after the closing of the Franklin Transaction by Western to the Fund. As a result, the Independent Trustees concluded that the approval of the New Western Subadvisory Agreements was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, determined to approve the New Western Subadvisory Agreements.

247

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, 2020 through September 30, 2020. 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		0.32	%		1,000.00		1,341.50		1,170.75		1.88
Hypothetical		0.32	%		1,000.00		1,023.46		1,011.73		1.62

* Actual expenses are equal to the Class’ annualized expense ratio of 0.32%, 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		0.46	%		1,000.00		1,343.70		1,171.85		2.70
Hypothetical		0.46	%		1,000.00		1,022.76		1,011.38		2.33

* Actual expenses are equal to the Class’ annualized expense ratio of 0.46%, multiplied by the average account value over the period, multiplied by 183/365.

248

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		0.40	%		1,000.00		1,264.80		1,132.40		2.27
Hypothetical		0.40	%		1,000.00		1,023.06		1,011.53		2.03

* Actual expenses are equal to the Class’ annualized expense ratio of 0.40%, 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		0.17	%		1,000.00		1,060.10		1,030.05		0.88
Hypothetical		0.17	%		1,000.00		1,024.22		1,012.11		0.86

* Actual expenses are equal to the Class’ annualized expense ratio of 0.17%, 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		0.44	%		1,000.00		1,126.60		1,063.30		2.35
Hypothetical		0.44	%		1,000.00		1,022.86		1,011.43		2.23

* Actual expenses are equal to the Class’ annualized expense ratio of 0.44%, multiplied by the average account value over the period, multiplied by 183/365.

Emerging Markets — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.52	%		1,000.00		1,312.90		1,156.45		3.02
Hypothetical		0.52	%		1,000.00		1,022.46		1,011.23		2.64

* Actual expenses are equal to the Class’ annualized expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 183/365.

249

Mercer Funds

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

Global Low Volatility — Class Y-3

Hypothetical Return on $1,000

	Expense Ratio			Beginning Amount		Ending Value		Avg Value		Operating Expense Incurred*
Actual		0.31	%		1,000.00		1,210.20		1,105.10		1.72
Hypothetical		0.31	%		1,000.00		1,023.51		1,011.76		1.57

* Actual expenses are equal to the Class’ annualized expense ratio of 0.31%, multiplied by the average account value over the period, multiplied by 183/365.

250

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 (77)	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 99 High Street Boston, MA 02110 (62)	Chairperson and Trustee	Chairperson since 2018; Trustee since 2005	Ms. Cepeda was Managing Director of PFM Financial Advisors LLC (a financial advisory firm) from September 2016 to December 2019. 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); Morgan Stanley Pathway Funds (11 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).

251

Mercer Funds

Trustees and Officers (Unaudited) (Continued)

Name, Address and Age	Position(s) Held with Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex* Overseen by Trustee		Other Directorships Held by Trustee
Gail A. Schneider 99 High Street Boston, MA 02110 (71)	Trustee	Trustee since 2009	Ms. Schneider is a self-employed consultant since 2007. Ms. Schneider was previously an Executive Vice President at JPMorgan Chase & Co.		7	None
Luis A. Ubiñas 99 High Street Boston, MA 02110 (57)	Trustee	Trustee since 2019	Mr. Ubiñas is retired. Mr. Ubiñas previously served as President of the Ford Foundation (a not-for profit organization) from 2008 to 2013 and prior to that he served as a Senior Partner for McKinsey & Company (a global consulting firm).		7	Mr. Ubiñas is a Director of: Electronic Arts, Inc., Boston Private Financial Holdings, Inc., and Tanger Factory Outlet Centers, Inc.
Joan E. Steel 99 High Street Boston, MA 02110 (67)	Trustee	Trustee since January 2020	Ms. Steel is the Founder and Chief Executive Officer of Alpha Wealth Advisors LLC since September 2009. Prior to founding her own firm, Ms. Steel was a Senior Vice President, Private Wealth Advisor for the Capital Group, a large global asset manager.		7	Ms. Steel was an independent director of The Hershey Trust Company from 2012 to 2016.

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** (55)	Trustee, President, and Chief Executive Officer	Since 2016	Mr. Joseph is Vice President and Head of the US Mercer Delegated Solutions of Mercer Investments LLC since December 2015. Prior to December 2015, he was Chief Operating Officer of Mercer Investments LLC since 2005.		7	Mr. Joseph is a trustee of Mercer Trust Company LLC and was a director of Mercer Investments LLC from January 2017 to March 2019.

(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.

252

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
Stephen Gouthro (52)	Vice President, Treasurer and Chief Financial Officer	Since 2018	Mr. Gouthro is a partner at Mercer and U.S. Chief Operating Officer for Mercer’s U.S. Business Solutions Group. Mr. Gouthro joined Mercer in 2018. Prior to joining Mercer, Mr. Gouthro was at Putnam Investments in various leadership roles in Operations, Technology, and Investments.
Jeff Coleman (50)	Vice President and Assistant Treasurer	Since 2019	Mr. Coleman is Head of Investment Operations at Mercer Investments LLC since 2019. Prior to joining Mercer, Mr. Coleman was a Vice President at Fidelity Investments from 2016 to 2018 and a Managing Director, Fund Chief Financial Officer at BofA Global Capital Management from 2010 to 2016.
Carol Ann McMahon (48)	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 (59)	Vice President and Chief Investment Officer	Since 2012	Mr. Mavromates is Vice President and Chief Investment Officer of Mercer Investments LLC since 2012.
Colin Dean (43)	Vice President, Chief Legal Officer, and Secretary	Since 2017	Mr. Dean is Global Chief Counsel Investments since 2018. He has also served as Senior Legal Counsel — Investments for Mercer Investments LLC since 2010.
Caroline Hulme (35)	Vice President and Assistant Secretary	Since 2017	Ms. Hulme is Senior Legal Counsel, Investments since 2018. She served as Legal Counsel — Investments for Mercer Investments LLC since 2014. Prior to 2014, she was an Associate in the investment management practice group of Bingham McCutchen LLP.
Larry Vasquez (53)	Vice President	Since 2012	Mr. Vasquez is a Vice President and Portfolio Manager of Mercer Investments LLC since 2012.
Jennifer Mortimer (49)	Chief Compliance Officer	Since 2019	Ms. Mortimer is the Chief Compliance Officer of Mercer Trust Company LLC since July 2019. Ms. Mortimer served as Chief Compliance Officer of Mercer Investments LLC from July 2019 to April 2020. She served as US Compliance Leader, Mercer Investments from January 2017 to April 2020. Ms. Mortimer served as Chief Compliance Officer for Century Capital Management LLC and Century Funds (June 2014 - January 2017).

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

253

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

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant) Mercer Funds

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

Date November 20, 2020

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 20, 2020

By (Signature and Title)	/S/ Stephen Gouthro
	Stephen Gouthro
	Vice President, Treasurer and Chief Financial Officer
	(Principal Financial Officer)

Date November 20, 2020